XML 67 R44.htm IDEA: XBRL DOCUMENT v3.22.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Earnings From Continuing Operations Before Income Taxes

The components of earnings before income taxes are as follows:

			Year Ended December 31
			2022						2021						2020
Domestic			$	163.6					$	249.7					$	115.3
Foreign			240.0						272.4						212.6
Earnings before income taxes			$	403.6					$	522.1					$	327.9

Income Tax Expense (Benefit)

Income tax expense (benefit) is comprised of the following components:

			Year Ended December 31
			2022						2021						2020
Current
Federal			$	48.3					$	57.0					$	36.9
State and local			7.9						11.5						7.8
Foreign			53.2						59.5						51.0
Total current			109.4						128.0						95.7
Deferred
Federal			(14.1)						(9.3)						(15.0)
State and local			(2.0)						(2.3)						(2.6)
Foreign			.4						3.1						(3.3)
Total deferred			(15.7)						(8.5)						(20.9)
Total income taxes			$	93.7					$	119.5					$	74.8

Schedule of Income Tax Expense (Benefit) From Continuing Operations Percentage

Income tax expense (benefit), as a percentage of earnings before income taxes, differs from the statutory federal income tax rate as follows:

			Year Ended December 31
			2022						2021						2020
Statutory federal income tax rate			21.0		%				21.0		%				21.0		%
Increases (decreases) in rate resulting from:
State taxes, net of federal benefit			.9						1.5						.8
Tax effect of foreign operations			(.5)						(.9)						(2.2)
Global intangible low-taxed income (GILTI)			.6						.5						(.3)
Current and deferred foreign withholding taxes			2.6						2.3						2.7
Stock-based compensation			(.1)						(.5)						(.6)
Change in valuation allowance			(.1)						—						.8
Change in uncertain tax positions, net			—						—						.6
Goodwill impairment			—						—						1.6
Other permanent differences, net			(1.0)						(.8)						(1.3)
Other, net			(.2)						(.2)						(.3)
Effective tax rate			23.2		%				22.9		%				22.8		%

Deferred Income Tax Assets and Liabilities

Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. The major temporary differences and their associated deferred tax assets or liabilities are as follows:

			December 31
			2022												2021
			Assets						Liabilities						Assets						Liabilities
Property, plant and equipment			$	15.0					$	(80.2)					$	16.8					$	(79.3)
Inventories			6.6						(6.5)						3.0						(13.1)
Accrued expenses			52.6						(.9)						65.5						(10.2)
Net operating losses and other tax carryforwards			25.6						—						29.1						—
Pension cost and other post-retirement benefits			7.5						(.8)						14.6						(.7)
Intangible assets			.1						(204.5)						.2						(200.0)
Derivative financial instruments			.6						(3.8)						1.2						(4.4)
Tax on undistributed earnings (primarily from Canada and China)			—						(17.0)						—						(16.0)
Uncertain tax positions			.8						—						.9						—
Other			11.8						(5.6)						5.5						(5.7)
Gross deferred tax assets (liabilities)			120.6						(319.3)						136.8						(329.4)
Valuation allowance			(15.7)						—						(16.2)						—
Total deferred taxes			$	104.9					$	(319.3)					$	120.6					$	(329.4)
Net deferred tax liability									$	(214.4)											$	(208.8)

Deferred Tax Assets And (Liabilities) Included In Consolidated Balance Sheets

Deferred tax assets (liabilities) included in the Consolidated Balance Sheets are as follows:

			December 31
			2022						2021
Sundry			$	8.3					$	8.6
Deferred income taxes			(222.7)						(217.4)
Net deferred tax liability			$	(214.4)					$	(208.8)

X

- Definition

Deferred Tax Assets And Liabilities Included In Consolidated Balance Sheets

+ References

No definition available.

+ Details

Name:	leg_DeferredTaxAssetsAndLiabilitiesIncludedInConsolidatedBalanceSheetsTableTextBlock
Namespace Prefix:	leg_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration