INVENTORIES (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Condensed Financial Statements

In addition, certain financial statement line items in our Consolidated Condensed Statement of Operations for the three and nine months ended September 30, 2020, our Consolidated Condensed Statement of Cash Flows for the nine months ended September 30, 2020, and our Consolidated Condensed Balance Sheet as of December 31, 2020, were adjusted as follows:


	As Originally Reported		Effect of Change		As Adjusted










Consolidated Condensed Statement of Operations for the three months ended September 30, 2020
Cost of goods sold	$	940.8	$	(2.9)	$	937.9


Earnings before interest and income taxes	147.3		2.9		150.2
Income taxes	22.0		.7		22.7
Net earnings	104.9		2.2		107.1

Net earnings per share attributable to Leggett & Platt, Inc. common shareholders:
Basic	$	.77	$	.02	$	.79
Diluted	$	.77	$	.02	$	.79




Consolidated Condensed Statement of Operations for the nine months ended September 30, 2020
Cost of goods sold	$	2,462.3	$	(1.1)	$	2,461.2
Net gain from sale of assets and business	(2.5)		.4		$	(2.1)
Earnings before interest and income taxes	250.8		.7		251.5
Income taxes	45.5		.1		45.6
Net earnings	144.5		.6		145.1

Net earnings per share attributable to Leggett & Platt, Inc. common shareholders:
Basic	$	1.06	$	.01	$	1.07
Diluted	$	1.06	$	.01	$	1.07

Consolidated Condensed Balance Sheet as of December 31, 2020
Total inventories, net	$	645.5	$	46.0	$	691.5
Deferred income taxes	194.2		11.2		205.4
Retained earnings	2,762.4		34.8		2,797.2

Consolidated Condensed Statement of Cash Flows for the nine months ended September 30, 2020
Net earnings	$	144.5	$	.6	$	145.1
Writedown of inventories	8.3		1.1		9.4
Deferred income tax (benefit) expense	(12.6)		.1		(12.5)
Other, net	10.6		.4		11.0
Inventories	38.5		(2.2)		36.3

LIFO Expense

The following table recaps the components of inventory for each period presented inclusive of the accounting method change discussed above:


	September 30, 2021		December 31, 2020
Finished goods	$	386.0	$	302.3
Work in process	72.1		47.1
Raw materials and supplies	512.1		342.1

Inventories	$	970.2	$	691.5