# EDGAR Filing Document

**Accession Number:** 0000058492
**File Stem:** 0001193125-23-025694
**Filing Date:** 2023-2
**Character Count:** 42806
**Document Hash:** 9ed9e15a9502bf61f861335b77145912
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-025694.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0001193125-23-025694

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230206

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07845
- **FILM NUMBER:** 23591314

**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

?xml version="1.0" encoding="utf-8" ? FORM 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### Pursuant to Section 13 OR 15(d)

#### of The Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported) February 6, 2023

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## LEGGETT & PLATT, INCORPORATED

#### (Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Missouri** | **001-07845** | **44-0324630** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

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| | |
|:---|:---|
| **No. 1 Leggett Road,** |  |
| **Carthage, MO** | **64836** |
| **(Address of principal executive offices)** | **(Zip Code)** |

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#### Registrant's telephone number, including area code 417-358-8131

#### N/A

#### (Former name or former address, if changed since last report.)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| **Title of each class** | **Name of each exchange**<br> **on which registered** |
| Common Stock, $.01 par value LEG | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.**  |

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On February 6, 2023, Leggett & Platt, Incorporated issued a press release announcing its financial results for the fourth quarter and year ending December 31, 2022 and related matters. The [<u>press release</u>](d460798dex991.htm) is attached as Exhibit 99.1 and is incorporated herein by reference.

This information is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. This information shall not be incorporated by reference into any document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

On February 7, 2023, the Company will hold an investor conference call to discuss its fourth quarter and year-end results, annual earnings guidance, market conditions and related matters. The press release and slides containing summary financial information will be posted to the Investor Relations section of our website at www.leggett.com on February 6 shortly after the market closes.

The press release contains the Company (i) Net Debt/Adjusted EBITDA (trailing twelve months) ratio; (ii) Adjusted EPS; (iii) Adjusted EBIT; (iv) Adjusted EBIT Margin; (v) EBITDA; (vi) EBITDA Margin; (vii) Adjusted EBITDA; (viii) Adjusted EBITDA Margin; (ix) Adjusted EBITDA (trailing twelve months); and (x) Organic Sales.

The press release also contains certain Segments' (i) Adjusted EBIT; (ii) Adjusted EBIT Margin; (iii) EBITDA; (iv) EBITDA Margin; and (v) change in Organic Sales.

Company management believes the presentation of Net Debt/Adjusted EBITDA (trailing twelve months) provides investors a useful way to assess the time it would take the Company to pay off its debt, ignoring various factors including interest and taxes. Management uses this ratio as supplemental information to assess its ability to pay off its incurred debt. Because we may not be able to use our earnings to reduce our debt on a dollar-for-dollar basis, the presentation of Net Debt/Adjusted EBITDA (trailing twelve months) may have material limitations.

Company management believes the presentation of Company Adjusted EPS, Adjusted EBIT, Adjusted EBIT Margin, EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA (trailing twelve months), and Segment Adjusted EBIT, Adjusted EBIT Margin, EBITDA and EBITDA Margin is useful to investors in that it aids investors' understanding of underlying operational profitability. Management uses these non-GAAP measures as supplemental information to assess the Company's operational performance.

Organic Sales is calculated as trade sales excluding sales attributable to acquisitions and divestitures consummated within the last twelve months. Company management believes the presentation of Organic Sales, or change in Organic Sales, is useful to investors, and is used by management, as supplemental information to analyze our underlying sales performance from period to period in our legacy businesses.

The above non-GAAP measures may not be comparable to similarly titled measures used by other companies and should not be considered a substitute for, or more meaningful than, their GAAP counterparts. For non-GAAP reconciliations, please refer to pages 7 and 8 of the press release.

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.**  |

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The information provided in Item 2.02, including [<u>Exhibit 99.1</u>](d460798dex991.htm), is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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(d) <u>Exhibits</u>.

#### EXHIBIT INDEX

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| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1\* | [Press Release dated February 6, 2023](d460798dex991.htm) |
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document) |
| 101.SCH\*\* | Inline XBRL Taxonomy Extension Schema |
| 101.LAB\*\* | Inline XBRL Taxonomy Extension Label Linkbase |
| 101.PRE\*\* | Inline XBRL Taxonomy Extension Presentation Linkbase |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document contained in Exhibit 101) |

---

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\* Denotes furnished herewith.

