Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 13, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-07845 | ||
Entity Registrant Name | LEGGETT & PLATT, INC | ||
Entity Incorporation, State or Country Code | MO | ||
Entity Tax Identification Number | 44-0324630 | ||
Entity Address, Address Line One | No. 1 Leggett Road | ||
Entity Address, City or Town | Carthage, | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 64836 | ||
City Area Code | 417 | ||
Local Phone Number | 358-8131 | ||
Title of 12(b) Security | Common Stock, $.01 par value | ||
Trading Symbol | LEG | ||
Security Exchange Name | NYSE | ||
Entity 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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,489,629,000 | ||
Entity Common Stock, Shares Outstanding | 132,922,445 | ||
Documents Incorporated by Reference | Part of Item 10, and all of Items 11, 12, 13, and 14 of Part III, are incorporated by reference from the Company’s definitive Proxy Statement for the Annual Meeting of Shareholders to be held on May 4, 2023. | ||
Entity Central Index Key | 0000058492 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | St. Louis, Missouri |
Auditor Firm ID | 238 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Net trade sales | $ 5,146.7 | $ 5,072.6 | $ 4,280.2 |
Cost of goods sold | 4,169.9 | 4,034.3 | 3,376.1 |
Gross profit | 976.8 | 1,038.3 | 904.1 |
Selling and administrative expenses | 427.3 | 422.1 | 424.4 |
Amortization of intangibles | 66.8 | 67.5 | 65.2 |
Impairments | 0 | 0 | 29.4 |
Net gain on sale of assets and businesses | (2.5) | (29.4) | 0 |
Other expense (income), net | 0.2 | (17.9) | (22.4) |
Earnings before interest and income taxes | 485 | 596 | 407.5 |
Interest expense | 85.5 | 76.5 | 82.7 |
Interest income | 4.1 | 2.6 | 3.1 |
Earnings before income taxes | 403.6 | 522.1 | 327.9 |
Income taxes | 93.7 | 119.5 | 74.8 |
Net earnings | 309.9 | 402.6 | 253.1 |
Earnings attributable to noncontrolling interest, net of tax | (0.1) | (0.2) | (0.1) |
Net earnings attributable to Leggett & Platt, Inc. common shareholders | $ 309.8 | $ 402.4 | $ 253 |
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders | |||
Basic (in dollars per share) | $ 2.28 | $ 2.95 | $ 1.86 |
Diluted (in dollars per share) | $ 2.27 | $ 2.94 | $ 1.86 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||
Net earnings | $ 309.9 | $ 402.6 | $ 253.1 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (71.8) | (18.2) | 27.8 |
Cash flow hedges | (3.5) | 10.5 | 5.5 |
Defined benefit pension plans | 20.1 | 21.7 | (9) |
Other comprehensive (loss) income | (55.2) | 14 | 24.3 |
Comprehensive income | 254.7 | 416.6 | 277.4 |
Less: comprehensive income attributable to noncontrolling interest | (0.1) | (0.1) | 0 |
Comprehensive income attributable to Leggett & Platt, Inc. | $ 254.6 | $ 416.5 | $ 277.4 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 316.5 | $ 361.7 |
Trade receivables, net | 609 | 620 |
Other receivables, net | 66 | 31.5 |
Inventories | 907.5 | 993.2 |
Prepaid expenses and other current assets | 59 | 58.9 |
Total current assets | 1,958 | 2,065.3 |
Property, Plant and Equipment—at cost | ||
Machinery and equipment | 1,434 | 1,435 |
Buildings and other | 791 | 772.1 |
Land | 43.5 | 44.1 |
Total property, plant and equipment | 2,268.5 | 2,251.2 |
Less accumulated depreciation | 1,496.1 | 1,469.7 |
Net property, plant and equipment | 772.4 | 781.5 |
Other Assets | ||
Goodwill | 1,474.4 | 1,449.6 |
Other intangibles, net | 675.4 | 707.8 |
Operating lease right-of-use assets | 195 | 192.6 |
Sundry | 110.9 | 110.5 |
Total other assets | 2,455.7 | 2,460.5 |
TOTAL ASSETS | 5,186.1 | 5,307.3 |
Current Liabilities | ||
Current maturities of long-term debt | 9.4 | 300.6 |
Current portion of operating lease liabilities | 49.5 | 44.5 |
Accounts payable | 518.4 | 613.8 |
Accrued expenses | 261.7 | 284.6 |
Other current liabilities | 129.1 | 92.2 |
Total current liabilities | 968.1 | 1,335.7 |
Long-term Liabilities | ||
Long-term debt | 2,074.2 | 1,789.7 |
Operating lease liabilities | 153.6 | 153 |
Other long-term liabilities | 126.1 | 162.9 |
Deferred income taxes | 222.7 | 217.4 |
Total long-term liabilities | 2,576.6 | 2,323 |
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 | 568.5 | 557.9 |
Retained earnings | 3,046 | 2,973 |
Accumulated other comprehensive loss | (93.5) | (38.3) |
Less treasury stock—at cost (66.2 and 65.4 shares at December 31, 2022 and 2021, respectively) | (1,882.3) | (1,846.6) |
Total Leggett & Platt, Inc. equity | 1,640.7 | 1,648 |
Noncontrolling interest | 0.7 | 0.6 |
Total equity | 1,641.4 | 1,648.6 |
TOTAL LIABILITIES AND EQUITY | $ 5,186.1 | $ 5,307.3 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 198,800,000 | 198,800,000 |
Treasury stock (in shares) | 66,200,000 | 65,400,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities | |||
Net earnings | $ 309,900,000 | $ 402,600,000 | $ 253,100,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation | 110,200,000 | 116,500,000 | 119,400,000 |
Amortization of intangibles and supply agreements | 69,600,000 | 70,800,000 | 70,000,000 |
Long-lived asset impairment | 0 | 0 | 4,000,000 |
Goodwill impairment | 0 | 0 | 25,400,000 |
Increase (decrease) in provision for losses on accounts and notes receivable | 3,200,000 | (3,400,000) | 17,100,000 |
Writedown of inventories | 17,100,000 | 13,700,000 | 13,600,000 |
Net gain from sales of assets and businesses | (2,500,000) | (29,400,000) | 0 |
Deferred income tax benefit | (15,700,000) | (8,500,000) | (20,900,000) |
Stock-based compensation | 30,100,000 | 34,200,000 | 29,200,000 |
Pension (income) expense, net of contributions | (1,700,000) | 1,100,000 | 1,900,000 |
Other, net | (800,000) | 11,300,000 | 9,500,000 |
Increases/decreases in, excluding effects from acquisitions and divestitures: | |||
Accounts and other receivables | (26,600,000) | (75,000,000) | 24,300,000 |
Inventories | 96,100,000 | (305,000,000) | (31,900,000) |
Other current assets | (3,700,000) | (6,700,000) | 4,800,000 |
Accounts payable | (102,100,000) | 63,500,000 | 83,000,000 |
Accrued expenses and other current liabilities | (41,700,000) | (14,400,000) | 100,000 |
Net Cash Provided by Operating Activities | 441,400,000 | 271,300,000 | 602,600,000 |
Investing Activities | |||
Additions to property, plant and equipment | (100,300,000) | (106,600,000) | (66,200,000) |
Purchases of companies, net of cash acquired | (83,300,000) | (152,600,000) | 0 |
Proceeds from sales of assets and businesses | 4,200,000 | 38,500,000 | 14,800,000 |
Other, net | (1,800,000) | (5,500,000) | 2,400,000 |
Net Cash Used for Investing Activities | (181,200,000) | (226,200,000) | (49,000,000) |
Financing Activities | |||
Additions to long-term debt | 4,700,000 | 492,800,000 | 0 |
Payments on long-term debt | (301,500,000) | (306,600,000) | (157,500,000) |
Change in commercial paper and short-term debt | 301,800,000 | ||
Change in commercial paper and short-term debt | (1,300,000) | (70,300,000) | |
Dividends paid | (229,200,000) | (218,300,000) | (211,500,000) |
Issuances of common stock | 0 | 3,500,000 | 1,500,000 |
Purchases of common stock | (60,300,000) | (9,800,000) | (10,600,000) |
Proceeds from interest rate treasury lock | 0 | 10,200,000 | 0 |
Additional consideration paid for acquisitions | 0 | (200,000) | (8,400,000) |
Other, net | (1,700,000) | (3,100,000) | (4,900,000) |
Net Cash Used for Financing Activities | (286,200,000) | (32,800,000) | (461,700,000) |
Effect of Exchange Rate Changes on Cash | (19,200,000) | 500,000 | 9,400,000 |
(Decrease) Increase in Cash and Cash Equivalents | (45,200,000) | 12,800,000 | 101,300,000 |
Cash and Cash Equivalents—Beginning of Year | 361,700,000 | 348,900,000 | 247,600,000 |
Cash and Cash Equivalents—End of Year | 316,500,000 | 361,700,000 | 348,900,000 |
Supplemental Information | |||
Interest paid (net of amounts capitalized) | 84,000,000 | 66,600,000 | 74,800,000 |
Income taxes paid | 125,200,000 | 126,800,000 | 108,600,000 |
Property, plant and equipment acquired through finance leases | 1,400,000 | 1,900,000 | 1,800,000 |
Capital expenditures in accounts payable | 3,600,000 | 4,300,000 | 7,100,000 |
Prepaid income taxes and taxes receivable applied against the deemed repatriation tax liability | $ 6,100,000 | $ 4,000,000 | $ 1,200,000 |
Consolidated Statements of Chan
Consolidated Statements 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 | Cumulative effect adjustment | Cumulative effect adjustment Retained Earnings | Adjusted balance | Adjusted balance Common Stock | Adjusted balance Additional Contributed Capital | Adjusted balance Retained Earnings | Adjusted balance Accumulated Other Comprehensive Income (Loss) | Adjusted balance Treasury Stock | Adjusted balance Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2019 | 198.8 | 198.8 | ||||||||||||||
Beginning balance (in shares) at Dec. 31, 2019 | (67) | (67) | ||||||||||||||
Balance, beginning of period at Dec. 31, 2019 | $ 1,341.9 | $ 2 | $ 536.1 | $ 2,763.9 | $ (76.8) | $ (1,883.8) | $ 0.5 | $ (2.5) | $ (2.5) | $ 1,339.4 | $ 2 | $ 536.1 | $ 2,761.4 | $ (76.8) | $ (1,883.8) | $ 0.5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net earnings attributable to Leggett & Platt, Inc. common shareholders | 253.1 | 253 | 0.1 | |||||||||||||
Dividends declared | (211.7) | 5.5 | (217.2) | |||||||||||||
Treasury stock purchased, (in shares) | (0.2) | |||||||||||||||
Treasury stock purchased | (11.2) | $ (11.2) | ||||||||||||||
Treasury stock issued, (in shares) | 1 | |||||||||||||||
Treasury stock issued | 7.7 | (21.9) | $ 29.6 | |||||||||||||
Other comprehensive income (loss), net of tax | 24.3 | 24.4 | (0.1) | |||||||||||||
Stock-based compensation, net of tax | 23.5 | 23.5 | ||||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 198.8 | |||||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | (66.2) | |||||||||||||||
Balance, end of period at Dec. 31, 2020 | 1,425.1 | $ 2 | 543.2 | 2,797.2 | (52.4) | $ (1,865.4) | 0.5 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net earnings attributable to Leggett & Platt, Inc. common shareholders | 402.6 | 402.4 | 0.2 | |||||||||||||
Dividends declared | (221.4) | 5.2 | (226.6) | |||||||||||||
Treasury stock purchased, (in shares) | (0.3) | |||||||||||||||
Treasury stock purchased | (12.3) | $ (12.3) | ||||||||||||||
Treasury stock issued, (in shares) | 1.1 | |||||||||||||||
Treasury stock issued | 10.9 | (20.2) | $ 31.1 | |||||||||||||
Other comprehensive income (loss), net of tax | 14 | 14.1 | (0.1) | |||||||||||||
Stock-based compensation, net of tax | 29.6 | 29.6 | ||||||||||||||
Purchase of remaining interest in noncontrolling interest | (1.4) | (0.2) | (1.2) | |||||||||||||
Partial sale of business resulting in noncontrolling interest | $ 1.5 | 0.3 | 1.2 | |||||||||||||
Ending balance (in shares) at Dec. 31, 2021 | 198.8 | |||||||||||||||
Ending balance (in shares) at Dec. 31, 2021 | (65.4) | (65.4) | ||||||||||||||
Balance, end of period at Dec. 31, 2021 | $ 1,648.6 | $ 2 | 557.9 | 2,973 | (38.3) | $ (1,846.6) | 0.6 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net earnings attributable to Leggett & Platt, Inc. common shareholders | 309.9 | 309.8 | 0.1 | |||||||||||||
Dividends declared | (231.5) | 5.3 | (236.8) | |||||||||||||
Treasury stock purchased, (in shares) | (1.7) | |||||||||||||||
Treasury stock purchased | (60.3) | $ (60.3) | ||||||||||||||
Treasury stock issued, (in shares) | 0.9 | |||||||||||||||
Treasury stock issued | 9.4 | (15.2) | $ 24.6 | |||||||||||||
Other comprehensive income (loss), net of tax | (55.2) | (55.2) | ||||||||||||||
Stock-based compensation, net of tax | $ 20.5 | 20.5 | ||||||||||||||
Ending balance (in shares) at Dec. 31, 2022 | 198.8 | |||||||||||||||
Ending balance (in shares) at Dec. 31, 2022 | (66.2) | (66.2) | ||||||||||||||
Balance, end of period at Dec. 31, 2022 | $ 1,641.4 | $ 2 | $ 568.5 | $ 3,046 | $ (93.5) | $ (1,882.3) | $ 0.7 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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. Restricted cash was less than $8.0 in the years presented and was primarily related to restricted deposits against a short-term borrowing arrangement of a foreign entity. 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 participate in trade receivables sales programs in combination with third-party banking institutions and certain customers. 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 $55.0 and $35.0 of trade receivables that were sold and removed from our Consolidated Balance Sheets at December 31, 2022 and 2021, respectively. While we utilize the above programs as tools in our cash flow management, and offer them as options to facilitate customer operating cycles, if there were to be a cessation of these programs, we do not expect it would materially impact our operating cash flows or liquidity. 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 were past due, the financial health of the companies involved, industry and macroeconomic considerations, and historical loss experience. We also utilize a pool approach to group our receivables with similar risk characteristics. Our pools correspond with our business units, which generally have similar terms, industry-specific conditions, and historical or expected loss patterns. Reserves are established for each pool based on their level of risk exposure. When credit deterioration occurs on a specific customer within a pool, we evaluate the receivable separately to estimate the expected credit loss, based on the specific risk characteristics. A qualitative reserve is also established for any current macroeconomic conditions or reasonable and supportable forecasts that could impact the expected collectability of all or a portion of our receivables portfolio. On January 1, 2020, we adopted ASU 2016-13 "Financial Instruments—Credit Losses" (Topic 326) using the modified retrospective approach. As a result, the allowance for doubtful accounts on trade accounts receivable increased $3.3 and beginning retained earnings decreased $2.5 as presented in the Consoli dated Statem ents of Changes in Equity . Account balances are charged against the allowance when it is probable the receivable will not be recovered. Interest income is not recognized for nonperforming accounts that are placed on nonaccrual status. For accounts on nonaccrual status, any interest payments received are applied against the balance of the nonaccrual account. ACCOUNTS PAYABLE: Accounts payable are recorded at the invoiced amount for services at the time they are rendered and for inventory based on the delivery terms of the purchase. We sometimes utilize third-party programs that allow our suppliers to be paid earlier at a discount. While these programs assist us in negotiating payment terms with our suppliers, we continue to make payments based on our customary terms. A supplier can elect to take payment from a third party earlier with a discount, and in that case, we pay the third party on the original due date of the invoice. Contracts with our suppliers are negotiated independently of supplier participation in the programs, and we cannot increase payment terms pursuant to the programs. The accounts payable settled through the third-party programs, which remain on our Consolidated Balance Sheets, were approximately $80.0 and $130.0 at December 31, 2022 and 2021, respectively. While we utilize the above programs as tools in our cash flow management, and offer them as options to facilitate vendor operating cycles, if there were to be a cessation of these programs, we do not expect it would materially impact our operating cash flows or liquidity. INVENTORIES: The following table recaps the components of inventory for each period presented: December 31, 2022 December 31, 2021 Finished goods $ 389.9 $ 429.1 Work in process 71.1 66.9 Raw materials and supplies 446.5 497.2 Inventories $ 907.5 $ 993.2 All inventories are stated at the lower of cost or net realizable value. For the majority of our inventories, we use the first-in, first-out method which is representative of our standard costs (includes materials, labor, and production overhead at normal production capacity). Remaining inventories are valued using an average-cost method. Inventories are reviewed at least quarterly for slow-moving and potentially obsolete items using actual inventory turnover and, if necessary, are written down to estimated net realizable value. Restructuring activity and decisions to narrow product offerings (as discussed in Note E ) also impact the estimated net realizable value of inventories. 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 typically 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. LOSS CONTINGENCIES: Loss contingencies are accrued when a loss is probable and reasonably estimable. If a range of outcomes is 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 3-30 years 12 years Buildings 5-40 years 26 years Other items 3-15 years 11 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. LEASES: 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. 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. 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. GOODWILL: Goodwill results from the acquisition of existing businesses. It is assessed for impairment annually and as triggering events may occur. Our seven 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 a quantitative analysis, comparing the fair value of each reporting unit with its carrying amount. An impairment charge is 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. Fair value of reporting units is determined using a combination of two valuation methods: a market approach and an income approach. 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 1-20 years 15 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: We recognize revenue when performance obligations, under the terms of a contract with our customers, are satisfied. Substantially all of our revenue is recognized upon transfer of control of our products to our customers, which is generally upon shipment from our facilities or upon delivery to our customers' facilities, and is dependent on the terms of the specific contract. This conclusion considers the point at which our customers have the ability to direct the use of and obtain substantially all of the remaining benefits of the products that were transferred. Substantially all performance obligations are satisfied within one year or less. 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 customers have the right to return products after transfer. For this right, we recognize an estimated refund liability and a corresponding reduction to revenue, based on historical returns experience. We also record 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 for the periods presented. 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. Sales, value added, and other taxes collected in connection with revenue-producing activities are excluded from revenue. 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 primarily inventory writedowns. 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 F . 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. The results of operations for the year ended December 31, 2022 are not necessarily indicative of future results. The COVID-19 pandemic and related supply chain constraints have impacted, and could continue to impact, the global economy. Our operating results will be subject to fluctuations based on general economic conditions, and the extent to which COVID-19 may ultimately impact our business will depend on future developments. 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 underlying transactions are probable of occurring. If it is determined that an underlying transaction is probable of not occurring, deferred gains or losses are recorded in the Consolidated Statements of Operations on the same line item as the hedged item. 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 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. Specifically, we regularly use currency cash flow hedges to manage risk associated with exchange rate volatility of various currencies and occasionally use interest rate cash flow hedges to manage interest rate risks. 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 and Derivatives not Designated as Hedging Instruments— These derivatives typically manage foreign currency risk associated with subsidiaries’ assets and liabilities or unrecognized firm commitments. 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, and in the case of fair value hedges, 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 Consolidated Financial Statements and related notes to conform to the 2022 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). None of the accounting guidance issued by the FASB effective for current and future periods has had 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, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Revenue by Product Family We disaggregate revenue by customer group, which is the same as our product families for each of our segments, as we believe this best depicts how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. For information regarding our segment structure, see Note F . Year Ended December 31 2022 2021 2020 Bedding Products Bedding Group $ 2,356.3 $ 2,455.9 $ 2,039.3 2,356.3 2,455.9 2,039.3 Specialized Products Automotive Group 846.5 801.4 719.0 Aerospace Products Group 120.9 102.9 102.4 Hydraulic Cylinders Group 1 150.9 94.6 69.8 1,118.3 998.9 891.2 Furniture, Flooring & Textile Products Home Furniture Group 398.0 434.3 320.9 Work Furniture Group 318.7 284.1 231.1 Flooring & Textile Products Group 955.4 899.4 797.7 1,672.1 1,617.8 1,349.7 $ 5,146.7 $ 5,072.6 $ 4,280.2 |
Impairment Charges
Impairment Charges | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment Charges | Impairment Charges Pretax impairment charges are reported in “Impairments” in the Consolidated Statements of Operations and summarized in the following table. We did not have any impairment charges in 2022 or 2021. Year ended December 31, 2020 Goodwill Impairment Other Long-Lived Asset Impairments Total Impairments Bedding Products $ — $ .3 $ .3 Specialized Products 25.4 — 25.4 Furniture, Flooring & Textile Products — .2 .2 Unallocated 1 — 3.5 3.5 Total impairment charges $ 25.4 $ 4.0 $ 29.4 1 This charge was incurred to write off stock associated with a prior year divestiture that filed bankruptcy in 2020. Goodwill Impairment Testing As discussed in Note A , we test goodwill for impairment at the reporting unit level (the business groups that are one level below the operating segments) when triggering events occur, or at least annually. We perform our annual goodwill impairment testing in the second quarter. The 2022 and 2021 goodwill impairment testing indicated no impairments. The annual goodwill impairment testing performed in the second quarter of 2020 resulted in a $25.4 non-cash goodwill impairment charge with respect to our Hydraulic Cylinders reporting unit (which is a part of the Specialized Products segment) and reflected the complete write-off of the goodwill associated with this reporting unit at that time. The fair values of our reporting units in relation to their respective carrying values and significant assumptions used are presented in the tables below. If actual results differ materially from estimates used in these calculations, we could incur future impairment charges. 2022 Fair Value over Carrying Value divided by Carrying Value December 31, 2022 Goodwill Value 10-year Compound Terminal Values Long-term Growth Rate for Debt-Free Cash Flow Discount Rate Ranges Less than 50% 1 $ 107.8 3.7 - 8.5% 3.0 % 11.8% 50% - 100% 2 998.7 2.6 - 4.8 3.0 10.3 101% - 300% 248.3 1.4 - 2.6 3.0 9.8 - 10.3 Greater than 300% 119.6 8.2 3.0 11.8 $ 1,474.4 1.4% - 8.5% 3.0 % 9.8% - 11.8% 2021 Fair Value over Carrying Value divided by Carrying Value December 31, 2021 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 $ 67.5 7.8% 3.0 % 10.0% 50% - 100% 2 101.0 5.5 3.0 9.0 101% - 300% 1,086.9 3.1 - 3.3 3.0 8.0 - 8.5 Greater than 300% 194.2 2.9 - 10.4 3.0 9.0 $ 1,449.6 2.9% - 10.4% 3.0 % 8.0% - 10.0% 1 This category includes two reporting units (Aerospace and Hydraulic Cylinders) for 2022 and the Aerospace unit for 2021. • The fair value of our Aerospace reporting unit exceeded its carrying value by 40% at our second quarter 2022 testing date as compared to 28% in 2021. Goodwill associated with the Aerospace reporting unit was $66.3 at December 31, 2022 and $67.5 at December 31, 2021. • The fair value of our Hydraulic Cylinders reporting unit exceeded its carrying value by 32% at our second quarter 2022 testing date as compared to 86% in 2021. At the time of our annual goodwill impairment testing in both 2022 and 2021, there was no goodwill associated with this reporting unit, but an August 2022 acquisition (see Note R ) added goodwill. At December 31, 2022, the goodwill balance was $41.5. 2 This category includes two reporting units (Work Furniture and Bedding) for 2022 and the Work Furniture unit for 2021. • The fair value of our Work Furniture reporting unit exceeded its carrying value by 78% at our second quarter 2022 testing date as compared to 85% in 2021. Goodwill associated with the Work Furniture reporting unit was $98.4 at December 31, 2022 and $101.0 at December 31, 2021. • The fair value of our Bedding unit exceeded its carrying value by 54% at our second quarter 2022 testing date as compared to 171% in 2021. Goodwill associated with the Bedding reporting unit was $900.3 at December 31, 2022 and $908.3 at December 31, 2021. 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, was based primarily upon offers from potential buyers or third party estimates of fair value less selling costs. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
