# EDGAR Filing Document

**Accession Number:** 0000058492
**File Stem:** 0000058492-25-000371
**Filing Date:** 2025-6
**Character Count:** 39855
**Document Hash:** e97b316382b8ea6c510e935f51bbb333
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000058492-25-000371.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0000058492-25-000371

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEGGETT & PLATT INC
- **CENTRAL INDEX KEY:** 0000058492
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOUSEHOLD FURNITURE [2510]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 440324630
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07845
- **FILM NUMBER:** 251061013

**BUSINESS ADDRESS:**
- **STREET 1:** NO. 1 LEGGETT ROAD
- **CITY:** CARTHAGE
- **STATE:** MO
- **ZIP:** 64836
- **BUSINESS PHONE:** (417) 358-8131

**MAIL ADDRESS:**
- **STREET 1:** NO. 1 LEGGETT ROAD
- **CITY:** CARTHAGE
- **STATE:** MO
- **ZIP:** 64836

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 11-K** 

**(Mark One)**

⌧ **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2024** 

**OR** 

□ **TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

**Commission File Number 001-07845** 

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

**LEGGETT & PLATT, INCORPORATED** 

**401(k) PLAN AND TRUST AGREEMENT**

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

**LEGGETT & PLATT, INCORPORATED** 

**1 LEGGETT ROAD** 

**CARTHAGE, MISSOURI 64836** 

------

REQUIRED INFORMATION

LEGGETT & PLATT, INCORPORATED

401(k) PLAN AND TRUST AGREEMENT

EIN 44-0324630 PN 025

December 31, 2024 and 2023

CONTENTS

---

| | |
|:---|:---|
| <u>[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#i7ddb3e6a76b847878e73823e66376369_13)</u> | <u>[2](#i7ddb3e6a76b847878e73823e66376369_13)</u> |
| FINANCIAL STATEMENTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS](#i7ddb3e6a76b847878e73823e66376369_19)</u> | <u>[4](#i7ddb3e6a76b847878e73823e66376369_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS](#i7ddb3e6a76b847878e73823e66376369_22)</u> | <u>[5](#i7ddb3e6a76b847878e73823e66376369_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[NOTES TO FINANCIAL STATEMENTS](#i7ddb3e6a76b847878e73823e66376369_25)</u> | <u>[6](#i7ddb3e6a76b847878e73823e66376369_25)</u> |
| SUPPLEMENTAL SCHEDULES (\*) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[SCHEDULE H, LINE 4a - SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS](#i7ddb3e6a76b847878e73823e66376369_49)</u> | <u>[13](#i7ddb3e6a76b847878e73823e66376369_49)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)](#i7ddb3e6a76b847878e73823e66376369_52)</u> | <u>[14](#i7ddb3e6a76b847878e73823e66376369_52)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Other schedules required by 29 CFR 2520.103-10 of the Department of Labor's Rules and Regulations for reporting and disclosure under ERISA have been omitted because they are not applicable. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Other schedules required by 29 CFR 2520.103-10 of the Department of Labor's Rules and Regulations for reporting and disclosure under ERISA have been omitted because they are not applicable. |

---

------

<u>[**Table of Contents**](#i7ddb3e6a76b847878e73823e66376369_7)</u>

**Report of Independent Registered Public Accounting Firm**

Plan Administrator, Plan Participants, Audit Committee, and Board of Directors

Leggett & Platt, Incorporated 401(k) Plan and Trust Agreement

Carthage, Missouri

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of Leggett & Platt, Incorporated 401(k) Plan and Trust Agreement (the "Plan") as of December 31, 2024 and 2023, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis of Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

------

<u>[**Table of Contents**](#i7ddb3e6a76b847878e73823e66376369_7)</u>

**Report on Supplemental Information**

The supplemental information in the accompanying schedule of delinquent participant contributions and schedule of assets (held at end of year) as of December 31, 2024, have been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental schedules are the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the schedule of delinquent participant contributions and schedule of assets (held at end of year) as of December 31, 2024, are fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

**/s/ Forvis Mazars, LLP**

We have served as the Plan's auditor since 2007.