\*\* Denotes filed herewith.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | LEGGETT & PLATT, INCORPORATED | LEGGETT & PLATT, INCORPORATED |
| Date: February 6, 2023 | By: | /s/ SCOTT S. DOUGLAS |
|  |  | **Scott S. Douglas** |
|  |  | **Senior Vice President –** |
|  |  | **General Counsel & Secretary** |

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## Exhibit 99.1

**Exhibit 99.1** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g460798g0204055849868.jpg)  | ![LOGO](g460798g0204055850023.jpg) |

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FOR IMMEDIATE RELEASE: FEBRUARY 6, 2023

**LEGGETT & PLATT REPORTS FOURTH QUARTER AND FULL YEAR RESULTS** 

Carthage, MO, February 6, 2023 —

• 4Q sales were $1.2 billion, a 10% decrease vs 4Q21

• 4Q EPS was $.39, a decrease of $.38 vs 4Q21

• 2022 sales were a record<sup>1</sup> $5.15 billion, a 1% increase
vs 2021

• 2022 EPS was $2.27, a decrease of $.67 vs 2021 EPS and a decrease of $.51 vs 2021 adjusted<sup>2</sup> EPS

• 2022 cash flow from operations was $441 million, a 63% increase vs 2021

• 2023 guidance: sales of $4.8–$5.2 billion and EPS of $1.50–$1.90

President and CEO Mitch Dolloff commented, "Leggett & Platt's diverse portfolio of businesses, strong cash discipline, and the ingenuity and agility of our employees helped deliver solid results in 2022 despite weak demand in residential end markets. As we moved through the year, the dynamic macroeconomic and geopolitical environment pressured our markets and affected our results. We anticipate 2023 to be a challenging year driven by continued economic uncertainty.

"We are focused on improving the things that we can control and continuing to mitigate the impacts of market challenges on our business. We are working with our customers on new product opportunities, continuing our focus on improving operating efficiency, and driving strong cash management. Our financial strength gives us confidence in our ability to successfully navigate challenging markets while investing in long-term opportunities.

"Finally, I would like to thank our dedicated employees for continually making Leggett & Platt a better company. Your collaboration, dedication, and commitment to our values helped us navigate the many recent challenges and obstacles and will help us to capitalize on opportunities in the future."

**<u>FOURTH QUARTER RESULTS</u>**

**Fourth quarter 2022 sales were $1.2 billion**, a 10% decrease versus fourth quarter 2021

• Organic sales<sup>3</sup> were down 12%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volume was down 12%, primarily from continued demand softness in residential end markets, partially offset by
growth in our Automotive, Aerospace, and Hydraulic Cylinders businesses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negative currency impact of 2% was offset by raw material-related selling price increases of 2%

• Acquisitions, net of divestitures, added 2% to sales

**Fourth quarter EBIT** was $91 million, down $61 million or 40% from fourth quarter 2021

• EBIT declined primarily from lower volume and lower overhead absorption as we intentionally cut production in our
Steel Rod business below demand to reduce inventory levels. These declines were partially offset by metal margin expansion.

• As a result of these impacts and inflation, EBIT margin was 7.6%, down from 11.4% in the fourth quarter of 2021

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<sup>1</sup> Record is from continuing operations

<sup>2</sup> Please refer to attached tables for Non-GAAP Reconciliations

<sup>3</sup> Trade sales excluding acquisitions/divestitures in the last 12 months

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**Fourth quarter EPS** was $.39, a $.38 decrease versus fourth quarter 2021 primarily from lower EBIT, higher tax rate ($.02/share), and higher interest expense ($.02/share).

**<u>FULL YEAR RESULTS</u>**

**2022 sales a record<sup>1</sup> $5.15 billion**, a 1% increase versus 2021

• Organic<sup>3</sup> sales were flat

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volume down 7% from demand softness in residential end markets, partially offset by growth in automotive and
industrial end markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raw material-related selling price increases added 9%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currency impact decreased sales 2%

• Acquisitions, net of small divestitures, added 1% to sales

**2022 EBIT** was $485 million, down $111 million or 19% from 2021, and down $83 million or 15% versus 2021 adjusted<sup>2</sup> EBIT.

• EBIT decreased primarily from lower volume, lower overhead absorption from reduced production, operational
inefficiencies in Specialty Foam, and higher raw material and transportation costs and operational inefficiencies in Automotive. These decreases were partially offset by metal margin expansion in our Steel Rod business and pricing discipline in the
Furniture, Flooring & Textile segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>2021 adjustment</u> was a $28 million gain on the sale of real estate associated with our exited Fashion
Bed business

• EBIT margin was 9.4%, down from 2021 EBIT margin of 11.7% and adjusted<sup>2</sup> EBIT margin of 11.2%

**2022 EPS was $2.27**, a $.67 decrease versus 2021 EPS of $2.94 and a $.51 decrease versus adjusted<sup>2</sup> EPS of $2.78 primarily from lower EBIT and higher interest expense ($.04/share).

