Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 18, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | LEGGETT & PLATT INC | ||
Entity Central Index Key | 58,492 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | LEG | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 131,071,610 | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 5,645,300,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Net sales | $ 4,269.5 | $ 3,943.8 | $ 3,749.9 |
Cost of goods sold | 3,380.8 | 3,061.4 | 2,848.2 |
Gross profit | 888.7 | 882.4 | 901.7 |
Selling and administrative expenses | 425.1 | 400.5 | 395.7 |
Amortization of intangibles | 20.5 | 20.7 | 19.9 |
Impairments | 5.4 | 4.9 | 4.1 |
Gain on sale of assets and businesses | (1.9) | (24.2) | (37.6) |
Other expense (income), net | 2.7 | 12.6 | (2.4) |
Earnings from continuing operations before interest and income taxes | 436.9 | 467.9 | 522 |
Interest expense | 60.9 | 43.5 | 38.8 |
Interest income | 8.4 | 7.6 | 3.9 |
Earnings from continuing operations before income taxes | 384.4 | 432 | 487.1 |
Income taxes | 78.3 | 138.4 | 120 |
Earnings from continuing operations | 306.1 | 293.6 | 367.1 |
Earnings (loss) from discontinued operations, net of tax | 0 | (0.9) | 19.1 |
Net earnings | 306.1 | 292.7 | 386.2 |
(Earnings) attributable to noncontrolling interest, net of tax | $ (0.2) | $ (0.1) | $ (0.4) |
Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders | |||
Basic (in dollars per share) | $ 2.28 | $ 2.16 | $ 2.66 |
Diluted (in dollars per share) | 2.26 | 2.14 | 2.62 |
Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders | |||
Basic (in dollars per share) | 0 | (0.01) | 0.14 |
Diluted (in dollars per share) | 0 | (0.01) | 0.14 |
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders | |||
Basic (in dollars per share) | 2.28 | 2.15 | 2.80 |
Diluted (in dollars per share) | $ 2.26 | $ 2.13 | $ 2.76 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||
Net earnings | $ 306.1 | $ 292.7 | $ 386.2 |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation adjustments, including acquisition of non-controlling interest | (67) | 79.1 | (33.9) |
Cash flow hedges | (0.3) | 6.3 | 10.4 |
Defined benefit pension plans | (0.8) | 18.7 | 0.9 |
Other comprehensive (loss) income | (68.1) | 104.1 | (22.6) |
Comprehensive income | 238 | 396.8 | 363.6 |
Less: comprehensive (income) attributable to noncontrolling interest | (0.2) | (0.1) | (0.3) |
Comprehensive income attributable to Leggett & Platt, Inc. | $ 237.8 | $ 396.7 | $ 363.3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 268.1 | $ 526.1 |
Trade receivables, net | 545.3 | 522.3 |
Other receivables, net | 26.3 | 72.8 |
Total receivables, net | 571.6 | 595.1 |
Inventories | ||
Finished goods | 331.6 | 285.6 |
Work in process | 49.6 | 53 |
Raw materials and supplies | 334.9 | 283.4 |
LIFO reserve | (82.2) | (50.9) |
Total inventories, net | 633.9 | 571.1 |
Prepaid expenses and other current assets | 51 | 74.2 |
Total current assets | 1,524.6 | 1,766.5 |
Property, Plant and Equipment—at cost | ||
Machinery and equipment | 1,281.7 | 1,210.6 |
Buildings and other | 656.8 | 626 |
Land | 42.4 | 40.6 |
Total property, plant and equipment | 1,980.9 | 1,877.2 |
Less accumulated depreciation | 1,252.4 | 1,213.3 |
Net property, plant and equipment | 728.5 | 663.9 |
Other Assets | ||
Goodwill | 833.8 | 822.2 |
Other intangibles, net | 178.7 | 169.1 |
Sundry | 116.4 | 129.1 |
Total other assets | 1,128.9 | 1,120.4 |
TOTAL ASSETS | 3,382 | 3,550.8 |
Current Liabilities | ||
Current maturities of long-term debt | 1.2 | 153.8 |
Accounts payable | 465.4 | 430.3 |
Accrued expenses | 262.7 | 303.4 |
Other current liabilities | 86.4 | 88.7 |
Total current liabilities | 815.7 | 976.2 |
Long-term Liabilities | ||
Long-term debt | 1,167.8 | 1,097.9 |
Other long-term liabilities | 155.3 | 202.9 |
Deferred income taxes | 85.6 | 83 |
Total long-term liabilities | 1,408.7 | 1,383.8 |
Commitments and Contingencies | ||
Equity | ||
Capital 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 | 527.1 | 514.7 |
Retained earnings | 2,613.8 | 2,511.3 |
Accumulated other comprehensive (loss) | (77.6) | (9.5) |
Less treasury stock—at cost (68.3 and 66.9 shares at December 31, 2018 and 2017, respectively) | (1,908.3) | (1,828.3) |
Total Leggett & Platt, Inc. equity | 1,157 | 1,190.2 |
Noncontrolling interest | 0.6 | 0.6 |
Total equity | 1,157.6 | 1,190.8 |
TOTAL LIABILITIES AND EQUITY | $ 3,382 | $ 3,550.8 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 198,800,000 | 198,800,000 |
Treasury stock (in shares) | 68,300,000 | 66,900,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | |||
Net earnings | $ 306.1 | $ 292.7 | $ 386.2 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation | 104.3 | 95.3 | 86.8 |
Amortization of intangibles and debt issuance costs | 31.8 | 30.6 | 28.6 |
Impairments | 5.4 | 4.9 | 4.1 |
Provision for losses on accounts and notes receivable | 16.7 | 0.8 | 1.6 |
Writedown of inventories | 10.3 | 4.9 | 8.9 |
Net gain from sales of assets and businesses | (2.1) | (24.4) | (38.5) |
Deemed repatriation tax payable | (1.3) | 67.3 | 0 |
Deferred income tax (benefit) expense | (3.2) | 16.6 | 17.6 |
Stock-based compensation | 35.5 | 36.6 | 37.1 |
Pension (benefit) expense, net of contributions | (19.2) | 7.1 | (2.2) |
Other, net | 2 | (8.5) | 7.3 |
Increases/decreases in, excluding effects from acquisitions and divestitures: | |||
Accounts and other receivables | (25.8) | (40.6) | 3.4 |
Inventories | (54.3) | (48.1) | (33.3) |
Other current assets | (1.9) | (36.8) | (2.1) |
Accounts payable | 36.2 | 58.8 | 50.8 |
Accrued expenses and other current liabilities | (0.2) | (13.5) | (3.7) |
Net Cash Provided by Operating Activities | 440.3 | 443.7 | 552.6 |
Investing Activities | |||
Additions to property, plant and equipment | (159.6) | (159.4) | (124) |
Purchases of companies, net of cash acquired | (109.2) | (39.1) | (29.5) |
Proceeds from sales of assets and businesses | 4.9 | 45.2 | 86.1 |
Advance of non-trade note receivable | 0 | 0 | (24.6) |
Other, net | (13.9) | (11.7) | (10) |
Net Cash Used for Investing Activities | (277.8) | (165) | (102) |
Financing Activities | |||
Additions to long-term debt | 0 | 493.4 | 0.4 |
Payments on long-term debt | (155.4) | (9.2) | (5.4) |
Change in commercial paper and short-term debt | 69.6 | (202.7) | 11.5 |
Dividends paid | (193.7) | (185.6) | (177.4) |
Issuances of common stock | 4.8 | 2.6 | 4.9 |
Purchases of common stock | (112.4) | (157.6) | (198) |
Purchase of remaining interest in noncontrolling interest | 0 | (2.6) | (35.2) |
Additional consideration paid for acquisitions | (9.3) | (2.2) | (0.5) |
Other, net | (0.5) | (0.6) | (2.5) |
Net Cash Used for Financing Activities | (396.9) | (64.5) | (402.2) |
Effect of Exchange Rate Changes on Cash | (23.6) | 30 | (19.7) |
(Decrease) Increase in Cash and Cash Equivalents | (258) | 244.2 | 28.7 |
Cash and Cash Equivalents—Beginning of Year | 526.1 | 281.9 | 253.2 |
Cash and Cash Equivalents—End of Year | 268.1 | 526.1 | 281.9 |
Supplemental Information | |||
Interest paid (net of amounts capitalized) | 61.8 | 40.1 | 37.5 |
Income taxes paid | 92.8 | 90.6 | 112.3 |
Common stock issued for acquired companies | 0 | 11.8 | 0 |
Property, plant and equipment acquired through capital leases | 1.9 | 2.4 | 4.7 |
Capital expenditures in accounts payable | 6.7 | 6.7 | 5.1 |
Prepaid income taxes and taxes receivable applied against the deemed repatriation tax liability | $ 28.4 | $ 0 | $ 0 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Contributed Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interest |
Balance, beginning of period at Dec. 31, 2015 | $ 1,097.7 | $ 2 | $ 529.5 | $ 2,209.2 | $ (91.1) | $ (1,564) | $ 12.1 |
Balance, beginning of period, shares at Dec. 31, 2015 | 198.8 | (63.2) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 386.2 | 386.2 | |||||
(Earnings) attributable to noncontrolling interest, net of tax | (0.4) | (0.4) | 0.4 | ||||
Dividends declared | (179.4) | 5.1 | (184.5) | ||||
Dividends paid to noncontrolling interest | (1.6) | (1.6) | |||||
Treasury stock purchased | (210.9) | $ (210.9) | |||||
Treasury stock purchased, shares | (4.5) | ||||||
Treasury stock issued | 36 | (25.4) | $ 61.4 | ||||
Treasury stock issued, shares | 2.4 | ||||||
Other comprehensive income, net of tax (See Note Q) | (23.6) | (23.5) | (0.1) | ||||
Stock-based compensation, net of tax | 24.9 | 24.9 | |||||
Purchase of remaining interest in noncontrolling interest | (35.3) | (27.9) | 1 | (8.4) | |||
Balance, end of period at Dec. 31, 2016 | 1,094 | $ 2 | 506.2 | 2,410.5 | (113.6) | $ (1,713.5) | 2.4 |
Balance, end of period, shares at Dec. 31, 2016 | 198.8 | (65.3) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adjusted beginning balance | 1,095.1 | $ 2 | 506.2 | 2,411.6 | (113.6) | $ (1,713.5) | 2.4 |
Net earnings | 292.7 | 292.7 | |||||
(Earnings) attributable to noncontrolling interest, net of tax | (0.1) | (0.1) | 0.1 | ||||
Dividends declared | (187.7) | 5.2 | (192.9) | ||||
Treasury stock purchased | (162.1) | $ (162.1) | |||||
Treasury stock purchased, shares | (3.3) | ||||||
Treasury stock issued | 31.2 | (16.1) | $ 47.3 | ||||
Treasury stock issued, shares | 1.7 | ||||||
Other comprehensive income, net of tax (See Note Q) | 103.7 | 103.7 | |||||
Stock-based compensation, net of tax | 20 | 20 | |||||
Purchase of remaining interest in noncontrolling interest | (2.6) | (0.6) | 0.4 | (2.4) | |||
Acquisition of noncontrolling interest | 0.5 | 0.5 | |||||
Balance, end of period at Dec. 31, 2017 | 1,190.8 | $ 2 | 514.7 | 2,511.3 | (9.5) | $ (1,828.3) | 0.6 |
Balance, end of period, shares at Dec. 31, 2017 | 198.8 | (66.9) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adjusted beginning balance | 1,188.5 | $ 2 | 514.7 | 2,509 | (9.5) | $ (1,828.3) | 0.6 |
Net earnings | 306.1 | 306.1 | |||||
(Earnings) attributable to noncontrolling interest, net of tax | (0.2) | (0.2) | 0.2 | ||||
Dividends declared | (195.8) | 5.3 | (201.1) | ||||
Dividends paid to noncontrolling interest | (0.2) | (0.2) | |||||
Treasury stock purchased | (113.6) | $ (113.6) | |||||
Treasury stock purchased, shares | (2.6) | ||||||
Treasury stock issued | 17 | (16.6) | $ 33.6 | ||||
Treasury stock issued, shares | 1.2 | ||||||
Other comprehensive income, net of tax (See Note Q) | (68.1) | (68.1) | |||||
Stock-based compensation, net of tax | 23.7 | 23.7 | |||||
Balance, end of period at Dec. 31, 2018 | $ 1,157.6 | $ 2 | $ 527.1 | $ 2,613.8 | $ (77.6) | $ (1,908.3) | $ 0.6 |
Balance, end of period, shares at Dec. 31, 2018 | 198.8 | (68.3) |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies PRINCIPLES OF CONSOLIDATION: The consolidated financial statements include the accounts of Leggett & Platt, Incorporated and its majority-owned subsidiaries (“we” or “our”). Management does not expect foreign exchange restrictions to significantly impact the ultimate realization of amounts consolidated in the accompanying financial statements for subsidiaries located outside the United States. All intercompany transactions and accounts have been eliminated in consolidation. ESTIMATES: The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the accrual and disclosure of loss contingencies. CASH EQUIVALENTS: Cash equivalents include cash in excess of daily requirements which is invested in various financial instruments with original maturities of three months or less. TRADE AND OTHER RECEIVABLES AND ALLOWANCE FOR DOUBTFUL ACCOUNTS: Trade receivables are recorded at the invoiced amount and generally do not bear interest. Credit is also occasionally extended in the form of a note receivable to facilitate our customers’ operating cycles. Other notes receivable are established in special circumstances, such as in partial payment for the sale of a business or to support other business opportunities. Other notes receivable generally bear interest at market rates commensurate with the corresponding credit risk on the date of origination. The allowance for doubtful accounts is an estimate of the amount of probable credit losses. Allowances and nonaccrual status designations are determined by individual account reviews by management and are based on several factors such as the length of time that receivables are past due, the financial health of the companies involved, industry and macroeconomic considerations, and historical loss experience. Account balances are charged against the allowance when it is probable the receivable will not be recovered. Interest income is not recognized for nonperforming accounts that are placed on nonaccrual status. For accounts on nonaccrual status, any interest payments received are applied against the balance of the nonaccrual account. INVENTORIES: All inventories are stated at the lower of cost or net realizable value. We generally use standard costs which include materials, labor and production overhead at normal production capacity. The cost for approximately 50% of our inventories is determined by the last-in, first-out (LIFO) method and is primarily used to value our domestic steel-related inventories. For the remainder of the inventories, we principally use the first-in, first-out (FIFO) method, which is representative of our standard costs. For these inventories, the FIFO cost for the periods presented approximated expected replacement cost. Inventories are reviewed at least quarterly for slow-moving and potentially obsolete items using actual inventory turnover and, if necessary, are written down to estimated net realizable value. Restructuring activity and decisions to narrow product offerings (as discussed in Note F ) also impact the estimated net realizable value of inventories. We have had no material changes in inventory writedowns or slow-moving and obsolete inventory reserves in any of the years presented. The following table presents the activity in our LIFO reserve for each of the periods presented: Year Ended December 31 2018 2017 2016 Balance, beginning of year $ 50.9 $ 33.8 $ 22.6 LIFO expense 31.3 18.6 10.5 Allocated to divested businesses — (1.5 ) .7 Balance, end of year $ 82.2 $ 50.9 $ 33.8 DIVESTITURES: Significant accounting policies associated with a decision to dispose of a business are discussed below: Discontinued Operations —A business is classified as discontinued operations if the disposal represents a strategic shift that will have a major effect on operations or financial results and meets the criteria to be classified as held for sale or is disposed of by sale or otherwise. Significant judgments are involved in determining whether a business meets the criteria for discontinued operations reporting and the period in which these criteria are met. If a business is reported as a discontinued operation, the results of operations through the date of sale, including any gain or loss recognized on the disposition, are presented on a separate line of the income statement. Interest on debt directly attributable to the discontinued operation is allocated to discontinued operations. Gains and losses related to the sale of businesses that do not meet the discontinued operation criteria are reported in continuing operations and separately disclosed if significant. Assets Held for Sale —An asset or business is classified as held for sale when (i) management commits to a plan to sell and it is actively marketed; (ii) it is available for immediate sale and the sale is expected to be completed within one year; and (iii) it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. In isolated instances, assets held for sale may exceed one year due to events or circumstances beyond our control. Upon being classified as held for sale, the recoverability of the carrying value must be assessed. Evaluating the recoverability of the assets of a business classified as held for sale follows a defined order in which property and intangible assets subject to amortization are considered only after the recoverability of goodwill and other assets are assessed. After the valuation process is completed, the assets held for sale are reported at the lower of the carrying value or fair value less cost to sell, and the assets are no longer depreciated or amortized. An impairment charge is recognized if the carrying value exceeds the fair value less cost to sell. The assets and related liabilities are aggregated and reported on separate lines of the balance sheet. Assets Held for Use —If a decision to dispose of an asset or a business is made and the held-for-sale criteria are not met, it is considered held for use. Assets of the business are evaluated for recoverability in the following order: (i) assets other than goodwill, property and intangibles; (ii) property and intangibles subject to amortization; and (iii) goodwill. In evaluating the recoverability of property and intangible assets subject to amortization, the carrying value is first compared to the sum of the undiscounted cash flows expected to result from the use and eventual disposition. If the carrying value exceeds the undiscounted expected cash flows, then a fair value analysis is performed. An impairment charge is recognized if the carrying value exceeds the fair value. LOSS CONTINGENCIES: Loss contingencies are accrued when a loss is probable and reasonably estimable. If a range of outcomes are possible, the most likely outcome is used to accrue these costs. If no outcome is more likely, we accrue at the minimum amount of the range. Any insurance recovery is recorded separately if it is determined that a recovery is probable. Legal fees are accrued when incurred. PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is stated at cost, less accumulated depreciation. Assets are depreciated by the straight-line method and salvage value, if any, is assumed to be minimal. The table below presents the depreciation periods of the estimated useful lives of our property, plant and equipment. Accelerated methods are used for tax purposes. Useful Life Range Weighted Average Life Machinery and equipment 3-20 years 10 years Buildings 10-40 years 27 years Other items 3-15 years 9 years Property is reviewed for recoverability at year end and whenever events or changes in circumstances indicate that its carrying value may not be recoverable as discussed above. GOODWILL: Goodwill results from the acquisition of existing businesses and is not amortized; it is assessed for impairment annually and as triggering events may occur. Our ten reporting units are the business groups one level below the operating segment level for which discrete financial information is available. We perform our annual review in the second quarter of each year using either a quantitative or qualitative analysis: • The qualitative assessment begins with determination of whether it is more likely than not that a reporting unit's fair value is less than its carrying value before applying a two-step goodwill impairment model. If after such an assessment, with regard to each reporting unit, we conclude that the goodwill of a reporting unit is not impaired, then no further action is required (commonly referred to as the Step Zero Analysis approach). • The quantitative analysis utilizes a two-step goodwill impairment model. The first step of the two-step approach involves a comparison of the fair value of a reporting unit with its carrying value. If the carrying value of the reporting unit exceeds its fair value, the second step of the process is necessary and involves a comparison of the implied fair value and the carrying value of the goodwill of that reporting unit. If the carrying value of the goodwill of a reporting unit exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. Fair value of reporting units is determined using a combination of two valuation methods: a market approach and an income approach. Each method is generally given equal weight in determining the fair value assigned to each reporting unit. Absent an indication of fair value from a potential buyer or similar specific transaction, we believe that the use of these two methods provides a reasonable estimate of a reporting unit’s fair value. Assumptions common to both methods are operating plans and economic projections, which are used to project future revenues, earnings, and after-tax cash flows for each reporting unit. These assumptions are applied consistently for both methods. The market approach estimates fair value by first determining price-to-earnings ratios for comparable publicly-traded companies with similar characteristics of the reporting unit. The price-to-earnings ratio for comparable companies is based upon current enterprise value compared to the projected earnings for the next two years. The enterprise value is based upon current market capitalization and includes a control premium. Projected earnings are based upon market analysts’ projections. The earnings ratios are applied to the projected earnings of the comparable reporting unit to estimate fair value. Management believes this approach is appropriate because it provides a fair value estimate using multiples from entities with operations and economic characteristics comparable to our reporting units. The income approach is based on projected future (debt-free) cash flow that is discounted to present value using factors that consider the timing and risk of future cash flows. Management believes that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. Discounted cash flow projections are based on 10-year financial forecasts developed from operating plans and economic projections noted above, sales growth, estimates of future expected changes in operating margins, 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 1-40 years 14 years STOCK-BASED COMPENSATION: The cost of employee services received in exchange for all equity awards granted is based on the fair market value of the award as of the grant date. Expense is recognized net of an estimated forfeiture rate using the straight-line method over the vesting period of the award. REVENUE RECOGNITION: On January 1, 2018, we adopted ASU 2014-09 "Revenue from Contracts with Customers" (Topic 606) as discussed in Note B . We recognize revenue when control of our products transfers to our customers, which is generally upon shipment from our facilities or upon delivery to our customers’ facilities. We reduce revenue for estimated sales allowances, discounts and rebates, which are our primary forms of variable consideration. For the years ended December 31, 2017 and 2016, we applied “Revenue Recognition” (Topic 605). We recognized sales when title and risk of loss passed to the customer. We had no significant or unusual price protection, right of return or acceptance provisions with our customers. Sales allowances, discounts and rebates were able to be reasonably estimated and were deducted from sales in arriving at net sales. SHIPPING AND HANDLING FEES AND COSTS: Shipping and handling costs are included as a component of “Cost of goods sold.” RESTRUCTURING COSTS: Restructuring costs are items such as employee termination, contract termination, plant closure and asset relocation costs related to exit activities or workforce reductions. Restructuring-related items are inventory writedowns and gains or losses from sales of assets recorded as the result of exit activities. We recognize a liability for costs associated with an exit or disposal activity when the liability is incurred. Certain termination benefits for which employees are required to render service are recognized ratably over the respective future service periods. INCOME TAXES: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of our assets and liabilities and are adjusted for changes in tax rates and laws, as appropriate. A valuation allowance is provided to reduce deferred tax assets when management cannot conclude that it is more likely than not that a tax benefit will be realized. A provision is also made for incremental withholding taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be indefinitely invested. The calculation of our U.S., state, and foreign tax liabilities involves dealing with uncertainties in the application of complex global tax laws. We recognize potential liabilities for anticipated tax issues which might arise in the U.S. and other tax jurisdictions based on management’s estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when we determine the liabilities are no longer necessary. Conversely, if the estimate of tax liabilities proves to be less than the ultimate tax assessment, a further charge to tax expense would result. CONCENTRATION OF CREDIT RISKS, EXPOSURES AND FINANCIAL INSTRUMENTS: We manufacture, market, and distribute products for the various end markets described in Note G . Our operations are principally located in the United States, although we also have operations in Europe, China, Canada, Mexico and other various countries. We maintain allowances for potential credit losses. We perform ongoing credit evaluations of our customers’ financial conditions and generally require no collateral from our customers, some of which are highly leveraged. Management also monitors the financial condition and status of other notes receivable. Other notes receivable have historically primarily consisted of notes accepted as partial payment for the divestiture of a business or to support other business opportunities. Some of these companies are highly leveraged and the notes are not fully collateralized. We have no material guarantees or liabilities for product warranties which require disclosure. From time to time, we will enter into contracts to hedge foreign currency denominated transactions, and interest rates related to our debt. To minimize the risk of counterparty default, only highly-rated financial institutions that meet certain requirements are used. We do not anticipate that any of the financial institution counterparties will default on their obligations. The carrying value of cash and short-term financial instruments approximates fair value due to the short maturity of those instruments. OTHER RISKS: Although we obtain insurance for workers’ compensation, automobile, product and general liability, property loss and medical claims, we have elected to retain a significant portion of expected losses through the use of deductibles. Accrued liabilities include estimates for unpaid reported claims and for claims incurred but not yet reported. Provisions for losses are recorded based upon reasonable estimates of the aggregate liability for claims incurred utilizing our prior experience and information provided by our third-party administrators and insurance carriers. DERIVATIVE FINANCIAL INSTRUMENTS: We utilize derivative financial instruments to manage market and financial risks related to foreign currency and interest rates. We seek to use derivative contracts that qualify for hedge accounting treatment; however, some instruments that economically manage currency risk may not qualify for hedge accounting treatment. It is our policy not to speculate using derivative instruments. Under hedge accounting, we formally document our hedge relationships, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for entering into the hedge transaction. The process includes designating derivative instruments as hedges of specific assets, liabilities, firm commitments or forecasted transactions. We also formally assess both at inception and on a quarterly basis thereafter, whether the derivatives used in hedging transactions are highly effective in offsetting changes in either the fair value or cash flows of the hedged item. If it is determined that a derivative ceases to be highly effective, deferred gains or losses are recorded in the Consolidated Statements of Operations. On the date the contract is entered into, we designate the derivative as one of the following types of hedging instruments and account for it as follows: Cash Flow Hedge— The hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability or anticipated transaction is designated as a cash flow hedge. The effective portion of the change in fair value is recorded in accumulated other comprehensive income. When the hedged item impacts the income statement, the gain or loss included in other comprehensive income is reported on the same line of the Consolidated Statements of Operations as the hedged item to match the gain or loss on the derivative to the gain or loss on the hedged item. Any ineffective portion of the changes in the fair value is immediately reported in the Consolidated Statements of Operations on the same line as the hedged item. Settlements associated with the sale or production of product are presented in operating cash flows and settlements associated with debt issuance are presented in financing cash flows. Fair Value Hedge— The hedge of a recognized asset or liability or an unrecognized firm commitment is designated as a fair value hedge. For fair value hedges, both the effective and ineffective portions of the changes in fair value of the derivative, along with the gain or loss on the hedged item that is attributable to the hedged risk, are recorded in earnings and reported in the Consolidated Statements of Operations on the same line as the hedged item. Cash flows from settled contracts are presented in the category consistent with the nature of the item being hedged. FOREIGN CURRENCY TRANSLATION: The functional currency for most foreign operations is the local currency. The translation of foreign currencies into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income and expense accounts using monthly average exchange rates. The cumulative effects of translating the functional currencies into the U.S. dollar are included in comprehensive income. RECLASSIFICATIONS: Certain reclassifications have been made to the prior years’ information in the Consolidated Financial Statements and related notes to conform to the 2018 presentation. This includes certain reclassifications that have been made to the prior period's information in the Consolidated Statements of Operations to conform to the 2018 presentation of "Cost of goods sold", "Selling and administrative expenses" and "Other (income) expense, net" for new accounting guidance associated with pension costs (see below). NEW ACCOUNTING GUIDANCE: The Financial Accounting Standards Board (FASB) regularly issues updates to the FASB Accounting Standards Codification that are communicated through issuance of an Accounting Standards Update (ASU). Below is a summary of the ASUs, effective for current or future periods, most relevant to our financial statements: Adopted in 2018: • On January 1, 2018, we adopted ASU 2014-09 "Revenue from Contracts with Customers" (Topic 606) as discussed in Note B . • ASU 2017-07 “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”: This ASU requires employers to disaggregate the service cost from other components of net periodic benefit costs and to disclose the income statement line item in which each component is included. This guidance requires service costs to be reported in the same line item as other compensation costs, and the other components of net periodic benefit costs (which include interest costs, expected return on plan assets and actuarial gains and losses) to be reported outside of operating income. We adopted this guidance on January 1, 2018. Application was required on a retrospective basis and resulted in a reclassification of $17.4 and $2.9 of expense from “Cost of goods sold” and “Selling and administrative expenses” into “Other expense (income), net” for the years ended December 31, 2017 and 2016, respectively. Refer to Note N for further information. • ASU 2018-05 “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118” (SAB 118): This ASU allows SEC registrants to record provisional amounts in earnings due to the complexities involved in accounting for the enactment of the Tax Cuts and Jobs Act (TCJA). We recognized the estimated income tax effects of the TCJA in accordance with SAB 118. Refer to Note O for further information. • ASU 2016-15 “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”: We adopted this guidance on January 1, 2018, and it did not materially impact our financial statements. • ASU 2018-02 “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”: This ASU provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income in each period in which the effect of the change in the U.S. federal corporate income tax rate in the TCJA is recorded. We have elected not to reclassify the stranded tax effects within accumulated other comprehensive income. To be adopted in future years: • ASU 2016-02 “Leases” (Topic 842): Requires an entity to recognize both assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. In July 2018, the FASB issued ASU 2018-11, which provides entities with a new transition method where comparative periods presented in financial statements in the period of adoption will not need to be restated. Under the new transition method, an entity initially applies the provisions of Topic 842 at the adoption date, versus at the beginning of the earliest period presented, and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We elected this transition method at our adoption date of January 1, 2019. We also elected the practical expedients not to reassess (i) whether a contract is or contains a lease, (ii) lease classification and (iii) initial direct costs. We also elected an additional practical expedient to use hindsight when determining lease term. Our cross-functional implementation team is finalizing the assessment of all potential impacts of the standard. The implementation team has gathered the data required to account for leases under the new standard and has implemented a third-party lease accounting software. In addition, we have identified and are implementing the appropriate changes to business processes and controls to support recognition and disclosure under the new standard. Adoption of the standard will result in recognition of a material amount of additional net lease assets and lease liabilities as of January 1, 2019. Any difference between these amounts will be recorded as an adjustment to retained earnings. We do not believe the standard will materially affect our statements of operations and cash flows. In addition, the standard will have no impact on our debt-covenant compliance. • ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”: This ASU is intended to simplify and clarify the accounting and disclosure requirements for hedging activities by more closely aligning the results of cash flow and fair value hedge accounting with the risk management activities of an entity. The amendments in this ASU are effective January 1, 2019. We are currently evaluating the effect of the ASU on our results of operations, financial condition and cash flows. • ASU 2017-04 "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment": This ASU simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under this ASU, the annual goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value up to the total amount of goodwill for the reporting unit. This ASU will be effective January 1, 2020, with early adoption permitted. We are currently evaluating this guidance, and do not expect it to materially impact our future financial statements. • ASU 2016-13 “Financial Instruments—Credit Losses” (Topic 326): This ASU is effective January 1, 2020 and amends the impairment model by requiring a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments including trade receivables. We are currently evaluating this guidance. However, we do not expect it to materially impact our future financial statements. • ASU 2018-15 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)”: This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU will be effective January 1, 2020, with early adoption permitted. We are currently evaluating this guidance. The FASB has issued accounting guidance, in addition to the issuance discussed above, effective for current and future periods. This guidance did not have a material impact on our current financial statements, and we do not believe it will have a material impact on our future financial statements. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Initial adoption of new ASU On January 1, 2018, we adopted ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) and all the related amendments using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as a $2.3 reduction to the opening balance of "Retained earnings". The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the new standard to be immaterial to our sales, net earnings, balance sheet and cash flows on an ongoing basis. Substantially all of our revenue continues to be recognized when products are shipped from our facilities or upon delivery to our customers' facilities. Topic 606 also provided clarity that resulted in reclassifications to or from "Net sales" and "Cost of goods sold". The cumulative effect of applying Topic 606 to our Consolidated Balance Sheets was as follows: Balance at December 31, 2017 as Previously Reported Topic 606 Adjustments Balance at January 1, 2018 Current assets $ 1,766.5 $ — $ 1,766.5 Net property, plant and equipment 663.9 — 663.9 Other assets 1 1,120.4 .7 1,121.1 Total assets $ 3,550.8 $ .7 $ 3,551.5 Other current liabilities 2 $ 88.7 $ 3.0 $ 91.7 All other current liabilities 887.5 — 887.5 Long-term liabilities 1,383.8 — 1,383.8 Retained earnings 2,511.3 (2.3 ) 2,509.0 Other equity (1,320.5 ) — (1,320.5 ) Total liabilities and equity $ 3,550.8 $ .7 $ 3,551.5 1 This adjustment represents the deferred tax impact related to Topic 606. 2 This adjustment is associated with constraint on the amount of variable consideration. The effect of applying Topic 606 on our Consolidated Statement of Operations and Balance Sheets was as follows: Year ended December 31, 2018 Amounts as Reported Topic 606 Adjustments Amounts Without Adoption of Topic 606 Net sales 3 $ 4,269.5 $ 14.0 $ 4,283.5 Cost of goods sold 3 3,380.8 13.6 3,394.4 Gross profit 888.7 .4 889.1 Selling and administrative expenses 425.1 — 425.1 All other 26.7 — 26.7 Earnings from continuing operations before interest and income taxes 436.9 .4 437.3 Net interest expense 52.5 — 52.5 Income taxes 78.3 .1 78.4 (Earnings) attributable to noncontrolling interest, net of tax (.2 ) — (.2 ) Net earnings $ 305.9 $ .3 $ 306.2 3 Adjustments are primarily associated with a reclassification of customer reimbursements of tooling cost from "Net sales" to "Cost of goods sold" and adjustments for variable consideration. December 31, 2018 Amounts as Reported Topic 606 Adjustments Amounts Without Adoption of Topic 606 Current assets $ 1,524.6 $ — $ 1,524.6 Net property, plant and equipment 728.5 — 728.5 Other assets 1,128.9 (.7 ) 1,128.2 Total assets $ 3,382.0 $ (.7 ) $ 3,381.3 Other current liabilities $ 86.4 $ (2.9 ) $ 83.5 All other current liabilities 729.3 — 729.3 Long-term liabilities 1,408.7 — 1,408.7 Retained earnings 2,613.8 2.2 2,616.0 Other equity (1,456.2 ) — (1,456.2 ) Total liabilities and equity $ 3,382.0 $ (.7 ) $ 3,381.3 Performance Obligations and Shipping and Handling Costs We recognize revenue when performance obligations under the terms of a contract with our customers are satisfied. For the year ended December 31, 2018 , substantially all of our revenue was recognized upon transfer of control of our products to our customers, which was generally upon shipment from our facilities or upon delivery to our customers' facilities and was dependent on the terms of the specific contract. This conclusion considers the point at which our customers have the ability to direct the use of and obtain substantially all of the remaining benefits of the products that were transferred. Substantially all of any unsatisfied performance obligations as of December 31, 2018 , will be satisfied within one year or less. Shipping and handling costs are included as a component of "Cost of goods sold". Sales, value added, and other taxes collected in connection with revenue-producing activities are excluded from revenue. Sales Allowances and Returns The amount of consideration we receive and revenue we recognize varies with changes in various sales allowances, discounts and rebates (variable consideration) that we offer to our customers. We reduce revenue by our estimates of variable consideration based on contract terms and historical experience. Changes in estimates of variable consideration for the year ended December 31, 2018 were not material. Some of our products transferred to customers can be returned, and we recognize the following for this right: • An estimated refund liability and a corresponding reduction to revenue based on historical returns experience. • An asset and a corresponding reduction to cost of sales for our right to recover products from customers upon settling the refund liability. We reduce the carrying amount of these assets by estimates of costs associated with the recovery and any additional expected reduction in value. Our refund liability and the corresponding asset associated with our right to recover products from our customers were immaterial at December 31, 2018 . Practical Expedients We have elected to apply the following practical expedients. • The existence of a significant financing component— 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). • Costs of obtaining a contract—We generally expense costs of obtaining a contract because the amortization period would be one year or less. Revenue by Product Line We disaggregate revenue by customer group, which is the same as our product lines for each of our segments, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Year Ended December 31 2018 2017 2016 Residential Products Bedding group $ 905.1 $ 837.2 $ 831.8 Fabric & Flooring Products group 1 735.8 720.1 666.8 Machinery group 62.8 62.9 72.8 1,703.7 1,620.2 1,571.4 Industrial Products Wire group 2 367.4 291.7 289.4 367.4 291.7 289.4 Furniture Products Consumer Products group 460.2 413.3 327.2 Home Furniture group 388.6 410.2 413.3 Work Furniture group 293.3 272.9 248.8 1,142.1 1,096.4 989.3 Specialized Products Automotive group 823.3 772.5 695.0 Aerospace Products group 148.9 137.9 129.7 Hydraulic Cylinders group 3 84.1 — — Commercial Vehicle Products (CVP) group 4 — 25.1 75.1 1,056.3 935.5 899.8 $ 4,269.5 $ 3,943.8 $ 3,749.9 1 Name changed from Fabric & Carpet Cushion Group as of March 31, 2018 2 Certain operations in the Wire group were sold in 2016. See Note C . 3 Formed January 31, 2018, with the acquisition of a manufacturer of hydraulic cylinders. See Note S . 4 Our two remaining CVP operations were sold in 2017 and 2016. See Note C . |