Springfield, Missouri

June 20, 2025

------

<u>[**Table of Contents**](#i7ddb3e6a76b847878e73823e66376369_7)</u>

Leggett & Platt, Incorporated

401(k) Plan and Trust Agreement

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2024** | **2023** |
| ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at fair value | $366888771 | $367931560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest bearing cash  | 1497 | 35166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company contributions  | 625998 | 792889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant contributions  |  | 499357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment income | 88873 | 862545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | 6968604 | 6940781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total receivables  | 7683475 | 9095572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets  | 374573743 | 377062298 |
| LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees payable | 14495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Refund of excess contributions | 910 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities  | 15405 | 177 |
| NET ASSETS AVAILABLE FOR BENEFITS  | $374558338 | $377062121 |

---

The accompanying notes are an integral part of these financial statements.

------

<u>[**Table of Contents**](#i7ddb3e6a76b847878e73823e66376369_7)</u>

Leggett & Platt, Incorporated

401(k) Plan and Trust Agreement

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2024** | **2023** |
| Additions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in value of investments | $13995011 | $36463090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 2778360 | 5085625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 1151 | 3365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 16774522 | 41552080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income on notes receivable from participants | 543744 | 393374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant | 22097370 | 20377522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company | 7975094 | 7781567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollovers and other | 684316 | 2531943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total contributions | 30756780 | 30691032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net additions | 48075046 | 72636486 |
| Deductions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit payments | 50086460 | 34895852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative fees | 492369 | 455368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deductions | 50578829 | 35351220 |
| Net (decrease) increase | (2503783) | 37285266 |
| NET ASSETS AVAILABLE FOR BENEFITS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BEGINNING OF YEAR | 377062121 | 339776855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;END OF YEAR | $374558338 | $377062121 |

---

The accompanying notes are an integral part of these financial statements.

------

<u>[**Table of Contents**](#i7ddb3e6a76b847878e73823e66376369_7)</u>

Leggett & Platt, Incorporated

401(k) Plan and Trust Agreement

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

NOTE A – DESCRIPTION OF PLAN

The following description of the Leggett & Platt, Incorporated (L&P or the Company) 401(k) Plan and Trust Agreement (Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions, which is available from the Plan Administrator.

<u>General</u>

The Plan is a defined contribution plan covering employees who meet eligibility requirements. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

<u>Eligibility of Employees</u>

Most of the Company's employees who work in the United States of America who have completed 90 days of service or belong to a union that has negotiated inclusion into the Plan are considered eligible for participation. If a previously ineligible employee changes employment status and, as a result, meets the above criteria, the employee may generally participate in the Plan as soon as administratively reasonable. Eligible employees may participate beginning on January, April, July, and October 1 after meeting eligibility requirements or on any special entry date according to the agreement.

<u>Contributions</u>

Company contributions, including eligible matching contributions of 50%, are made at the discretion of the employer and in accordance with the Plan document. Except as otherwise disclosed in Schedule H, line 4a, participant and matching Company contributions are remitted within the required timeline, and Company discretionary contributions are generally made in the first quarter of the following year. Company discretionary contributions will be allocated based on each participant's eligible contributions in proportion to total eligible employee contributions or based on each participant's total pay and are limited by 6% of eligible employee compensation.

Employees may elect to voluntarily contribute any whole percentage of eligible compensation, limited by annual Internal Revenue Service (IRS) contribution limits and any applicable Plan limits. The Plan also allows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee rollover contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Roth contributions. These contributions are made on an after-tax basis subject to the rules contained in the Internal Revenue Code (IRC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Catch up contributions for participants age 50 and over. Catch up contributions are not eligible for a Company matching contribution.