**<u>2022 DEBT, CASH FLOW, AND LIQUIDITY</u>**

• **Net debt <sup>2</sup>** was 2.66x trailing 12-month adjusted EBITDA<sup>2</sup> at year-end

• **Operating cash flow** was $441 million, up from $271 million in 2021

• **Capital expenditures** were $100 million

• **Total liquidity** was $1.0 billion at year-end

**<u>DIVIDEND</u>**

• Dividends were $1.74 per share in 2022, up $.08 from $1.66 per share in 2021

• In November, Leggett & Platt's Board of Directors declared a $.44 per share fourth quarter
dividend, two cents higher than last year's fourth quarter dividend

• At an annual indicated dividend of $1.76 per share, the yield is 4.7% based upon Friday's closing stock
price of $37.23 per share

**<u>2022 STOCK REPURCHASES</u>**

• Repurchased 1.7 million shares at an average price of $35.94

• Issued .9 million shares through employee benefit plans

• Shares outstanding at the end of the year were 132.6 million

**<u>2023 GUIDANCE</u>**

• **Sales** are expected to be $4.8–$5.2 billion, -7% to +1%
versus 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volume at the midpoint expected to be down low single digits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Down low single digits in Bedding Products Segment

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Up high single digits in Specialized Products Segment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Down low single digits in Furniture, Flooring & Textile Products Segment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raw material-related price decreases and currency impact combined expected to reduce sales mid-single digits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisitions completed in 2022 expected to add ~3% to sales

• **EPS** is expected to be $1.50–$1.90

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earnings at the midpoint primarily reflects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower metal margins in our Steel Rod business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower volume in some businesses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Moderate pricing pressure from deflation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1Q 2023 earnings expected to be down meaningfully vs 4Q 2022, primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Timing of performance-based compensation accruals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Normal seasonality in some of our businesses

• Based on this framework, 2023 EBIT margin is expected to be 7.5% to 8.0%

• Additional expectations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depreciation and amortization $200 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest expense $85 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective tax rate 24%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fully diluted shares 137 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating cash flow $450–$500 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures $100 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividends $240 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimal acquisitions and share repurchases

**<u>SEGMENT RESULTS</u> – Fourth Quarter 2022 (versus 4Q 2021)** 

*Bedding Products* –

• Trade sales decreased 19%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volume decreased 19% from continued demand softness in U.S. and European bedding markets and lower demand in our
Steel Rod and Drawn Wire businesses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currency impact of 1% offset by raw material-related selling price increases of 1%

• EBIT decreased $46 million, primarily from lower volume and lower overhead absorption as we intentionally
cut production in our Steel Rod business below demand to reduce inventory levels. These decreases were partially offset by metal margin expansion.

*Specialized Products* –

• Trade sales increased 15%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volume increased 10% from growth across the segment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raw material-related selling price increases added 4%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currency impact decreased sales 9%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hydraulic Cylinders acquisition added 10%

• EBIT decreased $5 million, primarily from currency impact and higher raw material and labor costs, partially
offset by higher volume

*Furniture, Flooring & Textile Products* –

• Trade sales decreased 12%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volume decreased 14%, primarily from declines in Home Furniture, Fabric Converting, and Work Furniture

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raw material-related selling price increases added 2%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currency impact decreased sales 1%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Textiles acquisitions added 1%

• EBIT decreased $13 million, primarily from lower volume partially offset by pricing discipline

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**<u>SEGMENT RESULTS</u> – Full Year 2022 (versus 2021)** 

*Bedding Products* –

• Trade sales decreased 4%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volume decreased 16% from demand softness in U.S. and European bedding markets partially offset by trade sales
growth in our Steel Rod and Drawn Wire businesses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raw material-related selling price increases added 12% to sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currency impact decreased sales by 1%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kayfoam acquisition, net of divestitures of small operations in Drawn Wire and International Bedding, added 1%

• EBIT decreased $102 million, primarily from lower volume, lower overhead absorption as production and
inventories were adjusted to meet reduced demand, operating inefficiencies in Specialty Foam, and the non-recurrence of prior year gain from sale of real estate associated with exited Fashion Bed business ($28
million). These decreases were partially offset by higher metal margin.

*Specialized Products* –

• Trade sales increased 12%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volume increased 11% with growth across the segment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raw material-related selling price increases added 3%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currency impact decreased sales 6%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hydraulic Cylinders acquisition completed in August 2022 added 4%

• EBIT decreased $17 million, primarily from higher raw material and transportation costs, operational
inefficiencies and related premium freight costs in a North American Automotive facility primarily in the first half of the year, and currency impact. These decreases were partially offset by higher volume.