Discontinued Operations and Oth
Discontinued Operations and Other Divestitures | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Other Divestitures | Discontinued Operations and Other Divestitures Discontinued Operations The table below includes activity related to discontinued operations for the years presented. Activity is primarily related to two unrelated litigation settlements associated with our former Prime Foam Products unit. This unit was sold in March 2007 and was previously part of the Residential Products segment. During 2016, we received proceeds from an antitrust litigation settlement of approximately $38.0 ( $25.0 after-tax) of which $31.4 ( $19.8 after-tax) is associated with this unit. Additionally, during 2017 we settled an antitrust litigation for a cash payment that was not material to the company and was not materially different from the amount previously accrued for the claim. Year Ended 2018 2017 2016 Earnings (loss) before interest and income taxes (EBIT) $ — $ (1.4 ) $ 30.1 Income tax (expense) benefit — .5 (11.0 ) Earnings (loss) from discontinued operations, net of tax $ — $ (.9 ) $ 19.1 Other Divestitures The following businesses were divested during the periods presented, but did not meet the discontinued operations criteria. Date Year Ended Divested 2018 2017 2016 Trade Sales Residential Products - Machinery operation Fourth quarter 2016 $ — $ — $ 3.1 Industrial Products - Wire operations Second and fourth quarters 2016 — — 38.0 Specialized Products - CVP operations Third quarter 2017 and second quarter 2016 — 25.1 75.0 Total Trade Sales $ — $ 25.1 $ 116.1 EBIT Residential Products - Machinery operation Fourth quarter 2016 $ — $ — $ (.3 ) Industrial Products - Wire operations Second and fourth quarters 2016 — — 1.8 Specialized Products - CVP operations Third quarter 2017 and second quarter 2016 — (2.3 ) 5.9 Total EBIT $ — $ (2.3 ) $ 7.4 In addition to the operating results presented in the above table, we also recognized gains and losses on the sale of these businesses: • In 2017, we realized a pretax loss of $3.3 related to the sale of our remaining CVP operation. We also completed the sale of real estate formerly associated with this operation, realizing a pretax gain of $23.4 . • In 2016, we realized gains of $21.2 and $11.2 related to the sale of the wire operations and a CVP operation, respectively. No other material gains or losses were realized on the sale of other businesses. |
Impairment Charges
Impairment Charges | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment Charges | Impairment Charges Pretax impact of impairment charges is summarized in the following table: Year Ended 2018 2017 2016 Goodwill Impairment Other Long-Lived Asset Impairments Total Impairments Goodwill Impairment Other Long-Lived Asset Impairments Total Impairments Goodwill Impairment Other Long-Lived Asset Impairments Total Impairments Residential Products $ — $ — $ — $ — $ — $ — $ — $ .4 $ .4 Industrial Products — .3 .3 1.3 3.6 4.9 — — — Furniture Products — 5.1 5.1 — — — — — — Specialized Products — — — — — — 3.7 — 3.7 Total impairment charges $ — $ 5.4 $ 5.4 $ 1.3 $ 3.6 $ 4.9 $ 3.7 $ .4 $ 4.1 Other Long-Lived Assets As discussed in Note A , we test other long-lived assets for recoverability at year end and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Fair value and the resulting impairment charges noted above were based primarily upon offers from potential buyers or third party estimates of fair value less selling costs. In 2018, management approved the 2018 Restructuring Plan, as discussed in Note F , which resulted in impairment charges of $5.1 . In 2017 and 2016, impairments were primarily associated with selected operations that reached held-for-sale status, as discussed below. Goodwill As discussed in Note A , goodwill is required to be tested for impairment at the reporting unit level (the business groups that are one level below the operating segments) as triggering events may occur, or at least annually. We perform our annual goodwill impairment review in the second quarter of each year. We concluded that the 2018 Restructuring Plan (as discussed in Note F ) was not a triggering event, and believe that it is more likely than not that the fair values for the reporting units associated with this 2018 Restructuring Plan exceed their carrying values. 2018 Goodwill Impairment Review The 2018 annual goodwill impairment review indicated no goodwill impairments. For the 2018 testing, we elected to test goodwill for impairment in all reporting units using a quantitative approach. The fair values of our reporting units in relation to their respective carrying values and significant assumptions used are presented in the table below: Fair Value over Carrying Value divided by Carrying Value December 31, 2018 Goodwill Value 10-year Terminal Discount Rate Less than 100% 1 $ 180.7 4.7% - 5.2% 3.0 % 9.0% - 9.5% 101% - 300% 502.5 1.8% - 5.0% 3.0 % 8.5% - 10.0% 301% - 600% 150.6 5.7% - 12.4% 3.0 % 9.0% - 10.0% $ 833.8 1.8% - 12.4% 3.0 % 8.5% - 10.0% 1 All reporting units in this category exceeded 90%, except for the Hydraulic Cylinders reporting unit (acquired in 2018), to which carrying value approximates fair value. 2017 Goodwill Impairment Review The 2017 annual goodwill impairment review indicated no goodwill impairments. We performed a Step Zero Analysis for our annual goodwill review for each of our reporting units and we considered i) the excess in fair value of the reporting unit over its carrying amount from the most recent quantitative analysis, ii) macroeconomic conditions, iii) industry and market trends, and iv) overall financial performance. We concluded that it was more likely than not that the fair value of all reporting units, except for two , exceeded their carrying values. Because sales and profits for two reporting units were less than expected, we performed a quantitative analysis for our Work Furniture and Aerospace reporting units under the two-step model. These reporting units were determined to have fair values in excess of their carrying amounts of at least 75% . Goodwill associated with these two reporting units was $157.4 at December 31, 2017. During the third quarter of 2017, two Drawn Wire operations within the Industrial Products segment reached held-for-sale status. Because fair value less costs to sell had fallen below the carrying amount, we fully impaired $1.3 of goodwill and $3.3 of other long-lived assets. During 2018, one operation was closed. The other operation continues to operate and no longer meets the held-for-sale criteria. 2016 Goodwill Impairment Review Because all reporting unit fair values exceeded their respective carrying values (fair value over carrying value divided by carrying value) by a range of 115% to 600% during the 2015 testing (performed on a quantitative basis for all reporting units), we performed a qualitative assessment (Step Zero Analysis) for our annual goodwill impairment review in the second quarter of 2016. Among other things, we considered i) the excess in fair value of the reporting unit over its carrying amount from the most recent quantitative analysis, ii) macroeconomic conditions, iii) industry and market trends, and iv) overall financial performance. Based on the Step Zero Analysis we concluded that it was more likely than not that the fair value of the reporting units exceeded their carrying amount, except for our CVP reporting unit. With regard to our CVP reporting unit, in the second quarter of 2016 we sold one of our two remaining businesses. Additionally, real estate associated with the remaining CVP business reached held-for-sale status during the second quarter of 2016. As a result of these two events, the fair value of the CVP reporting unit (consisting of one remaining business) had fallen below its carrying amount, and we fully impaired the remaining $3.7 of goodwill for this reporting unit. As discussed in Note C , we completed the sale of this remaining business in 2017. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets The changes in the carrying amounts of goodwill are as follows: Residential Products Industrial Products Furniture Products Specialized Products Total Net goodwill as of January 1, 2017 $ 352.8 $ 71.9 $ 187.9 $ 178.7 $ 791.3 Additions for current year acquisitions 7.6 — 3.9 — 11.5 Adjustments to prior year acquisitions .8 — — — .8 Impairment charge 1 — (1.3 ) — — (1.3 ) Foreign currency translation adjustment 7.0 .2 4.4 8.3 19.9 Net goodwill as of December 31, 2017 368.2 70.8 196.2 187.0 822.2 Additions for current year acquisitions 1.3 — — 26.8 28.1 Adjustments to prior year acquisitions (.2 ) — — — (.2 ) Impairment charge — — — — — Foreign currency translation adjustment (5.8 ) (.1 ) (3.1 ) (7.3 ) (16.3 ) Net goodwill as of December 31, 2018 $ 363.5 $ 70.7 $ 193.1 $ 206.5 $ 833.8 Net goodwill as of December 31, 2018 is comprised of: Gross goodwill $ 363.5 $ 76.1 $ 443.7 $ 273.2 $ 1,156.5 Accumulated impairment losses — (5.4 ) (250.6 ) (66.7 ) (322.7 ) Net goodwill as of December 31, 2018 $ 363.5 $ 70.7 $ 193.1 $ 206.5 $ 833.8 1 We recorded a goodwill impairment charge related to a wire operation as outlined in Note D . 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: Debt Issuance Costs Patents and Trademarks Non-compete Agreements Customer- Related Intangibles Supply Agreements and Other Total 2018 Gross carrying amount $ 4.9 $ 65.8 $ 15.8 $ 212.5 $ 41.4 $ 340.4 Accumulated amortization 2.3 31.3 8.6 98.8 20.7 161.7 Net other intangibles as of December 31, 2018 $ 2.6 $ 34.5 $ 7.2 $ 113.7 $ 20.7 $ 178.7 Acquired during 2018: Acquired related to business acquisitions $ — $ 2.7 $ 1.9 $ 19.4 $ 4.9 $ 28.9 Acquired outside business acquisitions 1.3 1.3 .6 — 10.7 13.9 Total acquired in 2018 $ 1.3 $ 4.0 $ 2.5 $ 19.4 $ 15.6 $ 42.8 Weighted average amortization period in years for items acquired in 2018 5.0 16.5 4.5 14.4 7.3 11.6 2017 Gross carrying amount $ 3.7 $ 65.3 $ 14.2 $ 210.1 $ 27.5 $ 320.8 Accumulated amortization 1.9 30.9 6.7 96.9 15.3 151.7 Net other intangibles as of December 31, 2017 $ 1.8 $ 34.4 $ 7.5 $ 113.2 $ 12.2 $ 169.1 Acquired during 2017: Acquired related to business acquisitions $ — $ 8.7 $ .4 $ 11.2 $ — $ 20.3 Acquired outside business acquisitions .6 1.4 — .2 4.5 6.7 Total acquired in 2017 $ .6 $ 10.1 $ .4 $ 11.4 $ 4.5 $ 27.0 Weighted average amortization period in years for items acquired in 2017 5.0 2.7 6.9 16.4 3.0 8.6 Estimated amortization expense for items included in our December 31, 2018 balance sheet in each of the next five years is as follows and does not include amortization associated with the January 16, 2019 Elite Comfort Solutions, Inc. (ECS) acquisition as discussed in Note V : Year ended December 31 2019 $ 24.0 2020 22.0 2021 17.0 2022 15.0 2023 14.0 |
Restructuring and Restructuring
Restructuring and Restructuring Related Charges | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Restructuring Related Charges | Restructuring and Restructuring Related Charges We implemented various cost reduction initiatives to improve our operating cost structures in the periods presented. These cost initiatives have, among other actions, included workforce reductions and the closure or consolidation of certain operations. Except for the 2018 Restructuring Plan discussed below, none of these initiatives has individually resulted in a material charge to earnings. In December 2018 we committed to a restructuring plan primarily associated with our Fashion Bed business and Home Furniture Group, both of which report within the Furniture Products segment. The majority of the 2018 costs in the tables below are related to this 2018 Restructuring Plan. Our Fashion Bed business (which supplies ornamental beds, bed frames and other accessories sold to retailers) and Home Furniture Group (which produces furniture components for the upholstered furniture industry) have underperformed expectations primarily from weaker demand and higher raw material costs. Accordingly, we are exiting low margin business, reducing operating costs and eliminating excess capacity. We anticipate that the activities will be substantially complete by the end of 2019. The following table presents information associated with this plan: Total Amount Expected to be Incurred Total Amount Incurred in 2018 Restructuring and restructuring-related $ 27.9 $ 11.2 Impairment costs associated with this plan as discussed in Note D 5.1 5.1 $ 33.0 $ 16.3 Our total restructuring-related costs for the three years ended December 31 were comprised of: Year Ended December 31 2018 2017 2016 Charged to other expense (income),net: Severance and other restructuring costs $ 7.8 $ .8 $ .8 Charged to cost of goods sold: Inventory obsolescence and other 4.6 .5 — Total restructuring and restructuring-related costs $ 12.4 $ 1.3 $ .8 Amount of total that represents cash charges $ 7.8 $ .8 $ .8 Restructuring and restructuring-related charges (income) by segment were as follows: Year Ended December 31 2018 2017 2016 Residential Products $ 1.4 $ — $ .2 Industrial Products .2 .8 — Furniture Products 10.8 .5 .2 Specialized Products — — .4 Total $ 12.4 $ 1.3 $ .8 The accrued liability associated with our total restructuring initiatives consisted of the following: Balance at December 31, 2016 Add: 2017 Charges Less: 2017 Payments Balance at December 31, 2017 Add: 2018 Charges Less: 2018 Payments Balance at December 31, 2018 Termination benefits $ — $ .5 $ .2 $ .3 $ 7.3 $ 1.0 $ 6.6 Other restructuring costs .5 .3 .3 .5 .5 .4 .6 $ .5 $ .8 $ .5 $ .8 $ 7.8 $ 1.4 $ 7.2 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We have four operating segments that supply a wide range of products: • Residential Products: This segment supplies a variety of components and machinery used by bedding manufacturers in the production and assembly of their finished products. We also produce or distribute flooring underlayment, fabric, and geo components. • Industrial Products: This segment primarily supplies steel rod and drawn steel wire to our other operations and to external customers. Our customers use this wire to make mechanical springs and many other end products. • Furniture Products: This segment supplies a wide range of components for residential and work furniture manufacturers, as well as select lines of private-label finished furniture, adjustable bed bases, fashion beds, and bed frames. • Specialized Products: This segment supplies lumbar support systems, seat suspension systems, motors and actuators, and control cables used by automotive manufacturers. We also produce and distribute tubing and tube assemblies for the aerospace industry and engineered hydraulic cylinders used in the material-handling and construction industries. For the periods presented, our reportable segments were the same as our operating segments, which also corresponded with our management structure. Each reportable segment had an executive vice president that reported to the 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 2 Sales Inter- Segment Sales Total Segment Sales EBIT 2018 Residential Products $ 1,703.7 $ 17.1 $ 1,720.8 $ 132.8 Industrial Products 367.4 295.0 662.4 68.4 Furniture Products 1,142.1 13.8 1,155.9 49.6 Specialized Products 1,056.3 2.7 1,059.0 189.0 Intersegment eliminations and other (2.9 ) $ 4,269.5 $ 328.6 $ 4,598.1 $ 436.9 2017 Residential Products $ 1,620.2 $ 18.6 $ 1,638.8 $ 184.0 Industrial Products 291.7 253.9 545.6 21.0 Furniture Products 1,096.4 16.8 1,113.2 81.5 Specialized Products 935.5 7.1 942.6 195.6 Intersegment eliminations and other 1 (14.2 ) $ 3,943.8 $ 296.4 $ 4,240.2 $ 467.9 2016 Residential Products $ 1,571.4 $ 17.2 $ 1,588.6 $ 167.5 Industrial Products 289.4 293.1 582.5 65.3 Furniture Products 989.3 59.3 1,048.6 106.6 Specialized Products 899.8 6.5 906.3 181.4 Intersegment eliminations and other 1.2 $ 3,749.9 $ 376.1 $ 4,126.0 $ 522.0 1 Includes $15.3 of pension settlement charge in year ended December 31, 2017 (See Note N ). 2 See Note B for revenue by product line. Average assets for our segments are shown in the table below and reflect the basis for return measures used by management to evaluate segment performance. These segment totals include working capital (all current assets and current liabilities) plus net property, plant and equipment. Segment assets for all years are reflected at their estimated average for the year. Acquired companies’ long-lived assets as disclosed below include property, plant and equipment and other long-term assets. Year Ended December 31 Assets Additions to Property, Plant and Equipment Acquired Companies’ Long-Lived Assets Depreciation And Amortization 2018 Residential Products $ 609.4 $ 48.0 $ 6.0 $ 46.6 Industrial Products 163.8 9.6 — 10.3 Furniture Products 279.8 19.7 — 17.4 Specialized Products 342.5 45.0 79.4 39.0 Average current liabilities included in segment numbers above 661.8 — — — Unallocated assets and other 1 1,278.0 37.3 — 22.8 Difference between average assets and year-end balance sheet 46.7 — — — $ 3,382.0 $ 159.6 $ 85.4 $ 136.1 2017 Residential Products $ 554.6 $ 60.5 $ 33.6 $ 45.8 Industrial Products 150.0 14.3 — 10.2 Furniture Products 245.7 20.2 14.3 16.2 Specialized Products 271.7 51.7 — 31.2 Average current liabilities included in segment numbers above 557.0 — — — Unallocated assets and other 1 1,693.1 12.7 — 22.5 Difference between average assets and year-end balance sheet 78.7 — — — $ 3,550.8 $ 159.4 $ 47.9 $ 125.9 2016 Residential Products $ 527.2 $ 32.4 $ 11.2 $ 42.9 Industrial Products 147.4 10.1 — 11.8 Furniture Products 219.4 16.6 — 14.4 Specialized Products 248.7 42.2 13.7 29.7 Average current liabilities included in segment numbers above 495.9 — — — Unallocated assets and other 1 1,378.5 22.7 — 16.6 Difference between average assets and year-end balance sheet (33.0 ) — — — $ 2,984.1 $ 124.0 $ 24.9 $ 115.4 1 Unallocated assets consist primarily of goodwill, other intangibles, cash, businesses sold and deferred tax assets. Unallocated depreciation and amortization consists primarily of depreciation of non-operating assets and amortization of debt issuance costs. Trade sales and tangible long-lived assets are presented below, based on the geography of manufacture. Year Ended December 31 2018 2017 2016 Trade sales Foreign sales Europe $ 525.6 $ 475.3 $ 445.2 China 494.7 481.6 420.0 Canada 286.8 265.1 215.1 Mexico 186.1 148.5 132.8 Other 94.8 85.5 69.4 Total foreign sales 1,588.0 1,456.0 1,282.5 United States 2,681.5 2,487.8 2,467.4 Total trade sales $ 4,269.5 $ 3,943.8 $ 3,749.9 Tangible long-lived assets Foreign tangible long-lived assets Europe $ 167.6 $ 157.4 $ 128.6 China 55.5 54.7 45.5 Canada 38.0 39.9 29.6 Mexico 10.1 6.5 6.3 Other 16.0 13.0 12.7 Total foreign tangible long-lived assets 287.2 271.5 222.7 United States 441.3 392.4 342.8 Total tangible long-lived assets $ 728.5 $ 663.9 $ 565.5 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share were calculated as follows: Year Ended December 31 2018 2017 2016 Earnings: Earnings from continuing operations $ 306.1 $ 293.6 $ 367.1 (Earnings) attributable to noncontrolling interest, net of tax (.2 ) (.1 ) (.4 ) Net earnings from continuing operations attributable to Leggett & Platt common shareholders 305.9 293.5 366.7 Earnings (loss) from discontinued operations, net of tax — (.9 ) 19.1 Net earnings attributable to Leggett & Platt common shareholders $ 305.9 $ 292.6 $ 385.8 Weighted average number of shares (in millions): Weighted average number of common shares used in basic EPS 134.3 136.0 137.9 Dilutive effect of equity-based compensation .9 1.3 2.1 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 135.2 137.3 140.0 Basic and Diluted EPS: Basic EPS attributable to Leggett & Platt common shareholders Continuing operations $ 2.28 $ 2.16 $ 2.66 Discontinued operations — (.01 ) .14 Basic EPS attributable to Leggett & Platt common shareholders $ 2.28 $ 2.15 $ 2.80 Diluted EPS attributable to Leggett & Platt common shareholders Continuing operations $ 2.26 $ 2.14 $ 2.62 Discontinued operations — (.01 ) .14 Diluted EPS attributable to Leggett & Platt common shareholders $ 2.26 $ 2.13 $ 2.76 Other information: Anti-dilutive shares excluded from diluted EPS computation .1 — — Cash dividends declared per share $ 1.50 $ 1.42 $ 1.34 |
Accounts and Other Receivables
Accounts and Other Receivables | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Accounts and Other Receivables | Accounts and Other Receivables Accounts and other receivables at December 31 consisted of the following: 2018 2017 Current Long-term Current Long-term Trade accounts receivable 1 $ 548.8 $ — $ 526.1 $ — Trade notes receivable 1.7 1.4 1.0 1.2 Total trade receivables 550.5 1.4 527.1 1.2 Other notes receivable 1 — 24.2 — 24.7 Insurance receivables 2 1.3 — 43.0 — Taxes receivable, including income taxes 12.9 — 15.0 — Other receivables 12.1 — 14.8 — Subtotal other receivables 26.3 24.2 72.8 24.7 Total trade and other receivables 576.8 25.6 599.9 25.9 Allowance for doubtful accounts: Trade accounts receivable 1 (5.2 ) — (4.7 ) — Trade notes receivable — — (.1 ) (.1 ) Total trade receivables (5.2 ) — (4.8 ) (.1 ) Other notes receivable 1 — (15.0 ) — — Total allowance for doubtful accounts (5.2 ) (15.0 ) (4.8 ) (.1 ) Total net receivables $ 571.6 $ 10.6 $ 595.1 $ 25.8 1 The "Trade accounts receivable" and "Other notes receivable" line items above include $26.7 from a customer in our Residential Products segment who is experiencing financial difficulty and liquidity problems and, during the fourth quarter of 2018, became delinquent in its trade accounts receivable balances. In December 2018, we concluded that an impairment existed with regard to this customer, and we established a reserve of $15.9 ( $15 for the note and $.9 for the trade receivable) to reflect the estimated amount of the probable credit loss and placed the note on nonaccrual status. 2 The December 31, 2017 amount was primarily associated with an insured vehicle-related personal injury claim that was fully resolved and paid in the second quarter of 2018. Also see Note J . Activity related to the allowance for doubtful accounts is reflected below: Balance at December 31, 2016 Add: Charges Less: Net Charge-offs, (Recoveries) Balance at December 31, 2017 Add: Less: Net Balance at December 31, 2018 Trade accounts receivable $ 7.1 $ .9 $ 3.3 $ 4.7 $ 1.9 $ 1.4 $ 5.2 Trade notes receivable .3 (.1 ) — .2 (.2 ) — — Total trade receivables 7.4 .8 3.3 4.9 1.7 1.4 5.2 Other notes receivable — — — — 15.0 — 15.0 Total allowance for doubtful accounts $ 7.4 $ .8 $ 3.3 $ 4.9 $ 16.7 $ 1.4 $ 20.2 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2018 | |
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: 2018 2017 Prepaid expenses and other current assets Prepaid income taxes $ 5.6 $ 28.5 Other 45.4 45.7 $ 51.0 $ 74.2 Sundry assets Deferred taxes (see Note O ) $ 20.2 $ 21.4 Diversified investments associated with stock-based compensation plans (see Note M ) 30.4 31.6 Investment in associated companies 7.1 7.1 Pension plan assets (see Note N ) 1.6 2.2 Brazilian VAT deposits (see Note U ) 13.9 12.2 Net long-term notes receivable (see Note I ) 10.6 25.8 Other 32.6 28.8 $ 116.4 $ 129.1 Accrued expenses Litigation contingency accruals (see Note U ) $ 1.9 $ .4 Wages and commissions payable 71.5 70.6 Workers’ compensation, vehicle-related and product liability, medical/disability 1 49.2 90.3 Sales promotions 48.3 47.2 Liabilities associated with stock-based compensation plans (see Note M ) 12.2 15.7 Accrued interest 7.9 10.9 General taxes, excluding income taxes 16.3 19.1 Environmental reserves 2.9 3.0 Other 52.5 46.2 $ 262.7 $ 303.4 Other current liabilities Dividends payable $ 49.6 $ 47.5 Customer deposits 11.8 12.7 Sales tax payable 3.9 4.0 Derivative financial instruments (see Note T ) 4.5 1.8 Liabilities associated with stock-based compensation plans (see Note M ) 2.3 2.4 Outstanding checks in excess of book balances 10.6 11.0 Other 3.7 9.3 $ 86.4 $ 88.7 Other long-term liabilities Liability for pension benefits (see Note N ) $ 39.2 $ 57.6 Liabilities associated with stock-based compensation plans (see Note M ) 34.6 36.4 Deemed repatriation tax payable (see Note O ) 32.2 61.9 Net reserves for tax contingencies 10.3 12.3 Deferred compensation (see Note M ) 17.6 17.1 Other 21.4 17.6 $ 155.3 $ 202.9 1 The December 31, 2017 amount was primarily associated with an insured vehicle-related personal injury claim that was fully resolved and paid in the second quarter of 2018. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt, interest rates and due dates at December 31 are as follows: 2018 2017 Year-end Interest Rate Due Date Through Balance Year-end Interest Rate Due Date Through Balance Senior Notes — % — $ — 4.4 % 2018 $ 150.0 Senior Notes 1 3.4 % 2022 300.0 3.4 % 2022 300.0 Senior Notes 1 3.8 % 2024 300.0 3.8 % 2024 300.0 Senior Notes 1 3.5 % 2027 500.0 3.5 % 2027 500.0 Industrial development bonds, principally variable interest rates 1.9 % 2030 3.8 1.3 % 2030 6.2 Commercial paper 2 2.6 % 2022 70.0 — 2022 — Capitalized leases (primarily machinery, vehicles and office equipment) 4.7 5.7 Other, partially secured .6 .7 Unamortized discounts and deferred loan cost (10.1 ) (10.9 ) Total debt 1,169.0 1,251.7 Less: current maturities 1.2 153.8 Total long-term debt $ 1,167.8 $ 1,097.9 1 Senior Notes are unsecured and unsubordinated obligations. For each of the Senior Notes: (i) interest is paid semi-annually in arrears; (ii) principal is due at maturity with no sinking fund; and (iii) we may, at our option, at any time, redeem all or a portion of any of the debt at a make-whole redemption price equal to the greater of: (a) 100% of the principal amount of the notes being redeemed; and (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a specified discount rate determined by the terms of each respective note. The Senior Notes may also be redeemed by us within 90 days of maturity at 100% of the principal amount plus accrued and unpaid interest, and we are required to offer to purchase such notes at 101% of the principal amount, plus accrued and unpaid interest, if we experience a Change of Control Repurchase Event, as defined in the Senior Notes. Also, each respective Senior Note contains restrictive covenants, including a limitation on secured debt of 15% of our consolidated assets, a limitation on sale and leaseback transactions, and a limitation on certain consolidations, mergers, and sales of assets. 2 The weighted average interest rate for the net commercial paper activity during the years ended December 31, 2018 and 2017 was 2.4% and 1.4% , respectively. Maturities are as follows: Year ended December 31 2019 $ 1.2 2020 1.1 2021 1.1 2022 370.1 2023 — Thereafter 795.5 $ 1,169.0 Amounts outstanding at December 31 related to our commercial paper program were: 2018 2017 Total program authorized $ 800.0 $ 800.0 Commercial paper outstanding (classified as long-term debt) (70.0 ) — Letters of credit issued under the credit facility — — Total program usage (70.0 ) — Total program available $ 730.0 $ 800.0 At December 31, 2018 we could raise cash by issuing up to $800.0 of commercial paper through a program that is backed by an $800.0 revolving credit facility with a syndicate of 13 lenders. The credit facility allows us to issue total letters of credit up to $125.0 . When we issue letters of credit in this manner, our capacity under the revolving facility, and consequently, our ability to issue commercial paper, is reduced by a corresponding amount. We had no outstanding letters of credit under the facility at year end for the periods presented. At December 31, 2018 the revolving credit facility contained restrictive covenants which, among other things, limit (a) the total amount of indebtedness to 65% of our total capitalization (each as defined in the revolving credit facility), (b) the amount of our total secured debt to 15% of our total consolidated assets, and (c) our ability to sell, lease, transfer or dispose of all or substantially all of total consolidated assets. We have remained well within compliance with all such covenants. Generally, we may elect one of four types of borrowing under the revolving credit facility, which determines the rate of interest to be paid on the outstanding principal balance. The interest rate would typically be commensurate with the currency borrowed and the term of the borrowing, as well as either (i) a competitive variable or fixed rate, or (ii) various published rates plus a pre-defined spread. We are required to periodically pay accrued interest on any outstanding principal balance under the revolving credit facility at different time intervals based upon the elected interest rate and the elected interest period. Any outstanding principal under this facility will be due upon the maturity date. We may also terminate or reduce the lending commitments under this facility, in whole or in part, upon three business days’ notice. In January 2019, we increased the borrowing capacity under the revolving facility from $800.0 to $ 1,200.0 , added a five -year $500.0 term loan facility, and extended the term from 2022 to 2024. After completing the ECS acquisition in January 2019, our debt levels have increased and our debt covenants have changed as discussed in Note V . |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Lease Obligations | Lease Obligations We lease certain operating facilities, most of our vehicle and trucking equipment and various other assets. Lease terms, including purchase options, renewals and maintenance costs, vary by lease. Total rental expense for the periods presented was as follows: 2018 2017 2016 Continuing operations $ 52.1 $ 51.3 $ 51.2 Future minimum rental commitments for all long-term non-cancelable operating leases are as follows: Year ended December 31 2019 $ 35.9 2020 30.7 2021 26.2 2022 19.9 2023 13.1 Thereafter 18.0 $ 143.8 The above lease obligations expire at various dates through 2032. Aggregate rental commitments above include renewal amounts where it is our intention to renew the lease. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [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, 2018 , the following common shares were authorized for issuance under the Plan: Shares Available for Issuance Maximum Number of Authorized Shares Unexercised options 1.6 1.6 Outstanding stock units—vested 3.6 7.9 Outstanding stock units—unvested .8 2.3 Available for grant 7.6 7.6 Authorized for issuance at December 31, 2018 13.6 19.4 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 2018 2017 2016 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 Options 1 : Amortization of the grant date fair value $ — $ — $ — $ — $ 1.0 $ — Cash payments in lieu of options — — — — — 1.0 Stock-based retirement plans contributions 2 5.6 1.0 5.5 1.2 6.7 1.3 Discounts on various stock awards: Deferred Stock Compensation Program 1 1.9 — 2.1 — 2.0 — Stock-based retirement plans 2 1.3 — 1.4 — 1.5 — Discount Stock Plan 6 1.1 — 1.1 — 1.0 — Performance Stock Unit (PSU) awards 3 2018 PSU - TSR based 3A 1.2 .8 — — — — 2018 PSU - EBIT CAGR based 3B 2.9 2.5 — — — — 2017 and prior PSU awards 3C 3.6 (1.3 ) 5.4 (1.4 ) 4.8 6.5 Profitable Growth Incentive (PGI) awards 4 .9 .9 1.4 1.4 1.4 1.0 Restricted Stock Units (RSU) awards 5 2.1 — 2.5 — 2.8 — Other, primarily non-employee directors restricted stock .9 — .9 — 1.0 — Total stock-related compensation expense 21.5 $ 3.9 20.3 $ 1.2 22.2 $ 9.8 Employee contributions for above stock plans 14.0 16.3 14.9 Total stock-based compensation $ 35.5 $ 36.6 $ 37.1 Tax benefits on stock-based compensation expense $ 5.1 $ 7.3 $ 8.1 Tax benefits on stock-based compensation payments (As discussed below, we elected to pay selected awards in cash during 2018) 3.9 9.9 18.2 Total tax benefits associated with stock-based compensation $ 9.0 $ 17.2 $ 26.3 The following table recaps the impact of stock-based compensation on assets and liabilities for each of the periods presented: 2018 2017 Current Long-term Total Current Long-term Total Assets: Diversified investments associated with the Executive Stock Unit Program 2 $ 2.3 $ 30.4 $ 32.7 $ 2.4 $ 31.6 $ 34.0 Liabilities: Executive Stock Unit Program 2 $ 2.3 $ 31.4 $ 33.7 $ 2.4 $ 32.0 $ 34.4 Performance Stock Unit award 3 .6 3.2 3.8 6.7 1.9 8.6 Profitable Growth Incentive award 4 4.3 — 4.3 2.0 2.5 4.5 Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts 7.4 — 7.4 7.0 — 7.0 Total liabilities associated with stock-based compensation $ 14.6 $ 34.6 $ 49.2 $ 18.1 $ 36.4 $ 54.5 1 Stock Option Grants We have historically granted stock options in the following areas: • On a discretionary basis to a broad group of employees • In conjunction with our Deferred Compensation Program • As compensation to outside directors Options granted to a broad group of employees on a discretionary basis Options are generally offered only in conjunction with the Deferred Compensation Program discussed below. Prior to 2013, we granted stock options annually on a discretionary basis to a broad group of employees, a maximum term of ten years and exercise prices equal to Leggett’s closing stock price on the grant date. Grant date fair values are calculated using the Black-Scholes option pricing model and are amortized by the straight-line method over the options’ total vesting period (typically three years), except for employees who are retirement eligible. Expense for employees who are retirement eligible is recognized immediately. A person is retirement eligible if the employee is age 65 , or age 55 with 20 years of Company service. Deferred Compensation Program We offer a Deferred Compensation Program under which key managers and outside directors may elect to receive stock options, stock units or interest-bearing cash deferrals in lieu of cash compensation: • Stock options under this program are granted in the last month of the year prior to the year the compensation is earned. The number of options granted equals the deferred compensation times five , divided by the stock’s market price on the date of grant. The option has a 10 -year term. It vests as the associated compensation is earned and becomes exercisable beginning 15 months after the grant date. Stock is issued when the option is exercised. • Deferred stock units (DSU) under this program are acquired every two weeks (when the compensation would have otherwise been paid) at a 20% discount to the market price of our common stock on each acquisition date, and they vest immediately. Expense is recorded as the compensation is earned. Stock units earn dividends at the same rate as cash dividends paid on our common stock. These dividends are used to acquire stock units at a 20% discount. Stock units are converted to common stock and distributed in accordance with the participant’s pre-set election. However, stock units may be settled in cash but only if there is not a sufficient amount of shares reserved for future issuance under the Flexible Stock Plan. Participants must begin receiving distributions no later than ten years after the effective date of the deferral and installment distributions cannot exceed ten years. • Interest-bearing cash deferrals under this program are reported in Other long-term liabilities on the balance sheet and are disclosed in Note J . Options Units Cash Aggregate amount of compensation deferred during 2018 $ .4 $ 7.7 $ .5 Stock Option Summary Stock option information for the plans discussed above is as follows: Total Stock Options Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding at December 31, 2017 1.9 $ 24.08 Granted — — Exercised (.3 ) 17.92 Outstanding at December 31, 2018 1.6 $ 25.43 2.9 $ 17.8 Vested or expected to vest 1.6 $ 25.43 2.9 $ 17.8 Exercisable (vested) at December 31, 2018 1.5 $ 25.12 2.8 $ 17.8 Additional information related to stock option activity for the periods presented is as follows: Year Ended December 31 2018 2017 2016 Total intrinsic value of stock options exercised $ 8.8 $ 11.7 $ 27.7 Cash received from stock options exercised 4.8 2.6 4.9 Total fair value of stock options vested .8 1.2 .1 The following table summarizes fair values calculated (and assumptions utilized) using the Black-Scholes option pricing model. Year Ended December 31 2018 2017 2016 Aggregate grant date fair value $ <.1 $ <.1 $ 1.4 Weighted-average per share grant date fair value $ 6.47 $ 9.21 $ 10.79 Risk-free interest rate 2.3 % 2.3 % 2.2 % Expected life in years 6.0 6.0 7.9 Expected volatility (over expected life) 19.4 % 19.8 % 30.0 % Expected dividend yield (over expected life) 3.1 % 3.1 % 3.0 % The risk-free rate is determined based on U.S. Treasury yields in effect at the time of grant for maturities equivalent to the expected life of the option. The expected life of the option (estimated average period of time the option will be outstanding) is estimated based on the historical exercise behavior of employees, with executives displaying somewhat longer holding periods than other employees. Expected volatility is based on historical volatility through the grant date, measured daily for a time period equal to the option’s expected life. The expected dividend yield is estimated based on the dividend yield at the time of grant. 2 Stock-Based Retirement Plans We have two stock-based retirement plans: the tax-qualified Stock Bonus Plan (SBP) for non-highly compensated employees, and the non-qualified Executive Stock Unit Program (ESUP) for highly compensated employees. We make matching contributions to both plans. In addition to the automatic 50% match, we 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 SBP and the ESUP, are obtained. Participants in the SBP may contribute up to 6% of their compensation above a certain threshold to purchase Leggett stock or other investment alternatives at market prices. Employees are allowed to fully diversify their employee deferral accounts immediately and their employer matching accounts after three years of service. Dividends earned on Company stock held in the SBP are reinvested or paid in cash at the participant’s election. Participants in the ESUP may contribute up to 10% (depending upon salary level) of their compensation above the same threshold applicable to the SBP. Participant contributions are credited to a diversified investment account established for the participant, and we make premium contributions to the diversified investment accounts equal to 17.65% of the participant’s contribution. A participant’s diversified investment account balance is adjusted to mirror the investment experience, whether positive or negative, of the diversified investments selected by the participant. Participants may change investment elections in the diversified investment accounts, but cannot purchase Company common stock or stock units. The diversified investment accounts consist of various mutual funds and retirement target funds and are unfunded, unsecured obligations of the Company that will be settled in cash. Both the assets and liabilities associated with this program are presented in the table above and are adjusted to fair value at each reporting period. Company matching contributions to the ESUP, including dividend equivalents, are used to acquire stock units at 85% of the common stock market price on the acquisition date. Stock units are converted to common stock at a 1-to-1 ratio upon distribution from the program and may be settled in cash but only if there is not a sufficient amount of shares reserved for future issuance under the Flexible Stock Plan. Company matches in the SBP and ESUP fully vest upon three and five years, respectively, of cumulative service, subject to certain participation requirements. Distributions under both plans are triggered by an employee’s retirement, death, disability or separation from Leggett. Information for employee contributions for the year ended December 31 for these plans was as follows. See the stock-based compensation table above for information regarding employer contributions. SBP ESUP Employee contributions $ 3.2 $ 3.8 Less diversified contributions .7 — Total employee stock contributions $ 2.5 $ 3.8 Employer premium contribution to diversified investment accounts $ .7 Shares purchased by employees and company match .1 Details regarding stock unit activity for the ESUP plan are reflected in the stock units summary table below. We merged the SBP with our 401(k) plan on December 31, 2018. After the merger, our common stock was added to the 401(k) plan as an investment option and participants may elect up to 20% of their contributions into our common stock beginning on January 1, 2019. Previously participants could contribute up to 100% of their contributions into our common stock. 