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: Bedding Products Specialized Furniture, Flooring & Textile Products Total Net goodwill as of January 1, 2021 $ 856.9 $ 187.0 $ 344.9 $ 1,388.8 Additions for current year acquisitions 58.3 8.2 4.4 70.9 Allocations to divested businesses (1.3) — — (1.3) Foreign currency translation adjustment (5.6) (2.5) (.7) (8.8) Net goodwill as of December 31, 2021 908.3 192.7 348.6 1,449.6 Additions for current year acquisitions — 39.0 3.5 42.5 Adjustments to prior year acquisitions — .3 — .3 Allocations to divested businesses (.3) — — (.3) Foreign currency translation adjustment (7.7) (4.6) (5.4) (17.7) Net goodwill as of December 31, 2022 $ 900.3 $ 227.4 $ 346.7 $ 1,474.4 Net goodwill as of December 31, 2022 is comprised of: Gross goodwill $ 905.7 $ 319.5 $ 597.3 $ 1,822.5 Accumulated impairment losses (5.4) (92.1) (250.6) (348.1) Net goodwill as of December 31, 2022 $ 900.3 $ 227.4 $ 346.7 $ 1,474.4 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: December 31, 2022 Year Ended December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Intangibles Gross carrying amounts of items acquired Weighted average amortization in years for items acquired Customer-related intangibles $ 622.6 $ 206.1 $ 416.5 $ 22.0 15.0 Technology 196.6 51.7 144.9 13.4 13.9 Patents and trademarks 145.7 52.8 92.9 8.2 15.6 Non-compete agreements, supply agreements and other 66.9 45.8 21.1 .3 4.8 Total $ 1,031.8 $ 356.4 $ 675.4 $ 43.9 14.7 December 31, 2021 Year Ended December 31, 2021 Customer-related intangibles $ 610.6 $ 172.0 $ 438.6 $ 64.9 15.0 Technology 183.5 38.4 145.1 5.4 8.0 Patents and trademarks 139.8 47.2 92.6 8.7 15.1 Non-compete agreements, supply agreements and other 72.0 40.5 31.5 4.3 2.9 Total $ 1,005.9 $ 298.1 $ 707.8 $ 83.3 13.9 The gross carrying amount of acquired intangible assets related to business acquisitions was $40.6 and $80.3 at December 31, 2022 and 2021, respectively. For information regarding our business acquisitions, see Note R . Estimated amortization expense for the items above included in our December 31, 2022 Consolidated Balance Sheets in each of the next five years is as follows: 2023 $ 70.6 2024 63.7 2025 60.7 2026 59.1 2027 58.3 |
Restructuring and Restructuring
Restructuring and Restructuring Related Charges | 12 Months Ended |
Dec. 31, 2022 | |
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. The table below presents all restructuring and restructuring-related activity for the periods presented: Year Ended December 31 2022 2021 2020 Charged to other expense (income), net: Severance and other restructuring costs 1 $ 1.4 $ (.3) $ 7.6 Charged to cost of goods sold: Inventory obsolescence and other — — .3 Total restructuring and restructuring-related costs $ 1.4 $ (.3) $ 7.9 Amount of total that represents cash charges $ 1.4 $ (.3) $ 7.6 1 In response to the effect the COVID-19 pandemic had on the nature and focus of our operations during 2020, we incurred $6.5 severance expense, primarily for permanent workforce reductions associated with changes in management and organizational structure. The accrued liabilities associated with restructuring initiatives at December 31, 2022, 2021, and 2020 were $.6, $1.3, and $4.1, respectively. Divestitures During the years presented we divested a few small businesses in our Bedding Products segment which had immaterial amounts of annual external sales and EBIT. There were no material gains or losses recognized on the sale of these businesses. The aggregated selling price for 2022, 2021, and 2020 were $2.0, $7.0, and $11.0, respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We have three operating segments that supply a wide range of products: • Bedding Products: This segment supplies a variety of components and machinery used by bedding manufacturers in the production and assembly of their finished products, as well as produces private label finished mattresses for bedding brands and adjustable bed bases. This segment is also vertically integrated into the production and supply of specialty foam chemicals, steel rod, and drawn steel wire to our own operations and to external customers. Our trade customers for wire make mechanical springs and many other end products. • Specialized Products: From this segment, we supply lumbar support systems, seat suspension systems, motors and actuators, and control cables used by automotive manufacturers. We also produce and distribute tubing and tube assemblies for the aerospace industry and engineered hydraulic cylinders used in the material-handling and construction industries. • Furniture, Flooring & Textile Products: Operations in this segment supply a wide range of components for residential and work furniture manufacturers, as well as select lines of private label finished furniture. We also produce or distribute carpet cushion, hard surface flooring underlayment, and textile and geo components. Our reportable segments are the same as our operating segments, which also correspond with our management organizational structure. Each reportable segment has a vice president who has accountability to, and maintains regular contact with, our chief executive officer, who is the chief operating decision maker (CODM). The operating results and financial information reported through the segment structure are regularly reviewed and used by the CODM to evaluate segment performance, allocate overall resources, and determine management incentive compensation. The accounting principles used in the preparation of the segment information are the same as those used for the consolidated financial statements. We evaluate performance based on Earnings Before Interest and Taxes (EBIT). Intersegment sales are made primarily at prices that approximate market-based selling prices. Centrally incurred costs are allocated to the segments based on estimates of services used by the segment. Certain of our general and administrative costs and miscellaneous corporate income and expenses are allocated to the segments based on sales or other appropriate metrics. These allocated corporate costs include depreciation and other costs and income related to assets that are not allocated or otherwise included in the segment assets. A summary of segment results for the periods presented are as follows: Year Ended December 31 Trade 1 Sales Inter- Total Segment EBIT Depreciation and Amortization 2022 Bedding Products $ 2,356.3 $ 40.5 $ 2,396.8 $ 219.6 $ 104.1 Specialized Products 1,118.3 2.2 1,120.5 99.4 40.5 Furniture, Flooring & Textile Products 1,672.1 14.5 1,686.6 165.0 23.2 Intersegment eliminations and other 2 1.0 12.0 $ 5,146.7 $ 57.2 $ 5,203.9 $ 485.0 $ 179.8 2021 Bedding Products 3 $ 2,455.9 $ 44.1 $ 2,500.0 $ 321.3 $ 106.8 Specialized Products 998.9 3.6 1,002.5 115.9 44.8 Furniture, Flooring & Textile Products 1,617.8 13.4 1,631.2 159.5 24.0 Intersegment eliminations and other 2 (.7) 11.7 $ 5,072.6 $ 61.1 $ 5,133.7 $ 596.0 $ 187.3 2020 Bedding Products $ 2,039.3 $ 32.2 $ 2,071.5 $ 192.4 $ 106.7 Specialized Products 4 891.2 2.8 894.0 92.0 44.3 Furniture, Flooring & Textile Products 1,349.7 13.8 1,363.5 126.5 25.5 Intersegment eliminations and other 2,5 (3.4) 12.9 $ 4,280.2 $ 48.8 $ 4,329.0 $ 407.5 $ 189.4 1 See Note B for revenue by product family. 2 Depreciation and amortization: Other relates to non-operating assets (assets not included in segment assets) and is allocated to segment EBIT as discussed above. 3 2021 EBIT: Includes $28.2 gain on the sale of real estate associated with our exited Fashion Bed business. 4 2020 EBIT: Includes $25.4 of goodwill impairment for the Hydraulic Cylinders unit as discussed in Note C . 5 2020 EBIT: Other includes a charge to write off stock associated with a prior year divestiture that filed bankruptcy in 2020. 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, goodwill, and intangible assets. Year Ended December 31 Assets Additions Acquired 2022 Bedding Products $ 931.2 $ 42.1 $ — Specialized Products 350.1 28.2 93.8 Furniture, Flooring & Textile Products 423.1 12.5 7.1 Average current liabilities included in segment numbers above 793.9 — — Unallocated assets and other 2,840.6 17.5 — Difference between average assets and year-end balance sheet (152.8) — — $ 5,186.1 $ 100.3 $ 100.9 2021 Bedding Products $ 836.0 $ 67.1 $ 136.6 Specialized Products 316.7 20.6 25.1 Furniture, Flooring & Textile Products 373.5 9.8 6.2 Average current liabilities included in segment numbers above 814.1 — — Unallocated assets and other 2,828.5 9.1 — Difference between average assets and year-end balance sheet 138.5 — — $ 5,307.3 $ 106.6 $ 167.9 2020 Bedding Products $ 739.0 $ 27.1 $ — Specialized Products 299.5 13.2 — Furniture, Flooring & Textile Products 348.6 7.9 — Average current liabilities included in segment numbers above 665.0 — — Unallocated assets and other 2,759.1 18.0 — Difference between average assets and year-end balance sheet (11.2) — — $ 4,800.0 $ 66.2 $ — Trade sales and tangible long-lived assets are presented below, based on the geography of manufacture. Year Ended December 31 2022 2021 2020 Trade sales Foreign sales Europe $ 624.5 $ 589.0 $ 420.9 China 501.5 559.0 441.7 Canada 279.4 262.0 261.5 Mexico 262.8 276.0 215.4 Other 129.2 116.1 94.7 Total foreign sales 1,797.4 1,802.1 1,434.2 United States 3,349.3 3,270.5 2,846.0 Total trade sales $ 5,146.7 $ 5,072.6 $ 4,280.2 Tangible long-lived assets Foreign tangible long-lived assets Europe $ 142.1 $ 150.1 $ 155.0 China 45.2 44.1 45.4 Canada 24.3 26.9 30.2 Mexico 14.1 13.9 8.8 Other 7.9 9.8 11.1 Total foreign tangible long-lived assets 233.6 244.8 250.5 United States 538.8 536.7 534.3 Total tangible long-lived assets $ 772.4 $ 781.5 $ 784.8 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share were calculated as follows: Year Ended December 31 2022 2021 2020 Earnings: Net earnings $ 309.9 $ 402.6 $ 253.1 Earnings attributable to noncontrolling interest, net of tax (.1) (.2) (.1) Net earnings attributable to Leggett & Platt, Inc. common shareholders $ 309.8 $ 402.4 $ 253.0 Weighted average number of shares (in millions): Weighted average number of common shares used in basic EPS 136.1 136.3 135.7 Dilutive effect of stock-based compensation .4 .4 .2 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 136.5 136.7 135.9 Basic and Diluted EPS: Basic EPS attributable to Leggett & Platt, Inc. common shareholders $ 2.28 $ 2.95 $ 1.86 Diluted EPS attributable to Leggett & Platt, Inc. common shareholders $ 2.27 $ 2.94 $ 1.86 Other information: Anti-dilutive shares excluded from diluted EPS computation .4 .2 .2 Cash dividends declared per share $ 1.74 $ 1.66 $ 1.60 |
Accounts and Other Receivables
Accounts and Other Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Accounts and Other Receivables | Accounts and Other Receivables Accounts and other receivables at December 31 consisted of the following: 2022 2021 Current Long-term Current Long-term Total trade receivables 1 $ 626.8 $ — $ 634.9 $ .2 Allowance for doubtful accounts-trade receivables 1 (17.8) — (14.9) (.1) Trade receivables, net $ 609.0 $ — $ 620.0 $ .1 Other notes receivable 1 $ — $ 22.4 $ .7 $ 22.5 Taxes receivable, including income taxes 5.0 — 4.3 — Value-added taxes recoverable 2 45.4 — 14.5 — Other receivables 15.6 — 12.0 — Allowance for doubtful accounts - Other notes receivable 1 — (21.2) — (22.0) Other receivables, net $ 66.0 $ 1.2 $ 31.5 $ .5 1 The “Total trade receivables” and “Other notes receivable” line items above include $21.3 and $22.5 as of December 31, 2022 and December 31, 2021, respectively, from a customer in our Bedding Products segment who has been experiencing financial difficulty and liquidity problems since 2018. They were delinquent with an interest payment in 2020, and as a result, we increased and fully reserved the balances for this customer in 2020. The reserve for this customer was $21.3 ($21.2 for the note and $.1 for the trade receivable) at December 31, 2022 , and $22.5 ($22.0 for the note and $.5 for the trade receivable) at December 31, 2021. 2 Our value-added taxes recoverable have increased $30.9 since December 31, 2021, primarily as a result of refund delays from the Mexican government. We believe that these are fully collectible. Activity related to the allowance for doubtful accounts is reflected below: Balance at December 31, 2020 Add: Less: Net Balance at December 31, 2021 Add: Less: Net Balance at December 31, 2022 Total trade receivables $ 19.2 $ (2.6) $ 1.6 $ 15.0 $ 4.0 $ 1.2 $ 17.8 Other notes receivable 22.8 (.8) — 22.0 (.8) — 21.2 Total allowance for doubtful accounts $ 42.0 $ (3.4) $ 1.6 $ 37.0 $ 3.2 $ 1.2 $ 39.0 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2022 | |
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: 2022 2021 Sundry Deferred income taxes (see Note N ) $ 8.3 $ 8.6 Diversified investments associated with stock-based compensation plans (see Note L ) 39.7 47.4 Pension plan assets (see Note M ) 3.9 2.8 Tooling and molds 22.7 23.2 Finance leases (see Note K ) 4.2 3.8 Other 32.1 24.7 $ 110.9 $ 110.5 Accrued expenses Wages and commissions payable $ 71.3 $ 75.1 Workers’ compensation, vehicle-related and product liability, medical/disability 44.7 45.2 Sales promotions 45.4 53.4 Liabilities associated with stock-based compensation plans (see Note L ) 5.9 9.1 Accrued interest 12.5 16.4 General taxes, excluding income taxes 1 29.2 28.8 Environmental reserves 4.6 3.8 Litigation contingency accruals (see Note T ) .9 1.0 Other 47.2 51.8 $ 261.7 $ 284.6 Other current liabilities Dividends payable $ 58.3 $ 56.0 Customer deposits 18.1 19.5 Additional consideration for acquisition of businesses (see Note R ) 14.4 — Derivative financial instruments (see Note S ) 5.5 1.1 Liabilities associated with stock-based compensation plans (see Note L ) 3.1 3.5 Outstanding checks in excess of book balances 19.6 .3 Other 10.1 11.8 $ 129.1 $ 92.2 Other long-term liabilities Liability for pension benefits (see Note M ) $ 19.0 $ 45.2 Liabilities associated with stock-based compensation plans (see Note L ) 42.2 51.1 Deemed repatriation tax payable 21.4 27.6 Net reserves for tax contingencies 5.5 6.3 Deferred compensation 10.8 13.2 Additional consideration for acquisition of businesses (see Note R ) 17.5 — Other 1 9.7 19.5 $ 126.1 $ 162.9 1 In 2020, we deferred our employer's U.S. Social Security match as provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. As of December 31, 2022 and 2021, we had $9.5 and $8.3, respectively in Accrued expenses, and at December 31, 2021 we had $9.5 in Other long-term liabilities. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Our multi-currency credit facility matures in September 2026. It provides us the ability, from time to time, subject to certain restrictive covenants and customary conditions, to borrow, repay, and re-borrow up to $1,200.0. At December 31, 2022, we were in compliance with all of our debt covenants and expect to be able to maintain compliance with the debt covenant requirements. Our credit facility contains restrictive covenants which (a) require us to maintain as of the last day of each fiscal quarter i) Consolidated Funded Indebtedness minus the lesser of: (A) Unrestricted Cash, or (B) $750.0 to ii) Consolidated EBITDA for the four consecutive trailing quarters, such ratio not being greater than 3.50 to 1.00, provided, however, subject to certain limitations, if we have made a Material Acquisition in any fiscal quarter, at our election, the maximum Leverage Ratio shall be 4.00 to 1.00 for the fiscal quarter during which such Material Acquisition is consummated and the next three consecutive fiscal quarters; (b) limit the amount of total secured obligations to 15% of our total consolidated assets, and (c) limit our ability to sell, lease, transfer or dispose of all or substantially all of our assets and the assets of our subsidiaries, taken as a whole (other than accounts receivable sold in a Permitted Securitization Transaction, products sold in the ordinary course of business and our ability to sell, lease, transfer, or dispose of any of our assets or the assets of one of our subsidiaries to us or one of our subsidiaries, as applicable) at any given point in time. In November 2021, we issued $500.0 aggregate principal amount of notes that mature in 2051. The notes bear interest at a rate of 3.5% per year, with interest payable semi-annually which began May 15, 2022. The net proceeds of these notes were used to repay commercial paper, and therefore indirectly were used to repay our $300.0 3.4% Senior Notes in August 2022. Long-term debt, interest rates, and due dates at December 31 are as follows: 2022 2021 Year-end Interest Rate Due Date Balance Year-end Interest Rate Due Date Balance Senior Notes 1 $ — 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 4.4 % 2029 500.0 Senior Notes 1 3.5 % 2051 500.0 3.5 % 2051 500.0 Industrial development bonds, principally variable interest rates 3.9 % 2030 3.8 .3 % 2030 3.8 Commercial paper 2 4.8 % 2026 282.5 — % 2026 — Finance leases 4.2 3.7 Other, partially secured 8.7 .5 Unamortized discounts and deferred loan costs (15.6) (17.7) Total debt 2,083.6 2,090.3 Less: current maturities 9.4 300.6 Total long-term debt $ 2,074.2 $ 1,789.7 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 (either to the maturity or the "par call date" depending on the respective note), 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 (or within 180 days of maturity for the notes maturing in 2051) 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 The weighted average interest rate for the net commercial paper activity during the years ended December 31, 2022 and 2021 was 3.2% and .2%, respectively. We view the notes as a source of long-term funds and have classified the borrowings under the commercial paper program as long-term borrowings on our balance sheet. We have the intent to roll over such obligations on a long-term basis and have the ability to refinance these borrowings on a long-term basis, as evidenced by our $1,200.0 revolving credit facility maturing in 2026 discussed above. Maturities are as follows: 2023 $ 9.4 2024 300.8 2025 .6 2026 283.0 2027 498.4 Thereafter 991.4 $ 2,083.6 Amounts outstanding at December 31 related to our commercial paper program were: 2022 2021 Total program authorized $ 1,200.0 $ 1,200.0 Commercial paper outstanding (classified as long-term debt) $ 282.5 $ — Letters of credit issued under the credit facility — — Total program usage $ 282.5 $ — At December 31, 2022, 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 12 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. Our borrowing capacity may be limited by covenants to our credit facility. At December 31, 2022, our borrowing capacity under the credit facility was $716.6. Generally, we may elect one of five 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, 2022 | |
Leases [Abstract] | |
Lease Obligations | Lease Obligations Substantially all of 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 consist of vehicle and certain equipment leases. Our leases have terms that expire at various dates through 2039, some of which include options to extend or terminate the leases at our discretion. At December 31, 2022, we had $29.4 of additional operating leases that had not yet commenced. These leases will commence in 2023 with average lease terms of 5 years. Supplemental balance sheet information related to leases was as follows: December 31 2022 2021 Operating leases: Operating lease right-of-use assets $ 195.0 $ 192.6 Current portion of operating lease liabilities $ 49.5 $ 44.5 Operating lease liabilities 153.6 153.0 Total operating lease liabilities $ 203.1 $ 197.5 Finance leases: Sundry $ 4.2 $ 3.8 Current maturities of long-term debt $ 1.1 $ .8 Long-term debt 3.1 2.9 Total finance lease liabilities $ 4.2 $ 3.7 The components of lease expense were as follows: Year Ended December 31 2022 2021 2020 Operating lease costs: Lease costs $ 56.1 $ 50.1 $ 48.4 Variable lease costs 15.1 15.4 12.1 Total operating lease costs $ 71.2 $ 65.5 $ 60.5 Short-term lease costs $ 6.6 $ 7.0 $ 4.9 Finance lease costs: Amortization of right-of-use assets $ 1.7 $ 1.7 $ 2.4 Interest on lease liabilities .1 .1 .1 Total finance lease costs $ 1.8 $ 1.8 $ 2.5 Total lease costs $ 79.6 $ 74.3 $ 67.9 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 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 52.4 $ 48.6 $ 47.3 Operating cash flows from finance leases .1 .1 .1 Financing cash flows from finance leases 1.7 1.7 2.4 Right-of-use assets obtained in exchange for new operating lease liabilities 53.0 74.0 43.6 Right-of-use assets obtained in exchange for new finance lease liabilities 1.4 1.9 1.8 The following table reconciles the undiscounted cash flows for the operating and finance leases at December 31, 2022 to the operating and finance lease liabilities recorded on the Consolidated Balance Sheets: December 31, 2022 Operating Leases Finance Leases 2023 $ 53.9 $ 1.2 2024 47.9 1.4 2025 37.3 .6 2026 29.2 .5 2027 16.6 .3 Thereafter 31.0 .3 Total 215.9 4.3 Less: interest 12.8 .1 Lease liability $ 203.1 $ 4.2 Weighted average remaining lease term (years) 5.2 3.9 Weighted average discount rate 2.5 % 2.1 % |
Lease Obligations | Lease Obligations Substantially all of 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 consist of vehicle and certain equipment leases. Our leases have terms that expire at various dates through 2039, some of which include options to extend or terminate the leases at our discretion. At December 31, 2022, we had $29.4 of additional operating leases that had not yet commenced. These leases will commence in 2023 with average lease terms of 5 years. Supplemental balance sheet information related to leases was as follows: December 31 2022 2021 Operating leases: Operating lease right-of-use assets $ 195.0 $ 192.6 Current portion of operating lease liabilities $ 49.5 $ 44.5 Operating lease liabilities 153.6 153.0 Total operating lease liabilities $ 203.1 $ 197.5 Finance leases: Sundry $ 4.2 $ 3.8 Current maturities of long-term debt $ 1.1 $ .8 Long-term debt 3.1 2.9 Total finance lease liabilities $ 4.2 $ 3.7 The components of lease expense were as follows: Year Ended December 31 2022 2021 2020 Operating lease costs: Lease costs $ 56.1 $ 50.1 $ 48.4 Variable lease costs 15.1 15.4 12.1 Total operating lease costs $ 71.2 $ 65.5 $ 60.5 Short-term lease costs $ 6.6 $ 7.0 $ 4.9 Finance lease costs: Amortization of right-of-use assets $ 1.7 $ 1.7 $ 2.4 Interest on lease liabilities .1 .1 .1 Total finance lease costs $ 1.8 $ 1.8 $ 2.5 Total lease costs $ 79.6 $ 74.3 $ 67.9 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 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 52.4 $ 48.6 $ 47.3 Operating cash flows from finance leases .1 .1 .1 Financing cash flows from finance leases 1.7 1.7 2.4 Right-of-use assets obtained in exchange for new operating lease liabilities 53.0 74.0 43.6 Right-of-use assets obtained in exchange for new finance lease liabilities 1.4 1.9 1.8 The following table reconciles the undiscounted cash flows for the operating and finance leases at December 31, 2022 to the operating and finance lease liabilities recorded on the Consolidated Balance Sheets: December 31, 2022 Operating Leases Finance Leases 2023 $ 53.9 $ 1.2 2024 47.9 1.4 2025 37.3 .6 2026 29.2 .5 2027 16.6 .3 Thereafter 31.0 .3 Total 215.9 4.3 Less: interest 12.8 .1 Lease liability $ 203.1 $ 4.2 Weighted average remaining lease term (years) 5.2 3.9 Weighted average discount rate 2.5 % 2.1 % |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, the following common shares were authorized for issuance under the Plan: Shares Available for Issuance Maximum Number of Authorized Shares Unexercised options .3 .3 Outstanding stock units—vested 3.5 9.1 Outstanding stock units—unvested 1.0 2.9 Available for grant 8.5 8.5 Authorized for issuance at December 31, 2022 13.3 20.8 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 2022 2021 2020 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 Executive Stock Unit (ESU) program contributions 1 $ 3.7 $ .7 $ 4.0 $ .6 $ 3.5 $ .7 Discounts on various stock awards: Deferred Compensation Program 2 1.6 — 1.5 — 2.2 — ESU program 1 1.4 — 1.1 — 1.4 — Discount Stock Plan 3 .8 — .9 — .9 — Performance Stock Unit (PSU) awards: 4 PSU - TSR based 4A 2.5 (.5) 3.1 (1.0) 3.2 (.7) PSU - EBIT CAGR based 4B (1.7) (2.0) 4.7 5.0 (1.9) (2.0) Restricted Stock Unit (RSU) awards 5 10.2 — 8.2 — 6.8 — Other, primarily non-employee directors restricted stock 1.0 — .4 — .9 — Total stock-related compensation expense (income) 19.5 $ (1.8) 23.9 $ 4.6 17.0 $ (2.0) Employee contributions for above stock plans 10.6 10.3 12.2 Total stock-based compensation $ 30.1 $ 34.2 $ 29.2 Tax benefits on stock-based compensation expense $ 4.7 $ 5.8 $ 4.0 Tax benefits on stock-based compensation payments .6 3.4 2.5 Total tax benefits associated with stock-based compensation $ 5.3 $ 9.2 $ 6.5 The following table recaps the impact of stock-based compensation on assets and liabilities for each of the periods presented: 2022 2021 Current Long-term Total Current Long-term Total Assets: Diversified investments associated with the ESU program 1 $ 3.1 $ 39.7 $ 42.8 $ 3.6 $ 47.4 $ 51.0 Liabilities: ESU program 1 $ 3.1 $ 40.9 $ 44.0 $ 3.6 $ 47.3 $ 50.9 Performance Stock Unit (TSR) award 4A — .6 .6 — 1.1 1.1 Performance Stock Unit (EBIT) award 4B — .7 .7 3.5 2.7 6.2 Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts 5.9 — 5.9 5.6 — 5.6 Total liabilities associated with stock-based compensation $ 9.0 $ 42.2 $ 51.2 $ 12.7 $ 51.1 $ 63.8 The ESU program is a stock-based retirement plan for highly compensated employees. We make a matching contribution of 50% and will make another matching contribution of up to 50% of the employee’s contributions for the year if certain profitability levels, as defined in the ESU program, are obtained. Participants in the ESU program 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 ESU program, 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, except for distributions to the Company's Section 16 Officers. Company matches in the ESU program 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. In 2022, employee contributions were $4.0, and employer premium contributions to diversified investment accounts were $.7. See the stock-based compensation table above for information regarding employer contributions. Details regarding stock unit activity for the ESU program are reflected in the stock units summary table below. 