Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 05, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-07845 | ||
Entity Registrant Name | LEGGETTÂ & 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 Well Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,912,200,000 | ||
Entity Common Stock, Shares Outstanding | 132,137,026 | ||
Entity Central Index Key | 0000058492 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Net sales | $ 4,752.5 | $ 4,269.5 | $ 3,943.8 |
Cost of goods sold | 3,701.9 | 3,380.8 | 3,061.4 |
Gross profit | 1,050.6 | 888.7 | 882.4 |
Selling and administrative expenses | 469.7 | 425.1 | 400.5 |
Amortization of intangibles | 63.3 | 20.5 | 20.7 |
Impairments | 7.8 | 5.4 | 4.9 |
Gain on sale of assets and businesses | (5) | (1.9) | (24.2) |
Other expense (income), net | 1.4 | 2.7 | 12.6 |
Earnings from continuing operations before interest and income taxes | 513.4 | 436.9 | 467.9 |
Interest expense | 90.7 | 60.9 | 43.5 |
Interest income | 7.4 | 8.4 | 7.6 |
Earnings from continuing operations before income taxes | 430.1 | 384.4 | 432 |
Income taxes | 96.2 | 78.3 | 138.4 |
Earnings from continuing operations | 333.9 | 306.1 | 293.6 |
Earnings (loss) from discontinued operations, net of tax | 0 | 0 | (0.9) |
Net earnings | 333.9 | 306.1 | 292.7 |
(Earnings) attributable to noncontrolling interest, net of tax | (0.1) | (0.2) | (0.1) |
Net earnings attributable to Leggett & Platt, Inc. common shareholders | $ 333.8 | $ 305.9 | $ 292.6 |
Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders | |||
Basic (in dollars per share) | $ 2.48 | $ 2.28 | $ 2.16 |
Diluted (in dollars per share) | 2.47 | 2.26 | 2.14 |
Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders | |||
Basic (in dollars per share) | 0 | 0 | (0.01) |
Diluted (in dollars per share) | 0 | 0 | (0.01) |
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders | |||
Basic (in dollars per share) | 2.48 | 2.28 | 2.15 |
Diluted (in dollars per share) | $ 2.47 | $ 2.26 | $ 2.13 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||
Net earnings | $ 333.9 | $ 306.1 | $ 292.7 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments, including acquisition of noncontrolling interest | 5 | (67) | 79.1 |
Cash flow hedges | 7.7 | ||
Cash flow hedges | (0.3) | 6.3 | |
Defined benefit pension plans | (11.9) | (0.8) | 18.7 |
Other comprehensive income (loss) | 0.8 | (68.1) | 104.1 |
Comprehensive income | 334.7 | 238 | 396.8 |
Less: comprehensive (income) attributable to noncontrolling interest | (0.1) | (0.2) | (0.1) |
Comprehensive income attributable to Leggett & Platt, Inc. | $ 334.6 | $ 237.8 | $ 396.7 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 247.6 | $ 268.1 |
Trade receivables, net | 564.4 | 545.3 |
Other receivables, net | 27.5 | 26.3 |
Total receivables, net | 591.9 | 571.6 |
Total inventories, net | 636.7 | 633.9 |
Prepaid expenses and other current assets | 61.9 | 51 |
Total current assets | 1,538.1 | 1,524.6 |
Property, Plant and Equipment—at cost | ||
Machinery and equipment | 1,388.8 | 1,281.7 |
Buildings and other | 719 | 656.8 |
Land | 43.5 | 42.4 |
Total property, plant and equipment | 2,151.3 | 1,980.9 |
Less accumulated depreciation | 1,320.5 | 1,252.4 |
Net property, plant and equipment | 830.8 | 728.5 |
Other Assets | ||
Goodwill | 1,406.3 | 833.8 |
Other intangibles, net | 764 | 178.7 |
Operating lease right-of-use assets | 158.8 | |
Sundry | 118.4 | 116.4 |
Total other assets | 2,447.5 | 1,128.9 |
TOTAL ASSETS | 4,816.4 | 3,382 |
Current Liabilities | ||
Current maturities of long-term debt | 51.1 | |
Current maturities of long-term debt | 51.1 | 1.2 |
Current portion of operating lease liabilities | 39.3 | |
Accounts payable | 463.4 | 465.4 |
Accrued expenses | 281 | 262.7 |
Other current liabilities | 93.3 | 86.4 |
Total current liabilities | 928.1 | 815.7 |
Long-term Liabilities | ||
Long-term debt | 2,066.5 | 1,167.8 |
Operating lease liabilities | 121.6 | |
Other long-term liabilities | 173.5 | 155.3 |
Deferred income taxes | 214.2 | 85.6 |
Total long-term liabilities | 2,575.8 | 1,408.7 |
Commitments and Contingencies | ||
Equity | ||
Common stock: Preferred stock—authorized, 100.0 shares; none issued; Common stock—authorized, 600.0 shares of $.01 par value; 198.8 shares issued | 2 | 2 |
Additional contributed capital | 536.1 | 527.1 |
Retained earnings | 2,734.5 | 2,613.8 |
Accumulated other comprehensive (loss) | (76.8) | (77.6) |
Less treasury stock—at cost (67.0 and 68.3 shares at December 31, 2019 and 2018, respectively) | (1,883.8) | (1,908.3) |
Total Leggett & Platt, Inc. equity | 1,312 | 1,157 |
Noncontrolling interest | 0.5 | 0.6 |
Total equity | 1,312.5 | 1,157.6 |
TOTAL LIABILITIES AND EQUITY | $ 4,816.4 | $ 3,382 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 198,800,000 | 198,800,000 |
Treasury stock (in shares) | 67,000,000 | 68,300,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||||
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Operating Activities | ||||||||
Net earnings | $ 86.9 | $ 61.1 | $ 53.1 | $ 77.9 | $ 333.9 | $ 306.1 | $ 292.7 | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||
Depreciation | 117.5 | 104.3 | 95.3 | |||||
Amortization of intangibles and supply agreements | 74.4 | 31.8 | 30.6 | |||||
Impairments | 7.8 | 5.4 | 4.9 | |||||
Provision for losses on accounts and notes receivable | 2.8 | 16.7 | 0.8 | |||||
Writedown of inventories | 9 | 10.3 | 4.9 | |||||
Net gain from sales of assets and businesses | (5) | (2.1) | (24.4) | |||||
Deemed repatriation tax payable | 0 | (1.3) | 67.3 | |||||
Deferred income tax expense (benefit) | 7.6 | (3.2) | 16.6 | |||||
Stock-based compensation | 33 | 35.5 | 36.6 | |||||
Pension expense (benefit), net of contributions | 4.3 | (19.2) | 7.1 | |||||
Other, net | 2.2 | 2 | (8.5) | |||||
Increases/decreases in, excluding effects from acquisitions and divestitures: | ||||||||
Accounts and other receivables | 53 | (25.8) | (40.6) | |||||
Inventories | 53.3 | (54.3) | (48.1) | |||||
Other current assets | (2.8) | (1.9) | (36.8) | |||||
Accounts payable | (39.4) | 36.2 | 58.8 | |||||
Accrued expenses and other current liabilities | 16.4 | (0.2) | (13.5) | |||||
Net Cash Provided by Operating Activities | 668 | 440.3 | 443.7 | |||||
Investing Activities | ||||||||
Additions to property, plant and equipment | (143.1) | (159.6) | (159.4) | |||||
Purchases of companies, net of cash acquired | (1,265.1) | (109.2) | (39.1) | |||||
Proceeds from sales of assets and businesses | 5.5 | 4.9 | 45.2 | |||||
Other, net | (15.5) | (13.9) | (11.7) | |||||
Net Cash Used for Investing Activities | (1,418.2) | (277.8) | (165) | |||||
Financing Activities | ||||||||
Additions to long-term debt | 993.3 | 0 | 493.4 | |||||
Payments on long-term debt | (37.6) | (155.4) | (9.2) | |||||
Change in commercial paper and short-term debt | (8.7) | 69.6 | (202.7) | |||||
Dividends paid | (204.6) | (193.7) | (185.6) | |||||
Issuances of common stock | 9.3 | 4.8 | 2.6 | |||||
Purchases of common stock | (16.4) | (112.4) | (157.6) | |||||
Purchase of remaining interest in noncontrolling interest | 0 | 0 | (2.6) | |||||
Additional consideration paid for acquisitions | (1.1) | (9.3) | (2.2) | |||||
Other, net | (3.1) | (0.5) | (0.6) | |||||
Net Cash Provided (Used) for Financing Activities | 731.1 | (396.9) | (64.5) | |||||
Effect of Exchange Rate Changes on Cash | (1.4) | (23.6) | 30 | |||||
(Decrease) Increase in Cash and Cash Equivalents | (20.5) | (258) | 244.2 | |||||
Cash and Cash Equivalents—Beginning of Year | $ 268.1 | $ 526.1 | 268.1 | 526.1 | 281.9 | $ 526.1 | ||
Cash and Cash Equivalents—End of Year | $ 247.6 | $ 268.1 | 247.6 | 268.1 | 526.1 | $ 247.6 | ||
Supplemental Information | ||||||||
Interest paid (net of amounts capitalized) | 77.3 | 61.8 | 40.1 | |||||
Income taxes paid | 84.2 | 92.8 | 90.6 | |||||
Common stock issued for acquired companies | 0 | 0 | 11.8 | |||||
Property, plant and equipment acquired through finance leases | 2.1 | 1.9 | 2.4 | |||||
Capital expenditures in accounts payable | 6.8 | 6.7 | 6.7 | |||||
Prepaid income taxes and taxes receivable (recovered) applied against the deemed repatriation tax liability | $ (0.6) | $ 28.4 | $ 0 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Contributed Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interest |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adjusted beginning balance | $ 1,095.1 | $ 2 | $ 506.2 | $ 2,411.6 | $ (113.6) | $ (1,713.5) | $ 2.4 |
Balance, beginning of period at Dec. 31, 2016 | 1,094 | $ 2 | 506.2 | 2,410.5 | (113.6) | $ (1,713.5) | 2.4 |
Balance, beginning of period, (in shares) at Dec. 31, 2016 | 198.8 | (65.3) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings attributable to Leggett & Platt, Inc. common shareholders | 292.7 | 292.6 | 0.1 | ||||
Dividends declared | (187.7) | 5.2 | (192.9) | ||||
Treasury stock purchased | (162.1) | $ (162.1) | |||||
Treasury stock purchased, (in shares) | (3.3) | ||||||
Treasury stock issued | 31.2 | (16.1) | $ 47.3 | ||||
Treasury stock issued, (in shares) | 1.7 | ||||||
Other comprehensive income (loss), net of tax (See Note Q) | 103.7 | 103.7 | |||||
Stock-based compensation, net of tax | 20 | 20 | |||||
Purchase of remaining interest in noncontrolling interest | (2.6) | (0.6) | 0.4 | (2.4) | |||
Acquisition of noncontrolling interest | 0.5 | 0.5 | |||||
Balance, end of period at Dec. 31, 2017 | 1,190.8 | $ 2 | 514.7 | 2,511.3 | (9.5) | $ (1,828.3) | 0.6 |
Balance, end of period, (in shares) at Dec. 31, 2017 | 198.8 | (66.9) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adjusted beginning balance | 1,188.5 | $ 2 | 514.7 | 2,509 | (9.5) | $ (1,828.3) | 0.6 |
Net earnings attributable to Leggett & Platt, Inc. common shareholders | 306.1 | 305.9 | 0.2 | ||||
Dividends declared | (195.8) | 5.3 | (201.1) | ||||
Dividends paid to noncontrolling interest | (0.2) | (0.2) | |||||
Treasury stock purchased | (113.6) | $ (113.6) | |||||
Treasury stock purchased, (in shares) | (2.6) | ||||||
Treasury stock issued | 17 | (16.6) | $ 33.6 | ||||
Treasury stock issued, (in shares) | 1.2 | ||||||
Other comprehensive income (loss), net of tax (See Note Q) | (68.1) | (68.1) | |||||
Stock-based compensation, net of tax | 23.7 | 23.7 | |||||
Balance, end of period at Dec. 31, 2018 | 1,157.6 | $ 2 | 527.1 | 2,613.8 | (77.6) | $ (1,908.3) | 0.6 |
Balance, end of period, (in shares) at Dec. 31, 2018 | 198.8 | (68.3) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adjusted beginning balance | 1,157.7 | $ 2 | 527.1 | 2,613.9 | (77.6) | $ (1,908.3) | 0.6 |
Net earnings attributable to Leggett & Platt, Inc. common shareholders | 333.9 | 333.8 | 0.1 | ||||
Dividends declared | (207.8) | 5.4 | (213.2) | ||||
Dividends paid to noncontrolling interest | (0.2) | (0.2) | |||||
Treasury stock purchased | (31.1) | $ (31.1) | |||||
Treasury stock purchased, (in shares) | (0.7) | ||||||
Treasury stock issued | 33.3 | (22.3) | $ 55.6 | ||||
Treasury stock issued, (in shares) | 2 | ||||||
Other comprehensive income (loss), net of tax (See Note Q) | 0.8 | 0.8 | |||||
Stock-based compensation, net of tax | 25.9 | 25.9 | |||||
Balance, end of period at Dec. 31, 2019 | $ 1,312.5 | $ 2 | $ 536.1 | $ 2,734.5 | $ (76.8) | $ (1,883.8) | $ 0.5 |
Balance, end of period, (in shares) at Dec. 31, 2019 | 198.8 | (67) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies PRINCIPLES OF CONSOLIDATION: The consolidated financial statements include the accounts of Leggett & Platt, Incorporated and its majority-owned subsidiaries (“we” or “our”). Management does not expect foreign exchange restrictions to significantly impact the ultimate realization of amounts consolidated in the accompanying financial statements for subsidiaries located outside the United States. All intercompany transactions and accounts have been eliminated in consolidation. ESTIMATES: The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the accrual and disclosure of loss contingencies. CASH EQUIVALENTS: Cash equivalents include cash in excess of daily requirements which is invested in various financial instruments with original maturities of three months or less. TRADE AND OTHER RECEIVABLES AND ALLOWANCE FOR DOUBTFUL ACCOUNTS: Trade receivables are recorded at the invoiced amount and generally do not bear interest. Credit is also occasionally extended in the form of a note receivable to facilitate our customers’ operating cycles. Other notes receivable are established in special circumstances, such as in partial payment for the sale of a business or to support other business opportunities. Other notes receivable generally bear interest at market rates commensurate with the corresponding credit risk on the date of origination. We have the option to participate in trade receivables sales programs with third-party banking institutions and trade receivables sales programs that have been implemented by certain of our customers, as in effect from time to time. 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 Balance Sheets and the related proceeds are reported as cash provided by operating activities in the Consolidated Statements of Cash Flows. We had approximately $40.0 and $15.0 of trade receivables that were sold and removed from our Consolidated Balance Sheets at December 31, 2019 and 2018, respectively. The allowance for doubtful accounts is an estimate of the amount of probable credit losses. Allowances and nonaccrual status designations are determined by individual account reviews by management and are based on several factors such as the length of time that receivables are past due, the financial health of the companies involved, industry and macroeconomic considerations, and historical loss experience. Account balances are charged against the allowance when it is probable the receivable will not be recovered. Interest income is not recognized for nonperforming accounts that are placed on nonaccrual status. For accounts on nonaccrual status, any interest payments received are applied against the balance of the nonaccrual account. INVENTORIES: The following table recaps the components of inventory for each period presented: December 31, 2019 December 31, 2018 Finished goods $ 308.7 $ 331.6 Work in process 54.4 49.6 Raw materials and supplies 323.5 334.9 LIFO reserve (49.9 ) (82.2 ) Total inventories, net $ 636.7 $ 633.9 All inventories are stated at the lower of cost or net realizable value. We generally use standard costs which include materials, labor and production overhead at normal production capacity. The last-in, first-out (LIFO) method is primarily used to value our domestic steel-related inventories. Prior to 2019 this represented approximately 50% of our inventories. With the acquisition of ECS in the first quarter of 2019 (see Note S ), this now represents approximately 40% of our inventories, as ECS does not utilize the LIFO method. For the remainder of the inventories, we principally use the first-in, first-out (FIFO) method, which is representative of our standard costs. For these inventories, the FIFO cost for the periods presented approximated expected replacement cost. Inventories are reviewed at least quarterly for slow-moving and potentially obsolete items using actual inventory turnover and, if necessary, are written down to estimated net realizable value. Restructuring activity and decisions to narrow product offerings (as discussed in Note F ) also impact the estimated net realizable value of inventories. We have had no material changes in inventory writedowns or slow-moving and obsolete inventory reserves in any of the years presented. The following table presents the activity in our LIFO reserve for each of the periods presented: Year Ended December 31 2019 2018 2017 Balance, beginning of year $ 82.2 $ 50.9 $ 33.8 LIFO (benefit) expense (32.3 ) 31.3 18.6 Allocated to divested businesses — — (1.5 ) Balance, end of year $ 49.9 $ 82.2 $ 50.9 ACQUISITIONS: When acquisitions occur, we value the assets acquired, liabilities assumed, and any noncontrolling interest in acquired companies at estimated acquisition date fair values. Goodwill is measured as the excess amount of consideration transferred, compared to fair value of the assets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value these items at the acquisition date (as well as contingent consideration where applicable), our estimates are inherently uncertain and subject to refinement during the measurement period, which may be up to one year from the acquisition date. We utilize the following methodologies in determining fair value: • Inventory is valued at current replacement cost for raw materials, with a step-up for work in process and finished goods items that reflects the amount of ultimate profit earned as of the valuation date. • Other working capital items are generally recorded at carrying value, unless there are known conditions that would impact the ultimate settlement amount of the particular item. • Buildings and machinery are valued at an estimated replacement cost for an asset of comparable age and condition. Market pricing of comparable assets is used to estimate replacement cost where available. • The most common identified intangible assets are customer relationships, technology and tradenames. Discount rates discussed below are typically derived from a weighted-average cost of capital analysis and adjusted to reflect inherent risks. ◦ Customer relationships are valued using an excess earnings method, using various inputs such as the estimated customer attrition rate, revenue growth rate and cost of sales, the amount of contributory asset charges, and an appropriate discount rate. The economic useful life is determined based on historical customer turnover rates. ◦ Technology and tradenames are valued using a relief-from-royalty method, with various inputs such as comparable market royalty rates for items of similar value, future earnings forecast, an appropriate discount rate and a replacement rate for technology. The economic useful life is determined based on the expected life of the technology and tradenames. DIVESTITURES: Significant accounting policies associated with a decision to dispose of a business are discussed below: Discontinued Operations —A business is classified as discontinued operations if the disposal represents a strategic shift that will have a major effect on operations or financial results and meets the criteria to be classified as held for sale or is disposed of by sale or otherwise. Significant judgments are involved in determining whether a business meets the criteria for discontinued operations reporting and the period in which these criteria are met. If a business is reported as a discontinued operation, the results of operations through the date of sale, including any gain or loss recognized on the disposition, are presented on a separate line of the income statement. Interest on debt directly attributable to the discontinued operation is allocated to discontinued operations. Gains and losses related to the sale of businesses that do not meet the discontinued operation criteria are reported in continuing operations and separately disclosed if significant. Assets Held for Sale —An asset or business is classified as held for sale when (i) management commits to a plan to sell and it is actively marketed; (ii) it is available for immediate sale and the sale is expected to be completed within one year; and (iii) it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. In isolated instances, assets held for sale may exceed one year due to events or circumstances beyond our control. Upon being classified as held for sale, the recoverability of the carrying value must be assessed. Evaluating the recoverability of the assets of a business classified as held for sale follows a defined order in which property and intangible assets subject to amortization are considered only after the recoverability of goodwill and other assets are assessed. After the valuation process is completed, the assets held for sale are reported at the lower of the carrying value or fair value less cost to sell, and the assets are no longer depreciated or amortized. An impairment charge is recognized if the carrying value exceeds the fair value less cost to sell. The assets and related liabilities are aggregated and reported on separate lines of the balance sheet. Assets Held for Use —If a decision to dispose of an asset or a business is made and the held for sale criteria are not met, it is considered held for use. Assets of the business are evaluated for recoverability in the following order: (i) assets other than goodwill, property and intangibles; (ii) property and intangibles subject to amortization; and (iii) goodwill. In evaluating the recoverability of property and intangible assets subject to amortization, the carrying value is first compared to the sum of the undiscounted cash flows expected to result from the use and eventual disposition. If the carrying value exceeds the undiscounted expected cash flows, then a fair value analysis is performed. An impairment charge is recognized if the carrying value exceeds the fair value. LOSS CONTINGENCIES: Loss contingencies are accrued when a loss is probable and reasonably estimable. If a range of outcomes are possible, the most likely outcome is used to accrue these costs. If no outcome is more likely, we accrue at the minimum amount of the range. Any insurance recovery is recorded separately if it is determined that a recovery is probable. Legal fees are accrued when incurred. PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is stated at cost, less accumulated depreciation. Assets are depreciated by the straight-line method and salvage value, if any, is assumed to be minimal. The table below presents the depreciation periods of the estimated useful lives of our property, plant and equipment. Accelerated methods are used for tax purposes. Useful Life Range Weighted Average Life Machinery and equipment 3-20 years 10 years Buildings 5-40 years 27 years Other items 3-15 years 10 years Property is reviewed for recoverability at year end and whenever events or changes in circumstances indicate that its carrying value may not be recoverable as discussed above. GOODWILL: Goodwill results from the acquisition of existing businesses and is not amortized; it is assessed for impairment annually and as triggering events may occur. Our ten reporting units are the business groups one level below the operating segment level for which discrete financial information is available. We perform our annual review in the second quarter of each year using either a quantitative or qualitative analysis: • The qualitative assessment begins with determination of whether it is more likely than not that a reporting unit's fair value is less than its carrying value before applying a two-step goodwill impairment model. If after such an assessment, with regard to each reporting unit, we conclude that the goodwill of a reporting unit is not impaired, then no further action is required (commonly referred to as the Step Zero Analysis approach). • The quantitative analysis utilizes a two-step goodwill impairment model. The first step of the two-step approach involves a comparison of the fair value of a reporting unit with its carrying value. If the carrying value of the reporting unit exceeds its fair value, the second step of the process is necessary and involves a comparison of the implied fair value and the carrying value of the goodwill of that reporting unit. If the carrying value of the goodwill of a reporting unit exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. Fair value of reporting units is determined using a combination of two valuation methods: a market approach and an income approach. Each method is generally given equal weight in determining the fair value assigned to each reporting unit. Absent an indication of fair value from a potential buyer or similar specific transaction, we believe that the use of these two methods provides a reasonable estimate of a reporting unit’s fair value. Assumptions common to both methods are operating plans and economic projections, which are used to project future revenues, earnings, and after-tax cash flows for each reporting unit. These assumptions are applied consistently for both methods. The market approach estimates fair value by first determining price-to-earnings ratios for comparable publicly-traded companies with similar characteristics of the reporting unit. The price-to-earnings ratio for comparable companies is based upon current enterprise value compared to the projected earnings for the next two years. The enterprise value is based upon current market capitalization and includes a control premium. Projected earnings are based upon market analysts’ projections. The earnings ratios are applied to the projected earnings of the comparable reporting unit to estimate fair value. Management believes this approach is appropriate because it provides a fair value estimate using multiples from entities with operations and economic characteristics comparable to our reporting units. The income approach is based on projected future (debt-free) cash flow that is discounted to present value using factors that consider the timing and risk of future cash flows. Management believes that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. Discounted cash flow projections are based on 10-year financial forecasts developed from operating plans and economic projections noted above, sales growth, estimates of future expected changes in operating margins, an appropriate discount rate, terminal value growth rates, future capital expenditures and changes in working capital requirements. There are inherent assumptions and judgments required in the analysis of goodwill impairment. It is possible that assumptions underlying the impairment analysis will change in such a manner that impairment in value may occur in the future. OTHER INTANGIBLE ASSETS: Substantially all other intangible assets are amortized using the straight-line method over their estimated useful lives and are evaluated for impairment using a process similar to that used in evaluating the recoverability of property, plant and equipment. Useful Life Range Weighted Average Life Other intangible assets 5-20 years 14 years STOCK-BASED COMPENSATION: The cost of employee services received in exchange for all equity awards granted is based on the fair market value of the award as of the grant date. Expense is recognized net of an estimated forfeiture rate using the straight-line method over the vesting period of the award. REVENUE RECOGNITION: On January 1, 2018, we adopted ASU 2014-09 "Revenue from Contracts with Customers" (Topic 606) as discussed in Note B . We recognize revenue when control of our products transfers to our customers, which is generally upon shipment from our facilities or upon delivery to our customers’ facilities. We reduce revenue for estimated sales allowances, discounts and rebates, which are our primary forms of variable consideration. For the year ended December 31, 2017, we applied “Revenue Recognition” (Topic 605). We recognized sales when title and risk of loss passed to the customer. We had no significant or unusual price protection, right of return or acceptance provisions with our customers. Sales allowances, discounts and rebates were able to be reasonably estimated and were deducted from sales in arriving at net sales. SHIPPING AND HANDLING FEES AND COSTS: Shipping and handling costs are included as a component of “Cost of goods sold.” RESTRUCTURING COSTS: Restructuring costs are items such as employee termination, contract termination, plant closure and asset relocation costs related to exit activities or workforce reductions. Restructuring-related items are inventory writedowns and gains or losses from sales of assets recorded as the result of exit activities. We recognize a liability for costs associated with an exit or disposal activity when the liability is incurred. Certain termination benefits for which employees are required to render service are recognized ratably over the respective future service periods. INCOME TAXES: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of our assets and liabilities and are adjusted for changes in tax rates and laws, as appropriate. A valuation allowance is provided to reduce deferred tax assets when management cannot conclude that it is more likely than not that a tax benefit will be realized. A provision is also made for incremental withholding taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be indefinitely invested. The calculation of our U.S., state, and foreign tax liabilities involves dealing with uncertainties in the application of complex global tax laws. We recognize potential liabilities for anticipated tax issues which might arise in the U.S. and other tax jurisdictions based on management’s estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when we determine the liabilities are no longer necessary. Conversely, if the estimate of tax liabilities proves to be less than the ultimate tax assessment, a further charge to tax expense would result. CONCENTRATION OF CREDIT RISKS, EXPOSURES AND FINANCIAL INSTRUMENTS: We manufacture, market, and distribute products for the various end markets described in Note G . Our operations are principally located in the United States, although we also have operations in Europe, China, Canada, Mexico and other countries. We maintain allowances for potential credit losses. We perform ongoing credit evaluations of our customers’ financial conditions and generally require no collateral from our customers, some of which are highly leveraged. Management also monitors the financial condition and status of other notes receivable. Other notes receivable have historically primarily consisted of notes accepted as partial payment for the divestiture of a business or to support other business opportunities. Some of these companies are highly leveraged and the notes are not fully collateralized. We have no material guarantees or liabilities for product warranties which require disclosure. From time to time, we will enter into contracts to hedge foreign currency denominated transactions and interest rates related to our debt. To minimize the risk of counterparty default, only highly-rated financial institutions that meet certain requirements are used. We do not anticipate that any of the financial institution counterparties will default on their obligations. The carrying value of cash and short-term financial instruments approximates fair value due to the short maturity of those instruments. OTHER RISKS: Although we obtain insurance for workers’ compensation, automobile, product and general liability, property loss and medical claims, we have elected to retain a significant portion of expected losses through the use of deductibles. Accrued liabilities include estimates for unpaid reported claims and for claims incurred but not yet reported. Provisions for losses are recorded based upon reasonable estimates of the aggregate liability for claims incurred utilizing our prior experience and information provided by our third-party administrators and insurance carriers. DERIVATIVE FINANCIAL INSTRUMENTS: We utilize derivative financial instruments to manage market and financial risks related to foreign currency and interest rates. We seek to use derivative contracts that qualify for hedge accounting treatment; however, some instruments that economically manage currency risk may not qualify for hedge accounting treatment. It is our policy not to speculate using derivative instruments. Under hedge accounting, we formally document our hedge relationships, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for entering into the hedge transaction. The process includes designating derivative instruments as hedges of specific assets, liabilities, firm commitments or forecasted transactions. We also formally assess both at inception and on a quarterly basis thereafter, whether the derivatives used in hedging transactions are highly effective in offsetting changes in either the fair value or cash flows of the hedged item. If it is determined that a derivative ceases to be highly effective, deferred gains or losses are recorded in the Consolidated Statements of Operations. On the date the contract is entered into, we designate the derivative as one of the following types of hedging instruments and account for it as follows: Cash Flow Hedge— The hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability or anticipated transaction is designated as a cash flow hedge. The effective portion of the change in fair value is recorded in accumulated other comprehensive income. When the hedged item impacts the income statement, the gain or loss included in "Other comprehensive income (loss)" is reported on the same line of the Consolidated Statements of Operations as the hedged item to match the gain or loss on the derivative to the gain or loss on the hedged item. Any ineffective portion of the changes in the fair value is immediately reported in the Consolidated Statements of Operations on the same line as the hedged item. Settlements associated with the sale or production of product are presented in operating cash flows and settlements associated with debt issuance are presented in financing cash flows. Fair Value Hedge— The hedge of a recognized asset or liability or an unrecognized firm commitment is designated as a fair value hedge. For fair value hedges, both the effective and ineffective portions of the changes in fair value of the derivative, along with the gain or loss on the hedged item that is attributable to the hedged risk, are recorded in earnings and reported in the Consolidated Statements of Operations on the same line as the hedged item. Cash flows from settled contracts are presented in the category consistent with the nature of the item being hedged. FOREIGN CURRENCY TRANSLATION: The functional currency for most foreign operations is the local currency. The translation of foreign currencies into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income and expense accounts using monthly average exchange rates. The cumulative effects of translating the functional currencies into the U.S. dollar are included in comprehensive income. RECLASSIFICATIONS: Certain immaterial reclassifications have been made to the prior years’ information in the Notes to Consolidated Financial Statements to conform to the 2019 presentation. NEW ACCOUNTING GUIDANCE: The Financial Accounting Standards Board (FASB) regularly issues updates to the FASB Accounting Standards Codification that are communicated through issuance of an Accounting Standards Update (ASU). Below is a summary of the ASUs, effective for current or future periods, most relevant to our financial statements: Adopted in 2019: • On January 1, 2019, we adopted ASU 2016-02 “Leases” (Topic 842) as discussed in Note L . • ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”: This ASU is intended to simplify and clarify the accounting and disclosure requirements for hedging activities by more closely aligning the results of cash flow and fair value hedge accounting with the risk management activities of an entity. This guidance was effective January 1, 2019 and it did not have a material impact on our results of operations, financial condition or cash flows. To be adopted in future years: • ASU 2016-13 “Financial Instruments—Credit Losses” (Topic 326): This ASU is effective January 1, 2020 and amends the impairment model by requiring a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments including trade receivables. We are finalizing the evaluation of this guidance, and we do not expect it to materially impact our future financial statements. • ASU 2017-04 “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”: This ASU will be effective January 1, 2020 and simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under this ASU, the annual goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value up to the total amount of goodwill for the reporting unit. We are finalizing the evaluation of this guidance and do not expect it to materially impact our future financial statements. • ASU 2018-15 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)”: This ASU will be effective January 1, 2020 and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We are finalizing the evaluation of this guidance and do not expect it to materially impact our future financial statements. • ASU 2019-12 “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”: This ASU will be effective January 1, 2021 (with early adoption permitted) and is a part of the FASB overall simplification initiative. We are currently evaluating this guidance. The FASB has issued accounting guidance, in addition to the issuance discussed above, effective for current and future periods. This guidance did not have a material impact on our current financial statements, and we do not believe it will have a material impact on our future financial statements. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Initial adoption of new ASU On January 1, 2018, we adopted ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) and all the related amendments using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as a $2.3 reduction to the opening balance of “Retained earnings.” Performance Obligations and Shipping and Handling Costs We recognize revenue when performance obligations under the terms of a contract with our customers are satisfied. Substantially all of our revenue was recognized upon transfer of control of our products to our customers, which was generally upon shipment from our facilities or upon delivery to our customers' facilities and was dependent on the terms of the specific contract. This conclusion considers the point at which our customers have the ability to direct the use of and obtain substantially all of the remaining benefits of the products that were transferred. Substantially all of any unsatisfied performance obligations as of December 31, 2019 , will be satisfied within one year or less. Shipping and handling costs are included as a component of “Cost of goods sold.” Sales, value added, and other taxes collected in connection with revenue-producing activities are excluded from revenue. Sales Allowances and Returns The amount of consideration we receive and revenue we recognize varies with changes in various sales allowances, discounts and rebates (variable consideration) that we offer to our customers. We reduce revenue by our estimates of variable consideration based on contract terms and historical experience. Changes in estimates of variable consideration for the periods presented were not material. Some of our products transferred to customers can be returned, and we recognize the following for this right: • An estimated refund liability and a corresponding reduction to revenue based on historical returns experience. • An asset and a corresponding reduction to cost of sales for our right to recover products from customers upon settling the refund liability. We reduce the carrying amount of these assets by estimates of costs associated with the recovery and any additional expected reduction in value. Our refund liability and the corresponding asset associated with our right to recover products from our customers were immaterial as of the periods presented. Other We have elected to apply the following practical expedients: • We expect that at contract inception, the time period between when we transfer a promised good to our customer and our receipt of payment from that customer for that good will be one year or less (our typical trade terms are 30 to 60 days for U.S. customers and up to 90 days for our international customers). • We generally expense costs of obtaining a contract because the amortization period would be one year or less. Revenue by Product Line We disaggregate revenue by customer group, which is the same as our product lines for each of our segments, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Year Ended December 31 2019 2018 2017 Residential Products Bedding group 1 $ 1,502.0 $ 905.1 $ 837.2 Fabric & Flooring Products group 776.4 735.8 720.1 Machinery group 52.6 62.8 62.9 2,331.0 1,703.7 1,620.2 Industrial Products Wire group 295.6 367.4 291.7 295.6 367.4 291.7 Furniture Products Consumer Products group 404.6 460.2 413.3 Home Furniture group 357.2 388.6 410.2 Work Furniture group 297.3 293.3 272.9 1,059.1 1,142.1 1,096.4 Specialized Products Automotive group 816.1 823.3 772.5 Aerospace Products group 157.7 148.9 137.9 Hydraulic Cylinders group 2 93.0 84.1 — Commercial Vehicle Products (CVP) group 3 — — 25.1 1,066.8 1,056.3 935.5 $ 4,752.5 $ 4,269.5 $ 3,943.8 1 The ECS acquisition occurred in January 2019. See Note S . 2 This group was formed January 2018 with the acquisition of a manufacturer of hydraulic cylinders. See Note S . 3 Our remaining CVP operation was sold in 2017. See Note C . |
Divestitures and Discontinued O
Divestitures and Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures and Discontinued Operations | Divestitures and Discontinued Operations During 2017, we divested our remaining CVP operation, and it did not meet the discontinued operations criteria. The following 2017 information is included in the Specialized Products segment: • External sales for this business was $25.1 and EBIT was ($2.3) . • A pretax loss of $3.3 was recognized on the sale of this business. • We completed the sale of real estate formerly associated with this operation, realizing a pretax gain of $23.4 . There was no other material divestiture or discontinued operations activity for the years presented. |
Impairment Charges