*Furniture, Flooring & Textile Products* –

• Trade sales increased 3%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volume decreased 6% from declines in Home Furniture, Flooring, and Fabric Converting, partially offset by growth
in Work Furniture

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raw material-related selling price increases added 10%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currency impact decreased sales 1%

• EBIT increased $6 million, primarily from pricing discipline partially offset by lower volume

**<u>SLIDES AND CONFERENCE CALL</u>**

A set of slides containing summary financial information is available from the Investor Relations section of Leggett's website at www.leggett.com. Management will host a conference call **at 7:30 a.m. Central** (8:30 a.m. Eastern) on Tuesday, February 7. The webcast can be accessed from Leggett's website. The dial-in number is (201) 689-8341; there is no passcode.

**First quarter results** will be released after the market closes on Monday, May 1, 2023, with a conference call the next morning.

COMPANY DESCRIPTION: Leggett & Platt (NYSE: LEG) is a diversified manufacturer that designs and produces a broad variety of engineered components and products that can be found in most homes and automobiles. The 140-year-old Company is comprised of 15 business units, approximately 20,000 employees, and 135 manufacturing facilities located in 18 countries.

Leggett & Platt is the leading U.S.-based manufacturer of: a) bedding components; b) automotive seat support and lumbar systems; c) specialty bedding foams and private label finished mattresses; d) components for home furniture and work furniture; e) flooring underlayment; f) adjustable beds; and g) bedding industry machinery.

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**FORWARD-LOOKING STATEMENTS**: This press release contains "forward-looking statements," including, but not limited to the amount of the Company's forecasted 2023 full-year volume growth; acquisition sales growth; sales, EPS, capital expenditures; depreciation and amortization; net interest expense; fully diluted shares; operating cash flow; EBIT margin; effective tax rate; amount of dividends; raw material related price decreases; currency impact; volume in each of the Company's segments; and the description of 2023 as another challenging year. Such forward-looking statements are expressly qualified by the cautionary statements described in this provision and reflect only the beliefs of Leggett at the time the statement is made. Because all forward-looking statements deal with the future, they are subject to risks, uncertainties and developments which might cause actual events or results to differ materially from those envisioned or reflected in any forward-looking statement. Moreover, we do not have, and do not undertake, any duty to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement was made. Some of these risks and uncertainties include: the adverse impact on our sales, earnings, liquidity, margins, cash flow, costs, and financial condition caused by: the Russian invasion of Ukraine; global inflationary impacts; macro-economic impacts; the COVID-19 pandemic; the demand for our products and our customers' products; growth rates in the industries in which we participate and opportunities in those industries; our manufacturing facilities' ability to remain fully operational and obtain necessary raw materials and parts, maintain appropriate labor levels and ship finished products to customers; the impairment of goodwill and long-lived assets; restructuring-related costs; our ability to access the commercial paper market or borrow under our revolving credit facility, including compliance with restrictive covenants that may limit our operational flexibility and our ability to timely pay our debt; adverse impact from supply chain disruptions; our ability to manage working capital; increases or decreases in our capital needs, which may vary depending on acquisition or divestiture activity; our capital expenditures; our ability to collect trade receivables; market conditions; price and product competition from foreign and domestic competitors; cost and availability of raw materials (including semiconductors and chemicals) due to supply chain disruptions or otherwise; labor and energy costs; cash generation sufficient to pay the dividend; cash repatriation from foreign accounts; our ability to pass along raw material cost increases through increased selling prices; conflict between China and Taiwan; our ability to maintain profit margins if customers change the quantity or mix of our components in their finished products; our ability to maintain and grow the profitability of acquired companies; political risks; changing tax rates; increased trade costs; risks related to operating in foreign countries; cybersecurity breaches; customer bankruptcies, losses and insolvencies; disruption to our steel rod mill and other operations and supply chain because of severe weather-related events, natural disaster, fire, explosion, terrorism, pandemic, governmental action or labor strikes; foreign currency fluctuation; the amount of share repurchases; the imposition or continuation of anti-dumping duties on innersprings, steel wire rod and mattresses; data privacy; climate change compliance costs and market, technological and reputational impacts; our ESG obligations; litigation risks; and risk factors in the "Forward-Looking Statements" and "Risk Factors" sections in Leggett's most recent Form 10-K and Form 10-Q reports filed with the SEC.

**CONTACT**: Investor Relations, (417) 358-8131 or invest@leggett.com

Susan R. McCoy, Senior Vice President, Investor Relations

Cassie J. Branscum, Senior Director, Investor Relations

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| **LEGGETT & PLATT** | Page 6 of 8 | **February 6, 2023** |

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|:---|:---|:---|:---|:---|:---|:---|
| **RESULTS OF OPERATIONS** | **FOURTH QUARTER** | **FOURTH QUARTER** | **FOURTH QUARTER** | **YEAR TO DATE** | **YEAR TO DATE** | **YEAR TO DATE** |
| (In millions, except per share data) | **2022** | **2021** | **Change** | **2022** | **2021** | **Change** |
|  Trade sales | $1195.8 | $1332.9 | (10)% | $5146.7 | $5072.6 | 1% |
|  Cost of goods sold | 985.2 | 1067.5 |  | 4169.9 | 4034.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 210.6 | 265.4 | (21)% | 976.8 | 1038.3 | (6)% |
|  Selling & administrative expenses | 109.8 | 99.6 | 10% | 427.3 | 422.1 | 1% |
|  Amortization | 16.8 | 15.9 |  | 66.8 | 67.5 |  |
|  Other expense (income), net | (7.2) | (2.3) |  | (2.3) | (47.3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings before interest and taxes | 91.2 | 152.2 | (40)% | 485.0 | 596.0 | (19)% |
|  Net interest expense | 22.2 | 18.4 |  | 81.4 | 73.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings before income taxes | 69.0 | 133.8 |  | 403.6 | 522.1 |  |
|  Income taxes | 16.2 | 28.2 |  | 93.7 | 119.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings | 52.8 | 105.6 |  | 309.9 | 402.6 |  |
|  Less net income from noncontrolling interest |  | (0.1) |  | (0.1) | (0.2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Earnings Attributable to L&P** | $**52.8** | $**105.5** | (50)% | $**309.8** | $**402.4** | (23)% |
|  Earnings per diluted share |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings per diluted share | $0.39 | $0.77 | (49)% | $2.27 | $2.94 | (23)% |
|  Shares outstanding |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock (at end of period) | 132.6 | 133.4 | (.6)% | 132.6 | 133.4 | (.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic (average for period) | 135.8 | 136.5 |  | 136.1 | 136.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted (average for period) | 136.1 | 137.0 | (.7)% | 136.5 | 136.7 | (.1)% |
| **CASH FLOW** | **FOURTH QUARTER** | **FOURTH QUARTER** | **FOURTH QUARTER** | **YEAR TO DATE** | **YEAR TO DATE** | **YEAR TO DATE** |
| (In millions) | **2022** | **2021** | **Change** | **2022** | **2021** | **Change** |
|  Net earnings | $52.8 | $105.6 |  | $309.9 | $402.6 |  |
|  Depreciation and amortization | 45.5 | 46.5 |  | 179.8 | 187.3 |  |
|  Working capital decrease (increase) | 136.9 | 30.3 |  | (78.0) | (337.6) |  |
|  Impairments |  |  |  |  |  |  |
|  Other operating activities | 11.9 | 8.5 |  | 29.7 | 19.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Cash from Operating Activities** | $**247.1** | $**190.9** | 29% | $**441.4** | $**271.3** | 63% |
|  Additions to PP&E | (34.8) | (30.8) |  | (100.3) | (106.6) |  |
|  Purchase of companies, net of cash | (20.8) | (0.3) |  | (83.3) | (152.6) |  |
|  Proceeds from business and asset sales | 1.2 |  |  | 4.2 | 38.5 |  |
|  Dividends paid | (58.4) | (56.0) |  | (229.2) | (218.3) |  |
|  Repurchase of common stock, net |  | 0.3 |  | (60.3) | (6.3) |  |
|  Additions (payments) to debt, net | (47.9) | 20.0 |  | 5.0 | 184.9 |  |
|  Other | 3.9 | 2.9 |  | (22.7) | 1.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Cash & Equivalents** | $**90.3** | $**127.0** |  | $**(45.2)** | $**12.8** |  |
| **FINANCIAL POSITION** | **Dec 31,**<br>**2022** | **Dec 31,**<br>**2021** |  |  |  |  |
| (In millions) | **Dec 31,**<br>**2022** | **Dec 31,**<br>**2021** | **Change** |  |  |  |
|  Cash and equivalents | $316.5 | $361.7 |  |  |  |  |
|  Receivables | 675.0 | 651.5 |  |  |  |  |
|  Inventories | 907.5 | 993.2 |  |  |  |  |
|  Other current assets | 59.0 | 58.9 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 1958.0 | 2065.3 | (5)% |  |  |  |
|  Net fixed assets | 772.4 | 781.5 |  |  |  |  |
|  Operating lease right-of-use assets | 195.0 | 192.6 |  |  |  |  |
|  Goodwill | 1474.4 | 1449.6 |  |  |  |  |
|  Intangible assets and deferred costs, both at net | 786.3 | 818.3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL ASSETS** | $**5186.1** | $**5307.3** | (2)% |  |  |  |
|  Trade accounts payable | $518.4 | $613.8 |  |  |  |  |
|  Current debt maturities | 9.4 | 300.6 |  |  |  |  |
|  Current operating lease liabilities | 49.5 | 44.5 |  |  |  |  |
|  Other current liabilities | 390.8 | 376.8 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 968.1 | 1335.7 | (28)% |  |  |  |
|  Long-term debt | 2074.2 | 1789.7 | 16% |  |  |  |
|  Operating lease liabilities | 153.6 | 153.0 |  |  |  |  |
|  Deferred taxes and other liabilities | 348.8 | 380.3 |  |  |  |  |
|  Equity | 1641.4 | 1648.6 | —% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Capitalization** | 4218.0 | 3971.6 | 6% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL LIABILITIES & EQUITY** | $**5186.1** | $**5307.3** | (2)% |  |  |  |