3 PSU Awards During 2018, we merged our PSU and PGI award programs. The 2018 PSU awards have a component based on relative Total Shareholder Return (TSR = (Change in Stock Price + Dividends) / Beginning Stock Price) and another component based on Earnings Before Interest and Taxes (EBIT) Compound Annual Growth Rate (CAGR). These components are discussed below. For outstanding 2018 awards, we intend to pay 50% in shares of our common stock and 50% in cash; although, we reserve the right to pay up to 100% in cash. For outstanding 2016 and 2017 awards, we intend to pay 65% in shares of our common stock and 35% in cash; although, we reserve the right to pay up to 100% in cash. Cash settlements are recorded as a liability and adjusted to fair value at each reporting period. We elected to pay 100% of the 2015 award (paid in the first quarter 2018) in cash. 3A 2018 PSU - TSR based Most of the 2018 PSU awards are based 50% upon our TSR compared to a peer group. A small number of PSU awards are based 100% upon relative TSR for certain business unit employees to complement their particular mix of incentive compensation. Grant date fair values are calculated using a Monte Carlo simulation of stock and volatility data for Leggett and each of the peer companies. Grant date fair values are amortized using the straight-line method over the three -year vesting period. The relative TSR vesting condition of the 2018 PSU award contains the following conditions: • A service requirement—Awards generally “cliff” vest three years following the grant date; and • A market condition—Awards are based on our TSR as compared to the TSR of a group of peer companies. The peer group consists of all the companies in the Industrial, Materials and Consumer Discretionary sectors of the S&P 500 and S&P Midcap 400 (approximately 320 companies). Participants will earn from 0% to 200% of the base award depending upon how our TSR ranks within the peer group at the end of the three -year performance period. 3B 2018 PSU - EBIT CAGR based Most of the 2018 PSU awards are based 50% upon our or the applicable segment's EBIT CAGR. 2018's base award was .1 shares with a grant date fair value of $40.92 . Grant date fair values are calculated using the grant date stock price discounted for dividends over the vesting period. Expense is adjusted every quarter over the three -year vesting period based on the number of shares expected to vest. The EBIT CAGR portion of this award contains the following conditions: • A service requirement—Awards generally “cliff” vest three years following the grant date; and • A performance condition—Awards are based on achieving specified EBIT CAGR performance targets for our or the applicable segment's EBIT during the third year of the performance period compared to the EBIT during the fiscal year immediately preceding the performance period. Participants will earn from 0% to 200% of the base award. In connection with the decision to move a significant portion of the long-term incentive opportunity from a two -year to a three -year performance period by eliminating PGI awards, in January 2018, we also granted participants a one-time transition PSU award, based upon EBIT CAGR over a two -year performance period. 3C 2017 and Prior PSU Awards The 2017 and prior PSU awards are based solely on relative TSR. Vesting conditions are the same as ( 3A ) above other than a maximum payout of 175% of the base award. Below is a summary of the number of shares and related grant date fair value of PSU’s based on TSR for the periods presented. Year Ended December 31, 2018 2017 2016 Total shares base award .1 .1 .1 Grant date per share fair value $ 42.60 $ 50.75 $ 40.16 Risk-free interest rate 2.4 % 1.5 % 1.3 % Expected life in years 3.0 3.0 3.0 Expected volatility (over expected life) 19.9 % 19.5 % 19.2 % Expected dividend yield (over expected life) 3.3 % 2.8 % 3.1 % Three-Year Performance Cycle Award Year Completion Date TSR Performance Relative to the Peer Group (1%=Best) Payout as a Percent of the Base Award Number of Shares Distributed Cash Portion Distribution Date 2014 December 31, 2016 10 175.0% .4 million $ 9.8 First quarter 2017 2015 December 31, 2017 57 61.0% — $ 6.9 First quarter 2018 2016 December 31, 2018 78 —% — $ — First quarter 2019 4 PGI Awards In 2017 and prior years certain key management employees participated in a PGI program. The PGI awards were eliminated during 2018, and were replaced with the PSU-EBIT CAGR award discussed above. The PGI awards were issued as growth performance stock units (GPSUs). The GPSUs vested ( 0% to 250% ) at the end of a two -year performance period. Vesting was based on our or the applicable profit center's revenue growth (adjusted by a GDP factor when applicable) and EBITDA margin at the end of a two -year performance period. The 2017 base target PGI awards were less than .1 shares. If earned, we intend to pay 50% in shares of our common stock and 50% in cash; although, we reserve the right to pay up to 100% in cash. We elected to pay 100% of the 2016 award (paid in the first quarter of 2018) in cash. Both components are adjusted to fair value at each reporting period. Two-Year Performance Cycle Award Year Completion Date Average Payout as a Percent of the Base Award Estimated Number of Shares Cash Portion Expected Distribution Date 2015 December 31, 2016 36.0% < .1 million $ .8 First quarter 2017 2016 December 31, 2017 44.0% — $ 2.0 First quarter 2018 2017 December 31, 2018 155.0% < .1 million $ 2.2 First quarter 2019 5 Restricted Stock Unit Awards RSU awards are generally granted as follows: • Annual awards to selected managers; • On a discretionary basis to selected employees; and • As compensation for outside directors The value of these awards is determined by the stock price on the day of the award, and expense is recognized over the vesting period. Stock Units Summary As of December 31, 2018, the unrecognized cost of non-vested stock units that is not adjusted to fair value was $12.9 with a weighted-average remaining contractual life of one year. Stock unit information for the plans discussed above is presented in the table below. DSU ESUP PSU* RSU PGI** Total Units Weighted Average Grant Date Fair Value per Unit Aggregate Intrinsic Value Unvested at December 31, 2017 — — .4 .1 .1 .6 $ 19.56 Granted based on current service .2 .2 — .1 — .5 42.71 Granted based on future conditions — — .5 — — .5 27.48 Vested (.2 ) (.2 ) — (.1 ) (.1 ) (.6 ) 42.01 Difference between maximum and actual payout — — (.2 ) — — (.2 ) — Unvested at December 31, 2018 — — .7 .1 — .8 $ 38.43 $ 28.2 Fully vested shares available for issuance at December 31, 2018 3.6 $ 131.8 * PSU awards are presented at maximum payout (2017 award at 175% and 2018 award at 200% ) ** PGI awards are presented at maximum payout (2017 award at 250% ) Year Ended December 31 2018 2017 2016 Total intrinsic value of vested stock units converted to common stock $ 12.1 $ 22.7 $ 24.8 6 Discount Stock Plan Under the Discount Stock Plan (DSP), a tax-qualified §423 stock purchase plan, eligible employees may purchase shares of Leggett common stock at 85% of the closing market price on the last business day of each month. Shares are purchased and issued on the last business day of each month and generally cannot be sold or transferred for one year. Average 2018 purchase price per share (net of discount) $ 35.77 2018 number of shares purchased by employees .2 Shares purchased since inception in 1982 23.2 Maximum shares under the plan 27.0 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Consolidated Balance Sheets reflect a net liability for the funded status of our domestic and foreign defined benefit pension plans. Our U.S. plans (comprised primarily of three significant plans) represent approximately 86% 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: 2018 2017 2016 Change in benefit obligation Benefit obligation, beginning of period $ 241.5 $ 293.0 $ 290.3 Service cost 3.9 4.6 4.4 Interest cost 8.0 10.9 11.3 Plan participants’ contributions .5 .7 .7 Actuarial (gain) loss (20.3 ) 4.0 9.8 Benefits paid (13.4 ) (15.2 ) (19.1 ) Plan amendments 1.9 — — Settlements — (59.8 ) — Foreign currency exchange rate changes (2.3 ) 3.3 (4.4 ) Benefit obligation, end of period 1 219.8 241.5 293.0 Change in plan assets Fair value of plan assets, beginning of period 185.7 214.1 207.5 Actual (loss) return on plan assets (10.6 ) 28.3 18.9 Employer contributions 21.8 14.9 9.8 Plan participants’ contributions .5 .7 .7 Benefits paid (13.4 ) (15.2 ) (19.1 ) Settlements — (59.8 ) — Foreign currency exchange rate changes (2.2 ) 2.7 (3.7 ) Fair value of plan assets, end of period 181.8 185.7 214.1 Net funded status $ (38.0 ) $ (55.8 ) $ (78.9 ) Funded status recognized in the Consolidated Balance Sheets Other assets—sundry $ 1.6 $ 2.2 $ 1.1 Other current liabilities (.4 ) (.4 ) (.4 ) Other long-term liabilities (39.2 ) (57.6 ) (79.6 ) Net funded status $ (38.0 ) $ (55.8 ) $ (78.9 ) 1 The benefit obligation at December 31, 2017, decreased as compared to December 31, 2016, primarily due to the settlement of $59.8 of pension obligations for our U.S. plans through our annuity purchase transaction as discussed in more detail below. Our accumulated benefit obligation was not materially different from our projected benefit obligation for the periods presented. Included in the above plans is a subsidiary’s unfunded supplemental executive retirement plan. This is a non-qualified plan, and these benefits are secured by insurance policies that are not included in the plan’s assets. Cash surrender values associated with these policies were approximately $2.5 at December 31, 2018, 2017 and 2016. Comprehensive Income Amounts and activity included in accumulated other comprehensive income associated with pensions are reflected below: December 31, 2017 2018 2018 2018 2018 December 31, 2018 Net loss (gain) (before tax) $ 53.6 $ (2.6 ) $ 4.2 $ (.5 ) $ — $ 54.7 Deferred income taxes (15.1 ) — — — (.3 ) (15.4 ) Accumulated other comprehensive income (loss) (net of tax) $ 38.5 $ (2.6 ) $ 4.2 $ (.5 ) $ (.3 ) $ 39.3 Of the amounts in accumulated other comprehensive income as of December 31, 2018 , the portions expected to be recognized as components of net periodic pension cost in 2019 are as follows: Net loss $ 2.8 Net prior service cost .2 Total expected to be recognized in 2019 $ 3.0 Net Pension (Expense) Income Components of net pension (expense) income for the years ended December 31 were as follows: 2018 2017 2016 Service cost $ (3.9 ) $ (4.6 ) $ (4.4 ) Interest cost (8.0 ) (10.9 ) (11.3 ) Expected return on plan assets 11.9 13.4 12.9 Recognized net actuarial loss (2.6 ) (4.6 ) (4.5 ) Settlements — (15.3 ) — Net pension expense $ (2.6 ) $ (22.0 ) $ (7.3 ) Weighted average assumptions for pension costs: Discount rate used in net pension costs 3.4 % 3.8 % 4.1 % Rate of compensation increase used in pension costs 3.0 % 3.5 % 3.5 % Expected return on plan assets 6.4 % 6.5 % 6.5 % Weighted average assumptions for benefit obligation: Discount rate used in benefit obligation 3.9 % 3.4 % 3.8 % Rate of compensation increase used in benefit obligation 3.0 % 3.0 % 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" in the Consolidated Statements of Operations . We use the average of a Pension Liability Index rate and a 10 + year AAA-AA US Corporate Index rate to determine the discount rate used for our significant pension plans (rounded to the nearest 25 basis points). The Pension Liability Index rate is a calculated rate using yearly spot rates matched against expected future benefit payments. The 10 + year AAA-AA US Corporate Index rate is based on the weighted average yield of a portfolio of high grade Corporate Bonds with an average duration approximating the plans’ projected benefit payments. The discount rates used for our other, primarily foreign, plans are based on rates appropriate for the respective country and the plan obligations. The overall, expected long-term rate of return is based on each plan’s historical experience and our expectations of future returns based upon each plan’s investment holdings, as discussed below. Pension Plan Assets The fair value of our major categories of pension plan assets is disclosed below using a three level valuation hierarchy that separates fair value valuation techniques into the following categories: • Level 1: Quoted prices for identical assets or liabilities in active markets. • Level 2: Other significant inputs observable either directly or indirectly (including quoted prices for similar securities, interest rates, yield curves, credit risk, etc.). • Level 3: Unobservable inputs that are not corroborated by market data. Presented below are our major categories of investments for the periods presented: Year Ended December 31, 2018 Year Ended December 31, 2017 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 $ 41.8 $ — $ — $ — $ 41.8 $ 38.2 $ — $ — $ — $ 38.2 Equities 96.8 — — — 96.8 103.2 — — — 103.2 Stable value funds — 29.5 — — 29.5 — 25.8 — — 25.8 Money market funds, cash and other — — — 13.7 13.7 — — — 18.5 18.5 Total investments at fair value $ 138.6 $ 29.5 $ — $ 13.7 $ 181.8 $ 141.4 $ 25.8 $ — $ 18.5 $ 185.7 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: 2018 2017 Asset Category Equity securities 53 % 55 % Debt securities 23 21 Stable value funds 16 14 Other, including cash 8 10 Total 100 % 100 % Our investment policy and strategies are established with a long-term view in mind. We strive for a sufficiently diversified asset mix to minimize the risk of a material loss to the portfolio value due to the devaluation of any single investment. In determining the appropriate asset mix, our financial strength and ability to fund potential shortfalls that might result from poor investment performance are considered. The assets in our Frozen Plan employ a liability-driven investment strategy and have a target allocation of 60% fixed income and 40% equities. The remaining two significant plans have a target allocation of 75% equities and 25% fixed income, as historical equity returns have tended to exceed bond returns over the long term. Assets of our domestic plans represent the majority of plan assets and are allocated to seven different investments. Six are mutual funds, all of which are passively managed low-cost index funds, and include: • U.S. Total Stock Market Index: Large-, mid-, and small-cap equity diversified across growth and value styles. • U.S. Large-Cap Index: Large-cap equity diversified across growth and value styles. • U.S. Small-Cap Index: Small-cap equity diversified across growth and value styles. • World ex US Index: International equity; broad exposure across developed and emerging non-U.S. equity markets around the world. • Long-term Bond Index: Diversified exposure to the long-term, investment-grade U.S. bond market. • Extended Duration Treasury Index: Diversified exposure to U.S. treasuries with maturities of 20 - 30 years. The Stable value fund consists of a fixed income portfolio offering consistent return and protection against interest rate volatility. Settlements In December 2017, to reduce the size of our pension benefit obligation, reduce volatility of contribution requirements in future years, and also reduce pension-related operational expenses over the long-term, we completed an annuity purchase transaction for pensioners that were currently receiving a small monthly benefit. As part of this annuity purchase, we settled $59.8 of pension obligations for U.S. retirees. This was paid from plan assets and did not require an employer cash contribution. As a result of these settlements, we recorded settlement losses of $15.3 ( $9.5 net of tax) reflecting the accelerated recognition of unamortized losses in the plan proportionate to the obligation that was settled. These settlement charges were recorded in “Other expense (income), net” with a corresponding balance sheet reduction in "Accumulated other comprehensive (loss)" for the year ended December 31, 2017. Future Contributions and Benefit Payments We expect to contribute approximately $1.0 to our defined benefit pension plans in 2019. Estimated benefit payments expected over the next ten years are as follows: 2019 $ 12.4 2020 13.0 2021 13.8 2022 14.1 2023 14.3 2024-2028 69.9 Other Benefit Plans Total expense for defined contribution plans was as follows: 2018 2017 2016 Defined contribution plans $ 6.3 $ 6.3 $ 6.1 We have limited participation in two union-sponsored, defined benefit, multi-employer pension plans. These plans are not administered by us, and contributions are determined in accordance with provisions of negotiated labor contracts. Aggregate contributions to these plans were $.8 for each of the years presented. In addition to regular contributions, we could be obligated to pay additional contributions (known as complete or partial withdrawal liabilities) if a plan has unfunded vested benefits. Factors that could impact the funded status of these plans include investment performance, changes in the participant demographics, financial stability of contributing employers and changes in actuarial assumptions. Withdrawal liability triggers could include a plan's termination, a withdrawal of substantially all employers, or our voluntary withdrawal from the plan (such as decision to close a facility or the dissolution of a collective bargaining unit). We have a very small share of the liability among the participants of these plans. Based upon the information available from plan administrators, both of the multi-employer plans in which we participate are underfunded and estimate our aggregate share of potential withdrawal liability for both plans to be $19.3 . We have not recorded any material withdrawal liabilities for the years presented. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of earnings from continuing operations before income taxes are as follows: Year Ended December 31 2018 2017 2016 Domestic $ 149.1 $ 188.6 $ 267.7 Foreign 235.3 243.4 219.4 $ 384.4 $ 432.0 $ 487.1 Income tax expense from continuing operations is comprised of the following components: Year Ended December 31 2018 2017 2016 Current Federal $ 21.2 $ 76.0 $ 55.7 State and local 4.9 3.8 4.1 Foreign 55.6 43.2 42.5 81.7 123.0 102.3 Deferred Federal 8.8 5.8 13.1 State and local (12.0 ) (2.6 ) 2.3 Foreign (.2 ) 12.2 2.3 (3.4 ) 15.4 17.7 $ 78.3 $ 138.4 $ 120.0 The U.S. statutory federal income tax rate was significantly impacted by the enactment of TCJA in the fourth quarter of 2017, which reduced our U.S. federal corporate income tax rate from 35% in 2017 and 2016, to 21% in 2018. Income tax expense from continuing operations, as a percentage of earnings before income taxes, differs from these statutory federal income tax rates as follows: Year Ended December 31 2018 2017 2016 Statutory federal income tax rate 21.0 % 35.0 % 35.0 % Increases (decreases) in rate resulting from: State taxes, net of federal benefit .9 .9 .9 Tax effect of foreign operations — (8.8 ) (6.4 ) Current and deferred foreign withholding taxes 3.8 3.6 .9 Deemed repatriation of foreign earnings (.3 ) 15.6 — Deferred tax revaluation (.1 ) (6.0 ) — Stock-based compensation (.8 ) (2.0 ) (3.4 ) Tax benefit for outside basis in subsidiary — (1.8 ) — Change in valuation allowance (2.0 ) (.4 ) .2 Change in uncertain tax positions, net (.3 ) (.6 ) (.6 ) Domestic production activities deduction — (1.2 ) (1.2 ) Other permanent differences, net (1.4 ) (1.6 ) (.6 ) Other, net (.4 ) (.7 ) (.2 ) Effective tax rate 20.4 % 32.0 % 24.6 % In 2017, we recognized a provisional net tax expense totaling $50.4 from the impact of TCJA related to the one-time deemed repatriation tax ( $67.3 ), additional foreign withholding taxes recorded for expected foreign cash repatriations ( $9.0 ) and other items ( $.2 ), offset by the revaluation of our U.S. deferred taxes ( $26.1 ). We refined these provisional amounts under SAB 118 in the third quarter of 2018 and recorded measurement period adjustment benefits related to the deemed repatriation tax and our deferred tax revaluation of $1.3 and $.5 , respectively. In addition, in 2018, the United States Internal Revenue Service (IRS) applied our prepaid income taxes and taxes receivable of $28.4 against the December 31, 2017 deemed repatriation tax liability. The deemed repatriation tax outstanding as of December 31, 2018, was $ 32.2 and will be paid on a graduated scale beginning in 2022 over a four -year period. As of December 31, 2018, our accounting was finalized with respect to the SAB 118 provisional amounts recorded at December 31, 2017. In aggregate, these adjustment items decreased our effective tax rate by .4% in 2018. Our 2018 rate benefited by $2.3 , primarily related to the net reduction of valuation allowances of $7.8 and other net benefits totaling $9.1 , including measurement period adjustments discussed in the previous paragraph. These benefits were offset by tax detriments recorded in 2018 totaling $14.6 related to current and deferred foreign withholding taxes. In 2017, we recognized net tax benefits totaling $25.2 , including those associated with tax attributes from a divested business and the impact of stock-based compensation. In 2016, we recognized net tax benefits totaling $19.3 , including a tax benefit related to stock-based compensation from the first year adoption of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting". In both 2017 and 2016, prior to TCJA, the tax rate benefited from income earned in various foreign jurisdictions at rates lower than the U.S. federal statutory rate, primarily related to China, Croatia, and Luxembourg. We file tax returns in each jurisdiction where we are required to do so. In these jurisdictions, a statute of limitations period exists. After a statute period expires, the tax authorities can no longer assess additional income tax for the expired period. In addition, once the statute expires we are no longer eligible to file claims for refund for any tax that we may have overpaid. Unrecognized Tax Benefits The total amount of our gross unrecognized tax benefits at December 31, 2018 was $11.0 , of which $7.9 would impact our effective tax rate, if recognized. A reconciliation of the beginning and ending balance of our gross unrecognized tax benefits for the periods presented is as follows: 2018 2017 2016 Gross unrecognized tax benefits, January 1 $ 10.1 $ 12.1 $ 15.5 Gross increases—tax positions in prior periods — .1 .3 Gross decreases—tax positions in prior periods (.5 ) (.4 ) (1.0 ) Gross increases—current period tax positions 1.3 1.5 1.1 Change due to exchange rate fluctuations (.2 ) .3 — Settlements — (.9 ) (.9 ) Lapse of statute of limitations (2.5 ) (2.6 ) (2.9 ) Gross unrecognized tax benefits, December 31 8.2 10.1 12.1 Interest 2.4 3.0 4.0 Penalties .4 .5 .6 Total gross unrecognized tax benefits, December 31 $ 11.0 $ 13.6 $ 16.7 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. As of December 31, 2018 , four tax years were subject to audit by the IRS, covering the years 2015 through 2018. In 2017, the IRS examined our 2015 tax returns for a U.S. non-consolidated filing entity, L&P Financial Services Co., and the audit concluded with no adjustments. There are no current IRS examinations in process, nor are we aware of any forthcoming. Additionally, at December 31, 2018 , eight tax years were either subject to or undergoing audit by the Canada Revenue Agency, covering the periods 2011 through 2018. The examinations in process are at various stages of completion, but to date we are not aware of any likely material adjustments. In 2016, we settled an appeal with the Canada Revenue Agency relative to our 2007 and 2008 tax years related to transfer pricing issues. The net impact of this settlement on our financial statements was not material. Various state and other foreign jurisdiction tax years also remain open to examination, though we believe any assessments would not be material to our Consolidated Financial Statements. 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 2018 2017 Assets Liabilities Assets Liabilities Property, plant and equipment $ 19.7 $ (67.8 ) $ 19.8 $ (53.5 ) Inventories 2.1 (10.3 ) 1.9 (14.0 ) Accrued expenses 60.3 (.1 ) 59.1 (.2 ) Net operating losses and other tax carryforwards 27.2 — 35.0 — Pension cost and other post-retirement benefits 13.4 (.6 ) 11.9 (.6 ) Intangible assets .4 (84.6 ) 1.2 (77.3 ) Derivative financial instruments 5.0 (1.3 ) 5.3 (1.7 ) Tax on undistributed earnings (primarily from Canada and China) — (18.8 ) — (21.4 ) Uncertain tax positions 2.4 — 3.5 — Other 6.9 (6.1 ) .7 (7.1 ) Gross deferred tax assets (liabilities) 137.4 (189.6 ) 138.4 (175.8 ) Valuation allowance (13.2 ) — (24.2 ) — Total deferred taxes $ 124.2 $ (189.6 ) $ 114.2 $ (175.8 ) Net deferred tax (liability) asset $ (65.4 ) $ (61.6 ) Deferred tax assets (liabilities) included in the consolidated balance sheets are as follows: December 31 2018 2017 Sundry $ 20.2 $ 21.4 Deferred income taxes (85.6 ) (83.0 ) $ (65.4 ) $ (61.6 ) Significant fluctuations in our deferred taxes from 2017 to 2018 relate to the following: • The reduction of $7.8 in our "Net operating losses and other tax carryforwards" deferred tax asset relates primarily to the 2018 anticipated utilization of U.S. state and Canadian net operating losses during the year; • The decrease of $11.0 in our valuation allowance relates primarily to the anticipated future utilization of U.S. state net operating losses; and • The increase of $14.3 in our deferred tax liability associated with property, plant, and equipment relates primarily to accelerated bonus depreciation resulting from TCJA. The valuation allowance recorded by the Company 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. TCJA subjects a U.S. corporation to tax on global intangible low-taxed income (GILTI). Under GAAP, we can make an accounting policy election to either treat taxes due on the GILTI inclusion as a current period expense, or factor such amounts into the measurement of our deferred taxes. In the third quarter of 2018, we completed our evaluation and finalized our accounting policy, electing to treat taxes due on the GILTI inclusion as a period expense. There was no impact to our Consolidated Statements of Operations or Consolidated Balance Sheets resulting from this policy election. 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. Due to TCJA, we have no longer asserted permanent reinvestment on $733.9 of our earnings, and have accrued incremental tax on these undistributed earnings as presented in the table above. Foreign withholding taxes have not been provided on certain foreign earnings which are indefinitely reinvested outside the U.S. The cumulative undistributed earnings which are indefinitely reinvested as of December 31, 2018 , are $314.0 . If such earnings were repatriated to the U.S. through dividends, the resulting incremental tax expense would approximate $19.5 , based on present income tax laws and after consideration of the tax recorded for the mandatory deemed repatriation of our foreign earnings in connection with TCJA. |
Other Expense (Income)
Other Expense (Income) | 12 Months Ended |
Dec. 31, 2018 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Expense (Income) | Other Expense (Income) The components of other expense (income) from continuing operations were as follows: Year Ended December 31 2018 2017 2016 Restructuring charges (See Note F ) $ 7.8 $ .8 $ .8 Currency loss (gain) .8 1.5 (2.1 ) Royalty expense (income) .5 — (.3 ) Loss (gain) from diversified investments associated with Executive Stock Unit Program (See Note M ) 1.9 (4.5 ) (2.2 ) Non-service pension (income) expense (See Note N ) (1.3 ) 17.4 2.9 Other income (7.0 ) (2.6 ) (1.5 ) $ 2.7 $ 12.6 $ (2.4 ) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table sets forth the changes in each component of accumulated other comprehensive income (loss): Foreign Currency Translation Adjustments Cash Flow Hedges Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2016 $ (4.8 ) $ (28.2 ) $ (58.1 ) $ (91.1 ) Other comprehensive (loss) (33.2 ) (.9 ) (3.0 ) (37.1 ) Reclassifications, pretax 1 (1.7 ) 15.3 4.5 18.1 Income tax effect — (4.0 ) (.6 ) (4.6 ) Attributable to noncontrolling interest 1.1 — — 1.1 Balance at December 31, 2016 (38.6 ) (17.8 ) (57.2 ) (113.6 ) Other comprehensive income 78.7 1.6 10.2 90.5 Reclassifications, pretax 2 — 7.2 19.9 27.1 Income tax effect — (2.5 ) (11.4 ) (13.9 ) Attributable to noncontrolling interest .4 — — .4 Balance at December 31, 2017 40.5 (11.5 ) (38.5 ) (9.5 ) Other comprehensive (loss) (67.0 ) (3.1 ) (3.7 ) (73.8 ) Reclassifications, pretax 3 — 2.8 2.6 5.4 Income tax effect — — .3 .3 Attributable to noncontrolling interest — — — — Balance at December 31, 2018 $ (26.5 ) $ (11.8 ) $ (39.3 ) $ (77.6 ) 1 2016 pretax reclassifications are comprised of: Net sales $ — $ 10.6 $ — $ 10.6 Cost of goods sold; selling and administrative expenses — .5 — .5 Interest expense — 4.2 — 4.2 Other (income) expense, net (1.7 ) — 4.5 2.8 Total 2016 reclassifications, pretax $ (1.7 ) $ 15.3 $ 4.5 $ 18.1 2 2017 pretax reclassifications are comprised of: Net sales $ — $ 2.3 $ — $ 2.3 Cost of goods sold; selling and administrative expenses — .7 — .7 Interest expense — 4.2 — 4.2 Other (income) expense, net — — 19.9 19.9 Total 2017 reclassifications, pretax $ — $ 7.2 $ 19.9 $ 27.1 3 2018 pretax reclassifications are comprised of: Net sales $ — $ (2.6 ) $ — $ (2.6 ) Cost of goods sold; selling and administrative expenses — 1.1 — 1.1 Interest expense — 4.3 — 4.3 Other (income) expense, net — — 2.6 2.6 Total 2018 reclassifications, pretax $ — $ 2.8 $ 2.6 $ 5.4 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value We utilize fair value measures for both financial and non-financial assets and liabilities. Items measured at fair value on a recurring basis Fair value measurements are established using a three level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into the following categories: • Level 1: Quoted prices for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Short-term investments in this category are valued using discounted cash flow techniques with all significant inputs derived from or corroborated by observable market data. Derivative assets and liabilities in this category are valued using models that consider various assumptions and information from market-corroborated sources. The models used are primarily industry-standard models that consider items such as quoted prices, market interest rate curves applicable to the instruments being valued as of the end of each period, discounted cash flows, volatility factors, current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. • Level 3: Unobservable inputs that are not corroborated by market data. The areas in which we utilize fair value measures of financial assets and liabilities are presented in the table below. As of December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Bank time deposits with original maturities of three months or less $ — $ 159.1 $ — $ 159.1 Derivative assets 1 (see Note T ) — 1.2 — 1.2 Diversified investments associated with the ESUP 1 (see Note M ) 32.7 — — 32.7 Total assets $ 32.7 $ 160.3 $ — $ 193.0 Liabilities: Derivative liabilities 1 (see Note T ) $ — $ 4.7 $ — $ 4.7 Liabilities associated with the ESUP 1 (see Note M ) 33.7 — — 33.7 Total liabilities $ 33.7 $ 4.7 $ — $ 38.4 As of December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Bank time deposits with original maturities of three months or less $ — $ 236.4 $ — $ 236.4 Derivative assets 1 (see Note T ) — 3.9 — 3.9 Diversified investments associated with the ESUP 1 (see Note M ) 34.0 — — 34.0 Total assets $ 34.0 $ 240.3 $ — $ 274.3 Liabilities: Derivative liabilities 1 (see Note T ) $ — $ 1.9 $ — $ 1.9 Liabilities associated with the ESUP 1 (see Note M ) 34.4 — — 34.4 Total liabilities $ 34.4 $ 1.9 $ — $ 36.3 1 Includes both current and long-term amounts combined. The fair value for fixed rate debt (Level 2) was approximately $35.0 less than carrying value of $1,090.5 at December 31, 2018 and was approximately $14.0 greater than carrying value of $1,239.1 at December 31, 2017 . Items measured at fair value on a non-recurring basis The primary areas in which we utilize fair value measures of non-financial assets and liabilities are allocating purchase price to the assets and liabilities of acquired companies as discussed in Note S and evaluating long-term assets (including goodwill) for potential impairment as discussed in Note D . Determining fair values for these items requires significant judgment and includes a variety of methods and models that utilize significant Level 3 inputs. Long-lived assets, acquisitions and the second step of a goodwill impairment test utilize the following methodologies in determining fair value: (i) Buildings and machinery are valued at an estimated replacement cost for an asset of comparable age and condition. Market pricing of comparable assets are used to estimate replacement cost where available. (ii) The most common identified intangible assets are customer relationships and tradenames. Customer relationships are valued using an excess earnings method, using various inputs such as the estimated customer attrition rate, future earnings forecast, the amount of contributory asset charges, and a discount rate. Tradenames are valued using a relief from royalty method, which is based upon comparable market royalty rates for tradenames of similar value. (iii) 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. (iv) Other working capital items are generally recorded at face value, unless there are known conditions that would impact the ultimate settlement amount of the particular item. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The following table contains the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions during the periods presented (using inputs discussed in Note R ), and any additional consideration paid for prior years’ acquisitions. A portion of the goodwill included in the table below is expected to provide an income tax benefit. 2018 2017 2016 Accounts receivable $ 19.6 $ 10.5 $ 5.3 Inventory 26.2 6.2 5.8 Property, plant and equipment 28.2 15.7 3.7 Goodwill (see Note E ) 28.1 11.5 8.7 Other intangible assets (see Note E ) 28.9 20.3 12.3 Other current and long-term assets .8 .8 — Current liabilities (11.9 ) (4.6 ) (4.2 ) Long-term liabilities (10.7 ) (6.3 ) (.5 ) Non-controlling interest — (.5 ) — Fair value of net identifiable assets 109.2 53.6 31.1 Less: Additional consideration payable — 2.7 1.6 Less: Common stock issued for acquired companies — 11.8 — Net cash consideration $ 109.2 $ 39.1 $ 29.5 The following table summarizes acquisitions for the periods presented. Year Ended Number of Acquisitions Segment Product/Service December 31, 2018 3 Residential Products; Specialized Products Manufacturer and distributor of home and garden products; Manufacturer and distributor of silt fence; Engineered hydraulic cylinders December 31, 2017 3 Residential Products; Furniture Products Distributor and installer of geosynthetic products; Flooring products; Surface-critical bent tube components December 31, 2016 3 Residential Products; Specialized Products Distributor of geosynthetic products; Innersprings; Fabricated aerospace tubing and pipe assemblies We are finalizing all of the information required to complete the purchase price allocations related to the most recent acquisitions and do not anticipate any material modifications. The results of operations of the above acquired companies have been included in the consolidated financial statements since the dates of acquisition. The unaudited pro forma consolidated net sales, net earnings and earnings per share as though the 2018 and 2017 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 consideration to be paid in cash at a later date and are recorded as a liability at the acquisition date. At December 31, 2018 and December 31, 2017 our liability for these future payments was $10.8 ( $.8 current and $10.0 long-term) and $16.5 ( $8.9 current and $7.6 long-term), respectively. Components of the liability are based on estimates and future events and the amounts may fluctuate significantly until the payment date. Additional consideration, including interest, paid was $9.3 , $2.2 and $.5 for the years ended 2018, 2017 and 2016, respectively. A brief description of our acquisition activity by year is included below. 2018 In 2018, we acquired three businesses: • Precision Hydraulic Cylinders (PHC), a leading global manufacturer of engineered hydraulic cylinders primarily for the materials handling market. The purchase price was $87.5 and added $26.8 of goodwill. PHC serves a market of mainly large OEM customers utilizing highly engineered components with long product life-cycles that represent a small part of the end product’s cost. PHC represents a new growth platform and formed a new business group titled Hydraulic Cylinders within the Specialized Products segment. • A manufacturer and distributor of innovative home and garden products found at most major retailers for $19.1 . This acquisition provides a solid foundation on which to continue growing our retail market presence in our Geo Components business unit. • A manufacturer and distributor of silt fence, a core product for our Geo Components business unit, for $2.6 . 2017 In 2017, we acquired three businesses: • A distributor and installer of geosynthetic products, expanding the geographic scope and capabilities of our Geo Components business. • A manufacturer of surface-critical bent tube components in support of the private-label finished seating strategy in our Work Furniture business. • A carpet underlay manufacturer, providing additional production capacity in our Flooring Products business. These businesses broaden our geographic scope, capabilities, and product offerings, and added $11.5 ( $7.6 to Residential Products and $3.9 to Furniture Products) of goodwill. We also acquired the remaining 20% ownership in an Asian joint venture in our Work Furniture business for $2.6 . 2016 In 2016, we acquired three small businesses: • A U.S. manufacturer of aerospace tube assemblies, expanding our tube forming and fabrication capabilities and adding precision machining to our aerospace platform. • A distributor of geosynthetic products. • A South African producer of mattress innersprings. We acquired these businesses for a total purchase price of $29.2 . In addition, we purchased the remaining interest in an Automotive joint venture in China for $35.2 . Acquisition of Elite Comfort Solutions, Inc. (ECS) On January 16, 2019, we completed the acquisition of ECS for cash consideration of approximately $1,250.0 (see Note V ). |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Cash Flow Hedges Derivative financial instruments that we use to hedge forecasted transactions and anticipated cash flows are as follows: Currency Cash Flow Hedges —The foreign currency hedges manage risk associated with exchange rate volatility of various currencies. Interest Rate Cash Flow Hedges —We have also occasionally used interest rate cash flow hedges to manage interest rate risks. The effective changes in fair value of unexpired contracts are recorded in accumulated other comprehensive income and reclassified to income or expense in the period in which earnings are impacted. Cash flows from settled contracts are presented in the category consistent with the nature of the item being hedged. (Settlements associated with the sale or production of product are presented in operating cash flows, and settlements associated with debt issuance are presented in financing cash flows.) Fair Value Hedges and Derivatives not Designated as Hedging Instruments These derivatives typically manage foreign currency risk associated with subsidiaries’ assets and liabilities, and gains or losses are recognized currently in earnings. Cash flows from settled contracts are presented in the category consistent with the nature of the item being hedged. Hedge Effectiveness We have deemed ineffectiveness to be immaterial, and as a result, have not recorded any amounts for ineffectiveness. If a hedge was not highly effective, the portion of the change in fair value considered to be ineffective would be recognized immediately in the Consolidated Statements of Operations. The following table presents assets and liabilities representing the fair value of our most significant derivative financial instruments. The fair values of the derivatives reflect the change in the market value of the derivative from the date of the trade execution and do not consider the offsetting underlying hedged item. Expiring at various dates through: Total USD Equivalent Notional Amount As of December 31, 2018 Derivatives Designated as Hedging Instruments Assets Liabilities Other Current Assets Sundry Other Current Liabilities Other Long-Term Liabilities Cash flow hedges: Currency hedges: Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries Jun 2020 $ 164.7 $ .5 $ .1 $ 3.8 $ .2 Future MXN purchases of a USD subsidiary Jun 2019 7.9 .1 — — — Future EUR Sales of Chinese and UK subsidiaries Jun 2020 32.3 .2 .1 .1 — Total cash flow hedges .8 .2 3.9 .2 Fair value hedges: Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, EUR, GBP, PLN and USD) Dec 2019 65.8 .1 — .3 — Total fair value hedges .1 — .3 — Derivatives not designated as hedging instruments Non-deliverable hedges (EUR and USD) exposed to the CNY Dec 2019 23.6 .1 — .3 — Total derivatives not designated as hedging instruments .1 — .3 — Total derivatives $ 1.0 $ .2 $ 4.5 $ .2 Expiring at various dates through: Total USD Equivalent Notional Amount As of December 31, 2017 Derivatives Designated as Hedging Instruments Assets Liabilities Other Current Assets Sundry Other Current Liabilities Other Long-Term Liabilities Cash flow hedges: Currency hedges: Future USD sales/purchases of Canadian, Chinese, European, South Korean and Swiss subsidiaries Mar 2019 $ 158.1 $ 2.2 $ .2 $ .5 $ — Future MXN purchases of a USD subsidiary Mar 2019 6.6 — — .5 — Future JPY sales of Chinese subsidiary Dec 2018 11.2 .1 — — — Future DKK sales of Polish subsidiary Dec 2018 16.0 .6 — — — Future EUR Sales of Chinese, Swiss and UK subsidiaries Mar 2019 38.8 — — .3 .1 Total cash flow hedges 2.9 .2 1.3 .1 Fair value hedges: Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, USD and ZAR) in various countries (CAD, CHF, EUR and USD) Dec 2018 35.9 .2 — .5 — Total fair value hedges .2 — .5 — Derivatives not designated as hedging instruments Non-deliverable hedges (EUR and JPY) exposed to the CNY Nov 2018 17.0 .3 — — — Hedge of USD Receivable on CAD Subsidiary Jan 2018 19.0 .3 — — — Total derivatives not designated as hedging instruments .6 — — — Total derivatives $ 3.7 $ .2 $ 1.8 $ .