Impairment Charges | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment Charges | Impairment Charges Pretax impact of impairment charges is summarized in the following table: Year Ended 2019 2018 2017 Other Long-Lived Asset Impairments Other Long-Lived Asset Impairments Goodwill Impairment Other Long-Lived Asset Impairments Total Impairments Residential Products $ 1.1 $ — $ — $ — $ — Industrial Products — .3 1.3 3.6 4.9 Furniture Products 6.7 5.1 — — — Total impairment charges $ 7.8 $ 5.4 $ 1.3 $ 3.6 $ 4.9 Other Long-Lived Assets As discussed in Note A , we test other long-lived assets for recoverability at year end and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Fair value and the resulting impairment charges noted above were based primarily upon offers from potential buyers or third party estimates of fair value less selling costs. In 2018, management approved the 2018 Restructuring Plan, as discussed in Note F , which resulted in impairment charges of $7.6 and $5.1 in 2019 and 2018, respectively. In 2017, impairments were primarily associated with selected operations that reached held for sale status, as discussed below. Goodwill As discussed in Note A , goodwill is required to be tested for impairment at the reporting unit level (the business groups that are one level below the operating segments) as triggering events may occur, or at least annually. We perform our annual goodwill impairment review in the second quarter of each year. We concluded that the 2018 Restructuring Plan (as discussed in Note F ) was not a triggering event and believe that it is more likely than not that the fair values for the reporting units associated with this Plan exceed their carrying values. If actual results differ materially from estimates used in these calculations, we could incur future impairment charges. 2019 Goodwill Impairment Review The 2019 annual goodwill impairment review indicated no goodwill impairments. For 2019, we tested goodwill for impairment in all reporting units using a quantitative approach. The fair values of our reporting units in relation to their respective carrying values and significant assumptions used are presented in the table below: Fair Value over Carrying Value divided by Carrying Value December 31, 2019 Goodwill Value 10-year Compound Annual Growth Rate Range for Sales Terminal Values Long-term Growth Rate for Debt-Free Cash Flow Discount Rate Ranges Less than 50% 1 $ 59.4 1.4% - 5.8% 3.0 % 8.0% - 9.5% 50% - 100% 2 722.9 5.0% 3.0 % 8.5% 101% - 300% 400.9 1.3% - 5.5% 3.0 % 7.5% - 8.0% 301% - 600% 223.1 .2% - 11.1% 3.0 % 8.5% $ 1,406.3 .2% - 11.1% 3.0 % 7.5% - 9.5% 1 This category includes two reporting units: • The fair value of our Machinery reporting unit exceeded its carrying value by 12% . This unit has $33.4 of goodwill at December 31, 2019. • The fair value of our Hydraulic Cylinders reporting unit exceeded its carrying value by 29% . This reporting unit was acquired in the first quarter of 2018 and has $26.0 of goodwill at December 31, 2019. 2 This category includes one reporting unit. The fair value of our Bedding reporting unit exceeded its carrying value by 50% at December 31, 2019 as compared to 198% at December 31, 2018. This decrease was due to the January 2019 ECS acquisition (as discussed in Note S ). At our testing date, the carrying value approximates fair value for the ECS business . 2018 Goodwill Impairment Review The 2018 annual goodwill impairment review indicated no goodwill impairments. For 2018, we tested goodwill for impairment in all reporting units using a quantitative approach. The fair values of our reporting units in relation to their respective carrying values and significant assumptions used are presented in the table below: Fair Value over Carrying Value divided by Carrying Value December 31, 2018 Goodwill Value 10-year Terminal Values Long-term Growth Discount Rate Ranges Less than 100% 1 $ 180.7 4.7% - 5.2% 3.0 % 9.0% - 9.5% 101% - 300% 502.5 1.8% - 5.0% 3.0 % 8.5% - 10.0% 301% - 600% 150.6 5.7% - 12.4% 3.0 % 9.0% - 10.0% $ 833.8 1.8% - 12.4% 3.0 % 8.5% - 10.0% 1 All reporting units in this category exceeded 90% , except for the Hydraulic Cylinders reporting unit (acquired in 2018), to which carrying value approximated fair value. 2017 Goodwill Impairment Review The 2017 annual goodwill impairment review indicated no goodwill impairments. We performed a Step Zero Analysis for our annual goodwill review for each of our reporting units and we considered i) the excess in fair value of the reporting unit over its carrying amount from the most recent quantitative analysis, ii) macroeconomic conditions, iii) industry and market trends, and iv) overall financial performance. We concluded that it was more likely than not that the fair value of all reporting units, except for two , exceeded their carrying values. Because sales and profits for two reporting units were less than expected, we performed a quantitative analysis for our Work Furniture and Aerospace reporting units under the two-step model. These reporting units were determined to have fair values in excess of their carrying amounts of at least 75% . Goodwill associated with these two reporting units was $157.4 at December 31, 2017. During the third quarter of 2017, two Drawn Wire operations within the Industrial Products segment reached held for sale status. Because fair value less costs to sell had fallen below the carrying amount, we fully impaired $1.3 of goodwill and $3.3 of other long-lived assets. During 2018, one operation was closed. The other operation continues to operate and no longer meets the held for sale criteria. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets The changes in the carrying amounts of goodwill are as follows: Residential Products Industrial Products Furniture Products Specialized Products Total Net goodwill as of January 1, 2018 $ 368.2 $ 70.8 $ 196.2 $ 187.0 $ 822.2 Additions for current year acquisitions 1.3 — — 26.8 28.1 Adjustments to prior year acquisitions (.2 ) — — — (.2 ) Foreign currency translation adjustment (5.8 ) (.1 ) (3.1 ) (7.3 ) (16.3 ) Net goodwill as of December 31, 2018 363.5 70.7 193.1 206.5 833.8 Additions for current year acquisitions 566.3 — — — 566.3 Adjustments to prior year acquisitions .9 — — .2 1.1 Foreign currency translation adjustment 3.0 .1 (.1 ) 2.1 5.1 Net goodwill as of December 31, 2019 $ 933.7 $ 70.8 $ 193.0 $ 208.8 $ 1,406.3 Net goodwill as of December 31, 2019 is comprised of: Gross goodwill $ 933.7 $ 76.2 $ 443.6 $ 275.5 $ 1,729.0 Accumulated impairment losses — (5.4 ) (250.6 ) (66.7 ) (322.7 ) Net goodwill as of December 31, 2019 $ 933.7 $ 70.8 $ 193.0 $ 208.8 $ 1,406.3 The gross carrying amount and accumulated amortization by intangible asset class and intangible assets acquired during the periods presented included in "Other intangibles, net" on the Consolidated Balance Sheets are as follows: Patents and Trademarks Technology Non-compete Agreements Customer- Related Intangibles Supply Agreements and Other Total 2019 Gross carrying amount $ 133.9 $ 178.1 $ 42.1 $ 591.1 $ 41.1 $ 986.3 Accumulated amortization 36.7 12.9 14.2 136.3 22.2 222.3 Net other intangibles as of December 31, 2019 $ 97.2 $ 165.2 $ 27.9 $ 454.8 $ 18.9 $ 764.0 Acquired during 2019: Acquired related to business acquisitions $ 67.1 $ 173.3 $ 28.7 $ 378.9 $ — $ 648.0 Acquired outside business acquisitions 1.6 — — — 5.9 7.5 Total acquired in 2019 $ 68.7 $ 173.3 $ 28.7 $ 378.9 $ 5.9 $ 655.5 Weighted average amortization period in years for items acquired in 2019 15.1 15.0 5.2 15.0 7.6 14.5 2018 Gross carrying amount $ 65.8 $ 4.7 $ 15.8 $ 212.5 $ 41.6 $ 340.4 Accumulated amortization 31.3 .9 8.6 98.8 22.1 161.7 Net other intangibles as of December 31, 2018 $ 34.5 $ 3.8 $ 7.2 $ 113.7 $ 19.5 $ 178.7 Acquired during 2018: Acquired related to business acquisitions $ 2.7 $ .9 $ 1.9 $ 19.4 $ — $ 24.9 Acquired outside business acquisitions 1.3 — .6 — 9.2 11.1 Total acquired in 2018 $ 4.0 $ .9 $ 2.5 $ 19.4 $ 9.2 $ 36.0 Weighted average amortization period in years for items acquired in 2018 16.5 5.0 4.5 14.4 8.3 11.6 Estimated amortization expense for the items above included in our December 31, 2019 Consolidated Balance Sheets in each of the next five years is as follows: Year ended December 31 2020 $ 65.0 2021 64.0 2022 61.0 2023 55.0 2024 54.0 |
Restructuring and Restructuring
Restructuring and Restructuring Related Charges | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Restructuring Related Charges | Restructuring and Restructuring Related Charges We implemented various cost reduction initiatives to improve our operating cost structures in the periods presented. These cost initiatives have, among other actions, included workforce reductions and the closure or consolidation of certain operations. Except for the 2018 Restructuring Plan (Plan) discussed below, none of these initiatives has individually resulted in a material charge to earnings. In December 2018, we committed to the Plan primarily associated with our Furniture Products segment, including the Home Furniture Group (which produces furniture components for the upholstered furniture industry) and the Fashion Bed business (which supplied ornamental beds, bed frames and other sleep accessories sold to retailers). Both of these businesses had underperformed expectations primarily from weaker demand and higher raw material costs. These restructuring activities were substantially complete as of December 31, 2019, including the closure of the Fashion Bed business. In 2019, we modified the Plan to include three small facilities in the Residential Products segment and one operation in the Industrial Products segment, most of which were substantially complete by the end of the year. Our total costs for this Plan are expected to be approximately $32.0 and to date we have incurred costs of $31.4 . The following table presents information associated with this Plan: Total Amount Incurred to Date Total Incurred Full Year 2019 Total Incurred Full Year 2018 2018 Restructuring Plan Restructuring and restructuring-related $ 18.7 $ 7.5 $ 11.2 Impairment costs associated with this plan 12.7 7.6 5.1 $ 31.4 $ 15.1 $ 16.3 Amount of total that represents cash charges $ 14.9 $ 8.0 $ 6.9 The table below presents all restructuring and restructuring-related activity for the periods presented; the majority of the 2019 and 2018 costs are related to the Plan: Year Ended December 31 2019 2018 2017 Charged to other expense (income), net: Severance and other restructuring costs $ 8.1 $ 7.8 $ .8 Charged to cost of goods sold: Inventory obsolescence and other (.5 ) 4.6 .5 Total restructuring and restructuring-related costs $ 7.6 $ 12.4 $ 1.3 Amount of total that represents cash charges $ 8.1 $ 7.8 $ .8 Restructuring and restructuring-related charges by segment were as follows: Year Ended December 31 2019 2018 2017 Residential Products $ 3.3 $ 1.4 $ — Industrial Products 1.0 .2 .8 Furniture Products 3.3 10.8 .5 Total $ 7.6 $ 12.4 $ 1.3 The accrued liability associated with our total restructuring initiatives consisted of the following: Balance at December 31, 2017 Add: 2018 Charges Less: 2018 Payments Balance at December 31, 2018 Add: 2019 Charges Less: 2019 Payments Balance at December 31, 2019 Termination benefits $ .3 $ 7.3 $ 1.0 $ 6.6 $ 4.7 $ 7.8 $ 3.5 Contract termination costs — — — — .4 .4 — Other restructuring costs .5 .5 .4 .6 3.0 2.9 .7 $ .8 $ 7.8 $ 1.4 $ 7.2 $ 8.1 $ 11.1 $ 4.2 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We have four operating segments that supply a wide range of products: • Residential Products: This segment supplies a variety of components and machinery used by bedding manufacturers in the production and assembly of their finished products, as well as produces private-label finished mattresses for bedding brands. We also produce or distribute flooring underlayment, fabric, and geo components. • Industrial Products: This segment primarily supplies steel rod and drawn steel wire to our other operations and to external customers. Our customers use this wire to make mechanical springs and many other end products. • Furniture Products: This segment supplies a wide range of components for residential and work furniture manufacturers, as well as select lines of private-label finished furniture and adjustable bed bases. • Specialized Products: This segment supplies lumbar support systems, seat suspension systems, motors and actuators, and control cables used by automotive manufacturers. We also produce and distribute tubing and tube assemblies for the aerospace industry and engineered hydraulic cylinders used in the material-handling and construction industries. Our reportable segments are the same as our operating segments, which also correspond with our management structure. Each reportable segment has an executive vice president who has accountability to and maintains regular contact with our chief executive officer, who is the chief operating decision maker (CODM). The operating results and financial information reported through the segment structure are regularly reviewed and used by the CODM to evaluate segment performance, allocate overall resources and determine management incentive compensation. 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 for the periods presented are as follows: Year Ended December 31 Trade 1 Sales Inter- Segment Sales Total Segment Sales EBIT Depreciation and Amortization 2019 Residential Products $ 2,331.0 $ 13.2 $ 2,344.2 $ 170.6 $ 104.2 Industrial Products 295.6 299.6 595.2 97.5 11.0 Furniture Products 1,059.1 9.5 1,068.6 73.4 17.8 Specialized Products 1,066.8 3.2 1,070.0 170.5 41.8 Intersegment eliminations and other 3 1.4 17.1 $ 4,752.5 $ 325.5 $ 5,078.0 $ 513.4 $ 191.9 2018 Residential Products $ 1,703.7 $ 17.1 $ 1,720.8 $ 132.8 $ 46.6 Industrial Products 367.4 295.0 662.4 68.4 10.3 Furniture Products 1,142.1 13.8 1,155.9 49.6 17.4 Specialized Products 1,056.3 2.7 1,059.0 189.0 39.0 Intersegment eliminations and other 3 (2.9 ) 22.8 $ 4,269.5 $ 328.6 $ 4,598.1 $ 436.9 $ 136.1 2017 Residential Products $ 1,620.2 $ 18.6 $ 1,638.8 $ 184.0 $ 45.8 Industrial Products 291.7 253.9 545.6 21.0 10.2 Furniture Products 1,096.4 16.8 1,113.2 81.5 16.2 Specialized Products 935.5 7.1 942.6 195.6 31.2 Intersegment eliminations and other 2,3 (14.2 ) 22.5 $ 3,943.8 $ 296.4 $ 4,240.2 $ 467.9 $ 125.9 1 See Note B for revenue by product line. 2 2017 EBIT: Included in other is a $15.3 pension settlement charge. (See Note N ). 3 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 year. Acquired companies’ long-lived assets as disclosed below include property, plant and equipment and other long-term assets. Year Ended December 31 Assets Additions to Property, Plant and Equipment Acquired Companies’ Long-Lived Assets 2019 Residential Products $ 795.6 $ 43.8 $ 1,297.2 Industrial Products 168.8 27.3 — Furniture Products 239.1 8.0 — Specialized Products 346.4 29.3 .2 Average current liabilities included in segment numbers above 744.6 — — Unallocated assets and other 2,650.7 34.7 — Difference between average assets and year-end balance sheet (128.8 ) — — $ 4,816.4 $ 143.1 $ 1,297.4 2018 Residential Products $ 609.4 $ 48.0 $ 6.0 Industrial Products 163.8 9.6 — Furniture Products 279.8 19.7 — Specialized Products 342.5 45.0 79.4 Average current liabilities included in segment numbers above 661.8 — — Unallocated assets and other 1,278.0 37.3 — Difference between average assets and year-end balance sheet 46.7 — — $ 3,382.0 $ 159.6 $ 85.4 2017 Residential Products $ 554.6 $ 60.5 $ 33.6 Industrial Products 150.0 14.3 — Furniture Products 245.7 20.2 14.3 Specialized Products 271.7 51.7 — Average current liabilities included in segment numbers above 557.0 — — Unallocated assets and other 1,693.1 12.7 — Difference between average assets and year-end balance sheet 78.7 — — $ 3,550.8 $ 159.4 $ 47.9 Trade sales and tangible long-lived assets are presented below, based on the geography of manufacture. Year Ended December 31 2019 2018 2017 Trade sales Foreign sales Europe $ 508.5 $ 525.6 $ 475.3 China 449.9 494.7 481.6 Canada 312.8 286.8 265.1 Mexico 256.0 186.1 148.5 Other 92.6 94.8 85.5 Total foreign sales 1,619.8 1,588.0 1,456.0 United States 3,132.7 2,681.5 2,487.8 Total trade sales $ 4,752.5 $ 4,269.5 $ 3,943.8 Tangible long-lived assets Foreign tangible long-lived assets Europe $ 160.2 $ 167.6 $ 157.4 China 51.6 55.5 54.7 Canada 36.4 38.0 39.9 Mexico 10.1 10.1 6.5 Other 14.7 16.0 13.0 Total foreign tangible long-lived assets 273.0 287.2 271.5 United States 557.8 441.3 392.4 Total tangible long-lived assets $ 830.8 $ 728.5 $ 663.9 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share were calculated as follows: Year Ended December 31 2019 2018 2017 Earnings: Earnings from continuing operations $ 333.9 $ 306.1 $ 293.6 (Earnings) attributable to noncontrolling interest, net of tax (.1 ) (.2 ) (.1 ) Net earnings from continuing operations attributable to Leggett & Platt common shareholders 333.8 305.9 293.5 Earnings (loss) from discontinued operations, net of tax — — (.9 ) Net earnings attributable to Leggett & Platt common shareholders $ 333.8 $ 305.9 $ 292.6 Weighted average number of shares (in millions): Weighted average number of common shares used in basic EPS 134.8 134.3 136.0 Dilutive effect of equity-based compensation .6 .9 1.3 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 135.4 135.2 137.3 Basic and Diluted EPS: Basic EPS attributable to Leggett & Platt common shareholders Continuing operations $ 2.48 $ 2.28 $ 2.16 Discontinued operations — — (.01 ) Basic EPS attributable to Leggett & Platt common shareholders $ 2.48 $ 2.28 $ 2.15 Diluted EPS attributable to Leggett & Platt common shareholders Continuing operations $ 2.47 $ 2.26 $ 2.14 Discontinued operations — — (.01 ) Diluted EPS attributable to Leggett & Platt common shareholders $ 2.47 $ 2.26 $ 2.13 Other information: Anti-dilutive shares excluded from diluted EPS computation .2 .1 — Cash dividends declared per share $ 1.58 $ 1.50 $ 1.42 |
Accounts and Other Receivables
Accounts and Other Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts and Other Receivables | Accounts and Other Receivables Accounts and other receivables at December 31 consisted of the following: 2019 2018 Current Long-term Current Long-term Trade accounts receivable 1 $ 571.8 $ — $ 548.8 $ — Trade notes receivable 1.1 .6 1.7 1.4 Total trade receivables 572.9 .6 550.5 1.4 Other notes receivable 1 — 23.4 — 24.2 Taxes receivable, including income taxes 15.8 — 12.9 — Other receivables 11.7 — 13.4 — Subtotal other receivables 27.5 23.4 26.3 24.2 Total trade and other receivables 600.4 24.0 576.8 25.6 Allowance for doubtful accounts: Trade accounts receivable 1 (8.4 ) — (5.2 ) — Trade notes receivable (.1 ) — — — Total trade receivables (8.5 ) — (5.2 ) — Other notes receivable 1 — (15.0 ) — (15.0 ) Total allowance for doubtful accounts (8.5 ) (15.0 ) (5.2 ) (15.0 ) Total net receivables $ 591.9 $ 9.0 $ 571.6 $ 10.6 1 The “Trade accounts receivable” and “Other notes receivable” line items above include $26.0 and $26.7 as of December 31, 2019 and December 31, 2018, respectively, from a customer in our Residential Products segment who is experiencing financial difficulty and liquidity problems and, during the fourth quarter of 2018, became delinquent in trade accounts receivable balances. In December 2018, we concluded that an impairment existed with regard to this customer, and we established a reserve of $15.9 ( $15.0 for the note and $.9 for the trade receivable) to reflect the estimated amount of the probable credit loss and placed the note on nonaccrual status. The note receivable was restructured during the first quarter of 2019 in conjunction with an overall refinancing plan by the customer. The reserve balance at December 31, 2019 was $16.0 . Activity related to the allowance for doubtful accounts is reflected below: Balance at December 31, 2017 Add: Charges Less: Net Charge-offs/(Recoveries) and Other Balance at December 31, 2018 Add: Less: Net Balance at December 31, 2019 Trade accounts receivable $ 4.7 $ 1.9 $ 1.4 $ 5.2 $ 2.7 $ (.5 ) $ 8.4 Trade notes receivable .2 (.2 ) — — .1 — .1 Total trade receivables 4.9 1.7 1.4 5.2 2.8 (.5 ) 8.5 Other notes receivable — 15.0 — 15.0 — — 15.0 Total allowance for doubtful accounts $ 4.9 $ 16.7 $ 1.4 $ 20.2 $ 2.8 $ (.5 ) $ 23.5 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information Additional supplemental balance sheet details at December 31 consisted of the following: 2019 2018 Sundry Deferred taxes (see Note O ) $ 11.5 $ 20.2 Diversified investments associated with stock-based compensation plans (see Note M ) 38.2 30.4 Investment in associated companies 4.3 7.1 Pension plan assets (see Note N ) 1.4 1.6 Brazilian VAT deposits (see Note U ) 10.5 13.9 Net long-term notes receivable (see Note I ) 9.0 10.6 Finance leases (see Note L ) 4.3 — Other 39.2 32.6 $ 118.4 $ 116.4 Accrued expenses Litigation contingency accruals (see Note U ) $ .7 $ 1.9 Wages and commissions payable 80.9 71.5 Workers’ compensation, vehicle-related and product liability, medical/disability 1 42.9 49.2 Sales promotions 51.1 48.3 Liabilities associated with stock-based compensation plans (see Note M ) 11.8 12.2 Accrued interest 14.4 7.9 General taxes, excluding income taxes 17.0 16.3 Environmental reserves 3.8 2.9 Other 58.4 52.5 $ 281.0 $ 262.7 Other current liabilities Dividends payable $ 52.7 $ 49.6 Customer deposits 11.9 11.8 Sales tax payable 5.0 3.9 Derivative financial instruments (see Note T ) .9 4.5 Liabilities associated with stock-based compensation plans (see Note M ) 2.8 2.3 Outstanding checks in excess of book balances 10.4 10.6 Other 9.6 3.7 $ 93.3 $ 86.4 Other long-term liabilities Liability for pension benefits (see Note N ) $ 58.6 $ 39.2 Liabilities associated with stock-based compensation plans (see Note M ) 46.5 34.6 Deemed repatriation tax payable (see Note O ) 32.8 32.2 Net reserves for tax contingencies 8.1 10.3 Deferred compensation (see Note M ) 14.6 17.6 Other 12.9 21.4 $ 173.5 $ 155.3 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt, interest rates and due dates at December 31 are as follows: 2019 2018 Year-end Interest Rate Due Date Through Balance Year-end Interest Rate Due Date Through Balance Senior Notes 1 3.4 % 2022 $ 300.0 3.4 % 2022 $ 300.0 Senior Notes 1 3.8 % 2024 300.0 3.8 % 2024 300.0 Senior Notes 1 3.5 % 2027 500.0 3.5 % 2027 500.0 Senior Notes 1 4.4 % 2029 500.0 — Term Loan 2 2.9 % 2024 462.5 — Industrial development bonds, principally variable interest rates 1.6 % 2030 3.8 1.9 % 2030 3.8 Commercial paper 3 2.0 % 2024 61.5 2.6 % 2022 70.0 Finance leases (primarily vehicles) 4.2 4.7 Other, partially secured .5 .6 Unamortized discounts and deferred loan cost (14.9 ) (10.1 ) Total debt 2,117.6 1,169.0 Less: current maturities 51.1 1.2 Total long-term debt $ 2,066.5 $ 1,167.8 1 Senior Notes are unsecured and unsubordinated obligations. For each of the Senior Notes: (i) interest is paid semi-annually in arrears; (ii) principal is due at maturity with no sinking fund; and (iii) we may, at our option, at any time, redeem all or a portion of any of the debt at a make-whole redemption price equal to the greater of: (a) 100% of the principal amount of the notes being redeemed; and (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a specified discount rate determined by the terms of each respective note. The Senior Notes may also be redeemed by us within 90 days of maturity at 100% of the principal amount plus accrued and unpaid interest, and we are required to offer to purchase such notes at 101% of the principal amount, plus accrued and unpaid interest, if we experience a Change of Control Repurchase Event, as defined in the Senior Notes. Also, each respective Senior Note contains restrictive covenants, including a limitation on secured debt of 15% of our consolidated assets, a limitation on sale and leaseback transactions, and a limitation on certain consolidations, mergers, and sales of assets. 2 In January 2019, we issued a $500.0 five-year Tranche A Term Loan with our current bank group. We pay quarterly principal installments of $12.5 through the maturity date of January 2024, at which time we will pay the remaining principal. Additional principal payments, including a complete early payoff, are allowed without penalty. As of December 31, 2019 , we had repaid $37.5 , as scheduled, on the Tranche A Term Loan. The Tranche A Term Loan bears a variable interest rate as defined in the agreement and was 2.9% at December 31, 2019 . Interest is payable based upon a time interval that depends on the selection of interest rate period, and at December 31, 2019 , there was no material accrued interest payable on the Tranche A Loan. 3 The weighted average interest rate for the net commercial paper activity during the years ended December 31, 2019 and 2018 was 2.6% and 2.4% , respectively. Maturities are as follows: Year ended December 31 2020 $ 51.1 2021 51.0 2022 350.2 2023 51.0 2024 621.9 Thereafter 992.4 $ 2,117.6 In January 2019, we increased the size of the revolving facility from $800.0 to $1,200.0 (and increased permitted borrowings, subject to covenant restrictions, under our commercial paper program in a corresponding amount), added a five-year $500.0 term loan facility, and extended the term from 2022 to 2024. Amounts outstanding at December 31 related to our commercial paper program were: 2019 2018 Total program authorized $ 1,200.0 $ 800.0 Commercial paper outstanding (classified as long-term debt) (61.5 ) (70.0 ) Letters of credit issued under the credit facility — — Total program usage (61.5 ) (70.0 ) Total program available $ 1,138.5 $ 730.0 At December 31, 2019, subject to restrictive covenants we could raise cash by issuing commercial paper through a program that is backed by a $1,200.0 revolving credit facility with a syndicate of 13 lenders. The credit facility allows us to issue total letters of credit up to $125.0 . When we issue letters of credit in this manner, our capacity under the revolving facility, and consequently, our ability to issue commercial paper, is reduced by a corresponding amount. We had no outstanding letters of credit under the facility at year end for the periods presented. At December 31, 2019, the revolving credit facility and certain other long-term debt obligations contain restrictive covenants, of which we are comfortably in compliance. The covenants currently limit: a) as of the last day of each fiscal quarter, the leverage ratio of consolidated funded indebtedness to consolidated EBITDA (each as defined in the revolving credit facility) for the trailing four fiscal quarters must not exceed 4.25 to 1.00, with a single step-down to 3.50 to 1.00 at March 31, 2020, b) the amount of total secured debt to 15% of our total consolidated assets, and c) our ability to sell, lease, transfer, or dispose of all or substantially all of total consolidated assets. Generally, we may elect one of four types of borrowing under the revolving credit facility, which determines the rate of interest to be paid on the outstanding principal balance. The interest rate would typically be commensurate with the currency borrowed and the term of the borrowing, as well as either (i) a competitive variable or fixed rate, or (ii) various published rates plus a pre-defined spread. We are required to periodically pay accrued interest on any outstanding principal balance under the revolving credit facility at different time intervals based upon the elected interest rate and the elected interest period. Any outstanding principal under this facility will be due upon the maturity date. We may also terminate or reduce the lending commitments under this facility, in whole or in part, upon three business days’ notice. |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Obligations | Lease Obligations Initial adoption of new ASU Effective January 1, 2019, we adopted ASU 2016-02 “Leases” (Topic 842), which requires the recognition of lease assets and liabilities for items classified as operating leases under previous guidance. The original guidance required application on a modified retrospective basis with the earliest year presented. In August 2018, the FASB issued ASU 2018-11 “Targeted Improvements to ASC 842” that included an option to not restate comparative periods in transition and elect to use the effective date of Topic 842 as the date of initial application of transition, which we elected. Adoption of the new standard resulted in the recording of additional net operating lease assets and lease liabilities of $135.9 and $135.8 , respectively, as of January 1, 2019. The difference between the additional lease assets and lease liabilities, net of the deferred tax impact, was recorded as an adjustment to retained earnings. The accounting for finance leases (capital leases under previous guidance) was substantially unchanged. The standard did not materially impact our statements of operations and cash flows. The cumulative effect of applying Topic 842 to our Consolidated Condensed Balance Sheet was as follows: Balance at December 31, 2018 as Previously Reported Topic 842 Adjustments Balance at January 1, 2019 Current assets 1 $ 1,524.6 $ (1.3 ) $ 1,523.3 Net property, plant and equipment 2 728.5 (5.1 ) 723.4 Other assets 3 1,128.9 142.3 1,271.2 Total assets $ 3,382.0 $ 135.9 $ 3,517.9 Accrued expenses 4 $ 262.7 $ (.4 ) $ 262.3 Current portion of operating lease liabilities 3 — 32.0 32.0 All other current liabilities 553.0 — 553.0 Long-term liabilities 3 1,408.7 104.2 1,512.9 Retained earnings 2,613.8 .1 2,613.9 Other equity (1,456.2 ) — (1,456.2 ) Total liabilities and equity $ 3,382.0 $ 135.9 $ 3,517.9 1 This adjustment is to reclass prepaid rent balances to be presented within Other assets with the operating lease right-of-use assets. 2 This adjustment is to reclass our finance lease right-of-use assets to be presented within Other assets with the operating lease right-of-use assets. 3 This adjustment is to record the assets and liabilities arising from leases. 4 This adjustment is to reclass lease liabilities to be presented within Current portion of operating lease liabilities. Practical Expedients For the initial adoption, we elected the available package of practical expedients not to reassess (i) whether a contract is or contains a lease, (ii) lease classification, and (iii) initial direct costs. These elections applied to leases that commenced before the effective date. We also elected an additional practical expedient to use hindsight when determining the lease term. Both lease and non-lease components are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. Lease Details Substantially all our operating lease right-of-use assets and operating lease liabilities represent leases for certain operating facilities, warehouses, office space, trucking equipment, and various other assets. Finance lease balances represent substantially all our vehicle leases. We are not involved in any material sale and leaseback transactions, and our sublease arrangements were not material for the periods presented. At the inception of a contract we assess whether a contract is, or contains, a lease. Our assessment is based on whether the contract involves the use of a distinct identified asset, whether we obtain the right to substantially all the economic benefit of the asset, and whether we have the right to direct the use of the asset. Our leases have remaining lease terms that expire at various dates through 2032, some of which include options to extend or terminate the leases at our discretion. Where renewal or termination options are reasonably likely to be exercised, we recognize the option as part of the right-of-use asset and lease liability. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate in determining the present value of the lease payments. We apply a portfolio approach for determining the incremental borrowing rate based on the applicable lease terms and the economic environment in the various regions where our operations are located. At December 31, 2019 , we had $20.6 of additional operating leases that had not yet commenced. These operating leases will commence in 2020 with average lease terms of 9 years . Supplemental balance sheet information related to leases was as follows: December 31, 2019 Operating leases: Operating lease right-of-use assets $ 158.8 Current portion of operating lease liabilities 39.3 Operating lease liabilities 121.6 Total operating lease liabilities $ 160.9 Finance leases: Sundry $ 4.3 Current maturities of long-term debt 1.1 Long-term debt 3.1 Total finance lease liabilities $ 4.2 The components of lease expense were as follows: Year Ended December 31, 2019 Operating lease costs: Lease costs $ 45.0 Variable lease costs 12.9 Total operating lease costs $ 57.9 Short-term lease costs $ 5.0 Finance lease costs: Amortization of right-of-use assets $ 2.7 Interest on lease liabilities .2 Total finance lease costs $ 2.9 Total lease costs $ 65.8 Variable lease costs consist primarily of taxes, insurance, and common-area or other maintenance costs for our leased facilities and equipment which are paid based on actual costs incurred by the lessor. Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 40.7 Operating cash flows from finance leases .2 Financing cash flows from finance leases 2.7 Right-of-use assets obtained in exchange for new operating lease liabilities 40.7 Right-of-use assets obtained in exchange for new finance lease liabilities 2.1 In connection with the ECS transaction discussed in Note S , we acquired operating right-of-use assets of approximately $24.0 (including a favorable lease position of $2.4 ). The operating lease liability associated with these right-of-use assets was approximately $21.6 . Finance right-of-use assets acquired in the ECS transaction and the related finance lease liabilities were immaterial. The following table reconciles the undiscounted cash flows for the operating and finance leases at December 31, 2019 to the operating and finance lease liabilities recorded on the Consolidated Balance Sheets: December 31, 2019 Operating Leases Finance Leases 2020 $ 43.9 $ 1.9 2021 39.1 1.4 2022 32.7 .9 2023 23.4 .2 2024 16.1 — Thereafter 19.1 — Total 174.3 4.4 Less: Interest 13.4 .2 Lease Liability $ 160.9 $ 4.2 Weighted average remaining lease term (years) 4.7 2.5 Weighted average discount rate 3.3 % 3.5 % Our future minimum lease commitments as of December 31, 2018, under Topic 840, the predecessor to Topic 842, were as follows: Operating Leases 2019 $ 35.9 2020 30.7 2021 26.2 2022 19.9 2023 13.1 Thereafter 18.0 Total $ 143.8 |
Lease Obligations | Lease Obligations Initial adoption of new ASU Effective January 1, 2019, we adopted ASU 2016-02 “Leases” (Topic 842), which requires the recognition of lease assets and liabilities for items classified as operating leases under previous guidance. The original guidance required application on a modified retrospective basis with the earliest year presented. In August 2018, the FASB issued ASU 2018-11 “Targeted Improvements to ASC 842” that included an option to not restate comparative periods in transition and elect to use the effective date of Topic 842 as the date of initial application of transition, which we elected. Adoption of the new standard resulted in the recording of additional net operating lease assets and lease liabilities of $135.9 and $135.8 , respectively, as of January 1, 2019. The difference between the additional lease assets and lease liabilities, net of the deferred tax impact, was recorded as an adjustment to retained earnings. The accounting for finance leases (capital leases under previous guidance) was substantially unchanged. The standard did not materially impact our statements of operations and cash flows. The cumulative effect of applying Topic 842 to our Consolidated Condensed Balance Sheet was as follows: Balance at December 31, 2018 as Previously Reported Topic 842 Adjustments Balance at January 1, 2019 Current assets 1 $ 1,524.6 $ (1.3 ) $ 1,523.3 Net property, plant and equipment 2 728.5 (5.1 ) 723.4 Other assets 3 1,128.9 142.3 1,271.2 Total assets $ 3,382.0 $ 135.9 $ 3,517.9 Accrued expenses 4 $ 262.7 $ (.4 ) $ 262.3 Current portion of operating lease liabilities 3 — 32.0 32.0 All other current liabilities 553.0 — 553.0 Long-term liabilities 3 1,408.7 104.2 1,512.9 Retained earnings 2,613.8 .1 2,613.9 Other equity (1,456.2 ) — (1,456.2 ) Total liabilities and equity $ 3,382.0 $ 135.9 $ 3,517.9 1 This adjustment is to reclass prepaid rent balances to be presented within Other assets with the operating lease right-of-use assets. 2 This adjustment is to reclass our finance lease right-of-use assets to be presented within Other assets with the operating lease right-of-use assets. 3 This adjustment is to record the assets and liabilities arising from leases. 4 This adjustment is to reclass lease liabilities to be presented within Current portion of operating lease liabilities. Practical Expedients For the initial adoption, we elected the available package of practical expedients not to reassess (i) whether a contract is or contains a lease, (ii) lease classification, and (iii) initial direct costs. These elections applied to leases that commenced before the effective date. We also elected an additional practical expedient to use hindsight when determining the lease term. Both lease and non-lease components are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. Lease Details Substantially all our operating lease right-of-use assets and operating lease liabilities represent leases for certain operating facilities, warehouses, office space, trucking equipment, and various other assets. Finance lease balances represent substantially all our vehicle leases. We are not involved in any material sale and leaseback transactions, and our sublease arrangements were not material for the periods presented. At the inception of a contract we assess whether a contract is, or contains, a lease. Our assessment is based on whether the contract involves the use of a distinct identified asset, whether we obtain the right to substantially all the economic benefit of the asset, and whether we have the right to direct the use of the asset. Our leases have remaining lease terms that expire at various dates through 2032, some of which include options to extend or terminate the leases at our discretion. Where renewal or termination options are reasonably likely to be exercised, we recognize the option as part of the right-of-use asset and lease liability. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate in determining the present value of the lease payments. We apply a portfolio approach for determining the incremental borrowing rate based on the applicable lease terms and the economic environment in the various regions where our operations are located. At December 31, 2019 , we had $20.6 of additional operating leases that had not yet commenced. These operating leases will commence in 2020 with average lease terms of 9 years . Supplemental balance sheet information related to leases was as follows: December 31, 2019 Operating leases: Operating lease right-of-use assets $ 158.8 Current portion of operating lease liabilities 39.3 Operating lease liabilities 121.6 Total operating lease liabilities $ 160.9 Finance leases: Sundry $ 4.3 Current maturities of long-term debt 1.1 Long-term debt 3.1 Total finance lease liabilities $ 4.2 The components of lease expense were as follows: Year Ended December 31, 2019 Operating lease costs: Lease costs $ 45.0 Variable lease costs 12.9 Total operating lease costs $ 57.9 Short-term lease costs $ 5.0 Finance lease costs: Amortization of right-of-use assets $ 2.7 Interest on lease liabilities .2 Total finance lease costs $ 2.9 Total lease costs $ 65.8 Variable lease costs consist primarily of taxes, insurance, and common-area or other maintenance costs for our leased facilities and equipment which are paid based on actual costs incurred by the lessor. Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 40.7 Operating cash flows from finance leases .2 Financing cash flows from finance leases 2.7 Right-of-use assets obtained in exchange for new operating lease liabilities 40.7 Right-of-use assets obtained in exchange for new finance lease liabilities 2.1 In connection with the ECS transaction discussed in Note S , we acquired operating right-of-use assets of approximately $24.0 (including a favorable lease position of $2.4 ). The operating lease liability associated with these right-of-use assets was approximately $21.6 . Finance right-of-use assets acquired in the ECS transaction and the related finance lease liabilities were immaterial. The following table reconciles the undiscounted cash flows for the operating and finance leases at December 31, 2019 to the operating and finance lease liabilities recorded on the Consolidated Balance Sheets: December 31, 2019 Operating Leases Finance Leases 2020 $ 43.9 $ 1.9 2021 39.1 1.4 2022 32.7 .9 2023 23.4 .2 2024 16.1 — Thereafter 19.1 — Total 174.3 4.4 Less: Interest 13.4 .2 Lease Liability $ 160.9 $ 4.2 Weighted average remaining lease term (years) 4.7 2.5 Weighted average discount rate 3.3 % 3.5 % Our future minimum lease commitments as of December 31, 2018, under Topic 840, the predecessor to Topic 842, were as follows: Operating Leases 2019 $ 35.9 2020 30.7 2021 26.2 2022 19.9 2023 13.1 Thereafter 18.0 Total $ 143.8 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation We use various forms of share-based compensation which are summarized below. One stock unit is equivalent to one common share for accounting and earnings-per-share purposes. Shares are issued from treasury for the majority of our stock plans’ activity. All share information is presented in millions. Stock options and stock units are granted pursuant to our Flexible Stock Plan (the "Plan"). Each option counts as one share against the shares available under the Plan, but each share granted for any other awards will count as three shares against the Plan. At December 31, 2019 , the following common shares were authorized for issuance under the Plan: Shares Available for Issuance Maximum Number of Authorized Shares Unexercised options .6 .6 Outstanding stock units—vested 3.5 7.8 Outstanding stock units—unvested 1.1 3.3 Available for grant 5.0 5.0 Authorized for issuance at December 31, 2019 10.2 16.7 The following table recaps the impact of stock-based compensation on the results of operations for each of the periods presented: Year Ended December 31 2019 2018 2017 To Be Settled With Stock To Be Settled In Cash To Be Settled With Stock To Be Settled In Cash To Be Settled With Stock To Be Settled In Cash Stock-based retirement plans contributions 2 $ 3.7 $ .6 $ 5.6 $ 1.0 $ 5.5 $ 1.2 Discounts on various stock awards: Deferred Stock Compensation Program 1 2.1 — 1.9 — 2.1 — Stock-based retirement plans 2 1.3 — 1.3 — 1.4 — Discount Stock Plan 6 1.0 — 1.1 — 1.1 — Performance Stock Unit (PSU) awards: 3 2018 and later PSU - TSR based 3A 2.8 4.1 1.2 .8 — — 2018 and later PSU - EBIT CAGR based 3B 3.8 5.3 2.9 2.5 — — 2017 and prior PSU awards 3C 1.8 1.0 3.6 (1.3 ) 5.4 (1.4 ) Profitable Growth Incentive (PGI) awards 4 — — .9 .9 1.4 1.4 Restricted Stock Units (RSU) awards 5 2.0 — 2.1 — 2.5 — Other, primarily non-employee directors restricted stock 1.4 — .9 — .9 — Total stock-related compensation expense 19.9 $ 11.0 21.5 $ 3.9 20.3 $ 1.2 Employee contributions for above stock plans 13.1 14.0 16.3 Total stock-based compensation $ 33.0 $ 35.5 $ 36.6 Tax benefits on stock-based compensation expense $ 4.7 $ 5.1 $ 7.3 Tax benefits on stock-based compensation payments (As discussed below, we elected to pay selected awards in cash during 2018.) 