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| **LEGGETT & PLATT** | Page 7 of 8 | **February 6, 2023** |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SEGMENT RESULTS <sup>1</sup>** | **FOURTH QUARTER** | **FOURTH QUARTER** | **FOURTH QUARTER** | **FOURTH QUARTER** | **YEAR TO DATE** | **YEAR TO DATE** | **YEAR TO DATE** | **YEAR TO DATE** |
| (In millions) | **2022** | **2021** | **Change** | **Change** | **2022** | **2021** | **Change** | **Change** |
|  **<u>Bedding Products</u>** |  |  |  |  |  |  |  |  |
|  Trade sales | $522.4 | $647.3 |  | (19) | $2356.3 | $2455.9 |  | (4) |
|  EBIT | 30.4 | 76 |  | (60) | 219.6 | 321.3 |  | (32) |
|  *EBIT margin* | *5.8 %* | *11.7 %* | | *-590 bps* | *9.3 %* | *13.1 %* | | *-380 bps* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of real estate |  |  |  |  |  | (28.2) |  |  |
|  Adjusted EBIT | 30.4 | 76 |  | (60) | 219.6 | 293.1 |  | (25) |
|  *Adjusted EBIT margin* | *5.8 %* | *11.7 %* | | *-590 bps* | *9.3 %* | *11.9 %* | | *-260 bps* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 26 | 27 |  |  | 104.1 | 106.8 |  |  |
|  Adjusted EBITDA | 56.4 | 103 |  | (45) | 323.7 | 399.9 |  | (19) |
|  *Adjusted EBITDA margin* | *10.8 %* | *15.9 %* | | *-510 bps* | *13.7 %* | *16.3 %* | | *-260 bps* |
|  **<u>Specialized Products</u>** |  |  |  |  |  |  |  |  |
|  Trade sales | $302.8 | $264 |  | 15 | $1118.3 | $998.9 |  | 12 |
|  EBIT | 26.4 | 30.9 |  | (15) | 99.4 | 115.9 |  | (14) |
|  *EBIT margin* | *8.7 %* | *11.7 %* | | *-300 bps* | *8.9 %* | *11.6 %* | | *-270 bps* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 10.1 | 9.8 |  |  | 40.5 | 44.8 |  |  |
|  EBITDA | 36.5 | 40.7 |  | (10) | 139.9 | 160.7 |  | (13) |
|  *EBITDA margin* | *12.1 %* | *15.4 %* | | *-330 bps* | *12.5 %* | *16.1 %* | | *-360 bps* |
|  **<u>Furniture, Flooring & Textile Products</u>** |  |  |  |  |  |  |  |  |
|  Trade sales | $370.6 | $421.6 |  | (12) | $1672.1 | $1617.8 |  | 3 |
|  EBIT | 32.7 | 45.4 |  | (28) | 165 | 159.5 |  | 3 |
|  EBIT margin | 8.8% | 10.8% |  | -200 bps | 9.9% | 9.9% |  | — bps |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 5.7 | 5.9 |  |  | 23.2 | 24 |  |  |
|  EBITDA | 38.4 | 51.3 |  | (25) | 188.2 | 183.5 |  | 3 |
|  *EBITDA margin* | *10.4 %* | *12.2 %* | | *-180 bps* | *11.3 %* | *11.3 %* | | *— bps* |
|  **<u>Total Company</u>** |  |  |  |  |  |  |  |  |