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. 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, except for employees who are retirement eligible. Expense for employees who are retirement eligible is recognized immediately. Stock option activity for the years presented was not material. • 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 I . Options Units Cash Aggregate amount of compensation deferred during 2022 $ .1 $ 4.7 $ .4 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 2022 purchase price per share (net of discount) $ 31.07 2022 number of shares purchased by employees .2 Shares purchased since inception in 1982 23.8 Maximum shares under the plan 27.0 Our long-term incentive awards are split between PSUs and RSUs. For the periods presented, executive officers received two thirds PSUs and one third RSUs. For other selected participants, the award is granted at either half PSUs and half RSUs or 100% RSUs. For the periods presented, PSU awards had 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. We intend to pay 50% in shares of our common stock and 50% in cash, although the Company reserves the right, subject to the Human Resources and Compensation Committee's approval, to pay up to 100% in cash. Cash settlements are recorded as a liability and adjusted to fair value at each reporting period. 4A PSU - TSR Based For the periods presented, PSU awards were based 50% upon our TSR compared to a peer group. A small number of PSU awards were based 100% upon relative TSR for certain business unit employees to complement their particular mix of incentive compensation. Grant date fair values 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 component of the PSU awards contained the following conditions: • A service requirement—Awards generally “cliff” vest three years following the grant date; and • A market condition—Awards were 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. 4B PSU - EBIT CAGR Based For the periods presented, PSU awards were based 50% upon our, or the applicable profit center'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 component of the PSU awards contained 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 profit center's EBIT during the third year of the performance period compared to EBIT during the fiscal year immediately preceding the performance period. Participants will earn from 0% to 200% of the base award. Below is a summary of shares and grant date fair value related to PSU awards for the periods presented: Year Ended December 31 2022 2021 2020 TSR Based Total shares base award .1 .1 .1 Grant date per share fair value $ 41.13 $ 49.43 $ 38.23 Risk-free interest rate 1.7 % .2 % 1.4 % Expected life in years 3.0 3.0 3.0 Expected volatility (over expected life) 45.2 % 44.3 % 24.0 % Expected dividend yield (over expected life) 4.6 % 3.7 % 3.6 % EBIT CAGR Based Total shares base award .1 .1 .1 Grant date per share fair value $ 32.88 $ 38.77 $ 40.52 Vesting period in years 3.0 3.0 3.0 Three-Year Performance Cycle for PSU - TSR Based Award Year Completion Date TSR Performance Payout as a Number of Shares Cash Portion Distribution Date 2018 December 31, 2020 60 th percentile 56.0% <.1 million $ 2.0 First quarter 2021 2019 December 31, 2021 78 th percentile —% — million $ — First quarter 2022 2020 December 31, 2022 87 th percentile —% — million $ — First quarter 2023 Three-Year Performance Cycle for PSU - EBIT CAGR Based Award Year Completion Date Payout as a Number of Shares Cash Portion Distribution Date 2018 December 31, 2020 16.0% <.1 million $ .4 First quarter 2021 2019 December 31, 2021 127.0% <.1 million $ 3.5 First quarter 2022 2020 December 31, 2022 —% — million $ — First quarter 2023 5 Restricted Stock Unit Awards RSU awards are generally granted as follows: • As part of our long-term incentive awards, along with PSUs as discussed above • As annual awards to selected managers • On a discretionary basis to selected employees • 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 three-year vesting period, except for retirement-eligible employees that are expensed immediately at the RSU grant date or as they become retirement eligible. Those who are retirement eligible (after age 65 or after the date where the participant’s age plus years of service is greater than or equal to 70 years) will continue to receive shares that will vest after the retirement date. Stock Units Summary As of December 31, 2022, the unrecognized cost of non-vested stock units that is not adjusted to fair value was $8.5 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 ESU PSU RSU Total Units Weighted Aggregate Unvested at December 31, 2021 — — .8 .2 1.0 $ 44.41 Granted based on current service .2 .2 — .3 .7 35.78 Granted based on future conditions* — — .3 — .3 17.99 Vested (.2) (.2) (.1) (.3) (.8) 38.21 Forfeited* — — (.2) — (.2) 21.33 Unvested at December 31, 2022 — — .8 .2 1.0 $ 42.34 $ 30.7 Fully vested shares available for issuance at December 31, 2022 3.5 $ 111.6 *PSU awards are presented at maximum payout of 200% at grant date and when forfeited. Year Ended December 31 2022 2021 2020 Total intrinsic value of vested stock units converted to common stock $ 5.7 $ 10.5 $ 11.7 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
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 as of all periods presented. 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: 2022 2021 2020 Change in benefit obligation Benefit obligation, beginning of period $ 270.4 $ 286.5 $ 259.1 Service cost 5.3 5.1 5.1 Interest cost 6.6 6.0 7.2 Plan participants’ contributions .4 .5 .5 Actuarial (gain) loss 1 (71.6) (10.8) 27.7 Benefits paid (15.9) (15.6) (14.2) Plan amendments — .1 (.4) Curtailments and settlements — (1.1) — Foreign currency exchange rate changes (4.0) (.3) 1.5 Benefit obligation, end of period $ 191.2 $ 270.4 $ 286.5 Change in plan assets Fair value of plan assets, beginning of period $ 227.7 $ 215.3 $ 201.5 Actual return on plan assets (35.4) 25.6 24.1 Employer contributions 2.9 2.8 2.2 Plan participants’ contributions .4 .5 .5 Benefits paid (15.9) (15.6) (14.2) Settlements — (.8) — Foreign currency exchange rate changes (3.9) (.1) 1.2 Fair value of plan assets, end of period $ 175.8 $ 227.7 $ 215.3 Net funded status $ (15.4) $ (42.7) $ (71.2) Funded status recognized in the Consolidated Balance Sheets Other assets—sundry $ 3.9 $ 2.8 $ .9 Other current liabilities (.3) (.3) (.4) Other long-term liabilities (19.0) (45.2) (71.7) Net funded status $ (15.4) $ (42.7) $ (71.2) 1 Year-over-year fluctuations in "Actuarial (gain) loss" are primarily driven by changes in the weighted average discount rate assumptions. 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 $2.8 at December 31, 2022, 2021, and 2020. Comprehensive Income (Loss) Amounts and activity included in accumulated other comprehensive income associated with pensions are reflected below: December 31, 2021 2022 Amortization 2022 Net Actuarial Loss 2022 Foreign Currency Exchange Rates Change 2022 Income Tax Change December 31, 2022 Net (loss) gain (before tax) $ (53.1) $ 2.5 $ 22.9 $ .9 $ — $ (26.8) Deferred income taxes 14.6 — — — (6.2) 8.4 Accumulated other comprehensive income (loss) (net of tax) $ (38.5) $ 2.5 $ 22.9 $ .9 $ (6.2) $ (18.4) Net Pension Expense (Income) Components of net pension expense (income) for the years ended December 31 were as follows: 2022 2021 2020 Service cost $ 5.3 $ 5.1 $ 5.1 Interest cost 6.6 6.0 7.2 Expected return on plan assets (13.2) (12.5) (11.9) Recognized net actuarial loss 2.5 5.3 4.0 Prior service cost — — (.4) Curtailments and settlements — (.2) — Net pension expense $ 1.2 $ 3.7 $ 4.0 Weighted average assumptions for pension costs: Discount rate used in net pension costs 2.5 % 2.1 % 2.8 % Rate of compensation increase used in pension costs 3.5 % 3.5 % 3.4 % Expected return on plan assets 6.0 % 5.9 % 6.1 % Weighted average assumptions for benefit obligation: Discount rate used in benefit obligation 5.0 % 2.5 % 2.1 % Rate of compensation increase used in benefit obligation 3.4 % 3.5 % 3.5 % 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 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, 2022 Year Ended December 31, 2021 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 $ 25.9 $ 13.9 $ — $ — $ 39.8 $ 34.1 $ 21.3 $ — $ — $ 55.4 Equities 99.2 5.6 — — 104.8 127.0 8.4 — — 135.4 Stable value funds — 22.1 — — 22.1 — 31.6 — — 31.6 Money market funds, cash and other — — — 9.1 9.1 — — — 5.3 5.3 Total investments at fair value $ 125.1 $ 41.6 $ — $ 9.1 $ 175.8 $ 161.1 $ 61.3 $ — $ 5.3 $ 227.7 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: 2022 2021 Asset Category Equity securities 60 % 60 % Debt securities 23 24 Stable value funds 12 14 Other, including cash 5 2 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 utilizing value style. • World ex US Index: International equity; broad exposure across developed and emerging non-U.S. equity markets. • 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. Future Contributions and Benefit Payments We expect to contribute approximately $5.0 to our defined benefit pension plans in 2023. Estimated benefit payments expected over the next 10 years are as follows: 2023 $ 12.9 2024 13.4 2025 14.0 2026 14.4 2027 14.6 2028-2032 70.4 Defined Contribution Plans Total expense for defined contribution plans was as follows: 2022 2021 2020 401(k) Plan $ 8.0 $ 6.8 $ 6.8 Other defined contribution plans 4.8 4.6 4.9 $ 12.8 $ 11.4 $ 11.7 Multi-employer Pension Plans We have limited participation in one union-sponsored, defined benefit, multi-employer pension plan. The plan is not administered by us, and contributions are determined in accordance with provisions of negotiated labor contracts. Aggregate contributions to the plan 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 the plan 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 the plan. Based upon the information available from the plan administrator, the multi-employer plan in which we participate is underfunded, and we estimate our aggregate share of potential withdrawal liability for the plan to approximate $19.0. We have not recorded any material withdrawal liabilities for the years presented. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of earnings before income taxes are as follows: Year Ended December 31 2022 2021 2020 Domestic $ 163.6 $ 249.7 $ 115.3 Foreign 240.0 272.4 212.6 Earnings before income taxes $ 403.6 $ 522.1 $ 327.9 Income tax expense (benefit) is comprised of the following components: Year Ended December 31 2022 2021 2020 Current Federal $ 48.3 $ 57.0 $ 36.9 State and local 7.9 11.5 7.8 Foreign 53.2 59.5 51.0 Total current 109.4 128.0 95.7 Deferred Federal (14.1) (9.3) (15.0) State and local (2.0) (2.3) (2.6) Foreign .4 3.1 (3.3) Total deferred (15.7) (8.5) (20.9) Total income taxes $ 93.7 $ 119.5 $ 74.8 Income tax expense (benefit), as a percentage of earnings before income taxes, differs from the statutory federal income tax rate as follows: Year Ended December 31 2022 2021 2020 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % Increases (decreases) in rate resulting from: State taxes, net of federal benefit .9 1.5 .8 Tax effect of foreign operations (.5) (.9) (2.2) Global intangible low-taxed income (GILTI) .6 .5 (.3) Current and deferred foreign withholding taxes 2.6 2.3 2.7 Stock-based compensation (.1) (.5) (.6) Change in valuation allowance (.1) — .8 Change in uncertain tax positions, net — — .6 Goodwill impairment — — 1.6 Other permanent differences, net (1.0) (.8) (1.3) Other, net (.2) (.2) (.3) Effective tax rate 23.2 % 22.9 % 22.8 % 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. The rate benefited from income earned primarily in China and Cyprus during 2022, China, Croatia, and Switzerland in 2021, and China and Luxembourg in 2020. In 2022, we recognized tax expense of $10.9 related to foreign withholding taxes of $10.5 and other net tax expenses of $0.4. In 2021, we recognized tax expense of $14.6 related to foreign withholding taxes of $11.9 and other net tax expenses of $2.7. In 2020, we recognized tax expense of $13.1 related to foreign withholding taxes of $8.9, a non-deductible goodwill impairment associated with our Hydraulic Cylinders reporting unit of $5.3, and a Korean audit settlement of $3.2. These expenses were partially offset by prior year tax benefits totaling $3.9 from the GILTI high-tax exception final regulations issued in 2020, and other net tax benefits of $.4. 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 including interest and penalties at December 31, 2022, 2021, and 2020 was $5.9 (of which $4.7 would impact our effective tax rate, if recognized), $6.6, and $6.9, respectively. 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 and management continues to evaluate the progress of these examinations. In 2021, the Internal Revenue Service (IRS) completed its examination of our 2016 U.S. federal income tax return and asserted that income earned in that year by our Luxembourg subsidiary through its Mexican branch should be recognized as income in the U.S. We continue to believe their position is without merit but unsuccessfully contested this matter through IRS Appeals. The 2016 audit year closed in 2022 with no material impact to our Consolidated Statements of Operations. We are no longer subject to significant U.S. federal tax examinations for years prior to 2019, or significant U.S. state or foreign income tax examinations for years prior to 2013. 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 2022 2021 Assets Liabilities Assets Liabilities Property, plant and equipment $ 15.0 $ (80.2) $ 16.8 $ (79.3) Inventories 6.6 (6.5) 3.0 (13.1) Accrued expenses 52.6 (.9) 65.5 (10.2) Net operating losses and other tax carryforwards 25.6 — 29.1 — Pension cost and other post-retirement benefits 7.5 (.8) 14.6 (.7) Intangible assets .1 (204.5) .2 (200.0) Derivative financial instruments .6 (3.8) 1.2 (4.4) Tax on undistributed earnings (primarily from Canada and China) — (17.0) — (16.0) Uncertain tax positions .8 — .9 — Other 11.8 (5.6) 5.5 (5.7) Gross deferred tax assets (liabilities) 120.6 (319.3) 136.8 (329.4) Valuation allowance (15.7) — (16.2) — Total deferred taxes $ 104.9 $ (319.3) $ 120.6 $ (329.4) Net deferred tax liability $ (214.4) $ (208.8) Deferred tax assets (liabilities) included in the Consolidated Balance Sheets are as follows: December 31 2022 2021 Sundry $ 8.3 $ 8.6 Deferred income taxes (222.7) (217.4) Net deferred tax liability $ (214.4) $ (208.8) 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 $537.0 of our earnings and have accrued 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, 2022, are $327.9. If such earnings were repatriated to the U.S. through dividends, the resulting incremental tax expense would approximate $17.3, based on present income tax laws. |
Other Expense (Income), Net
Other Expense (Income), Net | 12 Months Ended |
Dec. 31, 2022 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Expense (Income), Net | Other Expense (Income), Net The components of other expense (income), net were as follows: Year Ended December 31 2022 2021 2020 Restructuring (See Note E ) $ 1.4 $ (.3) $ 7.6 Currency (gain) loss (3.3) 1.3 2.4 Loss (gain) from diversified investments associated with the ESU program (See Note L ) 8.4 (6.2) (6.0) Insurance proceeds 1 (.8) (6.6) — COVID-19 government subsidies 2 (.6) (3.5) (21.4) Non-service pension (income) expense (See Note M ) (4.1) (1.4) (1.1) Other (.8) (1.2) (3.9) $ .2 $ (17.9) $ (22.4) 1 The 2021 amount includes the receipt of $5.0 from a business interruption policy for COVID-19 disruptions. 2 This represents government subsidies related to COVID-19 primarily from our international locations, which do not contain material restrictions on our operations, sources of funding or otherwise. Also in 2020, we deferred our payment of employer's U.S. Social Security match as discussed in Note I |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
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 Defined Accumulated Balance at January 1, 2020 $ (21.5) $ (4.1) $ (51.2) $ (76.8) Other comprehensive income (loss) 27.8 4.5 (15.8) 16.5 Reclassifications, pretax 1 — 2.4 4.0 6.4 Income tax effect — (1.4) 2.8 1.4 Attributable to noncontrolling interest .1 — — .1 Balance at December 31, 2020 6.4 1.4 (60.2) (52.4) Other comprehensive income (loss) (18.2) 14.6 24.0 20.4 Reclassifications, pretax 2 — (.6) 5.3 4.7 Income tax effect — (3.5) (7.6) (11.1) Attributable to noncontrolling interest .1 — — .1 Balance at December 31, 2021 (11.7) 11.9 (38.5) (38.3) Other comprehensive income (loss) (71.8) (3.7) 23.8 (51.7) Reclassifications, pretax 3 — (.5) 2.5 2.0 Income tax effect — .7 (6.2) (5.5) Balance at December 31, 2022 $ (83.5) $ 8.4 $ (18.4) $ (93.5) 1 2020 pretax reclassifications are comprised of: Net trade sales $ — $ (1.4) $ — $ (1.4) Cost of goods sold; selling and administrative expenses — (.7) — (.7) Interest expense — 4.5 — 4.5 Other expense (income), net — — 4.0 4.0 Total 2020 reclassifications, pretax $ — $ 2.4 $ 4.0 $ 6.4 2 2021 pretax reclassifications are comprised of: Net trade sales $ — $ (5.6) $ — $ (5.6) Cost of goods sold; selling and administrative expenses — .5 — .5 Interest expense — 4.5 — 4.5 Other expense (income), net — — 5.3 5.3 Total 2021 reclassifications, pretax $ — $ (.6) $ 5.3 $ 4.7 3 2022 pretax reclassifications are comprised of: Net trade sales $ — $ (3.6) $ — $ (3.6) Cost of goods sold; selling and administrative expenses — .8 — .8 Interest expense — 2.3 — 2.3 Other expense (income), net — — 2.5 2.5 Total 2022 reclassifications, pretax $ — $ (.5) $ 2.5 $ 2.0 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
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 supported by observable market data. Derivative assets and liabilities in this category are valued using models that consider various assumptions and information from market-corroborated sources. The models used are primarily industry-standard models that consider items such as quoted prices, market interest rate curves applicable to the instruments being valued as of the end of each period, discounted cash flows, volatility factors, current market and contractual prices for the underlying instruments and 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, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Bank time deposits with original maturities of three months or less $ — $ 129.0 $ — $ 129.0 Derivative assets 1 (see Note S ) — 2.9 — 2.9 Diversified investments associated with the ESU program 1 (see Note L ) 42.8 — — 42.8 Total assets $ 42.8 $ 131.9 $ — $ 174.7 Liabilities: Derivative liabilities 1 (see Note S ) $ — $ 5.9 $ — $ 5.9 Liabilities associated with the ESU program 1 (see Note L ) 44.0 — — 44.0 Total liabilities $ 44.0 $ 5.9 $ — $ 49.9 As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Bank time deposits with original maturities of three months or less $ — $ 114.4 $ — $ 114.4 Derivative assets 1 (see Note S ) — 5.9 — 5.9 Diversified investments associated with the ESU program 1 (see Note L ) 51.0 — — 51.0 Total assets $ 51.0 $ 120.3 $ — $ 171.3 Liabilities: Derivative liabilities 1 (see Note S ) $ — $ 1.2 $ — $ 1.2 Liabilities associated with the ESU program 1 (see Note L ) 50.9 — — 50.9 Total liabilities $ 50.9 $ 1.2 $ — $ 52.1 1 Includes both current and long-term amounts. There were no transfers between Level 1 and Level 2 for any of the periods presented. The fair value for fixed rate debt (Level 1) was approximately $210.0 less than carrying value of $1,784.4 at December 31, 2022 and was approximately $130.0 greater than carrying value of $2,082.3 at December 31, 2021. 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 ( Note R ) and evaluating long-term assets (including goodwill) for potential impairment ( Note C ). Determining fair values for these items requires significant judgment and includes a variety of methods and models that utilize significant Level 3 inputs ( Note A ). |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [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 ). Of the goodwill included in the table below, none is expected to be deductible for tax purposes. 2022 2021 Accounts receivable $ 37.8 $ 18.3 Inventory 43.0 17.0 Property, plant and equipment 16.6 16.4 Goodwill (see Note D ) 42.5 70.9 Other intangible assets (see Note D ) Customer relationships (15-year life) 22.0 64.9 Technology (8 to 15-year life) 11.3 5.5 Trademarks and trade names (15 to 20-year life) 7.1 7.2 Non-compete agreements and other (1 to 5-year life) .2 2.7 Other current and long-term assets 9.1 5.5 Current liabilities (54.7) (39.2) Deferred income taxes (17.7) (11.9) Long-term liabilities (5.0) (4.7) Fair value of net identifiable assets 112.2 152.6 Less: additional consideration (receivable) (1.3) — Less: additional contingent consideration payable 30.2 — Net cash consideration $ 83.3 $ 152.6 The following table summarizes acquisitions for the periods presented. Year Ended Number of Segment Product/Service December 31, 2022 4 Specialized Products Furniture, Flooring & Textile Products Manufacturer of hydraulic cylinders for heavy construction equipment; Converter and distributor of construction fabrics for the furniture and bedding industries; Distributor of products used for erosion control and geosynthetic products for civil construction applications; Distributor of products used for erosion control and stormwater management December 31, 2021 3 Bedding Products Furniture, Flooring & Textile Products Specialized Products Manufacturer of specialty foam for the bedding and furniture industries; Manufacturer of bent metal tubing for furniture used in office, residential, and other settings; Manufacturer of high-pressure and high-temperature ducting, flexible joints, and components December 31, 2020 None We are finalizing all the information required to complete the purchase price allocations related to the recent acquisitions and do not anticipate any material modifications. The results of operations of the above acquired companies have been included in the consolidated financial statements since the dates of each acquisition. The unaudited pro forma consolidated net trade sales, net earnings, and earnings per share as though these acquisitions had occurred on January 1 of each year presented are not materially different from the amounts reflected in the accompanying financial statements. Certain of our acquisition agreements provide for additional contingent consideration to be paid based upon analysis of the closing balance sheet and if the acquired company's performance exceeds certain targeted levels through December 31, 2025. Such additional consideration will be paid in cash and the liability is recorded at discounted fair value at the acquisition date. The range of the undiscounted amounts we could be required to pay is currently estimated to be between $12.8 and $66.2. Components of the liability are based on estimates and contingent upon future events, therefore, the amounts may fluctuate materially until the payment dates. At December 31, 2022 our liability for these future payments was $31.9 ($14.4 current and $17.5 long-term). Subsequent measurement of the estimate will be recorded in "Other expense (income), net" in the Consolidated Statements of Operations. At December 31, 2021 and 2020, we had no material liability for future payments. There was no additional consideration, including interest, paid for acquisitions in the year ended 2022; we paid $.2 and $8.4 for the years ended 2021 and 2020, respectively. A brief description of our acquisition activity by year is included below. 2022 We acquired four businesses: • A small U.S. textiles business that converts and distributes construction fabrics for the furniture and bedding industries. This acquisition became a part of our Furniture, Flooring & Textile Products segment. The acquisition date was August 22. The purchase price was $2.2 and added no goodwill. • A leading global manufacturer of hydraulic cylinders for heavy construction equipment. This business has manufacturing locations in Germany and China and a distribution facility in the United States. This acquisition builds scale in our hydraulic cylinders growth platform and brings us into an attractive segment of the market that aligns well with trends in automation and autonomous equipment. This business operates within our Specialized Products segment. The acquisition date was August 26. The purchase price was $89.6 and added $39.0 of goodwill. • Two Canadian distributors of products used for erosion control, stormwater management, and various other applications that expanded the geographic scope of our Geo Components business unit. These acquisitions became a part of our Furniture, Flooring & Textile Products segment. ◦ An October 3 acquisition with a purchase price of $7.4 and added $3.5 goodwill. ◦ A December 16 acquisition with a purchase price of $13.0 and added no goodwill. 