5.6 3.9 9.9 Total tax benefits associated with stock-based compensation $ 10.3 $ 9.0 $ 17.2 The following table recaps the impact of stock-based compensation on assets and liabilities for each of the periods presented: 2019 2018 Current Long-term Total Current Long-term Total Assets: Diversified investments associated with the Executive Stock Unit Program 2 $ 2.8 $ 38.2 $ 41.0 $ 2.3 $ 30.4 $ 32.7 Liabilities: Executive Stock Unit Program 2 $ 2.8 $ 37.8 $ 40.6 $ 2.3 $ 31.4 $ 33.7 Performance Stock Unit (TSR) award 3A 1.5 5.0 6.5 .6 .7 1.3 Performance Stock Unit (EBIT) award 3B 4.1 3.7 7.8 — 2.5 2.5 Profitable Growth Incentive award 4 — — — 4.3 — 4.3 Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts 6.2 — 6.2 7.4 — 7.4 Total liabilities associated with stock-based compensation $ 14.6 $ 46.5 $ 61.1 $ 14.6 $ 34.6 $ 49.2 1 Stock Option Grants We have granted stock options in conjunction with our Deferred Compensation Program, to senior executives on a discretionary basis, and historically to a broad group of employees. Deferred Compensation Program We offer a Deferred Compensation Program under which key managers and outside directors may elect to receive stock options, stock units or interest-bearing cash deferrals in lieu of cash compensation: • Stock options under this program are granted in the last month of the year prior to the year the compensation is earned. The number of options granted equals the deferred compensation times five , divided by the stock’s market price on the date of grant. The option has a 10 -year term. It vests as the associated compensation is earned and becomes exercisable beginning 15 months after the grant date. Stock is issued when the option is exercised. • Deferred stock units (DSU) under this program are acquired every two weeks (when the compensation would have otherwise been paid) at a 20% discount to the market price of our common stock on each acquisition date, and they vest immediately. Expense is recorded as the compensation is earned. Stock units earn dividends at the same rate as cash dividends paid on our common stock. These dividends are used to acquire stock units at a 20% discount. Stock units are converted to common stock and distributed in accordance with the participant’s pre-set election. However, stock units may be settled in cash but only if there is not a sufficient amount of shares reserved for future issuance under the Flexible Stock Plan. Participants must begin receiving distributions no later than 10 years after the effective date of the deferral and installment distributions cannot exceed 10 years . • Interest-bearing cash deferrals under this program are reported in "Other long-term liabilities" on the Consolidated Balance Sheets and are disclosed in Note J . Options Units Cash Aggregate amount of compensation deferred during 2019 $ .1 $ 6.9 $ .6 Options granted to a broad group of employees on a discretionary basis Options are generally offered only in conjunction with the Deferred Compensation Program discussed above. We occasionally grant options to senior executives in connection with promotions or retention purposes, and prior to 2013, we granted stock options annually on a discretionary basis to a broad group of employees. Those options have a maximum term of 10 years and exercise prices equal to Leggett’s closing stock price on the grant date. Grant date fair values are calculated using the Black-Scholes option pricing model and are amortized by the straight-line method over the options’ total vesting period (typically three years ), except for employees who are retirement eligible. Expense for employees who are retirement eligible is recognized immediately. Stock Option Summary Stock option information for the plans discussed above is as follows: Total Stock Options Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding at December 31, 2018 1.6 $ 25.43 Granted .1 36.25 Exercised (1.1 ) 22.40 Outstanding at December 31, 2019 .6 $ 33.03 4.7 $ 10.4 Vested or expected to vest .6 $ 33.03 4.7 $ 10.4 Exercisable (vested) at December 31, 2019 .5 $ 32.34 3.8 $ 8.9 Additional information related to stock option activity for the periods presented is as follows: Year Ended December 31 2019 2018 2017 Total intrinsic value of stock options exercised $ 23.6 $ 8.8 $ 11.7 Cash received from stock options exercised 9.3 4.8 2.6 Total fair value of stock options vested .3 .8 1.2 The following table summarizes fair values calculated (and assumptions utilized) using the Black-Scholes option pricing model. Year Ended December 31 2019 2018 2017 Aggregate grant date fair value $ .5 $ <.1 $ <.1 Weighted-average per share grant date fair value 5.36 6.47 9.21 Risk-free interest rate 2.8 % 2.3 % 2.3 % Expected life in years 7.8 6.0 6.0 Expected volatility (over expected life) 22.3 % 19.4 % 19.8 % Expected dividend yield (over expected life) 4.2 % 3.1 % 3.1 % The risk-free rate is determined based on U.S. Treasury yields in effect at the time of grant for maturities equivalent to the expected life of the option. The expected life of the option (estimated average period of time the option will be outstanding) is estimated based on the historical exercise behavior of employees, with executives displaying somewhat longer holding periods than other employees. Expected volatility is based on historical volatility through the grant date, measured daily for a time period equal to the option’s expected life. The expected dividend yield is estimated based on the dividend yield at the time of grant. 2 Stock-Based Retirement Plans Previous to 2019 we had two stock-based retirement plans: the tax-qualified Stock Bonus Plan (SBP) for non-highly compensated employees, and the non-qualified Executive Stock Unit Program (ESUP) for highly compensated employees. We made matching contributions to both plans. In addition to the automatic 50% match, we would make another matching contribution of up to 50% of the employee’s contributions for the year if certain profitability levels, as defined in the SBP and the ESUP, were obtained. For 2019, the provisions of the ESUP are unchanged. We merged the SBP with the Leggett & Platt, Incorporated 401(k) Plan and Trust Agreement (401(k) Plan) on December 31, 2018 (see Note N ). After the merger, our common stock was added to the 401(k) Plan as an investment option and participants may elect up to 20% of their contributions into our common stock beginning on January 1, 2019. Previously participants could contribute up to 100% of their contributions into our common stock. Participants in the ESUP may contribute up to 10% (depending upon certain qualifications) of their compensation above the threshold. Participant contributions are credited to a diversified investment account established for the participant, and we make premium contributions to the diversified investment accounts equal to 17.65% of the participant’s contribution. A participant’s diversified investment account balance is adjusted to mirror the investment experience, whether positive or negative, of the diversified investments selected by the participant. Participants may change investment elections in the diversified investment accounts, but cannot purchase Company common stock or stock units. The diversified investment accounts consist of various mutual funds and retirement target funds and are unfunded, unsecured obligations of the Company that will be settled in cash. Both the assets and liabilities associated with this program are presented in the table above and are adjusted to fair value at each reporting period. Company matching contributions to the ESUP, including dividend equivalents, are used to acquire stock units at 85% of the common stock market price on the acquisition date. Stock units are converted to common stock at a 1-to-1 ratio upon distribution from the program and may be settled in cash but only if there is not a sufficient amount of shares reserved for future issuance under the Flexible Stock Plan. Company matches in the ESUP fully vest upon five years of cumulative service, subject to certain participation requirements. Distributions are triggered by an employee’s retirement, death, disability or separation from Leggett. For the year ended December 31, employee contributions were $3.7 and employer premium contributions to diversified investment accounts were $.6 . See the stock-based compensation table above for information regarding employer contributions. Details regarding stock unit activity for the ESUP plan are reflected in the stock units summary table below. 3 PSU Awards During 2018, we merged our PSU and PGI award programs. The 2018 and later PSU awards have a component based on relative Total Shareholder Return (TSR = (Change in Stock Price + Dividends) / Beginning Stock Price) and another component based on EBIT Compound Annual Growth Rate (CAGR). These components are discussed below. For outstanding 2018 and later awards, we intend to pay 50% in shares of our common stock and 50% in cash; although, we reserve the right, subject to Compensation Committee approval, to pay up to 100% in cash. For outstanding 2017 awards, we intend to pay 65% in shares of our common stock and 35% in cash; although, we reserve the right to pay up to 100% in cash. Cash settlements are recorded as a liability and adjusted to fair value at each reporting period. We elected to pay 100% of the 2015 award (paid in the first quarter 2018) in cash. The PSU award program will change in 2020 as discussed below. 3A 2018 and later PSU - TSR based Most of the 2018 and later PSU awards are based 50% upon our TSR compared to a peer group. A small number of PSU awards are based 100% upon relative TSR for certain business unit employees to complement their particular mix of incentive compensation. Grant date fair values are calculated using a Monte Carlo simulation of stock and volatility data for Leggett and each of the peer companies. Grant date fair values are amortized using the straight-line method over the three -year vesting period. The relative TSR vesting condition of the 2018 and later PSU award contains the following conditions: • A service requirement—Awards generally “cliff” vest three years following the grant date; and • A market condition—Awards are based on our TSR as compared to the TSR of a group of peer companies. The peer group consists of all the companies in the Industrial, Materials and Consumer Discretionary sectors of the S&P 500 and S&P Midcap 400 (approximately 300 companies). Participants will earn from 0% to 200% of the base award depending upon how our TSR ranks within the peer group at the end of the three -year performance period. 3B 2018 and later PSU - EBIT CAGR based Most of the 2018 and later PSU awards are based 50% upon our or the applicable segment's EBIT CAGR. Grant date fair values are calculated using the grant date stock price discounted for dividends over the vesting period. Expense is adjusted every quarter over the three -year vesting period based on the number of shares expected to vest. The EBIT CAGR portion of this award contains the following conditions: • A service requirement—Awards generally “cliff” vest three years following the grant date; and • A performance condition—Awards are based on achieving specified EBIT CAGR performance targets for our or the applicable segment's EBIT during the third year of the performance period compared to the EBIT during the fiscal year immediately preceding the performance period. Participants will earn from 0% to 200% of the base award. In connection with the decision to move a significant portion of the long-term incentive opportunity from a two -year to a three -year performance period by eliminating PGI awards, in February 2018, we also granted participants a one-time transition PSU award, based upon EBIT CAGR over a two -year performance period. This award will be paid in the first quarter 2020. Average payout percentage of base award will be 114% , and the number of shares paid will be .1 . The cash portion pay out will be $4.1 . 3C 2017 and Prior PSU Awards The 2017 and prior PSU awards are based solely on relative TSR. Vesting conditions are the same as ( 3A ) above other than a maximum payout of 175% of the base award. Below is a summary of shares and grant date fair value related to PSU awards for the periods presented: Year Ended December 31 2019 2018 2017 TSR based Total shares base award .1 .1 .1 Grant date per share fair value $ 57.86 $ 42.60 $ 50.75 Risk-free interest rate 2.4 % 2.4 % 1.5 % Expected life in years 3.0 3.0 3.0 Expected volatility (over expected life) 21.5 % 19.9 % 19.5 % Expected dividend yield (over expected life) 3.4 % 3.3 % 2.8 % EBIT CAGR based Total shares base award .1 .1 Grant date per share fair value $ 39.98 $ 40.92 Vesting period in years 3.0 3.0 Three-Year Performance Cycle Award Year Completion Date TSR Performance Relative to the Peer Group (1%=Best) Payout as a Percent of the Base Award Number of Shares Distributed Cash Portion Distribution Date 2015 December 31, 2017 57 61.0% — $ 6.9 First quarter 2018 2016 December 31, 2018 78 —% — $ — First quarter 2019 2017 December 31, 2019 63 49.0% .1 million $ 1.6 First quarter 2020 4 PGI Awards In 2017 and prior years certain key management employees participated in a PGI program, which was replaced in 2018 with the PSU-EBIT CAGR award discussed above. The PGI awards vested ( 0% to 250% ) at the end of a two -year performance period based on our, or the applicable profit center's, revenue growth (adjusted by a GDP factor when applicable) and EBITDA margin at the end of a two -year performance period. We paid the 2017 award half in shares of our common stock and half in cash. We elected to pay the 2016 award (paid in the first quarter of 2018) in cash. Both components were adjusted to fair value at each reporting period. As of the first quarter 2019, all PGI awards have been paid out. Two-Year Performance Cycle Award Year Completion Date Average Payout as a Percent of the Base Award Estimated Number of Shares Cash Portion Expected Distribution Date 2015 December 31, 2016 36.0% < .1 million $ .8 First quarter 2017 2016 December 31, 2017 44.0% — $ 2.0 First quarter 2018 2017 December 31, 2018 155.0% < .1 million $ 2.2 First quarter 2019 5 Restricted Stock Unit Awards RSU awards are generally granted as follows: • Annual awards to selected managers; • On a discretionary basis to selected employees; and • As compensation for outside directors The value of these awards is determined by the stock price on the day of the award, and expense is recognized over the vesting period. The RSU award program will change in 2020 as discussed below. Stock Units Summary As of December 31, 2019, the unrecognized cost of non-vested stock units that is not adjusted to fair value was $11.3 with a weighted-average remaining contractual life of one year . Stock unit information for the plans discussed above is presented in the table below: DSU ESUP PSU* RSU Total Units Weighted Average Grant Date Fair Value per Unit Aggregate Intrinsic Value Unvested at December 31, 2018 — — .7 .1 .8 $ 38.43 Granted based on current service .2 .2 — .1 .5 41.48 Granted based on future conditions — — .4 — .4 24.26 Vested (.2 ) (.2 ) — (.1 ) (.5 ) 43.97 Forfeited — — (.1 ) — (.1 ) — Unvested at December 31, 2019 — — 1.0 .1 1.1 $ 33.30 $ 56.4 Fully vested shares available for issuance at December 31, 2019 3.5 $ 176.2 *PSU awards are presented at maximum payout (2017 award at 175% and 2018 and later awards at 200% ) Year Ended December 31 2019 2018 2017 Total intrinsic value of vested stock units converted to common stock $ 8.0 $ 12.1 $ 22.7 6 Discount Stock Plan Under the Discount Stock Plan (DSP), a tax-qualified §423 stock purchase plan, eligible employees may purchase shares of Leggett common stock at 85% of the closing market price on the last business day of each month. Shares are purchased and issued on the last business day of each month and generally cannot be sold or transferred for one year . Average 2019 purchase price per share (net of discount) $ 35.62 2019 number of shares purchased by employees .2 Shares purchased since inception in 1982 23.3 Maximum shares under the plan 27.0 2020 Changes to the PSU and RSU awards In November 2019, the Compensation Committee approved changes to our PSU and RSU award programs. Changes to the plans for executive officers are as follows: • Two-thirds of the target award value will be granted as PSUs based on relative TSR and EBIT CAGR over a three -year performance period. • One-third of the target award value will be granted as RSUs vesting in one-third increments over three years . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Consolidated Balance Sheets reflect a net liability for the funded status of our domestic and foreign defined benefit pension plans. Our U.S. plans (comprised primarily of three significant plans) represent approximately 84% of our pension benefit obligation in each of the periods presented. Participants in one of the significant domestic plans have stopped earning benefits; this plan is referred to as our Frozen Plan in the following narrative. A summary of our pension obligations and funded status as of December 31 is as follows: 2019 2018 2017 Change in benefit obligation Benefit obligation, beginning of period $ 219.8 $ 241.5 $ 293.0 Service cost 4.0 3.9 4.6 Interest cost 8.5 8.0 10.9 Plan participants’ contributions .5 .5 .7 Actuarial loss (gain) 36.7 (20.3 ) 4.0 Benefits paid (13.8 ) (13.4 ) (15.2 ) Plan amendments 1.9 1.9 — Settlements — — (59.8 ) Foreign currency exchange rate changes 1.5 (2.3 ) 3.3 Benefit obligation, end of period 259.1 219.8 241.5 Change in plan assets Fair value of plan assets, beginning of period 181.8 185.7 214.1 Actual return (loss) on plan assets 30.0 (10.6 ) 28.3 Employer contributions 1.5 21.8 14.9 Plan participants’ contributions .5 .5 .7 Benefits paid (13.8 ) (13.4 ) (15.2 ) Settlements — — (59.8 ) Foreign currency exchange rate changes 1.5 (2.2 ) 2.7 Fair value of plan assets, end of period 201.5 181.8 185.7 Net funded status $ (57.6 ) $ (38.0 ) $ (55.8 ) Funded status recognized in the Consolidated Balance Sheets Other assets—sundry $ 1.4 $ 1.6 $ 2.2 Other current liabilities (.4 ) (.4 ) (.4 ) Other long-term liabilities (58.6 ) (39.2 ) (57.6 ) Net funded status $ (57.6 ) $ (38.0 ) $ (55.8 ) Our accumulated benefit obligation was not materially different from our projected benefit obligation for the periods presented. Included in the above plans is a subsidiary’s unfunded supplemental executive retirement plan. This is a non-qualified plan, and these benefits are secured by insurance policies that are not included in the plan’s assets. Cash surrender values associated with these policies were approximately $2.5 at December 31, 2019, 2018 and 2017. Comprehensive Income Amounts and activity included in accumulated other comprehensive income associated with pensions are reflected below: December 31, 2018 2019 2019 2019 2019 December 31, 2019 Net loss (gain) (before tax) $ 54.7 $ (2.9 ) $ 18.3 $ .3 $ (.2 ) $ 70.2 Deferred income taxes (15.4 ) — — — (3.6 ) (19.0 ) Accumulated other comprehensive income (loss) (net of tax) $ 39.3 $ (2.9 ) $ 18.3 $ .3 $ (3.8 ) $ 51.2 Of the amounts in accumulated other comprehensive income as of December 31, 2019 , the portions expected to be recognized as components of net periodic pension cost in 2020 are as follows: Net loss $ 3.7 Net prior service cost .2 Total expected to be recognized in 2020 $ 3.9 Net Pension (Expense) Income Components of net pension (expense) income for the years ended December 31 were as follows: 2019 2018 2017 Service cost $ (4.0 ) $ (3.9 ) $ (4.6 ) Interest cost (8.5 ) (8.0 ) (10.9 ) Expected return on plan assets 11.3 11.9 13.4 Recognized net actuarial loss (2.9 ) (2.6 ) (4.6 ) Prior service cost (1.7 ) — — Settlements — — (15.3 ) Net pension expense $ (5.8 ) $ (2.6 ) $ (22.0 ) Weighted average assumptions for pension costs: Discount rate used in net pension costs 3.9 % 3.4 % 3.8 % Rate of compensation increase used in pension costs 3.0 % 3.0 % 3.5 % Expected return on plan assets 6.4 % 6.4 % 6.5 % Weighted average assumptions for benefit obligation: Discount rate used in benefit obligation 2.8 % 3.9 % 3.4 % Rate of compensation increase used in benefit obligation 3.4 % 3.0 % 3.0 % Assumptions used for U.S. and international plans were not significantly different. The components of net pension expense other than the service cost component are included in the line item "Other expense (income), net" in the Consolidated Statements of Operations . We use the average of a Pension Liability Index rate and a 10 + year AAA-AA US Corporate Index rate to determine the discount rate used for our significant pension plans (rounded to the nearest 25 basis points). The Pension Liability Index rate is a calculated rate using yearly spot rates matched against expected future benefit payments. The 10 + year AAA-AA US Corporate Index rate is based on the weighted average yield of a portfolio of high grade Corporate Bonds with an average duration approximating the plans’ projected benefit payments. The discount rates used for our other, primarily foreign, plans are based on rates appropriate for the respective country and the plan obligations. The overall, expected long-term rate of return is based on each plan’s historical experience and our expectations of future returns based upon each plan’s investment holdings, as discussed below. Pension Plan Assets The fair value of our major categories of pension plan assets is disclosed below using a three -level valuation hierarchy that separates fair value valuation techniques into the following categories: • Level 1: Quoted prices for identical assets or liabilities in active markets. • Level 2: Other significant inputs observable either directly or indirectly (including quoted prices for similar securities, interest rates, yield curves, credit risk, etc.). • Level 3: Unobservable inputs that are not corroborated by market data. Presented below are our major categories of investments for the periods presented: Year Ended December 31, 2019 Year Ended December 31, 2018 Level 1 Level 2 Level 3 Assets Measured at NAV 1 Total Level 1 Level 2 Level 3 Assets Measured at NAV 1 Total Mutual and pooled funds Fixed income $ 40.7 $ — $ — $ — $ 40.7 $ 41.8 $ — $ — $ — $ 41.8 Equities 121.7 — — — 121.7 96.8 — — — 96.8 Stable value funds — 30.2 — — 30.2 — 29.5 — — 29.5 Money market funds, cash and other — — — 8.9 8.9 — — — 13.7 13.7 Total investments at fair value $ 162.4 $ 30.2 $ — $ 8.9 $ 201.5 $ 138.6 $ 29.5 $ — $ 13.7 $ 181.8 1 Certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Plan assets are invested in diversified portfolios of equity, debt and government securities, as well as a stable value fund. The aggregate allocation of these investments is as follows: 2019 2018 Asset Category Equity securities 60 % 53 % Debt securities 20 23 Stable value funds 15 16 Other, including cash 5 8 Total 100 % 100 % Our investment policy and strategies are established with a long-term view in mind. We strive for a sufficiently diversified asset mix to minimize the risk of a material loss to the portfolio value due to the devaluation of any single investment. In determining the appropriate asset mix, our financial strength and ability to fund potential shortfalls that might result from poor investment performance are considered. The assets in our Frozen Plan employ a liability-driven investment strategy and have a target allocation of 60% fixed income and 40% equities. The remaining two significant plans have a target allocation of 75% equities and 25% fixed income, as historical equity returns have tended to exceed bond returns over the long term. Assets of our domestic plans represent the majority of plan assets and are allocated to seven different investments. Six are mutual funds, all of which are passively managed low-cost index funds, and include: • U.S. Total Stock Market Index: Large-, mid-, and small-cap equity diversified across growth and value styles. • U.S. Large-Cap Index: Large-cap equity diversified across growth and value styles. • U.S. Small-Cap Index: Small-cap equity diversified across growth and value styles. • World ex US Index: International equity; broad exposure across developed and emerging non-U.S. equity markets around the world. • Long-term Bond Index: Diversified exposure to the long-term, investment-grade U.S. bond market. • Extended Duration Treasury Index: Diversified exposure to U.S. treasuries with maturities of 20 - 30 years. The Stable value fund consists of a fixed income portfolio offering consistent return and protection against interest rate volatility. Settlements In December 2017, to reduce the size of our pension benefit obligation, reduce volatility of contribution requirements in future years, and also reduce pension-related operational expenses over the long term, we completed an annuity purchase transaction for pensioners that were currently receiving a small monthly benefit. As part of this annuity purchase, we settled $59.8 of pension obligations for U.S. retirees. This was paid from plan assets and did not require an employer cash contribution. As a result of these settlements, we recorded settlement losses of $15.3 ( $9.5 net of tax) reflecting the accelerated recognition of unamortized losses in the plan proportionate to the obligation that was settled. These settlement charges were recorded in “Other expense (income), net” with a corresponding balance sheet reduction in "Accumulated other comprehensive (loss)" for the year ended December 31, 2017. Future Contributions and Benefit Payments We expect to contribute approximately $2.0 to our defined benefit pension plans in 2020. Estimated benefit payments expected over the next 10 years are as follows: 2020 $ 12.4 2021 13.4 2022 13.8 2023 14.2 2024 14.5 2025-2029 71.2 Defined Contribution Plans Total expense for defined contribution plans was as follows: 2019 2018 2017 401(k) Plan $ 6.9 $ 2.2 $ 2.3 Other defined contribution plans 5.3 4.1 4.0 $ 12.2 $ 6.3 $ 6.3 Expense for our 401(k) Plan increased in 2019 primarily due to the December 31, 2018 merger of the SBP and 401(k) Plan as discussed in Note M and the implementation of automatic enrollment features (effective January 1, 2019). Multi-employer Pension Plans We have limited participation in two union-sponsored, defined benefit, multi-employer pension plans. These plans are not administered by us, and contributions are determined in accordance with provisions of negotiated labor contracts. Aggregate contributions to these plans were immaterial for each of the years presented. In addition to regular contributions, we could be obligated to pay additional contributions (known as complete or partial withdrawal liabilities) if a plan has unfunded vested benefits. Factors that could impact the funded status of these plans include investment performance, changes in the participant demographics, financial stability of contributing employers and changes in actuarial assumptions. Withdrawal liability triggers could include a plan's termination, a withdrawal of substantially all employers, or our voluntary withdrawal from the plan (such as decision to close a facility or the dissolution of a collective bargaining unit). We have a very small share of the liability among the participants of these plans. Based upon the information available from plan administrators, both of the multi-employer plans in which we participate are underfunded, and we estimate our aggregate share of potential withdrawal liability for both plans to be $19.3 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of earnings from continuing operations before income taxes are as follows: Year Ended December 31 2019 2018 2017 Domestic $ 195.5 $ 149.1 $ 188.6 Foreign 234.6 235.3 243.4 $ 430.1 $ 384.4 $ 432.0 Income tax expense from continuing operations is comprised of the following components: Year Ended December 31 2019 2018 2017 Current Federal $ 34.6 $ 21.2 $ 76.0 State and local 5.3 4.9 3.8 Foreign 48.7 55.6 43.2 88.6 81.7 123.0 Deferred Federal 7.5 8.8 5.8 State and local .6 (12.0 ) (2.6 ) Foreign (.5 ) (.2 ) 12.2 7.6 (3.4 ) 15.4 $ 96.2 $ 78.3 $ 138.4 The U.S. statutory federal income tax rate was significantly impacted by the enactment of the Tax Cuts and Jobs Act (TCJA) in the fourth quarter of 2017, which reduced our U.S. federal corporate income tax rate from 35% in 2017, to 21% in 2018 and 2019. Income tax expense from continuing operations, as a percentage of earnings before income taxes, differs from these statutory federal income tax rates as follows: Year Ended December 31 2019 2018 2017 Statutory federal income tax rate 21.0 % 21.0 % 35.0 % Increases (decreases) in rate resulting from: State taxes, net of federal benefit 1.4 .9 1.0 Tax effect of foreign operations (1.6 ) (.7 ) (8.8 ) Global intangible low-taxed income 2.2 .7 — Current and deferred foreign withholding taxes 1.2 3.8 3.5 Deemed repatriation of foreign earnings — (.3 ) 15.6 Deferred tax revaluation (.1 ) (.1 ) (6.0 ) Stock-based compensation (1.1 ) (.8 ) (2.0 ) Tax benefit for outside basis in subsidiary — — (1.8 ) Change in valuation allowance .4 (2.0 ) (.4 ) Change in uncertain tax positions, net (.3 ) (.3 ) (.6 ) Domestic production activities deduction — — (1.2 ) Other permanent differences, net (.3 ) (1.4 ) (1.6 ) Other, net (.4 ) (.4 ) (.7 ) Effective tax rate 22.4 % 20.4 % 32.0 % In 2017, we recognized a provisional net tax expense totaling $50.4 from the impact of TCJA related to the one-time deemed repatriation tax ( $67.3 ), additional foreign withholding taxes recorded for expected foreign cash repatriations ( $9.0 ) and other items ( $.2 ), offset by the revaluation of our U.S. deferred taxes ( $26.1 ). We refined and finalized our accounting for these provisional amounts under SAB 118 in 2018 and recorded measurement period adjustment benefits related to the deemed repatriation tax and our deferred tax revaluation of $1.3 and $.5 , respectively. In addition, in 2018, the United States Internal Revenue Service (IRS) applied our prepaid income taxes and taxes receivable of $28.4 against the December 31, 2017 deemed repatriation tax liability. In 2019, the application of prepaid income taxes and taxes receivable was reduced to $27.8 , increasing the deemed repatriation tax outstanding as of December 31, 2019 to $ 32.8 which will be paid on a graduated scale beginning in 2022 over a four -year period. For all periods presented, the tax rate benefited from income earned in various foreign jurisdictions at rates lower than the U.S. federal statutory rate, primarily related to China, Croatia, and Luxembourg. In 2019, we recognized tax detriments of $12.9 , primarily related to the U.S. taxation of Global Intangible Low-Taxed Income of $9.3 and other net tax detriments of $3.6 . In 2018, our rate benefited by $2.3 , primarily related to the net reduction of valuation allowances of $7.8 and other net benefits totaling $9.1 , including measurement period adjustments. These benefits were offset by tax detriments recorded in 2018 totaling $14.6 related to current and deferred foreign withholding taxes. In 2017, we recognized net tax benefits totaling $25.2 , including those associated with tax attributes from a divested business and the impact of stock-based compensation. We file tax returns in each jurisdiction where we are required to do so. In these jurisdictions, a statute of limitations period exists. After a statute period expires, the tax authorities can no longer assess additional income tax for the expired period. In addition, once the statute expires we are no longer eligible to file claims for refund for any tax that we may have overpaid. Unrecognized Tax Benefits The total amount of our gross unrecognized tax benefits at December 31, 2019 was $8.6 , of which $6.7 would impact our effective tax rate, if recognized. A reconciliation of the beginning and ending balance of our gross unrecognized tax benefits for the periods presented is as follows: 2019 2018 2017 Gross unrecognized tax benefits, January 1 $ 8.2 $ 10.1 $ 12.1 Gross increases—tax positions in prior periods — — .1 Gross decreases—tax positions in prior periods (.4 ) (.5 ) (.4 ) Gross increases—current period tax positions .7 1.3 1.5 Change due to exchange rate fluctuations — (.2 ) .3 Settlements — — (.9 ) Lapse of statute of limitations (2.1 ) (2.5 ) (2.6 ) Gross unrecognized tax benefits, December 31 6.4 8.2 10.1 Interest 1.9 2.4 3.0 Penalties .3 .4 .5 Total gross unrecognized tax benefits, December 31 $ 8.6 $ 11.0 $ 13.6 We recognize interest and penalties related to unrecognized tax benefits as part of income tax expense in the Consolidated Statements of Operations, which is consistent with prior reporting periods. We are currently in various stages of audit by certain governmental tax authorities. We have established liabilities for unrecognized tax benefits as appropriate, with such amounts representing a reasonable provision for taxes we ultimately might be required to pay. However, these liabilities could be adjusted over time as more information becomes known relative to these audits. We are no longer subject to significant U.S. federal tax examinations for years prior to 2016, or significant U.S. state or foreign income tax examinations for years prior to 2012. It is reasonably possible that the resolution of certain tax audits could reduce our unrecognized tax benefits within the next 12 months, as certain tax positions may either be sustained on audit or we may agree to certain adjustments, or resulting from the expiration of statutes of limitations in various jurisdictions. It is not expected that any change would have a material impact on our Consolidated Financial Statements. Deferred Income Taxes Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. The major temporary differences and their associated deferred tax assets or liabilities are as follows: December 31 2019 2018 Assets Liabilities Assets Liabilities Property, plant and equipment $ 19.1 $ (84.8 ) $ 19.7 $ (67.8 ) Inventories 2.3 (13.2 ) 2.1 (10.3 ) Accrued expenses 59.9 (4.2 ) 60.3 (.1 ) Net operating losses and other tax carryforwards 31.9 — 27.2 — Pension cost and other post-retirement benefits 18.2 (.7 ) 13.4 (.6 ) Intangible assets .3 (199.5 ) .4 (84.6 ) Derivative financial instruments 3.0 (1.7 ) 5.0 (1.3 ) Tax on undistributed earnings (primarily from Canada and China) — (16.8 ) — (18.8 ) Uncertain tax positions 1.4 — 2.4 — Other 5.2 (6.3 ) 6.9 (6.1 ) Gross deferred tax assets (liabilities) 141.3 (327.2 ) 137.4 (189.6 ) Valuation allowance (16.8 ) — (13.2 ) — Total deferred taxes $ 124.5 $ (327.2 ) $ 124.2 $ (189.6 ) Net deferred tax liability $ (202.7 ) $ (65.4 ) Deferred tax assets (liabilities) included in the consolidated balance sheets are as follows: December 31 2019 2018 Sundry $ 11.5 $ 20.2 Deferred income taxes (214.2 ) (85.6 ) $ (202.7 ) $ (65.4 ) Significant fluctuations in our deferred taxes from 2018 to 2019 relate to the following: • The increase of $17.0 in our deferred tax liability associated with property, plant, and equipment relates primarily to accelerated bonus depreciation resulting from TCJA; and • The increase of $114.9 in our deferred tax liability associated with intangible assets relates primarily to the acquisition of ECS in 2019. The valuation allowance recorded primarily relates to net operating loss, tax credit, and capital loss carryforwards for which utilization is uncertain. Cumulative tax losses in certain state and foreign jurisdictions during recent years, limited carryforward periods in certain jurisdictions, future reversals of existing taxable temporary differences, and reasonable tax planning strategies were among the factors considered in determining the valuation allowance. Individually, none of these tax carryforwards presents a material exposure. Most of our tax carryforwards have expiration dates that vary generally over the next 20 years, with no amount greater than $10.0 expiring in any one year. Deferred withholding taxes (tax on undistributed earnings) have been provided on the earnings of our foreign subsidiaries to the extent it is anticipated that the earnings will be remitted in the future as dividends. We are not asserting permanent reinvestment on $754.5 of our earnings, and have accrued incremental tax on these undistributed earnings as presented in the table above. Foreign withholding taxes have not been provided on certain foreign earnings which are indefinitely reinvested outside the U.S. The cumulative undistributed earnings which are indefinitely reinvested as of December 31, 2019 , are $326.5 . If such earnings were repatriated to the U.S. through dividends, the resulting incremental tax expense would approximate $16.0 |
Other Expense (Income)
Other Expense (Income) | 12 Months Ended |
Dec. 31, 2019 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Expense (Income) | Other Expense (Income) The components of other expense (income) from continuing operations were as follows: Year Ended December 31 2019 2018 2017 Restructuring charges (See Note F ) $ 8.1 $ 7.8 $ .8 Currency loss 3.0 .8 1.5 (Gain) loss from diversified investments associated with Executive Stock Unit Program (7.2 ) 1.9 (4.5 ) Non-service pension expense (income) (See Note N ) 1.8 (1.3 ) 17.4 Other income (4.3 ) (6.5 ) (2.6 ) $ 1.4 $ 2.7 $ 12.6 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table sets forth the changes in each component of accumulated other comprehensive income (loss): Foreign Currency Translation Adjustments Cash Flow Hedges Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2017 $ (38.6 ) $ (17.8 ) $ (57.2 ) $ (113.6 ) Other comprehensive income 78.7 1.6 10.2 90.5 Reclassifications, pretax 1 — 7.2 19.9 27.1 Income tax effect — (2.5 ) (11.4 ) (13.9 ) Attributable to noncontrolling interest .4 — — .4 Balance at December 31, 2017 40.5 (11.5 ) (38.5 ) (9.5 ) Other comprehensive (loss) (67.0 ) (3.1 ) (3.7 ) (73.8 ) Reclassifications, pretax 2 — 2.8 2.6 5.4 Income tax effect — — .3 .3 Balance at December 31, 2018 (26.5 ) (11.8 ) (39.3 ) (77.6 ) Other comprehensive income (loss) 5.0 2.5 (18.6 ) (11.1 ) Reclassifications, pretax 3 — 7.4 2.9 10.3 Income tax effect — (2.2 ) 3.8 1.6 Balance at December 31, 2019 $ (21.5 ) $ (4.1 ) $ (51.2 ) $ (76.8 ) 1 2017 pretax reclassifications are comprised of: Net sales $ — $ 2.3 $ — $ 2.3 Cost of goods sold; selling and administrative expenses — .7 — .7 Interest expense — 4.2 — 4.2 Other expense (income), net — — 19.9 19.9 Total 2017 reclassifications, pretax $ — $ 7.2 $ 19.9 $ 27.1 2 2018 pretax reclassifications are comprised of: Net sales $ — $ (2.6 ) $ — $ (2.6 ) Cost of goods sold; selling and administrative expenses — 1.1 — 1.1 Interest expense — 4.3 — 4.3 Other expense (income), net — — 2.6 2.6 Total 2018 reclassifications, pretax $ — $ 2.8 $ 2.6 $ 5.4 3 2019 pretax reclassifications are comprised of: Net sales $ — $ 3.6 $ — $ 3.6 Cost of goods sold; selling and administrative expenses — (.6 ) — (.6 ) Interest expense — 4.4 — 4.4 Other expense (income), net — — 2.9 2.9 Total 2019 reclassifications, pretax $ — $ 7.4 $ 2.9 $ 10.3 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value We utilize fair value measures for both financial and non-financial assets and liabilities. Items measured at fair value on a recurring basis Fair value measurements are established using a three level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into the following categories: • Level 1: Quoted prices for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Short-term investments in this category are valued using discounted cash flow techniques with all significant inputs derived from or corroborated by observable market data. Derivative assets and liabilities in this category are valued using models that consider various assumptions and information from market-corroborated sources. The models used are primarily industry-standard models that consider items such as quoted prices, market interest rate curves applicable to the instruments being valued as of the end of each period, discounted cash flows, volatility factors, current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. • Level 3: Unobservable inputs that are not corroborated by market data. The areas in which we utilize fair value measures of financial assets and liabilities are presented in the table below: As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Bank time deposits with original maturities of three months or less $ — $ 153.7 $ — $ 153.7 Derivative assets 1 (see Note T ) — 4.0 — 4.0 Diversified investments associated with the ESUP 1 (see Note M ) 41.0 — — 41.0 Total assets $ 41.0 $ 157.7 $ — $ 198.7 Liabilities: Derivative liabilities 1 (see Note T ) $ — $ .9 $ — $ .9 Liabilities associated with the ESUP 1 (see Note M ) 40.6 — — 40.6 Total liabilities $ 40.6 $ .9 $ — $ 41.5 As of December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Bank time deposits with original maturities of three months or less $ — $ 159.1 $ — $ 159.1 Derivative assets 1 (see Note T ) — 1.2 — 1.2 Diversified investments associated with the ESUP 1 (see Note M ) 32.7 — — 32.7 Total assets $ 32.7 $ 160.3 $ — $ 193.0 Liabilities: Derivative liabilities 1 (see Note T ) $ — $ 4.7 $ — $ 4.7 Liabilities associated with the ESUP 1 (see Note M ) 33.7 — — 33.7 Total liabilities $ 33.7 $ 4.7 $ — $ 38.4 1 Includes both current and long-term amounts combined. The fair value for fixed rate debt (Level 2) was approximately $98.6 greater than carrying value of $1,585.6 at December 31, 2019 and was approximately $35.0 less than carrying value of $1,090.5 at December 31, 2018 . Items measured at fair value on a non-recurring basis The primary areas in which we utilize fair value measures of non-financial assets and liabilities are allocating purchase price to the assets and liabilities of acquired companies as discussed in Note S and evaluating long-term assets (including goodwill) for potential impairment as discussed in Note D . Determining fair values for these items requires significant judgment and includes a variety of methods and models that utilize significant Level 3 inputs as discussed in Note A . |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The following table contains the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions during the periods presented (using inputs discussed in Note A ), and any additional consideration paid for prior years’ acquisitions. Of the goodwill included in the table below, $139.0 is expected to be deductible for tax purposes. 