|  Trade sales | $1195.8 | $1332.9 |  | (10) | $5146.7 | $5072.6 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EBIT—segments | 89.5 | 152.3 |  | (41) | 484 | 596.7 |  | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intersegment eliminations and other | 1.7 | (0.1) |  |  | 1 | (0.7) |  |  |
|  EBIT | 91.2 | 152.2 |  | (40) | 485 | 596 |  | (19) |
|  *EBIT margin* | *7.6 %* | *11.4 %* | | *-380 bps* | *9.4 %* | *11.7 %* | | *-230 bps* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of real estate <sup>3</sup> |  |  |  |  |  | (28.2) |  |  |
|  Adjusted EBIT <sup>3</sup> | 91.2 | 152.2 |  | (40) | 485 | 567.8 |  | (15) |
|  *Adjusted EBIT margin <sup>3</sup>* | *7.6 %* | *11.4 %* | | *-380 bps* | *9.4 %* | *11.2 %* | | *-180 bps* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization—segments | 41.8 | 42.7 |  |  | 167.8 | 175.6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization—unallocated <sup>4</sup> | 3.7 | 3.8 |  |  | 12 | 11.7 |  |  |
|  Adjusted EBITDA <sup>3</sup> | $136.7 | $198.7 |  | (31) | $664.8 | $755.1 |  | (12) |
|  *Adjusted EBITDA margin* | *11.4 %* | *14.9 %* | | *-350 bps* | *12.9 %* | *14.9 %* | | *-200 bps* |
| **LAST SIX QUARTERS** | **2021** | **2021** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Selected Figures (In Millions)** | **3Q** | **4Q** | **1Q** | **1Q** | **2Q** | **3Q** | **4Q** | **4Q** |
|  Trade sales | 1319.2 | 1332.9 |  | 1322.3 | 1334.2 | 1294.4 |  | 1195.8 |
|  Sales growth (vs. prior year) | 9% | 13% |  | 15 | 5% | (2)% |  | (10) |
|  Volume growth (same locations vs. prior year) | (6)% | (5)% |  | (4) | (6)% | (8)% |  | (12) |
|  Adjusted EBIT <sup>3</sup> | 144.2 | 152.2 |  | 137.6 | 143 | 113.2 |  | 91.2 |
|  Cash from operations | 50.1 | 190.9 |  | 39 | 89.8 | 65.5 |  | 247.1 |
|  Adjusted EBITDA (trailing twelve months) <sup>3</sup> | 760.8 | 755.1 |  | 764.6 | 760.3 | 726.8 |  | 664.8 |
|  (Long-term debt + current maturities - cash and equivalents) / adj. EBITDA <sup>3,5</sup> | 2.41 | 2.29 |  | 2.32 | 2.39 | 2.63 |  | 2.66 |
| **Organic Sales (Vs. Prior Year) <sup>6</sup>** | **3Q** | **4Q** | **1Q** | **1Q** | **2Q** | **3Q** | **4Q** | **4Q** |
|  Bedding Products | 12% | 15% |  | 16 | —% | (12)% |  | (19) |
|  Specialized Products | (4)% | (4)% |  | 2 | 8% | 19% |  | 5 |
|  Furniture, Flooring & Textile Products | 12% | 17% |  | 17 | 10% | —% |  | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overall | 8% | 11% |  | 13 | 5% | (3)% |  | (12) |