2021 We acquired three businesses: • A United Kingdom (UK) manufacturer specializing in metallic ducting systems, flexible joints, and components for space, military, and commercial applications. This acquisition expanded the capabilities of our aerospace products business to include flexible joint fabrication and operates within our Specialized Products segment. The acquisition date was January 30. Following the recording of measurement period adjustments subsequent to the 2021 values shown above, the final purchase price was $27.7 and added $8.5 of goodwill. • A Polish manufacturer of bent metal tubing for furniture used in office, residential, and other settings. This acquisition became a part of our Furniture, Flooring & Textile Products segment. The acquisition date was May 31. The purchase price was $5.4 and added $4.4 of goodwill. • A specialty foam and finished mattress manufacturer serving the UK and Irish marketplace with two manufacturing facilities in the Dublin area. This acquisition became a part of our Bedding Products segment. The acquisition date was June 4. The purchase price was $119.7 and added $58.3 of goodwill. 2020 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments 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 As of December 31, 2022 Derivatives Assets Liabilities Other Current Sundry Other Current Other Long-Term Designated as hedging instruments Total cash flow hedges-currency hedges Jun 2024 263.4 $ 1.9 $ .5 $ 4.3 $ .4 Total fair value hedges Apr 2023 65.5 .3 — 1 1.0 — Not designated as hedging instruments Dec 2023 86.0 .2 — .2 — Total derivatives $ 2.4 $ .5 $ 5.5 $ .4 Expiring at various dates through: Total USD As of December 31, 2021 Derivatives Assets Liabilities Other Current Sundry Other Current Other Long-Term Designated as hedging instruments Total cash flow hedges-currency hedges Jun 2023 260.6 $ 5.1 $ — $ .7 $ .1 Total fair value hedges Mar 2022 54.2 .4 — — — Not designated as hedging instruments Dec 2022 40.1 .4 — .4 — Total derivatives $ 5.9 $ — $ 1.1 $ .1 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 2022 2021 2020 Designated as hedging instruments Interest rate cash flow hedges 1 Interest expense $ 2.3 $ 4.5 $ 4.5 Currency cash flow hedges Net trade sales .5 (9.6) 1.1 Currency cash flow hedges Cost of goods sold (2.8) (.2) (.1) Total cash flow hedges — (5.3) 5.5 Fair value hedges Other expense (income), net 3.5 (5.9) (.2) Not designated as hedging instruments Other expense (income), net (1.3) (1.9) .2 Total derivative instruments $ 2.2 $ (13.1) $ 5.5 1 In the fourth quarter of 2021, in connection with our issuance of our $500.0 senior notes due 2051, we settled $300.0 of treasury locks and recognized a gain of $10.2, which is being amortized over the life of the notes. In the third quarter of 2022, we completed amortization of the $43.0 loss on our $200.0 forward starting interest rate swap that was related to our 2012 $300.0 senior notes; the 2012 issuance matured and was fully paid in the third quarter of 2022. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | ContingenciesWe are a party to various proceedings and matters involving employment, intellectual property, environmental, taxation, vehicle-related personal injury, antitrust, and other laws. When it is probable, in management's judgment, that we may incur monetary damages or other costs resulting from these proceedings or other claims, and we can reasonably estimate the amounts, we record appropriate accruals in the financial statements and make charges against earnings. For all periods presented, we have recorded no material charges against earnings. Also, when it is reasonably possible that we may incur additional loss in excess of recorded accruals, and we can reasonably estimate the additional losses or range of losses, we disclose such additional reasonably possible losses in these notes. Accruals and Reasonably Possible Losses in Excess of Accruals Accruals for Probable Losses Although we deny liability in all 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 recorded a litigation contingency accrual for our reasonable estimate of probable loss for pending and threatened litigation proceedings, in aggregate, of $.9, $1.0, and $.5 at December 31, 2022, 2021, and 2020, respectively. There were no material adjustments to the accrual, including cash payments and expense, for each of the years ended December 31, 2022, 2021, and 2020, respectively. The accruals do not include accrued expenses related to workers' compensation, vehicle-related personal injury, product and general liability claims, taxation issues, and environmental matters, some of which may contain a portion of litigation expense. However, any litigation expense associated with these categories is not anticipated to have a material effect on our financial condition, results of operations, or cash flows. For more information regarding accrued expenses, see Note I . 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, 2022, aggregate reasonably possible (but not probable, and therefore not accrued) losses in excess of the accruals noted above are estimated to be $11.0 . 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 $11.0 referenced above), which could have a material negative impact on our financial condition, results of operations, and cash flows. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts And Reserves | 12 Months Ended |
Dec. 31, 2022 | |
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 Additions Deductions Balance Year ended December 31, 2022 Allowance for doubtful receivables $ 37.0 $ 3.2 $ 1.2 1 $ 39.0 Tax valuation allowance $ 16.2 $ (.4) $ .1 $ 15.7 Year ended December 31, 2021 Allowance for doubtful receivables $ 42.0 $ (3.4) $ 1.6 1 $ 37.0 Tax valuation allowance $ 18.1 $ (.1) $ 1.8 $ 16.2 Year ended December 31, 2020 Allowance for doubtful receivables $ 26.8 $ 17.1 $ 1.9 1 $ 42.0 Tax valuation allowance $ 16.8 $ 2.5 $ 1.2 $ 18.1 1 Uncollectible accounts charged off, net of recoveries. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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. Restricted cash was less than $8.0 in the years presented and was primarily related to restricted deposits against a short-term borrowing arrangement of a foreign entity. |
Trade 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 participate in trade receivables sales programs in combination with third-party banking institutions and certain customers. 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 $55.0 and $35.0 of trade receivables that were sold and removed from our Consolidated Balance Sheets at December 31, 2022 and 2021, respectively. While we utilize the above programs as tools in our cash flow management, and offer them as options to facilitate customer operating cycles, if there were to be a cessation of these programs, we do not expect it would materially impact our operating cash flows or liquidity. 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 were past due, the financial health of the companies involved, industry and macroeconomic considerations, and historical loss experience. We also utilize a pool approach to group our receivables with similar risk characteristics. Our pools correspond with our business units, which generally have similar terms, industry-specific conditions, and historical or expected loss patterns. Reserves are established for each pool based on their level of risk exposure. When credit deterioration occurs on a specific customer within a pool, we evaluate the receivable separately to estimate the expected credit loss, based on the specific risk characteristics. A qualitative reserve is also established for any current macroeconomic conditions or reasonable and supportable forecasts that could impact the expected collectability of all or a portion of our receivables portfolio. On January 1, 2020, we adopted ASU 2016-13 "Financial Instruments—Credit Losses" (Topic 326) using the modified retrospective approach. As a result, the allowance for doubtful accounts on trade accounts receivable increased $3.3 and beginning retained earnings decreased $2.5 as presented in the Consoli dated Statem ents of Changes in Equity . |
Accounts Payable | ACCOUNTS PAYABLE: Accounts payable are recorded at the invoiced amount for services at the time they are rendered and for inventory based on the delivery terms of the purchase. We sometimes utilize third-party programs that allow our suppliers to be paid earlier at a discount. While these programs assist us in negotiating payment terms with our suppliers, we continue to make payments based on our customary terms. A supplier can elect to take payment from a third party earlier with a discount, and in that case, we pay the third party on the original due date of the invoice. Contracts with our suppliers are negotiated independently of supplier participation in the programs, and we cannot increase payment terms pursuant to the programs. The accounts payable settled through the third-party programs, which remain on our Consolidated Balance Sheets, were approximately $80.0 and $130.0 at December 31, 2022 and 2021, respectively.While we utilize the above programs as tools in our cash flow management, and offer them as options to facilitate vendor operating cycles, if there were to be a cessation of these programs, we do not expect it would materially impact our operating cash flows or liquidity. |
Inventories | INVENTORIES: All inventories are stated at the lower of cost or net realizable value. For the majority of our inventories, we use the first-in, first-out method which is representative of our standard costs (includes materials, labor, and production overhead at normal production capacity). Remaining inventories are valued using an average-cost method. Inventories are reviewed at least quarterly for slow-moving and potentially obsolete items using actual inventory turnover and, if necessary, are written down to estimated net realizable value. Restructuring activity and decisions to narrow product offerings (as discussed in Note E ) also impact the estimated net realizable value of inventories. |
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 typically 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. |
Loss Contingencies | LOSS CONTINGENCIES: Loss contingencies are accrued when a loss is probable and reasonably estimable. If a range of outcomes is 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 3-30 years 12 years Buildings 5-40 years 26 years Other items 3-15 years 11 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. |
Leases | LEASES: 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. 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. 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. |
Goodwill | GOODWILL: Goodwill results from the acquisition of existing businesses. It is assessed for impairment annually and as triggering events may occur. Our seven 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 a quantitative analysis, comparing the fair value of each reporting unit with its carrying amount. An impairment charge is 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. Fair value of reporting units is determined using a combination of two valuation methods: a market approach and an income approach. 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 1-20 years 15 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: We recognize revenue when performance obligations, under the terms of a contract with our customers, are satisfied. Substantially all of our revenue is recognized upon transfer of control of our products to our customers, which is generally upon shipment from our facilities or upon delivery to our customers' facilities, and is dependent on the terms of the specific contract. This conclusion considers the point at which our customers have the ability to direct the use of and obtain substantially all of the remaining benefits of the products that were transferred. Substantially all performance obligations are satisfied within one year or less. 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 customers have the right to return products after transfer. For this right, we recognize an estimated refund liability and a corresponding reduction to revenue, based on historical returns experience. We also record 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 for the periods presented. 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. Sales, value added, and other taxes collected in connection with revenue-producing activities are excluded from revenue. SHIPPING AND HANDLING FEES AND COSTS: Shipping and handling costs are included as a component of “Cost of goods sold.” |
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 primarily inventory writedowns. 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 F . 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. The results of operations for the year ended December 31, 2022 are not necessarily indicative of future results. The COVID-19 pandemic and related supply chain constraints have impacted, and could continue to impact, the global economy. Our operating results will be subject to fluctuations based on general economic conditions, and the extent to which COVID-19 may ultimately impact our business will depend on future developments. |
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 underlying transactions are probable of occurring. If it is determined that an underlying transaction is probable of not occurring, deferred gains or losses are recorded in the Consolidated Statements of Operations on the same line item as the hedged item. 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 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. Specifically, we regularly use currency cash flow hedges to manage risk associated with exchange rate volatility of various currencies and occasionally use interest rate cash flow hedges to manage interest rate risks. 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 and Derivatives not Designated as Hedging Instruments— These derivatives typically manage foreign currency risk associated with subsidiaries’ assets and liabilities or unrecognized firm commitments. 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, and in the case of fair value hedges, 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 Consolidated Financial Statements and related notes to conform to the 2022 presentation. |
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). None of the accounting guidance issued by the FASB effective for current and future periods has had 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, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Inventory | The following table recaps the components of inventory for each period presented: December 31, 2022 December 31, 2021 Finished goods $ 389.9 $ 429.1 Work in process 71.1 66.9 Raw materials and supplies 446.5 497.2 Inventories $ 907.5 $ 993.2 |
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 3-30 years 12 years Buildings 5-40 years 26 years Other items 3-15 years 11 years |
Summary of Other Intangible Assets | Useful Life Range Weighted Average Life Other intangible assets 1-20 years 15 years |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 families for each of our segments, as we believe this best depicts how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. For information regarding our segment structure, see Note F . Year Ended December 31 2022 2021 2020 Bedding Products Bedding Group $ 2,356.3 $ 2,455.9 $ 2,039.3 2,356.3 2,455.9 2,039.3 Specialized Products Automotive Group 846.5 801.4 719.0 Aerospace Products Group 120.9 102.9 102.4 Hydraulic Cylinders Group 1 150.9 94.6 69.8 1,118.3 998.9 891.2 Furniture, Flooring & Textile Products Home Furniture Group 398.0 434.3 320.9 Work Furniture Group 318.7 284.1 231.1 Flooring & Textile Products Group 955.4 899.4 797.7 1,672.1 1,617.8 1,349.7 $ 5,146.7 $ 5,072.6 $ 4,280.2 1 On August 26, 2022, we acquired a leading global manufacturer of hydraulic cylinders for heavy construction equipment (see Note R ). Year Ended December 31 Assets Additions Acquired 2022 Bedding Products $ 931.2 $ 42.1 $ — Specialized Products 350.1 28.2 93.8 Furniture, Flooring & Textile Products 423.1 12.5 7.1 Average current liabilities included in segment numbers above 793.9 — — Unallocated assets and other 2,840.6 17.5 — Difference between average assets and year-end balance sheet (152.8) — — $ 5,186.1 $ 100.3 $ 100.9 2021 Bedding Products $ 836.0 $ 67.1 $ 136.6 Specialized Products 316.7 20.6 25.1 Furniture, Flooring & Textile Products 373.5 9.8 6.2 Average current liabilities included in segment numbers above 814.1 — — Unallocated assets and other 2,828.5 9.1 — Difference between average assets and year-end balance sheet 138.5 — — $ 5,307.3 $ 106.6 $ 167.9 2020 Bedding Products $ 739.0 $ 27.1 $ — Specialized Products 299.5 13.2 — Furniture, Flooring & Textile Products 348.6 7.9 — Average current liabilities included in segment numbers above 665.0 — — Unallocated assets and other 2,759.1 18.0 — Difference between average assets and year-end balance sheet (11.2) — — $ 4,800.0 $ 66.2 $ — |
Impairment Charges (Tables)
Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Impairment Charges On Continued And Discontinued Operations | Pretax impairment charges are reported in “Impairments” in the Consolidated Statements of Operations and summarized in the following table. We did not have any impairment charges in 2022 or 2021. Year ended December 31, 2020 Goodwill Impairment Other Long-Lived Asset Impairments Total Impairments Bedding Products $ — $ .3 $ .3 Specialized Products 25.4 — 25.4 Furniture, Flooring & Textile Products — .2 .2 Unallocated 1 — 3.5 3.5 Total impairment charges $ 25.4 $ 4.0 $ 29.4 1 This charge was incurred to write off stock associated with a prior year divestiture that filed bankruptcy in 2020. |
Schedule of Goodwill Impairment Test Assumptions | 2022 Fair Value over Carrying Value divided by Carrying Value December 31, 2022 Goodwill Value 10-year Compound Terminal Values Long-term Growth Rate for Debt-Free Cash Flow Discount Rate Ranges Less than 50% 1 $ 107.8 3.7 - 8.5% 3.0 % 11.8% 50% - 100% 2 998.7 2.6 - 4.8 3.0 10.3 101% - 300% 248.3 1.4 - 2.6 3.0 9.8 - 10.3 Greater than 300% 119.6 8.2 3.0 11.8 $ 1,474.4 1.4% - 8.5% 3.0 % 9.8% - 11.8% 2021 Fair Value over Carrying Value divided by Carrying Value December 31, 2021 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 $ 67.5 7.8% 3.0 % 10.0% 50% - 100% 2 101.0 5.5 3.0 9.0 101% - 300% 1,086.9 3.1 - 3.3 3.0 8.0 - 8.5 Greater than 300% 194.2 2.9 - 10.4 3.0 9.0 $ 1,449.6 2.9% - 10.4% 3.0 % 8.0% - 10.0% 1 This category includes two reporting units (Aerospace and Hydraulic Cylinders) for 2022 and the Aerospace unit for 2021. • The fair value of our Aerospace reporting unit exceeded its carrying value by 40% at our second quarter 2022 testing date as compared to 28% in 2021. Goodwill associated with the Aerospace reporting unit was $66.3 at December 31, 2022 and $67.5 at December 31, 2021. • The fair value of our Hydraulic Cylinders reporting unit exceeded its carrying value by 32% at our second quarter 2022 testing date as compared to 86% in 2021. At the time of our annual goodwill impairment testing in both 2022 and 2021, there was no goodwill associated with this reporting unit, but an August 2022 acquisition (see Note R ) added goodwill. At December 31, 2022, the goodwill balance was $41.5. 2 This category includes two reporting units (Work Furniture and Bedding) for 2022 and the Work Furniture unit for 2021. • The fair value of our Work Furniture reporting unit exceeded its carrying value by 78% at our second quarter 2022 testing date as compared to 85% in 2021. Goodwill associated with the Work Furniture reporting unit was $98.4 at December 31, 2022 and $101.0 at December 31, 2021. • The fair value of our Bedding unit exceeded its carrying value by 54% at our second quarter 2022 testing date as compared to 171% in 2021. Goodwill associated with the Bedding reporting unit was $900.3 at December 31, 2022 and $908.3 at December 31, 2021. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In The Carrying Amounts Of Goodwill | The changes in the carrying amounts of goodwill are as follows: Bedding Products Specialized Furniture, Flooring & Textile Products Total Net goodwill as of January 1, 2021 $ 856.9 $ 187.0 $ 344.9 $ 1,388.8 Additions for current year acquisitions 58.3 8.2 4.4 70.9 Allocations to divested businesses (1.3) — — (1.3) Foreign currency translation adjustment (5.6) (2.5) (.7) (8.8) Net goodwill as of December 31, 2021 908.3 192.7 348.6 1,449.6 Additions for current year acquisitions — 39.0 3.5 42.5 Adjustments to prior year acquisitions — .3 — .3 Allocations to divested businesses (.3) — — (.3) Foreign currency translation adjustment (7.7) (4.6) (5.4) (17.7) Net goodwill as of December 31, 2022 $ 900.3 $ 227.4 $ 346.7 $ 1,474.4 Net goodwill as of December 31, 2022 is comprised of: Gross goodwill $ 905.7 $ 319.5 $ 597.3 $ 1,822.5 Accumulated impairment losses (5.4) (92.1) (250.6) (348.1) Net goodwill as of December 31, 2022 $ 900.3 $ 227.4 $ 346.7 $ 1,474.4 |
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: December 31, 2022 Year Ended December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Intangibles Gross carrying amounts of items acquired Weighted average amortization in years for items acquired Customer-related intangibles $ 622.6 $ 206.1 $ 416.5 $ 22.0 15.0 Technology 196.6 51.7 144.9 13.4 13.9 Patents and trademarks 145.7 52.8 92.9 8.2 15.6 Non-compete agreements, supply agreements and other 66.9 45.8 21.1 .3 4.8 Total $ 1,031.8 $ 356.4 $ 675.4 $ 43.9 14.7 December 31, 2021 Year Ended December 31, 2021 Customer-related intangibles $ 610.6 $ 172.0 $ 438.6 $ 64.9 15.0 Technology 183.5 38.4 145.1 5.4 8.0 Patents and trademarks 139.8 47.2 92.6 8.7 15.1 Non-compete agreements, supply agreements and other 72.0 40.5 31.5 4.3 2.9 Total $ 1,005.9 $ 298.1 $ 707.8 $ 83.3 13.9 |
Estimated Amortization Expense | Estimated amortization expense for the items above included in our December 31, 2022 Consolidated Balance Sheets in each of the next five years is as follows: 2023 $ 70.6 2024 63.7 2025 60.7 2026 59.1 2027 58.3 |
Restructuring and Restructuri_2
Restructuring and Restructuring Related Charges (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring-Related Costs | The table below presents all restructuring and restructuring-related activity for the periods presented: Year Ended December 31 2022 2021 2020 Charged to other expense (income), net: Severance and other restructuring costs 1 $ 1.4 $ (.3) $ 7.6 Charged to cost of goods sold: Inventory obsolescence and other — — .3 Total restructuring and restructuring-related costs $ 1.4 $ (.3) $ 7.9 Amount of total that represents cash charges $ 1.4 $ (.3) $ 7.6 1 In response to the effect the COVID-19 pandemic had on the nature and focus of our operations during 2020, we incurred $6.5 severance expense, primarily for permanent workforce reductions associated with changes in management and organizational structure. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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- Total Segment EBIT Depreciation and Amortization 2022 Bedding Products $ 2,356.3 $ 40.5 $ 2,396.8 $ 219.6 $ 104.1 Specialized Products 1,118.3 2.2 1,120.5 99.4 40.5 Furniture, Flooring & Textile Products 1,672.1 14.5 1,686.6 165.0 23.2 Intersegment eliminations and other 2 1.0 12.0 $ 5,146.7 $ 57.2 $ 5,203.9 $ 485.0 $ 179.8 2021 Bedding Products 3 $ 2,455.9 $ 44.1 $ 2,500.0 $ 321.3 $ 106.8 Specialized Products 998.9 3.6 1,002.5 115.9 44.8 Furniture, Flooring & Textile Products 1,617.8 13.4 1,631.2 159.5 24.0 Intersegment eliminations and other 2 (.7) 11.7 $ 5,072.6 $ 61.1 $ 5,133.7 $ 596.0 $ 187.3 2020 Bedding Products $ 2,039.3 $ 32.2 $ 2,071.5 $ 192.4 $ 106.7 Specialized Products 4 891.2 2.8 894.0 92.0 44.3 Furniture, Flooring & Textile Products 1,349.7 13.8 1,363.5 126.5 25.5 Intersegment eliminations and other 2,5 (3.4) 12.9 $ 4,280.2 $ 48.8 $ 4,329.0 $ 407.5 $ 189.4 1 See Note B for revenue by product family. 2 Depreciation and amortization: Other relates to non-operating assets (assets not included in segment assets) and is allocated to segment EBIT as discussed above. 3 2021 EBIT: Includes $28.2 gain on the sale of real estate associated with our exited Fashion Bed business. 4 2020 EBIT: Includes $25.4 of goodwill impairment for the Hydraulic Cylinders unit as discussed in Note C . 5 2020 EBIT: Other includes a charge to write off stock associated with a prior year divestiture that filed bankruptcy in 2020. |