2019 2018 2017 Accounts receivable $ 75.2 $ 19.6 $ 10.5 Inventory 63.2 26.2 6.2 Property, plant and equipment 82.3 28.2 15.7 Goodwill (see Note E ) 566.3 28.1 11.5 Other intangible assets (see Note E ) Customer relationships (7 to 20-year life) 378.9 19.4 11.3 Technology (5 to 15-year life) 173.3 4.9 — Trademarks and trade names (15-year) 67.1 2.7 8.6 Non-compete agreements and other (5 to 15-year life) 28.7 1.9 .4 Other current and long-term assets 29.4 .8 .8 Current liabilities (48.2 ) (11.9 ) (4.6 ) Deferred income taxes (127.4 ) (9.9 ) (6.3 ) Long-term liabilities (23.7 ) (.8 ) — Noncontrolling interest — — (.5 ) Fair value of net identifiable assets 1,265.1 109.2 53.6 Less: Additional consideration payable — — 2.7 Less: Common stock issued for acquired companies — — 11.8 Net cash consideration $ 1,265.1 $ 109.2 $ 39.1 The following table summarizes acquisitions for the periods presented. Year Ended Number of Acquisitions Segment Product/Service December 31, 2019 2 Residential Products A leader in proprietary specialized foam technology, primarily for the bedding and furniture industries; Manufacturer and distributor of geosynthetic and mine ventilation products December 31, 2018 3 Residential Products; Specialized Products Manufacturer and distributor of home and garden products; Manufacturer and distributor of silt fence; Engineered hydraulic cylinders December 31, 2017 3 Residential Products; Furniture Products Distributor and installer of geosynthetic products; Flooring products; Surface-critical bent tube components We are finalizing all of the information required to complete the purchase price allocations related to the most recent acquisitions and do not anticipate any material modifications. Certain of our prior years' acquisition agreements provide for additional consideration to be paid in cash at a later date and are recorded as a liability at the acquisition date. At December 31, 2019 and December 31, 2018 our liability for these future payments was $9.2 ( $9.2 current) and $10.8 ( $.8 current and $10.0 long-term), respectively. Components of the liability are based on estimates and contingent upon future events, therefore, the amounts may fluctuate materially until the payment dates. Additional consideration, including interest, paid on prior year acquisitions was $1.1 , $9.3 and $2.2 for the years ended 2019 , 2018 and 2017 , respectively. A brief description of our acquisition activity by year is included below. 2019 We acquired two businesses: • ECS, a leader in proprietary specialized foam technology, primarily for the bedding and furniture industries. Through this acquisition, we gained critical capabilities in proprietary foam technology, along with scale in the production of private-label finished mattresses. The acquisition date was January 16. The purchase price was $1,244.3 and added $559.3 of goodwill. The most significant other intangibles added were customer relationships and technology which were valued at $372.3 and $173.3 , respectively. There was no contingent consideration associated with this acquisition. • A manufacturer and distributor of geosynthetic and mine ventilation products, expanding the geographic scope and capabilities of our Geo Components business unit. The acquisition date was December 9. The purchase price was $20.8 and added $7.0 of goodwill. 2018 We acquired three businesses: • A manufacturer and distributor of innovative home and garden products found at most major retailers for $19.1 . This acquisition provides a solid foundation on which to continue growing our retail market presence in our Geo Components business unit. • A manufacturer and distributor of silt fence, a core product for our Geo Components business unit, for $2.6 . • Precision Hydraulic Cylinders (PHC), a leading global manufacturer of engineered hydraulic cylinders primarily for the materials handling market. The purchase price was $87.4 and added $26.9 of goodwill. PHC serves a market of mainly large OEM customers utilizing highly engineered components with long product life-cycles that represent a small part of the end product’s cost. PHC represents a new growth platform and formed a new business group titled Hydraulic Cylinders within the Specialized Products segment. 2017 We acquired three businesses: • A distributor and installer of geosynthetic products, expanding the geographic scope and capabilities of our Geo Components business. • A carpet underlay manufacturer, providing additional production capacity in our Flooring Products business. • A manufacturer of surface-critical bent tube components in support of the private-label finished seating strategy in our Work Furniture business. These businesses broaden our geographic scope, capabilities, and product offerings, and added $11.3 ( $7.4 to Residential Products and $3.9 to Furniture Products) of goodwill. We also acquired the remaining 20% ownership in an Asian joint venture in our Work Furniture business for $2.6 . Pro forma Results The following table summarizes, on an unaudited pro forma basis, our combined results of operations, including ECS, as though the acquisition had occurred as of January 1, 2018. We have not provided pro forma results of operations related to other acquisitions, as these results were not material. The unaudited proforma financial information below is not necessarily indicative of the results of operations that would have been realized had the ECS acquisition occurred as of January 1, 2018, nor is it meant to be indicative of any future results of operations. It does not include benefits expected from revenue or product mix enhancements, operating synergies or cost savings that may be realized or any estimated future costs that may be incurred to integrate the ECS business. Year Ended December 31 2019 2018 Net sales $ 4,774.1 $ 4,870.8 Net earnings 335.5 283.9 EPS basic 2.49 2.11 EPS diluted 2.49 2.10 The information above reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including: • Amortization and depreciation adjustments relating to fair value estimates of intangible and tangible assets; • Incremental interest expense on debt incurred in connection with the ECS acquisition; • Amortization of the fair value adjustment to inventory as though the transaction occurred on January 1, 2018; • Recognition of transaction costs as though the transaction occurred on January 1, 2018; and • Estimated tax impacts of the pro forma adjustments. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Cash Flow Hedges Derivative financial instruments that we use to hedge forecasted transactions and anticipated cash flows are as follows: Currency Cash Flow Hedges —The foreign currency hedges manage risk associated with exchange rate volatility of various currencies. Interest Rate Cash Flow Hedges —We have also occasionally used interest rate cash flow hedges to manage interest rate risks. The effective changes in fair value of unexpired contracts are recorded in accumulated other comprehensive income and reclassified to income or expense in the period in which earnings are impacted. Cash flows from settled contracts are presented in the category consistent with the nature of the item being hedged. (Settlements associated with the sale or production of product are presented in operating cash flows, and settlements associated with debt issuance are presented in financing cash flows.) Fair Value Hedges and Derivatives not Designated as Hedging Instruments These derivatives typically manage foreign currency risk associated with subsidiaries’ assets and liabilities, and gains or losses are recognized currently in earnings. Cash flows from settled contracts are presented in the category consistent with the nature of the item being hedged. Hedge Effectiveness We have deemed ineffectiveness to be immaterial, and as a result, have not recorded any amounts for ineffectiveness. If a hedge was not highly effective, the portion of the change in fair value considered to be ineffective would be recognized immediately in the Consolidated Statements of Operations. 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 December 31, 2019 Derivatives Designated as Hedging Instruments Assets Liabilities Other Current Assets Sundry Other Current Liabilities Cash flow hedges: Currency hedges: Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries Sep 2021 $ 138.5 $ 1.3 $ .2 $ .7 Future MXN purchases of a USD subsidiary Jun 2021 9.8 .5 .1 — Future DKK sales of Polish subsidiary Jun 2021 21.1 .3 — — Future EUR Sales of Chinese and UK subsidiaries Jun 2021 29.9 .7 — — Total cash flow hedges 2.8 .3 .7 Fair value hedges: Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, GBP, PLN and USD) May 2020 112.0 .8 — .1 Total fair value hedges .8 — .1 Derivatives not designated as hedging instruments Non-deliverable hedges (EUR and USD) exposed to the CNY Dec 2020 10.1 .1 — — Hedge of USD Receivable on CAD Subsidiary Jan 2020 5.0 — — .1 Total derivatives not designated as hedging instruments .1 — .1 Total derivatives $ 3.7 $ .3 $ .9 Expiring at various dates through: Total USD Equivalent Notional Amount As of December 31, 2018 Derivatives Designated as Hedging Instruments Assets Liabilities Other Current Assets Sundry Other Current Liabilities Other Long-Term Liabilities Cash flow hedges: Currency hedges: Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries Jun 2020 $ 164.7 $ .5 $ .1 $ 3.8 $ .2 Future MXN purchases of a USD subsidiary Jun 2019 7.9 .1 — — — Future EUR Sales of Chinese and UK subsidiaries Jun 2020 32.3 .2 .1 .1 — Total cash flow hedges .8 .2 3.9 .2 Fair value hedges: Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, EUR, GBP, PLN and USD) Dec 2019 65.8 .1 — .3 — Total fair value hedges .1 — .3 — Derivatives not designated as hedging instruments Non-deliverable hedges (EUR and USD) exposed to the CNY Dec 2019 23.6 .1 — .3 — Total derivatives not designated as hedging instruments .1 — .3 — Total derivatives $ 1.0 $ .2 $ 4.5 $ .2 The following table sets forth the pretax (gains) losses for our hedging activities for the years presented. This schedule includes reclassifications from accumulated other comprehensive income as well as derivative settlements recorded directly to income or expense. Income Statement Caption Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 Derivatives Designated as Hedging Instruments 2019 2018 2017 Interest rate cash flow hedges Interest expense $ 4.4 $ 4.3 $ 4.2 Currency cash flow hedges Net sales 2.7 (2.0 ) (1.4 ) Currency cash flow hedges Cost of goods sold (1.6 ) .4 .4 Currency cash flow hedges Other expense (income), net .1 — .6 Total cash flow hedges 5.6 2.7 3.8 Fair value hedges Other expense (income), net .8 1.2 (.2 ) Derivatives Not Designated as Hedging Instruments Other expense (income), net .1 (1.6 ) (1.7 ) Total derivative instruments $ 6.5 $ 2.3 $ 1.9 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 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. For specific information regarding accruals, cash payments to settle litigation contingencies, and reasonably possible losses in excess of accruals, please see “Accruals and Reasonably Possible Losses in Excess of Accruals” below. Brazilian Value-Added Tax Matters All dollar amounts presented in this section have been updated since our last filing to reflect the U.S. Dollar (USD) equivalent of Brazilian Real (BRL). We deny all allegations in the below Brazilian actions. We believe that we have valid bases to contest such actions and are vigorously defending ourselves. However, these contingencies are subject to uncertainties, and based on current known facts, we believe that it is reasonably possible (but not probable) that we may incur losses of approximately $13.8 including interest and attorney fees with respect to these assessments. Therefore, because it is not probable we will incur a loss, no accrual has been recorded for Brazilian value-added tax (VAT) matters. As of the date of this filing, we have $10.5 on deposit with the Brazilian government to partially mitigate interest and penalties that may accrue while we work through these matters. If we are successful in our defense of these assessments, the deposits are refundable with interest. These deposits are recorded as a long-term asset on our balance sheet. Brazilian Federal Cases. On December 22 and December 29, 2011, and December 17, 2012, the Brazilian Finance Ministry, Federal Revenue Office (Finance Ministry) issued notices of violation against our wholly-owned subsidiary, Leggett & Platt do Brasil Ltda. (L&P Brazil) in the amount of $2.0 , $.1 and $3.5 , respectively. The Finance Ministry claimed that for November 2006 and continuing through 2011, L&P Brazil used an incorrect tariff code for the collection and payment of VAT primarily on the sale of mattress innerspring units in Brazil (VAT Rate Dispute). L&P Brazil has denied the violations. On December 4, 2015, we filed an action related to the $3.5 assessment ( $4.1 with updated interest), in Sorocaba Federal Court. On October 18, 2018, we filed an action related to the $2.0 assessment ( $3.0 with updated interest) in Sorocaba Federal Court. The $.1 assessment remains pending at the second administrative level. These actions seek to annul the entire assessment and remain pending. In addition, L&P Brazil received assessments on December 22, 2011, and June 26, July 2 and November 5, 2012, and September 13, 2013, from the Finance Ministry where it challenged L&P Brazil’s use of tax credits in years 2005 through 2010. Such credits are generated based upon the VAT rate used by L&P Brazil on the sale of mattress innersprings. On September 4, 2014, the Finance Ministry issued additional assessments regarding this same issue, but covering certain periods of 2011 and 2012. L&P Brazil filed its defenses denying the assessments. L&P Brazil has received aggregate assessments and penalties totaling $1.7 ( $2.5 updated with interest) on these denials of tax credit matters. L&P Brazil has denied the violations. Some of these cases have been administratively closed and combined with other actions, while the remaining cases are pending at the administrative level. On September 11, 2017, L&P Brazil received an "isolated penalty" from the Finance Ministry in the amount of $.2 regarding the use of these credits. L&P Brazil filed its defense disputing the penalty. These cases remain pending. On February 1, 2013, the Finance Ministry filed a Tax Collection action against L&P Brazil in the Camanducaia Judicial District Court, alleging the untimely payment of $.1 of social contributions (social security and social assistance payments) for September to October 2010. L&P Brazil argued the payments were not required to be made because of the application of tax credits generated by L&P Brazil's use of a correct VAT rate on the sale of mattress innersprings. On June 26, 2014, the Finance Ministry issued a new notice of violation against L&P Brazil in the amount of $.6 covering 2011 through 2012 on the same subject matter. L&P Brazil has filed its defenses. These cases remain pending. On July 1, 2014, the Finance Ministry rendered a preliminary decision alleging that L&P Brazil improperly offset $.1 of social contributions due in 2011. L&P Brazil denied the allegations. L&P Brazil is defending on the basis that the social contribution amounts were correctly offset with tax credits generated by L&P Brazil's use of a correct VAT rate on the sale of mattress innersprings. On December 15, 2015, the Finance Ministry issued an assessment against L&P Brazil in the amount of $.1 for August 2010 through May 2011, as a penalty for L&P Brazil's requests to offset tax credits. We filed our defense denying the assessment. On August 8, 2019, the Finance Ministry issued an assessment against L&P Brazil in the amount of $.1 alleging that L&P Brazil improperly offset social contributions due between 2015 and 2016. These cases remain pending. State of São Paulo, Brazil Cases. The State of S ã o Paulo, Brazil (SSP), on October 4, 2012, issued a Tax Assessment against L&P Brazil in the amount of $1.2 for the tax years 2009 through 2011 regarding the same VAT Rate Dispute but as applicable to the sale of mattress innerspring units in the SSP (SSP VAT Rate Dispute). On June 21, 2013, the SSP converted the Tax Assessment to a tax collection action against L&P Brazil in the amount of $1.5 in Sorocaba Judicial District Court. L&P Brazil has denied all allegations. This case remains pending. L&P Brazil also received a Notice of Tax Assessment from the SSP dated March 27, 2014, in the amount of $.7 for tax years January 2011 through August 2012 regarding the SSP VAT Rate Dispute. L&P Brazil filed its response denying the allegations, but the tax assessment was maintained at the administrative level. On June 9, 2016, L&P Brazil filed an action in Sorocaba State Court to annul the entire assessment. The Court ruled against L&P Brazil on the assessment but lowered the interest amount. The Court of Appeals upheld the unfavorable ruling and we filed a Special and Extraordinary appeal to the High Court on October 10, 2017. The High Court denied our appeal on February 18, 2019. L&P Brazil filed an interlocutory appeal on March 20, 2019. On November 5, 2019, SSP announced an amnesty program that provides discounts on penalties and interest on SSP assessments. We decided to move forward with the amnesty program as it relates to the $.7 assessment (updated to $1.2 with interest). We will pay $.6 in the first quarter of 2020 to resolve this matter using a portion of our $1.2 cash deposit. We expect the return of approximately $.6 , consisting of cash deposit and accrued interest in the second half of 2020. State of Minas Gerais, Brazil Cases. On December 18, 2012, the State of Minas Gerais, Brazil issued a tax assessment to L&P Brazil relating to the same VAT Rate Dispute but as applicable to the sale of mattress innerspring units in Minas Gerais from March 2008 through August 2012 in the amount of $.4 . L&P Brazil filed its response denying any violation. The Minas Gerais Taxpayer's Council ruled against us, and on June 5, 2014, L&P Brazil filed a Motion to Stay the Execution of the Judgment in Camanducaia Judicial District Court, which remains pending. Accruals and Reasonably Possible Losses in Excess of Accruals Accruals for Probable Losses Although we deny liability in all currently threatened or pending litigation proceedings in which we are or may be a party and believe that we have valid bases to contest all claims threatened or made against us, we have recorded a litigation contingency accrual for our reasonable estimate of probable loss for pending and threatened litigation proceedings, in aggregate, as follows: Year Ended December 31 2019 2018 2017 Litigation contingency accrual - Beginning of period $ 1.9 $ .4 $ 3.2 Adjustment to accruals - expense - Continuing operations .6 1.8 .6 Adjustment to accruals - expense - Discontinued operations — — 1.6 Cash payments (1.8 ) (.3 ) (5.0 ) Litigation contingency accrual - End of period $ .7 $ 1.9 $ .4 The above litigation contingency accruals do not include accrued expenses related to workers' compensation, vehicle-related personal injury, product and general liability claims, taxation issues and environmental matters, some of which may contain a portion of litigation expense. However, any litigation expense associated with these categories is not anticipated to have a material effect on our financial condition, results of operations or cash flows. For more information regarding accrued expenses, see Note J - Supplemental Balance Sheet Information under "Accrued expenses" on page 92 . Reasonably Possible Losses in Excess of Accruals Although there are a number of uncertainties and potential outcomes associated with all of 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 December 31, 2019 , aggregate reasonably possible (but not probable, and therefore not accrued) losses in excess of the accruals noted above are estimated to be $14.9 , including $13.8 for Brazilian VAT matters disclosed above and $1.1 for other matters. I f our assumptions or analyses regarding these contingencies are incorrect, or if facts change, we could realize losses in excess of the recorded accruals (and in excess of the $14.9 referenced above), which could have a material negative impact on our financial condition, results of operations and cash flows. |
Quarterly Summary of Earnings
Quarterly Summary of Earnings | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Summary of Earnings | Quarterly Summary of Earnings (Unaudited) Year ended December 31, (Amounts in millions, except per share data) First 2 Second Third 3, 5 Fourth 4, 6 Total 2019 1 Net sales $ 1,155.1 $ 1,213.2 $ 1,239.3 $ 1,144.9 $ 4,752.5 Gross profit 233.0 269.7 275.5 272.4 1,050.6 Earnings from continuing operations before income taxes 78.2 114.1 123.0 114.8 430.1 Earnings from continuing operations 61.1 86.3 99.6 86.9 333.9 Earnings (loss) from discontinued operations, net of tax — — — — — Net earnings 61.1 86.3 99.6 86.9 333.9 Loss (Earnings) attributable to noncontrolling interest, net of tax .1 (.1 ) — (.1 ) (.1 ) Net earnings attributable to Leggett & Platt, Inc. common shareholders $ 61.2 $ 86.2 $ 99.6 $ 86.8 $ 333.8 Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders Basic $ .46 $ .64 $ .74 $ .64 $ 2.48 Diluted $ .45 $ .64 $ .74 $ .64 $ 2.47 Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders Basic $ — $ — $ — $ — $ — Diluted $ — $ — $ — $ — $ — Net earnings per share attributable to Leggett & Platt, Inc. common shareholders Basic $ .46 $ .64 $ .74 $ .64 $ 2.48 Diluted $ .45 $ .64 $ .74 $ .64 $ 2.47 2018 Net sales $ 1,028.8 $ 1,102.5 $ 1,091.5 $ 1,046.7 $ 4,269.5 Gross profit 217.4 231.0 227.1 213.2 888.7 Earnings from continuing operations before income taxes 95.4 107.5 113.3 68.2 384.4 Earnings from continuing operations 77.9 85.1 90.0 53.1 306.1 Earnings (loss) from discontinued operations, net of tax — — — — — Net earnings 77.9 85.1 90.0 53.1 306.1 (Earnings) attributable to noncontrolling interest, net of tax — (.1 ) — (.1 ) (.2 ) Net earnings attributable to Leggett & Platt, Inc. common shareholders $ 77.9 $ 85.0 $ 90.0 $ 53.0 $ 305.9 Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders Basic $ .58 $ .63 $ .67 $ .40 $ 2.28 Diluted $ .57 $ .63 $ .67 $ .39 $ 2.26 Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders Basic $ — $ — $ — $ — $ — Diluted $ — $ — $ — $ — $ — Net earnings per share attributable to Leggett & Platt, Inc. common shareholders Basic $ .58 $ .63 $ .67 $ .40 $ 2.28 Diluted $ .57 $ .63 $ .67 $ .39 $ 2.26 All items below are shown pretax with the exception of the 2017 Tax Cuts and Jobs Act (TCJA) item. 1 All 2019 quarters are impacted by the January 2019 ECS acquisition ( Note S ) 2 First quarter 2019 Earnings from continuing operations include a charge of $6 for restructuring ( Note F ); $1 charge for transaction costs related to the ECS acquisition ( Note S ) 3 Third quarter 2019 Earnings from continuing operations include a charge of $4 for restructuring ( Note F ) 4 Fourth quarter 2019 Earnings from continuing operations include a charge of $5 for restructuring ( Note F ) 5 Third quarter 2018 Earnings from continuing operations include a $2 benefit associated with the TCJA ( Note O ) 6 Fourth quarter 2018 Earnings from continuing operations include a charge of $16 for restructuring ( Note F ); $16 charge for a customer receivable impairment ( Note I ); $7 charge for transaction costs related to the ECS acquisition ( Note S ) |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts And Reserves | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts And Reserves | VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Amounts in millions) Column A Column B Column C Column D Column E Description Balance at Beginning of Period Additions (Credited) to Cost and Expenses Deductions Balance at End of Period Year ended December 31, 2019 Allowance for doubtful receivables $ 20.2 $ 2.8 $ (.5 ) 1 $ 23.5 Excess and obsolete inventory reserve, LIFO basis $ 27.1 $ 9.0 $ 11.3 $ 24.8 Tax valuation allowance $ 13.2 $ 1.5 $ (2.1 ) $ 16.8 Year ended December 31, 2018 Allowance for doubtful receivables $ 4.9 $ 16.7 $ 1.4 1 $ 20.2 Excess and obsolete inventory reserve, LIFO basis $ 26.4 $ 10.3 $ 9.6 $ 27.1 Tax valuation allowance $ 24.2 $ (7.8 ) $ 3.2 $ 13.2 Year ended December 31, 2017 Allowance for doubtful receivables $ 7.4 $ .8 $ 3.3 1 $ 4.9 Excess and obsolete inventory reserve, LIFO basis $ 27.1 $ 4.9 $ 5.6 $ 26.4 Tax valuation allowance $ 22.9 $ 1.3 $ — $ 24.2 1 Uncollectible accounts charged off, net of recoveries. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles Of Consolidation | PRINCIPLES OF CONSOLIDATION: The consolidated financial statements include the accounts of Leggett & Platt, Incorporated and its majority-owned subsidiaries (“we” or “our”). Management does not expect foreign exchange restrictions to significantly impact the ultimate realization of amounts consolidated in the accompanying financial statements for subsidiaries located outside the United States. All intercompany transactions and accounts have been eliminated in consolidation. |
Estimates | ESTIMATES: The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the accrual and disclosure of loss contingencies. |
Cash Equivalents | CASH EQUIVALENTS: Cash equivalents include cash in excess of daily requirements which is invested in various financial instruments with original maturities of three months or less. |
Accounts And Other Receivables And Allowance For Doubtful Accounts | TRADE AND OTHER RECEIVABLES AND ALLOWANCE FOR DOUBTFUL ACCOUNTS: Trade receivables are recorded at the invoiced amount and generally do not bear interest. Credit is also occasionally extended in the form of a note receivable to facilitate our customers’ operating cycles. Other notes receivable are established in special circumstances, such as in partial payment for the sale of a business or to support other business opportunities. Other notes receivable generally bear interest at market rates commensurate with the corresponding credit risk on the date of origination. We have the option to participate in trade receivables sales programs with third-party banking institutions and trade receivables sales programs that have been implemented by certain of our customers, as in effect from time to time. 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 Balance Sheets and the related proceeds are reported as cash provided by operating activities in the Consolidated Statements of Cash Flows. We had approximately $40.0 and $15.0 of trade receivables that were sold and removed from our Consolidated Balance Sheets at December 31, 2019 and 2018, respectively. The allowance for doubtful accounts is an estimate of the amount of probable credit losses. Allowances and nonaccrual status designations are determined by individual account reviews by management and are based on several factors such as the length of time that receivables are past due, the financial health of the companies involved, industry and macroeconomic considerations, and historical loss experience. Account balances are charged against the allowance when it is probable the receivable will not be recovered. Interest income is not recognized for nonperforming accounts that are placed on nonaccrual status. For accounts on nonaccrual status, any interest payments received are applied against the balance of the nonaccrual account. |
Inventories | All inventories are stated at the lower of cost or net realizable value. We generally use standard costs which include materials, labor and production overhead at normal production capacity. The last-in, first-out (LIFO) method is primarily used to value our domestic steel-related inventories. Prior to 2019 this represented approximately 50% of our inventories. With the acquisition of ECS in the first quarter of 2019 (see Note S ), this now represents approximately 40% of our inventories, as ECS does not utilize the LIFO method. For the remainder of the inventories, we principally use the first-in, first-out (FIFO) method, which is representative of our standard costs. For these inventories, the FIFO cost for the periods presented approximated expected replacement cost. Inventories are reviewed at least quarterly for slow-moving and potentially obsolete items using actual inventory turnover and, if necessary, are written down to estimated net realizable value. Restructuring activity and decisions to narrow product offerings (as discussed in Note F ) also impact the estimated net realizable value of inventories. We have had no material changes in inventory writedowns or slow-moving and obsolete inventory reserves in any of the years presented. |
Acquisitions | ACQUISITIONS: When acquisitions occur, we value the assets acquired, liabilities assumed, and any noncontrolling interest in acquired companies at estimated acquisition date fair values. Goodwill is measured as the excess amount of consideration transferred, compared to fair value of the assets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value these items at the acquisition date (as well as contingent consideration where applicable), our estimates are inherently uncertain and subject to refinement during the measurement period, which may be up to one year from the acquisition date. We utilize the following methodologies in determining fair value: • Inventory is valued at current replacement cost for raw materials, with a step-up for work in process and finished goods items that reflects the amount of ultimate profit earned as of the valuation date. • Other working capital items are generally recorded at carrying value, unless there are known conditions that would impact the ultimate settlement amount of the particular item. • Buildings and machinery are valued at an estimated replacement cost for an asset of comparable age and condition. Market pricing of comparable assets is used to estimate replacement cost where available. • The most common identified intangible assets are customer relationships, technology and tradenames. Discount rates discussed below are typically derived from a weighted-average cost of capital analysis and adjusted to reflect inherent risks. ◦ Customer relationships are valued using an excess earnings method, using various inputs such as the estimated customer attrition rate, revenue growth rate and cost of sales, the amount of contributory asset charges, and an appropriate discount rate. The economic useful life is determined based on historical customer turnover rates. ◦ Technology and tradenames are valued using a relief-from-royalty method, with various inputs such as comparable market royalty rates for items of similar value, future earnings forecast, an appropriate discount rate and a replacement rate for technology. The economic useful life is determined based on the expected life of the technology and tradenames. |
Divestitures | DIVESTITURES: Significant accounting policies associated with a decision to dispose of a business are discussed below: Discontinued Operations —A business is classified as discontinued operations if the disposal represents a strategic shift that will have a major effect on operations or financial results and meets the criteria to be classified as held for sale or is disposed of by sale or otherwise. Significant judgments are involved in determining whether a business meets the criteria for discontinued operations reporting and the period in which these criteria are met. If a business is reported as a discontinued operation, the results of operations through the date of sale, including any gain or loss recognized on the disposition, are presented on a separate line of the income statement. Interest on debt directly attributable to the discontinued operation is allocated to discontinued operations. Gains and losses related to the sale of businesses that do not meet the discontinued operation criteria are reported in continuing operations and separately disclosed if significant. Assets Held for Sale —An asset or business is classified as held for sale when (i) management commits to a plan to sell and it is actively marketed; (ii) it is available for immediate sale and the sale is expected to be completed within one year; and (iii) it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. In isolated instances, assets held for sale may exceed one year due to events or circumstances beyond our control. Upon being classified as held for sale, the recoverability of the carrying value must be assessed. Evaluating the recoverability of the assets of a business classified as held for sale follows a defined order in which property and intangible assets subject to amortization are considered only after the recoverability of goodwill and other assets are assessed. After the valuation process is completed, the assets held for sale are reported at the lower of the carrying value or fair value less cost to sell, and the assets are no longer depreciated or amortized. An impairment charge is recognized if the carrying value exceeds the fair value less cost to sell. The assets and related liabilities are aggregated and reported on separate lines of the balance sheet. Assets Held for Use —If a decision to dispose of an asset or a business is made and the held for sale criteria are not met, it is considered held for use. Assets of the business are evaluated for recoverability in the following order: (i) assets other than goodwill, property and intangibles; (ii) property and intangibles subject to amortization; and (iii) goodwill. In evaluating the recoverability of property and intangible assets subject to amortization, the carrying value is first compared to the sum of the undiscounted cash flows expected to result from the use and eventual disposition. If the carrying value exceeds the undiscounted expected cash flows, then a fair value analysis is performed. An impairment charge is recognized if the carrying value exceeds the fair value. |
Loss Contingencies | LOSS CONTINGENCIES: Loss contingencies are accrued when a loss is probable and reasonably estimable. If a range of outcomes are possible, the most likely outcome is used to accrue these costs. If no outcome is more likely, we accrue at the minimum amount of the range. Any insurance recovery is recorded separately if it is determined that a recovery is probable. Legal fees are accrued when incurred. |
Property, Plant And Equipment | PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is stated at cost, less accumulated depreciation. Assets are depreciated by the straight-line method and salvage value, if any, is assumed to be minimal. The table below presents the depreciation periods of the estimated useful lives of our property, plant and equipment. Accelerated methods are used for tax purposes. Useful Life Range Weighted Average Life Machinery and equipment 3-20 years 10 years Buildings 5-40 years 27 years Other items 3-15 years 10 years Property is reviewed for recoverability at year end and whenever events or changes in circumstances indicate that its carrying value may not be recoverable as discussed above. |
Goodwill | GOODWILL: Goodwill results from the acquisition of existing businesses and is not amortized; it is assessed for impairment annually and as triggering events may occur. Our ten reporting units are the business groups one level below the operating segment level for which discrete financial information is available. We perform our annual review in the second quarter of each year using either a quantitative or qualitative analysis: • The qualitative assessment begins with determination of whether it is more likely than not that a reporting unit's fair value is less than its carrying value before applying a two-step goodwill impairment model. If after such an assessment, with regard to each reporting unit, we conclude that the goodwill of a reporting unit is not impaired, then no further action is required (commonly referred to as the Step Zero Analysis approach). • The quantitative analysis utilizes a two-step goodwill impairment model. The first step of the two-step approach involves a comparison of the fair value of a reporting unit with its carrying value. If the carrying value of the reporting unit exceeds its fair value, the second step of the process is necessary and involves a comparison of the implied fair value and the carrying value of the goodwill of that reporting unit. If the carrying value of the goodwill of a reporting unit exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. Fair value of reporting units is determined using a combination of two valuation methods: a market approach and an income approach. Each method is generally given equal weight in determining the fair value assigned to each reporting unit. Absent an indication of fair value from a potential buyer or similar specific transaction, we believe that the use of these two methods provides a reasonable estimate of a reporting unit’s fair value. Assumptions common to both methods are operating plans and economic projections, which are used to project future revenues, earnings, and after-tax cash flows for each reporting unit. These assumptions are applied consistently for both methods. The market approach estimates fair value by first determining price-to-earnings ratios for comparable publicly-traded companies with similar characteristics of the reporting unit. The price-to-earnings ratio for comparable companies is based upon current enterprise value compared to the projected earnings for the next two years. The enterprise value is based upon current market capitalization and includes a control premium. Projected earnings are based upon market analysts’ projections. The earnings ratios are applied to the projected earnings of the comparable reporting unit to estimate fair value. Management believes this approach is appropriate because it provides a fair value estimate using multiples from entities with operations and economic characteristics comparable to our reporting units. The income approach is based on projected future (debt-free) cash flow that is discounted to present value using factors that consider the timing and risk of future cash flows. Management believes that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. Discounted cash flow projections are based on 10-year financial forecasts developed from operating plans and economic projections noted above, sales growth, estimates of future expected changes in operating margins, an appropriate discount rate, terminal value growth rates, future capital expenditures and changes in working capital requirements. There are inherent assumptions and judgments required in the analysis of goodwill impairment. It is possible that assumptions underlying the impairment analysis will change in such a manner that impairment in value may occur in the future. |
Other Intangible Assets | OTHER INTANGIBLE ASSETS: Substantially all other intangible assets are amortized using the straight-line method over their estimated useful lives and are evaluated for impairment using a process similar to that used in evaluating the recoverability of property, plant and equipment. Useful Life Range Weighted Average Life Other intangible assets 5-20 years 14 years |
Stock-Based Compensation | STOCK-BASED COMPENSATION: The cost of employee services received in exchange for all equity awards granted is based on the fair market value of the award as of the grant date. Expense is recognized net of an estimated forfeiture rate using the straight-line method over the vesting period of the award. |
Revenue Recognition/Shipping And Handling Fees And Costs | REVENUE RECOGNITION: On January 1, 2018, we adopted ASU 2014-09 "Revenue from Contracts with Customers" (Topic 606) as discussed in Note B . We recognize revenue when control of our products transfers to our customers, which is generally upon shipment from our facilities or upon delivery to our customers’ facilities. We reduce revenue for estimated sales allowances, discounts and rebates, which are our primary forms of variable consideration. For the year ended December 31, 2017, we applied “Revenue Recognition” (Topic 605). We recognized sales when title and risk of loss passed to the customer. We had no significant or unusual price protection, right of return or acceptance provisions with our customers. Sales allowances, discounts and rebates were able to be reasonably estimated and were deducted from sales in arriving at net sales. SHIPPING AND HANDLING FEES AND COSTS: Shipping and handling costs are included as a component of “Cost of goods sold.” Performance Obligations and Shipping and Handling Costs We recognize revenue when performance obligations under the terms of a contract with our customers are satisfied. Substantially all of our revenue was recognized upon transfer of control of our products to our customers, which was generally upon shipment from our facilities or upon delivery to our customers' facilities and was dependent on the terms of the specific contract. This conclusion considers the point at which our customers have the ability to direct the use of and obtain substantially all of the remaining benefits of the products that were transferred. Substantially all of any unsatisfied performance obligations as of December 31, 2019 , will be satisfied within one year or less. Shipping and handling costs are included as a component of “Cost of goods sold.” Sales, value added, and other taxes collected in connection with revenue-producing activities are excluded from revenue. Sales Allowances and Returns The amount of consideration we receive and revenue we recognize varies with changes in various sales allowances, discounts and rebates (variable consideration) that we offer to our customers. We reduce revenue by our estimates of variable consideration based on contract terms and historical experience. Changes in estimates of variable consideration for the periods presented were not material. Some of our products transferred to customers can be returned, and we recognize the following for this right: • An estimated refund liability and a corresponding reduction to revenue based on historical returns experience. • An asset and a corresponding reduction to cost of sales for our right to recover products from customers upon settling the refund liability. We reduce the carrying amount of these assets by estimates of costs associated with the recovery and any additional expected reduction in value. Our refund liability and the corresponding asset associated with our right to recover products from our customers were immaterial as of the periods presented. Other We have elected to apply the following practical expedients: • We expect that at contract inception, the time period between when we transfer a promised good to our customer and our receipt of payment from that customer for that good will be one year or less (our typical trade terms are 30 to 60 days for U.S. customers and up to 90 days for our international customers). • We generally expense costs of obtaining a contract because the amortization period would be one year or less. Revenue by Product Line We disaggregate revenue by customer group, which is the same as our product lines for each of our segments, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. |
Restructuring Costs | RESTRUCTURING COSTS: Restructuring costs are items such as employee termination, contract termination, plant closure and asset relocation costs related to exit activities or workforce reductions. Restructuring-related items are inventory writedowns and gains or losses from sales of assets recorded as the result of exit activities. We recognize a liability for costs associated with an exit or disposal activity when the liability is incurred. Certain termination benefits for which employees are required to render service are recognized ratably over the respective future service periods. |
Income Taxes | INCOME TAXES: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of our assets and liabilities and are adjusted for changes in tax rates and laws, as appropriate. A valuation allowance is provided to reduce deferred tax assets when management cannot conclude that it is more likely than not that a tax benefit will be realized. A provision is also made for incremental withholding taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be indefinitely invested. The calculation of our U.S., state, and foreign tax liabilities involves dealing with uncertainties in the application of complex global tax laws. We recognize potential liabilities for anticipated tax issues which might arise in the U.S. and other tax jurisdictions based on management’s estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when we determine the liabilities are no longer necessary. Conversely, if the estimate of tax liabilities proves to be less than the ultimate tax assessment, a further charge to tax expense would result. |
Concentration Of Credit Risks, Exposures And Financial Instruments | CONCENTRATION OF CREDIT RISKS, EXPOSURES AND FINANCIAL INSTRUMENTS: We manufacture, market, and distribute products for the various end markets described in Note G . Our operations are principally located in the United States, although we also have operations in Europe, China, Canada, Mexico and other countries. We maintain allowances for potential credit losses. We perform ongoing credit evaluations of our customers’ financial conditions and generally require no collateral from our customers, some of which are highly leveraged. Management also monitors the financial condition and status of other notes receivable. Other notes receivable have historically primarily consisted of notes accepted as partial payment for the divestiture of a business or to support other business opportunities. Some of these companies are highly leveraged and the notes are not fully collateralized. We have no material guarantees or liabilities for product warranties which require disclosure. From time to time, we will enter into contracts to hedge foreign currency denominated transactions and interest rates related to our debt. To minimize the risk of counterparty default, only highly-rated financial institutions that meet certain requirements are used. We do not anticipate that any of the financial institution counterparties will default on their obligations. The carrying value of cash and short-term financial instruments approximates fair value due to the short maturity of those instruments. |
Other Risks | OTHER RISKS: Although we obtain insurance for workers’ compensation, automobile, product and general liability, property loss and medical claims, we have elected to retain a significant portion of expected losses through the use of deductibles. Accrued liabilities include estimates for unpaid reported claims and for claims incurred but not yet reported. Provisions for losses are recorded based upon reasonable estimates of the aggregate liability for claims incurred utilizing our prior experience and information provided by our third-party administrators and insurance carriers. |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS: We utilize derivative financial instruments to manage market and financial risks related to foreign currency and interest rates. We seek to use derivative contracts that qualify for hedge accounting treatment; however, some instruments that economically manage currency risk may not qualify for hedge accounting treatment. It is our policy not to speculate using derivative instruments. Under hedge accounting, we formally document our hedge relationships, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for entering into the hedge transaction. The process includes designating derivative instruments as hedges of specific assets, liabilities, firm commitments or forecasted transactions. We also formally assess both at inception and on a quarterly basis thereafter, whether the derivatives used in hedging transactions are highly effective in offsetting changes in either the fair value or cash flows of the hedged item. If it is determined that a derivative ceases to be highly effective, deferred gains or losses are recorded in the Consolidated Statements of Operations. On the date the contract is entered into, we designate the derivative as one of the following types of hedging instruments and account for it as follows: Cash Flow Hedge— The hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability or anticipated transaction is designated as a cash flow hedge. The effective portion of the change in fair value is recorded in accumulated other comprehensive income. When the hedged item impacts the income statement, the gain or loss included in "Other comprehensive income (loss)" is reported on the same line of the Consolidated Statements of Operations as the hedged item to match the gain or loss on the derivative to the gain or loss on the hedged item. Any ineffective portion of the changes in the fair value is immediately reported in the Consolidated Statements of Operations on the same line as the hedged item. Settlements associated with the sale or production of product are presented in operating cash flows and settlements associated with debt issuance are presented in financing cash flows. Fair Value Hedge— The hedge of a recognized asset or liability or an unrecognized firm commitment is designated as a fair value hedge. For fair value hedges, both the effective and ineffective portions of the changes in fair value of the derivative, along with the gain or loss on the hedged item that is attributable to the hedged risk, are recorded in earnings and reported in the Consolidated Statements of Operations on the same line as the hedged item. Cash flows from settled contracts are presented in the category consistent with the nature of the item being hedged. |
Foreign Currency Translation | FOREIGN CURRENCY TRANSLATION: The functional currency for most foreign operations is the local currency. The translation of foreign currencies into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income and expense accounts using monthly average exchange rates. The cumulative effects of translating the functional currencies into the U.S. dollar are included in comprehensive income. |
Reclassifications | RECLASSIFICATIONS: Certain immaterial reclassifications have been made to the prior years’ information in the Notes to Consolidated Financial Statements to conform to the 2019 |
New Accounting Guidance | NEW ACCOUNTING GUIDANCE: The Financial Accounting Standards Board (FASB) regularly issues updates to the FASB Accounting Standards Codification that are communicated through issuance of an Accounting Standards Update (ASU). Below is a summary of the ASUs, effective for current or future periods, most relevant to our financial statements: Adopted in 2019: • On January 1, 2019, we adopted ASU 2016-02 “Leases” (Topic 842) as discussed in Note L . • ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”: This ASU is intended to simplify and clarify the accounting and disclosure requirements for hedging activities by more closely aligning the results of cash flow and fair value hedge accounting with the risk management activities of an entity. This guidance was effective January 1, 2019 and it did not have a material impact on our results of operations, financial condition or cash flows. To be adopted in future years: • ASU 2016-13 “Financial Instruments—Credit Losses” (Topic 326): This ASU is effective January 1, 2020 and amends the impairment model by requiring a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments including trade receivables. We are finalizing the evaluation of this guidance, and we do not expect it to materially impact our future financial statements. • ASU 2017-04 “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”: This ASU will be effective January 1, 2020 and simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under this ASU, the annual goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value up to the total amount of goodwill for the reporting unit. We are finalizing the evaluation of this guidance and do not expect it to materially impact our future financial statements. • ASU 2018-15 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)”: This ASU will be effective January 1, 2020 and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We are finalizing the evaluation of this guidance and do not expect it to materially impact our future financial statements. • ASU 2019-12 “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”: This ASU will be effective January 1, 2021 (with early adoption permitted) and is a part of the FASB overall simplification initiative. We are currently evaluating this guidance. The FASB has issued accounting guidance, in addition to the issuance discussed above, effective for current and future periods. This guidance did not have a material impact on our current financial statements, and we do not believe it will have a material impact on our future financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Inventory | The following table recaps the components of inventory for each period presented: December 31, 2019 December 31, 2018 Finished goods $ 308.7 $ 331.6 Work in process 54.4 49.6 Raw materials and supplies 323.5 334.9 LIFO reserve (49.9 ) (82.2 ) Total inventories, net $ 636.7 $ 633.9 |
Schedule of the Activity in the LIFO Reserve | The following table presents the activity in our LIFO reserve for each of the periods presented: Year Ended December 31 2019 2018 2017 Balance, beginning of year $ 82.2 $ 50.9 $ 33.8 LIFO (benefit) expense (32.3 ) 31.3 18.6 Allocated to divested businesses — — (1.5 ) Balance, end of year $ 49.9 $ 82.2 $ 50.9 |
Schedule of Property, Plant and Equipment | The table below presents the depreciation periods of the estimated useful lives of our property, plant and equipment. Accelerated methods are used for tax purposes. Useful Life Range Weighted Average Life Machinery and equipment 3-20 years 10 years Buildings 5-40 years 27 years Other items 3-15 years 10 years |
Summary of Other Intangible Assets | Useful Life Range Weighted Average Life Other intangible assets 5-20 years 14 years |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue by Major Source | We disaggregate revenue by customer group, which is the same as our product lines for each of our segments, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Year Ended December 31 2019 2018 2017 Residential Products Bedding group 1 $ 1,502.0 $ 905.1 $ 837.2 Fabric & Flooring Products group 776.4 735.8 720.1 Machinery group 52.6 62.8 62.9 2,331.0 1,703.7 1,620.2 Industrial Products Wire group 295.6 367.4 291.7 295.6 367.4 291.7 Furniture Products Consumer Products group 404.6 460.2 413.3 Home Furniture group 357.2 388.6 410.2 Work Furniture group 297.3 293.3 272.9 1,059.1 1,142.1 1,096.4 Specialized Products Automotive group 816.1 823.3 772.5 Aerospace Products group 157.7 148.9 137.9 Hydraulic Cylinders group 2 93.0 84.1 — Commercial Vehicle Products (CVP) group 3 — — 25.1 1,066.8 1,056.3 935.5 $ 4,752.5 $ 4,269.5 $ 3,943.8 1 The ECS acquisition occurred in January 2019. See Note S . 2 This group was formed January 2018 with the acquisition of a manufacturer of hydraulic cylinders. See Note S . 3 Our remaining CVP operation was sold in 2017. See Note C . 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 year. Acquired companies’ long-lived assets as disclosed below include property, plant and equipment and other long-term assets. Year Ended December 31 Assets Additions to Property, Plant and Equipment Acquired Companies’ Long-Lived Assets 2019 Residential Products $ 795.6 $ 43.8 $ 1,297.2 Industrial Products 168.8 27.3 — Furniture Products 239.1 8.0 — Specialized Products 346.4 29.3 .2 Average current liabilities included in segment numbers above 744.6 — — Unallocated assets and other 2,650.7 34.7 — Difference between average assets and year-end balance sheet (128.8 ) — — $ 4,816.4 $ 143.1 $ 1,297.4 2018 Residential Products $ 609.4 $ 48.0 $ 6.0 Industrial Products 163.8 9.6 — Furniture Products 279.8 19.7 — Specialized Products 342.5 45.0 79.4 Average current liabilities included in segment numbers above 661.8 — — Unallocated assets and other 1,278.0 37.3 — Difference between average assets and year-end balance sheet 46.7 — — $ 3,382.0 $ 159.6 $ 85.4 2017 Residential Products $ 554.6 $ 60.5 $ 33.6 Industrial Products 150.0 14.3 — Furniture Products 245.7 20.2 14.3 Specialized Products 271.7 51.7 — Average current liabilities included in segment numbers above 557.0 — — Unallocated assets and other 1,693.1 12.7 — Difference between average assets and year-end balance sheet 78.7 — — $ 3,550.8 $ 159.4 $ 47.9 |
Impairment Charges (Tables)
Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary Of Impairment Charges On Continued And Discontinued Operations | Pretax impact of impairment charges is summarized in the following table: Year Ended 2019 2018 2017 Other Long-Lived Asset Impairments Other Long-Lived Asset Impairments Goodwill Impairment Other Long-Lived Asset Impairments Total Impairments Residential Products $ 1.1 $ — $ — $ — $ — Industrial Products — .3 1.3 3.6 4.9 Furniture Products 6.7 5.1 — — — Total impairment charges $ 7.8 $ 5.4 $ 1.3 $ 3.6 $ 4.9 |
Schedule Of Goodwill Impairment Test Assumptions | The fair values of our reporting units in relation to their respective carrying values and significant assumptions used are presented in the table below: Fair Value over Carrying Value divided by Carrying Value December 31, 2019 Goodwill Value 10-year Compound Annual Growth Rate Range for Sales Terminal Values Long-term Growth Rate for Debt-Free Cash Flow Discount Rate Ranges Less than 50% 1 $ 59.4 1.4% - 5.8% 3.0 % 8.0% - 9.5% 50% - 100% 2 722.9 5.0% 3.0 % 8.5% 101% - 300% 400.9 1.3% - 5.5% 3.0 % 7.5% - 8.0% 301% - 600% 223.1 .2% - 11.1% 3.0 % 8.5% $ 1,406.3 .2% - 11.1% 3.0 % 7.5% - 9.5% 1 This category includes two reporting units: • The fair value of our Machinery reporting unit exceeded its carrying value by 12% . This unit has $33.4 of goodwill at December 31, 2019. • The fair value of our Hydraulic Cylinders reporting unit exceeded its carrying value by 29% . This reporting unit was acquired in the first quarter of 2018 and has $26.0 of goodwill at December 31, 2019. 2 This category includes one reporting unit. The fair value of our Bedding reporting unit exceeded its carrying value by 50% at December 31, 2019 as compared to 198% at December 31, 2018. This decrease was due to the January 2019 ECS acquisition (as discussed in Note S ). At our testing date, the carrying value approximates fair value for the ECS business . Fair Value over Carrying Value divided by Carrying Value December 31, 2018 Goodwill Value 10-year Terminal Values Long-term Growth Discount Rate Ranges Less than 100% 1 $ 180.7 4.7% - 5.2% 3.0 % 9.0% - 9.5% 101% - 300% 502.5 1.8% - 5.0% 3.0 % 8.5% - 10.0% 301% - 600% 150.6 5.7% - 12.4% 3.0 % 9.0% - 10.0% $ 833.8 1.8% - 12.4% 3.0 % 8.5% - 10.0% 1 All reporting units in this category exceeded 90% , except for the Hydraulic Cylinders reporting unit (acquired in 2018), to which carrying value approximated fair value. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In The Carrying Amounts Of Goodwill | The changes in the carrying amounts of goodwill are as follows: Residential Products Industrial Products Furniture Products Specialized Products Total Net goodwill as of January 1, 2018 $ 368.2 $ 70.8 $ 196.2 $ 187.0 $ 822.2 Additions for current year acquisitions 1.3 — — 26.8 28.1 Adjustments to prior year acquisitions (.2 ) — — — (.2 ) Foreign currency translation adjustment (5.8 ) (.1 ) (3.1 ) (7.3 ) (16.3 ) Net goodwill as of December 31, 2018 363.5 70.7 193.1 206.5 833.8 Additions for current year acquisitions 566.3 — — — 566.3 Adjustments to prior year acquisitions .9 — — .2 1.1 Foreign currency translation adjustment 3.0 .1 (.1 ) 2.1 5.1 Net goodwill as of December 31, 2019 $ 933.7 $ 70.8 $ 193.0 $ 208.8 $ 1,406.3 Net goodwill as of December 31, 2019 is comprised of: Gross goodwill $ 933.7 $ 76.2 $ 443.6 $ 275.5 $ 1,729.0 Accumulated impairment losses — (5.4 ) (250.6 ) (66.7 ) (322.7 ) Net goodwill as of December 31, 2019 $ 933.7 $ 70.8 $ 193.0 $ 208.8 $ 1,406.3 |
Intangible Assets Purchased | The gross carrying amount and accumulated amortization by intangible asset class and intangible assets acquired during the periods presented included in "Other intangibles, net" on the Consolidated Balance Sheets are as follows: Patents and Trademarks Technology Non-compete Agreements Customer- Related Intangibles Supply Agreements and Other Total 2019 Gross carrying amount $ 133.9 $ 178.1 $ 42.1 $ 591.1 $ 41.1 $ 986.3 Accumulated amortization 36.7 12.9 14.2 136.3 22.2 222.3 Net other intangibles as of December 31, 2019 $ 97.2 $ 165.2 $ 27.9 $ 454.8 $ 18.9 $ 764.0 Acquired during 2019: Acquired related to business acquisitions $ 67.1 $ 173.3 $ 28.7 $ 378.9 $ — $ 648.0 Acquired outside business acquisitions 1.6 — — — 5.9 7.5 Total acquired in 2019 $ 68.7 $ 173.3 $ 28.7 $ 378.9 $ 5.9 $ 655.5 Weighted average amortization period in years for items acquired in 2019 15.1 15.0 5.2 15.0 7.6 14.5 2018 Gross carrying amount $ 65.8 $ 4.7 $ 15.8 $ 212.5 $ 41.6 $ 340.4 Accumulated amortization 31.3 .9 8.6 98.8 22.1 161.7 Net other intangibles as of December 31, 2018 $ 34.5 $ 3.8 $ 7.2 $ 113.7 $ 19.5 $ 178.7 Acquired during 2018: Acquired related to business acquisitions $ 2.7 $ .9 $ 1.9 $ 19.4 $ — $ 24.9 Acquired outside business acquisitions 1.3 — .6 — 9.2 11.1 Total acquired in 2018 $ 4.0 $ .9 $ 2.5 $ 19.4 $ 9.2 $ 36.0 Weighted average amortization period in years for items acquired in 2018 16.5 5.0 4.5 14.4 8.3 11.6 |
Estimated Amortization Expense | Estimated amortization expense for the items above included in our December 31, 2019 Consolidated Balance Sheets in each of the next five years is as follows: Year ended December 31 2020 $ 65.0 2021 64.0 2022 61.0 2023 55.0 2024 54.0 |
Restructuring and Restructuri_2
Restructuring and Restructuring Related Charges Restructuring and Restructuring Related Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Summary Of Restructuring-Related Costs | The following table presents information associated with this Plan: Total Amount Incurred to Date Total Incurred Full Year 2019 Total Incurred Full Year 2018 2018 Restructuring Plan Restructuring and restructuring-related $ 18.7 $ 7.5 $ 11.2 Impairment costs associated with this plan 12.7 7.6 5.1 $ 31.4 $ 15.1 $ 16.3 Amount of total that represents cash charges $ 14.9 $ 8.0 $ 6.9 The table below presents all restructuring and restructuring-related activity for the periods presented; the majority of the 2019 and 2018 costs are related to the Plan: Year Ended December 31 2019 2018 2017 Charged to other expense (income), net: Severance and other restructuring costs $ 8.1 $ 7.8 $ .8 Charged to cost of goods sold: Inventory obsolescence and other (.5 ) 4.6 .5 Total restructuring and restructuring-related costs $ 7.6 $ 12.4 $ 1.3 Amount of total that represents cash charges $ 8.1 $ 7.8 $ .8 Restructuring and restructuring-related charges by segment were as follows: Year Ended December 31 2019 2018 2017 Residential Products $ 3.3 $ 1.4 $ — Industrial Products 1.0 .2 .8 Furniture Products 3.3 10.8 .5 Total $ 7.6 $ 12.4 $ 1.3 |
Schedule of Accrued Liability | The accrued liability associated with our total restructuring initiatives consisted of the following: Balance at December 31, 2017 Add: 2018 Charges Less: 2018 Payments Balance at December 31, 2018 Add: 2019 Charges Less: 2019 Payments Balance at December 31, 2019 Termination benefits $ .3 $ 7.3 $ 1.0 $ 6.6 $ 4.7 $ 7.8 $ 3.5 Contract termination costs — — — — .4 .4 — Other restructuring costs .5 .5 .4 .6 3.0 2.9 .7 $ .8 $ 7.8 $ 1.4 $ 7.2 $ 8.1 $ 11.1 $ 4.2 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Results From Continuing Operations | A summary of segment results for the periods presented are as follows: Year Ended December 31 Trade 1 Sales Inter- Segment Sales Total Segment Sales EBIT Depreciation and Amortization 2019 Residential Products $ 2,331.0 $ 13.2 $ 2,344.2 $ 170.6 $ 104.2 Industrial Products 295.6 299.6 595.2 97.5 11.0 Furniture Products 1,059.1 9.5 1,068.6 73.4 17.8 Specialized Products 1,066.8 3.2 1,070.0 170.5 41.8 Intersegment eliminations and other 3 1.4 17.1 $ 4,752.5 $ 325.5 $ 5,078.0 $ 513.4 $ 191.9 2018 Residential Products $ 1,703.7 $ 17.1 $ 1,720.8 $ 132.8 $ 46.6 Industrial Products 367.4 295.0 662.4 68.4 10.3 Furniture Products 1,142.1 13.8 1,155.9 49.6 17.4 Specialized Products 1,056.3 2.7 1,059.0 189.0 39.0 Intersegment eliminations and other 3 (2.9 ) 22.8 $ 4,269.5 $ 328.6 $ 4,598.1 $ 436.9 $ 136.1 2017 Residential Products $ 1,620.2 $ 18.6 $ 1,638.8 $ 184.0 $ 45.8 Industrial Products 291.7 253.9 545.6 21.0 10.2 Furniture Products 1,096.4 16.8 1,113.2 81.5 16.2 Specialized Products 935.5 7.1 942.6 195.6 31.2 Intersegment eliminations and other 2,3 (14.2 ) 22.5 $ 3,943.8 $ 296.4 $ 4,240.2 $ 467.9 $ 125.9 1 See Note B for revenue by product line. 2 2017 EBIT: Included in other is a $15.3 pension settlement charge. (See Note N ). 3 Depreciation and amortization: Other relates to non-operating assets (assets not included in segment assets) and is allocated to segment EBIT as discussed above. |
Revenues From External Customers | We disaggregate revenue by customer group, which is the same as our product lines for each of our segments, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Year Ended December 31 2019 2018 2017 Residential Products Bedding group 1 $ 1,502.0 $ 905.1 $ 837.2 Fabric & Flooring Products group 776.4 735.8 720.1 Machinery group 52.6 62.8 62.9 2,331.0 1,703.7 1,620.2 Industrial Products Wire group 295.6 367.4 291.7 295.6 367.4 291.7 Furniture Products Consumer Products group 404.6 460.2 413.3 Home Furniture group 357.2 388.6 410.2 Work Furniture group 297.3 293.3 272.9 1,059.1 1,142.1 1,096.4 Specialized Products Automotive group 816.1 823.3 772.5 Aerospace Products group 157.7 148.9 137.9 Hydraulic Cylinders group 2 93.0 84.1 — Commercial Vehicle Products (CVP) group 3 — — 25.1 1,066.8 1,056.3 935.5 $ 4,752.5 $ 4,269.5 $ 3,943.8 1 The ECS acquisition occurred in January 2019. See Note S . 2 This group was formed January 2018 with the acquisition of a manufacturer of hydraulic cylinders. See Note S . 3 Our remaining CVP operation was sold in 2017. See Note C . 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 year. Acquired companies’ long-lived assets as disclosed below include property, plant and equipment and other long-term assets. Year Ended December 31 Assets Additions to Property, Plant and Equipment Acquired Companies’ Long-Lived Assets 2019 Residential Products $ 795.6 $ 43.8 $ 1,297.2 Industrial Products 168.8 27.3 — Furniture Products 239.1 8.0 — Specialized Products 346.4 29.3 .2 Average current liabilities included in segment numbers above 744.6 — — Unallocated assets and other 2,650.7 34.7 — Difference between average assets and year-end balance sheet (128.8 ) — — $ 4,816.4 $ 143.1 $ 1,297.4 2018 Residential Products $ 609.4 $ 48.0 $ 6.0 Industrial Products 163.8 9.6 — Furniture Products 279.8 19.7 — Specialized Products 342.5 45.0 79.4 Average current liabilities included in segment numbers above 661.8 — — Unallocated assets and other 1,278.0 37.3 — Difference between average assets and year-end balance sheet 46.7 — — $ 3,382.0 $ 159.6 $ 85.4 2017 Residential Products $ 554.6 $ 60.5 $ 33.6 Industrial Products 150.0 14.3 — Furniture Products 245.7 20.2 14.3 Specialized Products 271.7 51.7 — Average current liabilities included in segment numbers above 557.0 — — Unallocated assets and other 1,693.1 12.7 — Difference between average assets and year-end balance sheet 78.7 — — $ 3,550.8 $ 159.4 $ 47.9 |
Schedule Of Revenue From External Sales And Long-Lived Assets, By Geographical Areas | Trade sales and tangible long-lived assets are presented below, based on the geography of manufacture. Year Ended December 31 2019 2018 2017 Trade sales Foreign sales Europe $ 508.5 $ 525.6 $ 475.3 China 449.9 494.7 481.6 Canada 312.8 286.8 265.1 Mexico 256.0 186.1 148.5 Other 92.6 94.8 85.5 Total foreign sales 1,619.8 1,588.0 1,456.0 United States 3,132.7 2,681.5 2,487.8 Total trade sales $ 4,752.5 $ 4,269.5 $ 3,943.8 Tangible long-lived assets Foreign tangible long-lived assets Europe $ 160.2 $ 167.6 $ 157.4 China 51.6 55.5 54.7 Canada 36.4 38.0 39.9 Mexico 10.1 10.1 6.5 Other 14.7 16.0 13.0 Total foreign tangible long-lived assets 273.0 287.2 271.5 United States 557.8 441.3 392.4 Total tangible long-lived assets $ 830.8 $ 728.5 $ 663.9 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Calculation Of Basic And Diluted Earnings Per Share | Basic and diluted earnings per share were calculated as follows: Year Ended December 31 2019 2018 2017 Earnings: Earnings from continuing operations $ 333.9 $ 306.1 $ 293.6 (Earnings) attributable to noncontrolling interest, net of tax (.1 ) (.2 ) (.1 ) Net earnings from continuing operations attributable to Leggett & Platt common shareholders 333.8 305.9 293.5 Earnings (loss) from discontinued operations, net of tax — — (.9 ) Net earnings attributable to Leggett & Platt common shareholders $ 333.8 $ 305.9 $ 292.6 Weighted average number of shares (in millions): Weighted average number of common shares used in basic EPS 134.8 134.3 136.0 Dilutive effect of equity-based compensation .6 .9 1.3 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 135.4 135.2 137.3 Basic and Diluted EPS: Basic EPS attributable to Leggett & Platt common shareholders Continuing operations $ 2.48 $ 2.28 $ 2.16 Discontinued operations — — (.01 ) Basic EPS attributable to Leggett & Platt common shareholders $ 2.48 $ 2.28 $ 2.15 Diluted EPS attributable to Leggett & Platt common shareholders Continuing operations $ 2.47 $ 2.26 $ 2.14 Discontinued operations — — (.01 ) Diluted EPS attributable to Leggett & Platt common shareholders $ 2.47 $ 2.26 $ 2.13 Other information: Anti-dilutive shares excluded from diluted EPS computation .2 .1 — Cash dividends declared per share $ 1.58 $ 1.50 $ 1.42 |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Components of Accounts And Other Receivables | Accounts and other receivables at December 31 consisted of the following: 2019 2018 Current Long-term Current Long-term Trade accounts receivable 1 $ 571.8 $ — $ 548.8 $ — Trade notes receivable 1.1 .6 1.7 1.4 Total trade receivables 572.9 .6 550.5 1.4 Other notes receivable 1 — 23.4 — 24.2 Taxes receivable, including income taxes 15.8 — 12.9 — Other receivables 11.7 — 13.4 — Subtotal other receivables 27.5 23.4 26.3 24.2 Total trade and other receivables 600.4 24.0 576.8 25.6 Allowance for doubtful accounts: Trade accounts receivable 1 (8.4 ) — (5.2 ) — Trade notes receivable (.1 ) — — — Total trade receivables (8.5 ) — (5.2 ) — Other notes receivable 1 — (15.0 ) — (15.0 ) Total allowance for doubtful accounts (8.5 ) (15.0 ) (5.2 ) (15.0 ) Total net receivables $ 591.9 $ 9.0 $ 571.6 $ 10.6 1 The “Trade accounts receivable” and “Other notes receivable” line items above include $26.0 and $26.7 as of December 31, 2019 and December 31, 2018, respectively, from a customer in our Residential Products segment who is experiencing financial difficulty and liquidity problems and, during the fourth quarter of 2018, became delinquent in trade accounts receivable balances. In December 2018, we concluded that an impairment existed with regard to this customer, and we established a reserve of $15.9 ( $15.0 for the note and $.9 for the trade receivable) to reflect the estimated amount of the probable credit loss and placed the note on nonaccrual status. The note receivable was restructured during the first quarter of 2019 in conjunction with an overall refinancing plan by the customer. The reserve balance at December 31, 2019 was $16.0 . |
Schedule of Allowance For Doubtful Accounts | Activity related to the allowance for doubtful accounts is reflected below: Balance at December 31, 2017 Add: Charges Less: Net Charge-offs/(Recoveries) and Other Balance at December 31, 2018 Add: Less: Net Balance at December 31, 2019 Trade accounts receivable $ 4.7 $ 1.9 $ 1.4 $ 5.2 $ 2.7 $ (.5 ) $ 8.4 Trade notes receivable .2 (.2 ) — — .1 — .1 Total trade receivables 4.9 1.7 1.4 5.2 2.8 (.5 ) 8.5 Other notes receivable — 15.0 — 15.0 — — 15.0 Total allowance for doubtful accounts $ 4.9 $ 16.7 $ 1.4 $ 20.2 $ 2.8 $ (.5 ) $ 23.5 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Supplemental Balance Sheet Information | Additional supplemental balance sheet details at December 31 consisted of the following: 2019 2018 Sundry Deferred taxes (see Note O ) $ 11.5 $ 20.2 Diversified investments associated with stock-based compensation plans (see Note M ) 38.2 30.4 Investment in associated companies 4.3 7.1 Pension plan assets (see Note N ) 1.4 1.6 Brazilian VAT deposits (see Note U ) 10.5 13.9 Net long-term notes receivable (see Note I ) 9.0 10.6 Finance leases (see Note L ) 4.3 — Other 39.2 32.6 $ 118.4 $ 116.4 Accrued expenses Litigation contingency accruals (see Note U ) $ .7 $ 1.9 Wages and commissions payable 80.9 71.5 Workers’ compensation, vehicle-related and product liability, medical/disability 1 42.9 49.2 Sales promotions 51.1 48.3 Liabilities associated with stock-based compensation plans (see Note M ) 11.8 12.2 Accrued interest 14.4 7.9 General taxes, excluding income taxes 17.0 16.3 Environmental reserves 3.8 2.9 Other 58.4 52.5 $ 281.0 $ 262.7 Other current liabilities Dividends payable $ 52.7 $ 49.6 Customer deposits 11.9 11.8 Sales tax payable 5.0 3.9 Derivative financial instruments (see Note T ) .9 4.5 Liabilities associated with stock-based compensation plans (see Note M ) 2.8 2.3 Outstanding checks in excess of book balances 10.4 10.6 Other 9.6 3.7 $ 93.3 $ 86.4 Other long-term liabilities Liability for pension benefits (see Note N ) $ 58.6 $ 39.2 Liabilities associated with stock-based compensation plans (see Note M ) 46.5 34.6 Deemed repatriation tax payable (see Note O ) 32.8 32.2 Net reserves for tax contingencies 8.1 10.3 Deferred compensation (see Note M ) 14.6 17.6 Other 12.9 21.4 $ 173.5 $ 155.3 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt, Weighted Average Interest Rates And Due Dates | Long-term debt, interest rates and due dates at December 31 are as follows: 2019 2018 Year-end Interest Rate Due Date Through Balance Year-end Interest Rate Due Date Through Balance Senior Notes 1 3.4 % 2022 $ 300.0 3.4 % 2022 $ 300.0 Senior Notes 1 3.8 % 2024 300.0 3.8 % 2024 300.0 Senior Notes 1 3.5 % 2027 500.0 3.5 % 2027 500.0 Senior Notes 1 4.4 % 2029 500.0 — Term Loan 2 2.9 % 2024 462.5 — Industrial development bonds, principally variable interest rates 1.6 % 2030 3.8 1.9 % 2030 3.8 Commercial paper 3 2.0 % 2024 61.5 2.6 % 2022 70.0 Finance leases (primarily vehicles) 4.2 4.7 Other, partially secured .5 .6 Unamortized discounts and deferred loan cost (14.9 ) (10.1 ) Total debt 2,117.6 1,169.0 Less: current maturities 51.1 1.2 Total long-term debt $ 2,066.5 $ 1,167.8 1 Senior Notes are unsecured and unsubordinated obligations. For each of the Senior Notes: (i) interest is paid semi-annually in arrears; (ii) principal is due at maturity with no sinking fund; and (iii) we may, at our option, at any time, redeem all or a portion of any of the debt at a make-whole redemption price equal to the greater of: (a) 100% of the principal amount of the notes being redeemed; and (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a specified discount rate determined by the terms of each respective note. The Senior Notes may also be redeemed by us within 90 days of maturity at 100% of the principal amount plus accrued and unpaid interest, and we are required to offer to purchase such notes at 101% of the principal amount, plus accrued and unpaid interest, if we experience a Change of Control Repurchase Event, as defined in the Senior Notes. Also, each respective Senior Note contains restrictive covenants, including a limitation on secured debt of 15% of our consolidated assets, a limitation on sale and leaseback transactions, and a limitation on certain consolidations, mergers, and sales of assets. 2 In January 2019, we issued a $500.0 five-year Tranche A Term Loan with our current bank group. We pay quarterly principal installments of $12.5 through the maturity date of January 2024, at which time we will pay the remaining principal. Additional principal payments, including a complete early payoff, are allowed without penalty. As of December 31, 2019 , we had repaid $37.5 , as scheduled, on the Tranche A Term Loan. The Tranche A Term Loan bears a variable interest rate as defined in the agreement and was 2.9% at December 31, 2019 . Interest is payable based upon a time interval that depends on the selection of interest rate period, and at December 31, 2019 , there was no material accrued interest payable on the Tranche A Loan. 3 The weighted average interest rate for the net commercial paper activity during the years ended December 31, 2019 and 2018 was 2.6% and 2.4% , respectively. |
Schedule of Maturities of Long-Term Debt | Maturities are as follows: Year ended December 31 2020 $ 51.1 2021 51.0 2022 350.2 2023 51.0 2024 621.9 Thereafter 992.4 $ 2,117.6 |
Schedule of Amounts Outstanding Related to Commercial Paper Program | Amounts outstanding at December 31 related to our commercial paper program were: 2019 2018 Total program authorized $ 1,200.0 $ 800.0 Commercial paper outstanding (classified as long-term debt) (61.5 ) (70.0 ) Letters of credit issued under the credit facility — — Total program usage (61.5 ) (70.0 ) Total program available $ 1,138.5 $ 730.0 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Effect of Applying Topic 842 | The cumulative effect of applying Topic 842 to our Consolidated Condensed Balance Sheet was as follows: Balance at December 31, 2018 as Previously Reported Topic 842 Adjustments Balance at January 1, 2019 Current assets 1 $ 1,524.6 $ (1.3 ) $ 1,523.3 Net property, plant and equipment 2 728.5 (5.1 ) 723.4 Other assets 3 1,128.9 142.3 1,271.2 Total assets $ 3,382.0 $ 135.9 $ 3,517.9 Accrued expenses 4 $ 262.7 $ (.4 ) $ 262.3 Current portion of operating lease liabilities 3 — 32.0 32.0 All other current liabilities 553.0 — 553.0 Long-term liabilities 3 1,408.7 104.2 1,512.9 Retained earnings 2,613.8 .1 2,613.9 Other equity (1,456.2 ) — (1,456.2 ) Total liabilities and equity $ 3,382.0 $ 135.9 $ 3,517.9 1 This adjustment is to reclass prepaid rent balances to be presented within Other assets with the operating lease right-of-use assets. 2 This adjustment is to reclass our finance lease right-of-use assets to be presented within Other assets with the operating lease right-of-use assets. 3 This adjustment is to record the assets and liabilities arising from leases. 4 This adjustment is to reclass lease liabilities to be presented within Current portion of operating lease liabilities. |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows: December 31, 2019 Operating leases: Operating lease right-of-use assets $ 158.8 Current portion of operating lease liabilities 39.3 Operating lease liabilities 121.6 Total operating lease liabilities $ 160.9 Finance leases: Sundry $ 4.3 Current maturities of long-term debt 1.1 Long-term debt 3.1 Total finance lease liabilities $ 4.2 |
Components of Lease Expense | The components of lease expense were as follows: Year Ended December 31, 2019 Operating lease costs: Lease costs $ 45.0 Variable lease costs 12.9 Total operating lease costs $ 57.9 Short-term lease costs $ 5.0 Finance lease costs: Amortization of right-of-use assets $ 2.7 Interest on lease liabilities .2 Total finance lease costs $ 2.9 Total lease costs $ 65.8 Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 40.7 Operating cash flows from finance leases .2 Financing cash flows from finance leases 2.7 Right-of-use assets obtained in exchange for new operating lease liabilities 40.7 Right-of-use assets obtained in exchange for new finance lease liabilities 2.1 |
Lessee, Operating Lease, Liability, Maturity | The following table reconciles the undiscounted cash flows for the operating and finance leases at December 31, 2019 to the operating and finance lease liabilities recorded on the Consolidated Balance Sheets: December 31, 2019 Operating Leases Finance Leases 2020 $ 43.9 $ 1.9 2021 39.1 1.4 2022 32.7 .9 2023 23.4 .2 2024 16.1 — Thereafter 19.1 — Total 174.3 4.4 Less: Interest 13.4 .2 Lease Liability $ 160.9 $ 4.2 Weighted average remaining lease term (years) 4.7 2.5 Weighted average discount rate 3.3 % 3.5 % |
Operating Leases, Schedule of Future Minimum Payments | The following table reconciles the undiscounted cash flows for the operating and finance leases at December 31, 2019 to the operating and finance lease liabilities recorded on the Consolidated Balance Sheets: December 31, 2019 Operating Leases Finance Leases 2020 $ 43.9 $ 1.9 2021 39.1 1.4 2022 32.7 .9 2023 23.4 .2 2024 16.1 — Thereafter 19.1 — Total 174.3 4.4 Less: Interest 13.4 .2 Lease Liability $ 160.9 $ 4.2 Weighted average remaining lease term (years) 4.7 2.5 Weighted average discount rate 3.3 % 3.5 % |
Future minimum lease commitments | Our future minimum lease commitments as of December 31, 2018, under Topic 840, the predecessor to Topic 842, were as follows: Operating Leases 2019 $ 35.9 2020 30.7 2021 26.2 2022 19.9 2023 13.1 Thereafter 18.0 Total $ 143.8 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Flexible Stock Plan Options | At December 31, 2019 , the following common shares were authorized for issuance under the Plan: Shares Available for Issuance Maximum Number of Authorized Shares Unexercised options .6 .6 Outstanding stock units—vested 3.5 7.8 Outstanding stock units—unvested 1.1 3.3 Available for grant 5.0 5.0 Authorized for issuance at December 31, 2019 10.2 16.7 |
Components Of Stock-Based Compensation | The following table recaps the impact of stock-based compensation on the results of operations for each of the periods presented: Year Ended December 31 2019 2018 2017 To Be Settled With Stock To Be Settled In Cash To Be Settled With Stock To Be Settled In Cash To Be Settled With Stock To Be Settled In Cash Stock-based retirement plans contributions 2 $ 3.7 $ .6 $ 5.6 $ 1.0 $ 5.5 $ 1.2 Discounts on various stock awards: Deferred Stock Compensation Program 1 2.1 — 1.9 — 2.1 — Stock-based retirement plans 2 1.3 — 1.3 — 1.4 — Discount Stock Plan 6 1.0 — 1.1 — 1.1 — Performance Stock Unit (PSU) awards: 3 2018 and later PSU - TSR based 3A 2.8 4.1 1.2 .8 — — 2018 and later PSU - EBIT CAGR based 3B 3.8 5.3 2.9 2.5 — — 2017 and prior PSU awards 3C 1.8 1.0 3.6 (1.3 ) 5.4 (1.4 ) Profitable Growth Incentive (PGI) awards 4 — — .9 .9 1.4 1.4 Restricted Stock Units (RSU) awards 5 2.0 — 2.1 — 2.5 — Other, primarily non-employee directors restricted stock 1.4 — .9 — .9 — Total stock-related compensation expense 19.9 $ 11.0 21.5 $ 3.9 20.3 $ 1.2 Employee contributions for above stock plans 13.1 14.0 16.3 Total stock-based compensation $ 33.0 $ 35.5 $ 36.6 Tax benefits on stock-based compensation expense $ 4.7 $ 5.1 $ 7.3 Tax benefits on stock-based compensation payments (As discussed below, we elected to pay selected awards in cash during 2018.) 5.6 3.9 9.9 Total tax benefits associated with stock-based compensation $ 10.3 $ 9.0 $ 17.2 |
Schedule of Stock-based Compensation Assets and Liabilities | The following table recaps the impact of stock-based compensation on assets and liabilities for each of the periods presented: 2019 2018 Current Long-term Total Current Long-term Total Assets: Diversified investments associated with the Executive Stock Unit Program 2 $ 2.8 $ 38.2 $ 41.0 $ 2.3 $ 30.4 $ 32.7 Liabilities: Executive Stock Unit Program 2 $ 2.8 $ 37.8 $ 40.6 $ 2.3 $ 31.4 $ 33.7 Performance Stock Unit (TSR) award 3A 1.5 5.0 6.5 .6 .7 1.3 Performance Stock Unit (EBIT) award 3B 4.1 3.7 7.8 — 2.5 2.5 Profitable Growth Incentive award 4 — — — 4.3 — 4.3 Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts 6.2 — 6.2 7.4 — 7.4 Total liabilities associated with stock-based compensation $ 14.6 $ 46.5 $ 61.1 $ 14.6 $ 34.6 $ 49.2 |
Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits | Options Units Cash Aggregate amount of compensation deferred during 2019 $ .1 $ 6.9 $ .6 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Stock option information for the plans discussed above is as follows: Total Stock Options Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding at December 31, 2018 1.6 $ 25.43 Granted .1 36.25 Exercised (1.1 ) 22.40 Outstanding at December 31, 2019 .6 $ 33.03 4.7 $ 10.4 Vested or expected to vest .6 $ 33.03 4.7 $ 10.4 Exercisable (vested) at December 31, 2019 .5 $ 32.34 3.8 $ 8.9 |
Schedule of Share-based Compensation, Stock Options, Activity | Additional information related to stock option activity for the periods presented is as follows: Year Ended December 31 2019 2018 2017 Total intrinsic value of stock options exercised $ 23.6 $ 8.8 $ 11.7 Cash received from stock options exercised 9.3 4.8 2.6 Total fair value of stock options vested .3 .8 1.2 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table summarizes fair values calculated (and assumptions utilized) using the Black-Scholes option pricing model. Year Ended December 31 2019 2018 2017 Aggregate grant date fair value $ .5 $ <.1 $ <.1 Weighted-average per share grant date fair value 5.36 6.47 9.21 Risk-free interest rate 2.8 % 2.3 % 2.3 % Expected life in years 7.8 6.0 6.0 Expected volatility (over expected life) 22.3 % 19.4 % 19.8 % Expected dividend yield (over expected life) 4.2 % 3.1 % 3.1 % |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Performance Based Units Table | Below is a summary of shares and grant date fair value related to PSU awards for the periods presented: Year Ended December 31 2019 2018 2017 TSR based Total shares base award .1 .1 .1 Grant date per share fair value $ 57.86 $ 42.60 $ 50.75 Risk-free interest rate 2.4 % 2.4 % 1.5 % Expected life in years 3.0 3.0 3.0 Expected volatility (over expected life) 21.5 % 19.9 % 19.5 % Expected dividend yield (over expected life) 3.4 % 3.3 % 2.8 % EBIT CAGR based Total shares base award .1 .1 Grant date per share fair value $ 39.98 $ 40.92 Vesting period in years 3.0 3.0 Three-Year Performance Cycle Award Year Completion Date TSR Performance Relative to the Peer Group (1%=Best) Payout as a Percent of the Base Award Number of Shares Distributed Cash Portion Distribution Date 2015 December 31, 2017 57 61.0% — $ 6.9 First quarter 2018 2016 December 31, 2018 78 —% — $ — First quarter 2019 2017 December 31, 2019 63 49.0% .1 million $ 1.6 First quarter 2020 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Performance Cycle For PGI Awards | Two-Year Performance Cycle Award Year Completion Date Average Payout as a Percent of the Base Award Estimated Number of Shares Cash Portion Expected Distribution Date 2015 December 31, 2016 36.0% < .1 million $ .8 First quarter 2017 2016 December 31, 2017 44.0% — $ 2.0 First quarter 2018 2017 December 31, 2018 155.0% < .1 million $ 2.2 First quarter 2019 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Stock unit information for the plans discussed above is presented in the table below: DSU ESUP PSU* RSU Total Units Weighted Average Grant Date Fair Value per Unit Aggregate Intrinsic Value Unvested at December 31, 2018 — — .7 .1 .8 $ 38.43 Granted based on current service .2 .2 — .1 .5 41.48 Granted based on future conditions — — .4 — .4 24.26 Vested (.2 ) (.2 ) — (.1 ) (.5 ) 43.97 Forfeited — — (.1 ) — (.1 ) — Unvested at December 31, 2019 — — 1.0 .1 1.1 $ 33.30 $ 56.4 Fully vested shares available for issuance at December 31, 2019 3.5 $ 176.2 *PSU awards are presented at maximum payout (2017 award at 175% and 2018 and later awards at 200% ) |