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 Designated as Hedging Instruments 2018 2017 2016 Interest rate cash flow hedges Interest expense $ 4.3 $ 4.2 $ 4.2 Currency cash flow hedges Net sales (2.0 ) (1.4 ) 10.8 Currency cash flow hedges Cost of goods sold .4 .4 1.1 Currency cash flow hedges Other expense (income), net — .6 .4 Total cash flow hedges 2.7 3.8 16.5 Fair value hedges Other expense (income), net 1.2 (.2 ) (1.3 ) Derivatives Not Designated as Hedging Instruments Other expense (income), net (1.6 ) (1.7 ) (.1 ) Total derivative instruments $ 2.3 $ 1.9 $ 15.1 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies We are a party to various proceedings and matters involving employment, intellectual property, environmental, taxation, vehicle-related personal injury, antitrust and other laws. When it is probable, in management's judgment, that we may incur monetary damages or other costs resulting from these proceedings or other claims, and we can reasonably estimate the amounts, we record appropriate accruals in the financial statements and make charges against earnings. For all periods presented, we have recorded no material charges against earnings. Also, when it is reasonably possible that we may incur additional loss in excess of recorded accruals and we can reasonably estimate the additional losses or range of losses, we disclose such additional reasonably possible losses in these notes. For specific information regarding accruals, cash payments to settle litigation contingencies, and reasonably possible losses in excess of accruals, please see “Accruals and Reasonably Possible Losses in Excess of Accruals” below. Brazilian Value-Added Tax Matters All dollar amounts presented in this section have been updated since our last filing to reflect the U.S. Dollar (USD) equivalent of Brazilian Real (BRL). We deny all allegations in the below Brazilian actions. We believe that we have valid bases to contest such actions and are vigorously defending ourselves. However, these contingencies are subject to uncertainties, and based on current known facts, we believe that it is reasonably possible (but not probable) that we may incur losses of approximately $15.6 including interest and attorney fees with respect to these assessments. Therefore, because it is not probable we will incur a loss, no accrual has been recorded for Brazilian value-added tax (VAT) matters. As of December 31, 2018 , we have $13.9 on deposit with the Brazilian government to partially mitigate interest and penalties that may accrue while we work through these matters. If we are successful in our defense of these assessments, the deposits are refundable with interest. These deposits are recorded as a long-term asset on our balance sheet. Brazilian Federal Cases. On December 22 and December 29, 2011, and December 17, 2012, the Brazilian Finance Ministry, Federal Revenue Office (Finance Ministry) issued notices of violation against our wholly-owned subsidiary, Leggett & Platt do Brasil Ltda. (L&P Brazil) in the amount of $2.1 , $.1 and $3.8 , respectively. The Finance Ministry claimed that for November 2006 and continuing through 2011, L&P Brazil used an incorrect tariff code for the collection and payment of VAT primarily on the sale of mattress innerspring units in Brazil. L&P Brazil has denied the violations. On December 4, 2015, we filed an action related to the $3.8 assessment ( $4.5 with updated interest), in Sorocaba Federal Court seeking to annul the entire assessment, of which we are awaiting a decision. In addition, L&P Brazil received assessments on December 22, 2011, and June 26, July 2 and November 5, 2012, and September 13, 2013, from the Finance Ministry where it challenged L&P Brazil’s use of tax credits in years 2005 through 2010. Such credits are generated based upon the tariff classification and rate used by L&P Brazil for VAT on the sale of mattress innersprings. On September 4, 2014, the Finance Ministry issued additional assessments regarding this same issue, but covering certain periods of 2011 and 2012. L&P Brazil filed its defenses denying the assessments. L&P Brazil has received aggregate assessments and penalties totaling $1.9 ( $2.6 updated with interest) on these denials of tax credit matters. L&P Brazil has denied the violations. Some of these cases have been administratively closed and combined with other actions, while the remaining cases are pending at the administrative level. On September 11, 2017, L&P Brazil received an "isolated penalty" from the Finance Ministry in the amount of $.2 regarding the use of these credits. L&P Brazil filed its defense disputing the penalty. On February 1, 2013, the Finance Ministry filed a Tax Collection action against L&P Brazil in the Camanducaia Judicial District Court, alleging the untimely payment of $.1 of social contributions (social security and social assistance payments) for September to October 2010. L&P Brazil argued the payments were not required to be made because of the application of tax credits generated by L&P Brazil's use of a correct tariff code for the classification of VAT on the sale of mattress innersprings. On June 26, 2014, the Finance Ministry issued a new notice of violation against L&P Brazil in the amount of $.7 covering 2011 through 2012 on the same subject matter. L&P Brazil has filed its defenses. On July 1, 2014, the Finance Ministry rendered a preliminary decision alleging that L&P Brazil improperly offset $.1 of social contributions due in 2011. L&P Brazil denied the allegations. L&P Brazil is defending on the basis that the social contribution amounts were correctly offset with tax credits generated by L&P Brazil's use of a correct tariff code classification for VAT on the sale of mattress innersprings. On December 15, 2015, the Finance Ministry issued an assessment against L&P Brazil in the amount of $.1 for August 2010 through May 2011, as a penalty for L&P Brazil's requests to offset tax credits. We filed our defense denying the assessment. State of São Paulo, Brazil Cases. The State of S ã o Paulo, Brazil (SSP), on April 16, 2009, issued a Notice of Tax Assessment to L&P Brazil seeking $1.5 for the tax years 2006 and 2007. SSP argued that L&P Brazil was using an incorrect tariff code for the collection and payment of VAT on sales of mattress innerspring units in the SSP (the "VAT tariff code dispute"). L&P Brazil denied the allegations. On April 17, 2014, the Court of Tax and Fees ruled in the SSP's favor upholding the original assessment of $1.5 . On July 31, 2014, L&P Brazil filed an action in the Sorocaba State Court, seeking to have the ruling annulled for an updated assessment amount of $3.1 (which includes interest). The Court issued a ruling in our favor on October 27, 2017, but the SSP appealed the ruling to the second judicial level. On July 24, 2018, the S ã o Paulo State Court of Appeals agreed with nullifying the assessments against L&P Brazil. On September 13, 2018, the SSP filed a Special Appeal to the Superior Court of Justice. On November 14, 2018, the Special Appeals Court decided not to accept SSP's appeal. On February 12, 2019, the decision to nullify the assessment was certified as final, resulting in a full victory for L&P Brazil on the $3.1 assessment. As such, this claim has been fully resolved. On October 4, 2012, the State of SSP issued a Tax Assessment against L&P Brazil in the amount of $1.3 for the tax years 2009 through 2011 regarding the VAT tariff code dispute. On June 21, 2013, the SSP converted the Tax Assessment to a tax collection action against L&P Brazil in the amount of $2.1 in Sorocaba Judicial District Court. L&P Brazil has denied all allegations. L&P Brazil also received a Notice of Tax Assessment from the SSP dated March 27, 2014, in the amount of $.8 for tax years January 2011 through August 2012 regarding the VAT tariff code dispute. L&P Brazil filed its response denying the allegations, but the tax assessment was maintained at the administrative level. On June 9, 2016, L&P Brazil filed an action in Sorocaba State Court to annul the entire assessment in an updated amount of $.9 . The Court ruled against L&P Brazil on the assessment, but lowered the interest amount. The Court of Appeals upheld the unfavorable ruling, and we filed a Special and Extraordinary appeal to the High Court on October 10, 2017, and this final appeal remains pending. State of Minas Gerais, Brazil Cases. On December 18, 2012, the State of Minas Gerais, Brazil issued a tax assessment to L&P Brazil relating to L&P Brazil's classifications of innersprings for the collection and payment of VAT on the sale of mattress innersprings in Minas Gerais from March 2008 through August 2012 in the amount of $.4 . L&P Brazil filed its response denying any violation. The Minas Gerais Taxpayer's Council ruled against us, and on June 5, 2014, L&P Brazil filed a Motion to Stay the Execution of the Judgment in Camanducaia Judicial District Court, which remains pending. Accruals and Reasonably Possible Losses in Excess of Accruals Accruals for Probable Losses Although we deny liability in all currently threatened or pending litigation proceedings in which we are or may be a party and believe that we have valid bases to contest all claims threatened or made against us, we have recorded a litigation contingency accrual for our reasonable estimate of probable loss for pending and threatened litigation proceedings, in aggregate, in millions, as follows: Year Ended December 31 2018 2017 2016 Litigation contingency accrual - Beginning of period $ .4 $ 3.2 $ 8.1 Adjustment to accruals - expense - Continuing operations 1.8 .6 7.1 Adjustment to accruals - expense - Discontinued operations — 1.6 2.0 Cash payments (.3 ) (5.0 ) (14.0 ) Litigation contingency accrual - End of period $ 1.9 $ .4 $ 3.2 A large percentage of the accruals and cash payments in 2016 were related to antitrust proceedings. The above litigation contingency accruals do not include accrued expenses related to workers compensation, vehicle-related personal injury, product and general liability claims, taxation issues and environmental matters, some of which may contain a portion of litigation expense. However, any litigation expense associated with these categories is not anticipated to have a material effect on our financial condition, results of operations or cash flows. For more information regarding accrued expenses, see Note J - Supplemental Balance Sheet Information under "Accrued expenses" on page 93 . 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, 2018 , aggregate reasonably possible (but not probable, and therefore not accrued) losses in excess of the accruals noted above are estimated to be approximately $16.6 , including approximately $15.6 for Brazilian VAT matters disclosed above and $1.0 for other matters. I f our assumptions or analyses regarding these contingencies are incorrect, or if facts change, we could realize loss in excess of the recorded accruals (and in excess of the $16.6 million referenced above), which could have a material negative impact on our financial condition, results of operations and cash flows. |
Quarterly Summary Of Earnings
Quarterly Summary Of Earnings | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Summary Of Earnings | Quarterly Summary of Earnings (Unaudited) Year ended December 31 (Amounts in millions, except per share data) First Second Third 1,3 Fourth 2,4 Total 2018 Net sales $ 1,028.8 $ 1,102.5 $ 1,091.5 $ 1,046.7 $ 4,269.5 Gross profit 217.4 231.0 227.1 213.2 888.7 Earnings from continuing operations before income taxes 95.4 107.5 113.3 68.2 384.4 Earnings from continuing operations $ 77.9 $ 85.1 $ 90.0 $ 53.1 $ 306.1 Earnings (loss) from discontinued operations, net of tax — — — — — Net earnings 77.9 85.1 90.0 53.1 306.1 (Earnings) attributable to noncontrolling interest, net of tax — (.1 ) — (.1 ) (.2 ) Net earnings attributable to Leggett & Platt, Inc. common shareholders $ 77.9 $ 85.0 $ 90.0 $ 53.0 $ 305.9 Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders Basic $ .58 $ .63 $ .67 $ .40 $ 2.28 Diluted $ .57 $ .63 $ .67 $ .39 $ 2.26 Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders Basic $ — $ — $ — $ — $ — Diluted $ — $ — $ — $ — $ — Net earnings per share attributable to Leggett & Platt, Inc. common shareholders Basic $ .58 $ .63 $ .67 $ .40 $ 2.28 Diluted $ .57 $ .63 $ .67 $ .39 $ 2.26 2017 Net sales $ 960.3 $ 989.3 $ 1,009.7 $ 984.5 $ 3,943.8 Gross profit 226.7 230.7 216.5 208.5 882.4 Earnings from continuing operations before income taxes 107.3 113.4 100.7 110.6 432.0 Earnings from continuing operations $ 86.1 $ 87.6 $ 83.5 $ 36.4 $ 293.6 Earnings (loss) from discontinued operations, net of tax — — (.9 ) — (.9 ) Net earnings 86.1 87.6 82.6 36.4 292.7 (Earnings) attributable to noncontrolling interest, net of tax — — — (.1 ) (.1 ) Net earnings attributable to Leggett & Platt, Inc. common shareholders $ 86.1 $ 87.6 $ 82.6 $ 36.3 $ 292.6 Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders Basic $ .63 $ .64 $ .62 $ .27 $ 2.16 Diluted $ .62 $ .64 $ .61 $ .27 $ 2.14 Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders Basic $ — $ — $ (.01 ) $ — $ (.01 ) Diluted $ — $ — $ (.01 ) $ — $ (.01 ) Net earnings per share attributable to Leggett & Platt, Inc. common shareholders Basic $ .63 $ .64 $ .61 $ .27 $ 2.15 Diluted $ .62 $ .64 $ .60 $ .27 $ 2.13 All items below are shown pretax with the exception of the 2017 Tax Cuts and Jobs Act (TCJA) items discussed below. 1 Third quarter 2018 Earnings from continuing operations include a $2 benefit associated with the TCJA ( Note O ) 2 Fourth quarter 2018 Earnings from continuing operations include a charge of $16 for restructuring ( Note F ); $16 charge for a customer receivable impairment ( Note I ); $7 charge for ECS acquisition transaction costs ( Note V ) 3 Third quarter 2017 Earnings from continuing operations include a charge of $5 associated with a small Wire Products business impairment ( Note D ); $3 charge associated with the sale of a business ( Note C ) 4 Fourth quarter 2017 Earnings from continuing operations include a gain of $23 associated with the sale of real estate ( Note C ); $15 pension settlement charge ( Note N ); $50 charge associated with the TCJA ( Note O ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Acquisition of Elite Comfort Solutions, Inc. (ECS) On January 16, 2019, we completed the acquisition of ECS for cash consideration of approximately $1,250.0 . There is no contingent consideration associated with this acquisition. ECS is a leader in proprietary specialized foam technology, primarily for the bedding and furniture industries. Through this acquisition, we gain critical capabilities in proprietary foam technology, along with scale in the production of private-label finished mattresses. ECS operates as a separate business unit within the Residential Products segment. In January 2019, we expanded the borrowing capacity under our revolving credit facility from $800.0 to $1,200.0 and correspondingly increased permitted borrowings under our commercial paper program primarily to finance the ECS transaction. The transaction was financed through an expansion of our commercial paper program and the issuance of a $500.0 5 -year term loan with our current bank group. Effective January 2019, the revolving credit facility was amended to remove the total amount of indebtedness to total capitalization covenant (as discussed in Note K ). Beginning March 31, 2019, a new restrictive covenant was added that limits, as of the last day of each fiscal quarter, the leverage ratio of consolidated funded indebtedness to consolidated EBITDA (each as defined in the revolving credit facility) for the trailing four fiscal quarters to 4.25 to 1.00 , with a single step-down to 3.50 to 1.00 at March 31, 2020. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts And Reserves | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts And Reserves | VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Amounts in millions) Column A Column B Column C Column D Column E Description Balance at Beginning of Period Additions (Credited) to Cost and Expenses Deductions Balance at End of Period Year ended December 31, 2018 Allowance for doubtful receivables $ 4.9 $ 16.7 $ 1.4 1 $ 20.2 Excess and obsolete inventory reserve, LIFO basis $ 26.4 $ 10.3 $ 9.6 $ 27.1 Tax valuation allowance $ 24.2 $ (7.8 ) $ 3.2 $ 13.2 Year ended December 31, 2017 Allowance for doubtful receivables $ 7.4 $ .8 $ 3.3 1 $ 4.9 Excess and obsolete inventory reserve, LIFO basis $ 27.1 $ 4.9 $ 5.6 $ 26.4 Tax valuation allowance $ 22.9 $ 1.3 $ — $ 24.2 Year ended December 31, 2016 Allowance for doubtful receivables $ 9.9 $ 1.6 $ 4.1 1 $ 7.4 Excess and obsolete inventory reserve, LIFO basis $ 24.7 $ 8.9 $ 6.5 $ 27.1 Tax valuation allowance $ 26.6 $ .8 $ 4.5 $ 22.9 1 Uncollectible accounts charged off, net of recoveries. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles Of Consolidation | PRINCIPLES OF CONSOLIDATION: The consolidated financial statements include the accounts of Leggett & Platt, Incorporated and its majority-owned subsidiaries (“we” or “our”). Management does not expect foreign exchange restrictions to significantly impact the ultimate realization of amounts consolidated in the accompanying financial statements for subsidiaries located outside the United States. All intercompany transactions and accounts have been eliminated in consolidation. |
Estimates | ESTIMATES: The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the accrual and disclosure of loss contingencies. |
Cash Equivalents | CASH EQUIVALENTS: Cash equivalents include cash in excess of daily requirements which is invested in various financial instruments with original maturities of three months or less. |
Accounts And Other Receivables And Allowance For Doubtful Accounts | TRADE AND OTHER RECEIVABLES AND ALLOWANCE FOR DOUBTFUL ACCOUNTS: Trade receivables are recorded at the invoiced amount and generally do not bear interest. Credit is also occasionally extended in the form of a note receivable to facilitate our customers’ operating cycles. Other notes receivable are established in special circumstances, such as in partial payment for the sale of a business or to support other business opportunities. Other notes receivable generally bear interest at market rates commensurate with the corresponding credit risk on the date of origination. The allowance for doubtful accounts is an estimate of the amount of probable credit losses. Allowances and nonaccrual status designations are determined by individual account reviews by management and are based on several factors such as the length of time that receivables are past due, the financial health of the companies involved, industry and macroeconomic considerations, and historical loss experience. Account balances are charged against the allowance when it is probable the receivable will not be recovered. Interest income is not recognized for nonperforming accounts that are placed on nonaccrual status. For accounts on nonaccrual status, any interest payments received are applied against the balance of the nonaccrual account. |
Inventories | INVENTORIES: All inventories are stated at the lower of cost or net realizable value. We generally use standard costs which include materials, labor and production overhead at normal production capacity. The cost for approximately 50% of our inventories is determined by the last-in, first-out (LIFO) method and is primarily used to value our domestic steel-related inventories. For the remainder of the inventories, we principally use the first-in, first-out (FIFO) method, which is representative of our standard costs. For these inventories, the FIFO cost for the periods presented approximated expected replacement cost. Inventories are reviewed at least quarterly for slow-moving and potentially obsolete items using actual inventory turnover and, if necessary, are written down to estimated net realizable value. |
Divestitures | DIVESTITURES: Significant accounting policies associated with a decision to dispose of a business are discussed below: Discontinued Operations —A business is classified as discontinued operations if the disposal represents a strategic shift that will have a major effect on operations or financial results and meets the criteria to be classified as held for sale or is disposed of by sale or otherwise. Significant judgments are involved in determining whether a business meets the criteria for discontinued operations reporting and the period in which these criteria are met. If a business is reported as a discontinued operation, the results of operations through the date of sale, including any gain or loss recognized on the disposition, are presented on a separate line of the income statement. Interest on debt directly attributable to the discontinued operation is allocated to discontinued operations. Gains and losses related to the sale of businesses that do not meet the discontinued operation criteria are reported in continuing operations and separately disclosed if significant. Assets Held for Sale —An asset or business is classified as held for sale when (i) management commits to a plan to sell and it is actively marketed; (ii) it is available for immediate sale and the sale is expected to be completed within one year; and (iii) it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. In isolated instances, assets held for sale may exceed one year due to events or circumstances beyond our control. Upon being classified as held for sale, the recoverability of the carrying value must be assessed. Evaluating the recoverability of the assets of a business classified as held for sale follows a defined order in which property and intangible assets subject to amortization are considered only after the recoverability of goodwill and other assets are assessed. After the valuation process is completed, the assets held for sale are reported at the lower of the carrying value or fair value less cost to sell, and the assets are no longer depreciated or amortized. An impairment charge is recognized if the carrying value exceeds the fair value less cost to sell. The assets and related liabilities are aggregated and reported on separate lines of the balance sheet. Assets Held for Use —If a decision to dispose of an asset or a business is made and the held-for-sale criteria are not met, it is considered held for use. Assets of the business are evaluated for recoverability in the following order: (i) assets other than goodwill, property and intangibles; (ii) property and intangibles subject to amortization; and (iii) goodwill. In evaluating the recoverability of property and intangible assets subject to amortization, the carrying value is first compared to the sum of the undiscounted cash flows expected to result from the use and eventual disposition. If the carrying value exceeds the undiscounted expected cash flows, then a fair value analysis is performed. An impairment charge is recognized if the carrying value exceeds the fair value. |
Loss Contingencies | LOSS CONTINGENCIES: Loss contingencies are accrued when a loss is probable and reasonably estimable. If a range of outcomes are possible, the most likely outcome is used to accrue these costs. If no outcome is more likely, we accrue at the minimum amount of the range. Any insurance recovery is recorded separately if it is determined that a recovery is probable. Legal fees are accrued when incurred. |
Property, Plant And Equipment | PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is stated at cost, less accumulated depreciation. Assets are depreciated by the straight-line method and salvage value, if any, is assumed to be minimal. The table below presents the depreciation periods of the estimated useful lives of our property, plant and equipment. Accelerated methods are used for tax purposes. Useful Life Range Weighted Average Life Machinery and equipment 3-20 years 10 years Buildings 10-40 years 27 years Other items 3-15 years 9 years Property is reviewed for recoverability at year end and whenever events or changes in circumstances indicate that its carrying value may not be recoverable as discussed above. |
Goodwill | GOODWILL: Goodwill results from the acquisition of existing businesses and is not amortized; it is assessed for impairment annually and as triggering events may occur. Our ten reporting units are the business groups one level below the operating segment level for which discrete financial information is available. We perform our annual review in the second quarter of each year using either a quantitative or qualitative analysis: • The qualitative assessment begins with determination of whether it is more likely than not that a reporting unit's fair value is less than its carrying value before applying a two-step goodwill impairment model. If after such an assessment, with regard to each reporting unit, we conclude that the goodwill of a reporting unit is not impaired, then no further action is required (commonly referred to as the Step Zero Analysis approach). • The quantitative analysis utilizes a two-step goodwill impairment model. The first step of the two-step approach involves a comparison of the fair value of a reporting unit with its carrying value. If the carrying value of the reporting unit exceeds its fair value, the second step of the process is necessary and involves a comparison of the implied fair value and the carrying value of the goodwill of that reporting unit. If the carrying value of the goodwill of a reporting unit exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. Fair value of reporting units is determined using a combination of two valuation methods: a market approach and an income approach. Each method is generally given equal weight in determining the fair value assigned to each reporting unit. Absent an indication of fair value from a potential buyer or similar specific transaction, we believe that the use of these two methods provides a reasonable estimate of a reporting unit’s fair value. Assumptions common to both methods are operating plans and economic projections, which are used to project future revenues, earnings, and after-tax cash flows for each reporting unit. These assumptions are applied consistently for both methods. The market approach estimates fair value by first determining price-to-earnings ratios for comparable publicly-traded companies with similar characteristics of the reporting unit. The price-to-earnings ratio for comparable companies is based upon current enterprise value compared to the projected earnings for the next two years. The enterprise value is based upon current market capitalization and includes a control premium. Projected earnings are based upon market analysts’ projections. The earnings ratios are applied to the projected earnings of the comparable reporting unit to estimate fair value. Management believes this approach is appropriate because it provides a fair value estimate using multiples from entities with operations and economic characteristics comparable to our reporting units. The income approach is based on projected future (debt-free) cash flow that is discounted to present value using factors that consider the timing and risk of future cash flows. Management believes that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. Discounted cash flow projections are based on 10-year financial forecasts developed from operating plans and economic projections noted above, sales growth, estimates of future expected changes in operating margins, 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 1-40 years 14 years |
Stock-Based Compensation | STOCK-BASED COMPENSATION: The cost of employee services received in exchange for all equity awards granted is based on the fair market value of the award as of the grant date. Expense is recognized net of an estimated forfeiture rate using the straight-line method over the vesting period of the award. |
Shipping And Handling Fees And Costs | 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 inventory writedowns and gains or losses from sales of assets recorded as the result of exit activities. We recognize a liability for costs associated with an exit or disposal activity when the liability is incurred. Certain termination benefits for which employees are required to render service are recognized ratably over the respective future service periods. |
Income Taxes | INCOME TAXES: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of our assets and liabilities and are adjusted for changes in tax rates and laws, as appropriate. A valuation allowance is provided to reduce deferred tax assets when management cannot conclude that it is more likely than not that a tax benefit will be realized. A provision is also made for incremental withholding taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be indefinitely invested. The calculation of our U.S., state, and foreign tax liabilities involves dealing with uncertainties in the application of complex global tax laws. We recognize potential liabilities for anticipated tax issues which might arise in the U.S. and other tax jurisdictions based on management’s estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when we determine the liabilities are no longer necessary. Conversely, if the estimate of tax liabilities proves to be less than the ultimate tax assessment, a further charge to tax expense would result. |
Concentration Of Credit Risks, Exposures And Financial Instruments | CONCENTRATION OF CREDIT RISKS, EXPOSURES AND FINANCIAL INSTRUMENTS: We manufacture, market, and distribute products for the various end markets described in Note G . Our operations are principally located in the United States, although we also have operations in Europe, China, Canada, Mexico and other various countries. We maintain allowances for potential credit losses. We perform ongoing credit evaluations of our customers’ financial conditions and generally require no collateral from our customers, some of which are highly leveraged. Management also monitors the financial condition and status of other notes receivable. Other notes receivable have historically primarily consisted of notes accepted as partial payment for the divestiture of a business or to support other business opportunities. Some of these companies are highly leveraged and the notes are not fully collateralized. We have no material guarantees or liabilities for product warranties which require disclosure. From time to time, we will enter into contracts to hedge foreign currency denominated transactions, and interest rates related to our debt. To minimize the risk of counterparty default, only highly-rated financial institutions that meet certain requirements are used. We do not anticipate that any of the financial institution counterparties will default on their obligations. The carrying value of cash and short-term financial instruments approximates fair value due to the short maturity of those instruments. |
Other Risks | OTHER RISKS: Although we obtain insurance for workers’ compensation, automobile, product and general liability, property loss and medical claims, we have elected to retain a significant portion of expected losses through the use of deductibles. Accrued liabilities include estimates for unpaid reported claims and for claims incurred but not yet reported. Provisions for losses are recorded based upon reasonable estimates of the aggregate liability for claims incurred utilizing our prior experience and information provided by our third-party administrators and insurance carriers. |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS: We utilize derivative financial instruments to manage market and financial risks related to foreign currency and interest rates. We seek to use derivative contracts that qualify for hedge accounting treatment; however, some instruments that economically manage currency risk may not qualify for hedge accounting treatment. It is our policy not to speculate using derivative instruments. Under hedge accounting, we formally document our hedge relationships, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for entering into the hedge transaction. The process includes designating derivative instruments as hedges of specific assets, liabilities, firm commitments or forecasted transactions. We also formally assess both at inception and on a quarterly basis thereafter, whether the derivatives used in hedging transactions are highly effective in offsetting changes in either the fair value or cash flows of the hedged item. If it is determined that a derivative ceases to be highly effective, deferred gains or losses are recorded in the Consolidated Statements of Operations. On the date the contract is entered into, we designate the derivative as one of the following types of hedging instruments and account for it as follows: Cash Flow Hedge— The hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability or anticipated transaction is designated as a cash flow hedge. The effective portion of the change in fair value is recorded in accumulated other comprehensive income. When the hedged item impacts the income statement, the gain or loss included in other comprehensive income is reported on the same line of the Consolidated Statements of Operations as the hedged item to match the gain or loss on the derivative to the gain or loss on the hedged item. Any ineffective portion of the changes in the fair value is immediately reported in the Consolidated Statements of Operations on the same line as the hedged item. Settlements associated with the sale or production of product are presented in operating cash flows and settlements associated with debt issuance are presented in financing cash flows. Fair Value Hedge— The hedge of a recognized asset or liability or an unrecognized firm commitment is designated as a fair value hedge. For fair value hedges, both the effective and ineffective portions of the changes in fair value of the derivative, along with the gain or loss on the hedged item that is attributable to the hedged risk, are recorded in earnings and reported in the Consolidated Statements of Operations on the same line as the hedged item. Cash flows from settled contracts are presented in the category consistent with the nature of the item being hedged. |
Foreign Currency Translation | FOREIGN CURRENCY TRANSLATION: The functional currency for most foreign operations is the local currency. The translation of foreign currencies into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income and expense accounts using monthly average exchange rates. The cumulative effects of translating the functional currencies into the U.S. dollar are included in comprehensive income. |
Reclassifications | RECLASSIFICATIONS: Certain reclassifications have been made to the prior years’ information in the Consolidated Financial Statements and related notes to conform to the 2018 presentation. This includes certain reclassifications that have been made to the prior period's information in the Consolidated Statements of Operations to conform to the 2018 presentation of "Cost of goods sold", "Selling and administrative expenses" and "Other (income) expense, net" for new accounting guidance associated with pension costs (see below). |
New Accounting Guidance | NEW ACCOUNTING GUIDANCE: The Financial Accounting Standards Board (FASB) regularly issues updates to the FASB Accounting Standards Codification that are communicated through issuance of an Accounting Standards Update (ASU). Below is a summary of the ASUs, effective for current or future periods, most relevant to our financial statements: Adopted in 2018: • On January 1, 2018, we adopted ASU 2014-09 "Revenue from Contracts with Customers" (Topic 606) as discussed in Note B . • ASU 2017-07 “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”: This ASU requires employers to disaggregate the service cost from other components of net periodic benefit costs and to disclose the income statement line item in which each component is included. This guidance requires service costs to be reported in the same line item as other compensation costs, and the other components of net periodic benefit costs (which include interest costs, expected return on plan assets and actuarial gains and losses) to be reported outside of operating income. We adopted this guidance on January 1, 2018. Application was required on a retrospective basis and resulted in a reclassification of $17.4 and $2.9 of expense from “Cost of goods sold” and “Selling and administrative expenses” into “Other expense (income), net” for the years ended December 31, 2017 and 2016, respectively. Refer to Note N for further information. • ASU 2018-05 “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118” (SAB 118): This ASU allows SEC registrants to record provisional amounts in earnings due to the complexities involved in accounting for the enactment of the Tax Cuts and Jobs Act (TCJA). We recognized the estimated income tax effects of the TCJA in accordance with SAB 118. Refer to Note O for further information. • ASU 2016-15 “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”: We adopted this guidance on January 1, 2018, and it did not materially impact our financial statements. • ASU 2018-02 “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”: This ASU provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income in each period in which the effect of the change in the U.S. federal corporate income tax rate in the TCJA is recorded. We have elected not to reclassify the stranded tax effects within accumulated other comprehensive income. To be adopted in future years: • ASU 2016-02 “Leases” (Topic 842): Requires an entity to recognize both assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. In July 2018, the FASB issued ASU 2018-11, which provides entities with a new transition method where comparative periods presented in financial statements in the period of adoption will not need to be restated. Under the new transition method, an entity initially applies the provisions of Topic 842 at the adoption date, versus at the beginning of the earliest period presented, and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We elected this transition method at our adoption date of January 1, 2019. We also elected the practical expedients not to reassess (i) whether a contract is or contains a lease, (ii) lease classification and (iii) initial direct costs. We also elected an additional practical expedient to use hindsight when determining lease term. Our cross-functional implementation team is finalizing the assessment of all potential impacts of the standard. The implementation team has gathered the data required to account for leases under the new standard and has implemented a third-party lease accounting software. In addition, we have identified and are implementing the appropriate changes to business processes and controls to support recognition and disclosure under the new standard. Adoption of the standard will result in recognition of a material amount of additional net lease assets and lease liabilities as of January 1, 2019. Any difference between these amounts will be recorded as an adjustment to retained earnings. We do not believe the standard will materially affect our statements of operations and cash flows. In addition, the standard will have no impact on our debt-covenant compliance. • ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”: This ASU is intended to simplify and clarify the accounting and disclosure requirements for hedging activities by more closely aligning the results of cash flow and fair value hedge accounting with the risk management activities of an entity. The amendments in this ASU are effective January 1, 2019. We are currently evaluating the effect of the ASU on our results of operations, financial condition and cash flows. • ASU 2017-04 "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment": This ASU simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under this ASU, the annual goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value up to the total amount of goodwill for the reporting unit. This ASU will be effective January 1, 2020, with early adoption permitted. We are currently evaluating this guidance, and do not expect it to materially impact our future financial statements. • ASU 2016-13 “Financial Instruments—Credit Losses” (Topic 326): This ASU is effective January 1, 2020 and amends the impairment model by requiring a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments including trade receivables. We are currently evaluating this guidance. However, we do not expect it to materially impact our future financial statements. • ASU 2018-15 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)”: This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU will be effective January 1, 2020, with early adoption permitted. We are currently evaluating this guidance. The FASB has issued accounting guidance, in addition to the issuance discussed above, effective for current and future periods. This guidance did not have a material impact on our current financial statements, and we do not believe it will have a material impact on our future financial statements. |
