Leggett & Platt (LEG) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-07845
Entity Registrant Name	LEGGETT & PLATT, INC
Entity Incorporation, State or Country Code	MO
Entity Tax Identification Number	44-0324630
Entity Address, Address Line One	No. 1 Leggett Road
Entity Address, City or Town	Carthage,
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	64836
City Area Code	417
Local Phone Number	358-8131
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	LEG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Small Business Entity	false
Emerging Growth Entity	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		134,036,049
Entity Central Index Key	0000058492
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 361.3	$ 365.5
Trade receivables, net	577.4	564.9
Other receivables, net	57.7	72.4
Inventories	807.4	819.7
Prepaid expenses and other current assets	56.5	58.9
Total current assets	1,860.3	1,881.4
Property, Plant and Equipment—at cost
Machinery and equipment	1,482.3	1,488.3
Buildings and other	821.2	820.3
Land	42.2	42.8
Total property, plant and equipment	2,345.7	2,351.4
Less accumulated depreciation	1,573.6	1,570.2
Net property, plant and equipment	772.1	781.2
Other Assets
Goodwill	1,481.6	1,489.8
Other intangibles, less accumulated amortization of $383.8 and $416.4 as of March 31, 2024 and December 31, 2023, respectively	161.8	167.5
Operating lease right-of-use assets	202.2	193.2
Sundry	136.8	121.4
Total other assets	1,982.4	1,971.9
TOTAL ASSETS	4,614.8	4,634.5
Current Liabilities
Short-term debt and current maturities of long-term debt	303.8	308
Current portion of operating lease liabilities	58	57.3
Accounts payable	495.6	536.2
Accrued expenses	229.7	256.8
Other current liabilities	101.2	104.3
Total current liabilities	1,188.3	1,262.6
Long-term Liabilities
Long-term debt	1,772.9	1,679.6
Operating lease liabilities	158.5	150.5
Other long-term liabilities	105.2	106.6
Deferred income taxes	100.4	101.2
Total long-term liabilities	2,137	2,037.9
Commitments and Contingencies
Equity
Common stock	2	2
Additional contributed capital	569	575.8
Retained earnings	2,629.6	2,661.1
Accumulated other comprehensive loss	(68.5)	(43.7)
Treasury stock	(1,843.3)	(1,861.9)
Total Leggett & Platt, Inc. equity	1,288.8	1,333.3
Noncontrolling interest	0.7	0.7
Total equity	1,289.5	1,334
TOTAL LIABILITIES AND EQUITY	$ 4,614.8	$ 4,634.5

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accumulated amortization	$ 383.8	$ 416.4

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net trade sales	$ 1,096.9	$ 1,213.6
Cost of goods sold	910.5	995
Gross profit	186.4	218.6
Selling and administrative expenses	125.9	116
Amortization of intangibles	4.9	16.9
Net gain from sale of assets	10.2	0.3
Other (income) expense, net	2.8	(3.3)
Earnings before interest and income taxes	63	89.3
Interest expense	21.6	22.1
Interest income	1	1.1
Earnings before income taxes	42.4	68.3
Income taxes	10.8	14.8
Net earnings	31.6	53.5
(Earnings) attributable to noncontrolling interest, net of tax	0	0
Net earnings attributable to Leggett & Platt, Inc. common shareholders	$ 31.6	$ 53.5
Net earnings per share attributable to Leggett & Platt, Inc. common shareholders
Basic (in usd per share)	$ 0.23	$ 0.39
Diluted (in usd per share)	$ 0.23	$ 0.39
Weighted average shares outstanding
Basic (in shares)	136.8	135.9
Diluted (in shares)	137.3	136.3

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net earnings	$ 31.6	$ 53.5
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(23.5)	18.7
Cash flow hedges	(1.5)	2.7
Defined benefit pension plans	0.2	0.2
Other comprehensive income (loss), net of tax	(24.8)	21.6
Comprehensive income (loss)	6.8	75.1
Add: comprehensive income attributable to noncontrolling interest	0	0.1
Comprehensive income (loss) attributable to Leggett & Platt, Inc.	$ 6.8	$ 75.2

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities
Net earnings	$ 31.6	$ 53.5
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	27.9	27.4
Amortization of intangibles and supply agreements	5	18
Long-lived asset impairment	2.3	0
Increase (decrease) in provision for losses on accounts and notes receivable	4.9	(2.3)
Writedown of inventories	6.4	4.7
Gain on disposal of assets and businesses	(10.2)	(0.3)
Deferred income tax benefit (expense)	1	(1.2)
Stock-based compensation	10	9.7
Other, net	(2.9)	6
Changes in working capital, excluding effects from acquisitions and divestitures:
Accounts and other receivables	(28.8)	(38.4)
Inventories	0.8	13.7
Other current assets	1.2	(0.3)
Accounts payable	(35.5)	30.8
Accrued expenses and other current liabilities	(19.8)	(24.6)
Net Cash (Used for) Provided by Operating Activities	(6.1)	96.7
Investing Activities
Additions to property, plant and equipment	(25.9)	(37.7)
Proceeds from disposals of assets	15.2	0.5
Other, net	0.3	0.8
Net Cash Used for Investing Activities	(10.4)	(36.4)
Financing Activities
Payments on long-term debt	(4.3)	(0.8)
Change in commercial paper and short-term debt	89.2	29.3
Dividends paid	(61.3)	(58.3)
Purchases of common stock	(4.1)	(5.2)
Other, net	(1.4)	(0.6)
Net Cash Provided by (Used for) Financing Activities	18.1	(35.6)
Effect of Exchange Rate Changes on Cash	(5.8)	3.3
(Decrease) Increase in Cash and Cash Equivalents	(4.2)	28
Cash and Cash Equivalents—January 1,	365.5	316.5
Cash and Cash Equivalents—March 31,	$ 361.3	$ 344.5

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Changes in Equity - USD ($) $ in Millions	Total	Common Stock & Additional Contributed Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interest
Beginning balance at Dec. 31, 2022	$ 1,641.4	$ 570.5	$ 3,046	$ (93.5)	$ (1,882.3)	$ 0.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	53.5		53.5
Dividends declared	(58.5)	1.4	(59.9)
Treasury stock purchased	(5.2)				(5.2)
Treasury stock issued	2	(16.3)			18.3
Other comprehensive income (loss), net of tax (See Note J)	21.6			21.7		(0.1)
Stock-based compensation transactions, net of tax	12.3	12.3
Ending balance at Mar. 31, 2023	1,667.1	567.9	3,039.6	(71.8)	(1,869.2)	0.6
Beginning balance at Dec. 31, 2023	1,334	577.8	2,661.1	(43.7)	(1,861.9)	0.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	31.6		31.6
Dividends declared	(61.6)	1.5	(63.1)
Treasury stock purchased	(4.1)				(4.1)
Treasury stock issued	2.1	(20.6)			22.7
Other comprehensive income (loss), net of tax (See Note J)	(24.8)			(24.8)
Stock-based compensation transactions, net of tax	12.3	12.3
Ending balance at Mar. 31, 2024	$ 1,289.5	$ 571	$ 2,629.6	$ (68.5)	$ (1,843.3)	$ 0.7

