0000058492-23-000027 | 10-Q | XBRL Viewer

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2023

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


	June 30, 2023		December 31, 2022
Finished goods	$	365.2	$	389.9
Work in process	77.2		71.1
Raw materials and supplies	415.4		446.5

Inventories	$	857.8	$	907.5

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

The following table recaps the impact of stock-based compensation on the results of operations for each of the periods presented:


	Six Months Ended June 30, 2023				Six Months Ended June 30, 2022
	To be settled with stock		To be settled in cash		To be settled with stock		To be settled in cash
Executive Stock Unit (ESU) program contributions	$	1.8	$	.3	$	2.2	$	.4
Discounts on various stock awards:
Deferred Stock Compensation Program	.8		—		.8		—
ESU program	.6		—		.7		—
Discount Stock Plan	.4		—		.4		—
Performance Stock Unit (PSU) awards: 1
2023 PSU awards 1A	.6		.6		—		—
2022 and prior PSU awards 1B	1.3		.2		2.5		.8
Restricted Stock Unit (RSU) awards	6.1		—		7.6		—
Other, primarily non-employee directors restricted stock	.9		—		1.0		—
Total stock-related compensation expense	12.5		$	1.1	15.2		$	1.2
Employee contributions for above stock plans	4.0				5.5
Total stock-based compensation	$	16.5			$	20.7

Tax benefits on stock-based compensation expense	$	3.0			$	3.7
Tax benefits on stock-based compensation payments	.3				.6
Total tax benefits associated with stock-based compensation	$	3.3			$	4.3


	Three Months Ended				Three Months Ended
	June 30, 2023				June 30, 2022
	To be settled with stock		To be settled in cash		To be settled with stock		To be settled in cash
Executive Stock Unit (ESU) program contributions	$	1.1	$	.2	$	1.0	$	.2
Discounts on various stock awards:
Deferred Stock Compensation Program	.5		—		.4		—
ESU program	.4		—		.3		—
Discount Stock Plan	.2		—		.2		—
Performance Stock Unit (PSU) awards: 1
2023 PSU awards 1A	.2		.2		—		—
2022 and prior PSU awards 1B	.6		(.1)		1.5		1.0

Restricted Stock Unit (RSU) awards	.8		—		.9		—

Other, primarily non-employee directors restricted stock	.5		—		.5		—
Total stock-related compensation expense	4.3		$	.3	4.8		$	1.2
Employee contributions for above stock plans	2.5				3.0
Total stock-based compensation	$	6.8			$	7.8

Tax benefits on stock-based compensation expense	$	1.0			$	1.1
Tax benefits on stock-based compensation payments	—				—
Total tax benefits associated with stock-based compensation	$	1.0			$	1.1

1 PSU Awards

For the following programs, we intend to pay 50% in shares of our common stock and 50% in cash, although we reserve the right (subject to the Human Resources and Compensation (HRC) Committee's approval) to pay up to 100% in cash. Cash settlements are recorded as a liability and adjusted to fair value at each reporting period.

1A 2023 PSU Awards

In March 2023, the HRC Committee amended the PSU award agreement. Following the amendment, the 2023 awards are based on two performance conditions as detailed below. The base payout percentage will be determined by the level of achievement of these performance conditions, and then adjusted by a payout multiplier based on our Total Shareholder Return (TSR) compared to a peer group. Participants will earn from 0% to 200% of the base award.

Grant date fair values are calculated based on the grant date stock price and a Monte Carlo simulation of stock and volatility data for Leggett and each of the peer companies for the payout multiplier. Expense is adjusted every quarter over the three-year vesting period based on the number of shares expected to vest.

The PSU awards contain the following conditions:

•A service requirement—Awards generally "cliff" vest three years following the grant date.

•Two performance conditions over the three-year performance period:

◦50% of the awards are based on Return on Invested Capital (ROIC). ROIC is calculated as our average annual net operating profit after tax divided by our average invested capital.

◦50% of the awards are based on achieving specified Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) performance targets.

•A market condition—The payout multiplier is based upon our relative TSR compared to a group of peer companies during the three-year performance period. 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). The multiplier will increase or decrease the payout by up to 25%, not to exceed the maximum 200% payout, and may not increase the payout above 100% if our TSR is negative.

1B 2022 and Prior PSU Awards

TSR Based

Previous to 2023, PSU awards were based 50% upon our TSR compared to a peer group. A small number of PSU awards were based 100% upon relative TSR for certain business unit employees to complement their particular mix of incentive compensation. Grant date fair values were 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 component of the PSU awards contained the following conditions:

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

•A market condition—Awards are based on our TSR compared to the same peer group as noted above. 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.

EBIT CAGR Based

Previous to 2023, PSU awards were based 50% upon our, or the applicable profit center's, EBIT CAGR. Grant date fair values were 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 component of the PSU awards contained the following conditions:

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

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

Below is a summary of shares and grant date fair value related to PSU awards for the periods presented:


	Six Months Ended June 30,
	2023			2022
2023 awards and 2022 TSR Based award
Total shares base award	.1			.1
Grant date per share fair value	$	29.31		$	41.13
Risk-free interest rate	4.4		%	1.7		%
Vesting period in years	3.0			3.0
Expected volatility	45.7		%	45.2		%
Expected dividend yield	5.5		%	4.6		%

2022 EBIT CAGR Based award
Total shares base award				.1
Grant date per share fair value				$	32.88
Vesting period in years				3.0

INTERIM PRESENTATION	6 Months Ended
INTERIM PRESENTATION	Jun. 30, 2023
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, 2022 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 $65.0 of trade receivables that were sold and removed from our balance sheets at both June 30, 2023 and December 31, 2022. 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 $95.0 at June 30, 2023 and $80.0 at December 31, 2022. 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.

DERIVATIVE FINANCIAL INSTRUMENTS - Pre-Tax (Gains) Losses of Hedging Activities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss recorded in income	$ 2.2	$ 1.1	$ 4.2	$ (0.5)
Designated as Hedging Instrument \| Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss recorded in income	0.2	(0.4)	0.1	(1.6)
Designated as Hedging Instrument \| Fair value hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss recorded in income	(1.5)	1.5	0.6	1.0
Designated as Hedging Instrument \| Interest rate cash flow hedges \| Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss recorded in income	(0.1)	0.9	(0.2)	1.8
Designated as Hedging Instrument \| Currency cash flow hedges \| Cash flow hedges \| Net trade sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss recorded in income	0.9	(0.5)	1.6	(2.3)
Designated as Hedging Instrument \| Currency cash flow hedges \| Cash flow hedges \| Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss recorded in income	(0.6)	(0.7)	(1.3)	(1.1)
Designated as Hedging Instrument \| Currency cash flow hedges \| Cash flow hedges \| Other (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss recorded in income	0.0	(0.1)	0.0	0.0
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss recorded in income	$ 3.5	$ 0.0	$ 3.5	$ 0.1

EARNINGS PER SHARE (EPS) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net earnings
Net earnings	$ 54.2	$ 95.2	$ 107.7	$ 185.6
(Earnings) attributable to noncontrolling interest, net of tax	0.0	0.0	0.0	0.0
Net earnings attributable to Leggett & Platt, Inc. common shareholders	$ 54.2	$ 95.2	$ 107.7	$ 185.6
Weighted average number of shares (in millions)
Weighted average number of common shares used in basic EPS (in shares)	136.2	136.3	136.1	136.4
Dilutive effect of stock-based compensation (in shares)	0.4	0.4	0.3	0.4
Weighted average number of common shares and dilutive potential common shares used in diluted EPS (in shares)	136.6	136.7	136.4	136.8
Basic and diluted EPS
Basic EPS attributable to Leggett & Platt common shareholders (in usd per share)	$ 0.40	$ 0.70	$ 0.79	$ 1.36
Diluted EPS attributable to Leggett & Platt common shareholders (in usd per share)	$ 0.40	$ 0.70	$ 0.79	$ 1.36
Other information
Anti-dilutive shares excluded from diluted EPS computation (in shares)	0.5	0.4	0.5	0.4
Cash dividends declared per share (in usd per share)	$ 0.46	$ 0.44	$ 0.90	$ 0.86

EMPLOYEE BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Summary of Components of Net Pension Expense

The following table provides interim information for our defined benefit pension plans:


	Six Months Ended June 30,				Three Months Ended June 30,
	2023		2022		2023		2022
Components of net pension expense
Service cost	$	2.5	$	2.7	$	1.2	$	1.4
Interest cost	4.4		3.3		2.2		1.6
Expected return on plan assets	(5.3)		(6.6)		(2.6)		(3.3)
Recognized net actuarial loss	.8		1.4		.4		.7
Net pension expense	$	2.4	$	.8	$	1.2	$	.4

INTERIM PRESENTATION (Details) - USD ($) $ in Millions	6 Months Ended
INTERIM PRESENTATION (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable trade percentage of face value interest sold	100.00%
Disposal group, including discontinued operation, accounts, notes and loans receivable, net	$ 65.0	$ 65.0
Accounts payable third party programs	$ 95.0	$ 80.0

EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

We expect to contribute approximately $6.0 to our defined benefit pension plans in 2023.

The following table provides interim information for our defined benefit pension plans:


	Six Months Ended June 30,				Three Months Ended June 30,
	2023		2022		2023		2022
Components of net pension expense
Service cost	$	2.5	$	2.7	$	1.2	$	1.4
Interest cost	4.4		3.3		2.2		1.6
Expected return on plan assets	(5.3)		(6.6)		(2.6)		(3.3)
Recognized net actuarial loss	.8		1.4		.4		.7
Net pension expense	$	2.4	$	.8	$	1.2	$	.4

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.

- Definition

The entire disclosure for retirement benefits.

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+ Details

OTHER (INCOME) EXPENSE, NET (Additional Information) (Details) - Tornado Damage $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($)
Other Income Expense [Line Items]
Insurance proceeds	$ 4.6
Insurance proceeds, fixed assets	3.1
Insurance proceeds, inventory	1.5
Insurance deductible	$ 1.0

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net earnings attributable to Leggett & Platt, Inc. common shareholders	$ 54.2	$ 95.2	$ 107.7	$ 185.6

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

GOODWILL IMPAIRMENT TESTING

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

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 2023 and 2022 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.


