---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-008057"
form_type: "8-K"
ticker: "LEG"
cik: "0000058492"
company_name: "LEGGETT & PLATT INC"
filed_at: "2024-01-16T23:59:59+00:00"
generated_at: "2026-06-06T23:35:00.890954+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Leggett & Platt announces restructuring, $450M impairment, withdraws long-term targets

## Summary
- Restructuring plan consolidates 15-20 of 50 Bedding facilities; cuts 900-1,100 jobs; targets $40-50M annualized EBIT by late 2025.
- Total restructuring costs $65-85M ($30-40M cash); expects $60-80M from real estate sales; annual sales fall ~$100M.
- Non-cash impairment charge of ~$450M in Q4 2023 for Bedding intangibles from prior acquisitions, due to weak demand and customer instability.
- Company withdraws long-term financial targets including TSR goal of 11-14%, revenue growth, EBIT margin, and dividend payout ratio.
- Restructuring mostly complete by end of 2025; initial benefit expected in H2 2024.

## SEC filing metadata
- accession: 0001193125-24-008057
- form_type: 8-K
- ticker: LEG
- cik: 0000058492
- company_name: LEGGETT & PLATT INC
- filed_at: 2024-01-16T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 2.06, 2.05, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/58492/000119312524008057/0001193125-24-008057-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/58492/000119312524008057/d132201d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-008057
- JSON: https://secwatch.observer/filing/0001193125-24-008057.json
- Plain text: https://secwatch.observer/filing/0001193125-24-008057.txt

## Key facts
- Earnings Releases
  LEGGETT & PLATT INC reported preliminary financial results for the completed fourth quarter and year-end 2023.
  - Period: the completed fourth quarter and year-end 2023
  - Result: preliminary results
  source text: The Company is not otherwise updating guidance for, or reporting upon, its 2023 year-end financial results. These financial results will be released on February 8, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/58492/000119312524008057/0001193125-24-008057-index.htm
- Restructurings & Charges
  LEGGETT & PLATT INC announced a impairment with charges of approximately $450 million affecting Bedding Products segment.
  - Type: impairment
  - Charge: approximately $450 million
  - Affected area: Bedding Products segment
  source text: we concluded, on January 12, 2024 that the Company will record an estimated pre-tax impairment charge of approximately $450 million related to long-lived assets (primarily the intangibles).
  evidence_url: https://www.sec.gov/Archives/edgar/data/58492/000119312524008057/0001193125-24-008057-index.htm
- Restructurings & Charges
  LEGGETT & PLATT INC announced a restructuring with charges of $65 to $85 million affecting Bedding Products segment (900 to 1,100).
  - Type: restructuring
  - Charge: $65 to $85 million
  - Affected area: Bedding Products segment
  - Headcount: 900 to 1,100
  source text: Plan. These transactions are expected to be largely complete by the end of 2025. In aggregate, we expect to incur restructuring and restructuring-related costs between $65 and $85 million, of which approximately half are anticipated to be incurred in 2024 and the remainder in 2025. This includes $30 to $40 million in cash costs, the majority of
  evidence_url: https://www.sec.gov/Archives/edgar/data/58492/000119312524008057/0001193125-24-008057-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.