EX-99.1 3 legex991item6-retrospectiv.htm EXHIBIT 99.1 REVISED SELECTED FINANCIAL DATA Document

EXHIBIT 99.1
Item 6. Selected Financial Data.
As of January 1, 2021, we changed our method for valuing certain inventories (primarily domestic steel-related inventories) to the FIFO cost method from the LIFO cost method. The effects of this change have been retrospectively applied to all periods presented. See Note A on page 11 of the Notes to Consolidated Financial Statements in Exhibit 99.3 attached to this Form 8-K for additional information.
(Unaudited)
2020 1
2019 2
2018 3
2017 4
2016 5
(Dollar amounts in millions, except per share data)
Summary of Operations
Net Trade Sales from Continuing Operations$4,280 $4,753 $4,270 $3,944 $3,750 
Earnings from Continuing Operations253 314 324 308 375 
Earnings (loss) from Discontinued Operations, net of tax— — — (1)19 
Net Earnings attributable to Leggett & Platt, Inc. common shareholders253 314 324 307 394 
Earnings per share from Continuing Operations  
Basic1.86 2.33 2.41 2.27 2.72 
Diluted1.86 2.32 2.39 2.25 2.68 
Earnings (Loss) per share from Discontinued Operations  
Basic— — — (.01).14 
Diluted— — — (.01).14 
Net Earnings per share 
Basic1.86 2.33 2.41 2.26 2.86 
Diluted1.86 2.32 2.39 2.24 2.82 
Cash Dividends declared per share1.60 1.58 1.50 1.42 1.34 
Summary of Financial Position  
Total Assets$4,800 $4,855 $3,448 $3,593 $3,012 
Long-term Debt, including finance leases$1,849 $2,067 $1,168 $1,098 $956 
    All amounts are presented after tax.
1    Earnings from Continuing Operations for 2020 includes a $25 million goodwill impairment charge; a $6 million charge for note impairment; a $3 million stock write-off from a prior year divestiture; a $6 million charge for restructuring; and decreases from the impact of lower sales, primarily from pandemic-related economic declines across most of our businesses.

2    In January 2019, we acquired ECS for approximately $1.25 billion and increased our debt levels as discussed in Note R on page 55 and Note J on page 33 of the Notes to Consolidated Financial Statements in Exhibit 99.3 attached to this Form 8-K. Earnings from Continuing Operations for 2019 includes a $9 million charge for restructuring; and a $1 million charge for ECS transaction costs.

3    Earnings from Continuing Operations for 2018 includes a $19 million charge for restructuring; a $12 million charge for note impairment; a $6 million charge for ECS transaction costs; and a $2 million benefit associated with Tax Cuts and Jobs Act (TCJA).
4    Earnings from Continuing Operations for 2017 includes a $50 million charge associated with TCJA; $13 million of net gains on sales of a business and real estate; an $8 million tax benefit from a divestiture; a $10 million pension settlement charge; and a $3 million charge for an impairment of a wire business.

5    Earnings from Continuing Operations for 2016 includes $17 million of gains on sales of businesses; a $3 million goodwill impairment charge; and a $5 million gain on a foam litigation settlement. Discontinued operations primarily consists of a gain on a foam litigation settlement.
1