2023
Fair Value over Carrying Value divided by Carrying Value	June 30, 2023 Goodwill Value		Compound Annual Growth Rate (CAGR) Range for Sales	Terminal Values Long-term Growth Rate for Debt-Free Cash Flow		Discount Rate Ranges
Less than 50% 1	$	1,007.8	1% - 17%	3	%	10% - 12%
50% - 100% 2	98.9		< 1	3		8
101% - 300%	370.4		3 - 6	3		8 - 10

	$	1,477.1	< 1% - 17%	3	%	8% - 12%


2022
Fair Value over Carrying Value divided by Carrying Value	December 31, 2022 Goodwill Value		CAGR Range for Sales	Terminal Values Long-term Growth Rate for Debt-Free Cash Flow		Discount Rate Ranges
Less than 50% 1	$	107.8	4% - 9%	3	%	12%
50% - 100% 2	998.7		3 - 5	3		10
101% - 300%	248.3		1 - 3	3		10
Greater than 300%	119.6		8	3		12
	$	1,474.4	1% - 9%	3	%	10% - 12%

1 This category includes three reporting units (Bedding, Aerospace, and Hydraulic Cylinders) for 2023 and the Aerospace and Hydraulic Cylinders units for 2022.

•The fair value of our Bedding reporting unit exceeded its carrying value by 40% at our second quarter 2023 testing date as compared to 54% in 2022. Goodwill associated with this reporting unit was $904.0 at June 30, 2023 and $900.3 at December 31, 2022.

•The fair value of our Aerospace reporting unit exceeded its carrying value by 44% at our second quarter 2023 testing date as compared to 40% in 2022. Goodwill associated with this reporting unit was $67.0 at June 30, 2023 and $66.3 at December 31, 2022.

•The fair value of the Hydraulic Cylinders reporting unit exceeded its carrying value by 18% as of our second quarter 2023 testing date, compared to 32% in 2022. At the time of our annual goodwill impairment testing in 2022, there was no goodwill associated with this reporting unit, but an August 2022 acquisition added goodwill. Goodwill associated with this reporting unit was $36.8 at June 30, 2023 and $41.5 at December 31, 2022.

2 This category includes one reporting unit (Work Furniture) for 2023 and the Work Furniture and Bedding reporting units for 2022.

•The fair value of our Work Furniture reporting unit exceeded its carrying value by 74% at our second quarter 2023 testing date as compared to 78% in 2022. Goodwill associated with this reporting unit was $98.9 at June 30, 2023 and $98.4 at December 31, 2022.

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
Expected employer contribution	$ 6.0		$ 6.0
Components of net pension expense
Service cost	1.2	$ 1.4	2.5	$ 2.7
Interest cost	2.2	1.6	4.4	3.3
Expected return on plan assets	(2.6)	(3.3)	(5.3)	(6.6)
Recognized net actuarial loss	0.4	0.7	0.8	1.4
Net pension expense	$ 1.2	$ 0.4	$ 2.4	$ 0.8
Defined benefit plan, type [extensible enumeration]			Pension Plan [Member]

- Definition

Indicates type of defined benefit plan. Includes, but is not limited to, pension plan, other postretirement plan and special and contractual termination benefits payable upon retirement.

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Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
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-Subparagraph (a)(1)
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Reference 53: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 54: http://www.xbrl.org/2003/role/disclosureRef
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Reference 55: http://www.xbrl.org/2003/role/disclosureRef
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Reference 56: http://www.xbrl.org/2003/role/disclosureRef
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Reference 57: http://www.xbrl.org/2003/role/disclosureRef
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Reference 58: http://www.xbrl.org/2003/role/disclosureRef
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Reference 59: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-2

+ Details

STOCK-BASED COMPENSATION - Additional Information (Details) - company	1 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award intended to pay out in stock		50.00%
Share based compensation arrangement by share based payment award percentage paid out in cash		50.00%
Reserved percentage of award intended to pay out in cash		100.00%
2023 PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period in years	3 years
Award performance period	3 years
Number of companies forming peer group	300
Payout of participants	25.00%
2023 PSU awards \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award vesting	50.00%
2023 PSU awards \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award vesting	50.00%
2023 PSU awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base award percentage of total shareholder return	0.00%
Payout of participants	100.00%
2023 PSU awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base award percentage of total shareholder return	200.00%
Prior PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period in years		3 years
Award performance period		3 years
PSU awards based on TSR compared to peer group		50.00%
PSU awards based on TSR for business unit employees		100.00%
Prior PSU awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base award percentage of total shareholder return		0.00%
Prior PSU awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base award percentage of total shareholder return		200.00%
PSU - E B I T C A G R based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period in years		3 years
Award based on EBIT CAGR (as a percent)		50.00%
PSU - E B I T C A G R based \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base award percentage of total shareholder return		0.00%
PSU - E B I T C A G R based \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base award percentage of total shareholder return		200.00%

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

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 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 is shown in the following tables:


	Trade 1 Sales		Inter- Segment Sales		Total Sales		EBIT		Depreciation and Amortization
Three Months Ended June 30, 2023
Bedding Products	$	504.4	$	8.5	$	512.9	$	23.0	$	25.5
Specialized Products	321.2		.5		321.7		33.1		10.3
Furniture, Flooring & Textile Products	395.6		3.4		399.0		38.9		5.7
Intersegment eliminations and other 2							.7		3.2
	$	1,221.2	$	12.4	$	1,233.6	$	95.7	$	44.7
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 Products	461.6		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


	Trade 1 Sales		Inter- Segment Sales		Total Sales		EBIT		Depreciation and Amortization
Six Months Ended June 30, 2023
Bedding Products	$	1,032.9	$	18.1	$	1,051.0	$	56.3	$	51.1
Specialized Products	641.9		.9		642.8		61.8		21.0
Furniture, Flooring & Textile Products	760.0		6.5		766.5		67.2		11.5
Intersegment eliminations and other 2							(.3)		6.5
	$	2,434.8	$	25.5	$	2,460.3	$	185.0	$	90.1
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 Products	880.4		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

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.

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, 2023		December 31, 2022
Bedding Products	$	828.0	$	931.2
Specialized Products	398.2		350.1
Furniture, Flooring & Textile Products	409.1		423.1

Average current liabilities included in segment numbers above	725.5		793.9
Unallocated assets 1	2,779.9		2,840.6
Difference between average assets and period-end balance sheet	3.6		(152.8)
Total assets	$	5,144.3	$	5,186.1

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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 32
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

FAIR VALUE - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Cash equivalents:
Derivative asset, statement of financial position [extensible enumeration]	Assets, Current, Sundry	Assets, Current, Sundry
Liabilities:
Derivative liability, statement of financial position [extensible enumeration]	Liabilities, Noncurrent, Other current liabilities	Liabilities, Noncurrent, Other current liabilities
Fair Value, Measurements, Recurring \| Total
Cash equivalents:
Derivative assets (Note 13)	$ 6.1	$ 2.9
Total assets	184.3	174.7
Liabilities:
Derivative liabilities (Note 13)	6.5	5.9
Total liabilities	55.4	49.9
Fair Value, Measurements, Recurring \| Total \| Diversified investments associated with the ESU program
Cash equivalents:
Diversified investments associated with the ESU program	47.9	42.8
Fair Value, Measurements, Recurring \| Total \| Liabilities associated with the ESUP
Liabilities:
Liabilities associated with the ESU program	48.9	44.0
Fair Value, Measurements, Recurring \| 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	130.3	129.0
Fair Value, Measurements, Recurring \| Level 1
Cash equivalents:
Derivative assets (Note 13)	0.0	0.0
Total assets	47.9	42.8
Liabilities:
Derivative liabilities (Note 13)	0.0	0.0
Total liabilities	48.9	44.0
Fair Value, Measurements, Recurring \| Level 1 \| Diversified investments associated with the ESU program
Cash equivalents:
Diversified investments associated with the ESU program	47.9	42.8
Fair Value, Measurements, Recurring \| Level 1 \| Liabilities associated with the ESUP
Liabilities:
Liabilities associated with the ESU program	48.9	44.0
Fair Value, Measurements, Recurring \| 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
Fair Value, Measurements, Recurring \| Level 2
Cash equivalents:
Derivative assets (Note 13)	6.1	2.9
Total assets	136.4	131.9
Liabilities:
Derivative liabilities (Note 13)	6.5	5.9
Total liabilities	6.5	5.9
Fair Value, Measurements, Recurring \| Level 2 \| Diversified investments associated with the ESU program
Cash equivalents:
Diversified investments associated with the ESU program	0.0	0.0
Fair Value, Measurements, Recurring \| Level 2 \| Liabilities associated with the ESUP
Liabilities:
Liabilities associated with the ESU program	0.0	0.0
Fair Value, Measurements, Recurring \| 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	130.3	129.0
Fair Value, Measurements, Recurring \| Level 3
Cash equivalents:
Derivative assets (Note 13)	0.0	0.0
Total assets	0.0	0.0
Liabilities:
Derivative liabilities (Note 13)	0.0	0.0
Total liabilities	0.0	0.0
Fair Value, Measurements, Recurring \| Level 3 \| Diversified investments associated with the ESU program
Cash equivalents:
Diversified investments associated with the ESU program	0.0	0.0
Fair Value, Measurements, Recurring \| Level 3 \| Liabilities associated with the ESUP
Liabilities:
Liabilities associated with the ESU program	0.0	0.0
Fair Value, Measurements, Recurring \| 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

ACCOUNTS AND OTHER RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Summary of Components of Accounts and Other Receivables

Accounts and other receivables consisted of the following:


	June 30, 2023				December 31, 2022
	Current		Long-term		Current		Long-term
Total trade receivable	$	651.4	$	.1	$	626.8	$	—
Allowance for doubtful accounts - trade receivables	(15.5)		—		(17.8)		—
Trade receivables, net	$	635.9	$	.1	$	609.0	$	—

Other notes receivable	—		22.0		—		22.4
Taxes receivable, including income taxes	4.6		—		5.0		—
Value-added taxes (VAT) recoverable 1	53.0		—		45.4		—
Other receivables	9.2		—		15.6		—
Allowance for doubtful accounts - other notes receivable	—		(20.8)		—		(21.2)
Other receivables, net	$	66.8	$	1.2	$	66.0	$	1.2

1 We have experienced VAT refund delays from the Mexican government. These balances include $41.3 and $36.5 at June 30, 2023 and December 31, 2022, respectively, of Mexico VAT recoverable. We believe that these are fully collectible.