Stock Units Converted To Common Stock | Year Ended December 31 2019 2018 2017 Total intrinsic value of vested stock units converted to common stock $ 8.0 $ 12.1 $ 22.7 |
Discount Stock Plan | Average 2019 purchase price per share (net of discount) $ 35.62 2019 number of shares purchased by employees .2 Shares purchased since inception in 1982 23.3 Maximum shares under the plan 27.0 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Summary of Pension Obligations And Funded Status | A summary of our pension obligations and funded status as of December 31 is as follows: 2019 2018 2017 Change in benefit obligation Benefit obligation, beginning of period $ 219.8 $ 241.5 $ 293.0 Service cost 4.0 3.9 4.6 Interest cost 8.5 8.0 10.9 Plan participants’ contributions .5 .5 .7 Actuarial loss (gain) 36.7 (20.3 ) 4.0 Benefits paid (13.8 ) (13.4 ) (15.2 ) Plan amendments 1.9 1.9 — Settlements — — (59.8 ) Foreign currency exchange rate changes 1.5 (2.3 ) 3.3 Benefit obligation, end of period 259.1 219.8 241.5 Change in plan assets Fair value of plan assets, beginning of period 181.8 185.7 214.1 Actual return (loss) on plan assets 30.0 (10.6 ) 28.3 Employer contributions 1.5 21.8 14.9 Plan participants’ contributions .5 .5 .7 Benefits paid (13.8 ) (13.4 ) (15.2 ) Settlements — — (59.8 ) Foreign currency exchange rate changes 1.5 (2.2 ) 2.7 Fair value of plan assets, end of period 201.5 181.8 185.7 Net funded status $ (57.6 ) $ (38.0 ) $ (55.8 ) Funded status recognized in the Consolidated Balance Sheets Other assets—sundry $ 1.4 $ 1.6 $ 2.2 Other current liabilities (.4 ) (.4 ) (.4 ) Other long-term liabilities (58.6 ) (39.2 ) (57.6 ) Net funded status $ (57.6 ) $ (38.0 ) $ (55.8 ) |
Schedule of Accumulated Other Comprehensive Income | Amounts and activity included in accumulated other comprehensive income associated with pensions are reflected below: December 31, 2018 2019 2019 2019 2019 December 31, 2019 Net loss (gain) (before tax) $ 54.7 $ (2.9 ) $ 18.3 $ .3 $ (.2 ) $ 70.2 Deferred income taxes (15.4 ) — — — (3.6 ) (19.0 ) Accumulated other comprehensive income (loss) (net of tax) $ 39.3 $ (2.9 ) $ 18.3 $ .3 $ (3.8 ) $ 51.2 |
Summary of Accumulated Other Comprehensive Income Recognized In Net Periodic Pension Cost | Of the amounts in accumulated other comprehensive income as of December 31, 2019 , the portions expected to be recognized as components of net periodic pension cost in 2020 are as follows: Net loss $ 3.7 Net prior service cost .2 Total expected to be recognized in 2020 $ 3.9 |
Components of Net Pension (Expense) Benefit | Components of net pension (expense) income for the years ended December 31 were as follows: 2019 2018 2017 Service cost $ (4.0 ) $ (3.9 ) $ (4.6 ) Interest cost (8.5 ) (8.0 ) (10.9 ) Expected return on plan assets 11.3 11.9 13.4 Recognized net actuarial loss (2.9 ) (2.6 ) (4.6 ) Prior service cost (1.7 ) — — Settlements — — (15.3 ) Net pension expense $ (5.8 ) $ (2.6 ) $ (22.0 ) Weighted average assumptions for pension costs: Discount rate used in net pension costs 3.9 % 3.4 % 3.8 % Rate of compensation increase used in pension costs 3.0 % 3.0 % 3.5 % Expected return on plan assets 6.4 % 6.4 % 6.5 % Weighted average assumptions for benefit obligation: Discount rate used in benefit obligation 2.8 % 3.9 % 3.4 % Rate of compensation increase used in benefit obligation 3.4 % 3.0 % 3.0 % |
Schedule of Fair Value Of Pension Plan Assets | Presented below are our major categories of investments for the periods presented: Year Ended December 31, 2019 Year Ended December 31, 2018 Level 1 Level 2 Level 3 Assets Measured at NAV 1 Total Level 1 Level 2 Level 3 Assets Measured at NAV 1 Total Mutual and pooled funds Fixed income $ 40.7 $ — $ — $ — $ 40.7 $ 41.8 $ — $ — $ — $ 41.8 Equities 121.7 — — — 121.7 96.8 — — — 96.8 Stable value funds — 30.2 — — 30.2 — 29.5 — — 29.5 Money market funds, cash and other — — — 8.9 8.9 — — — 13.7 13.7 Total investments at fair value $ 162.4 $ 30.2 $ — $ 8.9 $ 201.5 $ 138.6 $ 29.5 $ — $ 13.7 $ 181.8 1 Certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. |
Schedule of Allocation of Plan Assets | The aggregate allocation of these investments is as follows: 2019 2018 Asset Category Equity securities 60 % 53 % Debt securities 20 23 Stable value funds 15 16 Other, including cash 5 8 Total 100 % 100 % |
Schedule of Estimated Benefit Payments | Estimated benefit payments expected over the next 10 years are as follows: 2020 $ 12.4 2021 13.4 2022 13.8 2023 14.2 2024 14.5 2025-2029 71.2 |
Schedule of Costs of Retirement Plans | Total expense for defined contribution plans was as follows: 2019 2018 2017 401(k) Plan $ 6.9 $ 2.2 $ 2.3 Other defined contribution plans 5.3 4.1 4.0 $ 12.2 $ 6.3 $ 6.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Earnings From Continuing Operations Before Income Taxes | The components of earnings from continuing operations before income taxes are as follows: Year Ended December 31 2019 2018 2017 Domestic $ 195.5 $ 149.1 $ 188.6 Foreign 234.6 235.3 243.4 $ 430.1 $ 384.4 $ 432.0 |
Income Tax Expense From Continuing Operations | Income tax expense from continuing operations is comprised of the following components: Year Ended December 31 2019 2018 2017 Current Federal $ 34.6 $ 21.2 $ 76.0 State and local 5.3 4.9 3.8 Foreign 48.7 55.6 43.2 88.6 81.7 123.0 Deferred Federal 7.5 8.8 5.8 State and local .6 (12.0 ) (2.6 ) Foreign (.5 ) (.2 ) 12.2 7.6 (3.4 ) 15.4 $ 96.2 $ 78.3 $ 138.4 |
Schedule of Income Tax Expense From Continuing Operations Percentage | Income tax expense from continuing operations, as a percentage of earnings before income taxes, differs from these statutory federal income tax rates as follows: Year Ended December 31 2019 2018 2017 Statutory federal income tax rate 21.0 % 21.0 % 35.0 % Increases (decreases) in rate resulting from: State taxes, net of federal benefit 1.4 .9 1.0 Tax effect of foreign operations (1.6 ) (.7 ) (8.8 ) Global intangible low-taxed income 2.2 .7 — Current and deferred foreign withholding taxes 1.2 3.8 3.5 Deemed repatriation of foreign earnings — (.3 ) 15.6 Deferred tax revaluation (.1 ) (.1 ) (6.0 ) Stock-based compensation (1.1 ) (.8 ) (2.0 ) Tax benefit for outside basis in subsidiary — — (1.8 ) Change in valuation allowance .4 (2.0 ) (.4 ) Change in uncertain tax positions, net (.3 ) (.3 ) (.6 ) Domestic production activities deduction — — (1.2 ) Other permanent differences, net (.3 ) (1.4 ) (1.6 ) Other, net (.4 ) (.4 ) (.7 ) Effective tax rate 22.4 % 20.4 % 32.0 % |
Reconciliation of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of our gross unrecognized tax benefits for the periods presented is as follows: 2019 2018 2017 Gross unrecognized tax benefits, January 1 $ 8.2 $ 10.1 $ 12.1 Gross increases—tax positions in prior periods — — .1 Gross decreases—tax positions in prior periods (.4 ) (.5 ) (.4 ) Gross increases—current period tax positions .7 1.3 1.5 Change due to exchange rate fluctuations — (.2 ) .3 Settlements — — (.9 ) Lapse of statute of limitations (2.1 ) (2.5 ) (2.6 ) Gross unrecognized tax benefits, December 31 6.4 8.2 10.1 Interest 1.9 2.4 3.0 Penalties .3 .4 .5 Total gross unrecognized tax benefits, December 31 $ 8.6 $ 11.0 $ 13.6 |
Deferred Tax Assets or Liabilities | Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. The major temporary differences and their associated deferred tax assets or liabilities are as follows: December 31 2019 2018 Assets Liabilities Assets Liabilities Property, plant and equipment $ 19.1 $ (84.8 ) $ 19.7 $ (67.8 ) Inventories 2.3 (13.2 ) 2.1 (10.3 ) Accrued expenses 59.9 (4.2 ) 60.3 (.1 ) Net operating losses and other tax carryforwards 31.9 — 27.2 — Pension cost and other post-retirement benefits 18.2 (.7 ) 13.4 (.6 ) Intangible assets .3 (199.5 ) .4 (84.6 ) Derivative financial instruments 3.0 (1.7 ) 5.0 (1.3 ) Tax on undistributed earnings (primarily from Canada and China) — (16.8 ) — (18.8 ) Uncertain tax positions 1.4 — 2.4 — Other 5.2 (6.3 ) 6.9 (6.1 ) Gross deferred tax assets (liabilities) 141.3 (327.2 ) 137.4 (189.6 ) Valuation allowance (16.8 ) — (13.2 ) — Total deferred taxes $ 124.5 $ (327.2 ) $ 124.2 $ (189.6 ) Net deferred tax liability $ (202.7 ) $ (65.4 ) |
Deferred Tax Assets And (Liabilities) Included In Consolidated Balance Sheets | Deferred tax assets (liabilities) included in the consolidated balance sheets are as follows: December 31 2019 2018 Sundry $ 11.5 $ 20.2 Deferred income taxes (214.2 ) (85.6 ) $ (202.7 ) $ (65.4 ) |
Other Expense (Income) (Tables)
Other Expense (Income) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Nonoperating Income (Expense) [Abstract] | |
Components of Other Expense (Income) | The components of other expense (income) from continuing operations were as follows: Year Ended December 31 2019 2018 2017 Restructuring charges (See Note F ) $ 8.1 $ 7.8 $ .8 Currency loss 3.0 .8 1.5 (Gain) loss from diversified investments associated with Executive Stock Unit Program (7.2 ) 1.9 (4.5 ) Non-service pension expense (income) (See Note N ) 1.8 (1.3 ) 17.4 Other income (4.3 ) (6.5 ) (2.6 ) $ 1.4 $ 2.7 $ 12.6 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Changes in Each Component of Accumulated Other Comprehensive Income (Loss) | The following table sets forth the changes in each component of accumulated other comprehensive income (loss): Foreign Currency Translation Adjustments Cash Flow Hedges Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2017 $ (38.6 ) $ (17.8 ) $ (57.2 ) $ (113.6 ) Other comprehensive income 78.7 1.6 10.2 90.5 Reclassifications, pretax 1 — 7.2 19.9 27.1 Income tax effect — (2.5 ) (11.4 ) (13.9 ) Attributable to noncontrolling interest .4 — — .4 Balance at December 31, 2017 40.5 (11.5 ) (38.5 ) (9.5 ) Other comprehensive (loss) (67.0 ) (3.1 ) (3.7 ) (73.8 ) Reclassifications, pretax 2 — 2.8 2.6 5.4 Income tax effect — — .3 .3 Balance at December 31, 2018 (26.5 ) (11.8 ) (39.3 ) (77.6 ) Other comprehensive income (loss) 5.0 2.5 (18.6 ) (11.1 ) Reclassifications, pretax 3 — 7.4 2.9 10.3 Income tax effect — (2.2 ) 3.8 1.6 Balance at December 31, 2019 $ (21.5 ) $ (4.1 ) $ (51.2 ) $ (76.8 ) 1 2017 pretax reclassifications are comprised of: Net sales $ — $ 2.3 $ — $ 2.3 Cost of goods sold; selling and administrative expenses — .7 — .7 Interest expense — 4.2 — 4.2 Other expense (income), net — — 19.9 19.9 Total 2017 reclassifications, pretax $ — $ 7.2 $ 19.9 $ 27.1 2 2018 pretax reclassifications are comprised of: Net sales $ — $ (2.6 ) $ — $ (2.6 ) Cost of goods sold; selling and administrative expenses — 1.1 — 1.1 Interest expense — 4.3 — 4.3 Other expense (income), net — — 2.6 2.6 Total 2018 reclassifications, pretax $ — $ 2.8 $ 2.6 $ 5.4 3 2019 pretax reclassifications are comprised of: Net sales $ — $ 3.6 $ — $ 3.6 Cost of goods sold; selling and administrative expenses — (.6 ) — (.6 ) Interest expense — 4.4 — 4.4 Other expense (income), net — — 2.9 2.9 Total 2019 reclassifications, pretax $ — $ 7.4 $ 2.9 $ 10.3 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measures 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 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Bank time deposits with original maturities of three months or less $ — $ 153.7 $ — $ 153.7 Derivative assets 1 (see Note T ) — 4.0 — 4.0 Diversified investments associated with the ESUP 1 (see Note M ) 41.0 — — 41.0 Total assets $ 41.0 $ 157.7 $ — $ 198.7 Liabilities: Derivative liabilities 1 (see Note T ) $ — $ .9 $ — $ .9 Liabilities associated with the ESUP 1 (see Note M ) 40.6 — — 40.6 Total liabilities $ 40.6 $ .9 $ — $ 41.5 As of December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Bank time deposits with original maturities of three months or less $ — $ 159.1 $ — $ 159.1 Derivative assets 1 (see Note T ) — 1.2 — 1.2 Diversified investments associated with the ESUP 1 (see Note M ) 32.7 — — 32.7 Total assets $ 32.7 $ 160.3 $ — $ 193.0 Liabilities: Derivative liabilities 1 (see Note T ) $ — $ 4.7 $ — $ 4.7 Liabilities associated with the ESUP 1 (see Note M ) 33.7 — — 33.7 Total liabilities $ 33.7 $ 4.7 $ — $ 38.4 1 Includes both current and long-term amounts combined. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Estimated Fair Values of the Assets Acquired and Liabilities Assumed | The following table contains the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions during the periods presented (using inputs discussed in Note A ), and any additional consideration paid for prior years’ acquisitions. Of the goodwill included in the table below, $139.0 is expected to be deductible for tax purposes. 2019 2018 2017 Accounts receivable $ 75.2 $ 19.6 $ 10.5 Inventory 63.2 26.2 6.2 Property, plant and equipment 82.3 28.2 15.7 Goodwill (see Note E ) 566.3 28.1 11.5 Other intangible assets (see Note E ) Customer relationships (7 to 20-year life) 378.9 19.4 11.3 Technology (5 to 15-year life) 173.3 4.9 — Trademarks and trade names (15-year) 67.1 2.7 8.6 Non-compete agreements and other (5 to 15-year life) 28.7 1.9 .4 Other current and long-term assets 29.4 .8 .8 Current liabilities (48.2 ) (11.9 ) (4.6 ) Deferred income taxes (127.4 ) (9.9 ) (6.3 ) Long-term liabilities (23.7 ) (.8 ) — Noncontrolling interest — — (.5 ) Fair value of net identifiable assets 1,265.1 109.2 53.6 Less: Additional consideration payable — — 2.7 Less: Common stock issued for acquired companies — — 11.8 Net cash consideration $ 1,265.1 $ 109.2 $ 39.1 |
Schedule of Acquisitions | The following table summarizes acquisitions for the periods presented. Year Ended Number of Acquisitions Segment Product/Service December 31, 2019 2 Residential Products A leader in proprietary specialized foam technology, primarily for the bedding and furniture industries; Manufacturer and distributor of geosynthetic and mine ventilation products December 31, 2018 3 Residential Products; Specialized Products Manufacturer and distributor of home and garden products; Manufacturer and distributor of silt fence; Engineered hydraulic cylinders December 31, 2017 3 Residential Products; Furniture Products Distributor and installer of geosynthetic products; Flooring products; Surface-critical bent tube components |
Business Acquisition, Pro Forma Information | The following table summarizes, on an unaudited pro forma basis, our combined results of operations, including ECS, as though the acquisition had occurred as of January 1, 2018. We have not provided pro forma results of operations related to other acquisitions, as these results were not material. The unaudited proforma financial information below is not necessarily indicative of the results of operations that would have been realized had the ECS acquisition occurred as of January 1, 2018, nor is it meant to be indicative of any future results of operations. It does not include benefits expected from revenue or product mix enhancements, operating synergies or cost savings that may be realized or any estimated future costs that may be incurred to integrate the ECS business. Year Ended December 31 2019 2018 Net sales $ 4,774.1 $ 4,870.8 Net earnings 335.5 283.9 EPS basic 2.49 2.11 EPS diluted 2.49 2.10 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule 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 December 31, 2019 Derivatives Designated as Hedging Instruments Assets Liabilities Other Current Assets Sundry Other Current Liabilities Cash flow hedges: Currency hedges: Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries Sep 2021 $ 138.5 $ 1.3 $ .2 $ .7 Future MXN purchases of a USD subsidiary Jun 2021 9.8 .5 .1 — Future DKK sales of Polish subsidiary Jun 2021 21.1 .3 — — Future EUR Sales of Chinese and UK subsidiaries Jun 2021 29.9 .7 — — Total cash flow hedges 2.8 .3 .7 Fair value hedges: Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, GBP, PLN and USD) May 2020 112.0 .8 — .1 Total fair value hedges .8 — .1 Derivatives not designated as hedging instruments Non-deliverable hedges (EUR and USD) exposed to the CNY Dec 2020 10.1 .1 — — Hedge of USD Receivable on CAD Subsidiary Jan 2020 5.0 — — .1 Total derivatives not designated as hedging instruments .1 — .1 Total derivatives $ 3.7 $ .3 $ .9 Expiring at various dates through: Total USD Equivalent Notional Amount As of December 31, 2018 Derivatives Designated as Hedging Instruments Assets Liabilities Other Current Assets Sundry Other Current Liabilities Other Long-Term Liabilities Cash flow hedges: Currency hedges: Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries Jun 2020 $ 164.7 $ .5 $ .1 $ 3.8 $ .2 Future MXN purchases of a USD subsidiary Jun 2019 7.9 .1 — — — Future EUR Sales of Chinese and UK subsidiaries Jun 2020 32.3 .2 .1 .1 — Total cash flow hedges .8 .2 3.9 .2 Fair value hedges: Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, EUR, GBP, PLN and USD) Dec 2019 65.8 .1 — .3 — Total fair value hedges .1 — .3 — Derivatives not designated as hedging instruments Non-deliverable hedges (EUR and USD) exposed to the CNY Dec 2019 23.6 .1 — .3 — Total derivatives not designated as hedging instruments .1 — .3 — Total derivatives $ 1.0 $ .2 $ 4.5 $ .2 |
Schedule of Gains (Losses) Of Hedging Activities Recorded In Income | The following table sets forth the pretax (gains) losses for our hedging activities for the years presented. This schedule includes reclassifications from accumulated other comprehensive income as well as derivative settlements recorded directly to income or expense. Income Statement Caption Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 Derivatives Designated as Hedging Instruments 2019 2018 2017 Interest rate cash flow hedges Interest expense $ 4.4 $ 4.3 $ 4.2 Currency cash flow hedges Net sales 2.7 (2.0 ) (1.4 ) Currency cash flow hedges Cost of goods sold (1.6 ) .4 .4 Currency cash flow hedges Other expense (income), net .1 — .6 Total cash flow hedges 5.6 2.7 3.8 Fair value hedges Other expense (income), net .8 1.2 (.2 ) Derivatives Not Designated as Hedging Instruments Other expense (income), net .1 (1.6 ) (1.7 ) Total derivative instruments $ 6.5 $ 2.3 $ 1.9 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Accruals for Probable Losses | Although we deny liability in all currently threatened or pending litigation proceedings in which we are or may be a party and believe that we have valid bases to contest all claims threatened or made against us, we have recorded a litigation contingency accrual for our reasonable estimate of probable loss for pending and threatened litigation proceedings, in aggregate, as follows: Year Ended December 31 2019 2018 2017 Litigation contingency accrual - Beginning of period $ 1.9 $ .4 $ 3.2 Adjustment to accruals - expense - Continuing operations .6 1.8 .6 Adjustment to accruals - expense - Discontinued operations — — 1.6 Cash payments (1.8 ) (.3 ) (5.0 ) Litigation contingency accrual - End of period $ .7 $ 1.9 $ .4 |
Quarterly Summary of Earnings (
Quarterly Summary of Earnings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Summary of Earnings | Year ended December 31, (Amounts in millions, except per share data) First 2 Second Third 3, 5 Fourth 4, 6 Total 2019 1 Net sales $ 1,155.1 $ 1,213.2 $ 1,239.3 $ 1,144.9 $ 4,752.5 Gross profit 233.0 269.7 275.5 272.4 1,050.6 Earnings from continuing operations before income taxes 78.2 114.1 123.0 114.8 430.1 Earnings from continuing operations 61.1 86.3 99.6 86.9 333.9 Earnings (loss) from discontinued operations, net of tax — — — — — Net earnings 61.1 86.3 99.6 86.9 333.9 Loss (Earnings) attributable to noncontrolling interest, net of tax .1 (.1 ) — (.1 ) (.1 ) Net earnings attributable to Leggett & Platt, Inc. common shareholders $ 61.2 $ 86.2 $ 99.6 $ 86.8 $ 333.8 Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders Basic $ .46 $ .64 $ .74 $ .64 $ 2.48 Diluted $ .45 $ .64 $ .74 $ .64 $ 2.47 Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders Basic $ — $ — $ — $ — $ — Diluted $ — $ — $ — $ — $ — Net earnings per share attributable to Leggett & Platt, Inc. common shareholders Basic $ .46 $ .64 $ .74 $ .64 $ 2.48 Diluted $ .45 $ .64 $ .74 $ .64 $ 2.47 2018 Net sales $ 1,028.8 $ 1,102.5 $ 1,091.5 $ 1,046.7 $ 4,269.5 Gross profit 217.4 231.0 227.1 213.2 888.7 Earnings from continuing operations before income taxes 95.4 107.5 113.3 68.2 384.4 Earnings from continuing operations 77.9 85.1 90.0 53.1 306.1 Earnings (loss) from discontinued operations, net of tax — — — — — Net earnings 77.9 85.1 90.0 53.1 306.1 (Earnings) attributable to noncontrolling interest, net of tax — (.1 ) — (.1 ) (.2 ) Net earnings attributable to Leggett & Platt, Inc. common shareholders $ 77.9 $ 85.0 $ 90.0 $ 53.0 $ 305.9 Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders Basic $ .58 $ .63 $ .67 $ .40 $ 2.28 Diluted $ .57 $ .63 $ .67 $ .39 $ 2.26 Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders Basic $ — $ — $ — $ — $ — Diluted $ — $ — $ — $ — $ — Net earnings per share attributable to Leggett & Platt, Inc. common shareholders Basic $ .58 $ .63 $ .67 $ .40 $ 2.28 Diluted $ .57 $ .63 $ .67 $ .39 $ 2.26 All items below are shown pretax with the exception of the 2017 Tax Cuts and Jobs Act (TCJA) item. 1 All 2019 quarters are impacted by the January 2019 ECS acquisition ( Note S ) 2 First quarter 2019 Earnings from continuing operations include a charge of $6 for restructuring ( Note F ); $1 charge for transaction costs related to the ECS acquisition ( Note S ) 3 Third quarter 2019 Earnings from continuing operations include a charge of $4 for restructuring ( Note F ) 4 Fourth quarter 2019 Earnings from continuing operations include a charge of $5 for restructuring ( Note F ) 5 Third quarter 2018 Earnings from continuing operations include a $2 benefit associated with the TCJA ( Note O ) 6 Fourth quarter 2018 Earnings from continuing operations include a charge of $16 for restructuring ( Note F ); $16 charge for a customer receivable impairment ( Note I ); $7 charge for transaction costs related to the ECS acquisition ( Note S ) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)reporting_unit | Mar. 31, 2019 | Dec. 31, 2018USD ($) | |
Accounting Policies [Abstract] | |||
Interest trade receivable percentage | 100.00% | ||
Trade receivables | $ | $ 40 | $ 15 | |
Percentage of LIFO inventory | 40.00% | 50.00% | |
Number of reporting units | reporting_unit | 10 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Inventory) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Finished goods | $ 308.7 | $ 331.6 | ||
Work in process | 54.4 | 49.6 | ||
Raw materials and supplies | 323.5 | 334.9 | ||
LIFO reserve | (49.9) | (82.2) | $ (50.9) | $ (33.8) |
Inventory, Net | $ 636.7 | $ 633.9 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Activity in the LIFO Reserve) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
LIFO Reserve [Roll Forward] | ||||
Balance, beginning of year | $ 82.2 | $ 50.9 | $ 33.8 | |
LIFO (benefit) expense | (32.3) | 31.3 | 18.6 | |
Allocated to divested businesses | 0 | 0 | (1.5) | |
Balance, end of year | $ 82.2 | $ 50.9 | $ 33.8 | $ 49.9 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Schedule Of Property, Plant And Equipment) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Weighted Average Life | 10 years |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Weighted Average Life | 27 years |
Other items | |
Property, Plant and Equipment [Line Items] | |
Weighted Average Life | 10 years |
Minimum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful Life Range | 3 years |
Minimum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful Life Range | 5 years |
Minimum | Other items | |
Property, Plant and Equipment [Line Items] | |
Useful Life Range | 3 years |
Maximum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful Life Range | 20 years |
Maximum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful Life Range | 40 years |
Maximum | Other items | |
Property, Plant and Equipment [Line Items] | |
Useful Life Range | 15 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Summary Of Other Intangible Assets) (Details) - Other intangible assets | 12 Months Ended |
Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Life | 14 years |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life Range | 5 years |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life Range | 20 years |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Effect of accounting change on prior years | $ (0.1) | $ 2.3 | $ (1.1) |
Retained Earnings | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Effect of accounting change on prior years | $ (0.1) | 2.3 | $ (1.1) |
Retained Earnings | Accounting Standards Update 2014-09 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Effect of accounting change on prior years | $ 2.3 |
Revenue - By Major Source (Deta
Revenue - By Major Source (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 1,144.9 | $ 1,239.3 | $ 1,213.2 | $ 1,155.1 | $ 1,046.7 | $ 1,091.5 | $ 1,102.5 | $ 1,028.8 | $ 4,752.5 | $ 4,269.5 | $ 3,943.8 |
Residential Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 2,331 | 1,703.7 | 1,620.2 | ||||||||
Residential Products | Bedding group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,502 | 905.1 | 837.2 | ||||||||
Residential Products | Fabric & Flooring Products group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 776.4 | 735.8 | 720.1 | ||||||||
Residential Products | Machinery group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 52.6 | 62.8 | 62.9 | ||||||||
Industrial Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 295.6 | 367.4 | 291.7 | ||||||||
Industrial Products | Wire group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 295.6 | 367.4 | 291.7 | ||||||||
Furniture Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,059.1 | 1,142.1 | 1,096.4 | ||||||||
Furniture Products | Consumer Products group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 404.6 | 460.2 | 413.3 | ||||||||
Furniture Products | Home Furniture group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 357.2 | 388.6 | 410.2 | ||||||||
Furniture Products | Work Furniture group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 297.3 | 293.3 | 272.9 | ||||||||
Specialized Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,066.8 | 1,056.3 | 935.5 | ||||||||
Specialized Products | Automotive group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 816.1 | 823.3 | 772.5 | ||||||||
Specialized Products | Aerospace Products group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 157.7 | 148.9 | 137.9 | ||||||||
Specialized Products | Hydraulic Cylinders group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 93 | 84.1 | 0 | ||||||||
Specialized Products | Commercial Vehicle Products (CVP) group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 0 | $ 0 | $ 25.1 |
Divestitures and Discontinued_2
Divestitures and Discontinued Operations - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Trade sales | $ 25.1 |
EBIT | (2.3) |
Disposal group, not discontinued operation, gain (loss) on disposal | (3.3) |
Real estate | Disposal Group, Divested, Not Discontinued Operations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal group, not discontinued operation, gain (loss) on disposal | $ 23.4 |
Impairment Charges (Summary of
Impairment Charges (Summary of Impairment Charges on Continued and Discontinued Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Other Long-Lived Asset Impairments | $ 7.8 | $ 5.4 | $ 3.6 |
Goodwill Impairment | 1.3 | ||
Total Impairments | 7.8 | 5.4 | 4.9 |
Residential Products | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Other Long-Lived Asset Impairments | 1.1 | 0 | 0 |
Goodwill Impairment | 0 | ||
Total Impairments | 0 | ||
Industrial Products | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Other Long-Lived Asset Impairments | 0 | 0.3 | 3.6 |
Goodwill Impairment | 1.3 | ||
Total Impairments | 4.9 | ||
Furniture Products | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Other Long-Lived Asset Impairments | $ 6.7 | 5.1 | 0 |
Goodwill Impairment | 0 | ||
Total Impairments | $ 5.1 | $ 0 |
Impairment Charges (Narrative)
Impairment Charges (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)business | Dec. 31, 2017USD ($)reporting_unit | |
Goodwill [Line Items] | ||||
Impairments | $ 7,800,000 | $ 5,400,000 | $ 4,900,000 | |
Goodwill impairment | 0 | 0 | $ 0 | |
Number of reporting units tested for goodwill impairment | reporting_unit | 2 | |||
Goodwill | 1,406,300,000 | $ 833,800,000 | $ 822,200,000 | |
Goodwill impairment, including discontinued operations, held-for-sale | $ 1,300,000 | |||
Impairment of other long-lived assets | $ 3,300,000 | |||
Work Furniture and Aerospace reporting units | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 157,400,000 | |||
Work Furniture and Aerospace reporting units | Minimum | ||||
Goodwill [Line Items] | ||||
Fair values of reporting units in excess of carrying amount (as a percent) (at least) | 75.00% | |||
Drawn Wire | ||||
Goodwill [Line Items] | ||||
Number of businesses sold | business | 1 | |||
Residential Products and Furniture Products | ||||
Goodwill [Line Items] | ||||
Impairments | 7,600,000 | |||
Furniture Products | ||||
Goodwill [Line Items] | ||||
Impairments | $ 5,100,000 | $ 0 | ||
Goodwill | $ 193,000,000 | $ 193,100,000 | $ 196,200,000 |
Impairment Charges (Components
Impairment Charges (Components of Fair Values In Relation to Their Respective Carrying Values) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)reporting_unit | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)reporting_unit | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill | $ 1,406.3 | $ 833.8 | |
Terminal Values Long-term Growth Rate for Debt-Free Cash Flow | 3.00% | 3.00% | |
Number of reporting units tested for goodwill impairment | reporting_unit | 2 | ||
Goodwill | $ 1,406.3 | $ 833.8 | $ 822.2 |
Less than 50% | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill | $ 59.4 | ||
Terminal Values Long-term Growth Rate for Debt-Free Cash Flow | 3.00% | ||
Less than 100% | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill | $ 180.7 | ||
Terminal Values Long-term Growth Rate for Debt-Free Cash Flow | 3.00% | ||
50% - 100% | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill | $ 722.9 | ||
Terminal Values Long-term Growth Rate for Debt-Free Cash Flow | 3.00% | ||
101% - 300% | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill | $ 400.9 | $ 502.5 | |
Terminal Values Long-term Growth Rate for Debt-Free Cash Flow | 3.00% | 3.00% | |
301% - 600% | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill | $ 223.1 | $ 150.6 | |
Terminal Values Long-term Growth Rate for Debt-Free Cash Flow | 3.00% | 3.00% | |
Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
10-year Compound Annual Growth Rate Range for Sales | 0.20% | 1.80% | |
Discount Rate Ranges | 7.50% | 8.50% | |
Minimum | Less than 50% | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
10-year Compound Annual Growth Rate Range for Sales | 1.40% | ||
Discount Rate Ranges | 8.00% | ||
Minimum | Less than 100% | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
10-year Compound Annual Growth Rate Range for Sales | 4.70% | ||
Discount Rate Ranges | 9.00% | ||
Minimum | 50% - 100% | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value over Carrying Value divided by Carrying Value (as a percent) | 50.00% | ||
Minimum | 101% - 300% | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value over Carrying Value divided by Carrying Value (as a percent) | 101.00% | 101.00% | |
10-year Compound Annual Growth Rate Range for Sales | 1.30% | 1.80% | |
Discount Rate Ranges | 7.50% | 8.50% | |
Minimum | 301% - 600% | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value over Carrying Value divided by Carrying Value (as a percent) | 301.00% | 301.00% | |
10-year Compound Annual Growth Rate Range for Sales | 0.20% | 5.70% | |
Discount Rate Ranges | 9.00% | ||
Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
10-year Compound Annual Growth Rate Range for Sales | 11.10% | 12.40% | |
Discount Rate Ranges | 9.50% | 10.00% | |
Maximum | Less than 50% | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value over Carrying Value divided by Carrying Value (as a percent) | 50.00% | ||
10-year Compound Annual Growth Rate Range for Sales | 5.80% | ||
Discount Rate Ranges | 9.50% | ||
Maximum | Less than 100% | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value over Carrying Value divided by Carrying Value (as a percent) | 100.00% | ||
10-year Compound Annual Growth Rate Range for Sales | 5.20% | ||
Discount Rate Ranges | 9.50% | ||
Maximum | 50% - 100% | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value over Carrying Value divided by Carrying Value (as a percent) | 100.00% | ||
10-year Compound Annual Growth Rate Range for Sales | 5.00% | ||
Discount Rate Ranges | 8.50% | ||
Maximum | 101% - 300% | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value over Carrying Value divided by Carrying Value (as a percent) | 300.00% | 300.00% | |
10-year Compound Annual Growth Rate Range for Sales | 5.50% | 5.00% | |
Discount Rate Ranges | 8.00% | 10.00% | |
Maximum | 301% - 600% | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value over Carrying Value divided by Carrying Value (as a percent) | 600.00% | 600.00% | |
10-year Compound Annual Growth Rate Range for Sales | 11.10% | 12.40% | |
Discount Rate Ranges | 8.50% | 10.00% | |
Furniture Products | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill | $ 193 | $ 193.1 | $ 196.2 |
Machinery and Hydraulic Cylinders reporting units | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of reporting units tested for goodwill impairment | reporting_unit | 2 | ||
Machinery reporting unit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair values of reporting units in excess of carrying amount (as a percent) (at least) | 12.00% | ||
Goodwill | $ 33.4 | ||
Bedding reporting unit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of reporting units tested for goodwill impairment | reporting_unit | 1 | ||
Fair values of reporting units in excess of carrying amount (as a percent) (at least) | 50.00% | 198.00% | |
Hydraulic Cylinders reporting unit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair values of reporting units in excess of carrying amount (as a percent) (at least) | 29.00% | 90.00% | |
Goodwill | $ 26 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Changes In The Carrying Amounts Of Goodwill) (Details) - USD ($) $ in Millions | Dec. 09, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill [Roll Forward] | |||
Net goodwill, beginning of period | $ 833.8 | $ 822.2 | |
Additions for current year acquisitions | $ 7 | 566.3 | 28.1 |
Adjustments to prior year acquisitions | 1.1 | (0.2) | |
Foreign currency translation adjustment | 5.1 | (16.3) | |
Gross goodwill | 1,729 | ||
Accumulated impairment losses | (322.7) | ||
Net goodwill, end of period | 1,406.3 | 833.8 | |
Residential Products | |||
Goodwill [Roll Forward] | |||
Net goodwill, beginning of period | 363.5 | 368.2 | |
Additions for current year acquisitions | 566.3 | 1.3 | |
Adjustments to prior year acquisitions | 0.9 | (0.2) | |
Foreign currency translation adjustment | 3 | (5.8) | |
Gross goodwill | 933.7 | ||
Accumulated impairment losses | 0 | ||
Net goodwill, end of period | 933.7 | 363.5 | |
Industrial Products | |||
Goodwill [Roll Forward] | |||
Net goodwill, beginning of period | 70.7 | 70.8 | |
Additions for current year acquisitions | 0 | 0 | |
Adjustments to prior year acquisitions | 0 | 0 | |
Foreign currency translation adjustment | 0.1 | (0.1) | |
Gross goodwill | 76.2 | ||
Accumulated impairment losses | (5.4) | ||
Net goodwill, end of period | 70.8 | 70.7 | |
Furniture Products | |||
Goodwill [Roll Forward] | |||
Net goodwill, beginning of period | 193.1 | 196.2 | |
Additions for current year acquisitions | 0 | 0 | |
Adjustments to prior year acquisitions | 0 | 0 | |
Foreign currency translation adjustment | (0.1) | (3.1) | |
Gross goodwill | 443.6 | ||
Accumulated impairment losses | (250.6) | ||
Net goodwill, end of period | 193 | 193.1 | |
Specialized Products | |||
Goodwill [Roll Forward] | |||
Net goodwill, beginning of period | 206.5 | 187 | |
Additions for current year acquisitions | 0 | 26.8 | |
Adjustments to prior year acquisitions | 0.2 | 0 | |
Foreign currency translation adjustment | 2.1 | (7.3) | |
Gross goodwill | 275.5 | ||
Accumulated impairment losses | (66.7) | ||
Net goodwill, end of period | $ 208.8 | $ 206.5 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Intangible Assets Purchased) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 986.3 | $ 340.4 |
Accumulated amortization | 222.3 | 161.7 |
Net intangibles as of end of period | 764 | 178.7 |
Acquired during period: | ||
Acquired related to business acquisitions | 648 | 24.9 |
Acquired outside business acquisitions | 7.5 | 11.1 |
Total acquired in period | $ 655.5 | $ 36 |
Weighted average amortization period in years for items acquired in period | 14 years 6 months | 11 years 7 months 6 days |
Patents and Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 133.9 | $ 65.8 |
Accumulated amortization | 36.7 | 31.3 |
Net intangibles as of end of period | 97.2 | 34.5 |
Acquired during period: | ||
Acquired related to business acquisitions | 67.1 | 2.7 |
Acquired outside business acquisitions | 1.6 | 1.3 |
Total acquired in period | $ 68.7 | $ 4 |
Weighted average amortization period in years for items acquired in period | 15 years 1 month 6 days | 16 years 6 months |
Technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 178.1 | $ 4.7 |
Accumulated amortization | 12.9 | 0.9 |
Net intangibles as of end of period | 165.2 | 3.8 |
Acquired during period: | ||
Acquired related to business acquisitions | 173.3 | 0.9 |
Acquired outside business acquisitions | 0 | 0 |
Total acquired in period | $ 173.3 | $ 0.9 |
Weighted average amortization period in years for items acquired in period | 15 years | 5 years |
Non-compete Agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 42.1 | $ 15.8 |
Accumulated amortization | 14.2 | 8.6 |
Net intangibles as of end of period | 27.9 | 7.2 |
Acquired during period: | ||
Acquired related to business acquisitions | 28.7 | 1.9 |
Acquired outside business acquisitions | 0 | 0.6 |
Total acquired in period | $ 28.7 | $ 2.5 |
Weighted average amortization period in years for items acquired in period | 5 years 2 months 12 days | 4 years 6 months |
Customer- Related Intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 591.1 | $ 212.5 |
Accumulated amortization | 136.3 | 98.8 |
Net intangibles as of end of period | 454.8 | 113.7 |
Acquired during period: | ||
Acquired related to business acquisitions | 378.9 | 19.4 |
Acquired outside business acquisitions | 0 | 0 |
Total acquired in period | $ 378.9 | $ 19.4 |
Weighted average amortization period in years for items acquired in period | 15 years | 14 years 4 months 24 days |
Supply Agreements and Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 41.1 | $ 41.6 |
Accumulated amortization | 22.2 | 22.1 |
Net intangibles as of end of period | 18.9 | 19.5 |
Acquired during period: | ||
Acquired related to business acquisitions | 0 | 0 |
Acquired outside business acquisitions | 5.9 | 9.2 |
Total acquired in period | $ 5.9 | $ 9.2 |
Weighted average amortization period in years for items acquired in period | 7 years 7 months 6 days | 8 years 3 months 18 days |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Estimated Amortization Expense) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 65 |
2021 | 64 |
2022 | 61 |
2023 | 55 |
2024 | $ 54 |
Restructuring and Restructuri_3
Restructuring and Restructuring Related Charges Restructuring and Restructuring Related Charge (Narrative) (Details) - 2018 Restructuring Plan - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Expected restructuring costs | $ 32 | $ 32 | |
Incurred cost | $ 15.1 | $ 16.3 | $ 31.4 |
Restructuring and Restructuri_4
Restructuring and Restructuring Related Charges Restructuring and Restructuring Related Charges (Expected vs Incurred Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and restructuring-related | $ 8.1 | $ 7.8 | $ 0.8 | |
Impairment costs associated with this plan | 7.8 | 5.4 | $ 4.9 | |
Amount of total that represents cash charges | 11.1 | 1.4 | ||
2018 Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and restructuring-related | 7.5 | 11.2 | $ 18.7 | |
Impairment costs associated with this plan | 7.6 | 5.1 | 12.7 | |
Total Amount Incurred | 15.1 | 16.3 | 31.4 | |
Amount of total that represents cash charges | $ 8 | $ 6.9 | $ 14.9 |
Restructuring and Restructuri_5
Restructuring and Restructuring Related Charges (Summary Of Restructuring-Related Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |||
Severance and other restructuring costs | $ 8.1 | $ 7.8 | $ 0.8 |
Inventory obsolescence and other | (0.5) | 4.6 | 0.5 |
Total restructuring and restructuring-related costs | 7.6 | 12.4 | 1.3 |
Amount of total that represents cash charges | $ 8.1 | $ 7.8 | $ 0.8 |
Restructuring and Restructuri_6
Restructuring and Restructuring Related Charges (Restructuring-Related Costs by Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | $ 7.6 | $ 12.4 | $ 1.3 |
Residential Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | 3.3 | 1.4 | 0 |
Industrial Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | 1 | 0.2 | 0.8 |
Furniture Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | $ 3.3 | $ 10.8 | $ 0.5 |
Restructuring and Restructuri_7
Restructuring and Restructuring Related Charges (Accrued Liability) (Details) - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | $ 7.2 | $ 0.8 | $ 0.8 | |
Add: Charges | 8.1 | 7.8 | $ 0.8 | |
Less: Payments | 11.1 | 1.4 | ||
Balance at end of period | 4.2 | 7.2 | 0.8 | 4.2 |
Termination benefits | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | 6.6 | 0.3 | 0.3 | |
Add: Charges | 4.7 | 7.3 | ||
Less: Payments | 7.8 | 1 | ||
Balance at end of period | 3.5 | 6.6 | 0.3 | 3.5 |
Contract termination costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | 0 | |
Add: Charges | 0.4 | 0 | ||
Less: Payments | 0.4 | 0 | ||
Balance at end of period | 0 | 0 | 0 | 0 |
Other restructuring costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | 0.6 | 0.5 | 0.5 | |
Add: Charges | 3 | 0.5 | ||
Less: Payments | 2.9 | 0.4 | ||
Balance at end of period | $ 0.7 | $ 0.6 | $ 0.5 | $ 0.7 |
Segment Information (Segment Re
Segment Information (Segment Results From Continuing Operations) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting [Abstract] | ||||||||||||
Number of operating segments | segment | 4 | |||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | $ 1,144.9 | $ 1,239.3 | $ 1,213.2 | $ 1,155.1 | $ 1,046.7 | $ 1,091.5 | $ 1,102.5 | $ 1,028.8 | $ 4,752.5 | $ 4,269.5 | $ 3,943.8 | |