Revenue | Initial adoption of new ASU On January 1, 2018, we adopted ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) and all the related amendments using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as a $2.3 reduction to the opening balance of "Retained earnings". The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the new standard to be immaterial to our sales, net earnings, balance sheet and cash flows on an ongoing basis. Substantially all of our revenue continues to be recognized when products are shipped from our facilities or upon delivery to our customers' facilities. Topic 606 also provided clarity that resulted in reclassifications to or from "Net sales" and "Cost of goods sold". Performance Obligations and Shipping and Handling Costs We recognize revenue when performance obligations under the terms of a contract with our customers are satisfied. For the year ended December 31, 2018 , substantially all of our revenue was recognized upon transfer of control of our products to our customers, which was generally upon shipment from our facilities or upon delivery to our customers' facilities and was dependent on the terms of the specific contract. This conclusion considers the point at which our customers have the ability to direct the use of and obtain substantially all of the remaining benefits of the products that were transferred. Substantially all of any unsatisfied performance obligations as of December 31, 2018 , will be satisfied within one year or less. Shipping and handling costs are included as a component of "Cost of goods sold". Sales, value added, and other taxes collected in connection with revenue-producing activities are excluded from revenue. Sales Allowances and Returns The amount of consideration we receive and revenue we recognize varies with changes in various sales allowances, discounts and rebates (variable consideration) that we offer to our customers. We reduce revenue by our estimates of variable consideration based on contract terms and historical experience. Changes in estimates of variable consideration for the year ended December 31, 2018 were not material. Some of our products transferred to customers can be returned, and we recognize the following for this right: • An estimated refund liability and a corresponding reduction to revenue based on historical returns experience. • An asset and a corresponding reduction to cost of sales for our right to recover products from customers upon settling the refund liability. We reduce the carrying amount of these assets by estimates of costs associated with the recovery and any additional expected reduction in value. Our refund liability and the corresponding asset associated with our right to recover products from our customers were immaterial at December 31, 2018 . Practical Expedients We have elected to apply the following practical expedients. • The existence of a significant financing component— 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). • Costs of obtaining a contract—We generally expense costs of obtaining a contract because the amortization period would be one year or less. Revenue by Product Line We disaggregate revenue by customer group, which is the same as our product lines for each of our segments, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of the Activity in the LIFO Reserve | The following table presents the activity in our LIFO reserve for each of the periods presented: Year Ended December 31 2018 2017 2016 Balance, beginning of year $ 50.9 $ 33.8 $ 22.6 LIFO expense 31.3 18.6 10.5 Allocated to divested businesses — (1.5 ) .7 Balance, end of year $ 82.2 $ 50.9 $ 33.8 |
Schedule Of Property, Plant And Equipment | The table below presents the depreciation periods of the estimated useful lives of our property, plant and equipment. Accelerated methods are used for tax purposes. Useful Life Range Weighted Average Life Machinery and equipment 3-20 years 10 years Buildings 10-40 years 27 years Other items 3-15 years 9 years |
Summary Of Other Intangible Assets | Useful Life Range Weighted Average Life Other intangible assets 1-40 years 14 years |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Effect of Applying Topic 606 | The cumulative effect of applying Topic 606 to our Consolidated Balance Sheets was as follows: Balance at December 31, 2017 as Previously Reported Topic 606 Adjustments Balance at January 1, 2018 Current assets $ 1,766.5 $ — $ 1,766.5 Net property, plant and equipment 663.9 — 663.9 Other assets 1 1,120.4 .7 1,121.1 Total assets $ 3,550.8 $ .7 $ 3,551.5 Other current liabilities 2 $ 88.7 $ 3.0 $ 91.7 All other current liabilities 887.5 — 887.5 Long-term liabilities 1,383.8 — 1,383.8 Retained earnings 2,511.3 (2.3 ) 2,509.0 Other equity (1,320.5 ) — (1,320.5 ) Total liabilities and equity $ 3,550.8 $ .7 $ 3,551.5 1 This adjustment represents the deferred tax impact related to Topic 606. 2 This adjustment is associated with constraint on the amount of variable consideration. The effect of applying Topic 606 on our Consolidated Statement of Operations and Balance Sheets was as follows: Year ended December 31, 2018 Amounts as Reported Topic 606 Adjustments Amounts Without Adoption of Topic 606 Net sales 3 $ 4,269.5 $ 14.0 $ 4,283.5 Cost of goods sold 3 3,380.8 13.6 3,394.4 Gross profit 888.7 .4 889.1 Selling and administrative expenses 425.1 — 425.1 All other 26.7 — 26.7 Earnings from continuing operations before interest and income taxes 436.9 .4 437.3 Net interest expense 52.5 — 52.5 Income taxes 78.3 .1 78.4 (Earnings) attributable to noncontrolling interest, net of tax (.2 ) — (.2 ) Net earnings $ 305.9 $ .3 $ 306.2 3 Adjustments are primarily associated with a reclassification of customer reimbursements of tooling cost from "Net sales" to "Cost of goods sold" and adjustments for variable consideration. December 31, 2018 Amounts as Reported Topic 606 Adjustments Amounts Without Adoption of Topic 606 Current assets $ 1,524.6 $ — $ 1,524.6 Net property, plant and equipment 728.5 — 728.5 Other assets 1,128.9 (.7 ) 1,128.2 Total assets $ 3,382.0 $ (.7 ) $ 3,381.3 Other current liabilities $ 86.4 $ (2.9 ) $ 83.5 All other current liabilities 729.3 — 729.3 Long-term liabilities 1,408.7 — 1,408.7 Retained earnings 2,613.8 2.2 2,616.0 Other equity (1,456.2 ) — (1,456.2 ) Total liabilities and equity $ 3,382.0 $ (.7 ) $ 3,381.3 |
Disaggregation of Revenue by Major Source | Year Ended December 31 2018 2017 2016 Residential Products Bedding group $ 905.1 $ 837.2 $ 831.8 Fabric & Flooring Products group 1 735.8 720.1 666.8 Machinery group 62.8 62.9 72.8 1,703.7 1,620.2 1,571.4 Industrial Products Wire group 2 367.4 291.7 289.4 367.4 291.7 289.4 Furniture Products Consumer Products group 460.2 413.3 327.2 Home Furniture group 388.6 410.2 413.3 Work Furniture group 293.3 272.9 248.8 1,142.1 1,096.4 989.3 Specialized Products Automotive group 823.3 772.5 695.0 Aerospace Products group 148.9 137.9 129.7 Hydraulic Cylinders group 3 84.1 — — Commercial Vehicle Products (CVP) group 4 — 25.1 75.1 1,056.3 935.5 899.8 $ 4,269.5 $ 3,943.8 $ 3,749.9 1 Name changed from Fabric & Carpet Cushion Group as of March 31, 2018 2 Certain operations in the Wire group were sold in 2016. See Note C . 3 Formed January 31, 2018, with the acquisition of a manufacturer of hydraulic cylinders. See Note S . 4 Our two remaining CVP operations were sold in 2017 and 2016. See Note C . Average assets for our segments are shown in the table below and reflect the basis for return measures used by management to evaluate segment performance. These segment totals include working capital (all current assets and current liabilities) plus net property, plant and equipment. Segment assets for all years are reflected at their estimated average for the year. Acquired companies’ long-lived assets as disclosed below include property, plant and equipment and other long-term assets. Year Ended December 31 Assets Additions to Property, Plant and Equipment Acquired Companies’ Long-Lived Assets Depreciation And Amortization 2018 Residential Products $ 609.4 $ 48.0 $ 6.0 $ 46.6 Industrial Products 163.8 9.6 — 10.3 Furniture Products 279.8 19.7 — 17.4 Specialized Products 342.5 45.0 79.4 39.0 Average current liabilities included in segment numbers above 661.8 — — — Unallocated assets and other 1 1,278.0 37.3 — 22.8 Difference between average assets and year-end balance sheet 46.7 — — — $ 3,382.0 $ 159.6 $ 85.4 $ 136.1 2017 Residential Products $ 554.6 $ 60.5 $ 33.6 $ 45.8 Industrial Products 150.0 14.3 — 10.2 Furniture Products 245.7 20.2 14.3 16.2 Specialized Products 271.7 51.7 — 31.2 Average current liabilities included in segment numbers above 557.0 — — — Unallocated assets and other 1 1,693.1 12.7 — 22.5 Difference between average assets and year-end balance sheet 78.7 — — — $ 3,550.8 $ 159.4 $ 47.9 $ 125.9 2016 Residential Products $ 527.2 $ 32.4 $ 11.2 $ 42.9 Industrial Products 147.4 10.1 — 11.8 Furniture Products 219.4 16.6 — 14.4 Specialized Products 248.7 42.2 13.7 29.7 Average current liabilities included in segment numbers above 495.9 — — — Unallocated assets and other 1 1,378.5 22.7 — 16.6 Difference between average assets and year-end balance sheet (33.0 ) — — — $ 2,984.1 $ 124.0 $ 24.9 $ 115.4 1 Unallocated assets consist primarily of goodwill, other intangibles, cash, businesses sold and deferred tax assets. Unallocated depreciation and amortization consists primarily of depreciation of non-operating assets and amortization of debt issuance costs. |
Discontinued Operations and O_2
Discontinued Operations and Other Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Results From Discontinued Operations And Activity Directly Related To Divestitures | The table below includes activity related to discontinued operations for the years presented. Activity is primarily related to two unrelated litigation settlements associated with our former Prime Foam Products unit. This unit was sold in March 2007 and was previously part of the Residential Products segment. During 2016, we received proceeds from an antitrust litigation settlement of approximately $38.0 ( $25.0 after-tax) of which $31.4 ( $19.8 after-tax) is associated with this unit. Additionally, during 2017 we settled an antitrust litigation for a cash payment that was not material to the company and was not materially different from the amount previously accrued for the claim. Year Ended 2018 2017 2016 Earnings (loss) before interest and income taxes (EBIT) $ — $ (1.4 ) $ 30.1 Income tax (expense) benefit — .5 (11.0 ) Earnings (loss) from discontinued operations, net of tax $ — $ (.9 ) $ 19.1 Other Divestitures The following businesses were divested during the periods presented, but did not meet the discontinued operations criteria. Date Year Ended Divested 2018 2017 2016 Trade Sales Residential Products - Machinery operation Fourth quarter 2016 $ — $ — $ 3.1 Industrial Products - Wire operations Second and fourth quarters 2016 — — 38.0 Specialized Products - CVP operations Third quarter 2017 and second quarter 2016 — 25.1 75.0 Total Trade Sales $ — $ 25.1 $ 116.1 EBIT Residential Products - Machinery operation Fourth quarter 2016 $ — $ — $ (.3 ) Industrial Products - Wire operations Second and fourth quarters 2016 — — 1.8 Specialized Products - CVP operations Third quarter 2017 and second quarter 2016 — (2.3 ) 5.9 Total EBIT $ — $ (2.3 ) $ 7.4 |
Impairment Charges (Tables)
Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary Of Impairment Charges On Continued And Discontinued Operations | Year Ended 2018 2017 2016 Goodwill Impairment Other Long-Lived Asset Impairments Total Impairments Goodwill Impairment Other Long-Lived Asset Impairments Total Impairments Goodwill Impairment Other Long-Lived Asset Impairments Total Impairments Residential Products $ — $ — $ — $ — $ — $ — $ — $ .4 $ .4 Industrial Products — .3 .3 1.3 3.6 4.9 — — — Furniture Products — 5.1 5.1 — — — — — — Specialized Products — — — — — — 3.7 — 3.7 Total impairment charges $ — $ 5.4 $ 5.4 $ 1.3 $ 3.6 $ 4.9 $ 3.7 $ .4 $ 4.1 |
Schedule Of Goodwill Impairment Test Assumptions | The fair values of our reporting units in relation to their respective carrying values and significant assumptions used are presented in the table below: Fair Value over Carrying Value divided by Carrying Value December 31, 2018 Goodwill Value 10-year Terminal Discount Rate Less than 100% 1 $ 180.7 4.7% - 5.2% 3.0 % 9.0% - 9.5% 101% - 300% 502.5 1.8% - 5.0% 3.0 % 8.5% - 10.0% 301% - 600% 150.6 5.7% - 12.4% 3.0 % 9.0% - 10.0% $ 833.8 1.8% - 12.4% 3.0 % 8.5% - 10.0% 1 All reporting units in this category exceeded 90%, except for the Hydraulic Cylinders reporting unit (acquired in 2018), to which carrying value approximates fair value. |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In The Carrying Amounts Of Goodwill | The changes in the carrying amounts of goodwill are as follows: Residential Products Industrial Products Furniture Products Specialized Products Total Net goodwill as of January 1, 2017 $ 352.8 $ 71.9 $ 187.9 $ 178.7 $ 791.3 Additions for current year acquisitions 7.6 — 3.9 — 11.5 Adjustments to prior year acquisitions .8 — — — .8 Impairment charge 1 — (1.3 ) — — (1.3 ) Foreign currency translation adjustment 7.0 .2 4.4 8.3 19.9 Net goodwill as of December 31, 2017 368.2 70.8 196.2 187.0 822.2 Additions for current year acquisitions 1.3 — — 26.8 28.1 Adjustments to prior year acquisitions (.2 ) — — — (.2 ) Impairment charge — — — — — Foreign currency translation adjustment (5.8 ) (.1 ) (3.1 ) (7.3 ) (16.3 ) Net goodwill as of December 31, 2018 $ 363.5 $ 70.7 $ 193.1 $ 206.5 $ 833.8 Net goodwill as of December 31, 2018 is comprised of: Gross goodwill $ 363.5 $ 76.1 $ 443.7 $ 273.2 $ 1,156.5 Accumulated impairment losses — (5.4 ) (250.6 ) (66.7 ) (322.7 ) Net goodwill as of December 31, 2018 $ 363.5 $ 70.7 $ 193.1 $ 206.5 $ 833.8 1 We recorded a goodwill impairment charge related to a wire operation as outlined in Note D . |
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: Debt Issuance Costs Patents and Trademarks Non-compete Agreements Customer- Related Intangibles Supply Agreements and Other Total 2018 Gross carrying amount $ 4.9 $ 65.8 $ 15.8 $ 212.5 $ 41.4 $ 340.4 Accumulated amortization 2.3 31.3 8.6 98.8 20.7 161.7 Net other intangibles as of December 31, 2018 $ 2.6 $ 34.5 $ 7.2 $ 113.7 $ 20.7 $ 178.7 Acquired during 2018: Acquired related to business acquisitions $ — $ 2.7 $ 1.9 $ 19.4 $ 4.9 $ 28.9 Acquired outside business acquisitions 1.3 1.3 .6 — 10.7 13.9 Total acquired in 2018 $ 1.3 $ 4.0 $ 2.5 $ 19.4 $ 15.6 $ 42.8 Weighted average amortization period in years for items acquired in 2018 5.0 16.5 4.5 14.4 7.3 11.6 2017 Gross carrying amount $ 3.7 $ 65.3 $ 14.2 $ 210.1 $ 27.5 $ 320.8 Accumulated amortization 1.9 30.9 6.7 96.9 15.3 151.7 Net other intangibles as of December 31, 2017 $ 1.8 $ 34.4 $ 7.5 $ 113.2 $ 12.2 $ 169.1 Acquired during 2017: Acquired related to business acquisitions $ — $ 8.7 $ .4 $ 11.2 $ — $ 20.3 Acquired outside business acquisitions .6 1.4 — .2 4.5 6.7 Total acquired in 2017 $ .6 $ 10.1 $ .4 $ 11.4 $ 4.5 $ 27.0 Weighted average amortization period in years for items acquired in 2017 5.0 2.7 6.9 16.4 3.0 8.6 |
Estimated Amortization Expense | Estimated amortization expense for items included in our December 31, 2018 balance sheet in each of the next five years is as follows and does not include amortization associated with the January 16, 2019 Elite Comfort Solutions, Inc. (ECS) acquisition as discussed in Note V : Year ended December 31 2019 $ 24.0 2020 22.0 2021 17.0 2022 15.0 2023 14.0 |
Restructuring and Restructuri_2
Restructuring and Restructuring Related Charges Restructuring and Restructuring Related Charges (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Summary Of Restructuring-Related Costs | The following table presents information associated with this plan: Total Amount Expected to be Incurred Total Amount Incurred in 2018 Restructuring and restructuring-related $ 27.9 $ 11.2 Impairment costs associated with this plan as discussed in Note D 5.1 5.1 $ 33.0 $ 16.3 Our total restructuring-related costs for the three years ended December 31 were comprised of: Year Ended December 31 2018 2017 2016 Charged to other expense (income),net: Severance and other restructuring costs $ 7.8 $ .8 $ .8 Charged to cost of goods sold: Inventory obsolescence and other 4.6 .5 — Total restructuring and restructuring-related costs $ 12.4 $ 1.3 $ .8 Amount of total that represents cash charges $ 7.8 $ .8 $ .8 Restructuring and restructuring-related charges (income) by segment were as follows: Year Ended December 31 2018 2017 2016 Residential Products $ 1.4 $ — $ .2 Industrial Products .2 .8 — Furniture Products 10.8 .5 .2 Specialized Products — — .4 Total $ 12.4 $ 1.3 $ .8 |
Accrued Liability | The accrued liability associated with our total restructuring initiatives consisted of the following: Balance at December 31, 2016 Add: 2017 Charges Less: 2017 Payments Balance at December 31, 2017 Add: 2018 Charges Less: 2018 Payments Balance at December 31, 2018 Termination benefits $ — $ .5 $ .2 $ .3 $ 7.3 $ 1.0 $ 6.6 Other restructuring costs .5 .3 .3 .5 .5 .4 .6 $ .5 $ .8 $ .5 $ .8 $ 7.8 $ 1.4 $ 7.2 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2 Sales Inter- Segment Sales Total Segment Sales EBIT 2018 Residential Products $ 1,703.7 $ 17.1 $ 1,720.8 $ 132.8 Industrial Products 367.4 295.0 662.4 68.4 Furniture Products 1,142.1 13.8 1,155.9 49.6 Specialized Products 1,056.3 2.7 1,059.0 189.0 Intersegment eliminations and other (2.9 ) $ 4,269.5 $ 328.6 $ 4,598.1 $ 436.9 2017 Residential Products $ 1,620.2 $ 18.6 $ 1,638.8 $ 184.0 Industrial Products 291.7 253.9 545.6 21.0 Furniture Products 1,096.4 16.8 1,113.2 81.5 Specialized Products 935.5 7.1 942.6 195.6 Intersegment eliminations and other 1 (14.2 ) $ 3,943.8 $ 296.4 $ 4,240.2 $ 467.9 2016 Residential Products $ 1,571.4 $ 17.2 $ 1,588.6 $ 167.5 Industrial Products 289.4 293.1 582.5 65.3 Furniture Products 989.3 59.3 1,048.6 106.6 Specialized Products 899.8 6.5 906.3 181.4 Intersegment eliminations and other 1.2 $ 3,749.9 $ 376.1 $ 4,126.0 $ 522.0 1 Includes $15.3 of pension settlement charge in year ended December 31, 2017 (See Note N ). 2 See Note B for revenue by product line. |
Revenues From External Customers | Year Ended December 31 2018 2017 2016 Residential Products Bedding group $ 905.1 $ 837.2 $ 831.8 Fabric & Flooring Products group 1 735.8 720.1 666.8 Machinery group 62.8 62.9 72.8 1,703.7 1,620.2 1,571.4 Industrial Products Wire group 2 367.4 291.7 289.4 367.4 291.7 289.4 Furniture Products Consumer Products group 460.2 413.3 327.2 Home Furniture group 388.6 410.2 413.3 Work Furniture group 293.3 272.9 248.8 1,142.1 1,096.4 989.3 Specialized Products Automotive group 823.3 772.5 695.0 Aerospace Products group 148.9 137.9 129.7 Hydraulic Cylinders group 3 84.1 — — Commercial Vehicle Products (CVP) group 4 — 25.1 75.1 1,056.3 935.5 899.8 $ 4,269.5 $ 3,943.8 $ 3,749.9 1 Name changed from Fabric & Carpet Cushion Group as of March 31, 2018 2 Certain operations in the Wire group were sold in 2016. See Note C . 3 Formed January 31, 2018, with the acquisition of a manufacturer of hydraulic cylinders. See Note S . 4 Our two remaining CVP operations were sold in 2017 and 2016. See Note C . Average assets for our segments are shown in the table below and reflect the basis for return measures used by management to evaluate segment performance. These segment totals include working capital (all current assets and current liabilities) plus net property, plant and equipment. Segment assets for all years are reflected at their estimated average for the year. Acquired companies’ long-lived assets as disclosed below include property, plant and equipment and other long-term assets. Year Ended December 31 Assets Additions to Property, Plant and Equipment Acquired Companies’ Long-Lived Assets Depreciation And Amortization 2018 Residential Products $ 609.4 $ 48.0 $ 6.0 $ 46.6 Industrial Products 163.8 9.6 — 10.3 Furniture Products 279.8 19.7 — 17.4 Specialized Products 342.5 45.0 79.4 39.0 Average current liabilities included in segment numbers above 661.8 — — — Unallocated assets and other 1 1,278.0 37.3 — 22.8 Difference between average assets and year-end balance sheet 46.7 — — — $ 3,382.0 $ 159.6 $ 85.4 $ 136.1 2017 Residential Products $ 554.6 $ 60.5 $ 33.6 $ 45.8 Industrial Products 150.0 14.3 — 10.2 Furniture Products 245.7 20.2 14.3 16.2 Specialized Products 271.7 51.7 — 31.2 Average current liabilities included in segment numbers above 557.0 — — — Unallocated assets and other 1 1,693.1 12.7 — 22.5 Difference between average assets and year-end balance sheet 78.7 — — — $ 3,550.8 $ 159.4 $ 47.9 $ 125.9 2016 Residential Products $ 527.2 $ 32.4 $ 11.2 $ 42.9 Industrial Products 147.4 10.1 — 11.8 Furniture Products 219.4 16.6 — 14.4 Specialized Products 248.7 42.2 13.7 29.7 Average current liabilities included in segment numbers above 495.9 — — — Unallocated assets and other 1 1,378.5 22.7 — 16.6 Difference between average assets and year-end balance sheet (33.0 ) — — — $ 2,984.1 $ 124.0 $ 24.9 $ 115.4 1 Unallocated assets consist primarily of goodwill, other intangibles, cash, businesses sold and deferred tax assets. Unallocated depreciation and amortization consists primarily of depreciation of non-operating assets and amortization of debt issuance costs. |
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 2018 2017 2016 Trade sales Foreign sales Europe $ 525.6 $ 475.3 $ 445.2 China 494.7 481.6 420.0 Canada 286.8 265.1 215.1 Mexico 186.1 148.5 132.8 Other 94.8 85.5 69.4 Total foreign sales 1,588.0 1,456.0 1,282.5 United States 2,681.5 2,487.8 2,467.4 Total trade sales $ 4,269.5 $ 3,943.8 $ 3,749.9 Tangible long-lived assets Foreign tangible long-lived assets Europe $ 167.6 $ 157.4 $ 128.6 China 55.5 54.7 45.5 Canada 38.0 39.9 29.6 Mexico 10.1 6.5 6.3 Other 16.0 13.0 12.7 Total foreign tangible long-lived assets 287.2 271.5 222.7 United States 441.3 392.4 342.8 Total tangible long-lived assets $ 728.5 $ 663.9 $ 565.5 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Calculation Of Basic And Diluted Earnings Per Share | Basic and diluted earnings per share were calculated as follows: Year Ended December 31 2018 2017 2016 Earnings: Earnings from continuing operations $ 306.1 $ 293.6 $ 367.1 (Earnings) attributable to noncontrolling interest, net of tax (.2 ) (.1 ) (.4 ) Net earnings from continuing operations attributable to Leggett & Platt common shareholders 305.9 293.5 366.7 Earnings (loss) from discontinued operations, net of tax — (.9 ) 19.1 Net earnings attributable to Leggett & Platt common shareholders $ 305.9 $ 292.6 $ 385.8 Weighted average number of shares (in millions): Weighted average number of common shares used in basic EPS 134.3 136.0 137.9 Dilutive effect of equity-based compensation .9 1.3 2.1 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 135.2 137.3 140.0 Basic and Diluted EPS: Basic EPS attributable to Leggett & Platt common shareholders Continuing operations $ 2.28 $ 2.16 $ 2.66 Discontinued operations — (.01 ) .14 Basic EPS attributable to Leggett & Platt common shareholders $ 2.28 $ 2.15 $ 2.80 Diluted EPS attributable to Leggett & Platt common shareholders Continuing operations $ 2.26 $ 2.14 $ 2.62 Discontinued operations — (.01 ) .14 Diluted EPS attributable to Leggett & Platt common shareholders $ 2.26 $ 2.13 $ 2.76 Other information: Anti-dilutive shares excluded from diluted EPS computation .1 — — Cash dividends declared per share $ 1.50 $ 1.42 $ 1.34 |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Components Of Accounts And Other Receivables | Accounts and other receivables at December 31 consisted of the following: 2018 2017 Current Long-term Current Long-term Trade accounts receivable 1 $ 548.8 $ — $ 526.1 $ — Trade notes receivable 1.7 1.4 1.0 1.2 Total trade receivables 550.5 1.4 527.1 1.2 Other notes receivable 1 — 24.2 — 24.7 Insurance receivables 2 1.3 — 43.0 — Taxes receivable, including income taxes 12.9 — 15.0 — Other receivables 12.1 — 14.8 — Subtotal other receivables 26.3 24.2 72.8 24.7 Total trade and other receivables 576.8 25.6 599.9 25.9 Allowance for doubtful accounts: Trade accounts receivable 1 (5.2 ) — (4.7 ) — Trade notes receivable — — (.1 ) (.1 ) Total trade receivables (5.2 ) — (4.8 ) (.1 ) Other notes receivable 1 — (15.0 ) — — Total allowance for doubtful accounts (5.2 ) (15.0 ) (4.8 ) (.1 ) Total net receivables $ 571.6 $ 10.6 $ 595.1 $ 25.8 |
Allowance For Doubtful Accounts | Activity related to the allowance for doubtful accounts is reflected below: Balance at December 31, 2016 Add: Charges Less: Net Charge-offs, (Recoveries) Balance at December 31, 2017 Add: Less: Net Balance at December 31, 2018 Trade accounts receivable $ 7.1 $ .9 $ 3.3 $ 4.7 $ 1.9 $ 1.4 $ 5.2 Trade notes receivable .3 (.1 ) — .2 (.2 ) — — Total trade receivables 7.4 .8 3.3 4.9 1.7 1.4 5.2 Other notes receivable — — — — 15.0 — 15.0 Total allowance for doubtful accounts $ 7.4 $ .8 $ 3.3 $ 4.9 $ 16.7 $ 1.4 $ 20.2 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: 2018 2017 Prepaid expenses and other current assets Prepaid income taxes $ 5.6 $ 28.5 Other 45.4 45.7 $ 51.0 $ 74.2 Sundry assets Deferred taxes (see Note O ) $ 20.2 $ 21.4 Diversified investments associated with stock-based compensation plans (see Note M ) 30.4 31.6 Investment in associated companies 7.1 7.1 Pension plan assets (see Note N ) 1.6 2.2 Brazilian VAT deposits (see Note U ) 13.9 12.2 Net long-term notes receivable (see Note I ) 10.6 25.8 Other 32.6 28.8 $ 116.4 $ 129.1 Accrued expenses Litigation contingency accruals (see Note U ) $ 1.9 $ .4 Wages and commissions payable 71.5 70.6 Workers’ compensation, vehicle-related and product liability, medical/disability 1 49.2 90.3 Sales promotions 48.3 47.2 Liabilities associated with stock-based compensation plans (see Note M ) 12.2 15.7 Accrued interest 7.9 10.9 General taxes, excluding income taxes 16.3 19.1 Environmental reserves 2.9 3.0 Other 52.5 46.2 $ 262.7 $ 303.4 Other current liabilities Dividends payable $ 49.6 $ 47.5 Customer deposits 11.8 12.7 Sales tax payable 3.9 4.0 Derivative financial instruments (see Note T ) 4.5 1.8 Liabilities associated with stock-based compensation plans (see Note M ) 2.3 2.4 Outstanding checks in excess of book balances 10.6 11.0 Other 3.7 9.3 $ 86.4 $ 88.7 Other long-term liabilities Liability for pension benefits (see Note N ) $ 39.2 $ 57.6 Liabilities associated with stock-based compensation plans (see Note M ) 34.6 36.4 Deemed repatriation tax payable (see Note O ) 32.2 61.9 Net reserves for tax contingencies 10.3 12.3 Deferred compensation (see Note M ) 17.6 17.1 Other 21.4 17.6 $ 155.3 $ 202.9 1 The December 31, 2017 amount was primarily associated with an insured vehicle-related personal injury claim that was fully resolved and paid in the second quarter of 2018. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Details 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: 2018 2017 Year-end Interest Rate Due Date Through Balance Year-end Interest Rate Due Date Through Balance Senior Notes — % — $ — 4.4 % 2018 $ 150.0 Senior Notes 1 3.4 % 2022 300.0 3.4 % 2022 300.0 Senior Notes 1 3.8 % 2024 300.0 3.8 % 2024 300.0 Senior Notes 1 3.5 % 2027 500.0 3.5 % 2027 500.0 Industrial development bonds, principally variable interest rates 1.9 % 2030 3.8 1.3 % 2030 6.2 Commercial paper 2 2.6 % 2022 70.0 — 2022 — Capitalized leases (primarily machinery, vehicles and office equipment) 4.7 5.7 Other, partially secured .6 .7 Unamortized discounts and deferred loan cost (10.1 ) (10.9 ) Total debt 1,169.0 1,251.7 Less: current maturities 1.2 153.8 Total long-term debt $ 1,167.8 $ 1,097.9 1 Senior Notes are unsecured and unsubordinated obligations. For each of the Senior Notes: (i) interest is paid semi-annually in arrears; (ii) principal is due at maturity with no sinking fund; and (iii) we may, at our option, at any time, redeem all or a portion of any of the debt at a make-whole redemption price equal to the greater of: (a) 100% of the principal amount of the notes being redeemed; and (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a specified discount rate determined by the terms of each respective note. The Senior Notes may also be redeemed by us within 90 days of maturity at 100% of the principal amount plus accrued and unpaid interest, and we are required to offer to purchase such notes at 101% of the principal amount, plus accrued and unpaid interest, if we experience a Change of Control Repurchase Event, as defined in the Senior Notes. Also, each respective Senior Note contains restrictive covenants, including a limitation on secured debt of 15% of our consolidated assets, a limitation on sale and leaseback transactions, and a limitation on certain consolidations, mergers, and sales of assets. 2 The weighted average interest rate for the net commercial paper activity during the years ended December 31, 2018 and 2017 was 2.4% and 1.4% , respectively. |
Maturities Of Long-Term Debt | Maturities are as follows: Year ended December 31 2019 $ 1.2 2020 1.1 2021 1.1 2022 370.1 2023 — Thereafter 795.5 $ 1,169.0 |
Amounts Outstanding Related To Commercial Paper Program | Amounts outstanding at December 31 related to our commercial paper program were: 2018 2017 Total program authorized $ 800.0 $ 800.0 Commercial paper outstanding (classified as long-term debt) (70.0 ) — Letters of credit issued under the credit facility — — Total program usage (70.0 ) — Total program available $ 730.0 $ 800.0 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Components Of Rental Expense | Total rental expense for the periods presented was as follows: 2018 2017 2016 Continuing operations $ 52.1 $ 51.3 $ 51.2 |
Future Minimum Rental Commitments For All Long-Term Non-Cancelable Operating Leases | Future minimum rental commitments for all long-term non-cancelable operating leases are as follows: Year ended December 31 2019 $ 35.9 2020 30.7 2021 26.2 2022 19.9 2023 13.1 Thereafter 18.0 $ 143.8 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Flexible Stock Plan Options | At December 31, 2018 , the following common shares were authorized for issuance under the Plan: Shares Available for Issuance Maximum Number of Authorized Shares Unexercised options 1.6 1.6 Outstanding stock units—vested 3.6 7.9 Outstanding stock units—unvested .8 2.3 Available for grant 7.6 7.6 Authorized for issuance at December 31, 2018 13.6 19.4 |
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 2018 2017 2016 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 Options 1 : Amortization of the grant date fair value $ — $ — $ — $ — $ 1.0 $ — Cash payments in lieu of options — — — — — 1.0 Stock-based retirement plans contributions 2 5.6 1.0 5.5 1.2 6.7 1.3 Discounts on various stock awards: Deferred Stock Compensation Program 1 1.9 — 2.1 — 2.0 — Stock-based retirement plans 2 1.3 — 1.4 — 1.5 — Discount Stock Plan 6 1.1 — 1.1 — 1.0 — Performance Stock Unit (PSU) awards 3 2018 PSU - TSR based 3A 1.2 .8 — — — — 2018 PSU - EBIT CAGR based 3B 2.9 2.5 — — — — 2017 and prior PSU awards 3C 3.6 (1.3 ) 5.4 (1.4 ) 4.8 6.5 Profitable Growth Incentive (PGI) awards 4 .9 .9 1.4 1.4 1.4 1.0 Restricted Stock Units (RSU) awards 5 2.1 — 2.5 — 2.8 — Other, primarily non-employee directors restricted stock .9 — .9 — 1.0 — Total stock-related compensation expense 21.5 $ 3.9 20.3 $ 1.2 22.2 $ 9.8 Employee contributions for above stock plans 14.0 16.3 14.9 Total stock-based compensation $ 35.5 $ 36.6 $ 37.1 Tax benefits on stock-based compensation expense $ 5.1 $ 7.3 $ 8.1 Tax benefits on stock-based compensation payments (As discussed below, we elected to pay selected awards in cash during 2018) 3.9 9.9 18.2 Total tax benefits associated with stock-based compensation $ 9.0 $ 17.2 $ 26.3 |
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: 2018 2017 Current Long-term Total Current Long-term Total Assets: Diversified investments associated with the Executive Stock Unit Program 2 $ 2.3 $ 30.4 $ 32.7 $ 2.4 $ 31.6 $ 34.0 Liabilities: Executive Stock Unit Program 2 $ 2.3 $ 31.4 $ 33.7 $ 2.4 $ 32.0 $ 34.4 Performance Stock Unit award 3 .6 3.2 3.8 6.7 1.9 8.6 Profitable Growth Incentive award 4 4.3 — 4.3 2.0 2.5 4.5 Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts 7.4 — 7.4 7.0 — 7.0 Total liabilities associated with stock-based compensation $ 14.6 $ 34.6 $ 49.2 $ 18.1 $ 36.4 $ 54.5 |
Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits | Options Units Cash Aggregate amount of compensation deferred during 2018 $ .4 $ 7.7 $ .5 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Stock option information for the plans discussed above is as follows: Total Stock Options Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding at December 31, 2017 1.9 $ 24.08 Granted — — Exercised (.3 ) 17.92 Outstanding at December 31, 2018 1.6 $ 25.43 2.9 $ 17.8 Vested or expected to vest 1.6 $ 25.43 2.9 $ 17.8 Exercisable (vested) at December 31, 2018 1.5 $ 25.12 2.8 $ 17.8 |
Schedule of Share-based Compensation, Stock Options, Activity | Additional information related to stock option activity for the periods presented is as follows: Year Ended December 31 2018 2017 2016 Total intrinsic value of stock options exercised $ 8.8 $ 11.7 $ 27.7 Cash received from stock options exercised 4.8 2.6 4.9 Total fair value of stock options vested .8 1.2 .1 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table summarizes fair values calculated (and assumptions utilized) using the Black-Scholes option pricing model. Year Ended December 31 2018 2017 2016 Aggregate grant date fair value $ <.1 $ <.1 $ 1.4 Weighted-average per share grant date fair value $ 6.47 $ 9.21 $ 10.79 Risk-free interest rate 2.3 % 2.3 % 2.2 % Expected life in years 6.0 6.0 7.9 Expected volatility (over expected life) 19.4 % 19.8 % 30.0 % Expected dividend yield (over expected life) 3.1 % 3.1 % 3.0 % |
Components Of SBP And ESUP | Information for employee contributions for the year ended December 31 for these plans was as follows. See the stock-based compensation table above for information regarding employer contributions. SBP ESUP Employee contributions $ 3.2 $ 3.8 Less diversified contributions .7 — Total employee stock contributions $ 2.5 $ 3.8 Employer premium contribution to diversified investment accounts $ .7 Shares purchased by employees and company match .1 |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Performance Based Units Table | Below is a summary of the number of shares and related grant date fair value of PSU’s based on TSR for the periods presented. Year Ended December 31, 2018 2017 2016 Total shares base award .1 .1 .1 Grant date per share fair value $ 42.60 $ 50.75 $ 40.16 Risk-free interest rate 2.4 % 1.5 % 1.3 % Expected life in years 3.0 3.0 3.0 Expected volatility (over expected life) 19.9 % 19.5 % 19.2 % Expected dividend yield (over expected life) 3.3 % 2.8 % 3.1 % Three-Year Performance Cycle Award Year Completion Date TSR Performance Relative to the Peer Group (1%=Best) Payout as a Percent of the Base Award Number of Shares Distributed Cash Portion Distribution Date 2014 December 31, 2016 10 175.0% .4 million $ 9.8 First quarter 2017 2015 December 31, 2017 57 61.0% — $ 6.9 First quarter 2018 2016 December 31, 2018 78 —% — $ — First quarter 2019 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Performance Cycle For PGI Awards | Two-Year Performance Cycle Award Year Completion Date Average Payout as a Percent of the Base Award Estimated Number of Shares Cash Portion Expected Distribution Date 2015 December 31, 2016 36.0% < .1 million $ .8 First quarter 2017 2016 December 31, 2017 44.0% — $ 2.0 First quarter 2018 2017 December 31, 2018 155.0% < .1 million $ 2.2 First quarter 2019 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Stock unit information for the plans discussed above is presented in the table below. DSU ESUP PSU* RSU PGI** Total Units Weighted Average Grant Date Fair Value per Unit Aggregate Intrinsic Value Unvested at December 31, 2017 — — .4 .1 .1 .6 $ 19.56 Granted based on current service .2 .2 — .1 — .5 42.71 Granted based on future conditions — — .5 — — .5 27.48 Vested (.2 ) (.2 ) — (.1 ) (.1 ) (.6 ) 42.01 Difference between maximum and actual payout — — (.2 ) — — (.2 ) — Unvested at December 31, 2018 — — .7 .1 — .8 $ 38.43 $ 28.2 Fully vested shares available for issuance at December 31, 2018 3.6 $ 131.8 * PSU awards are presented at maximum payout (2017 award at 175% and 2018 award at 200% ) ** PGI awards are presented at maximum payout (2017 award at 250% ) |
Stock Units Converted To Common Stock | Year Ended December 31 2018 2017 2016 Total intrinsic value of vested stock units converted to common stock $ 12.1 $ 22.7 $ 24.8 |
Discount Stock Plan | Average 2018 purchase price per share (net of discount) $ 35.77 2018 number of shares purchased by employees .2 Shares purchased since inception in 1982 23.2 Maximum shares under the plan 27.0 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: 2018 2017 2016 Change in benefit obligation Benefit obligation, beginning of period $ 241.5 $ 293.0 $ 290.3 Service cost 3.9 4.6 4.4 Interest cost 8.0 10.9 11.3 Plan participants’ contributions .5 .7 .7 Actuarial (gain) loss (20.3 ) 4.0 9.8 Benefits paid (13.4 ) (15.2 ) (19.1 ) Plan amendments 1.9 — — Settlements — (59.8 ) — Foreign currency exchange rate changes (2.3 ) 3.3 (4.4 ) Benefit obligation, end of period 1 219.8 241.5 293.0 Change in plan assets Fair value of plan assets, beginning of period 185.7 214.1 207.5 Actual (loss) return on plan assets (10.6 ) 28.3 18.9 Employer contributions 21.8 14.9 9.8 Plan participants’ contributions .5 .7 .7 Benefits paid (13.4 ) (15.2 ) (19.1 ) Settlements — (59.8 ) — Foreign currency exchange rate changes (2.2 ) 2.7 (3.7 ) Fair value of plan assets, end of period 181.8 185.7 214.1 Net funded status $ (38.0 ) $ (55.8 ) $ (78.9 ) Funded status recognized in the Consolidated Balance Sheets Other assets—sundry $ 1.6 $ 2.2 $ 1.1 Other current liabilities (.4 ) (.4 ) (.4 ) Other long-term liabilities (39.2 ) (57.6 ) (79.6 ) Net funded status $ (38.0 ) $ (55.8 ) $ (78.9 ) 1 The benefit obligation at December 31, 2017, decreased as compared to December 31, 2016, primarily due to the settlement of $59.8 of pension obligations for our U.S. plans through our annuity purchase transaction as discussed in more detail below. |
Schedule Of Accumulated Other Comprehensive Income | Amounts and activity included in accumulated other comprehensive income associated with pensions are reflected below: December 31, 2017 2018 2018 2018 2018 December 31, 2018 Net loss (gain) (before tax) $ 53.6 $ (2.6 ) $ 4.2 $ (.5 ) $ — $ 54.7 Deferred income taxes (15.1 ) — — — (.3 ) (15.4 ) Accumulated other comprehensive income (loss) (net of tax) $ 38.5 $ (2.6 ) $ 4.2 $ (.5 ) $ (.3 ) $ 39.3 |
Summary Of Accumulated Other Comprehensive Income Recognized In Net Periodic Pension Cost | Of the amounts in accumulated other comprehensive income as of December 31, 2018 , the portions expected to be recognized as components of net periodic pension cost in 2019 are as follows: Net loss $ 2.8 Net prior service cost .2 Total expected to be recognized in 2019 $ 3.0 |
Components Of Net Pension (Expense) Income | Components of net pension (expense) income for the years ended December 31 were as follows: 2018 2017 2016 Service cost $ (3.9 ) $ (4.6 ) $ (4.4 ) Interest cost (8.0 ) (10.9 ) (11.3 ) Expected return on plan assets 11.9 13.4 12.9 Recognized net actuarial loss (2.6 ) (4.6 ) (4.5 ) Settlements — (15.3 ) — Net pension expense $ (2.6 ) $ (22.0 ) $ (7.3 ) Weighted average assumptions for pension costs: Discount rate used in net pension costs 3.4 % 3.8 % 4.1 % Rate of compensation increase used in pension costs 3.0 % 3.5 % 3.5 % Expected return on plan assets 6.4 % 6.5 % 6.5 % Weighted average assumptions for benefit obligation: Discount rate used in benefit obligation 3.9 % 3.4 % 3.8 % Rate of compensation increase used in benefit obligation 3.0 % 3.0 % 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, 2018 Year Ended December 31, 2017 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 $ 41.8 $ — $ — $ — $ 41.8 $ 38.2 $ — $ — $ — $ 38.2 Equities 96.8 — — — 96.8 103.2 — — — 103.2 Stable value funds — 29.5 — — 29.5 — 25.8 — — 25.8 Money market funds, cash and other — — — 13.7 13.7 — — — 18.5 18.5 Total investments at fair value $ 138.6 $ 29.5 $ — $ 13.7 $ 181.8 $ 141.4 $ 25.8 $ — $ 18.5 $ 185.7 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 | 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: 2018 2017 Asset Category Equity securities 53 % 55 % Debt securities 23 21 Stable value funds 16 14 Other, including cash 8 10 Total 100 % 100 % |
Schedule Of Estimated Benefit Payments | Estimated benefit payments expected over the next ten years are as follows: 2019 $ 12.4 2020 13.0 2021 13.8 2022 14.1 2023 14.3 2024-2028 69.9 |
Schedule of Costs of Retirement Plans | Total expense for defined contribution plans was as follows: 2018 2017 2016 Defined contribution plans $ 6.3 $ 6.3 $ 6.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components Of Earnings From Continuing Operations Before Income Taxes | The components of earnings from continuing operations before income taxes are as follows: Year Ended December 31 2018 2017 2016 Domestic $ 149.1 $ 188.6 $ 267.7 Foreign 235.3 243.4 219.4 $ 384.4 $ 432.0 $ 487.1 |
Income Tax Expense From Continuing Operations | Income tax expense from continuing operations is comprised of the following components: Year Ended December 31 2018 2017 2016 Current Federal $ 21.2 $ 76.0 $ 55.7 State and local 4.9 3.8 4.1 Foreign 55.6 43.2 42.5 81.7 123.0 102.3 Deferred Federal 8.8 5.8 13.1 State and local (12.0 ) (2.6 ) 2.3 Foreign (.2 ) 12.2 2.3 (3.4 ) 15.4 17.7 $ 78.3 $ 138.4 $ 120.0 |
Schedule Of Income Tax Expense From Continuing Operations Percentage | Income tax expense from continuing operations, as a percentage of earnings before income taxes, differs from these statutory federal income tax rates as follows: Year Ended December 31 2018 2017 2016 Statutory federal income tax rate 21.0 % 35.0 % 35.0 % Increases (decreases) in rate resulting from: State taxes, net of federal benefit .9 .9 .9 Tax effect of foreign operations — (8.8 ) (6.4 ) Current and deferred foreign withholding taxes 3.8 3.6 .9 Deemed repatriation of foreign earnings (.3 ) 15.6 — Deferred tax revaluation (.1 ) (6.0 ) — Stock-based compensation (.8 ) (2.0 ) (3.4 ) Tax benefit for outside basis in subsidiary — (1.8 ) — Change in valuation allowance (2.0 ) (.4 ) .2 Change in uncertain tax positions, net (.3 ) (.6 ) (.6 ) Domestic production activities deduction — (1.2 ) (1.2 ) Other permanent differences, net (1.4 ) (1.6 ) (.6 ) Other, net (.4 ) (.7 ) (.2 ) Effective tax rate 20.4 % 32.0 % 24.6 % |
Reconciliation Of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of our gross unrecognized tax benefits for the periods presented is as follows: 2018 2017 2016 Gross unrecognized tax benefits, January 1 $ 10.1 $ 12.1 $ 15.5 Gross increases—tax positions in prior periods — .1 .3 Gross decreases—tax positions in prior periods (.5 ) (.4 ) (1.0 ) Gross increases—current period tax positions 1.3 1.5 1.1 Change due to exchange rate fluctuations (.2 ) .3 — Settlements — (.9 ) (.9 ) Lapse of statute of limitations (2.5 ) (2.6 ) (2.9 ) Gross unrecognized tax benefits, December 31 8.2 10.1 12.1 Interest 2.4 3.0 4.0 Penalties .4 .5 .6 Total gross unrecognized tax benefits, December 31 $ 11.0 $ 13.6 $ 16.7 |