Summary of Allowance for Doubtful Accounts

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


	Balance at December 31, 2022		Add: Charges		Less: Net Charge-offs/ (Recoveries) and Other		Balance at June 30, 2023


Total trade receivables	$	17.8	$	(1.7)	$	.6	$	15.5
Other notes receivable	21.2		(.4)		—		20.8
Total allowance for doubtful accounts	$	39.0	$	(2.1)	$	.6	$	36.3

ACCOUNTING STANDARDS UPDATES	6 Months Ended
ACCOUNTING STANDARDS UPDATES	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
ACCOUNTING STANDARDS UPDATES	ACCOUNTING STANDARDS UPDATESThe 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.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES
Net earnings	$ 107.7	$ 185.6
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	54.2	56.0
Amortization of intangibles and supply agreements	35.9	34.2
(Decrease) increase in provision for losses on accounts and notes receivable	(2.1)	2.2
Writedown of inventories	5.4	6.1
Net gain from disposal of assets and businesses	(3.6)	(1.3)
Deferred income tax benefit	(7.1)	(1.6)
Stock-based compensation	16.5	20.7
Other, net	8.2	(3.0)
Increases/decreases in, excluding effects from acquisitions and divestitures:
Accounts and other receivables	(27.4)	(93.0)
Inventories	49.6	(55.8)
Other current assets	(6.9)	(10.1)
Accounts payable	(8.9)	5.2
Accrued expenses and other current liabilities	(14.2)	(16.4)
NET CASH PROVIDED BY OPERATING ACTIVITIES	207.3	128.8
INVESTING ACTIVITIES
Additions to property, plant and equipment	(68.2)	(40.8)
Proceeds from disposals of assets and businesses	5.3	2.7
Other, net	0.3	0.1
NET CASH USED FOR INVESTING ACTIVITIES	(62.6)	(38.0)
FINANCING ACTIVITIES
Payments on long-term debt	(1.1)	(0.1)
Change in commercial paper and short-term debt	(60.6)	2.5
Dividends paid	(116.9)	(112.1)
Purchases of common stock	(5.3)	(56.9)
Other, net	(1.0)	(0.8)
NET CASH USED FOR FINANCING ACTIVITIES	(184.9)	(167.4)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(3.9)	(15.2)
DECREASE IN CASH AND CASH EQUIVALENTS	(44.1)	(91.8)
CASH AND CASH EQUIVALENTS—January 1,	316.5	361.7
CASH AND CASH EQUIVALENTS—June 30,	$ 272.4	$ 269.9

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,667.1	$ 1,671.4	$ 1,641.4	$ 1,648.6
Other comprehensive income (loss)	2.0	(64.9)	23.2	(71.3)
Reclassifications, pretax	1.3	0.3	2.3	(0.2)
Income tax effect		0.6	(0.6)	0.6
Attributable to noncontrolling interest			0.1
Ending balance	1,668.6	1,614.6	1,668.6	1,614.6
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(71.8)	(45.2)	(93.5)	(38.3)
Ending balance	(68.5)	(109.2)	(68.5)	(109.2)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(64.7)	(20.5)	(83.5)	(11.7)
Other comprehensive income (loss)	4.2	(61.0)	22.9	(69.8)
Reclassifications, pretax	0.0	0.0	0.0	0.0
Income tax effect		0.0	0.0	0.0
Attributable to noncontrolling interest			0.1
Ending balance	(60.5)	(81.5)	(60.5)	(81.5)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	11.1	12.9	8.4	11.9
Other comprehensive income (loss)	(1.8)	(2.9)	0.8	(0.5)
Reclassifications, pretax	0.8	(0.4)	1.4	(1.6)
Income tax effect		0.5	(0.5)	0.3
Attributable to noncontrolling interest			0.0
Ending balance	10.1	10.1	10.1	10.1
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(18.2)	(37.6)	(18.4)	(38.5)
Other comprehensive income (loss)	(0.4)	(1.0)	(0.5)	(1.0)
Reclassifications, pretax	0.5	0.7	0.9	1.4
Income tax effect		0.1	(0.1)	0.3
Attributable to noncontrolling interest			0.0
Ending balance	$ (18.1)	$ (37.8)	$ (18.1)	$ (37.8)

FAIR VALUE

6 Months Ended

Jun. 30, 2023

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 supported 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 June 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Bank time deposits with original maturities of three months or less	$	—	$	130.3	$	—	$	130.3
Derivative assets (Note 13)	—		6.1		—		6.1
Diversified investments associated with the ESU program	47.9		—		—		47.9
Total assets	$	47.9	$	136.4	$	—	$	184.3
Liabilities:
Derivative liabilities (Note 13)	$	—	$	6.5	$	—	$	6.5
Liabilities associated with the ESU program	48.9		—		—		48.9
Total liabilities	$	48.9	$	6.5	$	—	$	55.4


	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Bank time deposits with original maturities of three months or less	$	—	$	129.0	$	—	$	129.0
Derivative assets (Note 13)	—		2.9		—		2.9
Diversified investments associated with the ESU program	42.8		—		—		42.8
Total assets	$	42.8	$	131.9	$	—	$	174.7
Liabilities:
Derivative liabilities (Note 13)	$	—	$	5.9	$	—	$	5.9
Liabilities associated with the ESU program	44.0		—		—		44.0
Total liabilities	$	44.0	$	5.9	$	—	$	49.9

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

The fair value for fixed rate debt (Level 1) was approximately $200.0 less than carrying value of $1,785.4 at June 30, 2023 and was approximately $210.0 less than carrying value of $1,784.4 at December 31, 2022.

Items measured at fair value on a non-recurring basis

The primary areas in which we utilize fair value measurements of non-financial assets and liabilities are allocating purchase price to the assets and liabilities of acquired companies 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.

- 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

DERIVATIVE FINANCIAL INSTRUMENTS - Derivate Financial Instruments at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Other Current Assets	$ 5.7	$ 2.4
Sundry	0.4	0.5
Liabilities
Other Current Liabilities	6.1	5.5
Other Long-Term Liabilities	0.4	0.4
Designated as Hedging Instrument \| Cash flow hedges
Derivatives, Fair Value [Line Items]
Total USD Equivalent Notional Amount	295.0	263.4
Assets
Other Current Assets	5.2	1.9
Sundry	0.4	0.5
Liabilities
Other Current Liabilities	5.1	4.3
Other Long-Term Liabilities	0.4	0.4
Designated as Hedging Instrument \| Fair value hedges
Derivatives, Fair Value [Line Items]
Total USD Equivalent Notional Amount	58.6	65.5
Assets
Other Current Assets	0.5	0.3
Sundry	0.0	0.0
Liabilities
Other Current Liabilities	0.2	1.0
Other Long-Term Liabilities	0.0	0.0
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total USD Equivalent Notional Amount	110.1	86.0
Assets
Other Current Assets	0.0	0.2
Sundry	0.0	0.0
Liabilities
Other Current Liabilities	0.8	0.2
Other Long-Term Liabilities	$ 0.0	$ 0.0

CONTINGENCIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Reasonably possible losses that may be incurred	$ 3.0	$ 3.0
Reasonably possible losses in excess of accruals	$ 20.0

SEGMENT INFORMATION - Average Assets for Segments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 5,144.3	$ 5,186.1
Operating segments \| Bedding Products
Segment Reporting Information [Line Items]
Total assets	828.0	931.2
Operating segments \| Specialized Products
Segment Reporting Information [Line Items]
Total assets	398.2	350.1
Operating segments \| Furniture, Flooring & Textile Products
Segment Reporting Information [Line Items]
Total assets	409.1	423.1
Average current liabilities included in segment numbers above
Segment Reporting Information [Line Items]
Total assets	725.5	793.9
Unallocated assets
Segment Reporting Information [Line Items]
Total assets	2,779.9	2,840.6
Difference between average assets and period-end balance sheet
Segment Reporting Information [Line Items]
Total assets	$ 3.6	$ (152.8)

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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+ Details

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

EARNINGS PER SHARE (EPS)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE (EPS)

Basic and diluted earnings per share were calculated as follows:


	Six Months Ended June 30,				Three Months Ended June 30,
	2023		2022		2023		2022
Net earnings
Net earnings	$	107.7	$	185.6	$	54.2	$	95.2
(Earnings) attributable to noncontrolling interest, net of tax	—		—		—		—


Net earnings attributable to Leggett & Platt, Inc. common shareholders	$	107.7	$	185.6	$	54.2	$	95.2

Weighted average number of shares (in millions)
Weighted average number of common shares used in basic EPS	136.1		136.4		136.2		136.3
Dilutive effect of stock-based compensation	.3		.4		.4		.4
Weighted average number of common shares and dilutive potential common shares used in diluted EPS	136.4		136.8		136.6		136.7

Basic and diluted EPS



Basic EPS attributable to Leggett & Platt common shareholders	$	.79	$	1.36	$	.40	$	.70




Diluted EPS attributable to Leggett & Platt common shareholders	$	.79	$	1.36	$	.40	$	.70

Other information
Anti-dilutive shares excluded from diluted EPS computation	.5		.4		.5		.4

Cash dividends declared per share	$	.90	$	.86	$	.46	$	.44

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net trade sales	$ 1,221.2	$ 1,334.2	$ 2,434.8	$ 2,656.5
Cost of goods sold	1,000.1	1,065.8	1,995.1	2,120.8
Gross profit	221.1	268.4	439.7	535.7
Selling and administrative expenses	119.2	105.4	235.2	217.1
Amortization of intangibles	16.8	16.4	33.7	33.4
Other (income) expense, net	(10.6)	3.6	(14.2)	4.6
Earnings before interest and income taxes	95.7	143.0	185.0	280.6
Interest expense	23.1	21.1	45.2	41.8
Interest income	1.1	1.1	2.2	2.3
Earnings before income taxes	73.7	123.0	142.0	241.1
Income taxes	19.5	27.8	34.3	55.5
Net earnings	54.2	95.2	107.7	185.6
(Earnings) attributable to noncontrolling interest, net of tax	0.0	0.0	0.0	0.0
Net earnings attributable to Leggett & Platt, Inc. common shareholders	$ 54.2	$ 95.2	$ 107.7	$ 185.6
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders
Basic (in usd per share)	$ 0.40	$ 0.70	$ 0.79	$ 1.36
Diluted (in usd per share)	$ 0.40	$ 0.70	$ 0.79	$ 1.36
Weighted average shares outstanding
Basic (in shares)	136.2	136.3	136.1	136.4
Diluted (in shares)	136.6	136.7	136.4	136.8

GOODWILL IMPAIRMENT TESTING (Details) $ in Millions	6 Months Ended
GOODWILL IMPAIRMENT TESTING (Details) $ in Millions	Jun. 30, 2023 USD ($) reporting_unit	Dec. 31, 2022 USD ($)
Goodwill [Line Items]
Goodwill value	$ 1,477.1	$ 1,474.4
Terminal Values Long-term Growth Rate for Debt-Free Cash Flow	3.00%	3.00%
Bedding, Aerospace, and Hydraulic Cylinders
Goodwill [Line Items]
Number of reporting units \| reporting_unit	3
Bedding Group
Goodwill [Line Items]
Goodwill value	$ 904.0	$ 900.3
Percentage of fair value in excess of carrying amount	40.00%	54.00%
Aerospace Products Group
Goodwill [Line Items]
Goodwill value	$ 67.0	$ 66.3
Percentage of fair value in excess of carrying amount	44.00%	40.00%
Hydraulic Cylinders Group
Goodwill [Line Items]
Goodwill value	$ 36.8	$ 41.5
Percentage of fair value in excess of carrying amount	18.00%	32.00%
Work Furniture And Bedding
Goodwill [Line Items]
Number of reporting units \| reporting_unit	1
Work Furniture Group
Goodwill [Line Items]
Goodwill value	$ 98.9	$ 98.4
Percentage of fair value in excess of carrying amount	74.00%	78.00%
Minimum
Goodwill [Line Items]
Compound Annual Growth Rate (CAGR) Range for Sales	1.00%	1.00%
Discount Rate Ranges	8.00%	10.00%
Maximum
Goodwill [Line Items]
Compound Annual Growth Rate (CAGR) Range for Sales	17.00%	9.00%
Discount Rate Ranges	12.00%	12.00%
Less than 50%
Goodwill [Line Items]
Goodwill value	$ 1,007.8	$ 107.8
Terminal Values Long-term Growth Rate for Debt-Free Cash Flow	3.00%	3.00%
Discount Rate Ranges		12.00%
Less than 50% \| Minimum
Goodwill [Line Items]
Compound Annual Growth Rate (CAGR) Range for Sales	1.00%	4.00%
Discount Rate Ranges	10.00%
Less than 50% \| Maximum
Goodwill [Line Items]
Compound Annual Growth Rate (CAGR) Range for Sales	17.00%	9.00%
Discount Rate Ranges	12.00%
50%-100%
Goodwill [Line Items]
Goodwill value	$ 98.9	$ 998.7
Compound Annual Growth Rate (CAGR) Range for Sales	1.00%
Terminal Values Long-term Growth Rate for Debt-Free Cash Flow	3.00%	3.00%
Discount Rate Ranges	8.00%	10.00%
50%-100% \| Minimum
Goodwill [Line Items]
Compound Annual Growth Rate (CAGR) Range for Sales		3.00%
50%-100% \| Maximum
Goodwill [Line Items]
Compound Annual Growth Rate (CAGR) Range for Sales		5.00%
101% - 300%
Goodwill [Line Items]
Goodwill value	$ 370.4	$ 248.3
Terminal Values Long-term Growth Rate for Debt-Free Cash Flow	3.00%	3.00%
Discount Rate Ranges		10.00%
101% - 300% \| Minimum
Goodwill [Line Items]
Compound Annual Growth Rate (CAGR) Range for Sales	3.00%	1.00%
Discount Rate Ranges	8.00%
101% - 300% \| Maximum
Goodwill [Line Items]
Compound Annual Growth Rate (CAGR) Range for Sales	6.00%	3.00%
Discount Rate Ranges	10.00%
Greater than 300%
Goodwill [Line Items]
Goodwill value		$ 119.6
Compound Annual Growth Rate (CAGR) Range for Sales		8.00%
Terminal Values Long-term Growth Rate for Debt-Free Cash Flow		3.00%
Discount Rate Ranges		12.00%

INTERIM PRESENTATION (Policies)	6 Months Ended
INTERIM PRESENTATION (Policies)	Jun. 30, 2023
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.
Accounts Receivable	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 $65.0 of trade receivables that were sold and removed from our balance sheets at both June 30, 2023 and December 31, 2022. 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 $95.0 at June 30, 2023 and $80.0 at December 31, 2022. 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.
Accounts Payable Programs	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 $65.0 of trade receivables that were sold and removed from our balance sheets at both June 30, 2023 and December 31, 2022. 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 $95.0 at June 30, 2023 and $80.0 at December 31, 2022. 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.
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). 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.
Revenue	Revenue by Product FamilyWe 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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCK-BASED COMPENSATION - Summary of Performance Stock Units (Details) - Performance Stock Unit - $ / shares shares in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares base award (in shares)	0.1
Grant date per share fair value (in usd per share)	$ 29.31
Risk-free interest rate	4.40%
Vesting period in years	3 years
Expected volatility	45.70%
Expected dividend yield	5.50%
2023 awards and 2022 TSR Based award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares base award (in shares)		0.1
Grant date per share fair value (in usd per share)		$ 41.13
Risk-free interest rate		1.70%
Vesting period in years		3 years
Expected volatility		45.20%
Expected dividend yield		4.60%
2022 EBIT CAGR Based award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares base award (in shares)		0.1
Grant date per share fair value (in usd per share)		$ 32.88
Vesting period in years		3 years

REVENUE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
REVENUE (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Net trade sales	$ 1,221.2	$ 1,334.2	$ 2,434.8	$ 2,656.5
Bedding Products
Disaggregation of Revenue [Line Items]
Net trade sales	504.4	612.5	1,032.9	1,251.9
Bedding Products \| Bedding Group
Disaggregation of Revenue [Line Items]
Net trade sales	504.4	612.5	1,032.9	1,251.9
Specialized Products
Disaggregation of Revenue [Line Items]
Net trade sales	321.2	260.1	641.9	524.2
Specialized Products \| Automotive Group
Disaggregation of Revenue [Line Items]
Net trade sales	219.5	201.5	433.8	409.0
Specialized Products \| Aerospace Products Group
Disaggregation of Revenue [Line Items]
Net trade sales	38.1	30.8	76.0	59.8
Specialized Products \| Hydraulic Cylinders Group
Disaggregation of Revenue [Line Items]
Net trade sales	63.6	27.8	132.1	55.4
Furniture, Flooring & Textile Products
Disaggregation of Revenue [Line Items]
Net trade sales	395.6	461.6	760.0	880.4
Furniture, Flooring & Textile Products \| Home Furniture Group
Disaggregation of Revenue [Line Items]
Net trade sales	74.1	106.6	154.4	225.0
Furniture, Flooring & Textile Products \| Work Furniture Group
Disaggregation of Revenue [Line Items]
Net trade sales	69.2	86.8	139.8	170.5
Furniture, Flooring & Textile Products \| Flooring & Textile Products Group
Disaggregation of Revenue [Line Items]
Net trade sales	$ 252.3	$ 268.2	$ 465.8	$ 484.9

SEGMENT INFORMATION - Summary of Segment Results from Continuing Operations (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment			3
Segment Reporting Information [Line Items]
Net trade sales	$ 1,221.2	$ 1,334.2	$ 2,434.8	$ 2,656.5
EBIT	95.7	143.0	185.0	280.6
Depreciation and Amortization	44.7	44.5	90.1	90.2
Bedding Products
Segment Reporting Information [Line Items]
Net trade sales	504.4	612.5	1,032.9	1,251.9
Specialized Products
Segment Reporting Information [Line Items]
Net trade sales	321.2	260.1	641.9	524.2
Furniture, Flooring & Textile Products
Segment Reporting Information [Line Items]
Net trade sales	395.6	461.6	760.0	880.4
Trade sales
Segment Reporting Information [Line Items]
Net trade sales	1,233.6	1,349.8	2,460.3	2,689.3
Trade sales \| Bedding Products
Segment Reporting Information [Line Items]
Net trade sales	512.9	623.9	1,051.0	1,275.3
EBIT	23.0	69.1	56.3	145.3
Depreciation and Amortization	25.5	26.2	51.1	52.4
Trade sales \| Specialized Products
Segment Reporting Information [Line Items]
Net trade sales	321.7	260.5	642.8	525.5
EBIT	33.1	21.4	61.8	41.7
Depreciation and Amortization	10.3	9.9	21.0	20.7
Trade sales \| Furniture, Flooring & Textile Products
Segment Reporting Information [Line Items]
Net trade sales	399.0	465.4	766.5	888.5
EBIT	38.9	51.3	67.2	94.0
Depreciation and Amortization	5.7	5.9	11.5	11.8
Intersegment eliminations
Segment Reporting Information [Line Items]
Net trade sales	12.4	15.6	25.5	32.8
EBIT	0.7	1.2	(0.3)	(0.4)
Depreciation and Amortization	3.2	2.5	6.5	5.3
Intersegment eliminations \| Bedding Products
Segment Reporting Information [Line Items]
Net trade sales	8.5	11.4	18.1	23.4
Intersegment eliminations \| Specialized Products
Segment Reporting Information [Line Items]
Net trade sales	0.5	0.4	0.9	1.3
Intersegment eliminations \| Furniture, Flooring & Textile Products
Segment Reporting Information [Line Items]
Net trade sales	$ 3.4	$ 3.8	$ 6.5	$ 8.1

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Components of Stock-Based and Stock-Related Compensation

The following table recaps the impact of stock-based compensation on the results of operations for each of the periods presented:


	Six Months Ended June 30, 2023				Six Months Ended June 30, 2022
	To be settled with stock		To be settled in cash		To be settled with stock		To be settled in cash
Executive Stock Unit (ESU) program contributions	$	1.8	$	.3	$	2.2	$	.4
Discounts on various stock awards:
Deferred Stock Compensation Program	.8		—		.8		—
ESU program	.6		—		.7		—
Discount Stock Plan	.4		—		.4		—
Performance Stock Unit (PSU) awards: 1
2023 PSU awards 1A	.6		.6		—		—
2022 and prior PSU awards 1B	1.3		.2		2.5		.8
Restricted Stock Unit (RSU) awards	6.1		—		7.6		—
Other, primarily non-employee directors restricted stock	.9		—		1.0		—
Total stock-related compensation expense	12.5		$	1.1	15.2		$	1.2
Employee contributions for above stock plans	4.0				5.5
Total stock-based compensation	$	16.5			$	20.7

Tax benefits on stock-based compensation expense	$	3.0			$	3.7
Tax benefits on stock-based compensation payments	.3				.6
Total tax benefits associated with stock-based compensation	$	3.3			$	4.3


	Three Months Ended				Three Months Ended
	June 30, 2023				June 30, 2022
	To be settled with stock		To be settled in cash		To be settled with stock		To be settled in cash
Executive Stock Unit (ESU) program contributions	$	1.1	$	.2	$	1.0	$	.2
Discounts on various stock awards:
Deferred Stock Compensation Program	.5		—		.4		—
ESU program	.4		—		.3		—
Discount Stock Plan	.2		—		.2		—
Performance Stock Unit (PSU) awards: 1
2023 PSU awards 1A	.2		.2		—		—
2022 and prior PSU awards 1B	.6		(.1)		1.5		1.0

Restricted Stock Unit (RSU) awards	.8		—		.9		—

Other, primarily non-employee directors restricted stock	.5		—		.5		—
Total stock-related compensation expense	4.3		$	.3	4.8		$	1.2
Employee contributions for above stock plans	2.5				3.0
Total stock-based compensation	$	6.8			$	7.8

Tax benefits on stock-based compensation expense	$	1.0			$	1.1
Tax benefits on stock-based compensation payments	—				—
Total tax benefits associated with stock-based compensation	$	1.0			$	1.1

1 PSU Awards

1A 2023 PSU Awards

The PSU awards contain the following conditions:

•A service requirement—Awards generally "cliff" vest three years following the grant date.

•Two performance conditions over the three-year performance period:

◦50% of the awards are based on Return on Invested Capital (ROIC). ROIC is calculated as our average annual net operating profit after tax divided by our average invested capital.

◦50% of the awards are based on achieving specified Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) performance targets.

1B 2022 and Prior PSU Awards

TSR Based

The relative TSR component of the PSU awards contained the following conditions:

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

EBIT CAGR Based

The EBIT CAGR component of the PSU awards contained the following conditions:

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

Summary of Shares and Related Grant Date Fair Value

Below is a summary of shares and grant date fair value related to PSU awards for the periods presented:


	Six Months Ended June 30,
	2023			2022
2023 awards and 2022 TSR Based award
Total shares base award	.1			.1
Grant date per share fair value	$	29.31		$	41.13
Risk-free interest rate	4.4		%	1.7		%
Vesting period in years	3.0			3.0
Expected volatility	45.7		%	45.2		%
Expected dividend yield	5.5		%	4.6		%

2022 EBIT CAGR Based award
Total shares base award				.1
Grant date per share fair value				$	32.88
Vesting period in years				3.0

Summary of Performance Cycle

GOODWILL IMPAIRMENT TESTING (Tables)

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Goodwill


2023
Fair Value over Carrying Value divided by Carrying Value	June 30, 2023 Goodwill Value		Compound Annual Growth Rate (CAGR) Range for Sales	Terminal Values Long-term Growth Rate for Debt-Free Cash Flow		Discount Rate Ranges
Less than 50% 1	$	1,007.8	1% - 17%	3	%	10% - 12%
50% - 100% 2	98.9		< 1	3		8
101% - 300%	370.4		3 - 6	3		8 - 10

	$	1,477.1	< 1% - 17%	3	%	8% - 12%


2022
Fair Value over Carrying Value divided by Carrying Value	December 31, 2022 Goodwill Value		CAGR Range for Sales	Terminal Values Long-term Growth Rate for Debt-Free Cash Flow		Discount Rate Ranges
Less than 50% 1	$	107.8	4% - 9%	3	%	12%
50% - 100% 2	998.7		3 - 5	3		10
101% - 300%	248.3		1 - 3	3		10
Greater than 300%	119.6		8	3		12
	$	1,474.4	1% - 9%	3	%	10% - 12%

1 This category includes three reporting units (Bedding, Aerospace, and Hydraulic Cylinders) for 2023 and the Aerospace and Hydraulic Cylinders units for 2022.

2 This category includes one reporting unit (Work Furniture) for 2023 and the Work Furniture and Bedding reporting units for 2022.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Summary of 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 June 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Bank time deposits with original maturities of three months or less	$	—	$	130.3	$	—	$	130.3
Derivative assets (Note 13)	—		6.1		—		6.1
Diversified investments associated with the ESU program	47.9		—		—		47.9
Total assets	$	47.9	$	136.4	$	—	$	184.3
Liabilities:
Derivative liabilities (Note 13)	$	—	$	6.5	$	—	$	6.5
Liabilities associated with the ESU program	48.9		—		—		48.9
Total liabilities	$	48.9	$	6.5	$	—	$	55.4


	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Bank time deposits with original maturities of three months or less	$	—	$	129.0	$	—	$	129.0
Derivative assets (Note 13)	—		2.9		—		2.9
Diversified investments associated with the ESU program	42.8		—		—		42.8
Total assets	$	42.8	$	131.9	$	—	$	174.7
Liabilities:
Derivative liabilities (Note 13)	$	—	$	5.9	$	—	$	5.9
Liabilities associated with the ESU program	44.0		—		—		44.0
Total liabilities	$	44.0	$	5.9	$	—	$	49.9

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 272.4	$ 316.5
Trade receivables, net	635.9	609.0
Other receivables, net	66.8	66.0
Inventories	857.8	907.5
Prepaid expenses and other current assets	72.9	59.0
Total current assets	1,905.8	1,958.0
PROPERTY, PLANT AND EQUIPMENT—AT COST
Machinery and equipment	1,469.5	1,434.0
Buildings and other	817.2	791.0
Land	44.2	43.5
Total property, plant and equipment	2,330.9	2,268.5
Less accumulated depreciation	1,541.7	1,496.1
Net property, plant and equipment	789.2	772.4
OTHER ASSETS
Goodwill	1,477.1	1,474.4
Other intangibles, less accumulated amortization of $384.7 and $356.4 as of June 30, 2023 and December 31, 2022, respectively	644.7	675.4
Operating lease right-of-use assets	212.0	195.0
Sundry	115.5	110.9
Total other assets	2,449.3	2,455.7
TOTAL ASSETS	5,144.3	5,186.1
CURRENT LIABILITIES
Short-term debt and current maturities of long-term debt	8.2	9.4
Current portion of operating lease liabilities	56.3	49.5
Accounts payable	507.4	518.4
Accrued expenses	266.0	261.7
Other current liabilities	117.7	129.1
Total current liabilities	955.6	968.1
LONG-TERM LIABILITIES
Long-term debt	2,016.4	2,074.2
Operating lease liabilities	167.2	153.6
Other long-term liabilities	122.3	126.1
Deferred income taxes	214.2	222.7
Total long-term liabilities	2,520.1	2,576.6
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock	2.0	2.0
Additional contributed capital	570.2	568.5
Retained earnings	3,031.2	3,046.0
Accumulated other comprehensive loss	(68.5)	(93.5)
Treasury stock	(1,866.9)	(1,882.3)
Total Leggett & Platt, Inc. equity	1,668.0	1,640.7
Noncontrolling interest	0.6	0.7
Total equity	1,668.6	1,641.4
TOTAL LIABILITIES AND EQUITY	$ 5,144.3	$ 5,186.1

ACCOUNTS AND OTHER RECEIVABLES

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

ACCOUNTS AND OTHER RECEIVABLES

Accounts and other receivables consisted of the following:


	June 30, 2023				December 31, 2022
	Current		Long-term		Current		Long-term
Total trade receivable	$	651.4	$	.1	$	626.8	$	—
Allowance for doubtful accounts - trade receivables	(15.5)		—		(17.8)		—
Trade receivables, net	$	635.9	$	.1	$	609.0	$	—

Other notes receivable	—		22.0		—		22.4
Taxes receivable, including income taxes	4.6		—		5.0		—
Value-added taxes (VAT) recoverable 1	53.0		—		45.4		—
Other receivables	9.2		—		15.6		—
Allowance for doubtful accounts - other notes receivable	—		(20.8)		—		(21.2)
Other receivables, net	$	66.8	$	1.2	$	66.0	$	1.2

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


	Balance at December 31, 2022		Add: Charges		Less: Net Charge-offs/ (Recoveries) and Other		Balance at June 30, 2023


Total trade receivables	$	17.8	$	(1.7)	$	.6	$	15.5
Other notes receivable	21.2		(.4)		—		20.8
Total allowance for doubtful accounts	$	39.0	$	(2.1)	$	.6	$	36.3

STATEMENT OF CHANGES IN EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Statement of Changes in Equity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,667.1	$ 1,671.4	$ 1,641.4	$ 1,648.6
Net earnings	54.2	95.2	107.7	185.6
Dividends declared	(61.2)	(58.6)	(119.7)	(114.7)
Treasury stock purchased	(0.1)	(35.2)	(5.3)	(56.8)
Treasury stock issued	1.4	1.2	3.4	6.9
Foreign currency translation adjustments	4.2	(61.0)	22.9	(69.8)
Cash flow hedges, net of tax	(1.0)	(2.8)	1.7	(1.8)
Defined benefit pension plans, net of tax	0.1	(0.2)	0.3	0.7
Stock-based compensation transactions, net of tax	3.9	4.6	16.2	15.9
Ending balance	1,668.6	1,614.6	1,668.6	1,614.6
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	3,039.6	3,006.0	3,046.0	2,973.0
Net earnings	54.2	95.2	107.7	185.6
Dividends declared	(62.6)	(59.9)	(122.5)	(117.3)
Ending balance	3,031.2	3,041.3	3,031.2	3,041.3
Common Stock & Additional Contributed Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	567.9	558.4	570.5	559.9
Dividends declared	1.4	1.3	2.8	2.6
Treasury stock issued	(1.0)	(1.0)	(17.3)	(15.1)
Stock-based compensation transactions, net of tax	3.9	4.6	16.2	15.9
Ending balance	572.2	563.3	572.2	563.3
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,869.2)	(1,848.4)	(1,882.3)	(1,846.6)
Treasury stock purchased	(0.1)	(35.2)	(5.3)	(56.8)
Treasury stock issued	2.4	2.2	20.7	22.0
Ending balance	(1,866.9)	(1,881.4)	(1,866.9)	(1,881.4)
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	0.6	0.6	0.7	0.6
Foreign currency translation adjustments			(0.1)
Ending balance	0.6	0.6	0.6	0.6
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(71.8)	(45.2)	(93.5)	(38.3)
Foreign currency translation adjustments	4.2	(61.0)	23.0	(69.8)
Cash flow hedges, net of tax	(1.0)	(2.8)	1.7	(1.8)
Defined benefit pension plans, net of tax	0.1	(0.2)	0.3	0.7
Ending balance	$ (68.5)	$ (109.2)	$ (68.5)	$ (109.2)

OTHER (INCOME) EXPENSE, NET (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Income and Expenses [Abstract]
Net gain from disposal of assets and businesses	$ (0.2)	$ (0.6)	$ (0.5)	$ (1.3)
Restructuring charges	0.1	0.2	0.2	0.0
Currency loss (income)	(0.7)	(0.6)	1.3	(0.7)
(Gain) loss from diversified investments associated with Executive Stock Unit Program	(2.1)	6.1	(4.6)	8.9
Reduction to contingent purchase price liability	(5.0)	0.0	(8.8)	0.0
Gain from net insurance proceeds from tornado damage	(3.6)	0.0	(3.6)	0.0
Non-service pension income	0.0	(0.9)	(0.1)	(1.9)
Other expense (income)	0.9	(0.6)	1.9	(0.4)
Other (income) expense, net	$ (10.6)	$ 3.6	$ (14.2)	$ 4.6

OTHER (INCOME) EXPENSE, NET

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

OTHER (INCOME) EXPENSE, NET

The components of "Other (income) expense, net" were as follows:


	Six Months Ended June 30,				Three Months Ended June 30,
	2023		2022		2023		2022

Gain on disposal of assets and businesses	$	(.5)	$	(1.3)	$	(.2)	$	(.6)
Restructuring charges	.2		—		.1		.2

Currency loss (income)	1.3		(.7)		(.7)		(.6)

(Gain) loss from diversified investments associated with Executive Stock Unit Program (See Note 8)	(4.6)		8.9		(2.1)		6.1
Reduction to contingent purchase price liability	(8.8)		—		(5.0)		—
Gain from net insurance proceeds from tornado damage 1	(3.6)		—		(3.6)		—

Non-service pension income	(.1)		(1.9)		—		(.9)
Other expense (income)	1.9		(.4)		.9		(.6)
	$	(14.2)	$	4.6	$	(10.6)	$	3.6

1 Insurance proceeds received for tornado damage to a manufacturing facility during the second quarter of 2023 resulted in a gain of $4.6 ($3.1 gain for fixed assets and $1.5 gain for inventory). The gain was reduced by a $1.0 deductible.

STOCK-BASED COMPENSATION - Components of Stock Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation			$ 16.5	$ 20.7
Tax benefits on stock-based compensation expense	$ 1.0	$ 1.1	3.3	4.3
To be settled with stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-related compensation expense	4.3	4.8	12.5	15.2
Employee contributions for above stock plans	2.5	3.0	4.0	5.5
Total stock-based compensation	6.8	7.8	16.5	20.7
Tax benefits on stock-based compensation expense	1.0	1.1	3.0	3.7
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	0.0	0.0	0.3	0.6
To be settled with stock \| Executive Stock Unit (ESU) program contributions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-related compensation expense	1.1	1.0	1.8	2.2
To be settled with stock \| Deferred Stock Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-related compensation expense	0.5	0.4	0.8	0.8
To be settled with stock \| ESU program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-related compensation expense	0.4	0.3	0.6	0.7
To be settled with stock \| Discount Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-related compensation expense	0.2	0.2	0.4	0.4
To be settled with stock \| 2023 PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-related compensation expense	0.2	0.0	0.6	0.0
To be settled with stock \| 2022 and prior PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-related compensation expense	0.6	1.5	1.3	2.5
To be settled with stock \| Restricted Stock Unit (RSU) awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-related compensation expense	0.8	0.9	6.1	7.6
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-related compensation expense	0.5	0.5	0.9	1.0
To be settled in cash
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-related compensation expense	0.3	1.2	1.1	1.2
To be settled in cash \| Executive Stock Unit (ESU) program contributions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-related compensation expense	0.2	0.2	0.3	0.4
To be settled in cash \| Deferred Stock Compensation Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-related compensation expense	0.0	0.0	0.0	0.0
To be settled in cash \| ESU program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-related compensation expense	0.0	0.0	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-related compensation expense	0.0	0.0	0.0	0.0
To be settled in cash \| 2023 PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-related compensation expense	0.2	0.0	0.6	0.0
To be settled in cash \| 2022 and prior PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-related compensation expense	(0.1)	1.0	0.2	0.8
To be settled in cash \| Restricted Stock Unit (RSU) awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-related compensation expense	0.0	0.0	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-related compensation expense	$ 0.0	$ 0.0	$ 0.0	$ 0.0

EARNINGS PER SHARE (EPS) (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Summary of Calculation of Basic and Diluted Earnings Per Share

Basic and diluted earnings per share were calculated as follows:


	Six Months Ended June 30,				Three Months Ended June 30,
	2023		2022		2023		2022
Net earnings
Net earnings	$	107.7	$	185.6	$	54.2	$	95.2
(Earnings) attributable to noncontrolling interest, net of tax	—		—		—		—


Net earnings attributable to Leggett & Platt, Inc. common shareholders	$	107.7	$	185.6	$	54.2	$	95.2

Weighted average number of shares (in millions)
Weighted average number of common shares used in basic EPS	136.1		136.4		136.2		136.3
Dilutive effect of stock-based compensation	.3		.4		.4		.4
Weighted average number of common shares and dilutive potential common shares used in diluted EPS	136.4		136.8		136.6		136.7

Basic and diluted EPS



Basic EPS attributable to Leggett & Platt common shareholders	$	.79	$	1.36	$	.40	$	.70




Diluted EPS attributable to Leggett & Platt common shareholders	$	.79	$	1.36	$	.40	$	.70

Other information
Anti-dilutive shares excluded from diluted EPS computation	.5		.4		.5		.4

Cash dividends declared per share	$	.90	$	.86	$	.46	$	.44

ACCOUNTS AND OTHER RECEIVABLES - Components of Accounts and Other Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current
Trade receivables, net	$ 635.9	$ 609.0
Other notes receivable	0.0	0.0
Taxes receivable, including income taxes	4.6	5.0
Value-added taxes (VAT) recoverable	53.0	45.4
Other receivables	9.2	15.6
Allowance for doubtful accounts - other notes receivable	0.0	0.0
Other receivables, net	66.8	66.0
Long-term
Other notes receivable	22.0	22.4
Taxes receivable, including income taxes	0.0	0.0
Value-added taxes (VAT) recoverable	0.0	0.0
Other receivables	0.0	0.0
Allowance for doubtful accounts - other notes receivable	(20.8)	(21.2)
Other receivables, net	1.2	1.2
Trade accounts receivable
Current
Total trade receivable	651.4	626.8
Allowance for doubtful accounts - trade receivables	(15.5)	(17.8)
Trade receivables, net	635.9	609.0
Long-term
Total trade receivable	0.1	0.0
Allowance for doubtful accounts - trade receivables	0.0	0.0
Trade receivables, net	0.1	0.0
MEXICO
Current
Value-added taxes (VAT) recoverable	$ 41.3	$ 36.5

INVENTORIES

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES

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


	June 30, 2023		December 31, 2022
Finished goods	$	365.2	$	389.9
Work in process	77.2		71.1
Raw materials and supplies	415.4		446.5

Inventories	$	857.8	$	907.5

All inventories are stated at the lower of cost or net realizable value. For the majority of our inventories, we use the first-in, first-out method which is representative of our standard costs (includes materials, labor, and production overhead at normal production capacity). Remaining inventories are valued using an average-cost method.

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. We have had no material changes in inventory writedowns or slow-moving and obsolete inventory reserves in any of the periods presented.

ACCOUNTS AND OTHER RECEIVABLES - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 39.0
Add: Charges	(2.1)	$ 2.2
Less: Net Charge-offs/ (Recoveries) and Other	0.6
Balance at end of period	36.3
Trade accounts receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	17.8
Add: Charges	(1.7)
Less: Net Charge-offs/ (Recoveries) and Other	0.6
Balance at end of period	15.5
Other notes receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	21.2
Add: Charges	(0.4)
Less: Net Charge-offs/ (Recoveries) and Other	0.0
Balance at end of period	$ 20.8

OTHER (INCOME) EXPENSE, NET (Tables)

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

Other (income) expense, net

The components of "Other (income) expense, net" were as follows:


	Six Months Ended June 30,				Three Months Ended June 30,
	2023		2022		2023		2022

Gain on disposal of assets and businesses	$	(.5)	$	(1.3)	$	(.2)	$	(.6)
Restructuring charges	.2		—		.1		.2

Currency loss (income)	1.3		(.7)		(.7)		(.6)

(Gain) loss from diversified investments associated with Executive Stock Unit Program (See Note 8)	(4.6)		8.9		(2.1)		6.1
Reduction to contingent purchase price liability	(8.8)		—		(5.0)		—
Gain from net insurance proceeds from tornado damage 1	(3.6)		—		(3.6)		—

Non-service pension income	(.1)		(1.9)		—		(.9)
Other expense (income)	1.9		(.4)		.9		(.6)
	$	(14.2)	$	4.6	$	(10.6)	$	3.6

REVENUE

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

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,
	2023		2022		2023		2022
Bedding Products
Bedding Group	$	1,032.9	$	1,251.9	$	504.4	$	612.5


Specialized Products
Automotive Group	433.8		409.0		219.5		201.5
Aerospace Products Group	76.0		59.8		38.1		30.8
Hydraulic Cylinders Group 1	132.1		55.4		63.6		27.8
	641.9		524.2		321.2		260.1

Furniture, Flooring & Textile Products
Home Furniture Group	154.4		225.0		74.1		106.6
Work Furniture Group	139.8		170.5		69.2		86.8
Flooring & Textile Products Group	465.8		484.9		252.3		268.2
	760.0		880.4		395.6		461.6
	$	2,434.8	$	2,656.5	$	1,221.2	$	1,334.2

1 In August 2022, we acquired a manufacturer of hydraulic cylinders for heavy construction equipment.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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+ Details

CONTINGENCIES

6 Months Ended

Jun. 30, 2023

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, antitrust, 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.

Accruals and Reasonably Possible Losses in Excess of Accruals

Accruals for Probable Losses

Although we deny liability in all 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 the aggregate, of less than $3.0 for all periods presented. There were no material adjustments to the accrual, including cash payments and expense, for the three and six-month periods ending June 30, 2023 and June 30, 2022. The 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 June 30, 2023, aggregate reasonably possible (but not probable, and therefore, not accrued) losses in excess of the accruals noted above are estimated to be $20.0. If our assumptions or analyses regarding any of our contingencies are incorrect, or if facts change or future litigation arises, we could realize losses in excess of the recorded accruals (including losses in excess of the $20.0 referenced above), which could have a material negative impact on our financial condition, results of operations, and cash flows.

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Financial Instruments at Fair Value

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 June 30, 2023
Derivatives				Assets				Liabilities
				Other Current Assets		Sundry		Other Current Liabilities		Other Long-Term Liabilities
Designated as hedging instruments

Total cash flow hedges-currency hedges	Dec 2024	$	295.0	$	5.2	$	.4	$	5.1	$	.4
Total fair value hedges	Sep 2023	58.6		.5		—		.2		—
Not designated as hedging instruments	Jun 2024	110.1		—		—		.8		—
Total derivatives				$	5.7	$	.4	$	6.1	$	.4


	Expiring at various dates through:	Total USD Equivalent Notional Amount		As of December 31, 2022
Derivatives				Assets				Liabilities
				Other Current Assets		Sundry		Other Current Liabilities		Other Long-Term Liabilities
Designated as hedging instruments
Total cash flow hedges-currency hedges	Jun 2024	$	263.4	$	1.9	$	.5	$	4.3	$	.4
Total fair value hedges	Apr 2023	65.5		.3		—		1.0		—
Not designated as hedging instruments	Dec 2023	86.0		.2		—		.2		—
Total derivatives				$	2.4	$	.5	$	5.5	$	.4

Summary of Pre-Tax (Gains) Losses of Hedging Activities

The following table sets forth the pretax (gains) losses for our hedging activities for the periods presented. This schedule includes reclassifications from accumulated other comprehensive income (see Note 11) as well as derivative settlements recorded directly to income or expense.


Derivatives	Income Statement Caption	Amount of (Gain) Loss Recorded in Income Six Months Ended June 30,				Amount of (Gain) Loss Recorded in Income Three Months Ended June 30,
		2023		2022		2023		2022
Designated as hedging instruments

Interest rate cash flow hedges	Interest expense	$	(.2)	$	1.8	$	(.1)	$	.9
Currency cash flow hedges	Net trade sales	1.6		(2.3)		.9		(.5)
Currency cash flow hedges	Cost of goods sold	(1.3)		(1.1)		(.6)		(.7)
Currency cash flow hedges	Other (income) expense, net	—		—		—		(.1)
Total cash flow hedges		.1		(1.6)		.2		(.4)
Fair value hedges	Other (income) expense, net	.6		1.0		(1.5)		1.5

Not designated as hedging instruments	Other (income) expense, net	3.5		.1		3.5		—

Total derivative instruments		$	4.2	$	(.5)	$	2.2	$	1.1

DERIVATIVE FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS


	Expiring at various dates through:	Total USD Equivalent Notional Amount		As of June 30, 2023
Derivatives				Assets				Liabilities
				Other Current Assets		Sundry		Other Current Liabilities		Other Long-Term Liabilities
Designated as hedging instruments

Total cash flow hedges-currency hedges	Dec 2024	$	295.0	$	5.2	$	.4	$	5.1	$	.4
Total fair value hedges	Sep 2023	58.6		.5		—		.2		—
Not designated as hedging instruments	Jun 2024	110.1		—		—		.8		—
Total derivatives				$	5.7	$	.4	$	6.1	$	.4


	Expiring at various dates through:	Total USD Equivalent Notional Amount		As of December 31, 2022
Derivatives				Assets				Liabilities
				Other Current Assets		Sundry		Other Current Liabilities		Other Long-Term Liabilities
Designated as hedging instruments
Total cash flow hedges-currency hedges	Jun 2024	$	263.4	$	1.9	$	.5	$	4.3	$	.4
Total fair value hedges	Apr 2023	65.5		.3		—		1.0		—
Not designated as hedging instruments	Dec 2023	86.0		.2		—		.2		—
Total derivatives				$	2.4	$	.5	$	5.5	$	.4


Derivatives	Income Statement Caption	Amount of (Gain) Loss Recorded in Income Six Months Ended June 30,				Amount of (Gain) Loss Recorded in Income Three Months Ended June 30,
		2023		2022		2023		2022
Designated as hedging instruments

Interest rate cash flow hedges	Interest expense	$	(.2)	$	1.8	$	(.1)	$	.9
Currency cash flow hedges	Net trade sales	1.6		(2.3)		.9		(.5)
Currency cash flow hedges	Cost of goods sold	(1.3)		(1.1)		(.6)		(.7)
Currency cash flow hedges	Other (income) expense, net	—		—		—		(.1)
Total cash flow hedges		.1		(1.6)		.2		(.4)
Fair value hedges	Other (income) expense, net	.6		1.0		(1.5)		1.5

Not designated as hedging instruments	Other (income) expense, net	3.5		.1		3.5		—

Total derivative instruments		$	4.2	$	(.5)	$	2.2	$	1.1

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Summary of Segment Results from Continuing Operations

A summary of segment results is shown in the following tables:


	Trade 1 Sales		Inter- Segment Sales		Total Sales		EBIT		Depreciation and Amortization
Three Months Ended June 30, 2023
Bedding Products	$	504.4	$	8.5	$	512.9	$	23.0	$	25.5
Specialized Products	321.2		.5		321.7		33.1		10.3
Furniture, Flooring & Textile Products	395.6		3.4		399.0		38.9		5.7
Intersegment eliminations and other 2							.7		3.2
	$	1,221.2	$	12.4	$	1,233.6	$	95.7	$	44.7
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 Products	461.6		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


	Trade 1 Sales		Inter- Segment Sales		Total Sales		EBIT		Depreciation and Amortization
Six Months Ended June 30, 2023
Bedding Products	$	1,032.9	$	18.1	$	1,051.0	$	56.3	$	51.1
Specialized Products	641.9		.9		642.8		61.8		21.0
Furniture, Flooring & Textile Products	760.0		6.5		766.5		67.2		11.5
Intersegment eliminations and other 2							(.3)		6.5
	$	2,434.8	$	25.5	$	2,460.3	$	185.0	$	90.1
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 Products	880.4		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

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.

Summary of Average Assets for Segments


	June 30, 2023		December 31, 2022
Bedding Products	$	828.0	$	931.2
Specialized Products	398.2		350.1
Furniture, Flooring & Textile Products	409.1		423.1

Average current liabilities included in segment numbers above	725.5		793.9
Unallocated assets 1	2,779.9		2,840.6
Difference between average assets and period-end balance sheet	3.6		(152.8)
Total assets	$	5,144.3	$	5,186.1

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

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 54.2	$ 95.2	$ 107.7	$ 185.6
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	4.2	(61.0)	22.9	(69.8)
Cash flow hedges	(1.0)	(2.8)	1.7	(1.8)
Defined benefit pension plans	0.1	(0.2)	0.3	0.7
Other comprehensive income (loss), net of tax	3.3	(64.0)	24.9	(70.9)
Comprehensive income (loss)	57.5	31.2	132.6	114.7
Add: comprehensive loss attributable to noncontrolling interest	0.0	0.0	0.1	0.0
Comprehensive income (loss) attributable to Leggett & Platt, Inc.	$ 57.5	$ 31.2	$ 132.7	$ 114.7

REVENUE (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Major Source


	Six Months Ended June 30,				Three Months Ended June 30,
	2023		2022		2023		2022
Bedding Products
Bedding Group	$	1,032.9	$	1,251.9	$	504.4	$	612.5


Specialized Products
Automotive Group	433.8		409.0		219.5		201.5
Aerospace Products Group	76.0		59.8		38.1		30.8
Hydraulic Cylinders Group 1	132.1		55.4		63.6		27.8
	641.9		524.2		321.2		260.1

Furniture, Flooring & Textile Products
Home Furniture Group	154.4		225.0		74.1		106.6
Work Furniture Group	139.8		170.5		69.2		86.8
Flooring & Textile Products Group	465.8		484.9		252.3		268.2
	760.0		880.4		395.6		461.6
	$	2,434.8	$	2,656.5	$	1,221.2	$	1,334.2

1 In August 2022, we acquired a manufacturer of hydraulic cylinders for heavy construction equipment.

COVER PAGE - shares	6 Months Ended
COVER PAGE - shares	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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
Trading 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		133,194,480
Entity Central Index Key	0000058492
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accumulated amortization	$ 384.7	$ 356.4

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

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Summary of Statement of Changes in Equity and Accumulated Other Comprehensive Income (Loss)


	Three Months Ended June 30, 2023
	Total Equity		Retained Earnings		Common Stock & Additional Contributed Capital		Treasury Stock		Noncontrolling Interest		Accumulated Other Comprehensive Income (Loss)
Beginning balance, April 1, 2023	$	1,667.1	$	3,039.6	$	567.9	$	(1,869.2)	$	.6	$	(71.8)


Net earnings	54.2		54.2		—		—		—		—

Dividends declared (See Note 6)	(61.2)		(62.6)		1.4		—		—		—

Treasury stock purchased	(.1)		—		—		(.1)		—		—
Treasury stock issued	1.4		—		(1.0)		2.4		—		—
Foreign currency translation adjustments	4.2		—		—		—		—		4.2
Cash flow hedges, net of tax	(1.0)		—		—		—		—		(1.0)
Defined benefit pension plans, net of tax	.1		—		—		—		—		.1
Stock-based compensation transactions, net of tax	3.9		—		3.9		—		—		—

Ending balance, June 30, 2023	$	1,668.6	$	3,031.2	$	572.2	$	(1,866.9)	$	.6	$	(68.5)


	Three Months Ended June 30, 2022
	Total Equity		Retained Earnings		Common Stock & Additional Contributed Capital		Treasury Stock		Noncontrolling Interest		Accumulated Other Comprehensive Income (Loss)
Beginning balance, April 1, 2022	$	1,671.4	$	3,006.0	$	558.4	$	(1,848.4)	$	.6	$	(45.2)


Net earnings	95.2		95.2		—		—		—		—
Dividends declared (See Note 6)	(58.6)		(59.9)		1.3		—		—		—

Treasury stock purchased	(35.2)		—		—		(35.2)		—		—
Treasury stock issued	1.2		—		(1.0)		2.2		—		—
Foreign currency translation adjustments	(61.0)		—		—		—		—		(61.0)
Cash flow hedges, net of tax	(2.8)		—		—		—		—		(2.8)
Defined benefit pension plans, net of tax	(.2)		—		—		—		—		(.2)
Stock-based compensation transactions, net of tax	4.6		—		4.6		—		—		—

Ending balance, June 30, 2022	$	1,614.6	$	3,041.3	$	563.3	$	(1,881.4)	$	.6	$	(109.2)


	Six Months Ended June 30, 2023
	Total Equity		Retained Earnings		Common Stock & Additional Contributed Capital		Treasury Stock		Noncontrolling Interest		Accumulated Other Comprehensive Income (Loss)
Beginning balance, January 1, 2023	$	1,641.4	$	3,046.0	$	570.5	$	(1,882.3)	$	.7	$	(93.5)