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<sup>1</sup> Segment and overall company margins calculated on net trade sales.

<sup>2</sup> bps = basis points; a unit of measure equal to 1/100th of 1%. 

<sup>3</sup> Refer to next page for non-GAAP reconciliations.

<sup>4</sup> Consists primarily of depreciation of non-operating assets.

<sup>5</sup> EBITDA based on trailing twelve months.

<sup>6</sup> Trade sales excluding sales attributable to acquisitions and divestitures consummated in the last 12 months.

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| **LEGGETT & PLATT** | Page 8 of 8 | **February 6, 2023** |

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|  **RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES <sup>10</sup>** | **RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES <sup>10</sup>** | **RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES <sup>10</sup>** | **RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES <sup>10</sup>** | **RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES <sup>10</sup>** | **RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES <sup>10</sup>** | **RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES <sup>10</sup>** | **RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES <sup>10</sup>** | **RECONCILIATION OF REPORTED (GAAP) TO ADJUSTED (Non-GAAP) FINANCIAL MEASURES <sup>10</sup>** |
| **Non-GAAP Adjustments <sup>7</sup>** | **Full Year** | **Full Year** | **2021** | **2021** | **2022** | **2022** | **2022** | **2022** |
| (In millions, except per share data) | **2021** | **2022** | **3Q** | **4Q** | **1Q** | **2Q** | **3Q** | **4Q** |
|  Gain on sale of real estate | (28.2) |  |  |  |  |  |  |  |
|  **Non-GAAP Adjustments (Pretax) <sup>8</sup>** | **(28.2)** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
|  Income tax impact | 6.9 |  |  |  |  |  |  |  |
|  **Non-GAAP Adjustments (After Tax)** | **(21.3)** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
|  Diluted shares outstanding | 136.7 | 136.5 | 136.9 | 137.0 | 136.9 | 136.7 | 136.1 | 136.1 |
|  **EPS Impact of Non-GAAP Adjustments** | **(0.16)** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| **Adjusted EBIT, EBITDA, Margin, and EPS <sup>7</sup>** | **Full Year** | **Full Year** | **2021** | **2021** | **2022** | **2022** | **2022** | **2022** |
| (In millions, except per share data) | **2021** | **2022** | **3Q** | **4Q** | **1Q** | **2Q** | **3Q** | **4Q** |
|  Trade sales | 5072.6 | 5146.7 | 1319.2 | 1332.9 | 1322.3 | 1334.2 | 1294.4 | 1195.8 |
|  EBIT (earnings before interest and taxes) | 596.0 | 485.0 | 144.2 | 152.2 | 137.6 | 143.0 | 113.2 | 91.2 |
|  Non-GAAP adjustments (pretax) | (28.2) |  |  |  |  |  |  |  |
|  **Adjusted EBIT** | **567.8** | **485.0** | **144.2** | **152.2** | **137.6** | **143.0** | **113.2** | **91.2** |
|  EBIT margin | 11.7% | 9.4% | 10.9% | 11.4% | 10.4% | 10.7% | 8.7% | 7.6% |
|  **Adjusted EBIT Margin** | **11.2%** | **9.4%** | **10.9%** | **11.4%** | **10.4%** | **10.7%** | **8.7%** | **7.6%** |
|  EBIT | 596.0 | 485.0 | 144.2 | 152.2 | 137.6 | 143.0 | 113.2 | 91.2 |
|  Depreciation and amortization | 187.3 | 179.8 | 46.6 | 46.5 | 45.7 | 44.5 | 44.1 | 45.5 |
|  EBITDA | 783.3 | 664.8 | 190.8 | 198.7 | 183.3 | 187.5 | 157.3 | 136.7 |
|  Non-GAAP adjustments (pretax) | (28.2) |  |  |  |  |  |  |  |
|  **Adjusted EBITDA** | **755.1** | **664.8** | **190.8** | **198.7** | **183.3** | **187.5** | **157.3** | **136.7** |
|  EBITDA margin | 15.4% | 12.9% | 14.5% | 14.9% | 13.9% | 14.1% | 12.2% | 11.4% |
|  **Adjusted EBITDA Margin** | **14.9%** | **12.9%** | **14.5%** | **14.9%** | **13.9%** | **14.1%** | **12.2%** | **11.4%** |
|  Diluted EPS | 2.94 | 2.27 | 0.71 | 0.77 | 0.66 | 0.70 | 0.52 | 0.39 |
|  EPS impact of non-GAAP adjustments | (0.16) |  |  |  |  |  |  |  |
|  **Adjusted EPS** | **2.78** | **2.27** | **0.71** | **0.77** | **0.66** | **0.70** | **0.52** | **0.39** |
| **Net Debt to Adjusted EBITDA <sup>9</sup>** | **Full Year** | **Full Year** | **2021** | **2021** | **2022** | **2022** | **2022** | **2022** |
|  | **2021** | **2022** | **3Q** | **4Q** | **1Q** | **2Q** | **3Q** | **4Q** |
|  Total debt | 2090.3 | 2083.6 | 2066.0 | 2090.3 | 2104.4 | 2090.8 | 2141.0 | 2083.6 |
|  Less: cash and equivalents | (361.7) | (316.5) | (234.7) | (361.7) | (327.3) | (269.9) | (226.2) | (316.5) |
|  Net debt | 1728.6 | 1767.1 | 1831.3 | 1728.6 | 1777.1 | 1820.9 | 1914.8 | 1767.1 |
|  Adjusted EBITDA, trailing 12 months | 755.1 | 664.8 | 760.8 | 755.1 | 764.6 | 760.3 | 726.8 | 664.8 |
|  **Net Debt / Leggett Reported 12-month Adjusted EBITDA** | **2.29** | **2.66** | **2.41** | **2.29** | **2.32** | **2.39** | **2.63** | **2.66** |

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<sup>7</sup> Management and investors use these measures as supplemental information to assess operational performance.

<sup>8</sup> The ($28.2) 2021 non-GAAP adjustment is included in the Other expense (income) line on the income statement. 

<sup>9</sup> Management and investors use this ratio as supplemental information to assess ability to pay off debt. These ratios are calculated differently than the Company's credit facility covenant ratio.

<sup>10</sup> Calculations impacted by rounding.