Eligible employees who are not participating are enrolled at 1% with pre-tax contributions. Employees who are contributing less than 6% will have their contributions increased by 1% annually until they are contributing 6%. Employees may opt out of the automatic increases annually or change their contribution percentage at any time.

Participants direct the investment of all contributions into various investment options offered by the Plan. The Plan currently offers L&P common stock, mutual funds, and common trust funds as investment options for participants. Participants may invest no more than 20% of total pre-tax contributions and Roth contributions in L&P common stock.

<u>Participant Accounts</u>

Each participant's account is credited with the participant's contributions and allocations of the Company's contributions and Plan earnings and is charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.

<u>Retirement K</u>

Certain employees that previously participated in the L&P Retirement Plan, which was frozen in 2006, or the Hanes Pension Plan, which was frozen in 2024, receive employer matching contributions ranging from 20% to 80% based on their age at the time the plans froze, limited by 6% of eligible employee compensation.

------

<u>[**Table of Contents**](#i7ddb3e6a76b847878e73823e66376369_7)</u>

Leggett & Platt, Incorporated

401(k) Plan and Trust Agreement

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

NOTE A – DESCRIPTION OF PLAN – CONTINUED

As discussed in *Note F*, the Hanes Companies, Inc. Retirement Savings Plan II (Hanes Plan) merged with the Plan effective March 31, 2025. Through March 31, 2025 Hanes participants were allowed to contribute to the Plan under the Retirement K provision. Hanes Plan participants could also contribute to the Hanes Plan, subject to contribution limits prescribed by the IRS.

<u>Vesting and Distributions</u>

Participants are always 100% vested in their employee contributions, rollover accounts, and qualified non-elective contributions (QNECs). Company contributions are vested following three years of service with 1,000 hours completed, at which time, they will become 100% vested. Any Company contribution from a prior plan merged into this Plan shall continue to vest in accordance with the vesting schedule set forth in the prior plan. A participant's entire account balance will become fully vested at normal retirement age or termination due to disability or death. A participant's non-vested account balance will be forfeited at the time of distribution of the vested account balance. The forfeitures will be used to restore accounts, pay Plan fees and expenses, and offset Company matching contributions and/or Company discretionary matching contributions, as directed by the Plan Administrative Committee. At December 31, 2024 and 2023, forfeited non-vested accounts totaled $19,141 and $8,262, respectively. Also, in 2024 and 2023, Company contributions were offset by $221,496 and $198,218, respectively from forfeited non-vested accounts.

Upon termination of employment, participants are entitled to receive the full value of their account representing participant contributions and the vested portion of their account representing Company contributions. For participants with vested balances of $1,000 or less, unless the participant elects to roll over the balance to an individual retirement account or another qualified retirement plan, upon separation of employment, the Plan will automatically process a distribution of the participant's account. If the vested balance is greater than $1,000 but less than $7,000, the balance will be rolled over into a qualified Individual Retirement Account (IRA), unless the participant elects direct distribution or other eligible direct rollover. The IRA program is offered through Principal Bank, serving as custodian of the program's assets. Participants with vested balances exceeding $7,000 can elect to keep their balance in the Plan until April 1<sup>st</sup> of the next calendar year in which the participant reaches age 73 or until a distribution or rollover is elected. In-service withdrawals are allowed by participants after reaching age 59½. In-service hardship withdrawals are also allowed by participants prior to reaching age 59½, provided they meet the hardship withdrawal requirements set forth by the Plan.

<u>Plan Trustee</u>

Principal Trust Company (Principal), the sole trustee of the Plan, holds all plan assets, executes all of the investment transactions, and maintains the financial records relating to the trust and makes all benefit payments as directed by the Plan Administrative Committee.

