Six-Year Financial Data

Leggett & Platt, Incorporated
(Dollar amounts in millions, except per share data)
2015 2014 2013 2012 2011 2010
Total Shareholder Return, or TSR(1)            
L&P 3-year TSR Rank among S&P 500 (1% is best) 31% 25% 48% 37% 38% 8%
Leggett & Platt – annual TSR 1% 43% 18% 24% 6% 17%
S&P 500 Index – annual TSR 1% 14% 32% 16% 2% 15%
Summary of Continuing Operations            
Net Sales $3,917 $3,782 $3,477 $3,415 $3,303 $2,980
EBIT (earnings before interest and taxes) 487 332 275 324 266 279
Adjusted EBIT(2) 505 385 333 324 281 279
EBIT margin 12.4% 8.8% 7.9% 9.5% 8.0% 9.4%
Adjusted EBIT margin(2) 12.9% 10.2% 9.6% 9.5% 8.5% 9.4%
Summary of Earnings            
Net earnings from continuing operations 328 225 186 231 173 177
Net earnings attributable to L&P 325 98 197 248 153 177
EPS (earnings per diluted share) from continuing operations 2.27 1.55 1.25 1.57 1.15 1.11
Adjusted EPS from continuing operations(3) 2.34 1.78 1.50 1.39 1.22 1.11
EPS (including discontinued operations) 2.28 0.68 1.34 1.70 1.04 1.15
Common Stock Data            
Cash dividends declared per share 1.26 1.22 1.18 1.14 1.10 1.06
Dividend yield (based on stock price at start of year) 3.0% 3.9% 4.3% 4.9% 4.8% 5.2%
Dividend payout ratio (4) 54% 69% 79% 82% 90% 95%
End-of-year shares outstanding (millions) 135.6 137.8 139.4 142.1 139.4 146.2
Average diluted shares outstanding (millions) 142.9 143.2 147.2 146.0 147.0 153.3
Year-End Financial Position            
Cash and cash equivalents $253 $333 $273 $359 $236 $245
Total assets 2,968 3,141 3,108 3,255 2,915 3,001
Long-term debt + current debt maturities 949 968 870 1,056 836 764
Equity 1,098 1,155 1,399 1,442 1,308 1,524
Total capital(5) 2,266 2,148 2,279 2,524 2,329 2,478
Net debt to net capital(6) 34.5% 31.5% 27.3% 29.4% 28.6% 23.3%
Return on average equity(7) 28.9% 7.7% 13.9% 18.0% 10.8% 11.4%
Adjusted return on average equity(7, 8) 29.9% 19.3% 16.4% 16.1% 11.4% 11.4%
Cash Flow Components            
Net cash provided by operating activities $359 $382 $417 $450 $329 $363
Dividends paid(9) 172 168 125 200 156 155
Capital expenditures 103 94 81 71 75 68
Acquisitions, net of cash acquired 11 70 28 212 7 5
Stock repurchases, net 183 128 133 (6) 205 106

(1) TSR = [change in stock price + dividends] / beginning stock price; values assume dividend reinvestment. Company goal is to be in the top third of the S&P 500 over rolling 3-year periods.

(2) To aid understanding of underlying operational profitability, EBIT, margin, return, and EPS are adjusted to exclude unusual items. Adjusted EBIT and margin exclude for 2015: $6m litigation accrual and $12m charge for pension lump-sum buyout; for 2014: $54m litigation accrual; for 2013: $67m impairment charge and $9m acquisition-related gain; for 2011: $15m restructuring-related charge.

(3) Adjusted EPS excludes for 2015: $.02 litigation accrual and $.05 charge for pension lump-sum buyout; for 2014: $.23 litigation accrual; for 2013: $.31 impairment charge and $.06 acquisition-related gain; for 2012: $.18 in special tax benefits; for 2011: $.06 restructuring-related charge.

(4) Calculated as: per share dividends declared / adjusted earnings per share from continuing operations.

(5) Calculated as: long-term debt + deferred taxes + other long-term liabilities + equity.

(6) Calculated as: (long term debt + current debt maturities – cash) / (total capital + current debt maturities – cash). For non-GAAP reconciliation, refer to page 47 of the Management’s Discussion and Analysis in the Form 10-K, which is part of this document.

(7) Calculated as: net earnings / average equity.

(8) Adjusted return on average equity excludes, after-tax, for 2015: $4m litigation accrual and $8m charge for pension lump-sum buyout; for 2014: $55m litigation accrual and $93m impairment charge; for 2013: $45m impairment charge and $9m acquisition-related gain; for 2012: $27m of special tax benefits; for 2011: $9m restructuring-related charge.

(9) In 2013, the company paid 3 quarterly dividends, since the January 2013 dividend payment was accelerated into December 2012.

2010-2013 figures were retrospectively adjusted to reflect the reclassification of certain businesses from continuing to discontinued operations in 2014.