Leggett & Platt, Incorporated
(Dollar amounts in millions, except per share data) 2010   2009   2008   2007   2006   2005  
Total Shareholder Return, or TSR(1)                        
Leggett & Platt TSR 17 % 43 % (8) % (24) % 7 % (17) %
S&P 500 Index TSR 15 % 26 % (37) % 5 % 16 % 5 %
Leggett percentile rank among S&P 500 (1% is best) 53 % 38 % 10 % 82 % 66 % 86 %
Summary of Continuing Operations                        
Net sales $3,359   $3,055   $4,076   $4,250   $4,267   $4,197  
Gross profit 655   630   691   796   803   770  
Gross margin 19.5 % 20.6 % 17.0 % 17.0 % 18.8 % 18.3 %
EBIT (earnings before interest and taxes) 288   230   232   196   387   345  
EBIT margin 8.6 % 7.5 % 5.7 % 4.6 % 9.1 % 8.2 %
Interest expense, net 33   32   40   49   48   39  
Income taxes 72   77   65   82   100   87  
Summary of Earnings                        
Net earnings from continuing operations 184   121   128   65   240   219  
Net earnings attributable to L&P 177   112   104   (11)   300   251  
EPS (earnings per diluted share) from
continuing operations 1.16   0.74   0.73   0.33   1.26   1.12  
EPS (including discontinued operations) 1.15   0.70   0.62   (0.06)   1.61   1.30  
Common Stock Data
Cash dividends declared per share 1.06   1.02   1.00   0.78   0.67   0.63  
Dividend yield (based on stock price at start of year) 5.2 % 6.7 % 5.7 % 3.3 % 2.9 % 2.2 %
Dividend payout ratio(2) 92 % 146 % 161   -nm- % 42 % 48 %
Stock price range – High 25.15   21.44   24.60   24.73   27.04   29.61  
  Low 17.89   10.03   12.03   17.14   21.93   18.19  
  End of Year 22.76   20.40   15.19   17.44   23.90   22.96  
End-of-year shares outstanding (millions) 146.2   148.8   155.8   168.7   178.0   182.6  
 – Percent change in shares outstanding (1.7) % (4.5) % (7.7) % (5.2) % (2.5) % (4.4) %
Average diluted shares outstanding (millions) 153.3   160.0   168.2   179.8   186.8   193.6  
Year-End Financial Position
Cash and cash equivalents $   245   $   261   $   165   $   205   $    132   $    65  
Total assets 3,001   3,061   3,162   4,072   4,265   4,072  
Long-term debt + Current debt maturities 764   799   874   1,089   1,112   1,020  
Equity 1,524   1,576   1,671   2,148   2,368   2,263  
Total capital(3) 2,478   2,526   2,638   3,273   3,574   3,327  
Net debt to net capital(4) 23.3 % 23.7 % 28.4 % 28.0 % 28.0 % 28.4 %
Return on average equity(5) 11.4 % 6.9 % 5.5 % (0.5) % 13.0 % 11.0 %
Cash Flow Components
Net cash provided by operating activities $   363   $   565   $   436   $   614   $   479   $   448  
Dividends paid 155   157   165   125   121   118  
Capital expenditures 68   83   118   149   166   164  
Debt repayment, net 46   64   276   34   (73)   187  
Acquisitions, net of cash acquired 5   3   10   111   83   181  
Stock repurchases, net 106   188   291   230   140   227  
 
(1) TSR = [change in stock price + dividends received] / beginning stock price; values assume dividend reinvestment.
(2) Calculated as: per share dividends / earnings per share.
(3) Calculated as: long-term debt + deferred taxes + other long-term liabilities + equity.
(4) 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.
(5) Calculated as: net earnings / average equity.
nm = not meaningful