Net earnings	107.7		107.7		—		—		—		—

Dividends declared (See Note 6)	(119.7)		(122.5)		2.8		—		—		—

Treasury stock purchased	(5.3)		—		—		(5.3)		—		—
Treasury stock issued	3.4		—		(17.3)		20.7		—		—
Foreign currency translation adjustments	22.9		—		—		—		(.1)		23.0
Cash flow hedges, net of tax	1.7		—		—		—		—		1.7
Defined benefit pension plans, net of tax	.3		—		—		—		—		.3
Stock-based compensation transactions, net of tax	16.2		—		16.2		—		—		—

Ending balance, June 30, 2023	$	1,668.6	$	3,031.2	$	572.2	$	(1,866.9)	$	.6	$	(68.5)


	Six Months Ended June 30, 2022
	Total Equity		Retained Earnings		Common Stock & Additional Contributed Capital		Treasury Stock		Noncontrolling Interest		Accumulated Other Comprehensive Income (Loss)
Beginning balance, January 1, 2022	$	1,648.6	$	2,973.0	$	559.9	$	(1,846.6)	$	.6	$	(38.3)


Net earnings	185.6		185.6		—		—		—		—

Dividends declared (See Note 6)	(114.7)		(117.3)		2.6		—		—		—

Treasury stock purchased	(56.8)		—		—		(56.8)		—		—
Treasury stock issued	6.9		—		(15.1)		22.0		—		—
Foreign currency translation adjustments	(69.8)		—		—		—		—		(69.8)
Cash flow hedges, net of tax	(1.8)		—		—		—		—		(1.8)
Defined benefit pension plans, net of tax	.7		—		—		—		—		.7
Stock-based compensation transactions, net of tax	15.9		—		15.9		—		—		—

Ending balance, June 30, 2022	$	1,614.6	$	3,041.3	$	563.3	$	(1,881.4)	$	.6	$	(109.2)

Summary of 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 June 30,
	Foreign Currency Translation Adjustments		Cash Flow Hedges		Defined Benefit Pension Plans		Accumulated Other Comprehensive Income (Loss)
Balance, April 1, 2023	$	(64.7)	$	11.1	$	(18.2)	$	(71.8)
Other comprehensive income (loss)	4.2		(1.8)		(.4)		2.0
Reclassifications, pretax	—		.8		.5		1.3


Balance, June 30, 2023	$	(60.5)	$	10.1	$	(18.1)	$	(68.5)

Balance, April 1, 2022	$	(20.5)	$	12.9	$	(37.6)	$	(45.2)
Other comprehensive income (loss)	(61.0)		(2.9)		(1.0)		(64.9)
Reclassifications, pretax	—		(.4)		.7		.3
Income tax effect	—		.5		.1		.6

Balance, June 30, 2022	$	(81.5)	$	10.1	$	(37.8)	$	(109.2)


	Six Months Ended June 30,
	Foreign Currency Translation Adjustments		Cash Flow Hedges		Defined Benefit Pension Plans		Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2023	$	(83.5)	$	8.4	$	(18.4)	$	(93.5)
Other comprehensive income (loss)	22.9		.8		(.5)		23.2
Reclassifications, pretax	—		1.4		.9		2.3
Income tax effect	—		(.5)		(.1)		(.6)
Attributable to noncontrolling interest	.1		—		—		.1
Balance, June 30, 2023	$	(60.5)	$	10.1	$	(18.1)	$	(68.5)

Balance, January 1, 2022	$	(11.7)	$	11.9	$	(38.5)	$	(38.3)
Other comprehensive income (loss)	(69.8)		(.5)		(1.0)		(71.3)
Reclassifications, pretax	—		(1.6)		1.4		(.2)
Income tax effect	—		.3		.3		.6

Balance, June 30, 2022	$	(81.5)	$	10.1	$	(37.8)	$	(109.2)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 365.2	$ 389.9
Work in process	77.2	71.1
Raw materials and supplies	415.4	446.5
Inventories	$ 857.8	$ 907.5

FAIR VALUE - Additional Information (Details) - Level 1 - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed rate debt	$ 200.0	$ 210.0
Reported Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed rate debt	$ 1,785.4	$ 1,784.4

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

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

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


	Three Months Ended June 30, 2023
	Total Equity		Retained Earnings		Common Stock & Additional Contributed Capital		Treasury Stock		Noncontrolling Interest		Accumulated Other Comprehensive Income (Loss)
Beginning balance, April 1, 2023	$	1,667.1	$	3,039.6	$	567.9	$	(1,869.2)	$	.6	$	(71.8)


Net earnings	54.2		54.2		—		—		—		—

Dividends declared (See Note 6)	(61.2)		(62.6)		1.4		—		—		—

Treasury stock purchased	(.1)		—		—		(.1)		—		—
Treasury stock issued	1.4		—		(1.0)		2.4		—		—
Foreign currency translation adjustments	4.2		—		—		—		—		4.2
Cash flow hedges, net of tax	(1.0)		—		—		—		—		(1.0)
Defined benefit pension plans, net of tax	.1		—		—		—		—		.1
Stock-based compensation transactions, net of tax	3.9		—		3.9		—		—		—

Ending balance, June 30, 2023	$	1,668.6	$	3,031.2	$	572.2	$	(1,866.9)	$	.6	$	(68.5)


	Three Months Ended June 30, 2022
	Total Equity		Retained Earnings		Common Stock & Additional Contributed Capital		Treasury Stock		Noncontrolling Interest		Accumulated Other Comprehensive Income (Loss)
Beginning balance, April 1, 2022	$	1,671.4	$	3,006.0	$	558.4	$	(1,848.4)	$	.6	$	(45.2)


Net earnings	95.2		95.2		—		—		—		—
Dividends declared (See Note 6)	(58.6)		(59.9)		1.3		—		—		—

Treasury stock purchased	(35.2)		—		—		(35.2)		—		—
Treasury stock issued	1.2		—		(1.0)		2.2		—		—
Foreign currency translation adjustments	(61.0)		—		—		—		—		(61.0)
Cash flow hedges, net of tax	(2.8)		—		—		—		—		(2.8)
Defined benefit pension plans, net of tax	(.2)		—		—		—		—		(.2)
Stock-based compensation transactions, net of tax	4.6		—		4.6		—		—		—

Ending balance, June 30, 2022	$	1,614.6	$	3,041.3	$	563.3	$	(1,881.4)	$	.6	$	(109.2)


	Six Months Ended June 30, 2023
	Total Equity		Retained Earnings		Common Stock & Additional Contributed Capital		Treasury Stock		Noncontrolling Interest		Accumulated Other Comprehensive Income (Loss)
Beginning balance, January 1, 2023	$	1,641.4	$	3,046.0	$	570.5	$	(1,882.3)	$	.7	$	(93.5)


Net earnings	107.7		107.7		—		—		—		—

Dividends declared (See Note 6)	(119.7)		(122.5)		2.8		—		—		—

Treasury stock purchased	(5.3)		—		—		(5.3)		—		—
Treasury stock issued	3.4		—		(17.3)		20.7		—		—
Foreign currency translation adjustments	22.9		—		—		—		(.1)		23.0
Cash flow hedges, net of tax	1.7		—		—		—		—		1.7
Defined benefit pension plans, net of tax	.3		—		—		—		—		.3
Stock-based compensation transactions, net of tax	16.2		—		16.2		—		—		—

Ending balance, June 30, 2023	$	1,668.6	$	3,031.2	$	572.2	$	(1,866.9)	$	.6	$	(68.5)


	Six Months Ended June 30, 2022
	Total Equity		Retained Earnings		Common Stock & Additional Contributed Capital		Treasury Stock		Noncontrolling Interest		Accumulated Other Comprehensive Income (Loss)
Beginning balance, January 1, 2022	$	1,648.6	$	2,973.0	$	559.9	$	(1,846.6)	$	.6	$	(38.3)


Net earnings	185.6		185.6		—		—		—		—

Dividends declared (See Note 6)	(114.7)		(117.3)		2.6		—		—		—

Treasury stock purchased	(56.8)		—		—		(56.8)		—		—
Treasury stock issued	6.9		—		(15.1)		22.0		—		—
Foreign currency translation adjustments	(69.8)		—		—		—		—		(69.8)
Cash flow hedges, net of tax	(1.8)		—		—		—		—		(1.8)
Defined benefit pension plans, net of tax	.7		—		—		—		—		.7
Stock-based compensation transactions, net of tax	15.9		—		15.9		—		—		—

Ending balance, June 30, 2022	$	1,614.6	$	3,041.3	$	563.3	$	(1,881.4)	$	.6	$	(109.2)

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 June 30,
	Foreign Currency Translation Adjustments		Cash Flow Hedges		Defined Benefit Pension Plans		Accumulated Other Comprehensive Income (Loss)
Balance, April 1, 2023	$	(64.7)	$	11.1	$	(18.2)	$	(71.8)
Other comprehensive income (loss)	4.2		(1.8)		(.4)		2.0
Reclassifications, pretax	—		.8		.5		1.3


Balance, June 30, 2023	$	(60.5)	$	10.1	$	(18.1)	$	(68.5)

Balance, April 1, 2022	$	(20.5)	$	12.9	$	(37.6)	$	(45.2)
Other comprehensive income (loss)	(61.0)		(2.9)		(1.0)		(64.9)
Reclassifications, pretax	—		(.4)		.7		.3
Income tax effect	—		.5		.1		.6

Balance, June 30, 2022	$	(81.5)	$	10.1	$	(37.8)	$	(109.2)


	Six Months Ended June 30,
	Foreign Currency Translation Adjustments		Cash Flow Hedges		Defined Benefit Pension Plans		Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2023	$	(83.5)	$	8.4	$	(18.4)	$	(93.5)
Other comprehensive income (loss)	22.9		.8		(.5)		23.2
Reclassifications, pretax	—		1.4		.9		2.3
Income tax effect	—		(.5)		(.1)		(.6)
Attributable to noncontrolling interest	.1		—		—		.1
Balance, June 30, 2023	$	(60.5)	$	10.1	$	(18.1)	$	(68.5)

Balance, January 1, 2022	$	(11.7)	$	11.9	$	(38.5)	$	(38.3)
Other comprehensive income (loss)	(69.8)		(.5)		(1.0)		(71.3)
Reclassifications, pretax	—		(1.6)		1.4		(.2)
Income tax effect	—		.3		.3		.6

Balance, June 30, 2022	$	(81.5)	$	10.1	$	(37.8)	$	(109.2)

- Definition

The entire disclosure for equity.

+ References

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