<u>Notes Receivable from Participants</u>

Notes receivable from participants (loans) are measured at their unpaid principal balance plus any accrued but unpaid interest. Participants may borrow from any of their vested participant accounts up to a maximum equal to the lesser of $50,000 (reduced by their highest outstanding loan balance during the twelve months immediately preceding the loan) or 50% of their vested account balance. The minimum loan amount is $500, and the interest rate will be set at the Prime Rate as quoted in the Wall Street Journal on the day the loan is processed, plus 1%. The maximum number of loans that may be outstanding at any one time is two, one for any reason and one to acquire a principal residence. If an employer is sold and therefore ceases to be a related company, the Plan Administrative Committee may, at its sole discretion, permit each participant whose employment with all related companies terminates to transfer all loans outstanding to a retirement plan maintained by the purchaser of that employer. A loan is considered to be in default if a participant, active or terminated, fails to make all or part of a required loan repayment by the end of the calendar quarter which follows the calendar quarter in which the repayment is due. Loan balances in default will be treated as outstanding for purposes of determining any future loan amounts. In the event of default, the outstanding balance of the loan, including accrued interest, will be treated as a deemed distribution subject to federal income tax.

------

<u>[**Table of Contents**](#i7ddb3e6a76b847878e73823e66376369_7)</u>

Leggett & Platt, Incorporated

401(k) Plan and Trust Agreement

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

NOTE A – DESCRIPTION OF PLAN – CONTINUED

<u>Administrative Expenses</u>

Administrative expenses are paid by both L&P and the Plan. Any L&P paid expenses are not reflected in the financial statements of the Plan. Forfeitures used to pay Plan expenses were immaterial in both 2024 and 2023.

<u>Plan Termination</u>

Although it has not expressed any intent to do so, L&P has the right, by action of its Board of Directors, to terminate the Plan at any time. In the event of termination, participants will become 100% vested in their accounts.

NOTE B – SUMMARY OF ACCOUNTING POLICIES

<u>Basis of Accounting</u>

The accompanying financial statements have been prepared on the accrual basis of accounting, except for benefit payments, which are recorded when paid.

<u>Use of Estimates</u>

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ materially from those estimates.

<u>Investments and Income Recognition</u>

The Plan offers investment options in Allspring Enhanced Stock Market CIT N Fund, Galliard Stable Return PN Fund, and Vanguard Target Retirement Trust II Funds that are classified as collective investment funds. The fair value of these funds are valued at net asset value (NAV) as a practical expedient. As of December 31, 2024 and 2023, there were no unfunded commitments or restrictions on redemptions.

The Galliard Stable Return PN Fund invests all assets in Galliard Stable Return Fund Core (Fund Core), a collective trust fund sponsored by the trustee. The Fund Core is a fully benefit-responsive fund which seeks to provide investors with a moderate level of stable income without principal volatility. The primary underlying investments held by the Fund Core are guaranteed investment contracts and security-backed contracts. An investment in Fund Core results in the issuance of a given number of participation units. SEI Trust Company, the manager of the fund, determines the purchase price and redemption price of the units, which is generally equal to the total value of each asset held by the fund, less any liabilities, divided by the total number of units outstanding at the valuation date. Redemptions of units are redeemed at the Unit Value at contract value. As a benefit-responsive fund, this fund generally permits plan participant redemptions daily. As of December 31, 2024 and 2023, there were no unfunded commitments or restrictions on redemptions.

The fair value of mutual fund and common stock investments is based upon quoted market prices as of the close of business on the last day of the year. These are classified within Level 1 of the valuation hierarchy as the quoted price is in an active market. See *Note C* for further information regarding the valuation hierarchy.

Purchases and sales of investments are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan's gains and losses on investments bought and sold as well as held during the year.

<u>Plan Tax Status</u>

The Plan obtained its latest determination letter on March 16, 2017, in which the IRS stated that the Plan, as then designed, was in compliance with the applicable requirements of the IRC and therefore, not subject to tax. The Plan has been amended and restated since receiving the determination letter. However, L&P believes the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC and conforms to the requirements of ERISA.

