Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 27, 2014 | Oct. 22, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 27-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | 'Q3 | ' |
Trading Symbol | 'LEA | ' |
Entity Registrant Name | 'LEAR CORP | ' |
Entity Central Index Key | '0000842162 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 79,255,325 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 27, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
CURRENT ASSETS: | ' | ' | ||
Cash and cash equivalents | $872.70 | [1] | $1,137.70 | |
Accounts receivable | 2,843 | [1] | 2,278.30 | |
Inventories | 899.1 | [1] | 818.7 | |
Other | 718.2 | [1] | 687.8 | |
Total current assets | 5,333 | [1] | 4,922.50 | |
LONG-TERM ASSETS: | ' | ' | ||
Property, plant and equipment, net | 1,614.40 | [1] | 1,587.20 | |
Goodwill | 740.2 | [1] | 757.2 | |
Other | 1,003.60 | [1] | 1,064 | |
Total long-term assets | 3,358.20 | [1] | 3,408.40 | |
Total assets | 8,691.20 | [1] | 8,330.90 | |
CURRENT LIABILITIES: | ' | ' | ||
Accounts payable and drafts | 2,614.60 | [1] | 2,438.70 | |
Accrued liabilities | 1,336.30 | [1] | 1,140.40 | |
Total current liabilities | 3,950.90 | [1] | 3,579.10 | |
LONG-TERM LIABILITIES: | ' | ' | ||
Long-term debt | 1,068.70 | 1,057.10 | ||
Other | 515.8 | [1] | 545.2 | |
Total long-term liabilities | 1,584.50 | [1] | 1,602.30 | |
EQUITY: | ' | ' | ||
Preferred stock, 100,000,000 shares authorized (including 10,896,250 Series A convertible preferred stock authorized); no shares outstanding | 0 | [1] | 0 | |
Common stock, $0.01 par value, 300,000,000 shares authorized; 88,169,235 and 88,062,341 shares issued as of September 27, 2014 and December 31, 2013, respectively | 0.9 | [1] | 0.9 | |
Additional paid-in capital, including warrants to purchase common stock | 1,613.20 | [1] | 1,652.90 | |
Common stock held in treasury, 8,920,774 and 7,311,037 shares as of September 27, 2014 and December 31, 2013, respectively, at cost | -544.9 | [1] | -362.1 | |
Retained earnings | 2,280.20 | [1] | 1,920.30 | |
Accumulated other comprehensive loss | -267.5 | [1] | -166.1 | |
Lear Corporation stockholders’ equity | 3,081.90 | [1] | 3,045.90 | |
Noncontrolling interests | 73.9 | [1] | 103.6 | [1] |
Equity | 3,155.80 | [1] | 3,149.50 | |
Total liabilities and equity | $8,691.20 | [1] | $8,330.90 | |
[1] | (1)Â Unaudited. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 88,169,235 | 88,062,341 |
Common stock held in treasury, shares | 8,920,774 | 7,311,037 |
Series A convertible preferred stock | ' | ' |
Preferred stock, shares authorized | 10,896,250 | 10,896,250 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $4,232.70 | $3,917.70 | $13,177.60 | $11,977.90 |
Cost of sales | 3,871.50 | 3,587.50 | 12,076.80 | 10,997.60 |
Selling, general and administrative expenses | 128.1 | 128.6 | 402.8 | 386.1 |
Amortization of intangible assets | 8.6 | 8.6 | 25.4 | 25.8 |
Interest expense | 15.7 | 17.5 | 47.1 | 51.6 |
Other expense, net | 11.1 | 16.8 | 57.1 | 37.8 |
Consolidated income before provision for income taxes and equity in net income of affiliates | 197.7 | 158.7 | 568.4 | 479 |
Provision for income taxes | 57.6 | 51.2 | 163.1 | 130.2 |
Equity in net income of affiliates | -7.8 | -9.2 | -29 | -27.1 |
Consolidated net income | 147.9 | 116.7 | 434.3 | 375.9 |
Less: Net income attributable to noncontrolling interests | 7.8 | 3.9 | 23.7 | 17.3 |
Net income attributable to Lear | 140.1 | 112.8 | 410.6 | 358.6 |
Basic net income per share attributable to Lear | $1.75 | $1.40 | $5.09 | $4.14 |
Diluted net income per share attributable to Lear | $1.72 | $1.38 | $5.01 | $4.09 |
Average common shares outstanding | 79,974,811 | 80,674,338 | 80,652,376 | 86,609,304 |
Average diluted shares outstanding | 81,403,225 | 81,754,163 | 82,027,127 | 87,650,438 |
Consolidated comprehensive income (Note 13) | 50.9 | 148.3 | 332.2 | 356.7 |
Less: Comprehensive income attributable to noncontrolling interests | 9.2 | 4.1 | 23 | 18.2 |
Comprehensive income attributable to Lear | $41.70 | $144.20 | $309.20 | $338.50 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | |
Cash Flows from Operating Activities: | ' | ' | |
Consolidated net income | $434.30 | $375.90 | |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ' | ' | |
Depreciation and amortization | 232.6 | 208.3 | |
Net change in recoverable customer engineering, development and tooling | -4.4 | -17.2 | |
Net change in working capital items (see below) | -321.7 | -157.7 | |
Other, net | 70.9 | 20.3 | |
Net cash provided by operating activities | 411.7 | 429.6 | |
Cash Flows from Investing Activities: | ' | ' | |
Additions to property, plant and equipment | -280.8 | -329.2 | |
Insurance proceeds | 0 | 7.1 | |
Other, net | -9 | 40.7 | |
Net cash used in investing activities | -289.8 | -281.4 | |
Cash Flows from Financing Activities: | ' | ' | |
Proceeds from the issuance of senior notes | 325 | 500 | |
Repurchase of senior notes | -327.1 | -72.1 | |
Payment of debt issuance and other financing costs | -3.8 | -13.4 | |
Repurchase of common stock | -259.4 | -1,000.10 | |
Dividends paid to Lear Corporation stockholders | -49.6 | -44.8 | |
Dividends paid to noncontrolling interests | -17.5 | -33.4 | |
Other, net | -39.2 | -9.7 | |
Net cash used in financing activities | -371.6 | -673.5 | |
Effect of foreign currency translation | -15.3 | 7.1 | |
Net Change in Cash and Cash Equivalents | -265 | -518.2 | |
Cash and Cash Equivalents as of Beginning of Period | 1,137.70 | 1,402.20 | |
Cash and Cash Equivalents as of End of Period | 872.7 | [1] | 884 |
Changes in Working Capital Items: | ' | ' | |
Accounts receivable | -652.7 | -567.3 | |
Inventories | -111.9 | -121.8 | |
Accounts payable | 259.1 | 320.1 | |
Accrued liabilities and other | 183.8 | 211.3 | |
Net change in working capital items | -321.7 | -157.7 | |
Supplementary Disclosure: | ' | ' | |
Cash paid for interest | 68.6 | 63.3 | |
Cash paid for income taxes, net of refunds received | $133.10 | $121.40 | |
[1] | (1)Â Unaudited. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 27, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Lear Corporation (“Lear,” and together with its consolidated subsidiaries, the “Company”) and its affiliates design and manufacture automotive seating and electrical distribution systems and related components. The Company’s main customers are automotive original equipment manufacturers. The Company operates facilities worldwide. | |
The accompanying condensed consolidated financial statements include the accounts of Lear, a Delaware corporation, and the wholly owned and less than wholly owned subsidiaries controlled by Lear. In addition, Lear consolidates all entities, including variable interest entities, in which it has a controlling financial interest. Investments in affiliates in which Lear does not have control, but does have the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method. | |
The Company’s annual financial results are reported on a calendar year basis, and quarterly interim results are reported using a thirteen week reporting calendar. | |
Certain amounts in the prior period’s financial statements have been reclassified to conform to the presentation used in the quarter ended September 27, 2014. | |
Cost of Sales and Selling, General and Administrative Expenses | |
Cost of sales includes material, labor and overhead costs associated with the manufacture and distribution of the Company’s products. Distribution costs include inbound freight costs, purchasing and receiving costs, inspection costs, warehousing costs and other costs of the Company’s distribution network. Selling, general and administrative expenses include selling, engineering and development and administrative costs not directly associated with the manufacture and distribution of the Company’s products. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 27, 2014 | |
Business Combinations [Abstract] | ' |
Acquistion | ' |
Acquisition | |
On August 27, 2014, the Company signed a definitive agreement to acquire Everett Smith Group Ltd., the parent of Eagle Ottawa, LLC (“Eagle Ottawa”), a supplier of leather for the automotive industry. Eagle Ottawa is a privately-held company based in Auburn Hills, Michigan. The transaction has a value of approximately $850 million on a cash and debt free basis. The closing of the transaction is expected to occur in the first quarter of 2015 and is subject to customary conditions, including regulatory approval. |
Restructuring
Restructuring | 9 Months Ended | |||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Restructuring | ' | |||||||||||||||||||
Restructuring | ||||||||||||||||||||