Total Segment Sales | 5,078 | 4,598.1 | 4,240.2 | |||||||||
EBIT | 513.4 | 436.9 | 467.9 | |||||||||
Depreciation and Amortization | 191.9 | 136.1 | 125.9 | |||||||||
Pension settlements included in intersegment eliminations and other | $ 15.3 | 0 | 0 | 15.3 | ||||||||
Residential Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | 2,331 | 1,703.7 | 1,620.2 | |||||||||
Total Segment Sales | 2,344.2 | 1,720.8 | 1,638.8 | |||||||||
EBIT | 170.6 | 132.8 | 184 | |||||||||
Depreciation and Amortization | 104.2 | 46.6 | 45.8 | |||||||||
Industrial Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | 295.6 | 367.4 | 291.7 | |||||||||
Total Segment Sales | 595.2 | 662.4 | 545.6 | |||||||||
EBIT | 97.5 | 68.4 | 21 | |||||||||
Depreciation and Amortization | 11 | 10.3 | 10.2 | |||||||||
Furniture Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | 1,059.1 | 1,142.1 | 1,096.4 | |||||||||
Total Segment Sales | 1,068.6 | 1,155.9 | 1,113.2 | |||||||||
EBIT | 73.4 | 49.6 | 81.5 | |||||||||
Depreciation and Amortization | 17.8 | 17.4 | 16.2 | |||||||||
Specialized Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | 1,066.8 | 1,056.3 | 935.5 | |||||||||
Total Segment Sales | 1,070 | 1,059 | 942.6 | |||||||||
EBIT | 170.5 | 189 | 195.6 | |||||||||
Depreciation and Amortization | 41.8 | 39 | 31.2 | |||||||||
Intersegment eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | (325.5) | (328.6) | (296.4) | |||||||||
Intersegment eliminations | Residential Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | (13.2) | (17.1) | (18.6) | |||||||||
Intersegment eliminations | Industrial Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | (299.6) | (295) | (253.9) | |||||||||
Intersegment eliminations | Furniture Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | (9.5) | (13.8) | (16.8) | |||||||||
Intersegment eliminations | Specialized Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | (3.2) | (2.7) | (7.1) | |||||||||
Intersegment eliminations and other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Intersegment eliminations and other | 1.4 | (2.9) | (14.2) | |||||||||
Depreciation and Amortization | $ 17.1 | $ 22.8 | 22.5 | |||||||||
Pension settlements included in intersegment eliminations and other | $ 15.3 |
Segment Information (Average As
Segment Information (Average Assets For Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Segment Reporting Information [Line Items] | ||||
Assets | $ 4,816.4 | $ 3,382 | $ 3,550.8 | $ 3,517.9 |
Additions to Property, Plant and Equipment | 143.1 | 159.6 | 159.4 | |
Acquired Companies’ Long-Lived Assets | 1,297.4 | 85.4 | 47.9 | |
Operating segments | Residential Products | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 795.6 | 609.4 | 554.6 | |
Additions to Property, Plant and Equipment | 43.8 | 48 | 60.5 | |
Acquired Companies’ Long-Lived Assets | 1,297.2 | 6 | 33.6 | |
Operating segments | Industrial Products | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 168.8 | 163.8 | 150 | |
Additions to Property, Plant and Equipment | 27.3 | 9.6 | 14.3 | |
Acquired Companies’ Long-Lived Assets | 0 | 0 | 0 | |
Operating segments | Furniture Products | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 239.1 | 279.8 | 245.7 | |
Additions to Property, Plant and Equipment | 8 | 19.7 | 20.2 | |
Acquired Companies’ Long-Lived Assets | 0 | 0 | 14.3 | |
Operating segments | Specialized Products | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 346.4 | 342.5 | 271.7 | |
Additions to Property, Plant and Equipment | 29.3 | 45 | 51.7 | |
Acquired Companies’ Long-Lived Assets | 0.2 | 79.4 | 0 | |
Average current liabilities included in segment numbers above | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 744.6 | 661.8 | 557 | |
Additions to Property, Plant and Equipment | 0 | 0 | 0 | |
Acquired Companies’ Long-Lived Assets | 0 | 0 | 0 | |
Unallocated assets and other | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 2,650.7 | 1,278 | 1,693.1 | |
Additions to Property, Plant and Equipment | 34.7 | 37.3 | 12.7 | |
Acquired Companies’ Long-Lived Assets | 0 | 0 | 0 | |
Difference between average assets and year-end balance sheet | ||||
Segment Reporting Information [Line Items] | ||||
Assets | (128.8) | 46.7 | 78.7 | |
Additions to Property, Plant and Equipment | 0 | 0 | 0 | |
Acquired Companies’ Long-Lived Assets | $ 0 | $ 0 | $ 0 |
Segment Information (Schedule O
Segment Information (Schedule Of Trade Sales and Tangible Long-Lived Assets, By Geographical Areas) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Trade sales | $ 1,144.9 | $ 1,239.3 | $ 1,213.2 | $ 1,155.1 | $ 1,046.7 | $ 1,091.5 | $ 1,102.5 | $ 1,028.8 | $ 4,752.5 | $ 4,269.5 | $ 3,943.8 | |
Tangible long-lived assets | 830.8 | 728.5 | 830.8 | 728.5 | 663.9 | $ 723.4 | ||||||
Europe | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Trade sales | 508.5 | 525.6 | 475.3 | |||||||||
Tangible long-lived assets | 160.2 | 167.6 | 160.2 | 167.6 | 157.4 | |||||||
China | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Trade sales | 449.9 | 494.7 | 481.6 | |||||||||
Tangible long-lived assets | 51.6 | 55.5 | 51.6 | 55.5 | 54.7 | |||||||
Canada | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Trade sales | 312.8 | 286.8 | 265.1 | |||||||||
Tangible long-lived assets | 36.4 | 38 | 36.4 | 38 | 39.9 | |||||||
Mexico | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Trade sales | 256 | 186.1 | 148.5 | |||||||||
Tangible long-lived assets | 10.1 | 10.1 | 10.1 | 10.1 | 6.5 | |||||||
Other | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Trade sales | 92.6 | 94.8 | 85.5 | |||||||||
Tangible long-lived assets | 14.7 | 16 | 14.7 | 16 | 13 | |||||||
Total foreign sales | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Trade sales | 1,619.8 | 1,588 | 1,456 | |||||||||
Tangible long-lived assets | 273 | 287.2 | 273 | 287.2 | 271.5 | |||||||
United States | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Trade sales | 3,132.7 | 2,681.5 | 2,487.8 | |||||||||
Tangible long-lived assets | $ 557.8 | $ 441.3 | $ 557.8 | $ 441.3 | $ 392.4 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings: | |||||||||||
Earnings from continuing operations | $ 86.9 | $ 99.6 | $ 86.3 | $ 61.1 | $ 53.1 | $ 90 | $ 85.1 | $ 77.9 | $ 333.9 | $ 306.1 | $ 293.6 |
(Earnings) attributable to noncontrolling interest, net of tax | (0.1) | 0 | (0.1) | 0.1 | (0.1) | 0 | (0.1) | 0 | (0.1) | (0.2) | (0.1) |
Net earnings from continuing operations attributable to Leggett & Platt common shareholders | 333.8 | 305.9 | 293.5 | ||||||||
Earnings (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.9) |
Net earnings attributable to Leggett & Platt, Inc. common shareholders | $ 86.8 | $ 99.6 | $ 86.2 | $ 61.2 | $ 53 | $ 90 | $ 85 | $ 77.9 | $ 333.8 | $ 305.9 | $ 292.6 |
Weighted average number of shares (in millions): | |||||||||||
Weighted average number of common shares used in basic EPS (in shares) | 134.8 | 134.3 | 136 | ||||||||
Dilutive effect of equity-based compensation (in shares) | 0.6 | 0.9 | 1.3 | ||||||||
Weighted average number of common shares and dilutive potential common shares used in diluted EPS (in shares) | 135.4 | 135.2 | 137.3 | ||||||||
Basic EPS attributable to Leggett & Platt common shareholders | |||||||||||
Continuing operations (in dollars per share) | $ 0.64 | $ 0.74 | $ 0.64 | $ 0.46 | $ 0.40 | $ 0.67 | $ 0.63 | $ 0.58 | $ 2.48 | $ 2.28 | $ 2.16 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) |
Basic (in dollars per share) | 0.64 | 0.74 | 0.64 | 0.46 | 0.40 | 0.67 | 0.63 | 0.58 | 2.48 | 2.28 | 2.15 |
Diluted EPS attributable to Leggett & Platt common shareholders | |||||||||||
Continuing operations (in dollars per share) | 0.64 | 0.74 | 0.64 | 0.45 | 0.39 | 0.67 | 0.63 | 0.57 | 2.47 | 2.26 | 2.14 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) |
Diluted (in dollars per share) | $ 0.64 | $ 0.74 | $ 0.64 | $ 0.45 | $ 0.39 | $ 0.67 | $ 0.63 | $ 0.57 | $ 2.47 | $ 2.26 | $ 2.13 |
Other information: | |||||||||||
Anti-dilutive shares excluded from diluted EPS computation (in shares) | 0.2 | 0.1 | 0 | ||||||||
Cash dividends declared per share (in dollars per share) | $ 1.58 | $ 1.50 | $ 1.42 |
Accounts and Other Receivable_2
Accounts and Other Receivables (Components of Accounts and Other Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current | ||
Trade accounts receivable | $ 571.8 | $ 548.8 |
Trade notes receivable | 1.1 | 1.7 |
Total trade receivables | 572.9 | 550.5 |
Other notes receivable | 0 | 0 |
Taxes receivable, including income taxes | 15.8 | 12.9 |
Other receivables | 11.7 | 13.4 |
Subtotal other receivables | 27.5 | 26.3 |
Total trade and other receivables | 600.4 | 576.8 |
Allowance for doubtful accounts: Current | ||
Trade accounts receivable | (8.4) | (5.2) |
Trade notes receivable | (0.1) | 0 |
Total trade receivables | (8.5) | (5.2) |
Other notes receivable | 0 | 0 |
Total allowance for doubtful accounts | (8.5) | (5.2) |
Total receivables, net | 591.9 | 571.6 |
Long-term | ||
Trade accounts receivable | 0 | 0 |
Trade accounts receivable | 0.6 | 1.4 |
Total trade receivables | 0.6 | 1.4 |
Other notes receivable | 23.4 | 24.2 |
Taxes receivable, including income taxes | 0 | 0 |
Other receivables | 0 | 0 |
Subtotal other receivables | 23.4 | 24.2 |
Total trade and other receivables | 24 | 25.6 |
Allowance for doubtful accounts: Long-term | ||
Trade accounts receivable | 0 | 0 |
Trade notes receivable | 0 | 0 |
Total trade receivables | 0 | 0 |
Other notes receivable | (15) | (15) |
Total allowance for doubtful accounts | (15) | (15) |
Total net receivables, Long-term | 9 | 10.6 |
Trade accounts receivable | 571.8 | 548.8 |
Allowance for credit losses | 16 | |
Residential Products | ||
Current | ||
Trade accounts receivable | 26 | 26.7 |
Allowance for doubtful accounts: Long-term | ||
Trade accounts receivable | $ 26 | 26.7 |
Allowance for credit losses | 15.9 | |
Residential Products | Notes Receivable | ||
Allowance for doubtful accounts: Long-term | ||
Allowance for credit losses | 15 | |
Residential Products | Trade Accounts Receivable | ||
Allowance for doubtful accounts: Long-term | ||
Allowance for credit losses | $ 0.9 |
Accounts and Other Receivable_3
Accounts and Other Receivables (Allowance For Doubtful Accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | $ 20.2 | $ 4.9 | |
Add: Charges | 2.8 | 16.7 | $ 0.8 |
Less: Net Charge-offs/(Recoveries) and Other | (0.5) | 1.4 | |
Ending Balance | 23.5 | 20.2 | 4.9 |
Total trade receivables | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 5.2 | 4.9 | |
Add: Charges | 2.8 | 1.7 | |
Less: Net Charge-offs/(Recoveries) and Other | (0.5) | 1.4 | |
Ending Balance | 8.5 | 5.2 | 4.9 |
Trade accounts receivable | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 5.2 | 4.7 | |
Add: Charges | 2.7 | 1.9 | |
Less: Net Charge-offs/(Recoveries) and Other | (0.5) | 1.4 | |
Ending Balance | 8.4 | 5.2 | 4.7 |
Trade notes receivable | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 0 | 0.2 | |
Add: Charges | 0.1 | (0.2) | |
Less: Net Charge-offs/(Recoveries) and Other | 0 | 0 | |
Ending Balance | 0.1 | 0 | 0.2 |
Other notes receivable | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 15 | 0 | |
Add: Charges | 0 | 15 | |
Less: Net Charge-offs/(Recoveries) and Other | 0 | 0 | |
Ending Balance | $ 15 | $ 15 | $ 0 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Sundry | ||||
Deferred taxes (see Note O) | $ 11.5 | $ 20.2 | ||
Diversified investments associated with stock-based compensation plans (see Note M) | 38.2 | 30.4 | ||
Investment in associated companies | 4.3 | 7.1 | ||
Pension plan assets (see Note N) | 1.4 | 1.6 | $ 2.2 | |
Brazilian VAT deposits (see Note U) | 10.5 | 13.9 | ||
Net long-term notes receivable (see Note I) | 9 | 10.6 | ||
Finance leases (see Note L) | 4.3 | |||
Other | 39.2 | 32.6 | ||
Sundry | 118.4 | 116.4 | ||
Accrued expenses | ||||
Litigation contingency accruals (see Note U) | 0.7 | 1.9 | ||
Wages and commissions payable | 80.9 | 71.5 | ||
Workers’ compensation, vehicle-related and product liability, medical/disability 1 | 42.9 | 49.2 | ||
Sales promotions | 51.1 | 48.3 | ||
Liabilities associated with stock-based compensation plans (see Note M) | 11.8 | 12.2 | ||
Accrued interest | 14.4 | 7.9 | ||
General taxes, excluding income taxes | 17 | 16.3 | ||
Environmental reserves | 3.8 | 2.9 | ||
Other | 58.4 | 52.5 | ||
Accrued expenses | 281 | $ 262.3 | 262.7 | |
Other current liabilities | ||||
Dividends payable | 52.7 | 49.6 | ||
Customer deposits | 11.9 | 11.8 | ||
Sales tax payable | 5 | 3.9 | ||
Derivative financial instruments (see Note T) | 0.9 | 4.5 | ||
Liabilities associated with stock-based compensation plans (see Note M) | 2.8 | 2.3 | ||
Outstanding checks in excess of book balances | 10.4 | 10.6 | ||
Other | 9.6 | 3.7 | ||
Other current liabilities | 93.3 | 86.4 | ||
Other long-term liabilities | ||||
Liability for pension benefits (see Note N) | 58.6 | 39.2 | $ 57.6 | |
Liabilities associated with stock-based compensation plans (see Note M) | 46.5 | 34.6 | ||
Deemed repatriation tax payable (see Note O) | 32.8 | 32.2 | ||
Net reserves for tax contingencies | 8.1 | 10.3 | ||
Deferred compensation (see Note M) | 14.6 | 17.6 | ||
Other | 12.9 | 21.4 | ||
Other long-term liabilities | $ 173.5 | $ 155.3 |
Long-Term Debt (Long-Term Debt,
Long-Term Debt (Long-Term Debt, Weighted Average Interest Rates And Due Dates) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Balance | $ 2,117,600,000 | $ 1,169,000,000 | |
Finance leases (primarily vehicles) | 4,200,000 | ||
Finance leases (primarily vehicles) | 4,700,000 | ||
Unamortized discounts and deferred loan cost | (14,900,000) | (10,100,000) | |
Less: current maturities | 51,100,000 | 1,200,000 | |
Total long-term debt | $ 2,066,500,000 | $ 1,167,800,000 | |
Debt instrument amount issued | $ 12,500,000 | ||
Term notes | |||
Debt Instrument [Line Items] | |||
Redemption price, percent | 100.00% | ||
Long-term debt, term | 90 days | ||
Redemption price, if Change of Control Repurchase Event occurs, percent | 101.00% | ||
Limitation on secured debt, percent | 15.00% | ||
Industrial development bonds, principally variable interest rates | |||
Debt Instrument [Line Items] | |||
Year-end Interest Rate | 1.60% | 1.90% | |
Balance | $ 3,800,000 | $ 3,800,000 | |
Commercial paper | |||
Debt Instrument [Line Items] | |||
Year-end Interest Rate | 2.00% | 2.60% | |
Balance | $ 61,500,000 | $ 70,000,000 | |
Other, partially secured | |||
Debt Instrument [Line Items] | |||
Balance | $ 500,000 | $ 600,000 | |
Net commercial paper | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 2.60% | 2.40% | |
Tranche A Term Loan | |||
Debt Instrument [Line Items] | |||
Debt instrument amount issued | $ 500,000,000 | ||
Maturities (term) | 5 years | ||
Repayments of debt | $ 37,500,000 | ||
Variable interest rate | 2.90% | ||
Senior Notes, Due 2022 | Term notes | |||
Debt Instrument [Line Items] | |||
Year-end Interest Rate | 3.40% | 3.40% | |
Balance | $ 300,000,000 | $ 300,000,000 | |
Senior Notes, Due 2024 | Term notes | |||
Debt Instrument [Line Items] | |||
Year-end Interest Rate | 3.80% | 3.80% | |
Balance | $ 300,000,000 | $ 300,000,000 | |
Senior Notes, Due 2027 | Term notes | |||
Debt Instrument [Line Items] | |||
Year-end Interest Rate | 3.50% | 3.50% | |
Balance | $ 500,000,000 | $ 500,000,000 | |
Senior Notes, Due 2029 | Term notes | |||
Debt Instrument [Line Items] | |||
Year-end Interest Rate | 4.40% | ||
Balance | $ 500,000,000 | 0 | |
Term Loan, Due 2024 | Term notes | |||
Debt Instrument [Line Items] | |||
Balance | $ 462,500,000 | $ 0 |
Long-Term Debt Long-Term Debt (
Long-Term Debt Long-Term Debt (Maturities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Year ended December 31 | ||
2020 | $ 51.1 | |
2021 | 51 | |
2022 | 350.2 | |
2023 | 51 | |
2024 | 621.9 | |
Thereafter | 992.4 | |
Total | $ 2,117.6 | $ 1,169 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2019USD ($) | Dec. 31, 2019USD ($)type_of_borrowingbusiness_daylender | Dec. 31, 2018USD ($) | |
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | $ 1,200,000,000 | $ 800,000,000 | |
Long-term debt | $ 12,500,000 | ||
Number of lenders in syndicate | lender | 13 | ||
Credit facility outstanding | $ 61,500,000 | 70,000,000 | |
Number of types of borrowing that may be elected under the facility | type_of_borrowing | 4 | ||
Number of business days' notice to terminate facility | business_day | 3 | ||
Letters of credit | |||
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | $ 125,000,000 | ||
Term Loan Facility | |||
Short-term Debt [Line Items] | |||
Maturities (term) | 5 years | ||
Long-term debt | $ 500,000,000 | ||
Leverage ratio, max | 425.00% | ||
Leverage ratio, minimum | 350.00% | ||
Percentage of total assets | 15.00% | ||
Revolving credit facility | |||
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | $ 1,200,000,000 | $ 800,000,000 | |
Letters of credit | |||
Short-term Debt [Line Items] | |||
Credit facility outstanding | $ 0 |
Long-Term Debt (Amounts Outstan
Long-Term Debt (Amounts Outstanding Related To Commercial Paper Program) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Total program authorized | $ 1,200,000,000 | $ 800,000,000 |
Commercial paper outstanding (classified as long-term debt) | (61,500,000) | (70,000,000) |
Letters of credit issued under the credit agreement | 0 | 0 |
Total program usage | (61,500,000) | (70,000,000) |
Total program available | $ 1,138,500,000 | $ 730,000,000 |
Lease Obligations Lease Obligat
Lease Obligations Lease Obligations (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 158.8 | ||
Lease Liability | 160.9 | ||
Operating leases not yet commenced | $ 20.6 | ||
Lease term, operating leases not yet commenced | 9 years | ||
ECS | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 24 | ||
Lease Liability | 21.6 | ||
Favorable lease position | $ 2.4 | ||
Accounting Standards Update 2018-11 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 135.9 | ||
Lease Liability | $ 135.8 |
Lease Obligations Lease Oblig_2
Lease Obligations Lease Obligations (Topic 842 Adjustments) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Current assets | $ 1,538.1 | $ 1,523.3 | $ 1,524.6 | |
Net property, plant and equipment | 830.8 | 723.4 | 728.5 | $ 663.9 |
Other assets | 2,447.5 | 1,271.2 | 1,128.9 | |
TOTAL ASSETS | 4,816.4 | 3,517.9 | 3,382 | $ 3,550.8 |
Accrued expenses | 281 | 262.3 | 262.7 | |
Current portion of operating lease liabilities | 39.3 | 32 | ||
All other current liabilities | 553 | 553 | ||
Long-term liabilities | 2,575.8 | 1,512.9 | 1,408.7 | |
Retained earnings | 2,734.5 | 2,613.9 | 2,613.8 | |
Other equity | (1,456.2) | (1,456.2) | ||
TOTAL LIABILITIES AND EQUITY | $ 4,816.4 | 3,517.9 | $ 3,382 | |
Accounting Standards Update 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Current assets | (1.3) | |||
Net property, plant and equipment | (5.1) | |||
Other assets | 142.3 | |||
TOTAL ASSETS | 135.9 | |||
Accrued expenses | (0.4) | |||
Current portion of operating lease liabilities | 32 | |||
All other current liabilities | 0 | |||
Long-term liabilities | 104.2 | |||
Retained earnings | 0.1 | |||
Other equity | 0 | |||
TOTAL LIABILITIES AND EQUITY | $ 135.9 |
Lease Obligations Lease Oblig_3
Lease Obligations Lease Obligations (Supplemental Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 158.8 | |
Current portion of operating lease liabilities | 39.3 | $ 32 |
Operating lease liabilities | 121.6 | |
Total operating lease liabilities | 160.9 | |
Sundry | 4.3 | |
Current maturities of long-term debt | 1.1 | |
Long-term debt | 3.1 | |
Total finance lease liabilities | $ 4.2 |
Lease Obligations Lease Oblig_4
Lease Obligations Lease Obligations (Lease Cost) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating lease costs: | |
Lease costs | $ 45 |
Variable lease costs | 12.9 |
Total operating lease costs | 57.9 |
Short-term lease costs | 5 |
Finance lease costs: | |
Amortization of right-of-use assets | 2.7 |
Interest on lease liabilities | 0.2 |
Total finance lease costs | 2.9 |
Total lease costs | $ 65.8 |
Lease Obligations Lease Oblig_5
Lease Obligations Lease Obligations (Supplemental Cash Flow) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 40.7 |
Operating cash flows from finance leases | 0.2 |
Financing cash flows from finance leases | 2.7 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 40.7 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 2.1 |
Lease Obligations Lease Oblig_6
Lease Obligations Lease Obligations (Lease Maturities) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Operating Leases | |
2020 | $ 43.9 |
2021 | 39.1 |
2022 | 32.7 |
2023 | 23.4 |
2024 | 16.1 |
Thereafter | 19.1 |
Total | 174.3 |
Less: Interest | 13.4 |
Lease Liability | 160.9 |
Finance Leases | |
2020 | 1.9 |
2021 | 1.4 |
2022 | 0.9 |
2023 | 0.2 |
2024 | 0 |
Thereafter | 0 |
Total | 4.4 |
Less: Interest | 0.2 |
Lease Liability | $ 4.2 |
Weighted average remaining lease term (years) | |
Operating leases | 4 years 8 months 12 days |
Finance leases | 2 years 6 months |
Weighted average discount rate | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.30% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.50% |
Lease Obligations Lease Oblig_7
Lease Obligations Lease Obligations (Minimum Lease Payments) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 35.9 |
2020 | 30.7 |
2021 | 26.2 |
2022 | 19.9 |
2023 | 13.1 |
Thereafter | 18 |
Total | $ 143.8 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Millions | Jan. 01, 2019 | Jan. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019USD ($)companystock-based_retirement_planshares | Dec. 31, 2018 | Dec. 31, 2017 | May 10, 2012shares | May 09, 2012shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of stock units per common share | shares | 1 | |||||||
Expected life in years | 7 years 9 months 18 days | 6 years | 6 years | |||||
Stock units converted to common stock ratio | 1-to-1 | |||||||
Options Granted On A Discretionary Basis | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expected life in years | 10 years | |||||||
Vesting period | 3 years | |||||||
GPSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance measurement period | 2 years | |||||||
Deferred Stock Compensation Program | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expected life in years | 10 years | |||||||
Vesting period | 15 months | |||||||
Discount to the market price, percentage | 20.00% | |||||||
Time period for receiving plan distributions, max | 10 years | |||||||
Time period for installment distributions, max | 10 years | |||||||
Stock-based retirement plans | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of stock-based retirement plans | stock-based_retirement_plan | 2 | |||||||
Automatic employer match, percentage | 50.00% | |||||||
Additional employer match upon certain profitability levels, percentage | 50.00% | |||||||
Discount market price purchase date, percentage | 85.00% | |||||||
Performance Stock Unit Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | |||||||
Measurement performance period, years | 3 years | |||||||
Percentage of award intended to pay out in stock | 50.00% | 65.00% | ||||||
Percentage of award intended to pay out in cash | 50.00% | 35.00% | ||||||
Reserved percentage of award intended to pay out in cash | 100.00% | 100.00% | 100.00% | |||||
Awards based on TSR compared to peer group (as a percent) | 50.00% | |||||||
Awards based upon relative TSR for certain business unit employees (as a percent) | 100.00% | |||||||
Number of companies forming peer group | company | 300 | |||||||
Performance Stock Unit Awards - EBIT CAGR Based | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | |||||||
Measurement performance period, years | 2 years | 3 years | ||||||
Award based on EBIT CAGR (as a percent) | 50.00% | |||||||
Average payout percentage of base award | 114.00% | |||||||
Total shares base award | shares | 100,000 | |||||||
Cash paid | $ 4.1 | |||||||
Discount Stock Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Discount to the market price, percentage | 85.00% | |||||||
Measurement performance period, years | 1 year | |||||||
ESUP | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 5 years | |||||||
Prior PSU Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Reserved percentage of award intended to pay out in cash | 175.00% | |||||||
Esup | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock Based Retirement Plans Employee Contributions | $ 3.7 | |||||||
Employer Premium Contribution To Diversified Investment Accounts | $ 0.6 | |||||||
RSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | |||||||
Award vesting percentage | 33.00% | |||||||
Maximum | GPSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 250.00% | |||||||
Maximum | Stock-based retirement plans | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
SBP participant contribution for stock or other investment purchases | 20.00% | |||||||
SBP merged with 401(k), participant contribution (as a percent) | 100.00% | |||||||
ESUP participant contribution for stock or other investment purchases | 10.00% | |||||||
Premium contributions for ESUP participants | 17.65% | |||||||
Maximum | Performance Stock Unit Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Base award percentage of total shareholder return | 200.00% | 200.00% | 175.00% | |||||
Maximum | Performance Stock Unit Awards - EBIT CAGR Based | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Base award percentage of total shareholder return | 200.00% | |||||||
Minimum | GPSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 0.00% | |||||||
Minimum | Performance Stock Unit Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Base award percentage of total shareholder return | 0.00% | |||||||
Minimum | Performance Stock Unit Awards - EBIT CAGR Based | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Base award percentage of total shareholder return | 0.00% | |||||||
Flexible Stock Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares against plan | shares | 3 | 1 | ||||||
Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized cost of non-vested stock | $ 11.3 | |||||||
Weighted-average remaining contractual life | 1 year |
Stock-Based Compensation (Flexi
Stock-Based Compensation (Flexible Stock Plan Options) (Details) - shares shares in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Maximum Number of Authorized Shares | ||
Unexercised options | 0.6 | 1.6 |
Outstanding stock units—unvested | 1.1 | 0.8 |
Flexible Stock Plan | ||
Shares Available for Issuance | ||
Unexercised options | 0.6 | |
Outstanding stock units—vested | 3.5 | |
Outstanding stock units—unvested | 1.1 | |
Available for grant | 5 | |
December 31, 2019 | 10.2 | |
Maximum Number of Authorized Shares | ||
Unexercised options | 0.6 | |
Outstanding stock units—vested | 7.8 | |
Outstanding stock units—unvested | 3.3 | |
Available for grant | 5 | |
December 31, 2019 | 16.7 |
Stock-Based Compensation (Compo
Stock-Based Compensation (Components Of Stock-Based Compensation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 33 | $ 35.5 | $ 36.6 |
Recognized tax benefits on stock-based compensation expense | 10.3 | 9 | 17.2 |
To Be Settled With Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 19.9 | 21.5 | 20.3 |
Employee contributions for above stock plans | 13.1 | 14 | 16.3 |
Total stock-based compensation | 33 | 35.5 | 36.6 |
Recognized tax benefits on stock-based compensation expense | 4.7 | 5.1 | 7.3 |
To Be Settled With Stock | Stock-based retirement plans contributions | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 3.7 | 5.6 | 5.5 |
To Be Settled With Stock | Deferred Stock Compensation Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 2.1 | 1.9 | 2.1 |
To Be Settled With Stock | Stock-based retirement plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1.3 | 1.3 | 1.4 |
To Be Settled With Stock | Discount Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1 | 1.1 | 1.1 |
To Be Settled With Stock | Performance Stock Unit Awards - TSR Based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 2.8 | 1.2 | 0 |
To Be Settled With Stock | Performance Stock Unit Awards - EBIT CAGR Based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 3.8 | 2.9 | 0 |
To Be Settled With Stock | Performance Stock Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1.8 | 3.6 | 5.4 |
To Be Settled With Stock | Profitable Growth Incentive (PGI) awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0.9 | 1.4 |
To Be Settled With Stock | Restricted Stock Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 2 | 2.1 | 2.5 |
To Be Settled With Stock | Other, primarily non-employee directors restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1.4 | 0.9 | 0.9 |
To Be Settled In Cash | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 11 | 3.9 | 1.2 |
To Be Settled In Cash | Stock-based retirement plans contributions | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0.6 | 1 | 1.2 |
To Be Settled In Cash | Deferred Stock Compensation Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
To Be Settled In Cash | Stock-based retirement plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
To Be Settled In Cash | Discount Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
To Be Settled In Cash | Performance Stock Unit Awards - TSR Based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 4.1 | 0.8 | 0 |
To Be Settled In Cash | Performance Stock Unit Awards - EBIT CAGR Based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 5.3 | 2.5 | 0 |
To Be Settled In Cash | Performance Stock Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1 | (1.3) | (1.4) |
To Be Settled In Cash | Profitable Growth Incentive (PGI) awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0.9 | 1.4 |
To Be Settled In Cash | Restricted Stock Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
To Be Settled In Cash | Other, primarily non-employee directors restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
Accounting Standards Update 2016-09 | To Be Settled With Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized tax benefits on stock-based compensation expense | $ 5.6 | $ 3.9 | $ 9.9 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Stock-based Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Diversified investments associated with the Executive Stock Unit Program, Current | $ 2.8 | $ 2.3 |
Diversified investments associated with the Executive Stock Unit Program, Long-term | 38.2 | 30.4 |
Diversified investments associated with the Executive Stock Unit Program, Total | 41 | 32.7 |
Liabilities: | ||
Share Liabilities, Current | 2.8 | 2.3 |
Share Liabilities, Long-term | 14.6 | 17.6 |
Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts, Current | 6.2 | 7.4 |
Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts, Long-term | 0 | 0 |
Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts, Total | 6.2 | 7.4 |
Total liabilities associated with stock-based compensation, Current | 14.6 | 14.6 |
Total liabilities associated with stock-based compensation, Long-term | 46.5 | 34.6 |
Total liabilities associated with stock-based compensation, Total | 61.1 | 49.2 |
Executive Stock Unit Program | ||
Liabilities: | ||
Share Liabilities, Current | 2.8 | 2.3 |
Share Liabilities, Long-term | 37.8 | 31.4 |
Share Liabilities, Total | 40.6 | 33.7 |
Performance Stock Unit (TSR) award | ||
Liabilities: | ||
Share Liabilities, Current | 1.5 | 0.6 |
Share Liabilities, Long-term | 5 | 0.7 |
Share Liabilities, Total | 6.5 | 1.3 |
Performance Stock Unit (EBIT) award | ||
Liabilities: | ||
Share Liabilities, Current | 4.1 | 0 |
Share Liabilities, Long-term | 3.7 | 2.5 |
Share Liabilities, Total | 7.8 | 2.5 |
Profitable Growth Incentive award | ||
Liabilities: | ||
Share Liabilities, Current | 0 | 4.3 |
Share Liabilities, Long-term | 0 | 0 |
Share Liabilities, Total | $ 0 | $ 4.3 |
Stock-Based Compensation (Defer
Stock-Based Compensation (Deferred Compensation Program) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate amount of compensation deferred during 2019 | $ 14.6 | $ 17.6 |
Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate amount of compensation deferred during 2019 | 0.1 | |
Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate amount of compensation deferred during 2019 | 6.9 | |
Cash | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate amount of compensation deferred during 2019 | $ 0.6 |
Stock-Based Compensation (Com_2
Stock-Based Compensation (Components Of Stock Options) (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding at beginning of period, Options (in shares) | shares | 1.6 |
Granted, options (in shares) | shares | 0.1 |
Exercised, Options (in shares) | shares | (1.1) |
Outstanding at end of period, Options (in shares) | shares | 0.6 |
Vested or expected to vest (in shares) | shares | 0.6 |
Exercisable (vested) at end of period (in shares) | shares | 0.5 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Outstanding at the beginning of period, Weighted Average Exercise Price per Share (in dollars per share) | $ / shares | $ 25.43 |
Granted, Weighted Average Exercise Price per Share (in dollars per share) | $ / shares | 36.25 |
Exercised, Weighted Average Exercise Price per Share (in dollars per share) | $ / shares | 22.40 |
Outstanding at end of period, Weighted Average Exercise Price per Share (in dollars per share) | $ / shares | 33.03 |
Vested or expected to vest (in dollars per share) | $ / shares | 33.03 |
Exercisable (vested) at 12/31/2018 (in dollars per share) | $ / shares | $ 32.34 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Outstanding at end of period, Weighted Average Remaining Contractual Life in Years | 4 years 8 months 12 days |
Vested or expected to vest at end of period, Weighted Average Remaining Contractual Life in Years | 4 years 8 months 12 days |
Exercisable (vested) at end of period, Weighted Average Remaining Contractual Life in Years | 3 years 9 months 18 days |
Outstanding at end of period, Aggregate Intrinsic Value | $ | $ 10.4 |
Vested or expected to vest at end of period, Aggregate Intrinsic Value | $ | 10.4 |
Exercisable (vested) at end of period, Aggregate Intrinsic Value | $ | $ 8.9 |
Stock-Based Compensation (Addit
Stock-Based Compensation (Additional Information Related To Stock Options Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | |||
Total intrinsic value of stock options exercised | $ 23.6 | $ 8.8 | $ 11.7 |
Cash received from stock options exercised | 9.3 | 4.8 | 2.6 |
Total fair value of stock options vested | $ 0.3 | $ 0.8 | $ 1.2 |
Stock-Based Compensation (Calcu
Stock-Based Compensation (Calculation And Assumptions Utilized In Calculation Of Fair Values Of Options Granted) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | |||
Aggregate grant date fair value (less than) | $ 0.5 | $ 0.1 | $ 0.1 |
Weighted-average per share grant date fair value (in dollars per share) | $ 5.36 | $ 6.47 | $ 9.21 |
Risk-free interest rate | 2.80% | 2.30% | 2.30% |
Expected life in years | 7 years 9 months 18 days | 6 years | 6 years |
Expected volatility (over expected life) | 22.30% | 19.40% | 19.80% |
Expected dividend yield (over expected life) | 4.20% | 3.10% | 3.10% |
Stock-Based Compensation (Numbe
Stock-Based Compensation (Number Of Shares And Related Grant Date Fair Value Of PSU) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date per share fair value (in dollars per share) | $ 24.26 | ||
Risk-free interest rate | 2.80% | 2.30% | 2.30% |
Expected life in years | 7 years 9 months 18 days | 6 years | 6 years |
Expected volatility (over expected life) | 22.30% | 19.40% | 19.80% |
Expected dividend yield (over expected life) | 4.20% | 3.10% | 3.10% |
Award Year 2015 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
TSR Performance Relative to the Peer Group (1%Best) | 57.00% | ||
Payout as a Percent of the Base Award | 61.00% | ||
Number of Shares Distributed (in shares) | 0 | ||
Cash Portion | $ 6.9 | ||
Award Year 2016 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
TSR Performance Relative to the Peer Group (1%Best) | 78.00% | ||
Payout as a Percent of the Base Award | 0.00% | ||
Number of Shares Distributed (in shares) | 0 | ||
Cash Portion | $ 0 | ||
Award Year 2017 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
TSR Performance Relative to the Peer Group (1%Best) | 63.00% | ||
Payout as a Percent of the Base Award | 49.00% | ||
Number of Shares Distributed (in shares) | 0.1 | 0.1 | |
Cash Portion | $ 1.6 | $ 2.2 | |
TSR based | Performance Stock Unit | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total shares base award (in shares) | 0.1 | 0.1 | 0.1 |
Grant date per share fair value (in dollars per share) | $ 57.86 | $ 42.60 | $ 50.75 |
Risk-free interest rate | 2.40% | 2.40% | 1.50% |
Expected life in years | 3 years | 3 years | 3 years |
Expected volatility (over expected life) | 21.50% | 19.90% | 19.50% |
Expected dividend yield (over expected life) | 3.40% | 3.30% | 2.80% |
EBIT CAGR based | Performance Stock Unit | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total shares base award (in shares) | 0.1 | 0.1 | |
Grant date per share fair value (in dollars per share) | $ 39.98 | $ 40.92 | |
Vesting period in years | 3 years | 3 years |
Stock-based Compensation (Sch_2
Stock-based Compensation (Schedule of Restricted Stock Unit Two-Year Performance Cycle) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Award Year 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Average Payout as a Percent of the Base Award | 36.00% | |||
Estimated Number of Shares (in shares) (less than) | 0.1 | |||
Cash Portion | $ 0.8 | |||
Award Year 2016 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Average Payout as a Percent of the Base Award | 44.00% | |||
Estimated Number of Shares (in shares) (less than) | 0 | |||
Cash Portion | $ 2 | |||
Award Year 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Average Payout as a Percent of the Base Award | 155.00% | |||
Estimated Number of Shares (in shares) (less than) | 0.1 | 0.1 | ||
Cash Portion | $ 1.6 | $ 2.2 |
Stock-Based Compensation (Sch_3
Stock-Based Compensation (Schedule Of Stock Unit Information) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total Units | |||
Non-vested (in shares) | 0.8 | ||
Granted based on current service (in shares) | 0.5 | ||
Granted based on future conditions (in shares) | 0.4 | ||
Vested (in shares) | (0.5) | ||
Forfeited (in shares) | (0.1) | ||
Non-vested (in shares) | 1.1 | 0.8 | |
Fully vested stock units outstanding (in shares) | 3.5 | ||
Weighted Average Grant Date Fair Value per Unit | |||
Non-vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 38.43 | ||
Granted based on current service (in dollars per share) | 41.48 | ||
Granted based on future conditions (in dollars per share) | 24.26 | ||
Vested (in dollars per share) | 43.97 | ||
Forfeited (in dollars per share) | 0 | ||
Non-vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 33.30 | $ 38.43 | |
Aggregate Intrinsic Value | |||
Total non-vested | $ 56.4 | ||
Fully vested shares available for issuance | $ 176.2 | ||
DSU | |||
Total Units | |||
Non-vested (in shares) | 0 | ||
Granted based on current service (in shares) | 0.2 | ||
Granted based on future conditions (in shares) | 0 | ||
Vested (in shares) | (0.2) | ||
Forfeited (in shares) | 0 | ||
Non-vested (in shares) | 0 | 0 | |
ESUP | |||
Total Units | |||
Non-vested (in shares) | 0 | ||
Granted based on current service (in shares) | 0.2 | ||
Granted based on future conditions (in shares) | 0 | ||
Vested (in shares) | (0.2) | ||
Forfeited (in shares) | 0 | ||
Non-vested (in shares) | 0 | 0 | |
PSU | |||
Total Units | |||
Non-vested (in shares) | 0.7 | ||
Granted based on current service (in shares) | 0 | ||
Granted based on future conditions (in shares) | 0.4 | ||
Vested (in shares) | 0 | ||
Forfeited (in shares) | (0.1) | ||
Non-vested (in shares) | 1 | 0.7 | |
RSU | |||
Total Units | |||
Non-vested (in shares) | 0.1 | ||
Granted based on current service (in shares) | 0.1 | ||
Granted based on future conditions (in shares) | 0 | ||
Vested (in shares) | (0.1) | ||
Forfeited (in shares) | 0 | ||
Non-vested (in shares) | 0.1 | 0.1 | |
Maximum | Performance Stock Unit Awards | |||
Aggregate Intrinsic Value | |||
Base award percentage of total shareholder return | 200.00% | 200.00% | 175.00% |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Units Converted To Common Stock) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | |||
Total intrinsic value of vested stock units converted to common stock | $ 8 | $ 12.1 | $ 22.7 |
Stock-Based Compensation (Disco
Stock-Based Compensation (Discount Stock Plan) (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Discount Stock Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Discount to the market price, percentage | 85.00% |
Measurement performance period, years | 1 year |
Average 2019 purchase price per share (net of discount) (in dollars per share) | $ / shares | $ 35.62 |
2019 number of shares purchased by employees (in shares) | 0.2 |
Shares purchased since inception in 1982 (in shares) | 23.3 |
Maximum shares under the plan (in shares) | 27 |
PSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting percentage | 66.00% |
Performance measurement period | 3 years |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting percentage | 33.00% |
Vesting period | 3 years |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($)pension_planinvestment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of significant plans | pension_plan | 3 | |||
Pension benefit obligation (as a percent) | 84.00% | |||
Number of frozen plans | pension_plan | 1 | |||
Cash surrender value | $ 2.5 | $ 2.5 | $ 2.5 | $ 2.5 |
Target allocation (as a percent) | 100.00% | 100.00% | ||
Number of investments | investment | 7 | |||
Settlements of benefit obligation | 59.8 | $ 0 | $ 0 | 59.8 |
Defined benefit plan, recognized net loss due to settlements | 15.3 | 0 | $ 0 | $ 15.3 |
Defined benefit plan, recognized net loss due to settlements, net of tax | $ 9.5 | |||
Expected employer contributions | $ 2 | |||
Number of union sponsored multiemployer plans | pension_plan | 2 | |||
Withdrawal obligation | $ 19.3 | |||
Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation (as a percent) | 60.00% | 53.00% | ||
Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of investments | investment | 6 | |||
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Average rate used to determine discount rate | 25.00% | |||
Other Postretirement Benefits Plan | Active Plans | Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation (as a percent) | 25.00% | |||
Other Postretirement Benefits Plan | Active Plans | Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation (as a percent) | 75.00% | |||
Other Postretirement Benefits Plan | Frozen Plans | Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation (as a percent) | 60.00% | |||
Other Postretirement Benefits Plan | Frozen Plans | Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation (as a percent) | 40.00% | |||