Interim Presentation

Interim Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Presentation	Interim Presentation The interim financial statements of Leggett & Platt, Incorporated (we, us, or our) included herein have not been audited by an independent registered public accounting firm. The statements include all adjustments, including normal recurring accruals, which management considers necessary for a fair statement of our financial position and operating results for the periods presented. We have prepared the statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such rules and regulations. The operating results for interim periods are not necessarily indicative of results to be expected for an entire year. The December 31, 2023 financial position data included herein was derived from the audited consolidated financial statements, but does not include all disclosures required by GAAP. Accounts Receivable and Accounts Payable Programs We participate in trade receivables sales programs in combination with third-party banking institutions and certain customers. Under each of these programs, we sell our entire interest in the trade receivable for 100% of face value, less a discount. Because control of the sold receivable is transferred to the buyer at the time of sale, accounts receivable balances sold are removed from the Consolidated Condensed Balance Sheets and the related proceeds are reported as cash provided by operating activities in the Consolidated Condensed Statements of Cash Flows. We had approximately $50.0 and $60.0 of trade receivables that were sold and removed from our balance sheets at March 31, 2024 and December 31, 2023, respectively. We sometimes utilize third-party programs that allow our suppliers to be paid earlier at a discount. While these programs assist us in negotiating payment terms with our suppliers, we continue to make payments based on our customary terms. A supplier can elect to take payment from a third party earlier with a discount, and in that case, we pay the third party on the original due date of the invoice. Contracts with our suppliers are negotiated independently of supplier participation in the programs, and we cannot increase payment terms pursuant to the programs. The accounts payable associated with the third-party programs, which remain on our Consolidated Condensed Balance Sheets, were approximately $100.0 at March 31, 2024 and $105.0 at December 31, 2023. The above items encompass multiple individual programs that are utilized as tools in our cash flow management, and we offer them as options to facilitate customer and vendor operating cycles. Because many of these programs operate independently, and a cessation of all these programs at the same time is not reasonably likely, we do not expect changes in these programs to have a material impact on our operating cash flows or liquidity. 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 future periods that are most relevant to our financial statements: To be adopted in future years • ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”: This ASU requires additional disclosures about reportable segments' expenses and other items on an interim and annual basis. This guidance will be effective for annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025. We are currently evaluating the impact of adopting this guidance. • ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”: This ASU requires disclosure of specific categories in the rate reconciliation and income taxes paid disaggregated by jurisdiction. This guidance will be effective for annual periods beginning January 1, 2025. We are currently evaluating the impact of adopting this guidance. The FASB has issued accounting guidance, in addition to the issuances 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	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue by Product Family We disaggregate revenue by customer group, which is the same as our product families for each of our segments, as we believe this best depicts how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. For information on our segment structure, see Note C . Three Months Ended March 31, 2024 2023 Bedding Products Bedding Group $ 448.0 $ 528.5 Specialized Products Automotive Group 210.9 214.3 Aerospace Products Group 45.6 37.9 Hydraulic Cylinders Group 59.4 68.5 315.9 320.7 Furniture, Flooring & Textile Products Home Furniture Group 72.2 80.3 Work Furniture Group 70.1 70.6 Flooring & Textile Products Group 190.7 213.5 333.0 364.4 $ 1,096.9 $ 1,213.6

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information We have three operating segments that supply a wide range of products: • Bedding Products: This segment supplies a variety of components and machinery used by bedding manufacturers in the production and assembly of their finished products, as well as produces private label finished mattresses for bedding brands and adjustable bed bases. This segment is also vertically integrated into the production and supply of specialty foam chemicals, steel rod, and drawn steel wire to our own operations and to external customers. Our trade customers for wire make mechanical springs and many other end products. • Specialized Products: From this segment, we supply lumbar support systems, seat suspension systems, motors and actuators, and control cables used by automotive manufacturers. We also produce and distribute tubing and tube assemblies for the aerospace industry and engineered hydraulic cylinders used in the material-handling and heavy construction industries. • Furniture, Flooring & Textile Products: Operations in this segment supply a wide range of components for residential and work furniture manufacturers, as well as select lines of private label finished furniture. We also produce or distribute carpet cushion, hard surface flooring underlayment, and textile and geo components. Our reportable segments are the same as our operating segments, which also correspond with our management organizational structure. Our Bedding Products and Furniture, Flooring & Textile Products segments have an executive vice president or senior vice president, respectively, who has accountability to, and maintains regular contact with, our CEO, who is the chief operating decision maker (CODM). With the retirement of our Specialized Products segment executive vice president in April 2024, our CEO became acting segment manager on a temporary basis for this segment until a permanent replacement is named. 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 is shown in the following tables: Trade 1 Sales Inter- Total EBIT Depreciation and Amortization Three Months Ended March 31, 2024 Bedding Products 2 $ 448.0 $ 6.4 $ 454.4 $ 15.7 $ 14.6 Specialized Products 315.9 .4 316.3 23.7 10.1 Furniture, Flooring & Textile Products 333.0 2.5 335.5 23.6 5.3 Intersegment eliminations and other 3 — 2.9 $ 1,096.9 $ 9.3 $ 1,106.2 $ 63.0 $ 32.9 Three Months Ended March 31, 2023 Bedding Products $ 528.5 $ 9.6 $ 538.1 $ 33.3 $ 25.6 Specialized Products 320.7 .4 321.1 28.7 10.7 Furniture, Flooring & Textile Products 364.4 3.1 367.5 28.3 5.8 Intersegment eliminations and other 3 (1.0) 3.3 $ 1,213.6 $ 13.1 $ 1,226.7 $ 89.3 $ 45.4 1 See Note B for revenue by product family. 2 The lower amortization expense in the three months ended March 31, 2024, is due to the fourth quarter 2023 long-lived asset impairment. 3 Depreciation and Amortization: Other relates to non-operating assets (assets not included in segment assets) and is allocated to segment EBIT as discussed above. 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 the average of both working capital (all current assets and current liabilities) plus net property, plant and equipment. Average Assets by Segment March 31, 2024 December 31, 2023 Bedding Products $ 791.3 $ 815.2 Specialized Products 393.6 398.6 Furniture, Flooring & Textile Products 350.8 390.3 Average current liabilities included in segment numbers above 692.1 736.1 Unallocated assets 1 2,408.6 2,403.2 Difference between average assets and period-end balance sheet (21.6) (108.9) Total assets $ 4,614.8 $ 4,634.5 1 Unallocated assets consist primarily of goodwill, other intangibles, cash, and deferred tax assets.

Earnings Per Share (EPS)

Earnings Per Share (EPS)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share (EPS)	Earnings Per Share (EPS) Basic and diluted earnings per share were calculated as follows: Three Months Ended 2024 2023 Net earnings Net earnings $ 31.6 $ 53.5 Earnings attributable to noncontrolling interest, net of tax — — Net earnings attributable to Leggett & Platt, Inc. common shareholders $ 31.6 $ 53.5 Weighted average number of shares (in millions) Weighted average number of common shares used in basic EPS 136.8 135.9 Dilutive effect of stock-based compensation .5 .4 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 137.3 136.3 Basic and diluted EPS Basic EPS attributable to Leggett & Platt common shareholders $ .23 $ .39 Diluted EPS attributable to Leggett & Platt common shareholders $ .23 $ .39 Other information Anti-dilutive shares excluded from diluted EPS computation .5 .5 Cash dividends declared per share $ .46 $ .44

Restructuring and Impairments

Restructuring and Impairments	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Impairments	Restructuring and Impairments In the first quarter of 2024, we committed to a restructuring plan, primarily associated with our Bedding Products segment and, to a lesser extent, our Furniture, Flooring & Textile Products segment (the “Restructuring Plan” or “Plan”), which is expected to be substantially complete by the end of 2025. We plan to consolidate between 15 and 20 production and distribution facilities (out of 50) in the Bedding Products segment and a small number of production facilities in the Furniture, Flooring & Textile Products segment. Our total costs for this Plan are expected to be between $65.0 and $85.0, of which approximately half are anticipated to be incurred in 2024 and the remainder in 2025. As of March 31, 2024, we have incurred costs of $10.8. The following table presents information associated with this Plan: Total Amount Expected to be Incurred Three Months Ended Restructuring and restructuring-related $40.0 to $55.0 $ 8.5 Impairment costs associated with this plan 25.0 to $ 30.0 2.3 $65.0 to $85.0 $ 10.8 Amount of total that represents cash charges $30.0 to $40.0 $ 6.2 The table below presents all restructuring and restructuring-related activity related to the Plan. We had no material restructuring activity in 2023. Three Months Ended March 31, 2024 Restructuring costs charged to other (income) expense, net: Termination benefits, relocation, and other restructuring costs $ 5.7 Restructuring-related costs: Charged to cost of goods sold: Inventory obsolescence and other 2.3 Charged to selling and administrative: Professional services and other .5 Total restructuring-related costs 2.8 Total restructuring and restructuring-related costs 8.5 Amount of total that represents cash charges $ 6.2 Restructuring and restructuring-related charges by segment were as follows: Three Months Ended March 31, 2024 Bedding Products $ 7.0 Furniture, Flooring & Textile Products 1.5 Total restructuring and restructuring-related costs $ 8.5 Restructuring Liability The accrued liability associated with the Plan consisted of the following: Balance at December 31, 2023 Add: 2024 Charges Less: 2024 Payments Balance at March 31, 2024 Termination benefits $ — $ 2.4 $ .5 $ 1.9 Relocation and other restructuring costs — 3.3 3.3 — Total $ — $ 5.7 $ 3.8 $ 1.9 Impairment Costs Associated with the Plan Pretax impairment charges are reported in “Other (income) expense, net” in the Consolidated Condensed Statements of Operations. We did not have any impairment charges in the three months ended March 31, 2023. The Bedding Products segment reported other long-lived impairment charges of $2.3 in the three months ended March 31, 2024.

Accounts and Other Receivables

Accounts and Other Receivables	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Accounts and Other Receivables	Accounts and Other Receivables Accounts and other receivables consisted of the following: March 31, 2024 December 31, 2023 Current Long-term Current Long-term Total trade receivables $ 592.0 $ — $ 575.4 $ — Allowance for doubtful accounts - trade receivables (14.6) — (10.5) — Trade receivables, net $ 577.4 $ — $ 564.9 $ — Taxes receivable, including income taxes 3.2 — 3.1 — Value-added taxes (VAT) recoverable 1 43.0 20.0 56.6 — Other receivables 11.5 1.2 12.7 1.2 Other receivables, net $ 57.7 $ 21.2 $ 72.4 $ 1.2 1 We have experienced VAT refund delays from the Mexican government. We believe these are fully collectible, and our recent discussions with the government have resulted in an updated timeline for resolution. As a result, we have classified $20.0 as long-term as of March 31, 2024. The aggregate of current and long-term balances of Mexico VAT recoverable was $53.9 and $48.2 at March 31, 2024 and December 31, 2023, respectively. Activity related to the allowance for doubtful accounts is reflected below: Balance at December 31, 2023 Change in Less: Net Balance at March 31, 2024 Total allowance for doubtful accounts on trade receivables $ 10.5 $ 4.9 $ .8 $ 14.6

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories The following table recaps the components of inventory for each period presented: March 31, December 31, Finished goods $ 362.5 $ 361.3 Work in process 74.7 73.5 Raw materials and supplies 370.2 384.9 Inventories $ 807.4 $ 819.7 All inventories are stated at the lower of cost or net realizable value. For the majority of our inventories, we use the first-in, first-out method, which is representative of our standard costs (includes materials, labor, and production overhead at normal production capacity). Remaining inventories are valued using an average-cost method. Inventories are reviewed at least quarterly for slow-moving and potentially obsolete items using actual inventory turnover and, if necessary, are written down to estimated net realizable value. We have had no material changes in inventory writedowns or slow-moving and obsolete inventory reserves in any of the periods presented.

Credit Facility Amendment

Credit Facility Amendment	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Credit Facility Amendment	Amendment Effective March 22, 2024, we amended our credit facility to change the Leverage Ratio. The prior Leverage Ratio covenant required us to maintain, as of the last day of each quarter, or when we borrow under the credit facility, a Leverage Ratio of consolidated funded indebtedness to trailing 12-month consolidated EBITDA (each as defined in the credit facility) of not greater than 3.50 to 1.00. Under the amendment, the Leverage Ratio covenant was increased from 3.50 to 1.00 to 4.00 to 1.00 for each quarter-end beginning March 31, 2024 and ending June 30, 2025. The Leverage Ratio covenant will revert to 3.50 to 1.00 for the quarter ending September 30, 2025 and thereafter until maturity. Also, the provision permitting a temporary increase in the maximum Leverage Ratio in the event of a Material Acquisition will not apply unless the acquisition occurs after June 30, 2025. The maturity date of September 30, 2026 remains unchanged. At March 31, 2024, we were in compliance with all of its debt covenants and expect to be able to maintain compliance with the amended debt covenant requirements.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The following table recaps the impact of stock-based compensation on the results of operations for each of the periods presented: Three Months Ended Three Months Ended To be settled with stock To be settled in cash To be settled with stock To be settled in cash Executive Stock Unit (ESU) Program matching contributions $ .6 $ .2 $ .7 $ .1 Discounts on various stock awards: Deferred Stock Compensation Program .4 — .3 — ESU Program .3 — .2 — Discount Stock Plan .2 — .2 — Performance Stock Unit (PSU) awards (.2) (.5) 1.1 .7 Restricted Stock Unit (RSU) awards 6.3 — 5.3 — Other, primarily non-employee directors restricted stock .4 — .4 — Total stock-based compensation expense (income) 8.0 $ (.3) 8.2 $ .8 Employee contributions for above stock plans 2.0 1.5 Total stock-based compensation $ 10.0 $ 9.7 Tax benefits on stock-based compensation expense $ 2.0 $ 2.0 Tax (expense)/benefits on stock-based compensation payments (.8) .3 Total tax benefits associated with stock-based compensation $ 1.2 $ 2.3

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following tables set forth the components of and changes in each component of accumulated other comprehensive income (loss) for each of the periods presented: Three Months Ended March 31, Foreign Cash Flow Defined Benefit Accumulated Balance, January 1, 2024 $ (42.6) $ 12.5 $ (13.6) $ (43.7) Other comprehensive income (loss) (23.5) (.8) — (24.3) Reclassifications, pretax — (1.1) .3 (.8) Income tax effect — .4 (.1) .3 Balance, March 31, 2024 $ (66.1) $ 11.0 $ (13.4) $ (68.5) Balance, January 1, 2023 $ (83.5) $ 8.4 $ (18.4) $ (93.5) Other comprehensive income (loss) 18.7 2.6 (.1) 21.2 Reclassifications, pretax — .6 .4 1.0 Income tax effect — (.5) (.1) (.6) Attributable to noncontrolling interest .1 — — .1 Balance, March 31, 2023 $ (64.7) $ 11.1 $ (18.2) $ (71.8)

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE	Fair Value We utilize fair value measures for both financial and non-financial assets and liabilities. Items measured at fair value on a recurring basis Fair value measurements are established using a three-level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into the following categories: • Level 1: Quoted prices for identical assets or liabilities in active markets. • Level 2: Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability either directly or indirectly. Short-term investments in this category are valued using discounted cash flow techniques with all significant inputs derived from or supported by observable market data. Derivative assets and liabilities in this category are valued using models that consider various assumptions and information from market-corroborated sources. The models used are primarily industry-standard models that consider items such as quoted prices, market interest rate curves applicable to the instruments being valued as of the end of each period, discounted cash flows, volatility factors, current market, and contractual prices for the underlying instruments, 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 March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Bank time deposits with original maturities of three months or less $ — $ 151.4 $ — $ 151.4 Derivative assets ( Note L ) — 4.5 — 4.5 Diversified investments associated with the ESU Program 52.5 — — 52.5 Total assets $ 52.5 $ 155.9 $ — $ 208.4 Liabilities: Derivative liabilities ( Note L ) $ — $ 3.3 $ — $ 3.3 Liabilities associated with the ESU Program 53.1 — — 53.1 Total liabilities $ 53.1 $ 3.3 $ — $ 56.4 As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Bank time deposits with original maturities of three months or less $ — $ 147.5 $ — $ 147.5 Derivative assets ( Note L ) — 6.2 — 6.2 Diversified investments associated with the ESU Program 50.4 — — 50.4 Total assets $ 50.4 $ 153.7 $ — $ 204.1 Liabilities: Derivative liabilities ( Note L ) $ — $ 3.5 $ — $ 3.5 Liabilities associated with the ESU Program 52.4 — — 52.4 Total liabilities $ 52.4 $ 3.5 $ — $ 55.9 There were no transfers between Level 1 and Level 2 for any of the periods presented. The fair value for fixed rate debt (Level 1) was approximately $220.0 less than carrying value of $1,786.9 at March 31, 2024 and was approximately $175.0 less than carrying value of $1,786.4 at December 31, 2023. Items measured at fair value on a non-recurring basis

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The following table presents assets and liabilities representing the fair value of our most significant derivative financial instruments. The fair values of the derivatives reflect the change in the market value of the derivative from the date of the trade execution and do not consider the offsetting underlying hedged item. Expiring at various dates through: Total USD As of March 31, 2024 Derivatives Assets Liabilities Other Sundry Other Other Long-Term Liabilities Designated as hedging instruments Total cash flow hedges-currency hedges Sep 2025 $ 298.5 $ 4.0 $ .2 $ 2.8 $ — Total fair value hedges Jun 2024 19.4 .2 — — — Not designated as hedging instruments Mar 2025 97.0 .1 — .5 — Total derivatives $ 4.3 $ .2 $ 3.3 $ — Expiring at various dates through: Total USD As of December 31, 2023 Derivatives Assets Liabilities Other Sundry Other Other Long-Term Liabilities Designated as hedging instruments Total cash flow hedges-currency hedges Jun 2025 $ 298.2 $ 5.3 $ .5 $ 2.4 $ .2 Total fair value hedges Mar 2024 21.7 .3 — — — Not designated as hedging instruments Dec 2024 87.9 .1 — .9 — Total derivatives $ 5.7 $ .5 $ 3.3 $ .2 The following table sets forth the pretax (gains) losses for our hedging activities for the periods presented. This schedule includes reclassifications from accumulated other comprehensive income (see Note J ) as well as derivative settlements recorded directly to income or expense. Derivatives Income Statement Caption Amount of (Gain) Loss 2024 2023 Designated as hedging instruments Interest rate cash flow hedges Interest expense $ (.1) $ (.1) Currency cash flow hedges Net trade sales .1 .7 Currency cash flow hedges Cost of goods sold (.5) (.7) Total cash flow hedges (.5) (.1) Fair value hedges Other (income) expense, net .2 2.1 Not designated as hedging instruments Other (income) expense, net (1.1) — Total derivative instruments $ (1.4) $ 2.0

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2024
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. 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, we have recorded a litigation contingency accrual for our reasonable estimate of probable loss, in the aggregate, of $1.5 and $1.4 at March 31, 2024 and December 31, 2023, respectively. There were no material adjustments to the accrual, including cash payments and expense, for the three-month periods ending March 31, 2024 and March 31, 2023. The accruals do not include accrued expenses related to workers' compensation, vehicle-related personal injury, product and general liability claims, taxation issues, and environmental matters, some of which may contain a portion of litigation expense. However, any litigation expense associated with these categories is not anticipated to have a material effect on our financial condition, results of operations, or cash flows. Reasonably Possible Losses in Excess of Accruals Although there are a number of uncertainties and potential outcomes associated with 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 March 31, 2024, aggregate reasonably possible (but not probable, and therefore, not accrued) losses in excess of the accruals noted above are estimated to be $15.0 . I

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net earnings attributable to Leggett & Platt, Inc. common shareholders	$ 31.6	$ 53.5

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Interim Presentation (Policies)

Interim Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Presentation	The interim financial statements of Leggett & Platt, Incorporated (we, us, or our) included herein have not been audited by an independent registered public accounting firm. The statements include all adjustments, including normal recurring accruals, which management considers necessary for a fair statement of our financial position and operating results for the periods presented. We have prepared the statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such rules and regulations. The operating results for interim periods are not necessarily indicative of results to be expected for an entire year.
Accounts Receivable	Accounts Receivable and Accounts Payable Programs We participate in trade receivables sales programs in combination with third-party banking institutions and certain customers. Under each of these programs, we sell our entire interest in the trade receivable for 100% of face value, less a discount. Because control of the sold receivable is transferred to the buyer at the time of sale, accounts receivable balances sold are removed from the Consolidated Condensed Balance Sheets and the related proceeds are reported as cash provided by operating activities in the Consolidated Condensed Statements of Cash Flows. We had approximately $50.0 and $60.0 of trade receivables that were sold and removed from our balance sheets at March 31, 2024 and December 31, 2023, respectively. We sometimes utilize third-party programs that allow our suppliers to be paid earlier at a discount. While these programs assist us in negotiating payment terms with our suppliers, we continue to make payments based on our customary terms. A supplier can elect to take payment from a third party earlier with a discount, and in that case, we pay the third party on the original due date of the invoice. Contracts with our suppliers are negotiated independently of supplier participation in the programs, and we cannot increase payment terms pursuant to the programs. The accounts payable associated with the third-party programs, which remain on our Consolidated Condensed Balance Sheets, were approximately $100.0 at March 31, 2024 and $105.0 at December 31, 2023. The above items encompass multiple individual programs that are utilized as tools in our cash flow management, and we offer them as options to facilitate customer and vendor operating cycles. Because many of these programs operate independently, and a cessation of all these programs at the same time is not reasonably likely, we do not expect changes in these programs to have a material impact on our operating cash flows or liquidity.
Accounts Payable Programs	Accounts Receivable and Accounts Payable Programs We participate in trade receivables sales programs in combination with third-party banking institutions and certain customers. Under each of these programs, we sell our entire interest in the trade receivable for 100% of face value, less a discount. Because control of the sold receivable is transferred to the buyer at the time of sale, accounts receivable balances sold are removed from the Consolidated Condensed Balance Sheets and the related proceeds are reported as cash provided by operating activities in the Consolidated Condensed Statements of Cash Flows. We had approximately $50.0 and $60.0 of trade receivables that were sold and removed from our balance sheets at March 31, 2024 and December 31, 2023, respectively. We sometimes utilize third-party programs that allow our suppliers to be paid earlier at a discount. While these programs assist us in negotiating payment terms with our suppliers, we continue to make payments based on our customary terms. A supplier can elect to take payment from a third party earlier with a discount, and in that case, we pay the third party on the original due date of the invoice. Contracts with our suppliers are negotiated independently of supplier participation in the programs, and we cannot increase payment terms pursuant to the programs. The accounts payable associated with the third-party programs, which remain on our Consolidated Condensed Balance Sheets, were approximately $100.0 at March 31, 2024 and $105.0 at December 31, 2023. The above items encompass multiple individual programs that are utilized as tools in our cash flow management, and we offer them as options to facilitate customer and vendor operating cycles. Because many of these programs operate independently, and a cessation of all these programs at the same time is not reasonably likely, we do not expect changes in these programs to have a material impact on our operating cash flows or liquidity.
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 future periods that are most relevant to our financial statements: To be adopted in future years • ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”: This ASU requires additional disclosures about reportable segments' expenses and other items on an interim and annual basis. This guidance will be effective for annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025. We are currently evaluating the impact of adopting this guidance. • ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”: This ASU requires disclosure of specific categories in the rate reconciliation and income taxes paid disaggregated by jurisdiction. This guidance will be effective for annual periods beginning January 1, 2025. We are currently evaluating the impact of adopting this guidance. The FASB has issued accounting guidance, in addition to the issuances 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 by Product Family

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Revenue by Major Source	We disaggregate revenue by customer group, which is the same as our product families for each of our segments, as we believe this best depicts how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. For information on our segment structure, see Note C . Three Months Ended March 31, 2024 2023 Bedding Products Bedding Group $ 448.0 $ 528.5 Specialized Products Automotive Group 210.9 214.3 Aerospace Products Group 45.6 37.9 Hydraulic Cylinders Group 59.4 68.5 315.9 320.7 Furniture, Flooring & Textile Products Home Furniture Group 72.2 80.3 Work Furniture Group 70.1 70.6 Flooring & Textile Products Group 190.7 213.5 333.0 364.4 $ 1,096.9 $ 1,213.6

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Summary of Segment Results from Continuing Operations	A summary of segment results is shown in the following tables: Trade 1 Sales Inter- Total EBIT Depreciation and Amortization Three Months Ended March 31, 2024 Bedding Products 2 $ 448.0 $ 6.4 $ 454.4 $ 15.7 $ 14.6 Specialized Products 315.9 .4 316.3 23.7 10.1 Furniture, Flooring & Textile Products 333.0 2.5 335.5 23.6 5.3 Intersegment eliminations and other 3 — 2.9 $ 1,096.9 $ 9.3 $ 1,106.2 $ 63.0 $ 32.9 Three Months Ended March 31, 2023 Bedding Products $ 528.5 $ 9.6 $ 538.1 $ 33.3 $ 25.6 Specialized Products 320.7 .4 321.1 28.7 10.7 Furniture, Flooring & Textile Products 364.4 3.1 367.5 28.3 5.8 Intersegment eliminations and other 3 (1.0) 3.3 $ 1,213.6 $ 13.1 $ 1,226.7 $ 89.3 $ 45.4 1 See Note B for revenue by product family. 2 The lower amortization expense in the three months ended March 31, 2024, is due to the fourth quarter 2023 long-lived asset impairment. 3 Depreciation and Amortization: Other relates to non-operating assets (assets not included in segment assets) and is allocated to segment EBIT as discussed above.
Summary of Average Assets for Segments	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 the average of both working capital (all current assets and current liabilities) plus net property, plant and equipment. Average Assets by Segment March 31, 2024 December 31, 2023 Bedding Products $ 791.3 $ 815.2 Specialized Products 393.6 398.6 Furniture, Flooring & Textile Products 350.8 390.3 Average current liabilities included in segment numbers above 692.1 736.1 Unallocated assets 1 2,408.6 2,403.2 Difference between average assets and period-end balance sheet (21.6) (108.9) Total assets $ 4,614.8 $ 4,634.5 1 Unallocated assets consist primarily of goodwill, other intangibles, cash, and deferred tax assets.

Earnings Per Share (EPS) (Table

Earnings Per Share (EPS) (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Summary of Calculation of Basic and Diluted Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Three Months Ended 2024 2023 Net earnings Net earnings $ 31.6 $ 53.5 Earnings attributable to noncontrolling interest, net of tax — — Net earnings attributable to Leggett & Platt, Inc. common shareholders $ 31.6 $ 53.5 Weighted average number of shares (in millions) Weighted average number of common shares used in basic EPS 136.8 135.9 Dilutive effect of stock-based compensation .5 .4 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 137.3 136.3 Basic and diluted EPS Basic EPS attributable to Leggett & Platt common shareholders $ .23 $ .39 Diluted EPS attributable to Leggett & Platt common shareholders $ .23 $ .39 Other information Anti-dilutive shares excluded from diluted EPS computation .5 .5 Cash dividends declared per share $ .46 $ .44

Restructuring and Impairments (

Restructuring and Impairments (Tables)	3 Months Ended
	Mar. 31, 2024
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 Three Months Ended Restructuring and restructuring-related $40.0 to $55.0 $ 8.5 Impairment costs associated with this plan 25.0 to $ 30.0 2.3 $65.0 to $85.0 $ 10.8 Amount of total that represents cash charges $30.0 to $40.0 $ 6.2 The table below presents all restructuring and restructuring-related activity related to the Plan. We had no material restructuring activity in 2023. Three Months Ended March 31, 2024 Restructuring costs charged to other (income) expense, net: Termination benefits, relocation, and other restructuring costs $ 5.7 Restructuring-related costs: Charged to cost of goods sold: Inventory obsolescence and other 2.3 Charged to selling and administrative: Professional services and other .5 Total restructuring-related costs 2.8 Total restructuring and restructuring-related costs 8.5 Amount of total that represents cash charges $ 6.2 Restructuring and restructuring-related charges by segment were as follows: Three Months Ended March 31, 2024 Bedding Products $ 7.0 Furniture, Flooring & Textile Products 1.5 Total restructuring and restructuring-related costs $ 8.5 Restructuring Liability The accrued liability associated with the Plan consisted of the following: Balance at December 31, 2023 Add: 2024 Charges Less: 2024 Payments Balance at March 31, 2024 Termination benefits $ — $ 2.4 $ .5 $ 1.9 Relocation and other restructuring costs — 3.3 3.3 — Total $ — $ 5.7 $ 3.8 $ 1.9

Accounts and Other Receivables

Accounts and Other Receivables (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Summary of Components of Accounts and Other Receivables	Accounts and other receivables consisted of the following: March 31, 2024 December 31, 2023 Current Long-term Current Long-term Total trade receivables $ 592.0 $ — $ 575.4 $ — Allowance for doubtful accounts - trade receivables (14.6) — (10.5) — Trade receivables, net $ 577.4 $ — $ 564.9 $ — Taxes receivable, including income taxes 3.2 — 3.1 — Value-added taxes (VAT) recoverable 1 43.0 20.0 56.6 — Other receivables 11.5 1.2 12.7 1.2 Other receivables, net $ 57.7 $ 21.2 $ 72.4 $ 1.2 1 We have experienced VAT refund delays from the Mexican government. We believe these are fully collectible, and our recent discussions with the government have resulted in an updated timeline for resolution. As a result, we have classified $20.0 as long-term as of March 31, 2024. The aggregate of current and long-term balances of Mexico VAT recoverable was $53.9 and $48.2 at March 31, 2024 and December 31, 2023, respectively.
Summary of Allowance for Doubtful Accounts	Activity related to the allowance for doubtful accounts is reflected below: Balance at December 31, 2023 Change in Less: Net Balance at March 31, 2024 Total allowance for doubtful accounts on trade receivables $ 10.5 $ 4.9 $ .8 $ 14.6

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Summary of LIFO Expense	The following table recaps the components of inventory for each period presented: March 31, December 31, Finished goods $ 362.5 $ 361.3 Work in process 74.7 73.5 Raw materials and supplies 370.2 384.9 Inventories $ 807.4 $ 819.7

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Components of Stock-Based and Stock-Related Compensation	The following table recaps the impact of stock-based compensation on the results of operations for each of the periods presented: Three Months Ended Three Months Ended To be settled with stock To be settled in cash To be settled with stock To be settled in cash Executive Stock Unit (ESU) Program matching contributions $ .6 $ .2 $ .7 $ .1 Discounts on various stock awards: Deferred Stock Compensation Program .4 — .3 — ESU Program .3 — .2 — Discount Stock Plan .2 — .2 — Performance Stock Unit (PSU) awards (.2) (.5) 1.1 .7 Restricted Stock Unit (RSU) awards 6.3 — 5.3 — Other, primarily non-employee directors restricted stock .4 — .4 — Total stock-based compensation expense (income) 8.0 $ (.3) 8.2 $ .8 Employee contributions for above stock plans 2.0 1.5 Total stock-based compensation $ 10.0 $ 9.7 Tax benefits on stock-based compensation expense $ 2.0 $ 2.0 Tax (expense)/benefits on stock-based compensation payments (.8) .3 Total tax benefits associated with stock-based compensation $ 1.2 $ 2.3

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Summary of Changes in Each Component of Accumulated Other Comprehensive Income (Loss)	The following tables set forth the components of and changes in each component of accumulated other comprehensive income (loss) for each of the periods presented: Three Months Ended March 31, Foreign Cash Flow Defined Benefit Accumulated Balance, January 1, 2024 $ (42.6) $ 12.5 $ (13.6) $ (43.7) Other comprehensive income (loss) (23.5) (.8) — (24.3) Reclassifications, pretax — (1.1) .3 (.8) Income tax effect — .4 (.1) .3 Balance, March 31, 2024 $ (66.1) $ 11.0 $ (13.4) $ (68.5) Balance, January 1, 2023 $ (83.5) $ 8.4 $ (18.4) $ (93.5) Other comprehensive income (loss) 18.7 2.6 (.1) 21.2 Reclassifications, pretax — .6 .4 1.0 Income tax effect — (.5) (.1) (.6) Attributable to noncontrolling interest .1 — — .1 Balance, March 31, 2023 $ (64.7) $ 11.1 $ (18.2) $ (71.8)

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Summary of Components of Fair Value Measurements of Financial Assets and Liabilities	The areas in which we utilize fair value measures of financial assets and liabilities are presented in the table below. As of March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Bank time deposits with original maturities of three months or less $ — $ 151.4 $ — $ 151.4 Derivative assets ( Note L ) — 4.5 — 4.5 Diversified investments associated with the ESU Program 52.5 — — 52.5 Total assets $ 52.5 $ 155.9 $ — $ 208.4 Liabilities: Derivative liabilities ( Note L ) $ — $ 3.3 $ — $ 3.3 Liabilities associated with the ESU Program 53.1 — — 53.1 Total liabilities $ 53.1 $ 3.3 $ — $ 56.4 As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Bank time deposits with original maturities of three months or less $ — $ 147.5 $ — $ 147.5 Derivative assets ( Note L ) — 6.2 — 6.2 Diversified investments associated with the ESU Program 50.4 — — 50.4 Total assets $ 50.4 $ 153.7 $ — $ 204.1 Liabilities: Derivative liabilities ( Note L ) $ — $ 3.5 $ — $ 3.5 Liabilities associated with the ESU Program 52.4 — — 52.4 Total liabilities $ 52.4 $ 3.5 $ — $ 55.9

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Derivative Financial Instruments at Fair Value	The following table presents assets and liabilities representing the fair value of our most significant derivative financial instruments. The fair values of the derivatives reflect the change in the market value of the derivative from the date of the trade execution and do not consider the offsetting underlying hedged item. Expiring at various dates through: Total USD As of March 31, 2024 Derivatives Assets Liabilities Other Sundry Other Other Long-Term Liabilities Designated as hedging instruments Total cash flow hedges-currency hedges Sep 2025 $ 298.5 $ 4.0 $ .2 $ 2.8 $ — Total fair value hedges Jun 2024 19.4 .2 — — — Not designated as hedging instruments Mar 2025 97.0 .1 — .5 — Total derivatives $ 4.3 $ .2 $ 3.3 $ — Expiring at various dates through: Total USD As of December 31, 2023 Derivatives Assets Liabilities Other Sundry Other Other Long-Term Liabilities Designated as hedging instruments Total cash flow hedges-currency hedges Jun 2025 $ 298.2 $ 5.3 $ .5 $ 2.4 $ .2 Total fair value hedges Mar 2024 21.7 .3 — — — Not designated as hedging instruments Dec 2024 87.9 .1 — .9 — Total derivatives $ 5.7 $ .5 $ 3.3 $ .2
Summary of Pre-Tax (Gains) Losses of Hedging Activities	The following table sets forth the pretax (gains) losses for our hedging activities for the periods presented. This schedule includes reclassifications from accumulated other comprehensive income (see Note J ) as well as derivative settlements recorded directly to income or expense. Derivatives Income Statement Caption Amount of (Gain) Loss 2024 2023 Designated as hedging instruments Interest rate cash flow hedges Interest expense $ (.1) $ (.1) Currency cash flow hedges Net trade sales .1 .7 Currency cash flow hedges Cost of goods sold (.5) (.7) Total cash flow hedges (.5) (.1) Fair value hedges Other (income) expense, net .2 2.1 Not designated as hedging instruments Other (income) expense, net (1.1) — Total derivative instruments $ (1.4) $ 2.0

Interim Presentation (Details)

Interim Presentation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable trade percentage of face value interest sold (as a percent)	100%
Disposal group, including discontinued operation, accounts, notes and loans receivable, net	$ 50	$ 60
Accounts payable third party programs	$ 100	$ 105

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net trade sales	$ 1,096.9	$ 1,213.6
Bedding Products
Disaggregation of Revenue [Line Items]
Net trade sales	448	528.5
Bedding Products | Bedding Group
Disaggregation of Revenue [Line Items]
Net trade sales	448	528.5
Specialized Products
Disaggregation of Revenue [Line Items]
Net trade sales	315.9	320.7
Specialized Products | Automotive Group
Disaggregation of Revenue [Line Items]
Net trade sales	210.9	214.3
Specialized Products | Aerospace Products Group
Disaggregation of Revenue [Line Items]
Net trade sales	45.6	37.9
Specialized Products | Hydraulic Cylinders Group
Disaggregation of Revenue [Line Items]
Net trade sales	59.4	68.5
Furniture, Flooring & Textile Products
Disaggregation of Revenue [Line Items]
Net trade sales	333	364.4
Furniture, Flooring & Textile Products | Home Furniture Group
Disaggregation of Revenue [Line Items]
Net trade sales	72.2	80.3
Furniture, Flooring & Textile Products | Work Furniture Group
Disaggregation of Revenue [Line Items]
Net trade sales	70.1	70.6
Furniture, Flooring & Textile Products | Flooring & Textile Products Group
Disaggregation of Revenue [Line Items]
Net trade sales	$ 190.7	$ 213.5

Segment Information - Summary o

Segment Information - Summary of Segment Results from Continuing Operations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	3
Segment Reporting Information [Line Items]
Net trade sales	$ 1,096.9	$ 1,213.6
EBIT	63	89.3
Depreciation and Amortization	32.9	45.4
Bedding Products
Segment Reporting Information [Line Items]
Net trade sales	448	528.5
Specialized Products
Segment Reporting Information [Line Items]
Net trade sales	315.9	320.7
Furniture, Flooring & Textile Products
Segment Reporting Information [Line Items]
Net trade sales	333	364.4
Trade sales
Segment Reporting Information [Line Items]
Net trade sales	1,106.2	1,226.7
Trade sales | Bedding Products
Segment Reporting Information [Line Items]
Net trade sales	454.4	538.1
EBIT	15.7	33.3
Depreciation and Amortization	14.6	25.6
Trade sales | Specialized Products
Segment Reporting Information [Line Items]
Net trade sales	316.3	321.1
EBIT	23.7	28.7
Depreciation and Amortization	10.1	10.7
Trade sales | Furniture, Flooring & Textile Products
Segment Reporting Information [Line Items]
Net trade sales	335.5	367.5
EBIT	23.6	28.3
Depreciation and Amortization	5.3	5.8
Intersegment eliminations
Segment Reporting Information [Line Items]
Net trade sales	9.3	13.1
EBIT	0	(1)
Depreciation and Amortization	2.9	3.3
Intersegment eliminations | Bedding Products
Segment Reporting Information [Line Items]
Net trade sales	6.4	9.6
Intersegment eliminations | Specialized Products
Segment Reporting Information [Line Items]
Net trade sales	0.4	0.4
Intersegment eliminations | Furniture, Flooring & Textile Products
Segment Reporting Information [Line Items]
Net trade sales	$ 2.5	$ 3.1

Segment Information - Summary_2

Segment Information - Summary of Average Assets for Segments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 4,614.8	$ 4,634.5
Operating segments | Bedding Products
Segment Reporting Information [Line Items]
Total assets	791.3	815.2
Operating segments | Specialized Products
Segment Reporting Information [Line Items]
Total assets	393.6	398.6
Operating segments | Furniture, Flooring & Textile Products
Segment Reporting Information [Line Items]
Total assets	350.8	390.3
Average current liabilities included in segment numbers above
Segment Reporting Information [Line Items]
Total assets	692.1	736.1
Unallocated assets
Segment Reporting Information [Line Items]
Total assets	2,408.6	2,403.2
Difference between average assets and period-end balance sheet
Segment Reporting Information [Line Items]
Total assets	$ (21.6)	$ (108.9)

Earnings Per Share (EPS) (Detai

Earnings Per Share (EPS) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net earnings
Net earnings	$ 31.6	$ 53.5
Earnings attributable to noncontrolling interest, net of tax	0	0
Net earnings attributable to Leggett & Platt, Inc. common shareholders	$ 31.6	$ 53.5
Weighted average number of shares (in millions)
Weighted average number of common shares used in basic EPS (in shares)	136.8	135.9
Dilutive effect of stock-based compensation (in shares)	0.5	0.4
Weighted average number of common shares and dilutive potential common shares used in diluted EPS (in shares)	137.3	136.3
Basic and diluted EPS
Basic EPS attributable to Leggett & Platt common shareholders (in usd per share)	$ 0.23	$ 0.39
Diluted EPS attributable to Leggett & Platt common shareholders (in usd per share)	$ 0.23	$ 0.39
Other information
Anti-dilutive shares excluded from diluted EPS computation (in shares)	0.5	0.5
Cash dividends declared per share (in usd per share)	$ 0.46	$ 0.44

Restructuring and Impairments -

Restructuring and Impairments - Summary of Incurred Costs (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) facility
Restructuring Cost and Reserve [Line Items]
Total restructuring-related costs	$ 10.8
Amount of total that represents cash charges	$ 6.2
Bedding Products
Restructuring Cost and Reserve [Line Items]
Number of facilities | facility	50
Restructuring and restructuring-related
Restructuring Cost and Reserve [Line Items]
Total restructuring-related costs	$ 8.5
Restructuring and restructuring-related | Bedding Products
Restructuring Cost and Reserve [Line Items]
Total restructuring-related costs	7
Impairment costs associated with this plan
Restructuring Cost and Reserve [Line Items]
Total restructuring-related costs	2.3
Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	65
Amount of total that represents cash charges	$ 30
Minimum | Bedding Products
Restructuring Cost and Reserve [Line Items]
Number of facilities consolidated | facility	15
Minimum | Restructuring and restructuring-related
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 40
Minimum | Impairment costs associated with this plan
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	25
Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	85
Amount of total that represents cash charges	$ 40
Maximum | Bedding Products
Restructuring Cost and Reserve [Line Items]
Number of facilities consolidated | facility	20
Maximum | Restructuring and restructuring-related
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 55
Maximum | Impairment costs associated with this plan
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 30

Restructuring and Impairments_2

Restructuring and Impairments - Summary Of Restructuring-Related Costs (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Termination benefits, relocation, and other restructuring costs	$ 5.7
Total restructuring-related costs	2.8
Total restructuring and restructuring-related costs	10.8
Amount of total that represents cash charges	6.2
Other (income) expense, net
Restructuring Cost and Reserve [Line Items]
Termination benefits, relocation, and other restructuring costs	5.7
Inventory obsolescence and other | Cost of goods sold
Restructuring Cost and Reserve [Line Items]
Total restructuring-related costs	2.3
Professional services and other | Selling and administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring-related costs	0.5
Restructuring and restructuring-related
Restructuring Cost and Reserve [Line Items]
Total restructuring and restructuring-related costs	$ 8.5

Restructuring and Impairments_3

Restructuring and Impairments - Summary of Restructuring-Related Costs by Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Other Income Expense [Line Items]
Total restructuring-related costs	$ 10.8
Restructuring and restructuring-related
Other Income Expense [Line Items]
Total restructuring-related costs	8.5
Bedding Products | Restructuring and restructuring-related
Other Income Expense [Line Items]
Total restructuring-related costs	7
Furniture, Flooring & Textile Products | Restructuring and restructuring-related
Other Income Expense [Line Items]
Total restructuring-related costs	$ 1.5

Restructuring and Impairments_4

Restructuring and Impairments - Summary of Accrued Liability (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Other Income Expense [Line Items]
Balance at beginning of period	$ 0
2024 Charges	5.7
Less: 2024 Payments	3.8
Balance at end of period	1.9
Termination benefits
Other Income Expense [Line Items]
Balance at beginning of period	0
2024 Charges	2.4
Less: 2024 Payments	0.5
Balance at end of period	1.9
Relocation and other restructuring costs
Other Income Expense [Line Items]
Balance at beginning of period	0
2024 Charges	3.3
Less: 2024 Payments	3.3
Balance at end of period	$ 0

Restructuring and Impairments_5

Restructuring and Impairments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Long-lived asset impairment	$ 2,300,000	$ 0
Bedding Products
Restructuring Cost and Reserve [Line Items]
Long-lived asset impairment	$ 2,300,000	$ 0

Accounts and Other Receivable_2

Accounts and Other Receivables - Summary of Components of Accounts and Other Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current
Trade receivables, net	$ 577.4	$ 564.9
Taxes receivable, including income taxes	3.2	3.1
Value-added taxes (VAT) recoverable	43	56.6
Other receivables	11.5	12.7
Other receivables, net	57.7	72.4
Long-term
Taxes receivable, including income taxes	0	0
Value-added taxes (VAT) recoverable	20	0
Other receivables	1.2	1.2
Other receivables, net	21.2	1.2
Trade accounts receivable
Current
Total trade receivables	592	575.4
Allowance for doubtful accounts - trade receivables	(14.6)	(10.5)
Trade receivables, net	577.4	564.9
Long-term
Total trade receivables	0	0
Allowance for doubtful accounts - trade receivables	0	0
Trade receivables, net	0	0
MEXICO
Long-term
Value-added taxes (VAT) recoverable	20
Value-added taxes recoverable	$ 53.9	$ 48.2

Accounts and Other Receivable_3

Accounts and Other Receivables - Summary of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 10.5
Change in Provision	4.9	$ (2.3)
Less: Net Charge-offs/ (Recoveries) and Other	0.8
Balance at end of period	$ 14.6

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 362.5	$ 361.3
Work in process	74.7	73.5
Raw materials and supplies	370.2	384.9
Inventories	$ 807.4	$ 819.7

Credit Facility Amendment (Deta

Credit Facility Amendment (Details) - Line of Credit	Mar. 22, 2024	Mar. 21, 2024
Debt Instrument [Line Items]
Leverage ratio of indebtedness	3.50
Debt Covenant 1
Debt Instrument [Line Items]
Ratio of Indebtedness to EBITDA	4	3.50
Debt Covenant 2
Debt Instrument [Line Items]
Ratio of Indebtedness to EBITDA	3.50

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Components of Stock-Based and Stock-Related Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 10	$ 9.7
Tax benefits on stock-based compensation expense	1.2	2.3
To be settled with stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense (income)	8	8.2
Employee contributions for above stock plans	2	1.5
Total stock-based compensation	10	9.7
Tax benefits on stock-based compensation expense	2	2
To be settled with stock | Tax benefits on stock-based compensation payments
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefits on stock-based compensation expense	(0.8)	0.3
To be settled with stock | Executive Stock Unit (ESU) program contributions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense (income)	0.6	0.7
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 (income)	0.4	0.3
To be settled with stock | ESU program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense (income)	0.3	0.2
To be settled with stock | Discount Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense (income)	0.2	0.2
To be settled with stock | Performance Stock Unit (PSU) awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense (income)	(0.2)	1.1
To be settled with stock | Restricted Stock Unit (RSU) awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense (income)	6.3	5.3
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 (income)	0.4	0.4
To be settled in cash
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense (income)	(0.3)	0.8
To be settled in cash | Executive Stock Unit (ESU) program contributions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense (income)	0.2	0.1
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 (income)	0	0
To be settled in cash | ESU program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense (income)	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 (income)	0	0
To be settled in cash | Performance Stock Unit (PSU) awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense (income)	(0.5)	0.7
To be settled in cash | Restricted Stock Unit (RSU) awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense (income)	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 (income)	$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,334	$ 1,641.4
Other comprehensive income (loss)	(24.3)	21.2
Reclassifications, pretax	(0.8)	1
Income tax effect	0.3	(0.6)
Attributable to noncontrolling interest		0.1
Ending balance	1,289.5	1,667.1
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(43.7)	(93.5)
Ending balance	(68.5)	(71.8)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(42.6)	(83.5)
Other comprehensive income (loss)	(23.5)	18.7
Reclassifications, pretax	0	0
Income tax effect	0	0
Attributable to noncontrolling interest		0.1
Ending balance	(66.1)	(64.7)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	12.5	8.4
Other comprehensive income (loss)	(0.8)	2.6
Reclassifications, pretax	(1.1)	0.6
Income tax effect	0.4	(0.5)
Attributable to noncontrolling interest		0
Ending balance	11	11.1
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(13.6)	(18.4)
Other comprehensive income (loss)	0	(0.1)
Reclassifications, pretax	0.3	0.4
Income tax effect	(0.1)	(0.1)
Attributable to noncontrolling interest		0
Ending balance	$ (13.4)	$ (18.2)

Fair Value - Summary of Compone

Fair Value - Summary of Components of Fair Value Measurements of Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Cash equivalents:
Derivative asset, statement of financial position [extensible enumeration]	Assets, Current, Sundry	Assets, Current, Sundry
Liabilities:
Derivative liability, statement of financial position [extensible enumeration]	Liabilities, Noncurrent, Other current liabilities	Liabilities, Noncurrent, Other current liabilities
Fair Value, Measurements, Recurring
Cash equivalents:
Derivative assets	$ 4.5	$ 6.2
Total assets	208.4	204.1
Liabilities:
Derivative liabilities	3.3	3.5
Total liabilities	56.4	55.9
Fair Value, Measurements, Recurring | Diversified investments associated with the ESU program
Cash equivalents:
Diversified investments associated with the ESU Program	52.5	50.4
Fair Value, Measurements, Recurring | Liabilities associated with the ESUP
Liabilities:
Liabilities associated with the ESU Program	53.1	52.4
Fair Value, Measurements, Recurring | Bank time deposits with original maturities of three months or less
Cash equivalents:
Bank time deposits with original maturities of three months or less	151.4	147.5
Fair Value, Measurements, Recurring | Level 1
Cash equivalents:
Derivative assets	0	0
Total assets	52.5	50.4
Liabilities:
Derivative liabilities	0	0
Total liabilities	53.1	52.4
Fair Value, Measurements, Recurring | Level 1 | Diversified investments associated with the ESU program
Cash equivalents:
Diversified investments associated with the ESU Program	52.5	50.4
Fair Value, Measurements, Recurring | Level 1 | Liabilities associated with the ESUP
Liabilities:
Liabilities associated with the ESU Program	53.1	52.4
Fair Value, Measurements, Recurring | Level 1 | Bank time deposits with original maturities of three months or less
Cash equivalents:
Bank time deposits with original maturities of three months or less	0	0
Fair Value, Measurements, Recurring | Level 2
Cash equivalents:
Derivative assets	4.5	6.2
Total assets	155.9	153.7
Liabilities:
Derivative liabilities	3.3	3.5
Total liabilities	3.3	3.5
Fair Value, Measurements, Recurring | Level 2 | Diversified investments associated with the ESU program
Cash equivalents:
Diversified investments associated with the ESU Program	0	0
Fair Value, Measurements, Recurring | Level 2 | Liabilities associated with the ESUP
Liabilities:
Liabilities associated with the ESU Program	0	0
Fair Value, Measurements, Recurring | Level 2 | Bank time deposits with original maturities of three months or less
Cash equivalents:
Bank time deposits with original maturities of three months or less	151.4	147.5
Fair Value, Measurements, Recurring | Level 3
Cash equivalents:
Derivative assets	0	0
Total assets	0	0
Liabilities:
Derivative liabilities	0	0
Total liabilities	0	0
Fair Value, Measurements, Recurring | Level 3 | Diversified investments associated with the ESU program
Cash equivalents:
Diversified investments associated with the ESU Program	0	0
Fair Value, Measurements, Recurring | Level 3 | Liabilities associated with the ESUP
Liabilities:
Liabilities associated with the ESU Program	0	0
Fair Value, Measurements, Recurring | Level 3 | Bank time deposits with original maturities of three months or less
Cash equivalents:
Bank time deposits with original maturities of three months or less	$ 0	$ 0

Fair Value - Additional Informa

Fair Value - Additional Information (Details) - Level 1 - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed rate debt	$ 220	$ 175
Reported Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed rate debt	$ 1,786.9	$ 1,786.4

Derivative Financial Instrume_3

Derivative Financial Instruments - Summary of Derivative Financial Instruments at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Other Current Assets	$ 4.3	$ 5.7
Sundry	0.2	0.5
Liabilities
Other Current Liabilities	3.3	3.3
Other Long-Term Liabilities	0	0.2
Designated as Hedging Instrument | Cash flow hedges
Derivatives, Fair Value [Line Items]
Total USD Equivalent Notional Amount	298.5	298.2
Assets
Other Current Assets	4	5.3
Sundry	0.2	0.5
Liabilities
Other Current Liabilities	2.8	2.4
Other Long-Term Liabilities	0	0.2
Designated as Hedging Instrument | Fair value hedges
Derivatives, Fair Value [Line Items]
Total USD Equivalent Notional Amount	19.4	21.7
Assets
Other Current Assets	0.2	0.3
Sundry	0	0
Liabilities
Other Current Liabilities	0	0
Other Long-Term Liabilities	0	0
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total USD Equivalent Notional Amount	97	87.9
Assets
Other Current Assets	0.1	0.1
Sundry	0	0
Liabilities
Other Current Liabilities	0.5	0.9
Other Long-Term Liabilities	$ 0	$ 0

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Pre-Tax (Gains) Losses of Hedging Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss recorded in income	$ (1.4)	$ 2
Designated as Hedging Instrument | Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss recorded in income	(0.5)	(0.1)
Designated as Hedging Instrument | Fair value hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss recorded in income	0.2	2.1
Designated as Hedging Instrument | Interest rate cash flow hedges | Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss recorded in income	(0.1)	(0.1)
Designated as Hedging Instrument | Currency cash flow hedges | Cash flow hedges | Net trade sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss recorded in income	0.1	0.7
Designated as Hedging Instrument | Currency cash flow hedges | Cash flow hedges | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss recorded in income	(0.5)	(0.7)
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss recorded in income	$ (1.1)	$ 0

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Accrual	$ 1.5	$ 1.4
Reasonably possible losses in excess of accruals	$ 15