Leggett & Platt, Incorporated
(Dollar amounts in millions, except per share data) 2009   2008   2007   2006   2005   2004  
Total Shareholder Return, or TSR(2)                        
Leggett & Platt TSR 43 % (8) % (24) % 7 % (17) % 34 %
S&P 500 Index TSR 26 % (37) % 5 % 16 % 5 % 11 %
Leggett percentile rank among S&P 500 (1% is best) 38 % 10 % 82 % 66 % 86 % 26 %
Summary of Continuing Operations                        
Net sales $3,055   $4,076   $4,250   $4,267   $4,197   $4,055  
Gross profit 630   691   796   803   770   761  
Gross margin 20.6 % 17.0 % 17.0 % 18.8 % 18.3 % 18.8 %
EBIT (earnings before interest and taxes) 230   232   196   387   345   384  
EBIT margin 7.5 % 5.7 % 4.6 % 9.1 % 8.2 % 9.5 %
Interest expense, net 32   40   49   48   39   39  
Income taxes 77   65   82   100   87   108  
Summary of Earnings                        
Net earnings from continuing operations 121   128   65   240   219   237  
Net earnings attributable to L&P 112   104   (11)   300   251   285  
EPS (earnings per diluted share) from
continuing operations 0.74   0.73   0.33   1.26   1.12   1.20  
EPS (including discontinued operations) 0.70   0.62   (0.06)   1.61   1.30   1.45  
Common Stock Data
Cash dividends declared per share 1.02   1.00   0.78   0.67   0.63   0.58  
Dividend yield (based on stock price at start of year) 6.7 % 5.7 % 3.3 % 2.9 % 2.2 % 2.7 %
Dividend payout ratio(3) 146 % 161 % -nm-   42 % 48 % 40 %
Stock price range – High 21.44   24.60   24.73   27.04   29.61   30.68  
Low 10.03   12.03   17.14   21.93   18.19   21.19  
End of year 20.40   15.19   17.44   23.90   22.96   28.43  
End-of-year shares outstanding (millions) 148.8   155.8   168.7   178.0   182.6   190.9  
 – Percent change in shares outstanding (4.5) % (7.7) % (5.2) % (2.5) % (4.4) % (0.6) %
Average diluted shares outstanding (millions) 160.0   168.2   179.8   186.8   193.6   196.9  
Year-End Financial Position
Cash and cash equivalents $   261   $   165   $   205   $   132   $    65   $   491  
Total assets 3,061   3,162   4,072   4,265   4,072   4,197  
Long-term debt + Current debt maturities 799   874   1,089   1,112   1,020   1,181  
Equity 1,576   1,671   2,148   2,368   2,263   2,322  
Total capital(4) 2,526   2,638   3,273   3,574   3,327   3,238  
Net debt to net capital(5) 23.7 % 28.4 % 28.0 % 28.0 % 28.4 % 21.9 %
Return on average equity(6) 6.9 % 5.5 % (0.5) % 13.0 % 11.0 % 12.9 %
Cash Flow Components
Net cash provided by operating activities $   565   $   436   $   614   $   479   $   448   $   339  
Dividends paid 157   165   125   121   118   110  
Capital expenditures 83   118   149   166   164   157  
Debt repayment, net 64   276   34   (73)   187   (59)  
Acquisitions, net of cash acquired 3   10   111   83   181   46  
Stock repurchases, net 188   291   230   140   227   74  
 
(1) 2004 - 2008 figures have been restated for reclassification of net income attributable to noncontrolling interest.
(2) TSR = [change in stock price + dividends received] / beginning stock price; values assume dividend reinvestment.
(3) Calculated as: per share dividends / earnings per share.
(4) Calculated as: long-term debt + deferred taxes + other long-term liabilities + equity.
(5) Calculated as: (long term debt + current debt maturities - cash) / (total capital + current debt maturities - cash).
For more detail, refer to the Capitalization section of Management’s Discussion and Analysis in the Form 10-K.
(6) Calculated as: net earnings / average equity.
nm = not meaningful