Minimum | U.S. treasuries | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Maturities (term) | 20 years | |||
Maximum | U.S. treasuries | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Maturities (term) | 30 years |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Pension Obligations And Funded Status) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in benefit obligation | ||||
Benefit obligation, beginning of period | $ 219.8 | $ 241.5 | $ 293 | |
Service cost | 4 | 3.9 | 4.6 | |
Interest cost | 8.5 | 8 | 10.9 | |
Plan participants’ contributions | 0.5 | 0.5 | 0.7 | |
Actuarial loss (gain) | 36.7 | (20.3) | 4 | |
Benefits paid | (13.8) | (13.4) | (15.2) | |
Plan amendments | 1.9 | 1.9 | 0 | |
Settlements | $ (59.8) | 0 | 0 | (59.8) |
Foreign currency exchange rate changes | 1.5 | (2.3) | 3.3 | |
Benefit obligation, end of period | 241.5 | 259.1 | 219.8 | 241.5 |
Change in plan assets | ||||
Fair value of plan assets, beginning of period | 181.8 | 185.7 | 214.1 | |
Actual return (loss) on plan assets | 30 | (10.6) | 28.3 | |
Employer contributions | 1.5 | 21.8 | 14.9 | |
Plan participants’ contributions | 0.5 | 0.5 | 0.7 | |
Benefits paid | (13.8) | (13.4) | (15.2) | |
Settlements | 0 | 0 | (59.8) | |
Foreign currency exchange rate changes | 1.5 | (2.2) | 2.7 | |
Fair value of plan assets, end of period | 185.7 | 201.5 | 181.8 | 185.7 |
Net funded status | (55.8) | (57.6) | (38) | (55.8) |
Funded status recognized in the Consolidated Balance Sheets | ||||
Other assets—sundry | 2.2 | 1.4 | 1.6 | 2.2 |
Other current liabilities | (0.4) | (0.4) | (0.4) | (0.4) |
Other long-term liabilities | $ (57.6) | $ (58.6) | $ (39.2) | $ (57.6) |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | |||
Amortization | $ 2.9 | $ 2.6 | $ 4.6 |
Net loss (gain) (before tax) | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | |||
Accumulated other comprehensive income (net of tax), Beginning Balance | 54.7 | ||
Amortization | (2.9) | ||
Net Actuarial loss | 18.3 | ||
Foreign currency exchange rates change | 0.3 | ||
Income tax change | (0.2) | ||
Accumulated other comprehensive income (net of tax), Ending Balance | 70.2 | 54.7 | |
Deferred income taxes | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | |||
Deferred income taxes, beginning balance | (15.4) | ||
Amortization | 0 | ||
Net Actuarial loss | 0 | ||
Foreign currency exchange rates change | 0 | ||
Income tax change | (3.6) | ||
Deferred income taxes, ending balance | (19) | (15.4) | |
Accumulated other comprehensive income (loss) (net of tax) | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | |||
Accumulated other comprehensive income (net of tax), beginning balance | 39.3 | ||
Amortization | (2.9) | ||
Net Actuarial loss | 18.3 | ||
Foreign currency exchange rates change | 0.3 | ||
Income tax change | (3.8) | ||
Accumulated other comprehensive income (net of tax), ending balance | $ 51.2 | $ 39.3 |
Employee Benefit Plans (Summa_2
Employee Benefit Plans (Summary Of Accumulated Other Comprehensive Income Recognized In Net Periodic Pension Cost) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Retirement Benefits [Abstract] | |
Net loss | $ 3.7 |
Net prior service cost | 0.2 |
Total expected to be recognized in 2020 | $ 3.9 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Pension (Expense) Income) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ (4) | $ (3.9) | $ (4.6) | |
Interest cost | (8.5) | (8) | (10.9) | |
Expected return on plan assets | 11.3 | 11.9 | 13.4 | |
Recognized net actuarial loss | (2.9) | (2.6) | (4.6) | |
Prior service cost | (1.7) | 0 | 0 | |
Settlements | $ (15.3) | 0 | 0 | (15.3) |
Net pension expense | $ (5.8) | $ (2.6) | $ (22) | |
Weighted average assumptions for pension costs: | ||||
Discount rate used in net pension costs | 3.90% | 3.40% | 3.80% | |
Rate of compensation increase used in pension costs | 3.00% | 3.00% | 3.50% | |
Expected return on plan assets | 6.40% | 6.40% | 6.50% | |
Weighted average assumptions for benefit obligation: | ||||
Discount rate used in benefit obligation | 3.40% | 2.80% | 3.90% | 3.40% |
Rate of compensation increase used in benefit obligation | 3.00% | 3.40% | 3.00% | 3.00% |
Employee Benefit Plans (Sched_2
Employee Benefit Plans (Schedule Of Fair Value Of Pension Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | $ 201.5 | $ 181.8 | $ 185.7 | $ 214.1 |
Fixed income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 40.7 | 41.8 | ||
Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 121.7 | 96.8 | ||
Stable value funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 30.2 | 29.5 | ||
Money market funds, cash and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 8.9 | 13.7 | ||
Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 162.4 | 138.6 | ||
Level 1 | Fixed income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 40.7 | 41.8 | ||
Level 1 | Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 121.7 | 96.8 | ||
Level 1 | Stable value funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level 1 | Money market funds, cash and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 30.2 | 29.5 | ||
Level 2 | Fixed income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level 2 | Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level 2 | Stable value funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 30.2 | 29.5 | ||
Level 2 | Money market funds, cash and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level 3 | Fixed income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level 3 | Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level 3 | Stable value funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level 3 | Money market funds, cash and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Assets Measured at NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 8.9 | 13.7 | ||
Assets Measured at NAV | Money market funds, cash and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | $ 8.9 | $ 13.7 |
Employee Benefit Plans (Sched_3
Employee Benefit Plans (Schedule Of Allocation Of Plan Assets) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 60.00% | 53.00% |
Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 20.00% | 23.00% |
Stable value funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 15.00% | 16.00% |
Other, including cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 5.00% | 8.00% |
Employee Benefit Plans (Sched_4
Employee Benefit Plans (Schedule Of Estimated Benefit Payments) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Retirement Benefits [Abstract] | |
2020 | $ 12.4 |
2021 | 13.4 |
2022 | 13.8 |
2023 | 14.2 |
2024 | 14.5 |
2025-2029 | $ 71.2 |
Employee Benefit Plans (Total E
Employee Benefit Plans (Total Expense From Continuing Operations For Defined Contribution Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
401(k) Plan | $ 6.9 | $ 2.2 | $ 2.3 |
Other defined contribution plans | 5.3 | 4.1 | 4 |
Defined contribution plans | $ 12.2 | $ 6.3 | $ 6.3 |
Income Taxes Income Taxes (Comp
Income Taxes Income Taxes (Components Of Earnings From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ 195.5 | $ 149.1 | $ 188.6 | ||||||||
Foreign | 234.6 | 235.3 | 243.4 | ||||||||
Earnings from continuing operations before income taxes | $ 114.8 | $ 123 | $ 114.1 | $ 78.2 | $ 68.2 | $ 113.3 | $ 107.5 | $ 95.4 | $ 430.1 | $ 384.4 | $ 432 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense From Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
Federal | $ 34.6 | $ 21.2 | $ 76 |
State and local | 5.3 | 4.9 | 3.8 |
Foreign | 48.7 | 55.6 | 43.2 |
Current income tax expense | 88.6 | 81.7 | 123 |
Deferred | |||
Federal | 7.5 | 8.8 | 5.8 |
State and local | 0.6 | (12) | (2.6) |
Foreign | (0.5) | (0.2) | 12.2 |
Deferred income tax expense | 7.6 | (3.4) | 15.4 |
Income tax expense | $ 96.2 | $ 78.3 | $ 138.4 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense From Continuing Operations Percentage) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 35.00% |
State taxes, net of federal benefit | 1.40% | 0.90% | 1.00% |
Tax effect of foreign operations | (1.60%) | (0.70%) | (8.80%) |
Global intangible low-taxed income | 2.20% | 0.70% | 0.00% |
Current and deferred foreign withholding taxes | 1.20% | 3.80% | 3.50% |
Deemed repatriation of foreign earnings | 0 | (0.003) | 0.156 |
Deferred tax revaluation | (0.10%) | (0.10%) | (6.00%) |
Stock-based compensation | (1.10%) | (0.80%) | (2.00%) |
Tax benefit for outside basis in subsidiary | 0 | 0 | (0.018) |
Change in valuation allowance | 0.40% | (2.00%) | (0.40%) |
Change in uncertain tax positions, net | (0.30%) | (0.30%) | (0.60%) |
Domestic production activities deduction | 0.00% | 0.00% | (1.20%) |
Other permanent differences, net | (0.30%) | (1.40%) | (1.60%) |
Other, net | (0.40%) | (0.40%) | (0.70%) |
Effective tax rate | 22.40% | 20.40% | 32.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Examination [Line Items] | ||||
Income taxes | $ (2,000,000) | $ 50,400,000 | ||
Deemed repatriation tax | 67,300,000 | |||
Increase associated with Tax on undistributed earnings deferred tax liability | 9,000,000 | |||
Other reconciling items | 200,000 | |||
Decrease to overall net deferred tax liability | 26,100,000 | |||
Deemed repatriation tax payable | $ 1,300,000 | |||
Change in enacted tax rate, amount | 500,000 | |||
Prepaid income taxes and taxes receivable (recovered) applied against the deemed repatriation tax liability | $ 27,800,000 | 28,400,000 | ||
Deemed repatriation tax payable | 32,800,000 | 32,200,000 | ||
Deferred tax liability associated with pp&e | 17,000,000 | |||
GILTI expense | 9,300,000 | |||
Benefit to tax rate, amount | 2,300,000 | |||
Reduction of valuation allowance | 7,800,000 | |||
Deferred tax liabilities | 327,200,000 | 189,600,000 | ||
Maximum tax carryforward expiring annually | 10,000,000 | |||
Other net tax detriments | 3,600,000 | (9,100,000) | ||
Benefit from foreign tax withholdings | (14,600,000) | |||
Tax benefits from activities during the period | (12,900,000) | 25,200,000 | ||
Unrecognized tax benefits | 8,600,000 | 11,000,000 | $ 13,600,000 | |
Unrecognized tax benefits that would impact effective tax rate | 6,700,000 | |||
Permanent reinvestment on earnings | 754,500,000 | |||
Cumulative undistributed earnings that are indefinitely reinvested | 326,500,000 | |||
Resulting provisional incremental tax expense | 16,000,000 | |||
Intangible assets | ||||
Income Tax Examination [Line Items] | ||||
Deferred tax liabilities | 199,500,000 | $ 84,600,000 | ||
Intangible assets | ECS | ||||
Income Tax Examination [Line Items] | ||||
Deferred tax liabilities | $ 114,900,000 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits, beginning balance | $ 8.2 | $ 10.1 | $ 12.1 |
Gross increases—tax positions in prior periods | 0 | 0 | 0.1 |
Gross decreases—tax positions in prior periods | (0.4) | (0.5) | (0.4) |
Gross increases—current period tax positions | 0.7 | 1.3 | 1.5 |
Change due to exchange rate fluctuations | 0 | (0.2) | 0.3 |
Settlements | 0 | 0 | (0.9) |
Lapse of statute of limitations | (2.1) | (2.5) | (2.6) |
Gross unrecognized tax benefits, ending balance | 6.4 | 8.2 | 10.1 |
Interest | 1.9 | 2.4 | 3 |
Penalties | 0.3 | 0.4 | 0.5 |
Total gross unrecognized tax benefits | $ 8.6 | $ 11 | $ 13.6 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets Or Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Contingency [Line Items] | ||
Assets | $ 141.3 | $ 137.4 |
Liabilities | (327.2) | (189.6) |
Valuation allowance | (16.8) | (13.2) |
Total deferred taxes assets | 124.5 | 124.2 |
Net deferred tax liability | (202.7) | (65.4) |
Property, plant and equipment | ||
Income Tax Contingency [Line Items] | ||
Assets | 19.1 | 19.7 |
Liabilities | (84.8) | (67.8) |
Inventories | ||
Income Tax Contingency [Line Items] | ||
Assets | 2.3 | 2.1 |
Liabilities | (13.2) | (10.3) |
Accrued expenses | ||
Income Tax Contingency [Line Items] | ||
Assets | 59.9 | 60.3 |
Liabilities | (4.2) | (0.1) |
Net operating losses and other tax carryforwards | ||
Income Tax Contingency [Line Items] | ||
Assets | 31.9 | 27.2 |
Liabilities | 0 | 0 |
Pension cost and other post-retirement benefits | ||
Income Tax Contingency [Line Items] | ||
Assets | 18.2 | 13.4 |
Liabilities | (0.7) | (0.6) |
Intangible assets | ||
Income Tax Contingency [Line Items] | ||
Assets | 0.3 | 0.4 |
Liabilities | (199.5) | (84.6) |
Derivative financial instruments | ||
Income Tax Contingency [Line Items] | ||
Assets | 3 | 5 |
Liabilities | (1.7) | (1.3) |
Tax on undistributed earnings (primarily from Canada and China) | ||
Income Tax Contingency [Line Items] | ||
Assets | 0 | 0 |
Liabilities | (16.8) | (18.8) |
Uncertain tax positions | ||
Income Tax Contingency [Line Items] | ||
Assets | 1.4 | 2.4 |
Liabilities | 0 | 0 |
Other | ||
Income Tax Contingency [Line Items] | ||
Assets | 5.2 | 6.9 |
Liabilities | $ (6.3) | $ (6.1) |
Income Taxes (Deferred Tax As_2
Income Taxes (Deferred Tax Assets And (Liabilities) Included In Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Sundry | $ 11.5 | $ 20.2 |
Deferred income taxes | (214.2) | (85.6) |
Net deferred tax liability | $ (202.7) | $ (65.4) |
Other Expense (Income) (Details
Other Expense (Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other (Income) Expense [Line Items] | |||
Other expense (income), net | $ 1.4 | $ 2.7 | $ 12.6 |
Restructuring charges (See Note F) | |||
Other (Income) Expense [Line Items] | |||
Other expense (income), net | 8.1 | 7.8 | 0.8 |
Currency loss | |||
Other (Income) Expense [Line Items] | |||
Other expense (income), net | 3 | 0.8 | 1.5 |
(Gain) loss from diversified investments associated with Executive Stock Unit Program | |||
Other (Income) Expense [Line Items] | |||
Other expense (income), net | (7.2) | 1.9 | (4.5) |
Non-service pension expense (income) (See Note N) | |||
Other (Income) Expense [Line Items] | |||
Other expense (income), net | 1.8 | (1.3) | 17.4 |
Other income | |||
Other (Income) Expense [Line Items] | |||
Other expense (income), net | $ (4.3) | $ (6.5) | $ (2.6) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||
Balance, beginning of period | $ 1,157.6 | $ 1,190.8 | $ 1,157.6 | $ 1,190.8 | $ 1,094 | ||||||
Other comprehensive income (loss) | (11.1) | (73.8) | 90.5 | ||||||||
Reclassifications, pretax | 10.3 | 5.4 | 27.1 | ||||||||
Income tax effect | 1.6 | 0.3 | (13.9) | ||||||||
Attributable to noncontrolling interest | 0.4 | ||||||||||
Balance, end of period | $ 1,312.5 | $ 1,157.6 | 1,312.5 | 1,157.6 | 1,190.8 | ||||||
Net sales | 1,144.9 | $ 1,239.3 | $ 1,213.2 | 1,155.1 | 1,046.7 | $ 1,091.5 | $ 1,102.5 | 1,028.8 | 4,752.5 | 4,269.5 | 3,943.8 |
Cost of goods sold | 3,701.9 | 3,380.8 | 3,061.4 | ||||||||
Interest expense | 90.7 | 60.9 | 43.5 | ||||||||
Total reclassifications, pretax | 86.8 | $ 99.6 | $ 86.2 | 61.2 | 53 | $ 90 | $ 85 | 77.9 | 333.8 | 305.9 | 292.6 |
Foreign Currency Translation Adjustments | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||
Balance, beginning of period | (26.5) | 40.5 | (26.5) | 40.5 | (38.6) | ||||||
Other comprehensive income (loss) | 5 | (67) | 78.7 | ||||||||
Reclassifications, pretax | 0 | 0 | 0 | ||||||||
Income tax effect | 0 | 0 | 0 | ||||||||
Attributable to noncontrolling interest | 0.4 | ||||||||||
Balance, end of period | (21.5) | (26.5) | (21.5) | (26.5) | 40.5 | ||||||
Cash Flow Hedges | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||
Balance, beginning of period | (11.8) | (11.5) | (11.8) | (11.5) | (17.8) | ||||||
Other comprehensive income (loss) | (3.1) | 1.6 | |||||||||
Reclassifications, pretax | 2.8 | 7.2 | |||||||||
Income tax effect | 0 | (2.5) | |||||||||
Attributable to noncontrolling interest | 0 | ||||||||||
Balance, end of period | (11.8) | (11.8) | (11.5) | ||||||||
Other expense (income), net | 0 | ||||||||||
Cash Flow Hedges | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||
Other comprehensive income (loss) | 2.5 | ||||||||||
Reclassifications, pretax | 7.4 | ||||||||||
Income tax effect | (2.2) | ||||||||||
Balance, end of period | (4.1) | (4.1) | |||||||||
Defined Benefit Pension Plans | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||
Balance, beginning of period | (39.3) | (38.5) | (39.3) | (38.5) | (57.2) | ||||||
Other comprehensive income (loss) | (18.6) | (3.7) | 10.2 | ||||||||
Reclassifications, pretax | 2.9 | 2.6 | 19.9 | ||||||||
Income tax effect | 3.8 | 0.3 | (11.4) | ||||||||
Attributable to noncontrolling interest | 0 | ||||||||||
Balance, end of period | (51.2) | (39.3) | (51.2) | (39.3) | (38.5) | ||||||
Other expense (income), net | 2.6 | ||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||
Balance, beginning of period | $ (77.6) | $ (9.5) | (77.6) | (9.5) | (113.6) | ||||||
Balance, end of period | $ (76.8) | $ (77.6) | (76.8) | (77.6) | (9.5) | ||||||
Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Translation Adjustments | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Other expense (income), net | 0 | 0 | 0 | ||||||||
Total reclassifications, pretax | 0 | 0 | 0 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||
Net sales | (2.6) | 2.3 | |||||||||
Cost of goods sold | 1.1 | 0.7 | |||||||||
Interest expense | 4.3 | 4.2 | |||||||||
Other expense (income), net | 0 | ||||||||||
Total reclassifications, pretax | 2.8 | 7.2 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||
Net sales | 3.6 | ||||||||||
Cost of goods sold | (0.6) | ||||||||||
Interest expense | 4.4 | ||||||||||
Other expense (income), net | 0 | ||||||||||
Total reclassifications, pretax | 7.4 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Pension Plans | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Other expense (income), net | 2.9 | 19.9 | |||||||||
Total reclassifications, pretax | 2.9 | 2.6 | 19.9 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||
Net sales | 3.6 | (2.6) | 2.3 | ||||||||
Cost of goods sold | (0.6) | 1.1 | 0.7 | ||||||||
Interest expense | 4.4 | 4.3 | 4.2 | ||||||||
Other expense (income), net | 2.9 | 2.6 | 19.9 | ||||||||
Total reclassifications, pretax | $ 10.3 | $ 5.4 | $ 27.1 |
Fair Value (Items Measured At F
Fair Value (Items Measured At Fair Value On A Recurring Basis) (Details) - Recurring - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Total | ||
Cash equivalents: | ||
Derivative assets (see Note T) | $ 4 | $ 1.2 |
Total assets | 198.7 | 193 |
Liabilities: | ||
Derivative liabilities (see Note T) | 0.9 | 4.7 |
Total liabilities | 41.5 | 38.4 |
Total | Diversified investments associated with the Executive Stock Unit Program (ESUP) | ||
Cash equivalents: | ||
Diversified investments associated with the ESUP (see Note M) | 41 | 32.7 |
Total | Liabilities associated with the ESUP | ||
Liabilities: | ||
Liabilities associated with the ESUP (see Note M) | 40.6 | 33.7 |
Level 1 | ||
Cash equivalents: | ||
Derivative assets (see Note T) | 0 | 0 |
Total assets | 41 | 32.7 |
Liabilities: | ||
Derivative liabilities (see Note T) | 0 | 0 |
Total liabilities | 40.6 | 33.7 |
Level 1 | Diversified investments associated with the Executive Stock Unit Program (ESUP) | ||
Cash equivalents: | ||
Diversified investments associated with the ESUP (see Note M) | 41 | 32.7 |
Level 1 | Liabilities associated with the ESUP | ||
Liabilities: | ||
Liabilities associated with the ESUP (see Note M) | 40.6 | 33.7 |
Level 2 | ||
Cash equivalents: | ||
Derivative assets (see Note T) | 4 | 1.2 |
Total assets | 157.7 | 160.3 |
Liabilities: | ||
Derivative liabilities (see Note T) | 0.9 | 4.7 |
Total liabilities | 0.9 | 4.7 |
Level 2 | Diversified investments associated with the Executive Stock Unit Program (ESUP) | ||
Cash equivalents: | ||
Diversified investments associated with the ESUP (see Note M) | 0 | 0 |
Level 2 | Liabilities associated with the ESUP | ||
Liabilities: | ||
Liabilities associated with the ESUP (see Note M) | 0 | 0 |
Level 3 | ||
Cash equivalents: | ||
Derivative assets (see Note T) | 0 | 0 |
Total assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities (see Note T) | 0 | 0 |
Total liabilities | 0 | 0 |
Level 3 | Diversified investments associated with the Executive Stock Unit Program (ESUP) | ||
Cash equivalents: | ||
Diversified investments associated with the ESUP (see Note M) | 0 | 0 |
Level 3 | Liabilities associated with the ESUP | ||
Liabilities: | ||
Liabilities associated with the ESUP (see Note M) | 0 | 0 |
Bank time deposits with original maturities of three months or less | Total | ||
Cash equivalents: | ||
Bank time deposits with original maturities of three months or less | 153.7 | 159.1 |
Bank time deposits with original maturities of three months or less | Level 1 | ||
Cash equivalents: | ||
Bank time deposits with original maturities of three months or less | 0 | 0 |
Bank time deposits with original maturities of three months or less | Level 2 | ||
Cash equivalents: | ||
Bank time deposits with original maturities of three months or less | 153.7 | 159.1 |
Bank time deposits with original maturities of three months or less | Level 3 | ||
Cash equivalents: | ||
Bank time deposits with original maturities of three months or less | $ 0 | $ 0 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - Level 2 - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed rate debt | $ 98.6 | $ 35 |
Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed rate debt | $ 1,585.6 | $ 1,090.5 |
Acquisitions (Estimated Fair Va
Acquisitions (Estimated Fair Values of The Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Property, plant and equipment | $ 1,297.4 | $ 85.4 | $ 47.9 |
Goodwill (see Note E) | 1,406.3 | 833.8 | 822.2 |
Series of Individually Immaterial Business Acquisitions | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 75.2 | 19.6 | 10.5 |
Inventory | 63.2 | 26.2 | 6.2 |
Property, plant and equipment | 82.3 | 28.2 | 15.7 |
Goodwill (see Note E) | 566.3 | 28.1 | 11.5 |
Other current and long-term assets | 29.4 | 0.8 | 0.8 |
Current liabilities | (48.2) | (11.9) | (4.6) |
Deferred income taxes | (127.4) | (9.9) | (6.3) |
Long-term liabilities | (23.7) | (0.8) | 0 |
Noncontrolling interest | 0 | 0 | (0.5) |
Fair value of net identifiable assets | 1,265.1 | 109.2 | 53.6 |
Less: Additional consideration payable | 0 | 0 | 2.7 |
Less: Common stock issued for acquired companies | 0 | 0 | 11.8 |
Net cash consideration | 1,265.1 | 109.2 | 39.1 |
Series of Individually Immaterial Business Acquisitions | Customer relationships (7 to 20-year life) | |||
Business Acquisition [Line Items] | |||
Other intangible assets (see Note E) | 378.9 | 19.4 | 11.3 |
Series of Individually Immaterial Business Acquisitions | Technology (5 to 15-year life) | |||
Business Acquisition [Line Items] | |||
Other intangible assets (see Note E) | 173.3 | 4.9 | 0 |
Series of Individually Immaterial Business Acquisitions | Trademarks and trade names (15-year) | |||
Business Acquisition [Line Items] | |||
Other intangible assets (see Note E) | $ 67.1 | 2.7 | 8.6 |
Useful life | 15 years | ||
Series of Individually Immaterial Business Acquisitions | Non-compete agreements and other (5 to 15-year life) | |||
Business Acquisition [Line Items] | |||
Other intangible assets (see Note E) | $ 28.7 | $ 1.9 | $ 0.4 |
Series of Individually Immaterial Business Acquisitions | Minimum | Customer relationships (7 to 20-year life) | |||
Business Acquisition [Line Items] | |||
Useful life | 15 years | ||
Series of Individually Immaterial Business Acquisitions | Minimum | Technology (5 to 15-year life) | |||
Business Acquisition [Line Items] | |||
Useful life | 5 years | ||
Series of Individually Immaterial Business Acquisitions | Minimum | Non-compete agreements and other (5 to 15-year life) | |||
Business Acquisition [Line Items] | |||
Useful life | 5 years | ||
Series of Individually Immaterial Business Acquisitions | Maximum | Customer relationships (7 to 20-year life) | |||
Business Acquisition [Line Items] | |||
Useful life | 20 years | ||
Series of Individually Immaterial Business Acquisitions | Maximum | Technology (5 to 15-year life) | |||
Business Acquisition [Line Items] | |||
Useful life | 15 years | ||
Series of Individually Immaterial Business Acquisitions | Maximum | Non-compete agreements and other (5 to 15-year life) | |||
Business Acquisition [Line Items] | |||
Useful life | 15 years |
Acquisitions (Purchase Price Al
Acquisitions (Purchase Price Allocations Related to Acquisitions) (Details) - acquisition | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
A leader in proprietary specialized foam technology, primarily for the bedding and furniture industries; Manufacturer and distributor of geosynthetic and mine ventilation products | Residential Products | |||
Business Acquisition [Line Items] | |||
Number of Acquisitions | 2 | ||
Manufacturer and distributor of home and garden products; Manufacturer and distributor of silt fence; Engineered hydraulic cylinders | Residential Products and Specialized Products | |||
Business Acquisition [Line Items] | |||
Number of Acquisitions | 3 | ||
Distributor and installer of geosynthetic products; Flooring products; Surface-critical bent tube components | Residential Products and Furniture Products | |||
Business Acquisition [Line Items] | |||
Number of Acquisitions | 3 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Millions | Dec. 09, 2019USD ($) | Dec. 31, 2019USD ($)acquisition | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)acquisition |
Business Acquisition [Line Items] | ||||
Goodwill, expected to provide a tax benefit | $ 139 | |||
Contingent consideration, liability | 9.2 | $ 10.8 | ||
Additional consideration including interest paid | 1.1 | 9.3 | $ 2.2 | |
Purchase price | $ 20.8 | |||
Goodwill added | $ 7 | 566.3 | 28.1 | |
ECS | ||||
Business Acquisition [Line Items] | ||||
Purchase price | 1,244.3 | |||
Goodwill added | 559.3 | |||
Manufacturer and distributor of innovative home and garden products | ||||
Business Acquisition [Line Items] | ||||
Purchase price | 19.1 | |||
Manufacturer and distributor of silt fence | ||||
Business Acquisition [Line Items] | ||||
Purchase price | 2.6 | |||
PHC | ||||
Business Acquisition [Line Items] | ||||
Purchase price | 87.4 | |||
Goodwill added | 26.9 | |||
Joint venture | ||||
Business Acquisition [Line Items] | ||||
Purchase price | 2.6 | |||
Specialized Products | ||||
Business Acquisition [Line Items] | ||||
Goodwill added | 0 | 26.8 | ||
Residential Products and Furniture Products | ||||
Business Acquisition [Line Items] | ||||
Goodwill, period change | $ 11.3 | |||
Residential Products and Furniture Products | Distributor and installer of geosynthetic products; Flooring products; Surface-critical bent tube components | ||||
Business Acquisition [Line Items] | ||||
Number of acquisitions | acquisition | 3 | |||
Residential Products | ||||
Business Acquisition [Line Items] | ||||
Goodwill added | $ 566.3 | 1.3 | ||
Goodwill, period change | $ 7.4 | |||
Residential Products | A leader in proprietary specialized foam technology, primarily for the bedding and furniture industries; Manufacturer and distributor of geosynthetic and mine ventilation products | ||||
Business Acquisition [Line Items] | ||||
Number of acquisitions | acquisition | 2 | |||
Furniture Products | ||||
Business Acquisition [Line Items] | ||||
Goodwill added | $ 0 | 0 | ||
Goodwill, period change | $ 3.9 | |||
Liability for future payments, current | ||||
Business Acquisition [Line Items] | ||||
Contingent consideration, liability | 9.2 | 0.8 | ||
Liability for future payments, long-term | ||||
Business Acquisition [Line Items] | ||||
Contingent consideration, liability | 10 | |||
Leggett & Platt | Joint venture | ||||
Business Acquisition [Line Items] | ||||
Remaining ownership (as a percent) | 20.00% | |||
Customer relationships | ECS | ||||
Business Acquisition [Line Items] | ||||
Other intangible assets | 372.3 | |||
Customer relationships | Series of Individually Immaterial Business Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Other intangible assets | 378.9 | 19.4 | $ 11.3 | |
Technology | ECS | ||||
Business Acquisition [Line Items] | ||||
Other intangible assets | 173.3 | |||
Technology | Series of Individually Immaterial Business Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Other intangible assets | $ 173.3 | $ 4.9 | $ 0 |
Acquisitions (Proforma Informat
Acquisitions (Proforma Information) (Details) - ECS - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Net sales | $ 4,774.1 | $ 4,870.8 |
Net earnings | $ 335.5 | $ 283.9 |
EPS basic (in dollars per share) | $ 2.49 | $ 2.11 |
EPS diluted (in dollars per share) | $ 2.49 | $ 2.10 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Derivative Financial Instruments At Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | $ 3.7 | $ 1 |
Sundry | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | 0.3 | 0.2 |
Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative liabilities | 0.9 | 4.5 |
Other Long-Term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative liabilities | 0.2 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 138.5 | 164.7 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Future MXN purchases of a USD subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 9.8 | 7.9 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Future DKK sales of Polish subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 21.1 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Future EUR Sales of Chinese and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 29.9 | 32.3 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Total cash flow hedges, Assets | 2.8 | 0.8 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 1.3 | 0.5 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | Future MXN purchases of a USD subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.5 | 0.1 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | Future DKK sales of Polish subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.3 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | Future EUR Sales of Chinese and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.7 | 0.2 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Sundry | ||
Derivatives, Fair Value [Line Items] | ||
Total cash flow hedges, Assets | 0.3 | 0.2 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Sundry | Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.2 | 0.1 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Sundry | Future MXN purchases of a USD subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.1 | 0 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Sundry | Future DKK sales of Polish subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Sundry | Future EUR Sales of Chinese and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0 | 0.1 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Total cash flow hedges, Liabilities | 0.7 | 3.9 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0.7 | 3.8 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | Future MXN purchases of a USD subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | 0 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | Future DKK sales of Polish subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | Future EUR Sales of Chinese and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | 0.1 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Long-Term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Total cash flow hedges, Liabilities | 0.2 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Long-Term Liabilities | Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0.2 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Long-Term Liabilities | Future MXN purchases of a USD subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Long-Term Liabilities | Future EUR Sales of Chinese and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives Designated as Hedging Instruments | Fair value hedges | Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, GBP, PLN and USD) | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 112 | 65.8 |
Derivatives Designated as Hedging Instruments | Fair value hedges | Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Assets | 0.8 | 0.1 |
Derivatives Designated as Hedging Instruments | Fair value hedges | Other Current Assets | Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, GBP, PLN and USD) | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Assets | 0.8 | 0.1 |
Derivatives Designated as Hedging Instruments | Fair value hedges | Sundry | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Assets | 0 | 0 |
Derivatives Designated as Hedging Instruments | Fair value hedges | Sundry | Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, GBP, PLN and USD) | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Assets | 0 | 0 |
Derivatives Designated as Hedging Instruments | Fair value hedges | Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Liabilities | 0.1 | 0.3 |
Derivatives Designated as Hedging Instruments | Fair value hedges | Other Current Liabilities | Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, GBP, PLN and USD) | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Liabilities | 0.1 | 0.3 |
Derivatives Designated as Hedging Instruments | Fair value hedges | Other Long-Term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives Designated as Hedging Instruments | Fair value hedges | Other Long-Term Liabilities | Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, GBP, PLN and USD) | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives not designated as hedging instruments | Non-deliverable hedges (EUR and USD) exposed to the CNY | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 10.1 | 23.6 |
Derivatives not designated as hedging instruments | Hedge of USD Receivable on CAD Subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 5 | |
Derivatives not designated as hedging instruments | Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0.1 | 0.1 |
Derivatives not designated as hedging instruments | Other Current Assets | Non-deliverable hedges (EUR and USD) exposed to the CNY | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0.1 | 0.1 |
Derivatives not designated as hedging instruments | Other Current Assets | Hedge of USD Receivable on CAD Subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0 | |
Derivatives not designated as hedging instruments | Sundry | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0 | 0 |
Derivatives not designated as hedging instruments | Sundry | Non-deliverable hedges (EUR and USD) exposed to the CNY | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0 | 0 |
Derivatives not designated as hedging instruments | Sundry | Hedge of USD Receivable on CAD Subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0 | |
Derivatives not designated as hedging instruments | Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0.1 | 0.3 |
Derivatives not designated as hedging instruments | Other Current Liabilities | Non-deliverable hedges (EUR and USD) exposed to the CNY | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0 | 0.3 |
Derivatives not designated as hedging instruments | Other Current Liabilities | Hedge of USD Receivable on CAD Subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | $ 0.1 | |
Derivatives not designated as hedging instruments | Other Long-Term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0 | |
Derivatives not designated as hedging instruments | Other Long-Term Liabilities | Non-deliverable hedges (EUR and USD) exposed to the CNY | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Gains (Losses) Of Hedging Activities Recorded In Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | $ 6.5 | $ 2.3 | $ 1.9 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | 5.6 | 2.7 | 3.8 |
Derivatives Designated as Hedging Instruments | Fair value hedges | Other expense (income), net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | 0.8 | 1.2 | (0.2) |
Derivatives Not Designated as Hedging Instruments | Other expense (income), net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | 0.1 | (1.6) | (1.7) |
Interest rate cash flow hedges | Derivatives Designated as Hedging Instruments | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | 4.4 | 4.3 | 4.2 |
Currency cash flow hedges | Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Net sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | 2.7 | (2) | (1.4) |
Currency cash flow hedges | Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | (1.6) | 0.4 | 0.4 |
Currency cash flow hedges | Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other expense (income), net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | $ 0.1 | $ 0 | $ 0.6 |
Contingencies - Narrative (Deta
Contingencies - Narrative (Details) - USD ($) | Nov. 05, 2019 | Aug. 08, 2019 | Sep. 11, 2017 | Dec. 15, 2015 | Jul. 01, 2014 | Jun. 26, 2014 | Mar. 27, 2014 | Jun. 21, 2013 | Feb. 01, 2013 | Dec. 18, 2012 | Dec. 17, 2012 | Oct. 04, 2012 | Dec. 29, 2011 | Dec. 22, 2011 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 18, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 04, 2015 |
Contingencies [Line Items] | ||||||||||||||||||||||
Accrual | $ 700,000 | $ 1,900,000 | $ 400,000 | $ 3,200,000 | ||||||||||||||||||
Reasonably possible (but not probable, and therefore not accrued) losses in excess of accruals | 14,900,000 | |||||||||||||||||||||
Brazilian Value- Added Tax Matters | ||||||||||||||||||||||
Contingencies [Line Items] | ||||||||||||||||||||||
Accrual | $ 1,200,000 | $ 3,000,000 | $ 4,100,000 | |||||||||||||||||||
Assessments and penalties | $ 700,000 | $ 600,000 | $ 700,000 | $ 1,500,000 | $ 100,000 | $ 400,000 | $ 3,500,000 | $ 1,200,000 | $ 100,000 | $ 2,000,000 | ||||||||||||
Improperly offset tax credits | $ 100,000 | $ 100,000 | ||||||||||||||||||||
Brazilian Value- Added Tax Matters | Forecast | ||||||||||||||||||||||
Contingencies [Line Items] | ||||||||||||||||||||||
Loss return cash deposit | $ 600,000 | |||||||||||||||||||||
Loss payments | $ 600,000 | |||||||||||||||||||||
Cash deposits | $ 1,200,000 | |||||||||||||||||||||
Brazilian Tax Credit Matters | ||||||||||||||||||||||
Contingencies [Line Items] | ||||||||||||||||||||||
Accrual | 2,500,000 | |||||||||||||||||||||
Assessments and penalties | $ 200,000 | 1,700,000 | ||||||||||||||||||||
Improperly offset tax credits | $ 100,000 | |||||||||||||||||||||
Pending Litigation | Brazilian Value- Added Tax Matters | ||||||||||||||||||||||
Contingencies [Line Items] | ||||||||||||||||||||||
Reasonably possible losses that may be incurred | 13,800,000 | |||||||||||||||||||||
Accrual | 0 | |||||||||||||||||||||
Deposit to partially mitigate interest and penalties | 10,500,000 | |||||||||||||||||||||
Pending Litigation | Other matters | ||||||||||||||||||||||
Contingencies [Line Items] | ||||||||||||||||||||||
Reasonably possible losses that may be incurred | $ 1,100,000 |
Contingencies - Accrual for Pro
Contingencies - Accrual for Probable Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loss Contingency Accrual [Roll Forward] | |||
Litigation contingency accrual - Beginning of period | $ 1.9 | $ 0.4 | $ 3.2 |
Cash payments | (1.8) | (0.3) | (5) |
Litigation contingency accrual - End of period | 0.7 | 1.9 | 0.4 |
Continuing Operations | |||
Loss Contingency Accrual [Roll Forward] | |||
Adjustment to accruals - expense (income) | 0.6 | 1.8 | 0.6 |
Discontinued Operations | |||
Loss Contingency Accrual [Roll Forward] | |||
Adjustment to accruals - expense (income) | $ 0 | $ 0 | $ 1.6 |
Quarterly Summary of Earnings_2
Quarterly Summary of Earnings (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Net sales | $ 1,144.9 | $ 1,239.3 | $ 1,213.2 | $ 1,155.1 | $ 1,046.7 | $ 1,091.5 | $ 1,102.5 | $ 1,028.8 | $ 4,752.5 | $ 4,269.5 | $ 3,943.8 | |
Gross profit | 272.4 | 275.5 | 269.7 | 233 | 213.2 | 227.1 | 231 | 217.4 | 1,050.6 | 888.7 | 882.4 | |
Earnings from continuing operations before income taxes | 114.8 | 123 | 114.1 | 78.2 | 68.2 | 113.3 | 107.5 | 95.4 | 430.1 | 384.4 | 432 | |
Earnings from continuing operations | 86.9 | 99.6 | 86.3 | 61.1 | 53.1 | 90 | 85.1 | 77.9 | 333.9 | 306.1 | 293.6 | |
Earnings (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.9) | |
Net earnings | 86.9 | 99.6 | 86.3 | 61.1 | 53.1 | 90 | 85.1 | 77.9 | 333.9 | 306.1 | 292.7 | |
Loss (Earnings) attributable to noncontrolling interest, net of tax | (0.1) | 0 | (0.1) | 0.1 | (0.1) | 0 | (0.1) | 0 | (0.1) | (0.2) | (0.1) | |
Net earnings attributable to Leggett & Platt, Inc. common shareholders | $ 86.8 | $ 99.6 | $ 86.2 | $ 61.2 | $ 53 | $ 90 | $ 85 | $ 77.9 | $ 333.8 | $ 305.9 | $ 292.6 | |
Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||
Basic (in dollars per share) | $ 0.64 | $ 0.74 | $ 0.64 | $ 0.46 | $ 0.40 | $ 0.67 | $ 0.63 | $ 0.58 | $ 2.48 | $ 2.28 | $ 2.16 | |
Diluted (in dollars per share) | 0.64 | 0.74 | 0.64 | 0.45 | 0.39 | 0.67 | 0.63 | 0.57 | 2.47 | 2.26 | 2.14 | |
Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||
Basic (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) | |
Diluted (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) | |
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||
Basic (in dollars per share) | 0.64 | 0.74 | 0.64 | 0.46 | 0.40 | 0.67 | 0.63 | 0.58 | 2.48 | 2.28 | 2.15 | |
Diluted (in dollars per share) | $ 0.64 | $ 0.74 | $ 0.64 | $ 0.45 | $ 0.39 | $ 0.67 | $ 0.63 | $ 0.57 | $ 2.47 | $ 2.26 | $ 2.13 | |
Quarterly Financial Information [Line Items] | ||||||||||||
Charge associated with the TCJA | $ 2 | $ (50.4) | ||||||||||
Elite Comfort Solutions, Inc. | ||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Acquisition transaction costs | $ 1 | $ 7 | ||||||||||
2018 Restructuring Plan | ||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Restructuring and related costs | $ 15.1 | $ 16.3 | $ 31.4 | |||||||||
Furniture Products | ||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Net sales | 1,059.1 | 1,142.1 | 1,096.4 | |||||||||
Furniture Products | 2018 Restructuring Plan | ||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Restructuring and related costs | $ 5 | $ 4 | $ 6 | 16 | ||||||||
Residential Products | ||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Net sales | $ 2,331 | $ 1,703.7 | $ 1,620.2 | |||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Customer receivable impairment | $ 16 |
Valuation And Qualifying Acco_2
Valuation And Qualifying Accounts And Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for doubtful receivables | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 20.2 | $ 4.9 | $ 7.4 |
Additions (Credited) to Cost and Expenses | 2.8 | 16.7 | 0.8 |
Deductions | (0.5) | 1.4 | 3.3 |
Balance at End of Period | 23.5 | 20.2 | 4.9 |
Excess and obsolete inventory reserve, LIFO basis | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 27.1 | 26.4 | 27.1 |
Additions (Credited) to Cost and Expenses | 9 | 10.3 | 4.9 |
Deductions | 11.3 | 9.6 | 5.6 |
Balance at End of Period | 24.8 | 27.1 | 26.4 |
Tax valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 13.2 | 24.2 | 22.9 |
Additions (Credited) to Cost and Expenses | 1.5 | (7.8) | 1.3 |
Deductions | (2.1) | 3.2 | 0 |
Balance at End of Period | $ 16.8 | $ 13.2 | $ 24.2 |