Deferred Tax Assets Or Liabilities | Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. The major temporary differences and their associated deferred tax assets or liabilities are as follows: December 31 2018 2017 Assets Liabilities Assets Liabilities Property, plant and equipment $ 19.7 $ (67.8 ) $ 19.8 $ (53.5 ) Inventories 2.1 (10.3 ) 1.9 (14.0 ) Accrued expenses 60.3 (.1 ) 59.1 (.2 ) Net operating losses and other tax carryforwards 27.2 — 35.0 — Pension cost and other post-retirement benefits 13.4 (.6 ) 11.9 (.6 ) Intangible assets .4 (84.6 ) 1.2 (77.3 ) Derivative financial instruments 5.0 (1.3 ) 5.3 (1.7 ) Tax on undistributed earnings (primarily from Canada and China) — (18.8 ) — (21.4 ) Uncertain tax positions 2.4 — 3.5 — Other 6.9 (6.1 ) .7 (7.1 ) Gross deferred tax assets (liabilities) 137.4 (189.6 ) 138.4 (175.8 ) Valuation allowance (13.2 ) — (24.2 ) — Total deferred taxes $ 124.2 $ (189.6 ) $ 114.2 $ (175.8 ) Net deferred tax (liability) asset $ (65.4 ) $ (61.6 ) |
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 2018 2017 Sundry $ 20.2 $ 21.4 Deferred income taxes (85.6 ) (83.0 ) $ (65.4 ) $ (61.6 ) |
Other Expense (Income) (Tables)
Other Expense (Income) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Nonoperating Income (Expense) [Abstract] | |
Components Of Other Expense (Income) | The components of other expense (income) from continuing operations were as follows: Year Ended December 31 2018 2017 2016 Restructuring charges (See Note F ) $ 7.8 $ .8 $ .8 Currency loss (gain) .8 1.5 (2.1 ) Royalty expense (income) .5 — (.3 ) Loss (gain) from diversified investments associated with Executive Stock Unit Program (See Note M ) 1.9 (4.5 ) (2.2 ) Non-service pension (income) expense (See Note N ) (1.3 ) 17.4 2.9 Other income (7.0 ) (2.6 ) (1.5 ) $ 2.7 $ 12.6 $ (2.4 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Changes In Each Component Of Accumulated Other Comprehensive Income (Loss) | The following table sets forth the changes in each component of accumulated other comprehensive income (loss): Foreign Currency Translation Adjustments Cash Flow Hedges Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2016 $ (4.8 ) $ (28.2 ) $ (58.1 ) $ (91.1 ) Other comprehensive (loss) (33.2 ) (.9 ) (3.0 ) (37.1 ) Reclassifications, pretax 1 (1.7 ) 15.3 4.5 18.1 Income tax effect — (4.0 ) (.6 ) (4.6 ) Attributable to noncontrolling interest 1.1 — — 1.1 Balance at December 31, 2016 (38.6 ) (17.8 ) (57.2 ) (113.6 ) Other comprehensive income 78.7 1.6 10.2 90.5 Reclassifications, pretax 2 — 7.2 19.9 27.1 Income tax effect — (2.5 ) (11.4 ) (13.9 ) Attributable to noncontrolling interest .4 — — .4 Balance at December 31, 2017 40.5 (11.5 ) (38.5 ) (9.5 ) Other comprehensive (loss) (67.0 ) (3.1 ) (3.7 ) (73.8 ) Reclassifications, pretax 3 — 2.8 2.6 5.4 Income tax effect — — .3 .3 Attributable to noncontrolling interest — — — — Balance at December 31, 2018 $ (26.5 ) $ (11.8 ) $ (39.3 ) $ (77.6 ) 1 2016 pretax reclassifications are comprised of: Net sales $ — $ 10.6 $ — $ 10.6 Cost of goods sold; selling and administrative expenses — .5 — .5 Interest expense — 4.2 — 4.2 Other (income) expense, net (1.7 ) — 4.5 2.8 Total 2016 reclassifications, pretax $ (1.7 ) $ 15.3 $ 4.5 $ 18.1 2 2017 pretax reclassifications are comprised of: Net sales $ — $ 2.3 $ — $ 2.3 Cost of goods sold; selling and administrative expenses — .7 — .7 Interest expense — 4.2 — 4.2 Other (income) expense, net — — 19.9 19.9 Total 2017 reclassifications, pretax $ — $ 7.2 $ 19.9 $ 27.1 3 2018 pretax reclassifications are comprised of: Net sales $ — $ (2.6 ) $ — $ (2.6 ) Cost of goods sold; selling and administrative expenses — 1.1 — 1.1 Interest expense — 4.3 — 4.3 Other (income) expense, net — — 2.6 2.6 Total 2018 reclassifications, pretax $ — $ 2.8 $ 2.6 $ 5.4 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Items Measured At Fair Value On A Recurring Basis | Fair value measurements are established using a three level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into the following categories: • Level 1: Quoted prices for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Short-term investments in this category are valued using discounted cash flow techniques with all significant inputs derived from or corroborated by observable market data. Derivative assets and liabilities in this category are valued using models that consider various assumptions and information from market-corroborated sources. The models used are primarily industry-standard models that consider items such as quoted prices, market interest rate curves applicable to the instruments being valued as of the end of each period, discounted cash flows, volatility factors, current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. • Level 3: Unobservable inputs that are not corroborated by market data. The areas in which we utilize fair value measures of financial assets and liabilities are presented in the table below. As of December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Bank time deposits with original maturities of three months or less $ — $ 159.1 $ — $ 159.1 Derivative assets 1 (see Note T ) — 1.2 — 1.2 Diversified investments associated with the ESUP 1 (see Note M ) 32.7 — — 32.7 Total assets $ 32.7 $ 160.3 $ — $ 193.0 Liabilities: Derivative liabilities 1 (see Note T ) $ — $ 4.7 $ — $ 4.7 Liabilities associated with the ESUP 1 (see Note M ) 33.7 — — 33.7 Total liabilities $ 33.7 $ 4.7 $ — $ 38.4 As of December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Bank time deposits with original maturities of three months or less $ — $ 236.4 $ — $ 236.4 Derivative assets 1 (see Note T ) — 3.9 — 3.9 Diversified investments associated with the ESUP 1 (see Note M ) 34.0 — — 34.0 Total assets $ 34.0 $ 240.3 $ — $ 274.3 Liabilities: Derivative liabilities 1 (see Note T ) $ — $ 1.9 $ — $ 1.9 Liabilities associated with the ESUP 1 (see Note M ) 34.4 — — 34.4 Total liabilities $ 34.4 $ 1.9 $ — $ 36.3 1 Includes both current and long-term amounts combined. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
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 R ), and any additional consideration paid for prior years’ acquisitions. A portion of the goodwill included in the table below is expected to provide an income tax benefit. 2018 2017 2016 Accounts receivable $ 19.6 $ 10.5 $ 5.3 Inventory 26.2 6.2 5.8 Property, plant and equipment 28.2 15.7 3.7 Goodwill (see Note E ) 28.1 11.5 8.7 Other intangible assets (see Note E ) 28.9 20.3 12.3 Other current and long-term assets .8 .8 — Current liabilities (11.9 ) (4.6 ) (4.2 ) Long-term liabilities (10.7 ) (6.3 ) (.5 ) Non-controlling interest — (.5 ) — Fair value of net identifiable assets 109.2 53.6 31.1 Less: Additional consideration payable — 2.7 1.6 Less: Common stock issued for acquired companies — 11.8 — Net cash consideration $ 109.2 $ 39.1 $ 29.5 |
Businesses That Were Previously Not Wholly Owned | The following table summarizes acquisitions for the periods presented. Year Ended Number of Acquisitions Segment Product/Service December 31, 2018 3 Residential Products; Specialized Products Manufacturer and distributor of home and garden products; Manufacturer and distributor of silt fence; Engineered hydraulic cylinders December 31, 2017 3 Residential Products; Furniture Products Distributor and installer of geosynthetic products; Flooring products; Surface-critical bent tube components December 31, 2016 3 Residential Products; Specialized Products Distributor of geosynthetic products; Innersprings; Fabricated aerospace tubing and pipe assemblies |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments At Fair Value | The following table presents assets and liabilities representing the fair value of our most significant derivative financial instruments. The fair values of the derivatives reflect the change in the market value of the derivative from the date of the trade execution and do not consider the offsetting underlying hedged item. Expiring at various dates through: Total USD Equivalent Notional Amount As of December 31, 2018 Derivatives Designated as Hedging Instruments Assets Liabilities Other Current Assets Sundry Other Current Liabilities Other Long-Term Liabilities Cash flow hedges: Currency hedges: Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries Jun 2020 $ 164.7 $ .5 $ .1 $ 3.8 $ .2 Future MXN purchases of a USD subsidiary Jun 2019 7.9 .1 — — — Future EUR Sales of Chinese and UK subsidiaries Jun 2020 32.3 .2 .1 .1 — Total cash flow hedges .8 .2 3.9 .2 Fair value hedges: Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, EUR, GBP, PLN and USD) Dec 2019 65.8 .1 — .3 — Total fair value hedges .1 — .3 — Derivatives not designated as hedging instruments Non-deliverable hedges (EUR and USD) exposed to the CNY Dec 2019 23.6 .1 — .3 — Total derivatives not designated as hedging instruments .1 — .3 — Total derivatives $ 1.0 $ .2 $ 4.5 $ .2 Expiring at various dates through: Total USD Equivalent Notional Amount As of December 31, 2017 Derivatives Designated as Hedging Instruments Assets Liabilities Other Current Assets Sundry Other Current Liabilities Other Long-Term Liabilities Cash flow hedges: Currency hedges: Future USD sales/purchases of Canadian, Chinese, European, South Korean and Swiss subsidiaries Mar 2019 $ 158.1 $ 2.2 $ .2 $ .5 $ — Future MXN purchases of a USD subsidiary Mar 2019 6.6 — — .5 — Future JPY sales of Chinese subsidiary Dec 2018 11.2 .1 — — — Future DKK sales of Polish subsidiary Dec 2018 16.0 .6 — — — Future EUR Sales of Chinese, Swiss and UK subsidiaries Mar 2019 38.8 — — .3 .1 Total cash flow hedges 2.9 .2 1.3 .1 Fair value hedges: Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, USD and ZAR) in various countries (CAD, CHF, EUR and USD) Dec 2018 35.9 .2 — .5 — Total fair value hedges .2 — .5 — Derivatives not designated as hedging instruments Non-deliverable hedges (EUR and JPY) exposed to the CNY Nov 2018 17.0 .3 — — — Hedge of USD Receivable on CAD Subsidiary Jan 2018 19.0 .3 — — — Total derivatives not designated as hedging instruments .6 — — — Total derivatives $ 3.7 $ .2 $ 1.8 $ .1 |
Gains (Losses) Of Hedging Activities Recorded In Income | The following table sets forth the pretax (gains) losses for our hedging activities for the years presented. This schedule includes reclassifications from accumulated other comprehensive income as well as derivative settlements recorded directly to income or expense. Income Statement Caption Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 Derivatives Designated as Hedging Instruments 2018 2017 2016 Interest rate cash flow hedges Interest expense $ 4.3 $ 4.2 $ 4.2 Currency cash flow hedges Net sales (2.0 ) (1.4 ) 10.8 Currency cash flow hedges Cost of goods sold .4 .4 1.1 Currency cash flow hedges Other expense (income), net — .6 .4 Total cash flow hedges 2.7 3.8 16.5 Fair value hedges Other expense (income), net 1.2 (.2 ) (1.3 ) Derivatives Not Designated as Hedging Instruments Other expense (income), net (1.6 ) (1.7 ) (.1 ) Total derivative instruments $ 2.3 $ 1.9 $ 15.1 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Accruals for Probable Losses | Although we deny liability in all currently threatened or pending litigation proceedings in which we are or may be a party and believe that we have valid bases to contest all claims threatened or made against us, we have recorded a litigation contingency accrual for our reasonable estimate of probable loss for pending and threatened litigation proceedings, in aggregate, in millions, as follows: Year Ended December 31 2018 2017 2016 Litigation contingency accrual - Beginning of period $ .4 $ 3.2 $ 8.1 Adjustment to accruals - expense - Continuing operations 1.8 .6 7.1 Adjustment to accruals - expense - Discontinued operations — 1.6 2.0 Cash payments (.3 ) (5.0 ) (14.0 ) Litigation contingency accrual - End of period $ 1.9 $ .4 $ 3.2 |
Quarterly Summary Of Earnings (
Quarterly Summary Of Earnings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Summary Of Earnings | Year ended December 31 (Amounts in millions, except per share data) First Second Third 1,3 Fourth 2,4 Total 2018 Net sales $ 1,028.8 $ 1,102.5 $ 1,091.5 $ 1,046.7 $ 4,269.5 Gross profit 217.4 231.0 227.1 213.2 888.7 Earnings from continuing operations before income taxes 95.4 107.5 113.3 68.2 384.4 Earnings from continuing operations $ 77.9 $ 85.1 $ 90.0 $ 53.1 $ 306.1 Earnings (loss) from discontinued operations, net of tax — — — — — Net earnings 77.9 85.1 90.0 53.1 306.1 (Earnings) attributable to noncontrolling interest, net of tax — (.1 ) — (.1 ) (.2 ) Net earnings attributable to Leggett & Platt, Inc. common shareholders $ 77.9 $ 85.0 $ 90.0 $ 53.0 $ 305.9 Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders Basic $ .58 $ .63 $ .67 $ .40 $ 2.28 Diluted $ .57 $ .63 $ .67 $ .39 $ 2.26 Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders Basic $ — $ — $ — $ — $ — Diluted $ — $ — $ — $ — $ — Net earnings per share attributable to Leggett & Platt, Inc. common shareholders Basic $ .58 $ .63 $ .67 $ .40 $ 2.28 Diluted $ .57 $ .63 $ .67 $ .39 $ 2.26 2017 Net sales $ 960.3 $ 989.3 $ 1,009.7 $ 984.5 $ 3,943.8 Gross profit 226.7 230.7 216.5 208.5 882.4 Earnings from continuing operations before income taxes 107.3 113.4 100.7 110.6 432.0 Earnings from continuing operations $ 86.1 $ 87.6 $ 83.5 $ 36.4 $ 293.6 Earnings (loss) from discontinued operations, net of tax — — (.9 ) — (.9 ) Net earnings 86.1 87.6 82.6 36.4 292.7 (Earnings) attributable to noncontrolling interest, net of tax — — — (.1 ) (.1 ) Net earnings attributable to Leggett & Platt, Inc. common shareholders $ 86.1 $ 87.6 $ 82.6 $ 36.3 $ 292.6 Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders Basic $ .63 $ .64 $ .62 $ .27 $ 2.16 Diluted $ .62 $ .64 $ .61 $ .27 $ 2.14 Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders Basic $ — $ — $ (.01 ) $ — $ (.01 ) Diluted $ — $ — $ (.01 ) $ — $ (.01 ) Net earnings per share attributable to Leggett & Platt, Inc. common shareholders Basic $ .63 $ .64 $ .61 $ .27 $ 2.15 Diluted $ .62 $ .64 $ .60 $ .27 $ 2.13 All items below are shown pretax with the exception of the 2017 Tax Cuts and Jobs Act (TCJA) items discussed below. 1 Third quarter 2018 Earnings from continuing operations include a $2 benefit associated with the TCJA ( Note O ) 2 Fourth quarter 2018 Earnings from continuing operations include a charge of $16 for restructuring ( Note F ); $16 charge for a customer receivable impairment ( Note I ); $7 charge for ECS acquisition transaction costs ( Note V ) 3 Third quarter 2017 Earnings from continuing operations include a charge of $5 associated with a small Wire Products business impairment ( Note D ); $3 charge associated with the sale of a business ( Note C ) 4 Fourth quarter 2017 Earnings from continuing operations include a gain of $23 associated with the sale of real estate ( Note C ); $15 pension settlement charge ( Note N ); $50 charge associated with the TCJA |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018reporting_unit | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Accounting Policies [Abstract] | |||||
Percentage of LIFO inventory | 50.00% | ||||
Number of reporting units | reporting_unit | 10 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reclassification into Other (income) expense, net | $ 2.3 | $ (1.1) | |||
Cost of goods sold | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reclassification into Other (income) expense, net | $ 17.4 | ||||
Selling and administrative expenses | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reclassification into Other (income) expense, net | $ 2.9 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies (Activity in the LIFO Reserve) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | |
LIFO Reserve [Roll Forward] | ||||
Balance, beginning of year | $ 50.9 | $ 33.8 | $ 22.6 | |
LIFO expense | 31.3 | 18.6 | 10.5 | |
Allocated to divested businesses | 0 | (1.5) | 0.7 | |
Balance, end of year | $ 50.9 | $ 33.8 | $ 22.6 | $ 82.2 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Schedule Of Property, Plant And Equipment) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Weighted Average Life | 10 years |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Weighted Average Life | 27 years |
Other items | |
Property, Plant and Equipment [Line Items] | |
Weighted Average Life | 9 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 | 10 years |
Minimum | Other items | |
Property, Plant and Equipment [Line Items] | |
Useful Life Range | 3 years |
Maximum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful Life Range | 20 years |
Maximum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful Life Range | 40 years |
Maximum | Other items | |
Property, Plant and Equipment [Line Items] | |
Useful Life Range | 15 years |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Summary Of Other Intangible Assets) (Details) - Other intangible assets | 12 Months Ended |
Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Life | 14 years |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life Range | 1 year |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life Range | 40 years |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue, typical trade terms, days | 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). | |
Retained Earnings | Accounting Standards Update 2014-09 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Effect of accounting change on prior years | $ 2.3 |
Revenue - Effects of Applying T
Revenue - Effects of Applying Topic 606 (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Current assets | $ 1,524.6 | $ 1,766.5 | $ 1,524.6 | $ 1,766.5 | $ 1,766.5 | |||||||
Net property, plant and equipment | 728.5 | 663.9 | 728.5 | 663.9 | $ 565.5 | 663.9 | ||||||
Other assets | 1,128.9 | 1,120.4 | 1,128.9 | 1,120.4 | 1,121.1 | |||||||
TOTAL ASSETS | 3,382 | 3,550.8 | 3,382 | 3,550.8 | 2,984.1 | 3,551.5 | ||||||
Other current liabilities | 86.4 | 88.7 | 86.4 | 88.7 | 91.7 | |||||||
All other current liabilities | 729.3 | 729.3 | 887.5 | |||||||||
Long-term liabilities | 1,408.7 | 1,383.8 | 1,408.7 | 1,383.8 | 1,383.8 | |||||||
Retained earnings | 2,613.8 | 2,511.3 | 2,613.8 | 2,511.3 | 2,509 | |||||||
Other equity | (1,456.2) | (1,456.2) | (1,320.5) | |||||||||
TOTAL LIABILITIES AND EQUITY | 3,382 | 3,550.8 | 3,382 | 3,550.8 | 3,551.5 | |||||||
Net sales | 1,046.7 | $ 1,091.5 | $ 1,102.5 | $ 1,028.8 | 984.5 | $ 1,009.7 | $ 989.3 | $ 960.3 | 4,269.5 | 3,943.8 | 3,749.9 | |
Cost of goods sold | 3,380.8 | 3,061.4 | 2,848.2 | |||||||||
Gross profit | 213.2 | 227.1 | 231 | 217.4 | 208.5 | 216.5 | 230.7 | 226.7 | 888.7 | 882.4 | 901.7 | |
Selling and administrative expenses | 425.1 | 400.5 | 395.7 | |||||||||
All other | 26.7 | |||||||||||
Earnings from continuing operations before interest and income taxes | 436.9 | 467.9 | 522 | |||||||||
Net interest expense | 52.5 | |||||||||||
Income taxes | 78.3 | 138.4 | 120 | |||||||||
(Earnings) attributable to noncontrolling interest, net of tax | 0.1 | $ 0 | $ 0.1 | $ 0 | 0.1 | $ 0 | $ 0 | $ 0 | 0.2 | 0.1 | 0.4 | |
Net earnings from continuing operations attributable to Leggett & Platt common shareholders | 305.9 | 293.5 | $ 366.7 | |||||||||
Topic 606 Adjustments | Accounting Standards Update 2014-09 | ||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Current assets | 0 | 0 | 0 | |||||||||
Net property, plant and equipment | 0 | 0 | 0 | |||||||||
Other assets | (0.7) | (0.7) | 0.7 | |||||||||
TOTAL ASSETS | (0.7) | (0.7) | 0.7 | |||||||||
Other current liabilities | (2.9) | (2.9) | 3 | |||||||||
All other current liabilities | 0 | 0 | 0 | |||||||||
Long-term liabilities | 0 | 0 | 0 | |||||||||
Retained earnings | 2.2 | 2.2 | (2.3) | |||||||||
Other equity | 0 | 0 | 0 | |||||||||
TOTAL LIABILITIES AND EQUITY | (0.7) | (0.7) | $ 0.7 | |||||||||
Net sales | 14 | |||||||||||
Cost of goods sold | 13.6 | |||||||||||
Gross profit | 0.4 | |||||||||||
Selling and administrative expenses | 0 | |||||||||||
All other | 0 | |||||||||||
Earnings from continuing operations before interest and income taxes | 0.4 | |||||||||||
Net interest expense | 0 | |||||||||||
Income taxes | 0.1 | |||||||||||
(Earnings) attributable to noncontrolling interest, net of tax | 0 | |||||||||||
Net earnings from continuing operations attributable to Leggett & Platt common shareholders | 0.3 | |||||||||||
Amounts Without Adoption of Topic 606 | ||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Current assets | 1,524.6 | 1,766.5 | 1,524.6 | 1,766.5 | ||||||||
Net property, plant and equipment | 728.5 | 663.9 | 728.5 | 663.9 | ||||||||
Other assets | 1,128.2 | 1,128.2 | ||||||||||
TOTAL ASSETS | 3,381.3 | 3,550.8 | 3,381.3 | 3,550.8 | ||||||||
Other current liabilities | 83.5 | 88.7 | 83.5 | 88.7 | ||||||||
All other current liabilities | 729.3 | 887.5 | 729.3 | 887.5 | ||||||||
Long-term liabilities | 1,408.7 | 1,383.8 | 1,408.7 | 1,383.8 | ||||||||
Retained earnings | 2,616 | 2,511.3 | 2,616 | 2,511.3 | ||||||||
Other equity | (1,456.2) | (1,320.5) | (1,456.2) | (1,320.5) | ||||||||
TOTAL LIABILITIES AND EQUITY | $ 3,381.3 | $ 3,550.8 | 3,381.3 | $ 3,550.8 | ||||||||
Net sales | 4,283.5 | |||||||||||
Cost of goods sold | 3,394.4 | |||||||||||
Gross profit | 889.1 | |||||||||||
Selling and administrative expenses | 425.1 | |||||||||||
All other | 26.7 | |||||||||||
Earnings from continuing operations before interest and income taxes | 437.3 | |||||||||||
Net interest expense | 52.5 | |||||||||||
Income taxes | 78.4 | |||||||||||
(Earnings) attributable to noncontrolling interest, net of tax | (0.2) | |||||||||||
Net earnings from continuing operations attributable to Leggett & Platt common shareholders | $ 306.2 |
Revenue - By Major Source (Deta
Revenue - By Major Source (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 1,046.7 | $ 1,091.5 | $ 1,102.5 | $ 1,028.8 | $ 984.5 | $ 1,009.7 | $ 989.3 | $ 960.3 | $ 4,269.5 | $ 3,943.8 | $ 3,749.9 |
Residential Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,703.7 | 1,620.2 | 1,571.4 | ||||||||
Residential Products | Bedding group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 905.1 | 837.2 | 831.8 | ||||||||
Residential Products | Fabric & Flooring Products group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 735.8 | 720.1 | 666.8 | ||||||||
Residential Products | Machinery group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 62.8 | 62.9 | 72.8 | ||||||||
Industrial Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 367.4 | 291.7 | 289.4 | ||||||||
Industrial Products | Wire group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 367.4 | 291.7 | 289.4 | ||||||||
Furniture Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,142.1 | 1,096.4 | 989.3 | ||||||||
Furniture Products | Consumer Products group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 460.2 | 413.3 | 327.2 | ||||||||
Furniture Products | Home Furniture group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 388.6 | 410.2 | 413.3 | ||||||||
Furniture Products | Work Furniture group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 293.3 | 272.9 | 248.8 | ||||||||
Specialized Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,056.3 | 935.5 | 899.8 | ||||||||
Specialized Products | Automotive group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 823.3 | 772.5 | 695 | ||||||||
Specialized Products | Aerospace Products group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 148.9 | 137.9 | 129.7 | ||||||||
Specialized Products | Hydraulic Cylinders group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 84.1 | 0 | 0 | ||||||||
Specialized Products | Commercial Vehicle Products (CVP) group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 0 | $ 25.1 | $ 75.1 |
Discontinued Operations and O_3
Discontinued Operations and Other Divestitures (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from antitrust litigation settlement | $ 38 | ||||||||||
Proceeds from antitrust litigation settlement, after-tax | 25 | ||||||||||
Earnings (loss) before interest and income taxes (EBIT) | $ 0 | $ (1.4) | 30.1 | ||||||||
Income tax (expense) benefit | 0 | 0.5 | (11) | ||||||||
Earnings (loss) from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (0.9) | $ 0 | $ 0 | 0 | (0.9) | 19.1 |
Disposal Group, Divested, Not Discontinued Operations | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Trade Sales | 0 | 25.1 | 116.1 | ||||||||
EBIT | 0 | (2.3) | 7.4 | ||||||||
Disposal Group, Divested, Not Discontinued Operations | Residential Products - Machinery operation | Residential Products | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Trade Sales | 0 | 0 | 3.1 | ||||||||
EBIT | 0 | 0 | (0.3) | ||||||||
Disposal Group, Divested, Not Discontinued Operations | Industrial Products - Wire operations | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Disposal group, not discontinued operation, gain (loss) on disposal | 21.2 | ||||||||||
Disposal Group, Divested, Not Discontinued Operations | Industrial Products - Wire operations | Industrial Products | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Trade Sales | 0 | 0 | 38 | ||||||||
EBIT | 0 | 0 | 1.8 | ||||||||
Disposal Group, Divested, Not Discontinued Operations | CVP operation | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Disposal group, not discontinued operation, gain (loss) on disposal | (3.3) | 11.2 | |||||||||
Disposal Group, Divested, Not Discontinued Operations | CVP operation | Specialized Products | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Trade Sales | 0 | 25.1 | 75 | ||||||||
EBIT | $ 0 | (2.3) | 5.9 | ||||||||
Disposal Group, Divested, Not Discontinued Operations | Real estate | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Disposal group, not discontinued operation, gain (loss) on disposal | $ 23.4 | ||||||||||
Subsequent Activity | Prime Foam Products unit | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from antitrust litigation settlement | 31.4 | ||||||||||
Proceeds from antitrust litigation settlement, after-tax | $ 19.8 |
Impairment Charges (Summary Of
Impairment Charges (Summary Of Impairment Charges On Continued And Discontinued Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Goodwill Impairment | $ 0 | $ 1.3 | $ 3.7 |
Other Long-Lived Asset Impairments | 5.4 | 3.6 | 0.4 |
Total Impairments | 5.4 | 4.9 | 4.1 |
Residential Products | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Goodwill Impairment | 0 | 0 | 0 |
Other Long-Lived Asset Impairments | 0 | 0 | 0.4 |
Total Impairments | 0 | 0 | 0.4 |
Furniture Products | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Goodwill Impairment | 0 | 0 | 0 |
Other Long-Lived Asset Impairments | 5.1 | 0 | 0 |
Total Impairments | 5.1 | 0 | 0 |
Industrial Products | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Goodwill Impairment | 0 | 1.3 | 0 |
Other Long-Lived Asset Impairments | 0.3 | 3.6 | 0 |
Total Impairments | 0.3 | 4.9 | 0 |
Specialized Products | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Goodwill Impairment | 0 | 0 | 3.7 |
Other Long-Lived Asset Impairments | 0 | 0 | 0 |
Total Impairments | $ 0 | $ 0 | $ 3.7 |
Impairment Charges (Narrative)
Impairment Charges (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017USD ($) | Jun. 30, 2016USD ($)business | Dec. 31, 2018USD ($)business | Dec. 31, 2017USD ($)reporting_unit | Dec. 31, 2016USD ($) | Dec. 31, 2015 | |
Goodwill [Line Items] | ||||||
Impairments | $ 5,400,000 | $ 4,900,000 | $ 4,100,000 | |||
Number of reporting units tested for goodwill impairment | reporting_unit | 2 | |||||
Goodwill impairment, including discontinued operations | 0 | $ 0 | ||||
Goodwill | $ 833,800,000 | 822,200,000 | 791,300,000 | |||
Goodwill impairment, including discontinued operations, held-for-sale | $ 1,300,000 | |||||
Impairment of other long-lived assets | $ 3,300,000 | |||||
Minimum | ||||||
Goodwill [Line Items] | ||||||
Fair values of reporting units in excess of carrying amount (as a percent) (at least) | 115.00% | |||||
Maximum | ||||||
Goodwill [Line Items] | ||||||
Fair values of reporting units in excess of carrying amount (as a percent) (at least) | 600.00% | |||||
Work Furniture and Aerospace reporting units | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 157,400,000 | |||||
Work Furniture and Aerospace reporting units | Minimum | ||||||
Goodwill [Line Items] | ||||||
Fair values of reporting units in excess of carrying amount (as a percent) (at least) | 75.00% | |||||
Drawn Wire Unit | ||||||
Goodwill [Line Items] | ||||||
Number of businesses sold | business | 1 | |||||
CVP reporting unit | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment, including discontinued operations | $ 3,700,000 | |||||
Number of businesses sold | business | 1 | |||||
Number of businesses owned prior to sale | business | 2 | |||||
Number of remaining businesses | business | 1 | |||||
Furniture Products | ||||||
Goodwill [Line Items] | ||||||
Impairments | $ 5,100,000 | $ 0 | 0 | |||
Goodwill | $ 193,100,000 | $ 196,200,000 | $ 187,900,000 |
Impairment Charges (Components
Impairment Charges (Components Of Fair Values In Relation To Their Respective Carrying Values) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Goodwill, Fair Value Disclosure | $ 833.8 |
Fair Value Inputs, Long Term Growth Rate, Debt-free Cash Flow | 3.00% |
Less than 100% | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Goodwill, Fair Value Disclosure | $ 180.7 |
Fair Value Inputs, Long Term Growth Rate, Debt-free Cash Flow | 3.00% |
101% - 300% | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Goodwill, Fair Value Disclosure | $ 502.5 |
Fair Value Inputs, Long Term Growth Rate, Debt-free Cash Flow | 3.00% |
301% - 600% | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Goodwill, Fair Value Disclosure | $ 150.6 |
Fair Value Inputs, Long Term Growth Rate, Debt-free Cash Flow | 3.00% |
Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
10-year Compound Annual Growth Rate Range for Sales | 1.80% |
Discount Rate | 8.50% |
Minimum | Less than 100% | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
10-year Compound Annual Growth Rate Range for Sales | 4.70% |
Discount Rate | 9.00% |
Minimum | 101% - 300% | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value over Carrying Value divided by Carrying Value (as a percent) | 101.00% |
10-year Compound Annual Growth Rate Range for Sales | 1.80% |
Discount Rate | 8.50% |
Minimum | 301% - 600% | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value over Carrying Value divided by Carrying Value (as a percent) | 301.00% |
10-year Compound Annual Growth Rate Range for Sales | 5.70% |
Discount Rate | 9.00% |
Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
10-year Compound Annual Growth Rate Range for Sales | 12.40% |
Discount Rate | 10.00% |
Maximum | Less than 100% | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value over Carrying Value divided by Carrying Value (as a percent) | 100.00% |
10-year Compound Annual Growth Rate Range for Sales | 5.20% |
Discount Rate | 9.50% |
Maximum | 101% - 300% | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value over Carrying Value divided by Carrying Value (as a percent) | 300.00% |
10-year Compound Annual Growth Rate Range for Sales | 5.00% |
Discount Rate | 10.00% |
Maximum | 301% - 600% | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value over Carrying Value divided by Carrying Value (as a percent) | 600.00% |
10-year Compound Annual Growth Rate Range for Sales | 12.40% |
Discount Rate | 10.00% |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | |||
Net goodwill, beginning of period | $ 822.2 | $ 791.3 | |
Additions for current year acquisitions | 28.1 | 11.5 | |
Adjustments to prior year acquisitions | (0.2) | 0.8 | |
Impairment charge | 0 | (1.3) | $ (3.7) |
Foreign currency translation adjustment | (16.3) | 19.9 | |
Gross goodwill | 1,156.5 | ||
Accumulated impairment losses | (322.7) | ||
Net goodwill, end of period | 833.8 | 822.2 | 791.3 |
Residential Products | |||
Goodwill [Roll Forward] | |||
Net goodwill, beginning of period | 368.2 | 352.8 | |
Additions for current year acquisitions | 1.3 | 7.6 | |
Adjustments to prior year acquisitions | (0.2) | 0.8 | |
Impairment charge | 0 | 0 | 0 |
Foreign currency translation adjustment | (5.8) | 7 | |
Gross goodwill | 363.5 | ||
Accumulated impairment losses | 0 | ||
Net goodwill, end of period | 363.5 | 368.2 | 352.8 |
Industrial Products | |||
Goodwill [Roll Forward] | |||
Net goodwill, beginning of period | 70.8 | 71.9 | |
Additions for current year acquisitions | 0 | 0 | |
Adjustments to prior year acquisitions | 0 | 0 | |
Impairment charge | 0 | (1.3) | 0 |
Foreign currency translation adjustment | (0.1) | 0.2 | |
Gross goodwill | 76.1 | ||
Accumulated impairment losses | (5.4) | ||
Net goodwill, end of period | 70.7 | 70.8 | 71.9 |
Furniture Products | |||
Goodwill [Roll Forward] | |||
Net goodwill, beginning of period | 196.2 | 187.9 | |
Additions for current year acquisitions | 0 | 3.9 | |
Adjustments to prior year acquisitions | 0 | 0 | |
Impairment charge | 0 | 0 | 0 |
Foreign currency translation adjustment | (3.1) | 4.4 | |
Gross goodwill | 443.7 | ||
Accumulated impairment losses | (250.6) | ||
Net goodwill, end of period | 193.1 | 196.2 | 187.9 |
Specialized Products | |||
Goodwill [Roll Forward] | |||
Net goodwill, beginning of period | 187 | 178.7 | |
Additions for current year acquisitions | 26.8 | 0 | |
Adjustments to prior year acquisitions | 0 | 0 | |
Impairment charge | 0 | 0 | (3.7) |
Foreign currency translation adjustment | (7.3) | 8.3 | |
Gross goodwill | 273.2 | ||
Accumulated impairment losses | (66.7) | ||
Net goodwill, end of period | $ 206.5 | $ 187 | $ 178.7 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Intangible Assets Purchased) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 340.4 | $ 320.8 |
Accumulated amortization | 161.7 | 151.7 |
Net intangibles as of end of period | 178.7 | 169.1 |
Acquired during period: | ||
Acquired related to business acquisitions | 28.9 | 20.3 |
Acquired outside business acquisitions | 13.9 | 6.7 |
Total acquired in period | $ 42.8 | $ 27 |
Weighted average amortization period in years for items acquired in period | 11 years 7 months 6 days | 8 years 7 months 18 days |
Debt Issuance Costs | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 4.9 | $ 3.7 |
Accumulated amortization | 2.3 | 1.9 |
Net intangibles as of end of period | 2.6 | 1.8 |
Acquired during period: | ||
Acquired related to business acquisitions | 0 | 0 |
Acquired outside business acquisitions | 1.3 | 0.6 |
Total acquired in period | $ 1.3 | $ 0.6 |
Weighted average amortization period in years for items acquired in period | 5 years 18 days | 5 years 18 days |
Patents and Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 65.8 | $ 65.3 |
Accumulated amortization | 31.3 | 30.9 |
Net intangibles as of end of period | 34.5 | 34.4 |
Acquired during period: | ||
Acquired related to business acquisitions | 2.7 | 8.7 |
Acquired outside business acquisitions | 1.3 | 1.4 |
Total acquired in period | $ 4 | $ 10.1 |
Weighted average amortization period in years for items acquired in period | 16 years 6 months | 2 years 8 months 18 days |
Non-compete Agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 15.8 | $ 14.2 |
Accumulated amortization | 8.6 | 6.7 |
Net intangibles as of end of period | 7.2 | 7.5 |
Acquired during period: | ||
Acquired related to business acquisitions | 1.9 | 0.4 |
Acquired outside business acquisitions | 0.6 | 0 |
Total acquired in period | $ 2.5 | $ 0.4 |
Weighted average amortization period in years for items acquired in period | 4 years 6 months | 6 years 10 months 18 days |
Customer- Related Intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 212.5 | $ 210.1 |
Accumulated amortization | 98.8 | 96.9 |
Net intangibles as of end of period | 113.7 | 113.2 |
Acquired during period: | ||
Acquired related to business acquisitions | 19.4 | 11.2 |
Acquired outside business acquisitions | 0 | 0.2 |
Total acquired in period | $ 19.4 | $ 11.4 |
Weighted average amortization period in years for items acquired in period | 14 years 4 months 24 days | 16 years 4 months 18 days |
Supply Agreements and Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 41.4 | $ 27.5 |
Accumulated amortization | 20.7 | 15.3 |
Net intangibles as of end of period | 20.7 | 12.2 |
Acquired during period: | ||
Acquired related to business acquisitions | 4.9 | 0 |
Acquired outside business acquisitions | 10.7 | 4.5 |
Total acquired in period | $ 15.6 | $ 4.5 |
Weighted average amortization period in years for items acquired in period | 7 years 3 months 18 days | 3 years 18 days |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Estimated Amortization Expense) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 24 |
2,020 | 22 |
2,021 | 17 |
2,022 | 15 |
2,023 | $ 14 |
Restructuring and Restructuri_3
Restructuring and Restructuring Related Charges Restructuring and Restructuring Related Charges (Expected vs Incurred Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and restructuring-related | $ 12.4 | $ 1.3 | $ 0.8 | |
Impairment costs associated with this plan as discussed in Note D | 5.4 | 4.9 | 4.1 | |
Furniture Products | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment costs associated with this plan as discussed in Note D | 5.1 | $ 0 | $ 0 | |
Furniture Products | 2018 Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and restructuring-related | $ 27.9 | 27.9 | ||
Impairment costs associated with this plan as discussed in Note D | 5.1 | 5.1 | ||
Total Amount Expected to be Incurred | 33 | 33 | ||
Restructuring and restructuring-related | 11.2 | |||
Impairment costs associated with this plan as discussed in Note D | 5.1 | |||
Total Amount Incurred in 2018 | $ 16 | $ 16.3 |
Restructuring and Restructuri_4
Restructuring and Restructuring Related Charges (Summary Of Restructuring-Related Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |||
Severance and other restructuring costs | $ 7.8 | $ 0.8 | $ 0.8 |
Inventory obsolescence and other | 4.6 | 0.5 | 0 |
Total restructuring and restructuring-related costs | 12.4 | 1.3 | 0.8 |
Amount of total that represents cash charges | $ 7.8 | $ 0.8 | $ 0.8 |
Restructuring and Restructuri_5
Restructuring and Restructuring Related Charges (Restructuring-Related Costs by Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 12.4 | $ 1.3 | $ 0.8 |
Residential Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1.4 | 0 | 0.2 |
Furniture Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 10.8 | 0.5 | 0.2 |
Industrial Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.2 | 0.8 | 0 |
Specialized Products | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0 | $ 0 | $ 0.4 |
Restructuring and Restructuri_6
Restructuring and Restructuring Related Charges (Accrued Liability) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | $ 0.8 | $ 0.5 | |
Add: Charges | (7.8) | (0.8) | $ (0.8) |
Less: Payments | 1.4 | 0.5 | |
Balance at end of period | 7.2 | 0.8 | 0.5 |
Termination benefits | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 0.3 | 0 | |
Add: Charges | (7.3) | (0.5) | |
Less: Payments | 1 | 0.2 | |
Balance at end of period | 6.6 | 0.3 | 0 |
Other restructuring costs | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 0.5 | 0.5 | |
Add: Charges | (0.5) | (0.3) | |
Less: Payments | 0.4 | 0.3 | |
Balance at end of period | $ 0.6 | $ 0.5 | $ 0.5 |
Segment Information (Segment Re
Segment Information (Segment Results From Continuing Operations) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)Segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting [Abstract] | ||||||||||||
Number of operating segments | Segment | 4 | |||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | $ 1,046.7 | $ 1,091.5 | $ 1,102.5 | $ 1,028.8 | $ 984.5 | $ 1,009.7 | $ 989.3 | $ 960.3 | $ 4,269.5 | $ 3,943.8 | $ 3,749.9 | |
Total Segment Sales | 4,598.1 | 4,240.2 | 4,126 | |||||||||
EBIT | 436.9 | 467.9 | 522 | |||||||||
Pension settlements included in intersegment eliminations and other | $ 15.3 | 0 | 15.3 | 0 | ||||||||
Residential Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | 1,703.7 | 1,620.2 | 1,571.4 | |||||||||
Total Segment Sales | 1,720.8 | 1,638.8 | 1,588.6 | |||||||||
EBIT | 132.8 | 184 | 167.5 | |||||||||
Industrial Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | 367.4 | 291.7 | 289.4 | |||||||||
Total Segment Sales | 662.4 | 545.6 | 582.5 | |||||||||
EBIT | 68.4 | 21 | 65.3 | |||||||||
Furniture Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | 1,142.1 | 1,096.4 | 989.3 | |||||||||
Total Segment Sales | 1,155.9 | 1,113.2 | 1,048.6 | |||||||||
EBIT | 49.6 | 81.5 | 106.6 | |||||||||
Specialized Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | 1,056.3 | 935.5 | 899.8 | |||||||||
Total Segment Sales | 1,059 | 942.6 | 906.3 | |||||||||
EBIT | 189 | 195.6 | 181.4 | |||||||||
Inter- Segment Sales | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | 328.6 | 296.4 | 376.1 | |||||||||
Intersegment eliminations and other | (2.9) | (14.2) | 1.2 | |||||||||
Pension settlements included in intersegment eliminations and other | 15.3 | |||||||||||
Inter- Segment Sales | Residential Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | 17.1 | 18.6 | 17.2 | |||||||||
Inter- Segment Sales | Industrial Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | 295 | 253.9 | 293.1 | |||||||||
Inter- Segment Sales | Furniture Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | 13.8 | 16.8 | 59.3 | |||||||||
Inter- Segment Sales | Specialized Products | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Trade sales | $ 2.7 | $ 7.1 | $ 6.5 |
Segment Information (Average As
Segment Information (Average Assets For Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Segment Reporting Information [Line Items] | ||||
Assets | $ 3,382 | $ 3,550.8 | $ 2,984.1 | $ 3,551.5 |
Additions to Property, Plant and Equipment | 159.6 | 159.4 | 124 | |
Acquired Companies’ Long-Lived Assets | 85.4 | 47.9 | 24.9 | |
Depreciation And Amortization | 136.1 | 125.9 | 115.4 | |
Residential Products | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 609.4 | 554.6 | 527.2 | |
Additions to Property, Plant and Equipment | 48 | 60.5 | 32.4 | |
Acquired Companies’ Long-Lived Assets | 6 | 33.6 | 11.2 | |
Depreciation And Amortization | 46.6 | 45.8 | 42.9 | |
Industrial Products | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 163.8 | 150 | 147.4 | |
Additions to Property, Plant and Equipment | 9.6 | 14.3 | 10.1 | |
Acquired Companies’ Long-Lived Assets | 0 | 0 | 0 | |
Depreciation And Amortization | 10.3 | 10.2 | 11.8 | |
Furniture Products | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 279.8 | 245.7 | 219.4 | |
Additions to Property, Plant and Equipment | 19.7 | 20.2 | 16.6 | |
Acquired Companies’ Long-Lived Assets | 0 | 14.3 | 0 | |
Depreciation And Amortization | 17.4 | 16.2 | 14.4 | |
Specialized Products | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 342.5 | 271.7 | 248.7 | |
Additions to Property, Plant and Equipment | 45 | 51.7 | 42.2 | |
Acquired Companies’ Long-Lived Assets | 79.4 | 0 | 13.7 | |
Depreciation And Amortization | 39 | 31.2 | 29.7 | |
Average current liabilities included in segment numbers above | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 661.8 | 557 | 495.9 | |
Additions to Property, Plant and Equipment | 0 | 0 | 0 | |
Acquired Companies’ Long-Lived Assets | 0 | 0 | 0 | |
Depreciation And Amortization | 0 | 0 | 0 | |
Unallocated assets and other | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 1,278 | 1,693.1 | 1,378.5 | |
Additions to Property, Plant and Equipment | 37.3 | 12.7 | 22.7 | |
Acquired Companies’ Long-Lived Assets | 0 | 0 | 0 | |
Depreciation And Amortization | 22.8 | 22.5 | 16.6 | |
Difference between average assets and year-end balance sheet | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 46.7 | 78.7 | (33) | |
Additions to Property, Plant and Equipment | 0 | 0 | 0 | |
Acquired Companies’ Long-Lived Assets | 0 | 0 | 0 | |
Depreciation And Amortization | $ 0 | $ 0 | $ 0 |
Segment Information (Schedule O
Segment Information (Schedule Of Revenue From External Sales And Long-Lived Assets, By Geographical Areas) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Trade sales | $ 1,046.7 | $ 1,091.5 | $ 1,102.5 | $ 1,028.8 | $ 984.5 | $ 1,009.7 | $ 989.3 | $ 960.3 | $ 4,269.5 | $ 3,943.8 | $ 3,749.9 | |
Tangible long-lived assets | 728.5 | 663.9 | 728.5 | 663.9 | 565.5 | $ 663.9 | ||||||
Europe | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Trade sales | 525.6 | 475.3 | 445.2 | |||||||||
Tangible long-lived assets | 167.6 | 157.4 | 167.6 | 157.4 | 128.6 | |||||||
China | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Trade sales | 494.7 | 481.6 | 420 | |||||||||
Tangible long-lived assets | 55.5 | 54.7 | 55.5 | 54.7 | 45.5 | |||||||
Canada | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Trade sales | 286.8 | 265.1 | 215.1 | |||||||||
Tangible long-lived assets | 38 | 39.9 | 38 | 39.9 | 29.6 | |||||||
Mexico | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Trade sales | 186.1 | 148.5 | 132.8 | |||||||||
Tangible long-lived assets | 10.1 | 6.5 | 10.1 | 6.5 | 6.3 | |||||||
Other | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Trade sales | 94.8 | 85.5 | 69.4 | |||||||||
Tangible long-lived assets | 16 | 13 | 16 | 13 | 12.7 | |||||||
Total foreign sales | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Trade sales | 1,588 | 1,456 | 1,282.5 | |||||||||
Tangible long-lived assets | 287.2 | 271.5 | 287.2 | 271.5 | 222.7 | |||||||
United States | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Trade sales | 2,681.5 | 2,487.8 | 2,467.4 | |||||||||
Tangible long-lived assets | $ 441.3 | $ 392.4 | $ 441.3 | $ 392.4 | $ 342.8 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings: | |||||||||||
Earnings from continuing operations | $ 53.1 | $ 90 | $ 85.1 | $ 77.9 | $ 36.4 | $ 83.5 | $ 87.6 | $ 86.1 | $ 306.1 | $ 293.6 | $ 367.1 |
(Earnings) attributable to noncontrolling interest, net of tax | (0.1) | 0 | (0.1) | 0 | (0.1) | 0 | 0 | 0 | (0.2) | (0.1) | (0.4) |
Net earnings from continuing operations attributable to Leggett & Platt common shareholders | 305.9 | 293.5 | 366.7 | ||||||||
Earnings (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | (0.9) | 0 | 0 | 0 | (0.9) | 19.1 |
Net earnings attributable to Leggett & Platt, Inc. common shareholders | $ 53 | $ 90 | $ 85 | $ 77.9 | $ 36.3 | $ 82.6 | $ 87.6 | $ 86.1 | $ 305.9 | $ 292.6 | $ 385.8 |
Weighted average number of shares: | |||||||||||
Weighted average number of common shares used in basic EPS (in shares) | 134.3 | 136 | 137.9 | ||||||||
Dilutive effect of equity-based compensation (in shares) | 0.9 | 1.3 | 2.1 | ||||||||
Weighted average number of common shares and dilutive potential common shares used in diluted EPS (in shares) | 135.2 | 137.3 | 140 | ||||||||
Basic EPS attributable to Leggett & Platt common shareholders | |||||||||||
Continuing operations (in dollars per share) | $ 0.40 | $ 0.67 | $ 0.63 | $ 0.58 | $ 0.27 | $ 0.62 | $ 0.64 | $ 0.63 | $ 2.28 | $ 2.16 | $ 2.66 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0 | (0.01) | 0 | 0 | 0 | (0.01) | 0.14 |
Basic (in dollars per share) | 0.40 | 0.67 | 0.63 | 0.58 | 0.27 | 0.61 | 0.64 | 0.63 | 2.28 | 2.15 | 2.80 |
Diluted EPS attributable to Leggett & Platt common shareholders | |||||||||||
Continuing operations (in dollars per share) | 0.39 | 0.67 | 0.63 | 0.57 | 0.27 | 0.61 | 0.64 | 0.62 | 2.26 | 2.14 | 2.62 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0 | (0.01) | 0 | 0 | 0 | (0.01) | 0.14 |
Diluted (in dollars per share) | $ 0.39 | $ 0.67 | $ 0.63 | $ 0.57 | $ 0.27 | $ 0.60 | $ 0.64 | $ 0.62 | $ 2.26 | $ 2.13 | $ 2.76 |
Other information: | |||||||||||
Anti-dilutive shares excluded from diluted EPS computation (in shares) | 0.1 | 0 | 0 | ||||||||
Cash dividends declared per share (in dollars per share) | $ 1.50 | $ 1.42 | $ 1.34 |
Accounts and Other Receivable_2
Accounts and Other Receivables (Components Of Accounts And Other Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current | ||
Trade accounts receivable 1 | $ 548.8 | $ 526.1 |
Trade notes receivable | 1.7 | 1 |
Total trade receivables | 550.5 | 527.1 |
Other notes receivable 1 | 0 | 0 |
Insurance receivables 2 | 1.3 | 43 |
Taxes receivable, including income taxes | 12.9 | 15 |
Other receivables | 12.1 | 14.8 |
Subtotal other receivables | 26.3 | 72.8 |
Total trade and other receivables | 576.8 | 599.9 |
Allowance for doubtful accounts: Current | ||
Trade accounts receivable 1 | (5.2) | (4.7) |
Trade notes receivable | 0 | (0.1) |
Total trade receivables | (5.2) | (4.8) |
Other notes receivable 1 | 0 | 0 |
Total allowance for doubtful accounts | (5.2) | (4.8) |
Total receivables, net | 571.6 | 595.1 |
Long-term | ||
Trade accounts receivable 1 | 0 | 0 |
Trade accounts receivable 1 | 1.4 | 1.2 |
Total trade receivables | 1.4 | 1.2 |
Other notes receivable 1 | 24.2 | 24.7 |
Insurance receivables 2 | 0 | 0 |
Taxes receivable, including income taxes | 0 | 0 |
Other receivables | 0 | 0 |
Subtotal other receivables | 24.2 | 24.7 |
Total trade and other receivables | 25.6 | 25.9 |
Allowance for doubtful accounts: Long-term | ||
Trade accounts receivable 1 | 0 | 0 |
Trade notes receivable | 0 | (0.1) |
Total trade receivables | 0 | (0.1) |
Other notes receivable 1 | (15) | 0 |
Total allowance for doubtful accounts | (15) | (0.1) |
Total net receivables, Long-term | $ 10.6 | $ 25.8 |
Accounts and Other Receivable_3
Accounts and Other Receivables (Narrative) (Details) - Residential Products $ in Millions | Dec. 31, 2018USD ($) |
Segment Reporting Information [Line Items] | |
Receivables from a customer that is experiencing financial difficulty and liquidity problems | $ 26.7 |
Reserve for probable credit loss | 15.9 |
Notes Receivable | |
Segment Reporting Information [Line Items] | |
Reserve for probable credit loss | 15 |
Trade accounts receivable | |
Segment Reporting Information [Line Items] | |
Reserve for probable credit loss | $ 0.9 |
Accounts and Other Receivable_4
Accounts and Other Receivables (Allowance For Doubtful Accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | $ 4.9 | $ 7.4 | |
Add: Charges | (16.7) | (0.8) | $ (1.6) |
Less: Net Charge-offs, (Recoveries) | 1.4 | 3.3 | |
Ending Balance | 20.2 | 4.9 | 7.4 |
Total trade receivables | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | 4.9 | 7.4 | |
Add: Charges | (1.7) | (0.8) | |
Less: Net Charge-offs, (Recoveries) | 1.4 | 3.3 | |
Ending Balance | 5.2 | 4.9 | 7.4 |
Trade accounts receivable | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | 4.7 | 7.1 | |
Add: Charges | (1.9) | (0.9) | |
Less: Net Charge-offs, (Recoveries) | 1.4 | 3.3 | |
Ending Balance | 5.2 | 4.7 | 7.1 |
Trade notes receivable | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | 0.2 | 0.3 | |
Add: Charges | 0.2 | 0.1 | |
Less: Net Charge-offs, (Recoveries) | 0 | 0 | |
Ending Balance | 0 | 0.2 | 0.3 |
Other notes receivable | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning Balance | 0 | 0 | |
Add: Charges | (15) | 0 | |
Less: Net Charge-offs, (Recoveries) | 0 | 0 | |
Ending Balance | $ 15 | $ 0 | $ 0 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Prepaid expenses and other current assets | ||||
Prepaid income taxes | $ 5.6 | $ 28.5 | ||
Other | 45.4 | 45.7 | ||
Prepaid expenses and other current assets | 51 | 74.2 | ||
Sundry assets | ||||
Deferred taxes (see Note O) | 20.2 | 21.4 | ||
Diversified investments associated with stock-based compensation plans (see Note M) | 30.4 | 31.6 | ||
Investment in associated companies | 7.1 | 7.1 | ||
Pension plan assets (see Note N) | 1.6 | 2.2 | $ 1.1 | |
Brazilian VAT deposits (see Note U) | 13.9 | 12.2 | ||
Net long-term notes receivable (see Note I) | 10.6 | 25.8 | ||
Other | 32.6 | 28.8 | ||
Sundry assets | 116.4 | 129.1 | ||
Accrued expenses | ||||
Litigation contingency accruals (see Note U) | 1.9 | 0.4 | ||
Wages and commissions payable | 71.5 | 70.6 | ||
Workers’ compensation, vehicle-related and product liability, medical/disability | 49.2 | 90.3 | ||
Sales promotions | 48.3 | 47.2 | ||
Liabilities associated with stock-based compensation plans (see Note M) | 12.2 | 15.7 | ||
Accrued interest | 7.9 | 10.9 | ||
General taxes, excluding income taxes | 16.3 | 19.1 | ||
Environmental reserves | 2.9 | 3 | ||
Other | 52.5 | 46.2 | ||
Accrued expenses | 262.7 | 303.4 | ||
Other current liabilities | ||||
Dividends payable | 49.6 | 47.5 | ||
Customer deposits | 11.8 | 12.7 | ||
Sales tax payable | 3.9 | 4 | ||
Derivative financial instruments (see Note T) | 4.5 | 1.8 | ||
Liabilities associated with stock-based compensation plans (see Note M) | 2.3 | 2.4 | ||
Outstanding checks in excess of book balances | 10.6 | 11 | ||
Other | 3.7 | 9.3 | ||
Other current liabilities | 86.4 | $ 91.7 | 88.7 | |
Other long-term liabilities | ||||
Liability for pension benefits (see Note N) | 39.2 | 57.6 | $ 79.6 | |
Liabilities associated with stock-based compensation plans (see Note M) | 34.6 | 36.4 | ||
Deemed repatriation tax payable (see Note O) | 32.2 | 61.9 | ||
Net reserves for tax contingencies | 10.3 | 12.3 | ||
Deferred compensation (see Note M) | 17.6 | 17.1 | ||
Other | 21.4 | 17.6 | ||
Other long-term liabilities | $ 155.3 | $ 202.9 |
Long-Term Debt (Details Of Long
Long-Term Debt (Details Of Long-Term Debt, Weighted Average Interest Rates And Due Dates) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Total | $ 1,169 | $ 1,251.7 |
Unamortized discounts and deferred loan cost | (10.1) | (10.9) |
Less: current maturities | 1.2 | 153.8 |
Noncurrent portion of long-term debt | 1,167.8 | $ 1,097.9 |
Year ended December 31 | ||
2,019 | 1.2 | |
2,020 | 1.1 | |
2,021 | 1.1 | |
2,022 | 370.1 | |
2,023 | 0 | |
Thereafter | $ 795.5 | |
Term notes | ||
Year ended December 31 | ||
Redemption price, percent | 100.00% | |
Redemption price, if Change of Control Repurchase Event occurs, percent | 101.00% | |
Long-term debt, term | 90 days | |
Limitation on secured debt, percent | 15.00% | |
Industrial development bonds, principally variable interest rates | ||
Debt Instrument [Line Items] | ||
Year-end Interest Rate | 1.90% | 1.30% |
Total | $ 3.8 | $ 6.2 |
Commercial paper | ||
Debt Instrument [Line Items] | ||
Year-end Interest Rate | 2.60% | 0.00% |
Total | $ 70 | $ 0 |
Capitalized leases (primarily machinery, vehicles and office equipment) | ||
Debt Instrument [Line Items] | ||
Capitalized leases (primarily machinery, vehicles and office equipment) | 4.7 | 5.7 |
Other, partially secured | ||
Debt Instrument [Line Items] | ||
Total | $ 0.6 | $ 0.7 |
Net commercial paper | ||
Year ended December 31 | ||
Weighted average interest rate | 2.40% | 1.40% |
Senior Notes, Due 2018 | Term notes | ||
Debt Instrument [Line Items] | ||
Year-end Interest Rate | 4.40% | |
Total | $ 150 | |
Senior Notes, Due 2022 | Term notes | ||
Debt Instrument [Line Items] | ||
Year-end Interest Rate | 3.40% | 3.40% |
Total | $ 300 | $ 300 |
Senior Notes, Due 2024 | Term notes | ||
Debt Instrument [Line Items] | ||
Year-end Interest Rate | 3.80% | 3.80% |
Total | $ 300 | $ 300 |
Senior Notes, Due 2027 | Term notes | ||
Debt Instrument [Line Items] | ||
Year-end Interest Rate | 3.50% | 3.50% |
Total | $ 500 | $ 500 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2019USD ($) | Dec. 31, 2018USD ($)type_of_borrowingbusiness_daylender | Dec. 31, 2017USD ($) | |
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | $ 800,000,000 | $ 800,000,000 | |
Number of lenders in syndicate | lender | 13 | ||
Credit facility outstanding | $ 70,000,000 | $ 0 | |
Debt to equity ratio, max | 65.00% | ||
Debt to assets ratio, max | 15.00% | ||
Number of types of borrowing that may be elected under the facility | type_of_borrowing | 4 | ||
Number of business days' notice to terminate facility | business_day | 3 | ||
Commercial paper | |||
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | $ 800,000,000 | ||
Letters of credit | |||
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | 125,000,000 | ||
Letters of credit | |||
Short-term Debt [Line Items] | |||
Credit facility outstanding | $ 0 | ||
Subsequent Event | |||
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | $ 1,200,000,000 | ||
Subsequent Event | Term Loan Facility | |||
Short-term Debt [Line Items] | |||
Maturities (term) | 5 years | ||
Debt to equity ratio, max | 425.00% | ||
Long-term debt | $ 500,000,000 |
Long-Term Debt (Amounts Outstan
Long-Term Debt (Amounts Outstanding Related To Commercial Paper Program) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Total program authorized | $ 800,000,000 | $ 800,000,000 |
Commercial paper outstanding (classified as long-term debt) | (70,000,000) | 0 |
Letters of credit issued under the credit agreement | 0 | 0 |
Total program usage | (70,000,000) | 0 |
Total program available | $ 730,000,000 | $ 800,000,000 |
Lease Obligations (Components O
Lease Obligations (Components Of Rental Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leases [Abstract] | |||
Continuing operations | $ 52.1 | $ 51.3 | $ 51.2 |
Lease Obligations (Future Minim
Lease Obligations (Future Minimum Rental Commitments For All Long-Term Non-Cancelable Operating Leases) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2,019 | $ 35.9 |
2,020 | 30.7 |
2,021 | 26.2 |
2,022 | 19.9 |
2,023 | 13.1 |
Thereafter | 18 |
Total | $ 143.8 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions | Jan. 01, 2019 | Jan. 31, 2018 | Dec. 31, 2018USD ($)$ / sharescompanystock-based_retirement_planshares | Dec. 31, 2017 | Dec. 31, 2016 | May 10, 2012shares | May 09, 2012shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of stock units per common share | 1 | ||||||
Expected life in years | 6 years | 6 years | 7 years 11 months | ||||
Termination service of employee, years | 20 years | ||||||
Stock units converted to common stock ratio | 1-to-1 | ||||||
Grant date per share fair value (in dollars per share) | $ / shares | $ 27.48 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Black Scholes, Percentage of Cash Offered in Lieu of Shares | 50.00% | 50.00% | |||||
Options Granted On A Discretionary Basis | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected life in years | 10 years | ||||||
Vesting period | 3 years | ||||||
GPSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Cash payout ratio | 50.00% | ||||||
Performance measurement period | 2 years | ||||||
Base target share award | 100,000 | ||||||
Maximum cash payout ratio | 100.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Share Payout Ratio | 50.00% | ||||||
Deferred Stock Compensation Program | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected life in years | 10 years | ||||||
Vesting period | 15 months | ||||||
Number of shares granted, deferred compensation multiplier | 500.00% | ||||||
Discount to the market price, percentage | 20.00% | ||||||
Time period for receiving plan distributions, max | 10 years | ||||||
Time period for installment distributions, max | 10 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Awards, Discount from Market Price, Acquisition Interval | 14 days | ||||||
Stock-based retirement plans | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of stock-based retirement plans | stock-based_retirement_plan | 2 | ||||||
Automatic employer match, percentage | 50.00% | ||||||
Additional employer match upon certain profitability levels, percentage | 50.00% | ||||||
Measurement performance period, years | 3 years | ||||||
Discount market price purchase date, percentage | 85.00% | ||||||
Performance Stock Unit Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Measurement performance period, years | 2 years | 3 years | |||||
Percentage of award intended to pay out in stock | 50.00% | 65.00% | |||||
Percentage of award intended to pay out in cash | 50.00% | 35.00% | |||||
Reserved percentage of award intended to pay out in cash | 100.00% | 100.00% | |||||
Awards based on TSR compared to peer group (as a percent) | 50.00% | ||||||
Awards based upon relative TSR for certain business unit employees (as a percent) | 100.00% | ||||||
Number of companies forming peer group | company | 320 | ||||||
Award based on EBIT CAGR (as a percent) | 50.00% | ||||||
Total shares base award | 100,000 | ||||||
Grant date per share fair value (in dollars per share) | $ / shares | $ 40.92 | ||||||
Discount Stock Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Discount to the market price, percentage | 85.00% | ||||||
Measurement performance period, years | 1 year | ||||||
SBP | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
ESUP | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 5 years | ||||||
Prior PSU Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Reserved percentage of award intended to pay out in cash | 175.00% | ||||||
Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee termination age, years | 65 years | ||||||
Maximum | GPSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 250.00% | ||||||
Maximum | Stock-based retirement plans | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
SBP participant contribution for stock or other investment purchases | 6.00% | ||||||
ESUP participant contribution for stock or other investment purchases | 10.00% | ||||||
Premium contributions for ESUP participants | 17.65% | ||||||
SBP merged with 401(k), participant contribution (as a percent) | 100.00% | ||||||
Maximum | Performance Stock Unit Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Base award percentage of total shareholder return | 200.00% | 175.00% | |||||
Maximum | PGI | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Base award percentage of total shareholder return | 250.00% | ||||||
Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee termination age, years | 55 years | ||||||
Minimum | GPSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting percentage | 0.00% | ||||||
Minimum | Performance Stock Unit Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Base award percentage of total shareholder return | 0.00% | ||||||
Flexible Stock Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares against plan | 3 | 1 | |||||
Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized cost of non-vested stock | $ | $ 12.9 | ||||||
Remaining contractual life | 1 year | ||||||
Subsequent Event | Maximum | Stock-based retirement plans | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
SBP participant contribution for stock or other investment purchases | 20.00% |
Stock-Based Compensation (Flexi
Stock-Based Compensation (Flexible Stock Plan Options) (Details) - shares shares in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Maximum Number of Authorized Shares | ||
Unexercised options | 1.6 | 1.9 |
Outstanding stock units—unvested | 0.8 | 0.6 |
Flexible Stock Plan | ||
Shares Available for Issuance | ||
Unexercised options | 1.6 | |
Outstanding stock units—vested | 3.6 | |
Outstanding stock units—unvested | 0.8 | |
Available for grant | 7.6 | |
December 31, 2018 | 13.6 | |
Maximum Number of Authorized Shares | ||
Unexercised options | 1.6 | |
Outstanding stock units—vested | 7.9 | |
Outstanding stock units—unvested | 2.3 | |
Available for grant | 7.6 | |
December 31, 2018 | 19.4 |
Stock-Based Compensation (Compo
Stock-Based Compensation (Components Of Stock-Based Compensation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 35.5 | $ 36.6 | $ 37.1 |
Recognized tax benefits on stock-based compensation expense | 9 | 17.2 | 26.3 |
To Be Settled With Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 21.5 | 20.3 | 22.2 |
Employee contributions for above stock plans | 14 | 16.3 | 14.9 |
Total stock-based compensation | 35.5 | 36.6 | 37.1 |
Recognized tax benefits on stock-based compensation expense | 5.1 | 7.3 | 8.1 |
To Be Settled With Stock | Amortization of the grant date fair value | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 1 |
To Be Settled With Stock | Cash payments in lieu of options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
To Be Settled With Stock | Stock-based retirement plans contributions | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 5.6 | 5.5 | 6.7 |
To Be Settled With Stock | Deferred Stock Compensation Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1.9 | 2.1 | 2 |
To Be Settled With Stock | Stock-based retirement plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1.3 | 1.4 | 1.5 |
To Be Settled With Stock | Discount Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1.1 | 1.1 | 1 |
To Be Settled With Stock | Performance Stock Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 3.6 | 5.4 | 4.8 |
To Be Settled With Stock | Performance Stock Unit Awards - TSR Based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1.2 | 0 | 0 |
To Be Settled With Stock | Performance Stock Unit Awards - EBIT CAGR Based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 2.9 | 0 | 0 |
To Be Settled With Stock | PGI | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0.9 | 1.4 | 1.4 |
To Be Settled With Stock | Restricted Stock Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 2.1 | 2.5 | 2.8 |
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-based compensation expense | 0.9 | 0.9 | 1 |
To Be Settled In Cash | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 3.9 | 1.2 | 9.8 |
To Be Settled In Cash | Amortization of the grant date fair value | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
To Be Settled In Cash | Cash payments in lieu of options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 1 |
To Be Settled In Cash | Stock-based retirement plans contributions | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1 | 1.2 | 1.3 |
To Be Settled In Cash | Deferred Stock Compensation Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
To Be Settled In Cash | Stock-based retirement plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
To Be Settled In Cash | Discount Stock Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
To Be Settled In Cash | Performance Stock Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | (1.3) | (1.4) | 6.5 |
To Be Settled In Cash | Performance Stock Unit Awards - TSR Based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0.8 | 0 | 0 |
To Be Settled In Cash | Performance Stock Unit Awards - EBIT CAGR Based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 2.5 | 0 | 0 |
To Be Settled In Cash | PGI | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0.9 | 1.4 | 1 |
To Be Settled In Cash | Restricted Stock Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
To Be Settled In Cash | Other, primarily non-employee directors restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 0 | 0 | 0 |
Accounting Standards Update 2016-09 | To Be Settled With Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized tax benefits on stock-based compensation expense | $ 3.9 | $ 9.9 | $ 18.2 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Stock-based Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Diversified investments associated with the Executive Stock Unit Program, Current | $ 2.3 | $ 2.4 |
Diversified investments associated with the Executive Stock Unit Program, Long-term | 30.4 | 31.6 |
Diversified investments associated with the Executive Stock Unit Program, Total | 32.7 | 34 |
Liabilities: | ||
Share Liabilities, Current | 2.3 | 2.4 |
Share Liabilities, Long-term | 17.6 | 17.1 |
Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts, Current | 7.4 | 7 |
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 | 7.4 | 7 |
Total liabilities associated with stock-based compensation, Current | 14.6 | 18.1 |
Total liabilities associated with stock-based compensation, Long-term | 34.6 | 36.4 |
Total liabilities associated with stock-based compensation, Total | 49.2 | 54.5 |
Executive Stock Unit Program | ||
Liabilities: | ||
Share Liabilities, Current | 2.3 | 2.4 |
Share Liabilities, Long-term | 31.4 | 32 |
Share Liabilities, Total | 33.7 | 34.4 |
Performance Stock Unit award | ||
Liabilities: | ||
Share Liabilities, Current | 0.6 | 6.7 |
Share Liabilities, Long-term | 3.2 | 1.9 |
Share Liabilities, Total | 3.8 | 8.6 |
Profitable Growth Incentive award | ||
Liabilities: | ||
Share Liabilities, Current | 4.3 | 2 |
Share Liabilities, Long-term | 0 | 2.5 |
Share Liabilities, Total | $ 4.3 | $ 4.5 |
Stock-Based Compensation (Defer
Stock-Based Compensation (Deferred Compensation Program) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate amount of compensation deferred during 2018 | $ 17.6 | $ 17.1 |
Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate amount of compensation deferred during 2018 | 0.4 | |
Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate amount of compensation deferred during 2018 | 7.7 | |
Cash | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate amount of compensation deferred during 2018 | $ 0.5 |
Stock-Based Compensation (Com_2
Stock-Based Compensation (Components Of Stock Options) (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding at beginning of period, Options (in shares) | shares | 1.9 |
Granted, options (in shares) | shares | 0 |
Exercised, Options (in shares) | shares | (0.3) |
Outstanding at end of period, Options (in shares) | shares | 1.6 |
Vested or expected to vest (in shares) | shares | 1.6 |
Exercisable (vested) at end of period (in shares) | shares | 1.5 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Outstanding at the beginning of period, Weighted Average Exercise Price per Share (in dollars per share) | $ / shares | $ 24.08 |
Granted, Weighted Average Exercise Price per Share (in dollars per share) | $ / shares | 0 |
Exercised, Weighted Average Exercise Price per Share (in dollars per share) | $ / shares | 17.92 |
Outstanding at end of period, Weighted Average Exercise Price per Share (in dollars per share) | $ / shares | 25.43 |
Vested or expected to vest (in dollars per share) | $ / shares | 25.43 |
Exercisable (vested) at 12/31/2018 (in dollars per share) | $ / shares | $ 25.12 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Outstanding at end of period, Weighted Average Remaining Contractual Life in Years | 2 years 10 months 16 days |
Vested or expected to vest at end of period, Weighted Average Remaining Contractual Life in Years | 2 years 10 months 16 days |
Exercisable (vested) at end of period, Weighted Average Remaining Contractual Life in Years | 2 years 9 months 16 days |
Outstanding at end of period, Aggregate Intrinsic Value | $ | $ 17.8 |
Vested or expected to vest at end of period, Aggregate Intrinsic Value | $ | 17.8 |
Exercisable (vested) at end of period, Aggregate Intrinsic Value | $ | $ 17.8 |
Stock-Based Compensation (Addit
Stock-Based Compensation (Additional Information Related To Stock Options Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total intrinsic value of stock options exercised | $ 8.8 | $ 11.7 | $ 27.7 |
Cash received from stock options exercised | 4.8 | 2.6 | 4.9 |
Total fair value of stock options vested | $ 0.8 | $ 1.2 | $ 0.1 |
Stock-Based Compensation (Calcu
Stock-Based Compensation (Calculation And Assumptions Utilized In Calculation Of Fair Values Of Options Granted) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Aggregate grant date fair value (less than) | $ 0.1 | $ 0.1 | $ 1.4 |
Weighted-average per share grant date fair value (in dollars per share) | $ 6.47 | $ 9.21 | $ 10.79 |
Risk-free interest rate | 2.30% | 2.30% | 2.20% |
Expected life in years | 6 years | 6 years | 7 years 11 months |
Expected volatility (over expected life) | 19.40% | 19.80% | 30.00% |
Expected dividend yield (over expected life) | 3.10% | 3.10% | 3.00% |
Stock-Based Compensation (Com_3
Stock-Based Compensation (Components Of SBP And ESUP) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)shares | |
SBP 2,018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee contributions | $ 3.2 |
Less diversified contributions | 0.7 |
Total employee stock contributions | 2.5 |
Employer premium contribution to diversified investment accounts | |
Shares purchased by employees and company match | shares | 100,000 |
ESUP 2,018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee contributions | $ 3.8 |
Less diversified contributions | 0 |
Total employee stock contributions | 3.8 |
Employer premium contribution to diversified investment accounts | $ 0.7 |
Stock-Based Compensation (Numbe
Stock-Based Compensation (Number Of Shares And Related Grant Date Fair Value Of PSU) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant date per share fair value (in dollars per share) | $ 27.48 | ||
Risk-free interest rate | 2.30% | 2.30% | 2.20% |
Expected life in years | 6 years | 6 years | 7 years 11 months |
Expected volatility (over expected life) | 19.40% | 19.80% | 30.00% |
Expected dividend yield (over expected life) | 3.10% | 3.10% | 3.00% |
Performance Stock Unit | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total shares base award | 0.1 | ||
Grant date per share fair value (in dollars per share) | $ 40.16 | ||
Risk-free interest rate | 1.30% | ||
Expected life in years | 3 years | ||
Expected volatility (over expected life) | 19.20% | ||
Expected dividend yield (over expected life) | 3.10% | ||
Award Year 2013 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
TSR Performance Relative to the Peer Group (1%Best) | 10.00% | ||
Payout as a Percent of the Base Award | 175.00% | ||
Number of Shares Distributed | 0.4 | ||
Cash Portion | $ 9.8 | ||
Award Year 2014 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
TSR Performance Relative to the Peer Group (1%Best) | 57.00% | ||
Payout as a Percent of the Base Award | 61.00% | ||
Number of Shares Distributed | 0 | ||
Cash Portion | $ 6.9 | ||
Award Year 2015 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
TSR Performance Relative to the Peer Group (1%Best) | 78.00% | ||
Payout as a Percent of the Base Award | 0.00% | ||
Number of Shares Distributed | 0 | ||
Cash Portion | $ 0 | ||
Relative Total Shareholder Return | Performance Stock Unit | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total shares base award | 0.1 | 0.1 | |
Grant date per share fair value (in dollars per share) | $ 42.60 | $ 50.75 | |
Risk-free interest rate | 2.40% | 1.50% | |
Expected life in years | 3 years | 3 years | |
Expected volatility (over expected life) | 19.90% | 19.50% | |
Expected dividend yield (over expected life) | 3.30% | 2.80% |
Stock-based Compensation (Sch_2
Stock-based Compensation (Schedule of Restricted Stock Unit Two-Year Performance Cycle) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Award Year 2015 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average Payout as a Percent of the Base Award | 36.00% | ||
Estimated Number of Shares (in shares) (less than) | 0.1 | ||
Cash Portion | $ 0.8 | ||
Award Year 2016 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average Payout as a Percent of the Base Award | 44.00% | ||
Estimated Number of Shares (in shares) (less than) | 0 | ||
Cash Portion | $ 2 | ||
Award Year 2017 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average Payout as a Percent of the Base Award | 155.00% | ||
Estimated Number of Shares (in shares) (less than) | 0.1 | ||
Cash Portion | $ 2.2 |
Stock-Based Compensation (Sch_3
Stock-Based Compensation (Schedule Of Stock Unit Information) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Total Units | ||
Non-vested (in shares) | 0.6 | |
Granted based on current service (in shares) | 0.5 | |
Granted based on future conditions (in shares) | 0.5 | |
Vested (in shares) | (0.6) | |
Difference between maximum and actual payout (in shares) | (0.2) | |
Non-vested (in shares) | 0.8 | 0.6 |
Fully vested stock units outstanding (in shares) | 3.6 | |
Weighted Average Grant Date Fair Value per Unit | ||
Non-vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 19.56 | |
Granted based on current service (in dollars per share) | 42.71 | |
Granted based on future conditions (in dollars per share) | 27.48 | |
Vested (in dollars per share) | 42.01 | |
Difference between maximum and actual payout (in dollars per share) | 0 | |
Non-vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 38.43 | $ 19.56 |
Aggregate Intrinsic Value | ||
Total non-vested | $ 28.2 | |
Fully vested shares available for issuance | $ 131.8 | |
Performance Stock Unit Awards | ||
Weighted Average Grant Date Fair Value per Unit | ||
Granted based on future conditions (in dollars per share) | $ 40.92 | |
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) | |
Difference between maximum and actual payout (in shares) | 0 | |
Non-vested (in shares) | 0 | 0 |
ESUP | ||
Total Units | ||
Non-vested (in shares) | 0 | |
Granted based on current service (in shares) | 0.2 | |
Granted based on future conditions (in shares) | 0 | |
Vested (in shares) | (0.2) | |
Difference between maximum and actual payout (in shares) | 0 | |
Non-vested (in shares) | 0 | 0 |
PSU | ||
Total Units | ||
Non-vested (in shares) | 0.4 | |
Granted based on current service (in shares) | 0 | |
Granted based on future conditions (in shares) | 0.5 | |
Vested (in shares) | 0 | |
Difference between maximum and actual payout (in shares) | (0.2) | |
Non-vested (in shares) | 0.7 | 0.4 |
RSU | ||
Total Units | ||
Non-vested (in shares) | 0.1 | |
Granted based on current service (in shares) | 0.1 | |
Granted based on future conditions (in shares) | 0 | |
Vested (in shares) | (0.1) | |
Difference between maximum and actual payout (in shares) | 0 | |
Non-vested (in shares) | 0.1 | 0.1 |
PGI | ||
Total Units | ||
Non-vested (in shares) | 0.1 | |
Granted based on current service (in shares) | 0 | |
Granted based on future conditions (in shares) | 0 | |
Vested (in shares) | (0.1) | |
Difference between maximum and actual payout (in shares) | 0 | |
Non-vested (in shares) | 0 | 0.1 |
Maximum | Performance Stock Unit Awards | ||
Aggregate Intrinsic Value | ||
Base award percentage of total shareholder return | 200.00% | 175.00% |
Maximum | PGI | ||
Aggregate Intrinsic Value | ||
Base award percentage of total shareholder return | 250.00% |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Units Converted To Common Stock) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total intrinsic value of vested stock units converted to common stock | $ 12.1 | $ 22.7 | $ 24.8 |
Stock-Based Compensation (Disco
Stock-Based Compensation (Discount Stock Plan) (Details) - Discount Stock Plan shares in Millions | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Average 2018 purchase price per share (net of discount) | $ / shares | $ 35.77 |
2018 number of shares purchased by employees | 0.2 |
Shares purchased since inception in 1982 | 23.2 |
Maximum shares under the plan | 27 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)pension_planinvestment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of significant plans | pension_plan | 3 | |||
Pension benefit obligation (as a percent) | 86.00% | |||
Number of frozen plans | pension_plan | 1 | |||
Cash surrender value | $ 2.5 | $ 2.5 | $ 2.5 | $ 2.5 |
Target allocation (as a percent) | 100.00% | 100.00% | 100.00% | |
Number of investments | investment | 7 | |||
Settlements of benefit obligation | $ 59.8 | $ 0 | $ 59.8 | 0 |
Defined benefit plan, recognized net loss due to settlements | 15.3 | 0 | $ 15.3 | $ 0 |
Defined benefit plan, recognized net loss due to settlements, net of tax | $ 9.5 | |||
Expected employer contributions | $ 1 | |||
Number of union sponsored multiemployer plans | pension_plan | 2 | |||
Aggregate contributions | $ 0.8 | |||
Withdrawal obligation | $ 19.3 | |||
Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation (as a percent) | 55.00% | 53.00% | 55.00% | |
Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of investments | investment | 6 | |||
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Average rate used to determine discount rate | 25.00% | |||
Other Postretirement Benefits Plan | Active Plans | Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation (as a percent) | 25.00% | |||
Other Postretirement Benefits Plan | Active Plans | Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation (as a percent) | 75.00% | |||
Other Postretirement Benefits Plan | Frozen Plans | Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation (as a percent) | 60.00% | |||
Other Postretirement Benefits Plan | Frozen Plans | Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation (as a percent) | 40.00% | |||
Minimum | U.S. treasuries | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Maturities (term) | 20 years | |||
Maximum | U.S. treasuries | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Maturities (term) | 30 years |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Pension Obligations And Funded Status) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in benefit obligation | ||||
Benefit obligation, beginning of period | $ 241.5 | $ 293 | $ 290.3 | |
Service cost | 3.9 | 4.6 | 4.4 | |
Interest cost | 8 | 10.9 | 11.3 | |
Plan participants’ contributions | 0.5 | 0.7 | 0.7 | |
Actuarial (gain) loss | (20.3) | 4 | 9.8 | |
Benefits paid | (13.4) | (15.2) | (19.1) | |
Plan amendments | 1.9 | 0 | 0 | |
Settlements | $ (59.8) | 0 | (59.8) | 0 |
Foreign currency exchange rate changes | (2.3) | 3.3 | (4.4) | |
Benefit obligation, end of period | 241.5 | 219.8 | 241.5 | 293 |
Change in plan assets | ||||
Fair value of plan assets, beginning of period | 185.7 | 214.1 | 207.5 | |
Actual (loss) return on plan assets | (10.6) | 28.3 | 18.9 | |
Employer contributions | 21.8 | 14.9 | 9.8 | |
Plan participants’ contributions | 0.5 | 0.7 | 0.7 | |
Benefits paid | (13.4) | (15.2) | (19.1) | |
Settlements | 0 | (59.8) | 0 | |
Foreign currency exchange rate changes | (2.2) | 2.7 | (3.7) | |
Fair value of plan assets, end of period | 185.7 | 181.8 | 185.7 | 214.1 |
Net funded status | (55.8) | (38) | (55.8) | (78.9) |
Funded status recognized in the Consolidated Balance Sheets | ||||
Other assets—sundry | 2.2 | 1.6 | 2.2 | 1.1 |
Other current liabilities | (0.4) | (0.4) | (0.4) | (0.4) |
Other long-term liabilities | $ (57.6) | $ (39.2) | $ (57.6) | $ (79.6) |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | |||
Amortization | $ 2.6 | $ 4.6 | $ 4.5 |
Net loss (gain) (before tax) | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | |||
Accumulated other comprehensive income (net of tax), Beginning Balance | 53.6 | ||
Amortization | 2.6 | ||
Net Actuarial loss | (4.2) | ||
Foreign currency exchange rates change | 0.5 | ||
Income tax change | 0 | ||
Accumulated other comprehensive income (net of tax), Ending Balance | 54.7 | 53.6 | |
Deferred income taxes | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | |||
Deferred income taxes, beginning balance | (15.1) | ||
Amortization | 0 | ||
Net Actuarial loss | 0 | ||
Foreign currency exchange rates change | 0 | ||
Income tax change | 0.3 | ||
Deferred income taxes, ending balance | (15.4) | (15.1) | |
Accumulated other comprehensive income (loss) (net of tax) | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | |||
Accumulated other comprehensive income (net of tax), beginning balance | 38.5 | ||
Amortization | 2.6 | ||
Net Actuarial loss | (4.2) | ||
Foreign currency exchange rates change | 0.5 | ||
Income tax change | 0.3 | ||
Accumulated other comprehensive income (net of tax), ending balance | $ 39.3 | $ 38.5 |
Employee Benefit Plans (Summa_2
Employee Benefit Plans (Summary Of Accumulated Other Comprehensive Income Recognized In Net Periodic Pension Cost) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Retirement Benefits [Abstract] | |
Net loss | $ 2.8 |
Net prior service cost | 0.2 |
Total expected to be recognized in 2019 | $ 3 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Pension (Expense) Income) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ (3.9) | $ (4.6) | $ (4.4) | |
Interest cost | (8) | (10.9) | (11.3) | |
Expected return on plan assets | 11.9 | 13.4 | 12.9 | |
Recognized net actuarial loss | (2.6) | (4.6) | (4.5) | |
Settlements | $ (15.3) | 0 | (15.3) | 0 |
Net pension expense | $ (2.6) | $ (22) | $ (7.3) | |
Weighted average assumptions for pension costs: | ||||
Discount rate used in net pension costs | 3.40% | 3.80% | 4.10% | |
Rate of compensation increase used in pension costs | 3.00% | 3.50% | 3.50% | |
Expected return on plan assets | 6.40% | 6.50% | 6.50% | |
Weighted average assumptions for benefit obligation: | ||||
Discount rate used in benefit obligation | 3.40% | 3.90% | 3.40% | 3.80% |
Rate of compensation increase used in benefit obligation | 3.00% | 3.00% | 3.00% | 3.50% |
Employee Benefit Plans (Sched_2
Employee Benefit Plans (Schedule Of Fair Value Of Pension Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | $ 181.8 | $ 185.7 | $ 214.1 | $ 207.5 |
Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 138.6 | 141.4 | ||
Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 29.5 | 25.8 | ||
Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Stable value funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 29.5 | 25.8 | ||
Stable value funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Stable value funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 29.5 | 25.8 | ||
Stable value funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Money market funds, cash and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 13.7 | 18.5 | ||
Money market funds, cash and other | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Money market funds, cash and other | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Money market funds, cash and other | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Fixed income | Mutual and pooled funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 41.8 | 38.2 | ||
Fixed income | Mutual and pooled funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 41.8 | 38.2 | ||
Fixed income | Mutual and pooled funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Fixed income | Mutual and pooled funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Equities | Mutual and pooled funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 96.8 | 103.2 | ||
Equities | Mutual and pooled funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 96.8 | 103.2 | ||
Equities | Mutual and pooled funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Equities | Mutual and pooled funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Assets Measured at NAV | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 13.7 | 18.5 | ||
Assets Measured at NAV | Stable value funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Assets Measured at NAV | Money market funds, cash and other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 13.7 | 18.5 | ||
Assets Measured at NAV | Fixed income | Mutual and pooled funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Assets Measured at NAV | Equities | Mutual and pooled funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value | $ 0 | $ 0 |
Employee Benefit Plans (Sched_3
Employee Benefit Plans (Schedule Of Allocation Of Plan Assets) (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Asset Category | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset Category | 53.00% | 55.00% |
Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset Category | 23.00% | 21.00% |
Stable value funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset Category | 16.00% | 14.00% |
Other, including cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset Category | 8.00% | 10.00% |
Employee Benefit Plans (Sched_4
Employee Benefit Plans (Schedule Of Estimated Benefit Payments) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Retirement Benefits [Abstract] | |
2,019 | $ 12.4 |
2,020 | 13 |
2,021 | 13.8 |
2,022 | 14.1 |
2,023 | 14.3 |
2024-2028 | $ 69.9 |
Employee Benefit Plans (Total E
Employee Benefit Plans (Total Expense From Continuing Operations For Defined Contribution Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Defined contribution plans | $ 6.3 | $ 6.3 | $ 6.1 |
Income Taxes (Components Of Ear
Income Taxes (Components Of Earnings From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ 149.1 | $ 188.6 | $ 267.7 | ||||||||
Foreign | 235.3 | 243.4 | 219.4 | ||||||||
Earnings from continuing operations before income taxes | $ 68.2 | $ 113.3 | $ 107.5 | $ 95.4 | $ 110.6 | $ 100.7 | $ 113.4 | $ 107.3 | $ 384.4 | $ 432 | $ 487.1 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)tax_year | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Income Tax Contingency [Line Items] | |||||
Income taxes | $ 2,000,000 | $ 50,000,000 | $ 0 | ||
Deemed Repatriation Tax | 0 | ||||
Increase associated with Tax on undistributed earnings deferred tax liability | 9 | ||||
Other reconciling items | 0.2 | ||||
Decrease to overall net deferred tax liability | 0 | ||||
Deemed repatriation tax payable | 1,300,000 | ||||
Change in enacted tax rate, amount | $ 500,000 | ||||
Prepaid income taxes and taxes receivable applied against the deemed repatriation tax liability | $ 28,400,000 | 0 | $ 0 | ||
Deemed repatriation tax payable | 61,900,000 | $ 32,200,000 | 61,900,000 | ||
Deferred tax revaluation | 0.004 | ||||
Benefit to tax rate, amount | $ 2,300,000 | ||||
Reduction of valuation allowance | 7,800,000 | ||||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 9,100,000 | ||||
Tax benefits from activities during the period | 14,600,000 | 25,200,000 | 19,300,000 | ||
Unrecognized tax benefits | $ 13,600,000 | 11,000,000 | 13,600,000 | 16,700,000 | |
Unrecognized tax benefits that would impact effective tax rate | $ 7,900,000 | ||||
Resolution of tax audits that could reduce unrecognized tax benefits (term) | 12 months | ||||
Decrease due to future utilization of U.S. state net operating losses | $ 11,000,000 | ||||
Increase due to accelerated bonus depreciation | $ 14,300,000 | ||||
Expiration dates, time period | 20 years | ||||
Maximum operating loss carryforward expiring annually | $ 10 | ||||
Permanent reinvestment on earnings | 733,900,000 | ||||
Provisional deferred taxes on foreign earnings | (200,000) | $ 12,200,000 | $ 2,300,000 | ||
Cumulative undistributed earnings that are indefinitely reinvested | 314,000,000 | ||||
Resulting provisional incremental tax expense | $ 19,500,000 | ||||
IRS | |||||
Income Tax Contingency [Line Items] | |||||
Number of tax years under audit | tax_year | 4 | ||||
Canada | |||||
Income Tax Contingency [Line Items] | |||||
Number of tax years under audit | tax_year | 8 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense From Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current | |||
Federal | $ 21.2 | $ 76 | $ 55.7 |
State and local | 4.9 | 3.8 | 4.1 |
Foreign | 55.6 | 43.2 | 42.5 |
Current income tax expense | 81.7 | 123 | 102.3 |
Deferred | |||
Federal | 8.8 | 5.8 | 13.1 |
State and local | (12) | (2.6) | 2.3 |
Foreign | (0.2) | 12.2 | 2.3 |
Deferred income tax expense | (3.4) | 15.4 | 17.7 |
Income tax expense | $ 78.3 | $ 138.4 | $ 120 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense From Continuing Operations Percentage) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 0.90% | 0.90% | 0.90% |
Tax effect of foreign operations | 0.00% | (8.80%) | (6.40%) |
Current and deferred foreign withholding taxes | 3.80% | 3.60% | 0.90% |
Deemed repatriation of foreign earnings | (0.003) | 0.156 | 0 |
Deferred tax revaluation | (0.10%) | (6.00%) | 0.00% |
Stock-based compensation | (0.80%) | (2.00%) | (3.40%) |
Tax benefit for outside basis in subsidiary | 0 | (0.018) | 0 |
Change in valuation allowance | (2.00%) | (0.40%) | 0.20% |
Change in uncertain tax positions, net | (0.30%) | (0.60%) | (0.60%) |
Domestic production activities deduction | (0.00%) | (1.20%) | (1.20%) |
Other permanent differences, net | (1.40%) | (1.60%) | (0.60%) |
Other, net | (0.40%) | (0.70%) | (0.20%) |
Effective tax rate | 20.40% | 32.00% | 24.60% |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits, beginning balance | $ 10.1 | $ 12.1 | $ 15.5 |
Gross increases—tax positions in prior periods | 0 | 0.1 | 0.3 |
Gross decreases—tax positions in prior periods | (0.5) | (0.4) | (1) |
Gross increases—current period tax positions | 1.3 | 1.5 | 1.1 |
Change due to exchange rate fluctuations | (0.2) | 0.3 | 0 |
Settlements | 0 | (0.9) | (0.9) |
Lapse of statute of limitations | (2.5) | (2.6) | (2.9) |
Gross unrecognized tax benefits, ending balance | 8.2 | 10.1 | 12.1 |
Interest | 2.4 | 3 | 4 |
Penalties | 0.4 | 0.5 | 0.6 |
Total gross unrecognized tax benefits | $ 11 | $ 13.6 | $ 16.7 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets Or Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Contingency [Line Items] | ||
Assets | $ 137.4 | $ 138.4 |
Liabilities | (189.6) | (175.8) |
Valuation allowance | (13.2) | (24.2) |
Total deferred taxes assets | 124.2 | 114.2 |
Net deferred tax (liability) asset | (65.4) | (61.6) |
Property, plant and equipment | ||
Income Tax Contingency [Line Items] | ||
Assets | 19.7 | 19.8 |
Liabilities | (67.8) | (53.5) |
Inventories | ||
Income Tax Contingency [Line Items] | ||
Assets | 2.1 | 1.9 |
Liabilities | (10.3) | (14) |
Accrued expenses | ||
Income Tax Contingency [Line Items] | ||
Assets | 60.3 | 59.1 |
Liabilities | (0.1) | (0.2) |
Net operating losses and other tax carryforwards | ||
Income Tax Contingency [Line Items] | ||
Assets | 27.2 | 35 |
Liabilities | 0 | 0 |
Pension cost and other post-retirement benefits | ||
Income Tax Contingency [Line Items] | ||
Assets | 13.4 | 11.9 |
Liabilities | (0.6) | (0.6) |
Intangible assets | ||
Income Tax Contingency [Line Items] | ||
Assets | 0.4 | 1.2 |
Liabilities | (84.6) | (77.3) |
Derivative financial instruments | ||
Income Tax Contingency [Line Items] | ||
Assets | 5 | 5.3 |
Liabilities | (1.3) | (1.7) |
Tax on undistributed earnings (primarily from Canada and China) | ||
Income Tax Contingency [Line Items] | ||
Assets | 0 | 0 |
Liabilities | (18.8) | (21.4) |
Uncertain tax positions | ||
Income Tax Contingency [Line Items] | ||
Assets | 2.4 | 3.5 |
Liabilities | 0 | 0 |
Other | ||
Income Tax Contingency [Line Items] | ||
Assets | 6.9 | 0.7 |
Liabilities | $ (6.1) | $ (7.1) |
Income Taxes (Deferred Tax As_2
Income Taxes (Deferred Tax Assets And (Liabilities) Included In Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Sundry | $ 20.2 | $ 21.4 |
Deferred income taxes | (85.6) | (83) |
Net deferred tax (liability) asset | $ (65.4) | $ (61.6) |
Other Expense (Income) (Details
Other Expense (Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other (Income) Expense [Line Items] | |||
Other expense (income), net | $ 2.7 | $ 12.6 | $ (2.4) |
Restructuring charges (See Note F) | |||
Other (Income) Expense [Line Items] | |||
Other expense (income), net | 7.8 | 0.8 | 0.8 |
Currency loss (gain) | |||
Other (Income) Expense [Line Items] | |||
Other expense (income), net | 0.8 | 1.5 | (2.1) |
Royalty expense (income) | |||
Other (Income) Expense [Line Items] | |||
Other expense (income), net | 0.5 | 0 | (0.3) |
Loss (gain) from diversified investments associated with Executive Stock Unit Program (See Note M) | |||
Other (Income) Expense [Line Items] | |||
Other expense (income), net | 1.9 | (4.5) | (2.2) |
Non-service pension (income) expense (See Note N) | |||
Other (Income) Expense [Line Items] | |||
Other expense (income), net | (1.3) | 17.4 | 2.9 |
Other income | |||
Other (Income) Expense [Line Items] | |||
Other expense (income), net | $ (7) | $ (2.6) | $ (1.5) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance beginning of period | $ (9.5) | $ (113.6) | $ (91.1) |
Other comprehensive (loss) | (73.8) | 90.5 | (37.1) |
Reclassifications, pretax | 5.4 | 27.1 | 18.1 |
Income tax effect | 0.3 | (13.9) | (4.6) |
Attributable to noncontrolling interest | 0 | 0.4 | 1.1 |
Balance end of period | (77.6) | (9.5) | (113.6) |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance beginning of period | 40.5 | (38.6) | (4.8) |
Other comprehensive (loss) | (67) | 78.7 | (33.2) |
Reclassifications, pretax | 0 | 0 | (1.7) |
Income tax effect | 0 | 0 | 0 |
Attributable to noncontrolling interest | 0 | 0.4 | 1.1 |
Balance end of period | (26.5) | 40.5 | (38.6) |
Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance beginning of period | (11.5) | (17.8) | (28.2) |
Other comprehensive (loss) | (3.1) | 1.6 | (0.9) |
Reclassifications, pretax | 2.8 | 7.2 | 15.3 |
Income tax effect | 0 | (2.5) | (4) |
Attributable to noncontrolling interest | 0 | 0 | 0 |
Balance end of period | (11.8) | (11.5) | (17.8) |
Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance beginning of period | (38.5) | (57.2) | (58.1) |
Other comprehensive (loss) | (3.7) | 10.2 | (3) |
Reclassifications, pretax | 2.6 | 19.9 | 4.5 |
Income tax effect | 0.3 | (11.4) | (0.6) |
Attributable to noncontrolling interest | 0 | 0 | 0 |
Balance end of period | (39.3) | (38.5) | (57.2) |
Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | 5.4 | 27.1 | 18.1 |
Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | 0 | 0 | (1.7) |
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | 2.8 | 7.2 | 15.3 |
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | 2.6 | 19.9 | 4.5 |
Net sales | Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | (2.6) | 2.3 | 10.6 |
Net sales | Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | 0 | 0 | 0 |
Net sales | Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | (2.6) | 2.3 | 10.6 |
Net sales | Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | 0 | 0 | 0 |
Cost of goods sold; selling and administrative expenses | Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | 1.1 | 0.7 | 0.5 |
Cost of goods sold; selling and administrative expenses | Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | 0 | 0 | 0 |
Cost of goods sold; selling and administrative expenses | Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | 1.1 | 0.7 | 0.5 |
Cost of goods sold; selling and administrative expenses | Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | 0 | 0 | 0 |
Interest expense | Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | 4.3 | 4.2 | 4.2 |
Interest expense | Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | 0 | 0 | 0 |
Interest expense | Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | 4.3 | 4.2 | 4.2 |
Interest expense | Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | 0 | 0 | 0 |
Other (income) expense, net | Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | 2.6 | 19.9 | 2.8 |
Other (income) expense, net | Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | 0 | 0 | (1.7) |
Other (income) expense, net | Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | 0 | 0 | 0 |
Other (income) expense, net | Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassifications, pretax | $ 2.6 | $ 19.9 | $ 4.5 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Fixed rate debt, amount greater (less) than carrying value | $ (35) | $ 14 |
Fair value for fixed rate debt | $ 1,090.5 | $ 1,239.1 |
Fair Value (Items Measured At F
Fair Value (Items Measured At Fair Value On A Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank time deposits with original maturities of three months or less | $ 159.1 | $ 236.4 |
Derivative assets (see Note T) | 1.2 | 3.9 |
Diversified investments associated with the ESUP (see Note M) | 32.7 | 34 |
Total assets | 193 | 274.3 |
Derivative liabilities | 4.7 | 1.9 |
Liabilities associated with the ESUP | 33.7 | 34.4 |
Total liabilities | 38.4 | 36.3 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank time deposits with original maturities of three months or less | 0 | 0 |
Derivative assets (see Note T) | 0 | 0 |
Diversified investments associated with the ESUP (see Note M) | 32.7 | 34 |
Total assets | 32.7 | 34 |
Derivative liabilities | 0 | 0 |
Liabilities associated with the ESUP | 33.7 | 34.4 |
Total liabilities | 33.7 | 34.4 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank time deposits with original maturities of three months or less | 159.1 | 236.4 |
Derivative assets (see Note T) | 1.2 | 3.9 |
Diversified investments associated with the ESUP (see Note M) | 0 | 0 |
Total assets | 160.3 | 240.3 |
Derivative liabilities | 4.7 | 1.9 |
Liabilities associated with the ESUP | 0 | 0 |
Total liabilities | 4.7 | 1.9 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank time deposits with original maturities of three months or less | 0 | 0 |
Derivative assets (see Note T) | 0 | 0 |
Diversified investments associated with the ESUP (see Note M) | 0 | 0 |
Total assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Liabilities associated with the ESUP | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
Acquisitions (Estimated Fair Va
Acquisitions (Estimated Fair Values Of The Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||
Property, plant and equipment | $ 85.4 | $ 47.9 | $ 24.9 |
Goodwill (see Note E) | 833.8 | 822.2 | 791.3 |
Series of Individually Immaterial Business Acquisitions | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 19.6 | 10.5 | 5.3 |
Inventory | 26.2 | 6.2 | 5.8 |
Property, plant and equipment | 28.2 | 15.7 | 3.7 |
Goodwill (see Note E) | 28.1 | 11.5 | 8.7 |
Other intangible assets (see Note E) | 28.9 | 20.3 | 12.3 |
Other current and long-term assets | 0.8 | 0.8 | 0 |
Current liabilities | (11.9) | (4.6) | (4.2) |
Long-term liabilities | (10.7) | (6.3) | (0.5) |
Non-controlling interest | 0 | (0.5) | 0 |
Fair value of net identifiable assets | 109.2 | 53.6 | 31.1 |
Less: Additional consideration payable | 0 | 2.7 | 1.6 |
Less: Common stock issued for acquired companies | 0 | 11.8 | 0 |
Net cash consideration | $ 109.2 | $ 39.1 | $ 29.5 |
Acquisitions (Purchase Price Al
Acquisitions (Purchase Price Allocations Related To Acquisitions) (Details) - acquisition | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Manufacturer and distributor of home and garden products; Manufacturer and distributor of silt fence; Engineered hydraulic cylinders | Residential Products and Specialized Products | |||
Business Acquisition [Line Items] | |||
Number of Acquisitions | 3 | ||
Distributor and installer of geosynthetic products; Flooring products; Surface-critical bent tube components | Residential Products and Furniture Products | |||
Business Acquisition [Line Items] | |||
Number of Acquisitions | 3 | ||
Distributor of geosynthetic products; Innersprings; Fabricated aerospace tubing and pipe assemblies | Residential Products and Specialized Products | |||
Business Acquisition [Line Items] | |||
Number of Acquisitions | 3 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Millions | Jan. 16, 2019USD ($) | Dec. 31, 2018USD ($)acquisition | Dec. 31, 2017USD ($)acquisition | Dec. 31, 2016USD ($)acquisition |
Business Acquisition [Line Items] | ||||
Liability for future payments | $ 10.8 | $ 16.5 | ||
Additional consideration including interest paid | 9.3 | 2.2 | $ 0.5 | |
Goodwill added | 28.1 | 11.5 | ||
Manufacturer and distributor of innovative home and garden products | ||||
Business Acquisition [Line Items] | ||||
Purchase price | 19.1 | |||
Manufacturer and distributor of silt fence | ||||
Business Acquisition [Line Items] | ||||
Purchase price | 2.6 | |||
PHC | ||||
Business Acquisition [Line Items] | ||||
Purchase price | 0 | |||
Goodwill added | 0 | |||
Joint venture | ||||
Business Acquisition [Line Items] | ||||
Purchase price | 2.6 | 35.2 | ||
Specialized Products | ||||
Business Acquisition [Line Items] | ||||
Goodwill added | $ 26.8 | 0 | ||
Specialized Products | Manufacturer and distributor of home and garden products; Manufacturer and distributor of silt fence; Engineered hydraulic cylinders | ||||
Business Acquisition [Line Items] | ||||
Number of acquisitions | acquisition | 3 | |||
Residential Products and Furniture Products | ||||
Business Acquisition [Line Items] | ||||
Goodwill, period change | $ 11.5 | |||
Residential Products and Furniture Products | Distributor and installer of geosynthetic products; Flooring products; Surface-critical bent tube components | ||||
Business Acquisition [Line Items] | ||||
Number of acquisitions | acquisition | 3 | |||
Residential Products | ||||
Business Acquisition [Line Items] | ||||
Goodwill added | $ 1.3 | $ 7.6 | ||
Goodwill, period change | 7.6 | |||
Furniture Products | ||||
Business Acquisition [Line Items] | ||||
Goodwill added | 0 | 3.9 | ||
Goodwill, period change | 3.9 | |||
Aerospace | Distributor of geosynthetic products; Innersprings; Fabricated aerospace tubing and pipe assemblies | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 29.2 | |||
Number of acquisitions | acquisition | 3 | |||
Liability for future payments, current | ||||
Business Acquisition [Line Items] | ||||
Liability for future payments | 0.8 | 8.9 | ||
Liability for future payments, long-term | ||||
Business Acquisition [Line Items] | ||||
Liability for future payments | $ 10 | $ 7.6 | ||
Leggett & Platt | Joint venture | ||||
Business Acquisition [Line Items] | ||||
Remaining ownership (as a percent) | 20.00% | |||
Subsequent Event | Elite Comfort Solutions, Inc. | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 1,250 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Derivative Financial Instruments At Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | $ 1 | $ 3.7 |
Sundry | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | 0.2 | 0.2 |
Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative liabilities | 4.5 | 1.8 |
Other Long-Term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Liabilities | 0 | |
Total derivative liabilities | 0.2 | |
Cash Flow Hedging | Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 2.9 | |
Cash Flow Hedging | Sundry | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.2 | |
Cash Flow Hedging | Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 1.3 | |
Cash Flow Hedging | Other Long-Term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Total cash flow hedges, Liabilities | 0.1 | |
Fair Value Hedging | Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Assets | 0.2 | |
Fair Value Hedging | Sundry | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Assets | 0 | |
Fair Value Hedging | Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Liabilities | 0.5 | |
Derivatives Designated as Hedging Instruments | Other Current Assets | Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, USD and ZAR) in various countries (CAD, CHF, EUR and USD) | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Assets | 0.2 | |
Derivatives Designated as Hedging Instruments | Sundry | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Assets | 0 | |
Derivatives Designated as Hedging Instruments | Sundry | Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, USD and ZAR) in various countries (CAD, CHF, EUR and USD) | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Assets | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 164.7 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Future MXN purchases of a USD subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 7.9 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Future EUR Sales of Chinese and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 32.3 | 38.8 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Future USD sales/purchases of Canadian, Chinese, European, South Korean and Swiss subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 158.1 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Future MXN purchases of a USD subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 6.6 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Future JPY sales of Chinese subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 11.2 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Future DKK sales of Polish subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 16 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Total cash flow hedges, Assets | 0.8 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.5 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | Future MXN purchases of a USD subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.1 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | Future EUR Sales of Chinese and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.2 | 0 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | Future USD sales/purchases of Canadian, Chinese, European, South Korean and Swiss subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 2.2 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | Future MXN purchases of a USD subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | Future JPY sales of Chinese subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.1 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Assets | Future DKK sales of Polish subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.6 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Sundry | ||
Derivatives, Fair Value [Line Items] | ||
Total cash flow hedges, Assets | 0.2 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Sundry | Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.1 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Sundry | Future MXN purchases of a USD subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Sundry | Future EUR Sales of Chinese and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.1 | 0 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Sundry | Future USD sales/purchases of Canadian, Chinese, European, South Korean and Swiss subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0.2 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Sundry | Future MXN purchases of a USD subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Sundry | Future JPY sales of Chinese subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Sundry | Future DKK sales of Polish subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Assets | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Total cash flow hedges, Liabilities | 3.9 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 3.8 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | Future MXN purchases of a USD subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | Future EUR Sales of Chinese and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0.1 | 0.3 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | Future USD sales/purchases of Canadian, Chinese, European, South Korean and Swiss subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0.5 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | Future MXN purchases of a USD subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0.5 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | Future JPY sales of Chinese subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Current Liabilities | Future DKK sales of Polish subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Long-Term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Total cash flow hedges, Liabilities | 0.2 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Long-Term Liabilities | Future USD sales/purchases of Canadian, Chinese, European, South Korean, Swiss and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0.2 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Long-Term Liabilities | Future MXN purchases of a USD subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Long-Term Liabilities | Future EUR Sales of Chinese and UK subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | 0.1 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Long-Term Liabilities | Future USD sales/purchases of Canadian, Chinese, European, South Korean and Swiss subsidiaries | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Long-Term Liabilities | Future MXN purchases of a USD subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Long-Term Liabilities | Future JPY sales of Chinese subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other Long-Term Liabilities | Future DKK sales of Polish subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Currency cash flow derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives Designated as Hedging Instruments | Fair Value Hedging | Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, EUR, GBP, PLN and USD) | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 65.8 | |
Derivatives Designated as Hedging Instruments | Fair Value Hedging | Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, USD and ZAR) in various countries (CAD, CHF, EUR and USD) | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 35.9 | |
Derivatives Designated as Hedging Instruments | Fair Value Hedging | Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Assets | 0.1 | |
Derivatives Designated as Hedging Instruments | Fair Value Hedging | Other Current Assets | Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, EUR, GBP, PLN and USD) | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Assets | 0.1 | |
Derivatives Designated as Hedging Instruments | Fair Value Hedging | Sundry | Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, EUR, GBP, PLN and USD) | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Assets | 0 | |
Derivatives Designated as Hedging Instruments | Fair Value Hedging | Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Liabilities | 0.3 | |
Derivatives Designated as Hedging Instruments | Fair Value Hedging | Other Current Liabilities | Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, EUR, GBP, PLN and USD) | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Liabilities | 0.3 | |
Derivatives Designated as Hedging Instruments | Fair Value Hedging | Other Current Liabilities | Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, USD and ZAR) in various countries (CAD, CHF, EUR and USD) | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Liabilities | 0.5 | |
Derivatives Designated as Hedging Instruments | Fair Value Hedging | Other Long-Term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Total cash flow hedges, Liabilities | 0.1 | |
Fair value derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives Designated as Hedging Instruments | Fair Value Hedging | Other Long-Term Liabilities | Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, MXN, USD and ZAR) in various countries (CAD, CHF, CNY, EUR, GBP, PLN and USD) | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives Designated as Hedging Instruments | Fair Value Hedging | Other Long-Term Liabilities | Intercompany and third party receivables and payables exposed to multiple currencies (DKK, EUR, USD and ZAR) in various countries (CAD, CHF, EUR and USD) | ||
Derivatives, Fair Value [Line Items] | ||
Fair value derivatives designated as hedging instruments, Liabilities | 0 | |
Derivatives not designated as hedging instruments | Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | 0.1 | |
Derivatives not designated as hedging instruments | Sundry | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | 0 | |
Derivatives not designated as hedging instruments | Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative liabilities | 0.3 | |
Derivatives not designated as hedging instruments | Other Long-Term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative liabilities | 0 | |
Derivatives not designated as hedging instruments | Fair Value Hedging | Non-deliverable hedges (EUR and USD) exposed to the CNY | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 23.6 | 17 |
Derivatives not designated as hedging instruments | Fair Value Hedging | Hedge of USD Receivable on CAD Subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Total USD Equivalent Notional Amount | 19 | |
Derivatives not designated as hedging instruments | Fair Value Hedging | Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0.6 | |
Derivatives not designated as hedging instruments | Fair Value Hedging | Other Current Assets | Non-deliverable hedges (EUR and USD) exposed to the CNY | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0.1 | 0.3 |
Derivatives not designated as hedging instruments | Fair Value Hedging | Other Current Assets | Hedge of USD Receivable on CAD Subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0.3 | |
Derivatives not designated as hedging instruments | Fair Value Hedging | Sundry | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0 | |
Derivatives not designated as hedging instruments | Fair Value Hedging | Sundry | Non-deliverable hedges (EUR and USD) exposed to the CNY | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0 | 0 |
Derivatives not designated as hedging instruments | Fair Value Hedging | Sundry | Hedge of USD Receivable on CAD Subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0 | |
Derivatives not designated as hedging instruments | Fair Value Hedging | Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0 | |
Derivatives not designated as hedging instruments | Fair Value Hedging | Other Current Liabilities | Non-deliverable hedges (EUR and USD) exposed to the CNY | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0.3 | 0 |
Derivatives not designated as hedging instruments | Fair Value Hedging | Other Current Liabilities | Hedge of USD Receivable on CAD Subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0 | |
Derivatives not designated as hedging instruments | Fair Value Hedging | Other Long-Term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0 | |
Derivatives not designated as hedging instruments | Fair Value Hedging | Other Long-Term Liabilities | Non-deliverable hedges (EUR and USD) exposed to the CNY | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | $ 0 | 0 |
Derivatives not designated as hedging instruments | Fair Value Hedging | Other Long-Term Liabilities | Hedge of USD Receivable on CAD Subsidiary | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Gains (Losses) Of Hedging Activities Recorded In Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | $ 2.3 | $ 1.9 | $ 15.1 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | 2.7 | 3.8 | 16.5 |
Derivatives Designated as Hedging Instruments | Fair Value Hedging | Other expense (income), net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | 1.2 | (0.2) | (1.3) |
Derivatives Not Designated as Hedging Instruments | Other expense (income), net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | (1.6) | (1.7) | (0.1) |
Interest rate cash flow hedges | Derivatives Designated as Hedging Instruments | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | 4.3 | 4.2 | 4.2 |
Currency cash flow hedges | Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Net sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | (2) | (1.4) | 10.8 |
Currency cash flow hedges | Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | 0.4 | 0.4 | 1.1 |
Currency cash flow hedges | Derivatives Designated as Hedging Instruments | Cash Flow Hedging | Other expense (income), net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recorded in Income for the Year Ended December 31 | $ 0 | $ 0.6 | $ 0.4 |
Contingencies - Narrative (Deta
Contingencies - Narrative (Details) - USD ($) | Nov. 24, 2018 | Sep. 11, 2017 | Jun. 09, 2016 | Dec. 15, 2015 | Jul. 31, 2014 | Jul. 01, 2014 | Jun. 26, 2014 | Apr. 17, 2014 | Mar. 27, 2014 | Jun. 21, 2013 | Feb. 01, 2013 | Dec. 18, 2012 | Dec. 17, 2012 | Oct. 04, 2012 | Dec. 30, 2011 | Dec. 22, 2011 | Apr. 16, 2009 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Contingencies [Line Items] | |||||||||||||||||||||
Accrual | $ 1,900,000 | $ 400,000 | $ 3,200,000 | $ 8,100,000 | |||||||||||||||||
Reasonably possible (but not probable, and therefore not accrued) losses in excess of accruals | 16,600,000 | ||||||||||||||||||||
Brazilian Value- Added Tax Matters | |||||||||||||||||||||
Contingencies [Line Items] | |||||||||||||||||||||
Accrual | 4,500,000 | ||||||||||||||||||||
Assessments and penalties | $ 3,100,000 | $ 900,000 | $ 3,100,000 | $ 700,000 | $ 1,500,000 | $ 800,000 | $ 2,100,000 | $ 100,000 | $ 400,000 | $ 3,800,000 | $ 1,300,000 | $ 100,000 | $ 2,100,000 | $ 1,500,000 | |||||||
Improperly offset tax credits | $ 100,000 | $ 100,000 | |||||||||||||||||||
Brazilian Tax Credit Matters | |||||||||||||||||||||
Contingencies [Line Items] | |||||||||||||||||||||
Accrual | 2,600,000 | ||||||||||||||||||||
Assessments and penalties | $ 200,000 | 1,900,000 | |||||||||||||||||||
Pending Litigation | Brazilian Value- Added Tax Matters | |||||||||||||||||||||
Contingencies [Line Items] | |||||||||||||||||||||
Reasonably possible losses that may be incurred | 15,600,000 | ||||||||||||||||||||
Accrual | 0 | ||||||||||||||||||||
Deposit to partially mitigate interest and penalties | 13,900,000 | ||||||||||||||||||||
Pending Litigation | Other matters | |||||||||||||||||||||
Contingencies [Line Items] | |||||||||||||||||||||
Reasonably possible losses that may be incurred | $ 1,000,000 |
Contingencies - Accrual for Pro
Contingencies - Accrual for Probable Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loss Contingency Accrual [Roll Forward] | |||
Litigation contingency accrual - Beginning of period | $ 0.4 | $ 3.2 | $ 8.1 |
Cash payments | (0.3) | (5) | (14) |
Litigation contingency accrual - End of period | 1.9 | 0.4 | 3.2 |
Continuing Operations | |||
Loss Contingency Accrual [Roll Forward] | |||
Adjustment to accruals - expense (income) | 1.8 | 0.6 | 7.1 |
Discontinued Operations | |||
Loss Contingency Accrual [Roll Forward] | |||
Adjustment to accruals - expense (income) | $ 0 | $ 1.6 | $ 2 |
Quarterly Summary Of Earnings_2
Quarterly Summary Of Earnings (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Net sales | $ 1,046.7 | $ 1,091.5 | $ 1,102.5 | $ 1,028.8 | $ 984.5 | $ 1,009.7 | $ 989.3 | $ 960.3 | $ 4,269.5 | $ 3,943.8 | $ 3,749.9 | |
Gross profit | 213.2 | 227.1 | 231 | 217.4 | 208.5 | 216.5 | 230.7 | 226.7 | 888.7 | 882.4 | 901.7 | |
Earnings from continuing operations before income taxes | 68.2 | 113.3 | 107.5 | 95.4 | 110.6 | 100.7 | 113.4 | 107.3 | 384.4 | 432 | 487.1 | |
Earnings from continuing operations | 53.1 | 90 | 85.1 | 77.9 | 36.4 | 83.5 | 87.6 | 86.1 | 306.1 | 293.6 | 367.1 | |
Earnings (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | (0.9) | 0 | 0 | 0 | (0.9) | 19.1 | |
Net earnings | 53.1 | 90 | 85.1 | 77.9 | 36.4 | 82.6 | 87.6 | 86.1 | 306.1 | 292.7 | 386.2 | |
(Earnings) attributable to noncontrolling interest, net of tax | (0.1) | 0 | (0.1) | 0 | (0.1) | 0 | 0 | 0 | (0.2) | (0.1) | (0.4) | |
Net earnings attributable to Leggett & Platt, Inc. common shareholders | $ 53 | $ 90 | $ 85 | $ 77.9 | $ 36.3 | $ 82.6 | $ 87.6 | $ 86.1 | $ 305.9 | $ 292.6 | $ 385.8 | |
Earnings per share from continuing operations attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||
Basic (in dollars per share) | $ 0.40 | $ 0.67 | $ 0.63 | $ 0.58 | $ 0.27 | $ 0.62 | $ 0.64 | $ 0.63 | $ 2.28 | $ 2.16 | $ 2.66 | |
Diluted (in dollars per share) | 0.39 | 0.67 | 0.63 | 0.57 | 0.27 | 0.61 | 0.64 | 0.62 | 2.26 | 2.14 | 2.62 | |
Earnings (loss) per share from discontinued operations attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||
Basic (in dollars per share) | 0 | 0 | 0 | 0 | 0 | (0.01) | 0 | 0 | 0 | (0.01) | 0.14 | |
Diluted (in dollars per share) | 0 | 0 | 0 | 0 | 0 | (0.01) | 0 | 0 | 0 | (0.01) | 0.14 | |
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders | ||||||||||||
Basic (in dollars per share) | 0.40 | 0.67 | 0.63 | 0.58 | 0.27 | 0.61 | 0.64 | 0.63 | 2.28 | 2.15 | 2.80 | |
Diluted (in dollars per share) | $ 0.39 | $ 0.67 | $ 0.63 | $ 0.57 | $ 0.27 | $ 0.60 | $ 0.64 | $ 0.62 | $ 2.26 | $ 2.13 | $ 2.76 | |
Quarterly Financial Information [Line Items] | ||||||||||||
Charge associated with the TCJA | $ 2 | $ 50 | $ 0 | |||||||||
Impairments | $ 5.4 | 4.9 | $ 4.1 | |||||||||
Charge associated with sale of business | $ 3 | |||||||||||
Gain associated with sale of real estate | 23 | |||||||||||
Pension settlement charge | $ 15 | |||||||||||
Continuing Operations | ||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Gain associated with litigation accruals | 1.8 | 0.6 | 7.1 | |||||||||
Industrial Products - Wire operations | ||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Impairments | $ 5 | |||||||||||
Furniture Products | ||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Net sales | 1,142.1 | 1,096.4 | 989.3 | |||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Impairments | 5.1 | 0 | 0 | |||||||||
Furniture Products | 2018 Restructuring Plan | ||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Restructuring and related costs | $ 16 | 16.3 | ||||||||||
Impairments | 5.1 | |||||||||||
Residential Products | ||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Net sales | 1,703.7 | 1,620.2 | 1,571.4 | |||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Reserve for probable credit loss | $ 15.9 | 15.9 | ||||||||||
Impairments | $ 0 | $ 0 | $ 0.4 | |||||||||
Subsequent Event | Elite Comfort Solutions, Inc. | ||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||
Acquisition costs | $ 7 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jan. 16, 2019 | Jan. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | $ 800,000,000 | $ 800,000,000 | ||
Leverage ratio, max | 65.00% | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | $ 1,200,000,000 | |||
Elite Comfort Solutions, Inc. | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Purchase price | $ 1,250,000,000 | |||
Term Loan Facility | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Long-term debt | $ 500,000,000 | |||
Maturities (term) | 5 years | |||
Leverage ratio, max | 425.00% | |||
Leverage ratio, minimum | 350.00% |
Valuation And Qualifying Acco_2
Valuation And Qualifying Accounts And Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for doubtful receivables | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 4.9 | $ 7.4 | $ 9.9 |
Additions (Credited) to Cost and Expenses | 16.7 | 0.8 | 1.6 |
Deductions | 1.4 | 3.3 | 4.1 |
Balance at End of Period | 20.2 | 4.9 | 7.4 |
Excess and obsolete inventory reserve, LIFO basis | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 26.4 | 27.1 | 24.7 |
Additions (Credited) to Cost and Expenses | 10.3 | 4.9 | 8.9 |
Deductions | 9.6 | 5.6 | 6.5 |
Balance at End of Period | 27.1 | 26.4 | 27.1 |
Tax valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 24.2 | 22.9 | 26.6 |
Additions (Credited) to Cost and Expenses | (7.8) | 1.3 | 0.8 |
Deductions | 3.2 | 0 | 4.5 |
Balance at End of Period | $ 13.2 | $ 24.2 | $ 22.9 |
Uncategorized Items - leg-20181
Label | Element | Value |
Retained Earnings [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetIncome | $ 1,100,000 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetIncome | $ (2,300,000) |