------

<u>[**Table of Contents**](#i7ddb3e6a76b847878e73823e66376369_7)</u>

Leggett & Platt, Incorporated

401(k) Plan and Trust Agreement

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

NOTE C – FAIR VALUE MEASUREMENTS

ASC Topic 820, Fair Value Measurements, specifies a fair value hierarchy and defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The primary area in which the Plan utilizes fair value measurements is valuing the Plan's investments. See *Note B* for discussions of the methodologies and assumptions used to determine the fair value of the Plan's investments. There have been no significant changes in the valuation techniques during the year ended December 31, 2024. The standard describes three levels of inputs that may be used to measure fair value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 1: Quoted prices for identical assets or liabilities in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 2: Other significant inputs observable either directly or indirectly (including quoted market prices for similar securities, interest rates, yield curves, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 3: Unobservable inputs that are not corroborated by market data.

The following tables set forth by level, within the fair value hierarchy, the Plan's investment assets at fair value as of December 31, 2024 and 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** |
| |<br><br>Fair Value | Quoted Prices in Active Markets for Identical Assets<br>(Level 1) | Significant Other Observable Inputs<br>(Level 2) | Significant Unobservable Inputs<br>(Level 3) |
| Mutual funds | $115495566 | $115495566 | $— | $— |
| Common stock | 17091008 | 17091008 |  |  |
| Investments measured at NAV <sup>(a)</sup> | 234302197 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value | $366888771 | $132586574 | $— | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| | | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** |
| |<br><br>Fair Value | Quoted Prices in Active Markets for Identical Assets<br>(Level 1) | Significant Other Observable Inputs<br>(Level 2) | Significant Unobservable Inputs<br>(Level 3) |
| Mutual funds | $107648302 | $107648302 | $— | $— |
| Common stock | 48813118 | 48813118 |  |  |
| Investments measured at NAV <sup>(a)</sup> | 211470140 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value | $367931560 | $156461420 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with Subtopic 820-10, certain investments that were measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits.

------

<u>[**Table of Contents**](#i7ddb3e6a76b847878e73823e66376369_7)</u>

Leggett & Platt, Incorporated

401(k) Plan and Trust Agreement

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

NOTE D – PARTIES-IN-INTEREST TRANSACTIONS

Party-in-interest transactions include those with the Company, fiduciaries, or any person who provides services to the Plan. Expenses paid to parties-in-interest aggregated $391,602 and $358,062 for December 31, 2024 and 2023, respectively. The vast majority of parties-in-interest fees were paid to the Plan trustees. The Company provides certain administrative services at no cost to the Plan. Cash dividends on L&P common stock of $1,118,711 and $3,457,655 were recorded for the years ended December 31, 2024 and 2023, respectively.

The following table sets forth assets associated with parties-in-interest as of December 31, 2024 and 2023:

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2024** | **2023** |
| Leggett and Platt, Incorporated <br>(1,780,313 and 1,865,232 shares, respectively) | $17091008 | $48813118 |
| Notes receivable from participants | 6968604 | 6940781 |

---

These transactions are allowable party-in-interest transactions under Section 408(b)(8) of ERISA and the regulations promulgated thereunder.

NOTE E – RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of net assets available for benefits according to the financial statements to Form 5500:

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2024** | **2023** |
| Net assets available for benefits per the financial statements | $374558338 | $377062121 |
| &nbsp;&nbsp;&nbsp;Notes receivable from participants deemed distributed, end of year | (73503) | (129638) |
| &nbsp;&nbsp;&nbsp;Amounts allocated to withdrawing participants |  | (1079) |
| &nbsp;&nbsp;&nbsp;Amounts allocated to excess contributions | 910 | 177 |
| Net assets available for benefits per Form 5500 | $374485745 | $376931581 |

---

The following is a reconciliation of contributions made to the Plan according to the financial statements to Form 5500:

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2024** | **2023** |
| Contributions per the financial statements | $30756780 | $30691032 |
| &nbsp;&nbsp;&nbsp;Amounts allocated to excess contributions | 910 | 177 |
| Contributions per Form 5500 | $30757690 | $30691209 |

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<u>[**Table of Contents**](#i7ddb3e6a76b847878e73823e66376369_7)</u>

Leggett & Platt, Incorporated

401(k) Plan and Trust Agreement

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

NOTE E – RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 – CONTINUED

The following is a reconciliation of benefit payments paid to the participants according to the financial statements to Form 5500:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2024** | **2023** |
| Benefit payments per the financial statements | $50086460 | $34895852 |
| &nbsp;&nbsp;&nbsp;Notes receivable deemed distributed, beginning of year | (129638) | (224647) |
| &nbsp;&nbsp;&nbsp;Notes receivable deemed distributed, end of year | 73503 | 129638 |
| &nbsp;&nbsp;&nbsp;Amounts allocated to withdrawing participants, beginning of year | (1079) | (17195) |
| &nbsp;&nbsp;&nbsp;Amounts allocated to withdrawing participants, end of year |  | 1079 |
| &nbsp;&nbsp;&nbsp;Amounts allocated to excess contributions | 177 | 3518 |
| Benefit payments per Form 5500 | $50029423 | $34788245 |

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NOTE F – RISKS, UNCERTAINTIES, AND SUBSEQUENT EVENTS

The Plan invests in various investment securities. Investment securities are exposed to market, credit, and interest rate risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially adversely affect the participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits. The financial statements have been prepared using December 31, 2024 values and information currently available to the Plan.

On March 20, 2025, the Company's Board of Directors, through delegated authority, approved a resolution to merge the Hanes Plan with the Plan, effective on March 31, 2025. As of December 31, 2024, the Hanes Plan was frozen and all participants of the Hanes Plan became fully vested in their Hanes Plan accounts and were declared eligible to participate in the Plan as of January 1, 2025.

On March 20, 2025 the Company's Board of Directors, through delegated authority, approved a resolution to merge the Precision Hydraulic Cylinders, Inc. 401k and Profit Sharing Plan (PHC Plan) with the Plan, effective May 31, 2025. As of December 31, 2023, all participants of the PHC Plan became fully vested in their PHC Plan accounts, and all employees of PHC who were eligible to participate in the PHC Plan were declared eligible to participate in the Plan as of January 1, 2024.

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<u>[**Table of Contents**](#i7ddb3e6a76b847878e73823e66376369_7)</u>

SUPPLEMENTAL SCHEDULES

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<u>[**Table of Contents**](#i7ddb3e6a76b847878e73823e66376369_7)</u>

Leggett & Platt, Incorporated

401(k) Plan and Trust Agreement

EIN 44-0324630 PN 025

SCHEDULE H, LINE 4a - SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS

December 31, 2024

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Participant Contributions Transferred Late to Plan | Participant Contributions Transferred Late to Plan | Total That Constitutes Non-exempt <br>Prohibited Transactions | Total That Constitutes Non-exempt <br>Prohibited Transactions | Total That Constitutes Non-exempt <br>Prohibited Transactions | Total That Constitutes Non-exempt <br>Prohibited Transactions |  |
| Amount | Original Due Date | Contributions Not Corrected | Contributions Corrected Outside VFCP |  | Contributions Pending Correction in VFCP | Total Fully Corrected Under VFCP and PTE 2002-51 |
| $132 | 12/19/23 | $— | $132 | 1 | $— | $— |

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<sup>1</sup> Employee deferrals due December 19, 2023 were not remitted to the Plan until March 8, 2024. Lost earnings were remitted as well, and the transactions was fully corrected on March 12, 2024.

