Item 6. Selected Financial Data.
As of January 1, 2021, we changed our method for valuing certain inventories (primarily domestic steel-related inventories) to the FIFO cost method from the LIFO cost method. The effects of this change have been retrospectively applied to all periods presented. See Note A on page 11 of the Notes to Consolidated Financial Statements in Exhibit 99.3 attached to this Form 8-K for additional information. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Unaudited) | 2020 1 | | 2019 2 | | 2018 3 | | 2017 4 | | 2016 5 |
| (Dollar amounts in millions, except per share data) | | | | | | | | | |
| Summary of Operations | | | | | | | | | |
| Net Trade Sales from Continuing Operations | $ | 4,280 | | | $ | 4,753 | | | $ | 4,270 | | | $ | 3,944 | | | $ | 3,750 | |
| Earnings from Continuing Operations | 253 | | | 314 | | | 324 | | | 308 | | | 375 | |
| | | | | | | | | |
| Earnings (loss) from Discontinued Operations, net of tax | — | | | — | | | — | | | (1) | | | 19 | |
| Net Earnings attributable to Leggett & Platt, Inc. common shareholders | 253 | | | 314 | | | 324 | | | 307 | | | 394 | |
| Earnings per share from Continuing Operations | | | | | | | | | |
| Basic | 1.86 | | | 2.33 | | | 2.41 | | | 2.27 | | | 2.72 | |
| Diluted | 1.86 | | | 2.32 | | | 2.39 | | | 2.25 | | | 2.68 | |
| Earnings (Loss) per share from Discontinued Operations | | | | | | | | | |
| Basic | — | | | — | | | — | | | (.01) | | | .14 | |
| Diluted | — | | | — | | | — | | | (.01) | | | .14 | |
| Net Earnings per share | | | | | | | | | |
| Basic | 1.86 | | | 2.33 | | | 2.41 | | | 2.26 | | | 2.86 | |
| Diluted | 1.86 | | | 2.32 | | | 2.39 | | | 2.24 | | | 2.82 | |
| Cash Dividends declared per share | 1.60 | | | 1.58 | | | 1.50 | | | 1.42 | | | 1.34 | |
| Summary of Financial Position | | | | | | | | | |
| Total Assets | $ | 4,800 | | | $ | 4,855 | | | $ | 3,448 | | | $ | 3,593 | | | $ | 3,012 | |
| Long-term Debt, including finance leases | $ | 1,849 | | | $ | 2,067 | | | $ | 1,168 | | | $ | 1,098 | | | $ | 956 | |
All amounts are presented after tax.
1 Earnings from Continuing Operations for 2020 includes a $25 million goodwill impairment charge; a $6 million charge for note impairment; a $3 million stock write-off from a prior year divestiture; a $6 million charge for restructuring; and decreases from the impact of lower sales, primarily from pandemic-related economic declines across most of our businesses.
2 In January 2019, we acquired ECS for approximately $1.25 billion and increased our debt levels as discussed in Note R on page 55 and Note J on page 33 of the Notes to Consolidated Financial Statements in Exhibit 99.3 attached to this Form 8-K. Earnings from Continuing Operations for 2019 includes a $9 million charge for restructuring; and a $1 million charge for ECS transaction costs.
3 Earnings from Continuing Operations for 2018 includes a $19 million charge for restructuring; a $12 million charge for note impairment; a $6 million charge for ECS transaction costs; and a $2 million benefit associated with Tax Cuts and Jobs Act (TCJA).
4 Earnings from Continuing Operations for 2017 includes a $50 million charge associated with TCJA; $13 million of net gains on sales of a business and real estate; an $8 million tax benefit from a divestiture; a $10 million pension settlement charge; and a $3 million charge for an impairment of a wire business.
5 Earnings from Continuing Operations for 2016 includes $17 million of gains on sales of businesses; a $3 million goodwill impairment charge; and a $5 million gain on a foam litigation settlement. Discontinued operations primarily consists of a gain on a foam litigation settlement.
