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Contingencies | 6 Months Ended
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Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract] |
Contingencies | Contingencies We are a party to various proceedings and matters involving employment, intellectual property, environmental, taxation, vehicle-related personal injury, shareholder actions and demands regarding the Somnigroup Merger, and other laws. When it is probable, in management's judgment, that we may incur monetary damages or other costs resulting from these proceedings or other claims, and we can reasonably estimate the amounts, we record appropriate accruals in the financial statements and make charges against earnings. For all periods presented, we have recorded no material charges against earnings. Also, when it is reasonably possible that we may incur additional loss in excess of recorded accruals, and we can reasonably estimate the additional losses or range of losses, we disclose such additional reasonably possible losses in these notes. Shareholder Claim Regarding Somnigroup Merger On July 8, 2026, Dharmesh Modi, a purported Leggett & Platt shareholder, filed a complaint against the Company, and certain of its directors including Karl G. Glassman, Angela Barbee, Robert E. Brunner, Mary Campbell, Joseph W. McClanathan, Srikanth Padmanabhan and Jai Shah (collectively, the “Modi Defendants”) in the United States District Court, for the Northern District of Illinois. Mr. Modi alleged that the Modi Defendants violated Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Rule 14a-9 promulgated under the Exchange Act, asserting that the proxy materials filed with the Securities and Exchange Commission (the "SEC") and delivered to the Leggett & Platt shareholders to seek approval of the Somnigroup Merger (the "Proxy Statement") are materially incomplete and contain materially misleading statements. Mr. Modi seeks (i) to enjoin the Modi Defendants from proceeding with the Leggett shareholder vote to approve the Somnigroup Merger or taking steps to consummate the Somnigroup Merger until curative disclosures that fully address the alleged deficiencies are made, (ii) to rescind the Somnigroup Merger Agreement, or grant Mr. Modi rescissory rights, and (iii) damages for the alleged wrongdoing, and reasonable fees and expenses. The Modi Defendants believe Mr. Modi’s allegations are without merit and that no additional disclosure is required in the proxy materials and intend to vigorously defend against the claims. On July 29, 2026, each of James Jones and Richard Lawrence, both purported Leggett & Platt shareholders, filed separate complaints (together, the “Complaints”) against the Modi Defendants and director Phoebe A. Wood (together with the Modi Defendants, the “Defendants”) in the Supreme Court of the State of New York, County of New York. The Complaints allege that the Proxy Statement is materially incomplete and misleading and assert claims for negligent misrepresentation and concealment and negligence under New York common law. The Complaints seek, among other things, to enjoin the Defendants from consummating the Somnigroup Merger until disclosures are made to address the alleged deficiencies, rescission of the Somnigroup Merger if consummated or awarding actual and punitive damages, costs of the actions, including attorneys’ fees and experts’ fees and expenses, and any other relief the court may deem just and proper. The Defendants believe each of the Complaints' allegations are without merit and that no additional disclosure is required in the Proxy Statement and intend to vigorously defend against the Complaints. On August 3, 2026, Martin Siegel, a purported Leggett & Platt shareholder, filed a complaint (the “Siegel Complaint”) against the Company, all of the above named members of the Company’s Board of Directors, Somnigroup International Inc., and Sparrow Unity Corporation (collectively, the “Siegel Defendants”) in the Circuit Court of St. Louis County, State of Missouri. The Siegel Complaint alleges that the Siegel Defendants (i) violated the Missouri Securities Act, (ii) violated the New Jersey Uniform Securities Law, (iii) are liable for negligent misrepresentation, concealment, and negligence under the common law of Missouri and New Jersey, and (iv) are liable for civil conspiracy under the New Jersey common law. All of the allegations are based, in part, on assertions that the Proxy Statement/Prospectus contains materially false and misleading statements and omits facts necessary to make the statements made, in light of the circumstances, not misleading, and that the Siegel Defendants aided in the preparation, approval, and dissemination of the Proxy Statement/Prospectus. The Siegel Complaint seeks, among other things, to require the Siegel Defendants to make corrective and complete disclosures, to enjoin and/or rescind the shareholder vote concerning the Somnigroup Merger until trial or until the Siegel Defendants make corrective and complete disclosures, and to award interest, attorneys’ fees, expert fees, and other expenses and costs in an amount to be determined. The Company believes the allegations in the Siegel Complaint are without merit and that no additional disclosure is required in the Proxy Statement/Prospectus and intends to vigorously defend against the Siegel Complaint. Accruals and Reasonably Possible Losses in Excess of Accruals Accruals for Probable Losses. Although we deny liability in all currently threatened or pending litigation proceedings, we have recorded a litigation contingency accrual for our reasonable estimate of probable loss, in the aggregate, of $1.4 and $1.8 at June 30, 2026 and December 31, 2025, respectively. There were no material adjustments to the accrual, including cash payments and expense, for the six-month periods ending June 30, 2026 and June 30, 2025. The accruals do not include accrued expenses related to employment, workers' compensation, vehicle-related personal injury, product and general liability claims, taxation issues, and environmental matters, some of which may contain a portion of litigation expense. However, any litigation expense associated with these categories is not anticipated to have a material effect on our financial condition, results of operations, or cash flows.
Reasonably Possible Losses in Excess of Accruals. Although there are a number of uncertainties and potential outcomes associated with our pending or threatened litigation proceedings, we believe, based on current known facts, that additional losses, if any, are not expected to materially affect our consolidated financial position, results of operations, or cash flows. However, based upon current known facts, as of June 30, 2026, aggregate reasonably possible losses in excess of the accruals noted above are estimated to be $18.0. If our assumptions or analyses regarding any of our contingencies are incorrect, or if facts change or future litigation arises, we could realize losses in excess of the recorded accruals (including losses in excess of the $18.0 referenced above), which could have a material negative impact on our financial condition, results of operations, and cash flows.

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