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<u>[**Table of Contents**](#i7ddb3e6a76b847878e73823e66376369_7)</u>

Leggett & Platt, Incorporated

401(k) Plan and Trust Agreement

EIN 44-0324630 PN 025

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2024

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| | | | |
|:---|:---|:---|:---|
| (a) | (b) Identity of Issuer | (c) Description of Investment | (e) Current Value(1) |
|  | Vanguard | Vanguard Growth Index Fund | $43248610 |
|  | Vanguard | Vanguard Target Retirement 2030 Trust II Fund | 36235860 |
|  | Allspring | Allspring Enhanced Stock Market CIT N Fund | 33263872 |
|  | Vanguard | Vanguard Target Retirement 2025 Trust II Fund | 30347733 |
|  | Vanguard | Vanguard Target Retirement 2035 Trust II Fund | 28605524 |
|  | Galliard | Galliard Stable Return PN Fund | 23134530 |
|  | Dodge & Cox | Dodge & Cox Stock X Fund | 21824838 |
|  | Vanguard | Vanguard Target Retirement 2040 Trust II Fund | 21265463 |
|  | Vanguard | Vanguard S&P Mid Cap 400 Index Fund | 20009272 |
| &nbsp;&nbsp;\* | Leggett & Platt, Incorporated | Common stock | 17091008 |
|  | Vanguard | Vanguard Target Retirement 2045 Trust II Fund | 15479495 |
|  | Vanguard | Vanguard Target Retirement 2050 Trust II Fund | 12240246 |
|  | Vanguard | Vanguard Small Cap Index Fund | 11771447 |
|  | Vanguard | Vanguard Target Retirement 2020 Trust II Fund | 11749207 |
|  | Vanguard | Vanguard FTSE All World ex US Index Fund | 9975734 |
|  | Baird | Baird Core Plus Bond Fund | 8665665 |
|  | Vanguard | Vanguard Target Retirement 2055 Trust II Fund | 8286397 |
|  | Vanguard | Vanguard Target Retirement Inc Trust II Fund | 7203976 |
|  | Vanguard | Vanguard Target Retirement 2060 Trust II Fund | 4788778 |
|  | Vanguard | Vanguard Target Retirement 2065 Trust II Fund | 1466951 |
|  | Vanguard | Vanguard Target Retirement 2070 Trust II Fund | 234165 |
| \*^ | Various Participants | Notes receivable from participants with interest rates set at prime plus 1% (4.25% - 9.50%) | 6895101 |
|  | Total investments |  | $373783872 |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;See *Note B* of Notes to Financial Statements regarding the December 31, 2024 valuation of assets.

\*&nbsp;&nbsp;&nbsp;&nbsp;Investments in assets of parties-in-interest to the Plan.

^&nbsp;&nbsp;&nbsp;&nbsp;Net of $73,503 of cumulative deemed loan distributions.

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<u>[**Table of Contents**](#i7ddb3e6a76b847878e73823e66376369_7)</u>

**Exhibit List.** 

**EXHIBIT INDEX** 

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| | |
|:---|:---|
| **Exhibit No.** | **Document Description** |
| Exhibit 23 | <u>[Consent of Forvis Mazars, LLP](a2024ex23consent.htm)</u> |

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**SIGNATURES** 

*The Plan.* Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | LEGGETT & PLATT, INCORPORATED 401(k) PLAN AND TRUST AGREEMENT | LEGGETT & PLATT, INCORPORATED 401(k) PLAN AND TRUST AGREEMENT |
| Date: June 20, 2025 | By: | */s/ Lindsey Odaffer* |
|  |  | Lindsey Odaffer |
|  |  | Executive Vice President – Chief Human Resources Officer and Plan Administrative Committee Chair |

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## Ex-23

**Exhibit 23** 

**Consent of Independent Registered Public Accounting Firm** 

We consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-228189 and 333-287561) of our report dated June 20, 2025, with respect to the financial statements and supplemental schedules of the Leggett & Platt, Incorporated 401(k) Plan and Trust Agreement included in this Annual Report on Form 11-K for the year ended December 31, 2024.

/s/ **Forvis Mazars, LLP**

Springfield, Missouri

June 20, 2025

<br>