Revenues From External Customers | We disaggregate revenue by customer group, which is the same as our product families for each of our segments, as we believe this best depicts how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. For information regarding our segment structure, see Note F . Year Ended December 31 2022 2021 2020 Bedding Products Bedding Group $ 2,356.3 $ 2,455.9 $ 2,039.3 2,356.3 2,455.9 2,039.3 Specialized Products Automotive Group 846.5 801.4 719.0 Aerospace Products Group 120.9 102.9 102.4 Hydraulic Cylinders Group 1 150.9 94.6 69.8 1,118.3 998.9 891.2 Furniture, Flooring & Textile Products Home Furniture Group 398.0 434.3 320.9 Work Furniture Group 318.7 284.1 231.1 Flooring & Textile Products Group 955.4 899.4 797.7 1,672.1 1,617.8 1,349.7 $ 5,146.7 $ 5,072.6 $ 4,280.2 1 On August 26, 2022, we acquired a leading global manufacturer of hydraulic cylinders for heavy construction equipment (see Note R ). Year Ended December 31 Assets Additions Acquired 2022 Bedding Products $ 931.2 $ 42.1 $ — Specialized Products 350.1 28.2 93.8 Furniture, Flooring & Textile Products 423.1 12.5 7.1 Average current liabilities included in segment numbers above 793.9 — — Unallocated assets and other 2,840.6 17.5 — Difference between average assets and year-end balance sheet (152.8) — — $ 5,186.1 $ 100.3 $ 100.9 2021 Bedding Products $ 836.0 $ 67.1 $ 136.6 Specialized Products 316.7 20.6 25.1 Furniture, Flooring & Textile Products 373.5 9.8 6.2 Average current liabilities included in segment numbers above 814.1 — — Unallocated assets and other 2,828.5 9.1 — Difference between average assets and year-end balance sheet 138.5 — — $ 5,307.3 $ 106.6 $ 167.9 2020 Bedding Products $ 739.0 $ 27.1 $ — Specialized Products 299.5 13.2 — Furniture, Flooring & Textile Products 348.6 7.9 — Average current liabilities included in segment numbers above 665.0 — — Unallocated assets and other 2,759.1 18.0 — Difference between average assets and year-end balance sheet (11.2) — — $ 4,800.0 $ 66.2 $ — |
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 2022 2021 2020 Trade sales Foreign sales Europe $ 624.5 $ 589.0 $ 420.9 China 501.5 559.0 441.7 Canada 279.4 262.0 261.5 Mexico 262.8 276.0 215.4 Other 129.2 116.1 94.7 Total foreign sales 1,797.4 1,802.1 1,434.2 United States 3,349.3 3,270.5 2,846.0 Total trade sales $ 5,146.7 $ 5,072.6 $ 4,280.2 Tangible long-lived assets Foreign tangible long-lived assets Europe $ 142.1 $ 150.1 $ 155.0 China 45.2 44.1 45.4 Canada 24.3 26.9 30.2 Mexico 14.1 13.9 8.8 Other 7.9 9.8 11.1 Total foreign tangible long-lived assets 233.6 244.8 250.5 United States 538.8 536.7 534.3 Total tangible long-lived assets $ 772.4 $ 781.5 $ 784.8 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Calculation of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share were calculated as follows: Year Ended December 31 2022 2021 2020 Earnings: Net earnings $ 309.9 $ 402.6 $ 253.1 Earnings attributable to noncontrolling interest, net of tax (.1) (.2) (.1) Net earnings attributable to Leggett & Platt, Inc. common shareholders $ 309.8 $ 402.4 $ 253.0 Weighted average number of shares (in millions): Weighted average number of common shares used in basic EPS 136.1 136.3 135.7 Dilutive effect of stock-based compensation .4 .4 .2 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 136.5 136.7 135.9 Basic and Diluted EPS: Basic EPS attributable to Leggett & Platt, Inc. common shareholders $ 2.28 $ 2.95 $ 1.86 Diluted EPS attributable to Leggett & Platt, Inc. common shareholders $ 2.27 $ 2.94 $ 1.86 Other information: Anti-dilutive shares excluded from diluted EPS computation .4 .2 .2 Cash dividends declared per share $ 1.74 $ 1.66 $ 1.60 |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Components of Accounts And Other Receivables | Accounts and other receivables at December 31 consisted of the following: 2022 2021 Current Long-term Current Long-term Total trade receivables 1 $ 626.8 $ — $ 634.9 $ .2 Allowance for doubtful accounts-trade receivables 1 (17.8) — (14.9) (.1) Trade receivables, net $ 609.0 $ — $ 620.0 $ .1 Other notes receivable 1 $ — $ 22.4 $ .7 $ 22.5 Taxes receivable, including income taxes 5.0 — 4.3 — Value-added taxes recoverable 2 45.4 — 14.5 — Other receivables 15.6 — 12.0 — Allowance for doubtful accounts - Other notes receivable 1 — (21.2) — (22.0) Other receivables, net $ 66.0 $ 1.2 $ 31.5 $ .5 1 The “Total trade receivables” and “Other notes receivable” line items above include $21.3 and $22.5 as of December 31, 2022 and December 31, 2021, respectively, from a customer in our Bedding Products segment who has been experiencing financial difficulty and liquidity problems since 2018. They were delinquent with an interest payment in 2020, and as a result, we increased and fully reserved the balances for this customer in 2020. The reserve for this customer was $21.3 ($21.2 for the note and $.1 for the trade receivable) at December 31, 2022 , and $22.5 ($22.0 for the note and $.5 for the trade receivable) at December 31, 2021. 2 Our value-added taxes recoverable have increased $30.9 since December 31, 2021, primarily as a result of refund delays from the Mexican government. We believe that these are fully collectible. |
Schedule of Allowance For Doubtful Accounts | Activity related to the allowance for doubtful accounts is reflected below: Balance at December 31, 2020 Add: Less: Net Balance at December 31, 2021 Add: Less: Net Balance at December 31, 2022 Total trade receivables $ 19.2 $ (2.6) $ 1.6 $ 15.0 $ 4.0 $ 1.2 $ 17.8 Other notes receivable 22.8 (.8) — 22.0 (.8) — 21.2 Total allowance for doubtful accounts $ 42.0 $ (3.4) $ 1.6 $ 37.0 $ 3.2 $ 1.2 $ 39.0 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: 2022 2021 Sundry Deferred income taxes (see Note N ) $ 8.3 $ 8.6 Diversified investments associated with stock-based compensation plans (see Note L ) 39.7 47.4 Pension plan assets (see Note M ) 3.9 2.8 Tooling and molds 22.7 23.2 Finance leases (see Note K ) 4.2 3.8 Other 32.1 24.7 $ 110.9 $ 110.5 Accrued expenses Wages and commissions payable $ 71.3 $ 75.1 Workers’ compensation, vehicle-related and product liability, medical/disability 44.7 45.2 Sales promotions 45.4 53.4 Liabilities associated with stock-based compensation plans (see Note L ) 5.9 9.1 Accrued interest 12.5 16.4 General taxes, excluding income taxes 1 29.2 28.8 Environmental reserves 4.6 3.8 Litigation contingency accruals (see Note T ) .9 1.0 Other 47.2 51.8 $ 261.7 $ 284.6 Other current liabilities Dividends payable $ 58.3 $ 56.0 Customer deposits 18.1 19.5 Additional consideration for acquisition of businesses (see Note R ) 14.4 — Derivative financial instruments (see Note S ) 5.5 1.1 Liabilities associated with stock-based compensation plans (see Note L ) 3.1 3.5 Outstanding checks in excess of book balances 19.6 .3 Other 10.1 11.8 $ 129.1 $ 92.2 Other long-term liabilities Liability for pension benefits (see Note M ) $ 19.0 $ 45.2 Liabilities associated with stock-based compensation plans (see Note L ) 42.2 51.1 Deemed repatriation tax payable 21.4 27.6 Net reserves for tax contingencies 5.5 6.3 Deferred compensation 10.8 13.2 Additional consideration for acquisition of businesses (see Note R ) 17.5 — Other 1 9.7 19.5 $ 126.1 $ 162.9 1 In 2020, we deferred our employer's U.S. Social Security match as provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. As of December 31, 2022 and 2021, we had $9.5 and $8.3, respectively in Accrued expenses, and at December 31, 2021 we had $9.5 in Other long-term liabilities. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: 2022 2021 Year-end Interest Rate Due Date Balance Year-end Interest Rate Due Date Balance Senior Notes 1 $ — 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 4.4 % 2029 500.0 Senior Notes 1 3.5 % 2051 500.0 3.5 % 2051 500.0 Industrial development bonds, principally variable interest rates 3.9 % 2030 3.8 .3 % 2030 3.8 Commercial paper 2 4.8 % 2026 282.5 — % 2026 — Finance leases 4.2 3.7 Other, partially secured 8.7 .5 Unamortized discounts and deferred loan costs (15.6) (17.7) Total debt 2,083.6 2,090.3 Less: current maturities 9.4 300.6 Total long-term debt $ 2,074.2 $ 1,789.7 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 (either to the maturity or the "par call date" depending on the respective note), 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 (or within 180 days of maturity for the notes maturing in 2051) 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 The weighted average interest rate for the net commercial paper activity during the years ended December 31, 2022 and 2021 was 3.2% and .2%, respectively. We view the notes as a source of long-term funds and have classified the borrowings under the commercial paper program as long-term borrowings on our balance sheet. We have the intent to roll over such obligations on a long-term basis and have the ability to refinance these borrowings on a long-term basis, as evidenced by our $1,200.0 revolving credit facility maturing in 2026 discussed above. |
Schedule of Maturities of Long-Term Debt | Maturities are as follows: 2023 $ 9.4 2024 300.8 2025 .6 2026 283.0 2027 498.4 Thereafter 991.4 $ 2,083.6 |
Schedule of Amounts Outstanding Related to Commercial Paper Program | Amounts outstanding at December 31 related to our commercial paper program were: 2022 2021 Total program authorized $ 1,200.0 $ 1,200.0 Commercial paper outstanding (classified as long-term debt) $ 282.5 $ — Letters of credit issued under the credit facility — — Total program usage $ 282.5 $ — |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows: December 31 2022 2021 Operating leases: Operating lease right-of-use assets $ 195.0 $ 192.6 Current portion of operating lease liabilities $ 49.5 $ 44.5 Operating lease liabilities 153.6 153.0 Total operating lease liabilities $ 203.1 $ 197.5 Finance leases: Sundry $ 4.2 $ 3.8 Current maturities of long-term debt $ 1.1 $ .8 Long-term debt 3.1 2.9 Total finance lease liabilities $ 4.2 $ 3.7 |
Components of Lease Expense | The components of lease expense were as follows: Year Ended December 31 2022 2021 2020 Operating lease costs: Lease costs $ 56.1 $ 50.1 $ 48.4 Variable lease costs 15.1 15.4 12.1 Total operating lease costs $ 71.2 $ 65.5 $ 60.5 Short-term lease costs $ 6.6 $ 7.0 $ 4.9 Finance lease costs: Amortization of right-of-use assets $ 1.7 $ 1.7 $ 2.4 Interest on lease liabilities .1 .1 .1 Total finance lease costs $ 1.8 $ 1.8 $ 2.5 Total lease costs $ 79.6 $ 74.3 $ 67.9 Supplemental cash flow information related to leases was as follows: Year Ended December 31 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 52.4 $ 48.6 $ 47.3 Operating cash flows from finance leases .1 .1 .1 Financing cash flows from finance leases 1.7 1.7 2.4 Right-of-use assets obtained in exchange for new operating lease liabilities 53.0 74.0 43.6 Right-of-use assets obtained in exchange for new finance lease liabilities 1.4 1.9 1.8 |
Lessee, Operating Lease, Liability, Maturity | The following table reconciles the undiscounted cash flows for the operating and finance leases at December 31, 2022 to the operating and finance lease liabilities recorded on the Consolidated Balance Sheets: December 31, 2022 Operating Leases Finance Leases 2023 $ 53.9 $ 1.2 2024 47.9 1.4 2025 37.3 .6 2026 29.2 .5 2027 16.6 .3 Thereafter 31.0 .3 Total 215.9 4.3 Less: interest 12.8 .1 Lease liability $ 203.1 $ 4.2 Weighted average remaining lease term (years) 5.2 3.9 Weighted average discount rate 2.5 % 2.1 % |
Operating Leases, Schedule of Future Minimum Payments | The following table reconciles the undiscounted cash flows for the operating and finance leases at December 31, 2022 to the operating and finance lease liabilities recorded on the Consolidated Balance Sheets: December 31, 2022 Operating Leases Finance Leases 2023 $ 53.9 $ 1.2 2024 47.9 1.4 2025 37.3 .6 2026 29.2 .5 2027 16.6 .3 Thereafter 31.0 .3 Total 215.9 4.3 Less: interest 12.8 .1 Lease liability $ 203.1 $ 4.2 Weighted average remaining lease term (years) 5.2 3.9 Weighted average discount rate 2.5 % 2.1 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Flexible Stock Plan Options | At December 31, 2022, the following common shares were authorized for issuance under the Plan: Shares Available for Issuance Maximum Number of Authorized Shares Unexercised options .3 .3 Outstanding stock units—vested 3.5 9.1 Outstanding stock units—unvested 1.0 2.9 Available for grant 8.5 8.5 Authorized for issuance at December 31, 2022 13.3 20.8 |
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 2022 2021 2020 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 Executive Stock Unit (ESU) program contributions 1 $ 3.7 $ .7 $ 4.0 $ .6 $ 3.5 $ .7 Discounts on various stock awards: Deferred Compensation Program 2 1.6 — 1.5 — 2.2 — ESU program 1 1.4 — 1.1 — 1.4 — Discount Stock Plan 3 .8 — .9 — .9 — Performance Stock Unit (PSU) awards: 4 PSU - TSR based 4A 2.5 (.5) 3.1 (1.0) 3.2 (.7) PSU - EBIT CAGR based 4B (1.7) (2.0) 4.7 5.0 (1.9) (2.0) Restricted Stock Unit (RSU) awards 5 10.2 — 8.2 — 6.8 — Other, primarily non-employee directors restricted stock 1.0 — .4 — .9 — Total stock-related compensation expense (income) 19.5 $ (1.8) 23.9 $ 4.6 17.0 $ (2.0) Employee contributions for above stock plans 10.6 10.3 12.2 Total stock-based compensation $ 30.1 $ 34.2 $ 29.2 Tax benefits on stock-based compensation expense $ 4.7 $ 5.8 $ 4.0 Tax benefits on stock-based compensation payments .6 3.4 2.5 Total tax benefits associated with stock-based compensation $ 5.3 $ 9.2 $ 6.5 |
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: 2022 2021 Current Long-term Total Current Long-term Total Assets: Diversified investments associated with the ESU program 1 $ 3.1 $ 39.7 $ 42.8 $ 3.6 $ 47.4 $ 51.0 Liabilities: ESU program 1 $ 3.1 $ 40.9 $ 44.0 $ 3.6 $ 47.3 $ 50.9 Performance Stock Unit (TSR) award 4A — .6 .6 — 1.1 1.1 Performance Stock Unit (EBIT) award 4B — .7 .7 3.5 2.7 6.2 Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts 5.9 — 5.9 5.6 — 5.6 Total liabilities associated with stock-based compensation $ 9.0 $ 42.2 $ 51.2 $ 12.7 $ 51.1 $ 63.8 |
Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits | Options Units Cash Aggregate amount of compensation deferred during 2022 $ .1 $ 4.7 $ .4 |
Discount Stock Plan | Average 2022 purchase price per share (net of discount) $ 31.07 2022 number of shares purchased by employees .2 Shares purchased since inception in 1982 23.8 Maximum shares under the plan 27.0 |
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 2022 2021 2020 TSR Based Total shares base award .1 .1 .1 Grant date per share fair value $ 41.13 $ 49.43 $ 38.23 Risk-free interest rate 1.7 % .2 % 1.4 % Expected life in years 3.0 3.0 3.0 Expected volatility (over expected life) 45.2 % 44.3 % 24.0 % Expected dividend yield (over expected life) 4.6 % 3.7 % 3.6 % EBIT CAGR Based Total shares base award .1 .1 .1 Grant date per share fair value $ 32.88 $ 38.77 $ 40.52 Vesting period in years 3.0 3.0 3.0 Three-Year Performance Cycle for PSU - TSR Based Award Year Completion Date TSR Performance Payout as a Number of Shares Cash Portion Distribution Date 2018 December 31, 2020 60 th percentile 56.0% <.1 million $ 2.0 First quarter 2021 2019 December 31, 2021 78 th percentile —% — million $ — First quarter 2022 2020 December 31, 2022 87 th percentile —% — million $ — First quarter 2023 Three-Year Performance Cycle for PSU - EBIT CAGR Based Award Year Completion Date Payout as a Number of Shares Cash Portion Distribution Date 2018 December 31, 2020 16.0% <.1 million $ .4 First quarter 2021 2019 December 31, 2021 127.0% <.1 million $ 3.5 First quarter 2022 2020 December 31, 2022 —% — million $ — First quarter 2023 |
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 ESU PSU RSU Total Units Weighted Aggregate Unvested at December 31, 2021 — — .8 .2 1.0 $ 44.41 Granted based on current service .2 .2 — .3 .7 35.78 Granted based on future conditions* — — .3 — .3 17.99 Vested (.2) (.2) (.1) (.3) (.8) 38.21 Forfeited* — — (.2) — (.2) 21.33 Unvested at December 31, 2022 — — .8 .2 1.0 $ 42.34 $ 30.7 Fully vested shares available for issuance at December 31, 2022 3.5 $ 111.6 *PSU awards are presented at maximum payout of 200% at grant date and when forfeited. |
Stock Units Converted To Common Stock | Year Ended December 31 2022 2021 2020 Total intrinsic value of vested stock units converted to common stock $ 5.7 $ 10.5 $ 11.7 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: 2022 2021 2020 Change in benefit obligation Benefit obligation, beginning of period $ 270.4 $ 286.5 $ 259.1 Service cost 5.3 5.1 5.1 Interest cost 6.6 6.0 7.2 Plan participants’ contributions .4 .5 .5 Actuarial (gain) loss 1 (71.6) (10.8) 27.7 Benefits paid (15.9) (15.6) (14.2) Plan amendments — .1 (.4) Curtailments and settlements — (1.1) — Foreign currency exchange rate changes (4.0) (.3) 1.5 Benefit obligation, end of period $ 191.2 $ 270.4 $ 286.5 Change in plan assets Fair value of plan assets, beginning of period $ 227.7 $ 215.3 $ 201.5 Actual return on plan assets (35.4) 25.6 24.1 Employer contributions 2.9 2.8 2.2 Plan participants’ contributions .4 .5 .5 Benefits paid (15.9) (15.6) (14.2) Settlements — (.8) — Foreign currency exchange rate changes (3.9) (.1) 1.2 Fair value of plan assets, end of period $ 175.8 $ 227.7 $ 215.3 Net funded status $ (15.4) $ (42.7) $ (71.2) Funded status recognized in the Consolidated Balance Sheets Other assets—sundry $ 3.9 $ 2.8 $ .9 Other current liabilities (.3) (.3) (.4) Other long-term liabilities (19.0) (45.2) (71.7) Net funded status $ (15.4) $ (42.7) $ (71.2) 1 Year-over-year fluctuations in "Actuarial (gain) loss" are primarily driven by changes in the weighted average discount rate assumptions. |
Schedule of Accumulated Other Comprehensive Income | Amounts and activity included in accumulated other comprehensive income associated with pensions are reflected below: December 31, 2021 2022 Amortization 2022 Net Actuarial Loss 2022 Foreign Currency Exchange Rates Change 2022 Income Tax Change December 31, 2022 Net (loss) gain (before tax) $ (53.1) $ 2.5 $ 22.9 $ .9 $ — $ (26.8) Deferred income taxes 14.6 — — — (6.2) 8.4 Accumulated other comprehensive income (loss) (net of tax) $ (38.5) $ 2.5 $ 22.9 $ .9 $ (6.2) $ (18.4) |
Components of Net Pension Expense (Income) | Components of net pension expense (income) for the years ended December 31 were as follows: 2022 2021 2020 Service cost $ 5.3 $ 5.1 $ 5.1 Interest cost 6.6 6.0 7.2 Expected return on plan assets (13.2) (12.5) (11.9) Recognized net actuarial loss 2.5 5.3 4.0 Prior service cost — — (.4) Curtailments and settlements — (.2) — Net pension expense $ 1.2 $ 3.7 $ 4.0 Weighted average assumptions for pension costs: Discount rate used in net pension costs 2.5 % 2.1 % 2.8 % Rate of compensation increase used in pension costs 3.5 % 3.5 % 3.4 % Expected return on plan assets 6.0 % 5.9 % 6.1 % Weighted average assumptions for benefit obligation: Discount rate used in benefit obligation 5.0 % 2.5 % 2.1 % Rate of compensation increase used in benefit obligation 3.4 % 3.5 % 3.5 % |
Schedule of Fair Value of Pension Plan Assets | Presented below are our major categories of investments for the periods presented: Year Ended December 31, 2022 Year Ended December 31, 2021 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 $ 25.9 $ 13.9 $ — $ — $ 39.8 $ 34.1 $ 21.3 $ — $ — $ 55.4 Equities 99.2 5.6 — — 104.8 127.0 8.4 — — 135.4 Stable value funds — 22.1 — — 22.1 — 31.6 — — 31.6 Money market funds, cash and other — — — 9.1 9.1 — — — 5.3 5.3 Total investments at fair value $ 125.1 $ 41.6 $ — $ 9.1 $ 175.8 $ 161.1 $ 61.3 $ — $ 5.3 $ 227.7 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: 2022 2021 Asset Category Equity securities 60 % 60 % Debt securities 23 24 Stable value funds 12 14 Other, including cash 5 2 Total 100 % 100 % |
Schedule of Estimated Benefit Payments | Estimated benefit payments expected over the next 10 years are as follows: 2023 $ 12.9 2024 13.4 2025 14.0 2026 14.4 2027 14.6 2028-2032 70.4 |
Schedule of Costs of Retirement Plans | Total expense for defined contribution plans was as follows: 2022 2021 2020 401(k) Plan $ 8.0 $ 6.8 $ 6.8 Other defined contribution plans 4.8 4.6 4.9 $ 12.8 $ 11.4 $ 11.7 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Earnings From Continuing Operations Before Income Taxes | The components of earnings before income taxes are as follows: Year Ended December 31 2022 2021 2020 Domestic $ 163.6 $ 249.7 $ 115.3 Foreign 240.0 272.4 212.6 Earnings before income taxes $ 403.6 $ 522.1 $ 327.9 |
Income Tax Expense (Benefit) | Income tax expense (benefit) is comprised of the following components: Year Ended December 31 2022 2021 2020 Current Federal $ 48.3 $ 57.0 $ 36.9 State and local 7.9 11.5 7.8 Foreign 53.2 59.5 51.0 Total current 109.4 128.0 95.7 Deferred Federal (14.1) (9.3) (15.0) State and local (2.0) (2.3) (2.6) Foreign .4 3.1 (3.3) Total deferred (15.7) (8.5) (20.9) Total income taxes $ 93.7 $ 119.5 $ 74.8 |
Schedule of Income Tax Expense (Benefit) From Continuing Operations Percentage | Income tax expense (benefit), as a percentage of earnings before income taxes, differs from the statutory federal income tax rate as follows: Year Ended December 31 2022 2021 2020 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % Increases (decreases) in rate resulting from: State taxes, net of federal benefit .9 1.5 .8 Tax effect of foreign operations (.5) (.9) (2.2) Global intangible low-taxed income (GILTI) .6 .5 (.3) Current and deferred foreign withholding taxes 2.6 2.3 2.7 Stock-based compensation (.1) (.5) (.6) Change in valuation allowance (.1) — .8 Change in uncertain tax positions, net — — .6 Goodwill impairment — — 1.6 Other permanent differences, net (1.0) (.8) (1.3) Other, net (.2) (.2) (.3) Effective tax rate 23.2 % 22.9 % 22.8 % |
Deferred Income Tax Assets and 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 2022 2021 Assets Liabilities Assets Liabilities Property, plant and equipment $ 15.0 $ (80.2) $ 16.8 $ (79.3) Inventories 6.6 (6.5) 3.0 (13.1) Accrued expenses 52.6 (.9) 65.5 (10.2) Net operating losses and other tax carryforwards 25.6 — 29.1 — Pension cost and other post-retirement benefits 7.5 (.8) 14.6 (.7) Intangible assets .1 (204.5) .2 (200.0) Derivative financial instruments .6 (3.8) 1.2 (4.4) Tax on undistributed earnings (primarily from Canada and China) — (17.0) — (16.0) Uncertain tax positions .8 — .9 — Other 11.8 (5.6) 5.5 (5.7) Gross deferred tax assets (liabilities) 120.6 (319.3) 136.8 (329.4) Valuation allowance (15.7) — (16.2) — Total deferred taxes $ 104.9 $ (319.3) $ 120.6 $ (329.4) Net deferred tax liability $ (214.4) $ (208.8) |
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 2022 2021 Sundry $ 8.3 $ 8.6 Deferred income taxes (222.7) (217.4) Net deferred tax liability $ (214.4) $ (208.8) |
Other Expense (Income), Net (Ta
Other Expense (Income), Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Nonoperating Income (Expense) [Abstract] | |
Components of Other Expense (Income), Net | The components of other expense (income), net were as follows: Year Ended December 31 2022 2021 2020 Restructuring (See Note E ) $ 1.4 $ (.3) $ 7.6 Currency (gain) loss (3.3) 1.3 2.4 Loss (gain) from diversified investments associated with the ESU program (See Note L ) 8.4 (6.2) (6.0) Insurance proceeds 1 (.8) (6.6) — COVID-19 government subsidies 2 (.6) (3.5) (21.4) Non-service pension (income) expense (See Note M ) (4.1) (1.4) (1.1) Other (.8) (1.2) (3.9) $ .2 $ (17.9) $ (22.4) 1 The 2021 amount includes the receipt of $5.0 from a business interruption policy for COVID-19 disruptions. 2 This represents government subsidies related to COVID-19 primarily from our international locations, which do not contain material restrictions on our operations, sources of funding or otherwise. Also in 2020, we deferred our payment of employer's U.S. Social Security match as discussed in Note I |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 Defined Accumulated Balance at January 1, 2020 $ (21.5) $ (4.1) $ (51.2) $ (76.8) Other comprehensive income (loss) 27.8 4.5 (15.8) 16.5 Reclassifications, pretax 1 — 2.4 4.0 6.4 Income tax effect — (1.4) 2.8 1.4 Attributable to noncontrolling interest .1 — — .1 Balance at December 31, 2020 6.4 1.4 (60.2) (52.4) Other comprehensive income (loss) (18.2) 14.6 24.0 20.4 Reclassifications, pretax 2 — (.6) 5.3 4.7 Income tax effect — (3.5) (7.6) (11.1) Attributable to noncontrolling interest .1 — — .1 Balance at December 31, 2021 (11.7) 11.9 (38.5) (38.3) Other comprehensive income (loss) (71.8) (3.7) 23.8 (51.7) Reclassifications, pretax 3 — (.5) 2.5 2.0 Income tax effect — .7 (6.2) (5.5) Balance at December 31, 2022 $ (83.5) $ 8.4 $ (18.4) $ (93.5) 1 2020 pretax reclassifications are comprised of: Net trade sales $ — $ (1.4) $ — $ (1.4) Cost of goods sold; selling and administrative expenses — (.7) — (.7) Interest expense — 4.5 — 4.5 Other expense (income), net — — 4.0 4.0 Total 2020 reclassifications, pretax $ — $ 2.4 $ 4.0 $ 6.4 2 2021 pretax reclassifications are comprised of: Net trade sales $ — $ (5.6) $ — $ (5.6) Cost of goods sold; selling and administrative expenses — .5 — .5 Interest expense — 4.5 — 4.5 Other expense (income), net — — 5.3 5.3 Total 2021 reclassifications, pretax $ — $ (.6) $ 5.3 $ 4.7 3 2022 pretax reclassifications are comprised of: Net trade sales $ — $ (3.6) $ — $ (3.6) Cost of goods sold; selling and administrative expenses — .8 — .8 Interest expense — 2.3 — 2.3 Other expense (income), net — — 2.5 2.5 Total 2022 reclassifications, pretax $ — $ (.5) $ 2.5 $ 2.0 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Bank time deposits with original maturities of three months or less $ — $ 129.0 $ — $ 129.0 Derivative assets 1 (see Note S ) — 2.9 — 2.9 Diversified investments associated with the ESU program 1 (see Note L ) 42.8 — — 42.8 Total assets $ 42.8 $ 131.9 $ — $ 174.7 Liabilities: Derivative liabilities 1 (see Note S ) $ — $ 5.9 $ — $ 5.9 Liabilities associated with the ESU program 1 (see Note L ) 44.0 — — 44.0 Total liabilities $ 44.0 $ 5.9 $ — $ 49.9 As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Bank time deposits with original maturities of three months or less $ — $ 114.4 $ — $ 114.4 Derivative assets 1 (see Note S ) — 5.9 — 5.9 Diversified investments associated with the ESU program 1 (see Note L ) 51.0 — — 51.0 Total assets $ 51.0 $ 120.3 $ — $ 171.3 Liabilities: Derivative liabilities 1 (see Note S ) $ — $ 1.2 $ — $ 1.2 Liabilities associated with the ESU program 1 (see Note L ) 50.9 — — 50.9 Total liabilities $ 50.9 $ 1.2 $ — $ 52.1 1 Includes both current and long-term amounts. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [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 ). Of the goodwill included in the table below, none is expected to be deductible for tax purposes. 2022 2021 Accounts receivable $ 37.8 $ 18.3 Inventory 43.0 17.0 Property, plant and equipment 16.6 16.4 Goodwill (see Note D ) 42.5 70.9 Other intangible assets (see Note D ) Customer relationships (15-year life) 22.0 64.9 Technology (8 to 15-year life) 11.3 5.5 Trademarks and trade names (15 to 20-year life) 7.1 7.2 Non-compete agreements and other (1 to 5-year life) .2 2.7 Other current and long-term assets 9.1 5.5 Current liabilities (54.7) (39.2) Deferred income taxes (17.7) (11.9) Long-term liabilities (5.0) (4.7) Fair value of net identifiable assets 112.2 152.6 Less: additional consideration (receivable) (1.3) — Less: additional contingent consideration payable 30.2 — Net cash consideration $ 83.3 $ 152.6 |
Schedule of Acquisitions | The following table summarizes acquisitions for the periods presented. Year Ended Number of Segment Product/Service December 31, 2022 4 Specialized Products Furniture, Flooring & Textile Products Manufacturer of hydraulic cylinders for heavy construction equipment; Converter and distributor of construction fabrics for the furniture and bedding industries; Distributor of products used for erosion control and geosynthetic products for civil construction applications; Distributor of products used for erosion control and stormwater management December 31, 2021 3 Bedding Products Furniture, Flooring & Textile Products Specialized Products Manufacturer of specialty foam for the bedding and furniture industries; Manufacturer of bent metal tubing for furniture used in office, residential, and other settings; Manufacturer of high-pressure and high-temperature ducting, flexible joints, and components December 31, 2020 None |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 As of December 31, 2022 Derivatives Assets Liabilities Other Current Sundry Other Current Other Long-Term Designated as hedging instruments Total cash flow hedges-currency hedges Jun 2024 263.4 $ 1.9 $ .5 $ 4.3 $ .4 Total fair value hedges Apr 2023 65.5 .3 — 1 1.0 — Not designated as hedging instruments Dec 2023 86.0 .2 — .2 — Total derivatives $ 2.4 $ .5 $ 5.5 $ .4 Expiring at various dates through: Total USD As of December 31, 2021 Derivatives Assets Liabilities Other Current Sundry Other Current Other Long-Term Designated as hedging instruments Total cash flow hedges-currency hedges Jun 2023 260.6 $ 5.1 $ — $ .7 $ .1 Total fair value hedges Mar 2022 54.2 .4 — — — Not designated as hedging instruments Dec 2022 40.1 .4 — .4 — Total derivatives $ 5.9 $ — $ 1.1 $ .1 |
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 2022 2021 2020 Designated as hedging instruments Interest rate cash flow hedges 1 Interest expense $ 2.3 $ 4.5 $ 4.5 Currency cash flow hedges Net trade sales .5 (9.6) 1.1 Currency cash flow hedges Cost of goods sold (2.8) (.2) (.1) Total cash flow hedges — (5.3) 5.5 Fair value hedges Other expense (income), net 3.5 (5.9) (.2) Not designated as hedging instruments Other expense (income), net (1.3) (1.9) .2 Total derivative instruments $ 2.2 $ (13.1) $ 5.5 1 In the fourth quarter of 2021, in connection with our issuance of our $500.0 senior notes due 2051, we settled $300.0 of treasury locks and recognized a gain of $10.2, which is being amortized over the life of the notes. In the third quarter of 2022, we completed amortization of the $43.0 loss on our $200.0 forward starting interest rate swap that was related to our 2012 $300.0 senior notes; the 2012 issuance matured and was fully paid in the third quarter of 2022. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) reporting_unit | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 01, 2020 USD ($) | |
Variable Interest Entity [Line Items] | ||||
Restricted cash | $ 8 | $ 8 | ||
Interest trade receivable percentage | 100% | |||
Disposal group, including discontinued operation, accounts, notes and loans receivable, net | $ 55 | 35 | ||
Allowance for doubtful accounts | 39 | 37 | $ 42 | |
Retained earnings | (3,046) | (2,973) | ||
Accounts payable, third party programs | $ 80 | $ 130 | ||
Number of reporting units | reporting_unit | 7 | |||
Accounting Standards Update 2016-13 | ||||
Variable Interest Entity [Line Items] | ||||
Allowance for doubtful accounts | $ 3.3 | |||
Retained earnings | $ 2.5 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Inventory) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Finished goods | $ 389.9 | $ 429.1 |
Work in process | 71.1 | 66.9 |
Raw materials and supplies | 446.5 | 497.2 |
Inventories | $ 907.5 | $ 993.2 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Schedule of Property, Plant And Equipment) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Weighted Average Life | 12 years |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Weighted Average Life | 26 years |
Other items | |
Property, Plant and Equipment [Line Items] | |
Weighted Average Life | 11 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 | 30 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_7
Summary of Significant Accounting Policies (Summary of Other Intangible Assets) (Details) - Other intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Life | 15 years |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life Range | 1 year |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life Range | 20 years |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Net trade sales | $ 5,146.7 | $ 5,072.6 | $ 4,280.2 |
Bedding Products | |||
Disaggregation of Revenue [Line Items] | |||
Net trade sales | 2,356.3 | 2,455.9 | 2,039.3 |
Bedding Products | Bedding group | |||
Disaggregation of Revenue [Line Items] | |||
Net trade sales | 2,356.3 | 2,455.9 | 2,039.3 |
Specialized Products | |||
Disaggregation of Revenue [Line Items] | |||
Net trade sales | 1,118.3 | 998.9 | 891.2 |
Specialized Products | Automotive Group | |||
Disaggregation of Revenue [Line Items] | |||
Net trade sales | 846.5 | 801.4 | 719 |
Specialized Products | Aerospace Products Group | |||
Disaggregation of Revenue [Line Items] | |||
Net trade sales | 120.9 | 102.9 | 102.4 |
Specialized Products | Hydraulic Cylinders Group | |||
Disaggregation of Revenue [Line Items] | |||
Net trade sales | 150.9 | 94.6 | 69.8 |
Furniture, Flooring & Textile Products | |||
Disaggregation of Revenue [Line Items] | |||
Net trade sales | 1,672.1 | 1,617.8 | 1,349.7 |
Furniture, Flooring & Textile Products | Home Furniture Group | |||
Disaggregation of Revenue [Line Items] | |||
Net trade sales | 398 | 434.3 | 320.9 |
Furniture, Flooring & Textile Products | Work Furniture Group | |||
Disaggregation of Revenue [Line Items] | |||
Net trade sales | 318.7 | 284.1 | 231.1 |
Furniture, Flooring & Textile Products | Flooring & Textile Products Group | |||
Disaggregation of Revenue [Line Items] | |||
Net trade sales | $ 955.4 | $ 899.4 | $ 797.7 |
Impairment Charges (Summary of
Impairment Charges (Summary of Impairment Charges on Continued and Discontinued Operations) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Goodwill impairment | $ 0 | $ 0 | $ 25,400,000 |
Other long-lived asset impairments | 4,000,000 | ||
Total Impairments | $ 0 | $ 0 | 29,400,000 |
Bedding Products | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Goodwill impairment | 0 | ||
Other long-lived asset impairments | 300,000 | ||
Total Impairments | 300,000 | ||
Specialized Products | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Goodwill impairment | 25,400,000 | ||
Other long-lived asset impairments | 0 | ||
Total Impairments | 25,400,000 | ||
Furniture, Flooring & Textile Products | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Goodwill impairment | 0 | ||
Other long-lived asset impairments | 200,000 | ||
Total Impairments | 200,000 | ||
Unallocated | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Goodwill impairment | 0 | ||
Other long-lived asset impairments | 3,500,000 | ||
Total Impairments | $ 3,500,000 |
Impairment Charges (Narrative)
Impairment Charges (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||||
Non-cash goodwill impairment charge | $ 0 | $ 0 | $ 25,400,000 | |
Hydraulic Cylinders Group | ||||
Goodwill [Line Items] | ||||
Non-cash goodwill impairment charge | $ 25,400,000 | $ 25,400,000 |
Impairment Charges (Components
Impairment Charges (Components of Fair Values In Relation to Their Respective Carrying Values) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) reporting_unit | Dec. 31, 2021 USD ($) | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | $ 1,474.4 | $ 1,449.6 | ||
Terminal Values Long-term Growth Rate for Debt-Free Cash Flow | 3% | 3% | ||
Number of reporting units | reporting_unit | 7 | |||
Less than 50% | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | $ 107.8 | $ 67.5 | ||
10-year Compound Annual Growth Rate Range for Sales | 7.80% | |||
Terminal Values Long-term Growth Rate for Debt-Free Cash Flow | 3% | 3% | ||
Discount Rate Ranges | 11.80% | 10% | ||
50% - 100% | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | $ 998.7 | $ 101 | ||
10-year Compound Annual Growth Rate Range for Sales | 5.50% | |||
Terminal Values Long-term Growth Rate for Debt-Free Cash Flow | 3% | 3% | ||
Discount Rate Ranges | 10.30% | 9% | ||
101% - 300% | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | $ 248.3 | $ 1,086.9 | ||
Terminal Values Long-term Growth Rate for Debt-Free Cash Flow | 3% | 3% | ||
Greater than 300% | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | $ 119.6 | $ 194.2 | ||
10-year Compound Annual Growth Rate Range for Sales | 8.20% | |||
Terminal Values Long-term Growth Rate for Debt-Free Cash Flow | 3% | 3% | ||
Discount Rate Ranges | 11.80% | 9% | ||
Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
10-year Compound Annual Growth Rate Range for Sales | 1.40% | 2.90% | ||
Discount Rate Ranges | 9.80% | 8% | ||
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 | 3.70% | |||
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 | 50% | 50% | ||
10-year Compound Annual Growth Rate Range for Sales | 2.60% | |||
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 | 101% | 101% | ||
10-year Compound Annual Growth Rate Range for Sales | 1.40% | 3.10% | ||
Discount Rate Ranges | 9.80% | 8% | ||
Minimum | Greater than 300% | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value over Carrying Value divided by Carrying Value | 300% | 300% | ||
10-year Compound Annual Growth Rate Range for Sales | 2.90% | |||
Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
10-year Compound Annual Growth Rate Range for Sales | 8.50% | 10.40% | ||
Discount Rate Ranges | 11.80% | 10% | ||
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 | 50% | 50% | ||
10-year Compound Annual Growth Rate Range for Sales | 8.50% | |||
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 | 100% | 100% | ||
10-year Compound Annual Growth Rate Range for Sales | 4.80% | |||
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 | 300% | 300% | ||
10-year Compound Annual Growth Rate Range for Sales | 2.60% | 3.30% | ||
Discount Rate Ranges | 10.30% | 8.50% | ||
Maximum | Greater than 300% | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
10-year Compound Annual Growth Rate Range for Sales | 10.40% | |||
Aerospace And Hydraulic Cylinders | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Number of reporting units | reporting_unit | 2 | |||
Aerospace Products | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | $ 66.3 | $ 67.5 | ||
Fair values of reporting units in excess of carrying amount (as a percent) (at least) | 40% | 28% | ||
Hydraulic Cylinders Group | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | $ 41.5 | |||
Fair values of reporting units in excess of carrying amount (as a percent) (at least) | 32% | 86% | ||
Work Furniture And Bedding | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Number of reporting units | reporting_unit | 2 | |||
Work Furniture | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | $ 98.4 | 101 | ||
Fair values of reporting units in excess of carrying amount (as a percent) (at least) | 78% | 85% | ||
Bedding | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill | $ 900.3 | $ 908.3 | ||
Fair values of reporting units in excess of carrying amount (as a percent) (at least) | 54% | 171% |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Changes In The Carrying Amounts Of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||
Net goodwill, beginning of period | $ 1,449.6 | $ 1,388.8 |
Additions for current year acquisitions | 42.5 | 70.9 |
Adjustments to prior year acquisitions | 0.3 | |
Allocations to divested businesses | (0.3) | (1.3) |
Foreign currency translation adjustment | (17.7) | (8.8) |
Net goodwill, end of period | 1,474.4 | 1,449.6 |
Gross goodwill | 1,822.5 | |
Accumulated impairment losses | (348.1) | |
Goodwill | 1,474.4 | 1,449.6 |
Bedding Products | ||
Goodwill [Roll Forward] | ||
Net goodwill, beginning of period | 908.3 | 856.9 |
Additions for current year acquisitions | 0 | 58.3 |
Adjustments to prior year acquisitions | 0 | |
Allocations to divested businesses | (0.3) | (1.3) |
Foreign currency translation adjustment | (7.7) | (5.6) |
Net goodwill, end of period | 900.3 | 908.3 |
Gross goodwill | 905.7 | |
Accumulated impairment losses | (5.4) | |
Goodwill | 900.3 | 908.3 |
Specialized Products | ||
Goodwill [Roll Forward] | ||
Net goodwill, beginning of period | 192.7 | 187 |
Additions for current year acquisitions | 39 | 8.2 |
Adjustments to prior year acquisitions | 0.3 | |
Allocations to divested businesses | 0 | 0 |
Foreign currency translation adjustment | (4.6) | (2.5) |
Net goodwill, end of period | 227.4 | 192.7 |
Gross goodwill | 319.5 | |
Accumulated impairment losses | (92.1) | |
Goodwill | 227.4 | 192.7 |
Furniture, Flooring & Textile Products | ||
Goodwill [Roll Forward] | ||
Net goodwill, beginning of period | 348.6 | 344.9 |
Additions for current year acquisitions | 3.5 | 4.4 |
Adjustments to prior year acquisitions | 0 | |
Allocations to divested businesses | 0 | 0 |
Foreign currency translation adjustment | (5.4) | (0.7) |
Net goodwill, end of period | 346.7 | 348.6 |
Gross goodwill | 597.3 | |
Accumulated impairment losses | (250.6) | |
Goodwill | $ 346.7 | $ 348.6 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Intangible Assets Purchased) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,031.8 | $ 1,005.9 |
Accumulated Amortization | 356.4 | 298.1 |
Net Intangibles | 675.4 | 707.8 |
Gross carrying amounts of items acquired | $ 43.9 | $ 83.3 |
Weighted average amortization in years for items acquired | 14 years 8 months 12 days | 13 years 10 months 24 days |
Intangible assets acquired | $ 40.6 | $ 80.3 |
Customer-related intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 622.6 | 610.6 |
Accumulated Amortization | 206.1 | 172 |
Net Intangibles | 416.5 | 438.6 |
Gross carrying amounts of items acquired | $ 22 | $ 64.9 |
Weighted average amortization in years for items acquired | 15 years | 15 years |
Technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 196.6 | $ 183.5 |
Accumulated Amortization | 51.7 | 38.4 |
Net Intangibles | 144.9 | 145.1 |
Gross carrying amounts of items acquired | $ 13.4 | $ 5.4 |
Weighted average amortization in years for items acquired | 13 years 10 months 24 days | 8 years |
Patents and trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 145.7 | $ 139.8 |
Accumulated Amortization | 52.8 | 47.2 |
Net Intangibles | 92.9 | 92.6 |
Gross carrying amounts of items acquired | $ 8.2 | $ 8.7 |
Weighted average amortization in years for items acquired | 15 years 7 months 6 days | 15 years 1 month 6 days |
Non-compete agreements, supply agreements and other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 66.9 | $ 72 |
Accumulated Amortization | 45.8 | 40.5 |
Net Intangibles | 21.1 | 31.5 |
Gross carrying amounts of items acquired | $ 0.3 | $ 4.3 |
Weighted average amortization in years for items acquired | 4 years 9 months 18 days | 2 years 10 months 24 days |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Estimated Amortization Expense) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | $ 70.6 |
2024 | 63.7 |
2025 | 60.7 |
2026 | 59.1 |
2027 | $ 58.3 |
Restructuring and Restructuri_3
Restructuring and Restructuring Related Charges (Summary Of Restructuring-Related Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Amount of total that represents cash charges | $ 1.4 | $ (0.3) | $ 7.6 |
Inventory obsolescence and other | 0 | 0 | 0.3 |
Total restructuring and restructuring-related costs | $ 1.4 | $ (0.3) | 7.9 |
COVID-19 | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and other restructuring costs | $ 6.5 |
Restructuring and Restructuri_4
Restructuring and Restructuring Related Charges (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Restructuring reserve | $ 0.6 | $ 1.3 | $ 4.1 |
Bedding Products | Disposed of by sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal group, including discontinued operation, consideration | $ 2 | $ 7 | $ 11 |
Segment Information (Segment Re
Segment Information (Segment Results From Continuing Operations) (Details) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting [Abstract] | ||||
Number of operating segments | segment | 3 | |||
Segment Reporting Information [Line Items] | ||||
Trade sales | $ 5,146,700,000 | $ 5,072,600,000 | $ 4,280,200,000 | |
Total Segment Sales | 5,203,900,000 | 5,133,700,000 | 4,329,000,000 | |
EBIT | 485,000,000 | 596,000,000 | 407,500,000 | |
Depreciation and Amortization | 179,800,000 | 187,300,000 | 189,400,000 | |
Goodwill impairment | 0 | 0 | 25,400,000 | |
Hydraulic Cylinders | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill impairment | $ 25,400,000 | 25,400,000 | ||
Bedding Products | ||||
Segment Reporting Information [Line Items] | ||||
Trade sales | 2,356,300,000 | 2,455,900,000 | 2,039,300,000 | |
Total Segment Sales | 2,396,800,000 | 2,500,000,000 | 2,071,500,000 | |
EBIT | 219,600,000 | 321,300,000 | 192,400,000 | |
Depreciation and Amortization | 104,100,000 | 106,800,000 | 106,700,000 | |
Gain on the sale of real estate | 28,200,000 | |||
Goodwill impairment | 0 | |||
Specialized Products | ||||
Segment Reporting Information [Line Items] | ||||
Trade sales | 1,118,300,000 | 998,900,000 | 891,200,000 | |
Total Segment Sales | 1,120,500,000 | 1,002,500,000 | 894,000,000 | |
EBIT | 99,400,000 | 115,900,000 | 92,000,000 | |
Depreciation and Amortization | 40,500,000 | 44,800,000 | 44,300,000 | |
Goodwill impairment | 25,400,000 | |||
Furniture, Flooring & Textile Products | ||||
Segment Reporting Information [Line Items] | ||||
Trade sales | 1,672,100,000 | 1,617,800,000 | 1,349,700,000 | |
Total Segment Sales | 1,686,600,000 | 1,631,200,000 | 1,363,500,000 | |
EBIT | 165,000,000 | 159,500,000 | 126,500,000 | |
Depreciation and Amortization | 23,200,000 | 24,000,000 | 25,500,000 | |
Goodwill impairment | 0 | |||
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Trade sales | 5,146,700,000 | 5,072,600,000 | 4,280,200,000 | |
Operating segments | Bedding Products | ||||
Segment Reporting Information [Line Items] | ||||
Trade sales | 2,356,300,000 | 2,455,900,000 | 2,039,300,000 | |
Operating segments | Specialized Products | ||||
Segment Reporting Information [Line Items] | ||||
Trade sales | 1,118,300,000 | 998,900,000 | 891,200,000 | |
Operating segments | Furniture, Flooring & Textile Products | ||||
Segment Reporting Information [Line Items] | ||||
Trade sales | 1,672,100,000 | 1,617,800,000 | 1,349,700,000 | |
Intersegment eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Trade sales | 57,200,000 | 61,100,000 | 48,800,000 | |
EBIT | 1,000,000 | (700,000) | (3,400,000) | |
Depreciation and Amortization | 12,000,000 | 11,700,000 | 12,900,000 | |
Intersegment eliminations | Bedding Products | ||||
Segment Reporting Information [Line Items] | ||||
Trade sales | 40,500,000 | 44,100,000 | 32,200,000 | |
Intersegment eliminations | Specialized Products | ||||
Segment Reporting Information [Line Items] | ||||
Trade sales | 2,200,000 | 3,600,000 | 2,800,000 | |
Intersegment eliminations | Furniture, Flooring & Textile Products | ||||
Segment Reporting Information [Line Items] | ||||
Trade sales | $ 14,500,000 | $ 13,400,000 | $ 13,800,000 |
Segment Information (Average As
Segment Information (Average Assets For Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Assets | $ 5,186.1 | $ 5,307.3 | $ 4,800 |
Additions to Property, Plant and Equipment | 100.3 | 106.6 | 66.2 |
Acquired Companies’ Long-Lived Assets | 100.9 | 167.9 | 0 |
Operating segments | Bedding Products | |||
Segment Reporting Information [Line Items] | |||
Assets | 931.2 | 836 | 739 |
Additions to Property, Plant and Equipment | 42.1 | 67.1 | 27.1 |
Acquired Companies’ Long-Lived Assets | 0 | 136.6 | 0 |
Operating segments | Specialized Products | |||
Segment Reporting Information [Line Items] | |||
Assets | 350.1 | 316.7 | 299.5 |
Additions to Property, Plant and Equipment | 28.2 | 20.6 | 13.2 |
Acquired Companies’ Long-Lived Assets | 93.8 | 25.1 | 0 |
Operating segments | Furniture, Flooring & Textile Products | |||
Segment Reporting Information [Line Items] | |||
Assets | 423.1 | 373.5 | 348.6 |
Additions to Property, Plant and Equipment | 12.5 | 9.8 | 7.9 |
Acquired Companies’ Long-Lived Assets | 7.1 | 6.2 | 0 |
Average current liabilities included in segment numbers above | |||
Segment Reporting Information [Line Items] | |||
Assets | 793.9 | 814.1 | 665 |
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 | 2,840.6 | 2,828.5 | 2,759.1 |
Additions to Property, Plant and Equipment | 17.5 | 9.1 | 18 |
Acquired Companies’ Long-Lived Assets | 0 | 0 | 0 |
Difference between average assets and year-end balance sheet | |||
Segment Reporting Information [Line Items] | |||
Assets | (152.8) | 138.5 | (11.2) |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Trade sales | $ 5,146.7 | $ 5,072.6 | $ 4,280.2 |
Tangible long-lived assets | 772.4 | 781.5 | 784.8 |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Trade sales | 624.5 | 589 | 420.9 |
Tangible long-lived assets | 142.1 | 150.1 | 155 |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Trade sales | 501.5 | 559 | 441.7 |
Tangible long-lived assets | 45.2 | 44.1 | 45.4 |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Trade sales | 279.4 | 262 | 261.5 |
Tangible long-lived assets | 24.3 | 26.9 | 30.2 |
Mexico | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Trade sales | 262.8 | 276 | 215.4 |
Tangible long-lived assets | 14.1 | 13.9 | 8.8 |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Trade sales | 129.2 | 116.1 | 94.7 |
Tangible long-lived assets | 7.9 | 9.8 | 11.1 |
Total foreign sales | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Trade sales | 1,797.4 | 1,802.1 | 1,434.2 |
Tangible long-lived assets | 233.6 | 244.8 | 250.5 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Trade sales | 3,349.3 | 3,270.5 | 2,846 |
Tangible long-lived assets | $ 538.8 | $ 536.7 | $ 534.3 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings: | |||
Net earnings | $ 309.9 | $ 402.6 | $ 253.1 |
Earnings attributable to noncontrolling interest, net of tax | (0.1) | (0.2) | (0.1) |
Net earnings attributable to Leggett & Platt, Inc. common shareholders | $ 309.8 | $ 402.4 | $ 253 |
Weighted average number of shares (in millions): | |||
Weighted average number of common shares used in basic EPS (in shares) | 136.1 | 136.3 | 135.7 |
Dilutive effect of equity-based compensation (in shares) | 0.4 | 0.4 | 0.2 |
Weighted average number of common shares and dilutive potential common shares used in diluted EPS (in shares) | 136.5 | 136.7 | 135.9 |
Basic and Diluted EPS: | |||
Basic EPS attributable to Leggett & Platt, Inc. common shareholders (in dollars per share) | $ 2.28 | $ 2.95 | $ 1.86 |
Diluted EPS attributable to Leggett & Platt, Inc. common shareholders (in dollars per share) | $ 2.27 | $ 2.94 | $ 1.86 |
Other information: | |||
Anti-dilutive shares excluded from diluted EPS computation (in shares) | 0.4 | 0.2 | 0.2 |
Cash dividends declared per share (in dollars per share) | $ 1.74 | $ 1.66 | $ 1.60 |
Accounts and Other Receivable_2
Accounts and Other Receivables (Components of Accounts and Other Receivables) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | |
Current | ||
Total trade receivables 1 | $ 634.9 | $ 626.8 |
Allowance for doubtful accounts-trade receivables 1 | (14.9) | (17.8) |
Total receivables, net | 620 | 609 |
Other notes receivable | 0.7 | 0 |
Taxes receivable, including income taxes | 4.3 | 5 |
Value-added taxes recoverable | 14.5 | 45.4 |
Other receivables | 12 | 15.6 |
Allowance for doubtful accounts - other notes receivable | 0 | 0 |
Other receivables, net | 31.5 | 66 |
Long-term | ||
Total trade receivables 1 | 0.2 | 0 |
Allowance for doubtful accounts-trade receivables 1 | (0.1) | 0 |
Trade receivables, net | 0.1 | 0 |
Other notes receivable | 22.5 | 22.4 |
Taxes receivable, including income taxes | 0 | 0 |
Value-added taxes recoverable | 0 | 0 |
Other receivables | 0 | 0 |
Allowance for doubtful accounts - other notes receivable | (22) | (21.2) |
Other receivables, net | 0.5 | 1.2 |
Bedding Products | ||
Long-term | ||
Trade accounts receivable | 22.5 | 21.3 |
Allowance for credit losses | 22.5 | 21.3 |
Increase (decrease) in value added taxes receivable | 30.9 | |
Notes Receivable | Bedding Products | ||
Long-term | ||
Allowance for credit losses | 22 | 21.2 |
Trade Accounts Receivable | Bedding Products | ||
Long-term | ||
Allowance for credit losses | $ 0.5 | $ 0.1 |
Accounts and Other Receivable_3
Accounts and Other Receivables (Allowance For Doubtful Accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 37 | $ 42 | |
Add: charges | 3.2 | (3.4) | $ 17.1 |
Less: Net Charge-offs/(Recoveries) and Other | 1.2 | 1.6 | |
Ending balance | 39 | 37 | 42 |
Total trade receivables | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 15 | 19.2 | |
Add: charges | 4 | (2.6) | |
Less: Net Charge-offs/(Recoveries) and Other | 1.2 | 1.6 | |
Ending balance | 17.8 | 15 | 19.2 |
Other notes receivable | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 22 | 22.8 | |
Add: charges | (0.8) | (0.8) | |
Less: Net Charge-offs/(Recoveries) and Other | 0 | 0 | |
Ending balance | $ 21.2 | $ 22 | $ 22.8 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Sundry | |||
Deferred income taxes (see Note N) | $ 8.3 | $ 8.6 | |
Diversified investments associated with stock-based compensation plans (see Note L) | 39.7 | 47.4 | |
Pension plan assets (see Note M) | 3.9 | 2.8 | $ 0.9 |
Tooling and molds | 22.7 | 23.2 | |
Finance leases (see Note K) | 4.2 | 3.8 | |
Other | 32.1 | 24.7 | |
Sundry | 110.9 | 110.5 | |
Accrued expenses | |||
Wages and commissions payable | 71.3 | 75.1 | |
Workers’ compensation, vehicle-related and product liability, medical/disability | 44.7 | 45.2 | |
Sales promotions | 45.4 | 53.4 | |
Liabilities associated with stock-based compensation plans (see Note L) | 5.9 | 9.1 | |
Accrued interest | 12.5 | 16.4 | |
General taxes, excluding income taxes | 29.2 | 28.8 | |
Environmental reserves | 4.6 | 3.8 | |
Litigation contingency accruals (see Note T) | 0.9 | 1 | |
Other | 47.2 | 51.8 | |
Accrued expenses | 261.7 | 284.6 | |
Other current liabilities | |||
Dividends payable | 58.3 | 56 | |
Customer deposits | 18.1 | 19.5 | |
Additional consideration for acquisition of businesses (see Note R) | 14.4 | 0 | |
Derivative financial instruments (see Note S) | 5.5 | 1.1 | |
Liabilities associated with stock-based compensation plans (see Note L) | 3.1 | 3.5 | |
Outstanding checks in excess of book balances | 19.6 | 0.3 | |
Other | 10.1 | 11.8 | |
Other current liabilities | 129.1 | 92.2 | |
Other long-term liabilities | |||
Liability for pension benefits (see Note M) | 19 | 45.2 | $ 71.7 |
Liabilities associated with stock-based compensation plans (see Note L) | 42.2 | 51.1 | |
Deemed repatriation tax payable | 21.4 | 27.6 | |
Net reserves for tax contingencies | 5.5 | 6.3 | |
Deferred compensation | 10.8 | 13.2 | |
Additional consideration for acquisition of businesses (see Note R) | 17.5 | 0 | |
Other | 9.7 | 19.5 | |
Other long-term liabilities | 126.1 | 162.9 | |
COVID-19 | Accrued expenses | |||
Unusual or Infrequent Item, or Both [Line Items] | |||
Deferred costs | $ 9.5 | 8.3 | |
COVID-19 | Other Long-Term Liabilities | |||
Unusual or Infrequent Item, or Both [Line Items] | |||
Deferred costs | $ 9.5 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) business_day type_of_borrowing lender | Dec. 31, 2022 USD ($) | |
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | $ 1,200,000,000 | $ 1,200,000,000 | |
Number of lenders in syndicate | lender | 12 | ||
Credit facility outstanding | $ 0 | 282,500,000 | |
Number of types of borrowing that may be elected under the facility | type_of_borrowing | 5 | ||
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 | ||
Revolving credit facility | |||
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | 1,200,000,000 | ||
Line of credit facility, current borrowing capacity | 716,600,000 | ||
Letters of credit | |||
Short-term Debt [Line Items] | |||
Credit facility outstanding | $ 0 | ||
Line of Credit | |||
Short-term Debt [Line Items] | |||
Excess of without planned expenditures | $ 750,000,000 | ||
Leverage ratio to EBITDA | 3.50 | ||
Secured debt limit, percentage of total consolidated assets | 15% | ||
Line of Credit | Revolving credit facility | |||
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | $ 1,200,000,000 | ||
Line of Credit | Debt Covenant 2 | |||
Short-term Debt [Line Items] | |||
Leverage ratio to EBITDA | 4 | ||
Term notes | Senior Notes, Due 2051 | |||
Short-term Debt [Line Items] | |||
Debt instrument amount issued | $ 500,000,000 | ||
Stated percentage | 3.50% | ||
Term notes | Senior Notes, Due 2022 | |||
Short-term Debt [Line Items] | |||
Stated percentage | 3.40% | ||
Repayments of debt | $ 300,000,000 |
Long-Term Debt (Interest Rates
Long-Term Debt (Interest Rates And Due Dates) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Finance leases | $ 4,200,000 | $ 3,700,000 |
Unamortized discounts and deferred loan costs | (15,600,000) | (17,700,000) |
Total debt | 2,083,600,000 | 2,090,300,000 |
Less: current maturities | 9,400,000 | 300,600,000 |
Total long-term debt | $ 2,074,200,000 | 1,789,700,000 |
Long-term debt, term | 180 days | |
Maximum borrowing capacity | $ 1,200,000,000 | 1,200,000,000 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 1,200,000,000 | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Redemption price, percent | 100% | |
Long-term debt, term | 90 days | |
Redemption price, if change of control repurchase event occurs, percent | 101% | |
Limitation on secured debt, percent | 15% | |
Industrial development bonds, principally variable interest rates | ||
Debt Instrument [Line Items] | ||
Year-end Interest Rate | 3.90% | 0.30% |
Short term and long term debt | $ 3,800,000 | $ 3,800,000 |
Commercial paper | ||
Debt Instrument [Line Items] | ||
Year-end Interest Rate | 4.80% | 0% |
Short term and long term debt | $ 282,500,000 | $ 0 |
Other, partially secured | ||
Debt Instrument [Line Items] | ||
Short term and long term debt | $ 8,700,000 | $ 500,000 |
Net commercial paper | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.20% | 0.20% |
Line of Credit | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 1,200,000,000 | |
Senior Notes, Due 2022 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Year-end Interest Rate | 3.40% | |
Short term and long term debt | $ 0 | $ 300,000,000 |
Senior Notes, Due 2024 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Year-end Interest Rate | 3.80% | 3.80% |
Short term and long term debt | $ 300,000,000 | $ 300,000,000 |
Senior Notes, Due 2027 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Year-end Interest Rate | 3.50% | 3.50% |
Short term and long term debt | $ 500,000,000 | $ 500,000,000 |
Senior Notes, Due 2029 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Year-end Interest Rate | 4.40% | 4.40% |
Short term and long term debt | $ 500,000,000 | $ 500,000,000 |
Senior Notes, Due 2051 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Year-end Interest Rate | 3.50% | 3.50% |
Short term and long term debt | $ 500,000,000 | $ 500,000,000 |
Long-Term Debt (Maturities) (De
Long-Term Debt (Maturities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Maturities of Long-term Debt [Abstract] | ||
2023 | $ 9.4 | |
2024 | 300.8 | |
2025 | 0.6 | |
2026 | 283 | |
2027 | 498.4 | |
Thereafter | 991.4 | |
Total debt | $ 2,083.6 | $ 2,090.3 |
Long-Term Debt (Amounts Outstan
Long-Term Debt (Amounts Outstanding Related To Commercial Paper Program) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Total program authorized | $ 1,200,000,000 | $ 1,200,000,000 |
Commercial paper outstanding (classified as long-term debt) | 282,500,000 | 0 |
Letters of credit issued under the credit facility | 0 | 0 |
Total program usage | $ 282,500,000 | $ 0 |
Lease Obligations (Narrative) (
Lease Obligations (Narrative) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
Operating leases not yet commenced | $ 29.4 |
Lease term, operating leases not yet commenced | 5 years |
Lease Obligations (Supplemental
Lease Obligations (Supplemental Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 195 | $ 192.6 |
Current portion of operating lease liabilities | 49.5 | 44.5 |
Operating lease liabilities | 153.6 | 153 |
Total operating lease liabilities | 203.1 | 197.5 |
Sundry | 4.2 | 3.8 |
Current maturities of long-term debt | 1.1 | 0.8 |
Long-term debt | 3.1 | 2.9 |
Total finance lease liabilities | $ 4.2 | $ 3.7 |
Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration] | Sundry | Sundry |
Finance lease, liability, current, statement of financial position [Extensible Enumeration] | Current maturities of long-term debt | Current maturities of long-term debt |
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration] | Long-term debt | Long-term debt |
Lease Obligations (Lease Cost)
Lease Obligations (Lease Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease costs: | |||
Lease costs | $ 56.1 | $ 50.1 | $ 48.4 |
Variable lease costs | 15.1 | 15.4 | 12.1 |
Total operating lease costs | 71.2 | 65.5 | 60.5 |
Short-term lease costs | 6.6 | 7 | 4.9 |
Finance lease costs: | |||
Amortization of right-of-use assets | 1.7 | 1.7 | 2.4 |
Interest on lease liabilities | 0.1 | 0.1 | 0.1 |
Total finance lease costs | 1.8 | 1.8 | 2.5 |
Total lease costs | $ 79.6 | $ 74.3 | $ 67.9 |
Lease Obligations (Supplement_2
Lease Obligations (Supplemental Cash Flow) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 52.4 | $ 48.6 | $ 47.3 |
Operating cash flows from finance leases | 0.1 | 0.1 | 0.1 |
Financing cash flows from finance leases | 1.7 | 1.7 | 2.4 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 53 | 74 | 43.6 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 1.4 | $ 1.9 | $ 1.8 |
Lease Obligations (Lease Maturi
Lease Obligations (Lease Maturities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
2023 | $ 53.9 | |
2024 | 47.9 | |
2025 | 37.3 | |
2026 | 29.2 | |
2027 | 16.6 | |
Thereafter | 31 | |
Total | 215.9 | |
Less: interest | 12.8 | |
Lease liability | 203.1 | $ 197.5 |
Finance Leases | ||
2023 | 1.2 | |
2024 | 1.4 | |
2025 | 0.6 | |
2026 | 0.5 | |
2027 | 0.3 | |
Thereafter | 0.3 | |
Total | 4.3 | |
Less: interest | 0.1 | |
Lease liability | $ 4.2 | $ 3.7 |
Weighted average remaining lease term (years) | ||
Operating leases | 5 years 2 months 12 days | |
Finance leases | 3 years 10 months 24 days | |
Weighted average discount rate | ||
Operating leases | 2.50% | |
Finance leases | 2.10% |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) company shares | Dec. 31, 2021 | May 10, 2012 shares | May 09, 2012 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock units per common shares (in shares) | shares | 1 | |||
Stock units converted to common stock ratio | 1-to-1 | |||
Stock-based retirement plans | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Automatic employer match, percentage | 50% | |||
Additional employer match upon certain profitability levels, percentage | 50% | |||
Discount market price purchase date, percentage | 85% | |||
ESUP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
Stock based retirement plans employee contributions | $ 4 | |||
Employer premium contribution to diversified investment accounts | $ 0.7 | |||
Deferred Stock Compensation Program | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 15 months | |||
Expected life in years | 10 years | |||
Discount to the market price, percentage | 20% | |||
Time period for receiving plan distributions, max | 10 years | |||
Time period for installment distributions, max | 10 years | |||
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 | |||
Share based payment award was granted | 100% | |||
Percentage of award intended to pay out in stock | 50% | |||
Percentage of award intended to pay out in cash | 50% | |||
Reserved percentage of award intended to pay out in cash | 100% | |||
Awards based on TSR compared to peer group (as a percent) | 50% | |||
Awards based upon relative TSR for certain business unit employees (as a percent) | 100% | |||
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 | |||
Award based on EBIT CAGR (as a percent) | 50% | |||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 66% | |||
RSU | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Award vesting percentage | 33% | |||
Unrecognized cost of non-vested stock | $ 8.5 | |||
Weighted-average remaining contractual life | 1 year | |||
Minimum | Performance Stock Unit Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Base award percentage of total shareholder return | 0% | |||
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% | |||
Maximum | Stock-based retirement plans | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
ESUP participant contribution for stock or other investment purchases | 10% | |||
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% | |||
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% | |||
Flexible Stock Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares against plan (in shares) | shares | 3 | 1 |
Stock-Based Compensation (Flexi
Stock-Based Compensation (Flexible Stock Plan Options) (Details) - Flexible Stock Plan shares in Millions | Dec. 31, 2022 shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Available for Issuance | 13.3 |
Maximum Number of Authorized Shares (in shares) | 20.8 |
Unexercised options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Available for Issuance | 0.3 |
Maximum Number of Authorized Shares (in shares) | 0.3 |
Outstanding stock units—vested | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Available for Issuance | 3.5 |
Maximum Number of Authorized Shares (in shares) | 9.1 |
Outstanding stock units—unvested | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Available for Issuance | 1 |
Maximum Number of Authorized Shares (in shares) | 2.9 |
Available for grant | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Available for Issuance | 8.5 |
Maximum Number of Authorized Shares (in shares) | 8.5 |
Stock-Based Compensation (Compo
Stock-Based Compensation (Components Of Stock-Based Compensation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 30.1 | $ 34.2 | $ 29.2 |
Recognized tax benefits on stock-based compensation expense | 5.3 | 9.2 | 6.5 |
To Be Settled With Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-related compensation expense (income) | 19.5 | 23.9 | 17 |
Employee contributions for above stock plans | 10.6 | 10.3 | 12.2 |
Total stock-based compensation | 30.1 | 34.2 | 29.2 |
Recognized tax benefits on stock-based compensation expense | 4.7 | 5.8 | 4 |
To Be Settled With Stock | Accounting Standards Update 2016-13 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized tax benefits on stock-based compensation expense | 0.6 | 3.4 | 2.5 |
To Be Settled With Stock | Stock-based retirement plans contributions | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-related compensation expense (income) | 3.7 | 4 | 3.5 |
To Be Settled With Stock | Deferred Stock Compensation Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-related compensation expense (income) | 1.6 | 1.5 | 2.2 |
To Be Settled With Stock | Stock-based retirement plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-related compensation expense (income) | 1.4 | 1.1 | 1.4 |
To Be Settled With Stock | Discount Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-related compensation expense (income) | 0.8 | 0.9 | 0.9 |
To Be Settled With Stock | Performance Stock Unit Awards - TSR Based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-related compensation expense (income) | 2.5 | 3.1 | 3.2 |
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-related compensation expense (income) | (1.7) | 4.7 | (1.9) |
To Be Settled With Stock | Restricted Stock Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-related compensation expense (income) | 10.2 | 8.2 | 6.8 |
To Be Settled With Stock | Other, primarily non-employee directors restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-related compensation expense (income) | 1 | 0.4 | 0.9 |
To Be Settled In Cash | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-related compensation expense (income) | (1.8) | 4.6 | (2) |
To Be Settled In Cash | Stock-based retirement plans contributions | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-related compensation expense (income) | 0.7 | 0.6 | 0.7 |
To Be Settled In Cash | Deferred Stock Compensation Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-related compensation expense (income) | 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-related compensation expense (income) | 0 | 0 | 0 |
To Be Settled In Cash | Discount Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-related compensation expense (income) | 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-related compensation expense (income) | (0.5) | (1) | (0.7) |
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-related compensation expense (income) | (2) | 5 | (2) |
To Be Settled In Cash | Restricted Stock Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-related compensation expense (income) | 0 | 0 | 0 |
To Be Settled In Cash | Other, primarily non-employee directors restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-related compensation expense (income) | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Stock-based Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Diversified investments associated with the ESU program, current | $ 3.1 | $ 3.6 |
Diversified investments associated with the ESU program, long-term | 39.7 | 47.4 |
Diversified investments associated with the ESU program, total | 42.8 | 51 |
Liabilities: | ||
Share liabilities, current | 3.1 | 3.5 |
Share liabilities, long-term | 10.8 | 13.2 |
Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts, current | 5.9 | 5.6 |
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 | 5.9 | 5.6 |
Total liabilities associated with stock-based compensation, current | 9 | 12.7 |
Total liabilities associated with stock-based compensation, long-term | 42.2 | 51.1 |
Total liabilities associated with stock-based compensation, total | 51.2 | 63.8 |
Executive Stock Unit Program | ||
Liabilities: | ||
Share liabilities, current | 3.1 | 3.6 |
Share liabilities, long-term | 40.9 | 47.3 |
Share liabilities, total | 44 | 50.9 |
Performance Stock Unit (TSR) award | ||
Liabilities: | ||
Share liabilities, current | 0 | 0 |
Share liabilities, long-term | 0.6 | 1.1 |
Share liabilities, total | 0.6 | 1.1 |
Performance Stock Unit (EBIT) award | ||
Liabilities: | ||
Share liabilities, current | 0 | 3.5 |
Share liabilities, long-term | 0.7 | 2.7 |
Share liabilities, total | $ 0.7 | $ 6.2 |
Stock-Based Compensation (Defer
Stock-Based Compensation (Deferred Stock Compensation Program) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate amount of compensation deferred during 2022 | $ 10.8 | $ 13.2 |
Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate amount of compensation deferred during 2022 | 0.1 | |
Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate amount of compensation deferred during 2022 | 4.7 | |
Cash | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate amount of compensation deferred during 2022 | $ 0.4 |
Stock-Based Compensation (Disco
Stock-Based Compensation (Discount Stock Plan) (Details) - Discount Stock Plan shares in Millions | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Discount to the market price, percentage | 85% |
Measurement performance period, years | 1 year |
Average 2021 purchase price per share (net of discount) (in dollars per share) | $ / shares | $ 31.07 |
2022 number of shares purchased by employees (in shares) | 0.2 |
Shares purchased since inception in 1982 (in shares) | 23.8 |
Maximum shares under the plan (in shares) | 27 |
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 | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grant date per share fair value (in dollars per share) | $ 17.99 | |||||
Award Year 2018 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
TSR Performance Relative to the Peer Group (1%=Best) | 60% | |||||
Payout as a Percent of the Base Award | 56% | |||||
Number of shares distributed (in shares) | 0.1 | |||||
Cash Portion | $ 2 | |||||
Award Year 2019 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
TSR Performance Relative to the Peer Group (1%=Best) | 78% | |||||
Payout as a Percent of the Base Award | 0% | |||||
Number of shares distributed (in shares) | 0 | |||||
Cash Portion | $ 0 | |||||
Award Year 2020 | Forecast | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
TSR Performance Relative to the Peer Group (1%=Best) | 87% | |||||
Payout as a Percent of the Base Award | 0% | |||||
Number of shares distributed (in shares) | 0 | |||||
Cash Portion | $ 0 | |||||
Award Year 2018, PSU - EBIT CAGR | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payout as a Percent of the Base Award | 16% | |||||
Number of shares distributed (in shares) | 0.1 | |||||
Cash Portion | $ 0.4 | |||||
Award Year 2019, PSU - EBIT CAGR | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payout as a Percent of the Base Award | 127% | |||||
Number of shares distributed (in shares) | 0.1 | |||||
Cash Portion | $ 3.5 | |||||
Award Year 2020, PSU - EBIT CAGR | Forecast | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payout as a Percent of the Base Award | 0% | |||||
Number of shares distributed (in shares) | 0 | |||||
Cash Portion | $ 0 | |||||
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) | $ 41.13 | $ 49.43 | $ 38.23 | |||
Risk-free interest rate | 1.70% | 0.20% | 1.40% | |||
Expected life in years | 3 years | 3 years | 3 years | |||
Expected volatility (over expected life) | 45.20% | 44.30% | 24% | |||
Expected dividend yield (over expected life) | 4.60% | 3.70% | 3.60% | |||
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 | 0.1 | |||
Grant date per share fair value (in dollars per share) | $ 32.88 | $ 38.77 | $ 40.52 | |||
Vesting period in years | 3 years | 3 years | 3 years |
Stock-Based Compensation (Sch_2
Stock-Based Compensation (Schedule Of Stock Unit Information) (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Total Units | |
Non-vested (in shares) | 1 |
Granted based on current service (in shares) | 0.7 |
Granted based on future conditions (in shares) | 0.3 |
Vested (in shares) | (0.8) |
Forfeited (in shares) | (0.2) |
Non-vested (in shares) | 1 |
Fully vested stock units outstanding (in shares) | 3.5 |
Weighted Average Grant Date Fair Value per Unit | |
Non-vested (in dollars per share) | $ / shares | $ 44.41 |
Granted based on current service (in dollars per share) | $ / shares | 35.78 |
Granted based on future conditions (in dollars per share) | $ / shares | 17.99 |
Vested (in dollars per share) | $ / shares | 38.21 |
Forfeited (in dollars per share) | $ / shares | 21.33 |
Non-vested (in dollars per share) | $ / shares | $ 42.34 |
Aggregate Intrinsic Value | |
Total non-vested | $ | $ 30.7 |
Fully vested shares available for issuance | $ | $ 111.6 |
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 |
ESU | |
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 |
PSU | |
Total Units | |
Non-vested (in shares) | 0.8 |
Granted based on current service (in shares) | 0 |
Granted based on future conditions (in shares) | 0.3 |
Vested (in shares) | (0.1) |
Forfeited (in shares) | (0.2) |
Non-vested (in shares) | 0.8 |
RSU | |
Total Units | |
Non-vested (in shares) | 0.2 |
Granted based on current service (in shares) | 0.3 |
Granted based on future conditions (in shares) | 0 |
Vested (in shares) | (0.3) |
Forfeited (in shares) | 0 |
Non-vested (in shares) | 0.2 |
Maximum | Performance Stock Unit Awards | |
Aggregate Intrinsic Value | |
Base award percentage of total shareholder return | 200% |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Units Converted To Common Stock) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Total intrinsic value of vested stock units converted to common stock | $ 5.7 | $ 10.5 | $ 11.7 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) pension_plan investment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of significant plans | pension_plan | 3 | ||
Pension benefit obligation (as a percent) | 84% | ||
Number of frozen plans | pension_plan | 1 | ||
Cash Surrender Value | $ | $ 2.8 | $ 2.8 | $ 2.8 |
Target allocation (as a percent) | 100% | 100% | |
Number of investments | investment | 7 | ||
Expected employer contributions | $ | $ 5 | ||
Number of union sponsored multiemployer plans | pension_plan | 1 | ||
Withdrawal obligation | $ | $ 19 | ||
Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation (as a percent) | 60% | 60% | |
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% | ||
Other Postretirement Benefits Plan | Frozen Plans | Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation (as a percent) | 60% | ||
Other Postretirement Benefits Plan | Frozen Plans | Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation (as a percent) | 40% | ||
Other Postretirement Benefits Plan | Active Plans | Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation (as a percent) | 25% | ||
Other Postretirement Benefits Plan | Active Plans | Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation (as a percent) | 75% | ||
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in benefit obligation | |||
Benefit obligation, beginning of period | $ 270.4 | $ 286.5 | $ 259.1 |
Service cost | 5.3 | 5.1 | 5.1 |
Interest cost | 6.6 | 6 | 7.2 |
Plan participants’ contributions | 0.4 | 0.5 | 0.5 |
Actuarial (gain) loss | (71.6) | (10.8) | 27.7 |
Benefits paid | (15.9) | (15.6) | (14.2) |
Plan amendments | 0 | 0.1 | (0.4) |
Curtailments and settlements | 0 | (1.1) | 0 |
Foreign currency exchange rate changes | (4) | (0.3) | 1.5 |
Benefit obligation, end of period | 191.2 | 270.4 | 286.5 |
Change in plan assets | |||
Fair value of plan assets, beginning of period | 227.7 | 215.3 | 201.5 |
Actual return on plan assets | (35.4) | 25.6 | 24.1 |
Employer contributions | 2.9 | 2.8 | 2.2 |
Plan participants’ contributions | 0.4 | 0.5 | 0.5 |
Benefits paid | (15.9) | (15.6) | (14.2) |
Settlements | 0 | (0.8) | 0 |
Foreign currency exchange rate changes | (3.9) | (0.1) | 1.2 |
Fair value of plan assets, end of period | 175.8 | 227.7 | 215.3 |
Net funded status | (15.4) | (42.7) | (71.2) |
Funded status recognized in the Consolidated Balance Sheets | |||
Other assets—sundry | 3.9 | 2.8 | 0.9 |
Other current liabilities | (0.3) | (0.3) | (0.4) |
Other long-term liabilities | $ (19) | $ (45.2) | $ (71.7) |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | |||
Amortization | $ (2.5) | $ (5.3) | $ (4) |
Net (loss) gain (before tax) | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | |||
Net (loss) gain (before tax) beginning balance | (53.1) | ||
Amortization | 2.5 | ||
Net actuarial loss | 22.9 | ||
Foreign currency exchange rates change | 0.9 | ||
Income tax change | 0 | ||
Net (loss) gain (before tax) ending balance | (26.8) | (53.1) | |
Deferred income taxes | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | |||
Deferred income taxes beginning balance | 14.6 | ||
Amortization | 0 | ||
Net actuarial loss | 0 | ||
Foreign currency exchange rates change | 0 | ||
Income tax change | (6.2) | ||
Deferred income taxes ending balance | 8.4 | 14.6 | |
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 (loss) net of tax beginning balance | (38.5) | ||
Amortization | 2.5 | ||
Net actuarial loss | 22.9 | ||
Foreign currency exchange rates change | 0.9 | ||
Income tax change | (6.2) | ||
Accumulated other comprehensive income (loss) net of tax ending balance | $ (18.4) | $ (38.5) |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Pension (Expense) Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 5.3 | $ 5.1 | $ 5.1 |
Interest cost | 6.6 | 6 | 7.2 |
Expected return on plan assets | (13.2) | (12.5) | (11.9) |
Recognized net actuarial loss | 2.5 | 5.3 | 4 |
Prior service cost | 0 | 0 | (0.4) |
Curtailments and settlements | 0 | (0.2) | 0 |
Net pension expense | $ 1.2 | $ 3.7 | $ 4 |
Weighted average assumptions for pension costs: | |||
Discount rate used in net pension costs | 2.50% | 2.10% | 2.80% |
Rate of compensation increase used in pension costs | 3.50% | 3.50% | 3.40% |
Expected return on plan assets | 6% | 5.90% | 6.10% |
Weighted average assumptions for benefit obligation: | |||
Discount rate used in benefit obligation | 5% | 2.50% | 2.10% |
Rate of compensation increase used in benefit obligation | 3.40% | 3.50% | 3.50% |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Income (Expense), Net |
Employee Benefit Plans (Sched_2
Employee Benefit Plans (Schedule of Fair Value of Pension Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | $ 175.8 | $ 227.7 | $ 215.3 | $ 201.5 |
Fixed income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 39.8 | 55.4 | ||
Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 104.8 | 135.4 | ||
Stable value funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 22.1 | 31.6 | ||
Money market funds, cash and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 9.1 | 5.3 | ||
Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 125.1 | 161.1 | ||
Level 1 | Fixed income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 25.9 | 34.1 | ||
Level 1 | Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 99.2 | 127 | ||
Level 1 | Stable value funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 0 | 0 | ||
Level 1 | Money market funds, cash and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 0 | 0 | ||
Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 41.6 | 61.3 | ||
Level 2 | Fixed income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 13.9 | 21.3 | ||
Level 2 | Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 5.6 | 8.4 | ||
Level 2 | Stable value funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 22.1 | 31.6 | ||
Level 2 | Money market funds, cash and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 0 | 0 | ||
Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 0 | 0 | ||
Level 3 | Fixed income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 0 | 0 | ||
Level 3 | Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 0 | 0 | ||
Level 3 | Stable value funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 0 | 0 | ||
Level 3 | Money market funds, cash and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 0 | 0 | ||
Assets Measured at NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | 9.1 | 5.3 | ||
Assets Measured at NAV | Money market funds, cash and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments at fair value | $ 9.1 | $ 5.3 |
Employee Benefit Plans (Sched_3
Employee Benefit Plans (Schedule of Allocation Of Plan Assets) (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 100% | 100% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 60% | 60% |
Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 23% | 24% |
Stable value funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 12% | 14% |
Other, including cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 5% | 2% |
Employee Benefit Plans (Sched_4
Employee Benefit Plans (Schedule of Estimated Benefit Payments) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Retirement Benefits [Abstract] | |
2023 | $ 12.9 |
2024 | 13.4 |
2025 | 14 |
2026 | 14.4 |
2027 | 14.6 |
2028-2032 | $ 70.4 |
Employee Benefit Plans (Total E
Employee Benefit Plans (Total Expense Defined Contribution Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
401(k) Plan | $ 8 | $ 6.8 | $ 6.8 |
Other defined contribution plans | 4.8 | 4.6 | 4.9 |
Defined contribution plans | $ 12.8 | $ 11.4 | $ 11.7 |
Income Taxes (Components of Ear
Income Taxes (Components of Earnings Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 163.6 | $ 249.7 | $ 115.3 |
Foreign | 240 | 272.4 | 212.6 |
Earnings before income taxes | $ 403.6 | $ 522.1 | $ 327.9 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense (Benefit) ) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current | |||
Federal | $ 48.3 | $ 57 | $ 36.9 |
State and local | 7.9 | 11.5 | 7.8 |
Foreign | 53.2 | 59.5 | 51 |
Total current | 109.4 | 128 | 95.7 |
Deferred | |||
Federal | (14.1) | (9.3) | (15) |
State and local | (2) | (2.3) | (2.6) |
Foreign | 0.4 | 3.1 | (3.3) |
Total deferred | (15.7) | (8.5) | (20.9) |
Total income taxes | $ 93.7 | $ 119.5 | $ 74.8 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Expense Percentage (Benefit) ) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21% | 21% | 21% |
State taxes, net of federal benefit | 0.90% | 1.50% | 0.80% |
Tax effect of foreign operations | (0.50%) | (0.90%) | (2.20%) |
Global intangible low-taxed income (GILTI) | 0.60% | 0.50% | (0.30%) |
Current and deferred foreign withholding taxes | 2.60% | 2.30% | 2.70% |
Stock-based compensation | (0.10%) | (0.50%) | (0.60%) |
Change in valuation allowance | (0.10%) | 0% | 0.80% |
Change in uncertain tax positions, net | 0% | 0% | 0.60% |
Goodwill impairment | 0% | 0% | 1.60% |
Other permanent differences, net | (1.00%) | (0.80%) | (1.30%) |
Other, net | (0.20%) | (0.20%) | (0.30%) |
Effective tax rate | 23.20% | 22.90% | 22.80% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Examination [Line Items] | |||
Expenses from activities during period | $ 10.9 | $ 14.6 | $ 13.1 |
Benefit from foreign tax withholdings | 10.5 | 11.9 | 8.9 |
Other net tax expense (benefits) | 0.4 | 2.7 | (0.4) |
GILTI benefit | 3.9 | ||
Unrecognized tax benefits | 5.9 | $ 6.6 | 6.9 |
Unrecognized tax benefits that would impact effective tax rate | 4.7 | ||
Maximum tax carryforward expiring annually | 10 | ||
Permanent reinvestment on earnings | 537 | ||
Cumulative undistributed earnings that are indefinitely reinvested | 327.9 | ||
Resulting provisional incremental tax expense | $ 17.3 | ||
Tax Authority, Korea | |||
Income Tax Examination [Line Items] | |||
Audit settlement | 3.2 | ||
Hydraulic cylinders reporting unit | |||
Income Tax Examination [Line Items] | |||
Goodwill impairment | $ 5.3 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets or Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Contingency [Line Items] | ||
Assets | $ 120.6 | $ 136.8 |
Liabilities | (319.3) | (329.4) |
Valuation allowance | (15.7) | (16.2) |
Total deferred taxes assets | 104.9 | 120.6 |
Net deferred tax liability | (214.4) | (208.8) |
Property, plant and equipment | ||
Income Tax Contingency [Line Items] | ||
Assets | 15 | 16.8 |
Liabilities | (80.2) | (79.3) |
Inventories | ||
Income Tax Contingency [Line Items] | ||
Assets | 6.6 | 3 |
Liabilities | (6.5) | (13.1) |
Accrued expenses | ||
Income Tax Contingency [Line Items] | ||
Assets | 52.6 | 65.5 |
Liabilities | (0.9) | (10.2) |
Net operating losses and other tax carryforwards | ||
Income Tax Contingency [Line Items] | ||
Assets | 25.6 | 29.1 |
Liabilities | 0 | 0 |
Pension cost and other post-retirement benefits | ||
Income Tax Contingency [Line Items] | ||
Assets | 7.5 | 14.6 |
Liabilities | (0.8) | (0.7) |
Intangible assets | ||
Income Tax Contingency [Line Items] | ||
Assets | 0.1 | 0.2 |
Liabilities | (204.5) | (200) |
Derivative financial instruments | ||
Income Tax Contingency [Line Items] | ||
Assets | 0.6 | 1.2 |
Liabilities | (3.8) | (4.4) |
Tax on undistributed earnings (primarily from Canada and China) | ||
Income Tax Contingency [Line Items] | ||
Assets | 0 | 0 |
Liabilities | (17) | (16) |
Uncertain tax positions | ||
Income Tax Contingency [Line Items] | ||
Assets | 0.8 | 0.9 |
Liabilities | 0 | 0 |
Other | ||
Income Tax Contingency [Line Items] | ||
Assets | 11.8 | 5.5 |
Liabilities | $ (5.6) | $ (5.7) |
Income Taxes (Deferred Tax As_2
Income Taxes (Deferred Tax Assets And (Liabilities) Included In Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Sundry | $ 8.3 | $ 8.6 |
Deferred income taxes | (222.7) | (217.4) |
Net deferred tax liability | $ (214.4) | $ (208.8) |
Other Expense (Income), Net (De
Other Expense (Income), Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Nonoperating Income (Expense) [Abstract] | |||
Restructuring | $ 1.4 | $ (0.3) | $ 7.6 |
Currency (gain) loss | (3.3) | 1.3 | 2.4 |
Loss (gain) from diversified investments associated with the ESU program | 8.4 | (6.2) | (6) |
Insurance proceeds | (0.8) | (6.6) | 0 |
COVID-19 government subsidies | (0.6) | (3.5) | (21.4) |
Non-service pension (income) expense | (4.1) | (1.4) | (1.1) |
Other | (0.8) | (1.2) | (3.9) |
Other expense (income), net | 0.2 | $ (17.9) | $ (22.4) |
COVID-19 | |||
Other Income (Expense) [Line Items] | |||
Business interruption policy | $ 5 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance, beginning of period | $ 1,648.6 | $ 1,425.1 | $ 1,341.9 |
Other comprehensive income (loss) | (51.7) | 20.4 | 16.5 |
Reclassifications, pretax | 2 | 4.7 | 6.4 |
Income tax effect | (5.5) | (11.1) | 1.4 |
Attributable to noncontrolling interest | 0.1 | 0.1 | |
Balance, end of period | 1,641.4 | 1,648.6 | 1,425.1 |
Net trade sales | 5,146.7 | 5,072.6 | 4,280.2 |
Cost of goods sold | 4,169.9 | 4,034.3 | 3,376.1 |
Interest expense | 85.5 | 76.5 | 82.7 |
Total reclassifications, pretax | 309.8 | 402.4 | 253 |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance, beginning of period | (11.7) | 6.4 | (21.5) |
Other comprehensive income (loss) | (71.8) | (18.2) | 27.8 |
Reclassifications, pretax | 0 | 0 | 0 |
Income tax effect | 0 | 0 | 0 |
Attributable to noncontrolling interest | 0.1 | 0.1 | |
Balance, end of period | (83.5) | (11.7) | 6.4 |
Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance, beginning of period | 11.9 | 1.4 | (4.1) |
Other comprehensive income (loss) | (3.7) | 14.6 | 4.5 |
Reclassifications, pretax | (0.5) | (0.6) | 2.4 |
Income tax effect | 0.7 | (3.5) | (1.4) |
Attributable to noncontrolling interest | 0 | 0 | |
Balance, end of period | 8.4 | 11.9 | 1.4 |
Other expense (income), net | 0 | ||
Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance, beginning of period | (38.5) | (60.2) | (51.2) |
Other comprehensive income (loss) | 23.8 | 24 | (15.8) |
Reclassifications, pretax | 2.5 | 5.3 | 4 |
Income tax effect | (6.2) | (7.6) | 2.8 |
Attributable to noncontrolling interest | 0 | 0 | |
Balance, end of period | (18.4) | (38.5) | (60.2) |
Other expense (income), net | 5.3 | ||
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance, beginning of period | (38.3) | (52.4) | (76.8) |
Balance, end of period | (93.5) | (38.3) | (52.4) |
Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Net trade 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 trade sales | (3.6) | (5.6) | (1.4) |
Cost of goods sold | 0.8 | 0.5 | (0.7) |
Interest expense | 2.3 | 4.5 | 4.5 |
Other expense (income), net | 0 | 0 | |
Total reclassifications, pretax | (0.5) | (0.6) | 2.4 |
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Net trade sales | 0 | 0 | 0 |
Cost of goods sold | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Other expense (income), net | 2.5 | 4 | |
Total reclassifications, pretax | 2.5 | 5.3 | 4 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Net trade sales | (3.6) | (5.6) | (1.4) |
Cost of goods sold | 0.8 | 0.5 | (0.7) |
Interest expense | 2.3 | 4.5 | 4.5 |
Other expense (income), net | 2.5 | 5.3 | 4 |
Total reclassifications, pretax | $ 2 | $ 4.7 | $ 6.4 |
Fair Value (Items Measured At F
Fair Value (Items Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Cash equivalents: | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets, Current, Sundry | Assets, Current, Sundry |
Liabilities: | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities, Noncurrent, Other Liabilities, Current | Liabilities, Noncurrent, Other Liabilities, Current |
Recurring | Total | ||
Cash equivalents: | ||
Derivative assets | $ 2.9 | $ 5.9 |
Total assets | 174.7 | 171.3 |
Liabilities: | ||
Derivative liabilities | 5.9 | 1.2 |
Total liabilities | 49.9 | 52.1 |
Recurring | Total | Diversified investments associated with the Executive Stock Unit Program (ESUP) | ||
Cash equivalents: | ||
Diversified investments associated with the ESUP | 42.8 | 51 |
Recurring | Total | Liabilities associated with the ESUP | ||
Liabilities: | ||
Liabilities associated with the ESUP | 44 | 50.9 |
Recurring | Level 1 | ||
Cash equivalents: | ||
Derivative assets | 0 | 0 |
Total assets | 42.8 | 51 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Total liabilities | 44 | 50.9 |
Recurring | Level 1 | Diversified investments associated with the Executive Stock Unit Program (ESUP) | ||
Cash equivalents: | ||
Diversified investments associated with the ESUP | 42.8 | 51 |
Recurring | Level 1 | Liabilities associated with the ESUP | ||
Liabilities: | ||
Liabilities associated with the ESUP | 44 | 50.9 |
Recurring | Level 2 | ||
Cash equivalents: | ||
Derivative assets | 2.9 | 5.9 |
Total assets | 131.9 | 120.3 |
Liabilities: | ||
Derivative liabilities | 5.9 | 1.2 |
Total liabilities | 5.9 | 1.2 |
Recurring | Level 2 | Diversified investments associated with the Executive Stock Unit Program (ESUP) | ||
Cash equivalents: | ||
Diversified investments associated with the ESUP | 0 | 0 |
Recurring | Level 2 | Liabilities associated with the ESUP | ||
Liabilities: | ||
Liabilities associated with the ESUP | 0 | 0 |
Recurring | Level 3 | ||
Cash equivalents: | ||
Derivative assets | 0 | 0 |
Total assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring | Level 3 | Diversified investments associated with the Executive Stock Unit Program (ESUP) | ||
Cash equivalents: | ||
Diversified investments associated with the ESUP | 0 | 0 |
Recurring | Level 3 | Liabilities associated with the ESUP | ||
Liabilities: | ||
Liabilities associated with the ESUP | 0 | 0 |
Bank time deposits with original maturities of three months or less | Recurring | Total | ||
Cash equivalents: | ||
Bank time deposits with original maturities of three months or less | 129 | 114.4 |
Bank time deposits with original maturities of three months or less | Recurring | 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 | Recurring | Level 2 | ||
Cash equivalents: | ||
Bank time deposits with original maturities of three months or less | 129 | 114.4 |
Bank time deposits with original maturities of three months or less | Recurring | 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 1 - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed rate debt | $ 210 | $ 130 |
Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed rate debt | $ 1,784.4 | $ 2,082.3 |
Acquisitions (Estimated Fair Va
Acquisitions (Estimated Fair Values of The Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||
Property, plant and equipment | $ 100.9 | $ 167.9 | $ 0 |
Goodwill | 1,474.4 | 1,449.6 | $ 1,388.8 |
Series of Individually Immaterial Business Acquisitions | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 37.8 | 18.3 | |
Inventory | 43 | 17 | |
Property, plant and equipment | 16.6 | 16.4 | |
Goodwill | 42.5 | 70.9 | |
Other current and long-term assets | 9.1 | 5.5 | |
Current liabilities | (54.7) | (39.2) | |
Deferred income taxes | (17.7) | (11.9) | |
Long-term liabilities | (5) | (4.7) | |
Fair value of net identifiable assets | 112.2 | 152.6 | |
Less: additional consideration (receivable) | (1.3) | 0 | |
Less: additional contingent consideration payable | 30.2 | 0 | |
Net cash consideration | 83.3 | 152.6 | |
Series of Individually Immaterial Business Acquisitions | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Other intangible assets | $ 22 | 64.9 | |
Useful Life Range | 15 years | ||
Series of Individually Immaterial Business Acquisitions | Technology | |||
Business Acquisition [Line Items] | |||
Other intangible assets | $ 11.3 | 5.5 | |
Series of Individually Immaterial Business Acquisitions | Trademarks and Trade Names | |||
Business Acquisition [Line Items] | |||
Other intangible assets | 7.1 | 7.2 | |
Series of Individually Immaterial Business Acquisitions | Noncompete Agreements | |||
Business Acquisition [Line Items] | |||
Other intangible assets | $ 0.2 | $ 2.7 | |
Series of Individually Immaterial Business Acquisitions | Minimum | Technology | |||
Business Acquisition [Line Items] | |||
Useful Life Range | 8 years | ||
Series of Individually Immaterial Business Acquisitions | Minimum | Trademarks and Trade Names | |||
Business Acquisition [Line Items] | |||
Useful Life Range | 15 years | ||
Series of Individually Immaterial Business Acquisitions | Minimum | Noncompete Agreements | |||
Business Acquisition [Line Items] | |||
Useful Life Range | 1 year | ||
Series of Individually Immaterial Business Acquisitions | Maximum | Technology | |||
Business Acquisition [Line Items] | |||
Useful Life Range | 15 years | ||
Series of Individually Immaterial Business Acquisitions | Maximum | Trademarks and Trade Names | |||
Business Acquisition [Line Items] | |||
Useful Life Range | 20 years | ||
Series of Individually Immaterial Business Acquisitions | Maximum | Noncompete Agreements | |||
Business Acquisition [Line Items] | |||
Useful Life Range | 5 years |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) | 12 Months Ended | |||||||||
Dec. 16, 2022 USD ($) | Oct. 03, 2022 USD ($) | Aug. 26, 2022 USD ($) | Aug. 22, 2022 USD ($) | Jun. 04, 2021 USD ($) manufacturingFacility | May 31, 2021 USD ($) | Jan. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) acquisition | Dec. 31, 2021 USD ($) acquisition | Dec. 31, 2020 USD ($) acquisition | |
Business Acquisition [Line Items] | ||||||||||
Goodwill, expected to provide a tax benefit | $ 0 | |||||||||
Number of acquisitions | acquisition | 4 | 3 | 0 | |||||||
Additional consideration for acquisition of businesses (see Note R) | $ 14,400,000 | $ 0 | ||||||||
Additional consideration for acquisition of businesses (see Note R) | 17,500,000 | 0 | ||||||||
Additional consideration including interest paid | 0 | 200,000 | $ 8,400,000 | |||||||
Goodwill added | 42,500,000 | $ 70,900,000 | ||||||||
Series of Individually Immaterial Business Acquisitions | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Contingent consideration, low range | 12,800,000 | |||||||||
Contingent consideration, high range | 66,200,000 | |||||||||
Contingent consideration, liability | $ 31,900,000 | |||||||||
Converter And Distributer Of Construction Fabrics | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase price | $ 2,200,000 | |||||||||
Goodwill added | $ 0 | |||||||||
Global Manufacturer Of Hydraulic Cylinders | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase price | $ 89,600,000 | |||||||||
Goodwill added | $ 39,000,000 | |||||||||
Erosion Control And Geosynthetic Products | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase price | $ 13,000,000 | $ 7,400,000 | ||||||||
Goodwill added | $ 0 | $ 3,500,000 | ||||||||
Specialty Foam And Bedding Manufacturer | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase price | $ 119,700,000 | |||||||||
Goodwill added | $ 58,300,000 | |||||||||
Number of manufacturing facilities | manufacturingFacility | 2 | |||||||||
Polish Manufacturer | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase price | $ 5,400,000 | |||||||||
Goodwill added | $ 4,400,000 | |||||||||
UK Manufacturer | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase price | $ 27,700,000 | |||||||||
Goodwill added | $ 8,500,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Derivative Financial Instruments At Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative asset, current | $ 2.4 | $ 5.9 |
Derivative asset, noncurrent | 0.5 | 0 |
Derivative liability, current | 5.5 | 1.1 |
Derivative liability, noncurrent | $ 0.4 | $ 0.1 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Assets, Current | Assets, Current |
Derivatives | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, current | $ 1.9 | $ 5.1 |
Derivative asset, noncurrent | 0.5 | 0 |
Derivative liability, current | 4.3 | 0.7 |
Derivative liability, noncurrent | 0.4 | 0.1 |
Total USD Equivalent Notional Amount | 263.4 | 260.6 |
Derivatives | Fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, current | 0.3 | 0.4 |
Derivative asset, noncurrent | 0 | 0 |
Derivative liability, current | 1 | 0 |
Derivative liability, noncurrent | 0 | 0 |
Total USD Equivalent Notional Amount | 65.5 | 54.2 |
Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, current | 0.2 | 0.4 |
Derivative asset, noncurrent | 0 | 0 |
Derivative liability, current | 0.2 | 0.4 |
Derivative liability, noncurrent | 0 | 0 |
Total USD Equivalent Notional Amount | $ 86 | $ 40.1 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Gains (Losses) Of Hedging Activities Recorded In Income) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Total derivative instruments | $ 2,200,000 | $ (13,100,000) | $ 5,500,000 | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of goods sold, Interest expense, Net trade sales, Other Income (Expense), Net | |||||
Senior Notes, Due 2051 | Term notes | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Long-term debt | $ 500,000,000 | |||||
Senior Notes, Due 2012 | Term notes | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Long-term debt | $ 300,000,000 | |||||
Derivatives Designated as Hedging Instruments | Cash flow hedges | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Total derivative instruments | $ 0 | (5,300,000) | 5,500,000 | |||
Total USD Equivalent Notional Amount | $ 260,600,000 | 263,400,000 | 260,600,000 | |||
Derivatives Designated as Hedging Instruments | Fair value hedges | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Total derivative instruments | 3,500,000 | (5,900,000) | (200,000) | |||
Total USD Equivalent Notional Amount | 54,200,000 | 65,500,000 | 54,200,000 | |||
Derivatives Not Designated as Hedging Instruments | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Total derivative instruments | (1,300,000) | (1,900,000) | 200,000 | |||
Total USD Equivalent Notional Amount | 40,100,000 | 86,000,000 | 40,100,000 | |||
Interest rate cash flow hedges 1 | Cash flow hedges | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Total USD Equivalent Notional Amount | 300,000,000 | 300,000,000 | ||||
Gain (loss) on derivatives | $ 10,200,000 | |||||
Interest rate cash flow hedges 1 | Derivatives Designated as Hedging Instruments | Cash flow hedges | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Total derivative instruments | 2,300,000 | 4,500,000 | 4,500,000 | |||
Currency cash flow hedges | Derivatives Designated as Hedging Instruments | Cash flow hedges | Net trade sales | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Total derivative instruments | 500,000 | (9,600,000) | 1,100,000 | |||
Currency cash flow hedges | Derivatives Designated as Hedging Instruments | Cash flow hedges | Cost of goods sold | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Total derivative instruments | $ (2,800,000) | $ (200,000) | $ (100,000) | |||
Forward Interest Rate Swap | Cash flow hedges | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Total USD Equivalent Notional Amount | 200,000,000 | |||||
Gain (loss) on derivatives | $ (43,000,000) |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | |||
Reasonably possible losses that may be incurred | $ 0.9 | $ 1 | $ 0.5 |
Reasonably possible losses in excess of accruals | $ 11 |
Valuation And Qualifying Acco_2
Valuation And Qualifying Accounts And Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for doubtful receivables | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 37 | $ 42 | $ 26.8 |
Additions (Credited) to Cost and Expenses | 3.2 | (3.4) | 17.1 |
Deductions | 1.2 | 1.6 | 1.9 |
Balance at End of Period | 39 | 37 | 42 |
Tax valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 16.2 | 18.1 | 16.8 |
Additions (Credited) to Cost and Expenses | (0.4) | (0.1) | 2.5 |
Deductions | 0.1 | 1.8 | 1.2 |
Balance at End of Period | $ 15.7 | $ 16.2 | $ 18.1 |
Uncategorized Items - leg-20221
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |