2020 Annual Report

Six-Year Financials

(Dollar amounts in millions, except per share data) 2020 2019 2018 2017 2016 2015
Total Shareholder Return, or TSR(1)
L&P 3-year TSR Rank among S&P 500 (1% is best) 67% 67% 76% 56% 11% 31%
Leggett & Platt - annual TSR (9%) 47% (22%) 1% 20% 1%
S&P 500 Index - annual TSR 18% 31% (4%) 22% 12% 1%
Summary of Continuing Operations
Trade sales
$4,280
$4,753
$4,270
$3,944
$3,750
$3,917
EBIT (earnings before interest and taxes) 401 513 437 468 522 487
Adjusted EBIT(2) 446 529 473 468 492 510
EBIT margin 9.4% 10.8% 10.2% 11.9% 13.9% 12.4%
Adjusted EBIT margin(2) 10.4% 11.1% 11.1% 11.9% 13.1% 13.0%
Summary of Earnings
Net earnings from continuing operations 248 334 306 294 367 328
Net earnings attributable to L&P 248 334 306 293 386 325
EPS (earnings per diluted share) from continuing operations 1.82 2.47 2.26 2.14 2.62 2.27
Adjusted EPS from continuing operations(2) 2.13 2.57 2.48 2.46 2.49 2.36
EPS (including discontinued operations) 1.82 2.47 2.26 2.13 2.76 2.28
Common Stock Data
Cash dividends declared per share 1.60 1.58 1.50 1.42 1.34 1.26
Dividend yield (based on stock price at start of year) 3.1% 4.4% 3.1% 2.9% 3.2% 3.0%
Dividend payout ratio(2) 75% 61% 60% 58% 54% 53%
End-of-year shares outstanding (millions) 132.6 131.8 130.5 131.9 133.5 135.6
Average diluted shares outstanding (millions) 135.9 135.4 135.2 137.3 140.0 142.9
Year-End Financial Position
Cash and cash equivalents
$349
$248
$268
$526
$282
$253
Total assets 4,754 4,816 3,382 3,551 2,984 2,964
Long-term debt + current debt maturities 1,900 2,118 1,169 1,252 960 945
Equity 1,390 1,313 1,158 1,191 1,094 1,098
Debt to adjusted EBITDA(2) 2.9x 2.9x 1.9x 2.1x 1.6x 1.5x
Return on invested capital(2) 10.9% 15.3% 18.9% 19.7% 21.1% 20.6%
Cash Flow Components
Net cash provided by operating activities
$603
$668
$440
$444
$553
$359
Dividends paid 212 205 194 186 177 172
Capital expenditures 66 143 160 159 124 103
Acquisitions, net of cash acquired - 1,265 109 39 30 11
Stock repurchases, net 9 7 108 155 193 183
  • (1) TSR = (change in stock price + dividends) / beginning stock price; assumes dividends are reinvested. Company goal is to be in the top third of the S&P 500 over rolling 3-year periods.
  • (2) For non-GAAP reconciliations, please refer to Non-GAAP Reconciliations.