Restructuring costs include employee termination benefits, fixed asset impairment charges and contract termination costs, as well as other incremental costs resulting from the restructuring actions. These incremental costs principally include equipment and personnel relocation costs. The Company also incurs incremental manufacturing inefficiency costs at the operating locations impacted by the restructuring actions during the related restructuring implementation period. Restructuring costs are recognized in the Company’s consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). Generally, charges are recorded as restructuring actions are approved and/or implemented. | ||||||||||||||||||||
In the first nine months of 2014, the Company recorded charges of $86.6 million in connection with its restructuring actions. These charges consist of $71.4 million recorded as cost of sales, $14.2 million recorded as selling, general and administrative expenses and $1.0 million recorded as other expense. The restructuring charges consist of employee termination benefits of $72.9 million, asset impairment charges of $0.1 million and contract termination costs of $0.3 million, as well as other related costs of $13.3 million. Employee termination benefits were recorded based on existing union and employee contracts, statutory requirements, completed negotiations and Company policy. Asset impairment charges relate to the disposal of buildings, leasehold improvements and machinery and/or equipment with carrying values of $0.1 million in excess of related estimated fair values. The Company expects to incur approximately $34 million of additional restructuring costs related to activities initiated as of September 27, 2014, and expects that the components of such costs will be consistent with its historical experience. Any future restructuring actions will depend upon market conditions, customer actions and other factors. | ||||||||||||||||||||
A summary of 2014 activity is shown below (in millions): | ||||||||||||||||||||
Utilization | ||||||||||||||||||||
Accrual as of | 2014 | Cash | Non-cash | Accrual as of | ||||||||||||||||
January 1, 2014 | Charges | September 27, 2014 | ||||||||||||||||||
Employee termination benefits | $ | 38.7 | $ | 72.9 | $ | (71.0 | ) | $ | — | $ | 40.6 | |||||||||
Asset impairment charges | — | 0.1 | — | (0.1 | ) | — | ||||||||||||||
Contract termination costs | 5.6 | 0.3 | (0.8 | ) | — | 5.1 | ||||||||||||||
Other related costs | — | 13.3 | (13.3 | ) | — | — | ||||||||||||||
Total | $ | 44.3 | $ | 86.6 | $ | (85.1 | ) | $ | (0.1 | ) | $ | 45.7 | ||||||||
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out method. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. A summary of inventories is shown below (in millions): | ||||||||
September 27, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 694.2 | $ | 633.5 | ||||
Work-in-process | 50.5 | 45.8 | ||||||
Finished goods | 154.4 | 139.4 | ||||||
Inventories | $ | 899.1 | $ | 818.7 | ||||
PreProduction_Costs_Related_to
Pre-Production Costs Related to Long-Term Supply Agreements | 9 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Text Block [Abstract] | ' | |||||||
Pre-Production Costs Related to Long-Term Supply Agreements | ' | |||||||
Pre-Production Costs Related to Long-Term Supply Agreements | ||||||||
The Company incurs pre-production engineering and development (“E&D”) and tooling costs related to the products produced for its customers under long-term supply agreements. The Company expenses all pre-production E&D costs for which reimbursement is not contractually guaranteed by the customer. In addition, the Company expenses all pre-production tooling costs related to customer-owned tools for which reimbursement is not contractually guaranteed by the customer or for which the Company does not have a non-cancelable right to use the tooling. During the first nine months of 2014 and 2013, the Company capitalized $143.0 million and $139.8 million, respectively, of pre-production E&D costs for which reimbursement is contractually guaranteed by the customer. During the first nine months of 2014 and 2013, the Company also capitalized $118.2 million and $164.3 million, respectively, of pre-production tooling costs related to customer-owned tools for which reimbursement is contractually guaranteed by the customer or for which the Company has a non-cancelable right to use the tooling. These amounts are included in other current and long-term assets in the accompanying condensed consolidated balance sheets. During the first nine months of 2014 and 2013, the Company collected $247.2 million and $296.5 million, respectively, of cash related to E&D and tooling costs. | ||||||||
The classification of recoverable customer E&D and tooling costs related to long-term supply agreements is shown below (in millions): | ||||||||
27-Sep-14 | December 31, | |||||||
2013 | ||||||||
Current | $ | 138.2 | $ | 134.2 | ||||
Long-term | 47.9 | 52.9 | ||||||
Recoverable customer E&D and tooling | $ | 186.1 | $ | 187.1 | ||||
LongTerm_Assets
Long-Term Assets | 9 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Text Block [Abstract] | ' | |||||||
Long-Term Assets | ' | |||||||
Long-Term Assets | ||||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment is stated at cost. Costs associated with the repair and maintenance of the Company’s property, plant and equipment are expensed as incurred. Costs associated with improvements which extend the life, increase the capacity or improve the efficiency or safety of the Company’s property, plant and equipment are capitalized and depreciated over the remaining useful life of the related asset. Depreciable property is depreciated over the estimated useful lives of the assets, using principally the straight-line method. | ||||||||
A summary of property, plant and equipment is shown below (in millions): | ||||||||
September 27, | 31-Dec-13 | |||||||
2014 | ||||||||
Land | $ | 111.4 | $ | 113.4 | ||||
Buildings and improvements | 538.6 | 532 | ||||||
Machinery and equipment | 1,835.00 | 1,645.00 | ||||||
Construction in progress | 141.9 | 155.2 | ||||||
Total property, plant and equipment | 2,626.90 | 2,445.60 | ||||||
Less – accumulated depreciation | (1,012.5 | ) | (858.4 | ) | ||||
Property, plant and equipment, net | $ | 1,614.40 | $ | 1,587.20 | ||||
Depreciation expense was $71.3 million and $64.4 million for the three months ended September 27, 2014 and September 28, 2013, respectively, and $207.2 million and $182.5 million for the nine months ended September 27, 2014 and September 28, 2013, respectively. | ||||||||
The Company monitors its long-lived assets for impairment indicators on an ongoing basis in accordance with GAAP. If impairment indicators exist, the Company performs the required impairment analysis by comparing the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. The Company does not believe that there were any indicators that would have resulted in long-lived asset impairment charges as of September 27, 2014. The Company will, however, continue to assess the impact of any significant industry events and long-term automotive production estimates on the realization of its long-lived assets. | ||||||||
In the first nine months of 2014 and 2013, the Company recognized fixed asset impairment charges of $0.1 million and $4.6 million, respectively, in conjunction with its restructuring actions (Note 3, “Restructuring”), as well as additional fixed asset impairment charges of $0.9 million in the three and nine months ended September 27, 2014. | ||||||||
Investments in Affiliates | ||||||||
In the first quarter of 2013, the Company completed the sale of its 22.88% ownership interest in International Automotive Components Group North America, LLC for net proceeds of $49.6 million. The Company did not recognize a significant gain or loss related to this transaction. |
Goodwill
Goodwill | 9 Months Ended | |||
Sep. 27, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||
Goodwill | ' | |||
Goodwill | ||||
A summary of the changes in the carrying amount of goodwill, all of which relates to the seating segment, for the nine months ended September 27, 2014, is shown below (in millions): | ||||
Balance as of January 1, 2014 | $ | 757.2 | ||
Foreign currency translation and other | (17.0 | ) | ||
Balance as of September 27, 2014 | $ | 740.2 | ||
Goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates that an impairment is more likely than not to have occurred. In conducting its annual impairment testing, the Company may first perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If not, no further goodwill impairment testing is required. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or if the Company elects not to perform a qualitative assessment of a reporting unit, the Company then compares the fair value of the reporting unit to the related net book value. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. The Company conducts its annual impairment testing as of the first day of its fourth quarter. | ||||
The Company does not believe that there were any indicators that would have resulted in goodwill impairment charges as of September 27, 2014. The Company will, however, continue to assess the impact of significant events or circumstances on its recorded goodwill. |
Debt
Debt | 9 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt | ' | |||||||||||
Debt | ||||||||||||
A summary of long-term debt and the related weighted average interest rates is shown below (in millions): | ||||||||||||
27-Sep-14 | 31-Dec-13 | |||||||||||
Long-Term | Weighted | Long-Term | Weighted | |||||||||
Debt | Average | Debt | Average | |||||||||
Interest Rate | Interest Rate | |||||||||||
7.875% Senior Notes due 2018 | $ | — | — | $ | 278.8 | 8.00% | ||||||
8.125% Senior Notes due 2020 | 243.7 | 8.25% | 278.3 | 8.25% | ||||||||
4.75% Senior Notes due 2023 | 500 | 4.75% | 500 | 4.75% | ||||||||
5.375% Senior Notes due 2024 | 325 | 5.38% | — | — | ||||||||
Long-term debt | $ | 1,068.70 | $ | 1,057.10 | ||||||||
Senior Notes | ||||||||||||
As of September 27, 2014, the Company’s long-term debt consists of $245 million in aggregate principal amount of senior unsecured notes due 2020 at a stated coupon rate of 8.125% (the “2020 Notes”), $500 million in aggregate principal amount of senior unsecured notes due 2023 at a stated coupon rate of 4.75% (the “2023 Notes”) and $325 million in aggregate principal amount of senior unsecured notes due 2024 at a stated coupon rate of 5.375% (the “2024 Notes,” and together with the 2020 Notes and 2023 Notes, the “Notes”). | ||||||||||||
The 2020 Notes were issued on March 26, 2010, at 99.164% of par, resulting in a yield to maturity of 8.25%, and interest is payable on March 15 and September 15 of each year. The 2020 Notes mature on March 15, 2020. The 2023 Notes were issued on January 17, 2013, and interest is payable on January 15 and July 15 of each year. The 2023 Notes were offered and sold in a private transaction to qualified institutional buyers under Rule 144A and, outside of the United States, pursuant to Regulation S of the Securities Act of 1933, as amended (the “Securities Act”). In accordance with the registration rights agreement entered into at the time of the issuance of the 2023 Notes, the Company completed an exchange offer to exchange the 2023 Notes for substantially identical notes registered under the Securities Act in the second quarter of 2014. The 2023 Notes mature on January 15, 2023. | ||||||||||||
The 2024 Notes were issued on March 11, 2014, and interest is payable on March 15 and September 15 of each year. The proceeds from the offering of $325 million, net of related issuance costs of $3.8 million and together with existing cash on hand, were used to redeem the remaining aggregate principal amount of the Company’s 7.875% senior unsecured notes due 2018 (the “2018 Notes”) ($280 million) and to redeem 10% of the original aggregate principal amount of the 2020 Notes ($35 million) at stated redemption prices, plus accrued and unpaid interest to the respective redemption dates. In connection with these transactions, the Company paid $327.1 million and recognized losses of $17.5 million on the extinguishment of debt in the first quarter of 2014. | ||||||||||||
The Company may redeem all or part of the 2024 Notes, at its option, at any time on or after March 15, 2019, at the redemption prices set forth below, plus accrued and unpaid interest to the redemption date. | ||||||||||||
Twelve-Month Period Commencing March 15, | 2024 Notes | |||||||||||
2019 | 102.69% | |||||||||||
2020 | 101.79% | |||||||||||
2021 | 100.90% | |||||||||||
2022 and thereafter | 100.00% | |||||||||||
Prior to March 15, 2017, the Company may redeem up to 35% of the aggregate principal amount of the 2024 Notes, in an amount not to exceed the amount of net cash proceeds of one or more equity offerings, at a redemption price equal to 105.375% of the aggregate principal amount thereof, plus accrued and unpaid interest to the redemption date, provided that at least 65% of the original aggregate principal amount of the 2024 Notes remains outstanding after the redemption and any such redemption is made 90 days after the closing of such equity offering. Prior to March 15, 2019, the Company may redeem the 2024 Notes, in whole or in part, at a redemption price equal to 100% of the aggregate principal amount thereof, plus a “make-whole” premium as of, and accrued and unpaid interest to, the redemption date. | ||||||||||||
The Notes are senior unsecured obligations. The Company’s obligations under the Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain domestic subsidiaries, which are directly or indirectly 100% owned by Lear. See Note 18, “Supplemental Guarantor Condensed Consolidating Financial Statements.” | ||||||||||||
The indenture governing the 2020 Notes contains restrictive covenants that, among other things, limit the ability of the Company and its subsidiaries to: (i) incur additional debt, (ii) pay dividends and make other restricted payments, (iii) create or permit certain liens, (iv) issue or sell capital stock of the Company’s restricted subsidiaries, (v) use the proceeds from sales of assets and subsidiary stock, (vi) create or permit restrictions on the ability of the Company’s restricted subsidiaries to pay dividends or make other distributions to the Company, (vii) enter into transactions with affiliates, (viii) enter into sale and leaseback transactions and (ix) consolidate or merge or sell all or substantially all of the Company’s assets. The foregoing limitations are subject to exceptions as set forth in the 2020 Notes. In addition, if in the future the 2020 Notes have an investment grade credit rating from both Moody’s Investors Service and Standard & Poor’s Ratings Services and no default has occurred and is continuing, certain of these covenants will, thereafter, no longer apply to the 2020 Notes for so long as the 2020 Notes have an investment grade credit rating by both rating agencies. The indenture governing the 2020 Notes also contains customary events of default. | ||||||||||||
Subject to certain exceptions, the indenture governing the 2023 Notes and 2024 Notes contains restrictive covenants that, among other things, limit the ability of the Company to: (i) create or permit certain liens, (ii) enter into sale and leaseback transactions and (iii) consolidate or merge or sell all or substantially all of the Company’s assets. These indentures also provide for customary events of default. | ||||||||||||
As of September 27, 2014, the Company was in compliance with all covenants under the indentures governing the Notes. | ||||||||||||
2013 Redemption of Senior Notes | ||||||||||||
In the first quarter of 2013, the Company redeemed 10% of the original aggregate principal amount of each of the 2018 Notes and 2020 Notes ($70 million, in aggregate) at the stated redemption price, plus accrued and unpaid interest to the redemption date. In connection with this transaction, the Company paid $72.1 million and recognized a loss of $3.6 million on the partial extinguishment of debt in the first quarter of 2013. | ||||||||||||
Revolving Credit Facility | ||||||||||||
The Company’s amended and restated credit agreement, which matures on January 30, 2018, provides for a $1.0 billion revolving credit facility. As of September 27, 2014 and December 31, 2013, there were no borrowings outstanding under the revolving credit facility. | ||||||||||||
Advances under the revolving credit facility generally bear interest at a variable rate per annum equal to (i) the Eurocurrency Rate (as defined) plus an adjustable margin of 1.0% to 2.25% based on the Company’s corporate rating (1.5% as of September 27, 2014), payable on the last day of each applicable interest period but in no event less frequently than quarterly, or (ii) the Adjusted Base Rate (as defined) plus an adjustable margin of 0.0% to 1.25% based on the Company’s corporate rating (0.50% as of September 27, 2014), payable quarterly. A facility fee which ranges from 0.25% to 0.50% of the total amount committed under the revolving credit facility, is payable quarterly. | ||||||||||||
The Company’s obligations under the revolving credit facility are secured on a first priority basis by a lien on substantially all of the U.S. assets of the Company and its domestic subsidiaries, as well as 100% of the stock of the Company’s domestic subsidiaries and 65% of the stock of certain of the Company’s foreign subsidiaries. In addition, obligations under the revolving credit facility are guaranteed, jointly and severally, on a first priority basis, by certain domestic subsidiaries, which are directly or indirectly 100% owned by Lear. See Note 18, “Supplemental Guarantor Condensed Consolidating Financial Statements.” | ||||||||||||
The revolving credit facility contains various customary representations, warranties and covenants by the Company, including, without limitation, (i) covenants regarding maximum leverage and minimum interest coverage, (ii) limitations on fundamental changes involving the Company or its subsidiaries and (iii) limitations on indebtedness, liens, investments and restricted payments. As of September 27, 2014, the Company was in compliance with all covenants under the agreement governing the revolving credit facility. | ||||||||||||
For further information on the Notes and the revolving credit facility, see Note 6, “Debt,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefit Plans | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans | ' | |||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans | ||||||||||||||||||||||||||||||||
Net Periodic Pension and Other Postretirement Benefit Cost | ||||||||||||||||||||||||||||||||
The components of the Company’s net periodic pension benefit cost are shown below (in millions): | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | |||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||||||||||
Service cost | $ | 0.9 | $ | 2.2 | $ | 0.8 | $ | 2.4 | $ | 2.7 | $ | 6.5 | $ | 2.2 | $ | 7.4 | ||||||||||||||||
Interest cost | 7.2 | 5.1 | 6.5 | 5.1 | 21.4 | 15.4 | 19.6 | 15.5 | ||||||||||||||||||||||||
Expected return on plan assets | (9.6 | ) | (6.9 | ) | (8.1 | ) | (6.2 | ) | (28.6 | ) | (20.4 | ) | (24.3 | ) | (18.9 | ) | ||||||||||||||||
Amortization of actuarial (gain) loss | (0.1 | ) | 0.4 | 1 | 1.6 | (0.2 | ) | 1 | 3.1 | 4.8 | ||||||||||||||||||||||
Settlement loss | — | — | — | — | 0.1 | — | — | — | ||||||||||||||||||||||||
Net periodic benefit cost | $ | (1.6 | ) | $ | 0.8 | $ | 0.2 | $ | 2.9 | $ | (4.6 | ) | $ | 2.5 | $ | 0.6 | $ | 8.8 | ||||||||||||||
The components of the Company’s net periodic other postretirement benefit cost are shown below (in millions): | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | |||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||||||||||
Service cost | $ | — | $ | 0.3 | $ | — | $ | 0.3 | $ | 0.1 | $ | 0.7 | $ | 0.1 | $ | 0.8 | ||||||||||||||||
Interest cost | 1 | 0.5 | 0.9 | 0.7 | 3 | 1.5 | 2.7 | 2.3 | ||||||||||||||||||||||||
Amortization of actuarial (gain) loss | (0.1 | ) | (0.1 | ) | — | 0.1 | (0.5 | ) | — | (0.1 | ) | 0.3 | ||||||||||||||||||||
Amortization of prior service credit | — | (0.1 | ) | — | (0.1 | ) | — | (0.3 | ) | — | (0.3 | ) | ||||||||||||||||||||
Special termination benefits | — | 0.2 | — | 0.1 | — | 0.4 | — | 0.3 | ||||||||||||||||||||||||
Net periodic benefit cost | $ | 0.9 | $ | 0.8 | $ | 0.9 | $ | 1.1 | $ | 2.6 | $ | 2.3 | $ | 2.7 | $ | 3.4 | ||||||||||||||||
Contributions | ||||||||||||||||||||||||||||||||
Employer contributions to the Company’s domestic and foreign pension plans for the nine months ended September 27, 2014, were $12.9 million. The Company expects contributions to its domestic and foreign pension plans of approximately $20 million in 2014. The Company may elect to make contributions in excess of minimum funding requirements in response to investment performance or changes in interest rates or when the Company believes that it is financially advantageous to do so and based on its other cash requirements. | ||||||||||||||||||||||||||||||||
Employer contributions to the Company’s defined contribution retirement program for its salaried employees, determined as a percentage of each covered employee’s eligible compensation, for the nine months ended September 27, 2014, were $12.5 million. The Company expects total contributions of approximately $16 million to this program in 2014. |
Other_Expense_Net
Other Expense, Net | 9 Months Ended | |||||||||||||||
Sep. 27, 2014 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Other Expense, Net | ' | |||||||||||||||
Other Expense, Net | ||||||||||||||||
Other expense, net includes non-income related taxes, foreign exchange gains and losses, gains and losses related to certain derivative instruments and hedging activities, gains and losses on the extinguishment of debt, gains and losses on the disposal of fixed assets and other miscellaneous income and expense. A summary of other expense, net is shown below (in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Other expense | $ | 16.4 | $ | 17.3 | $ | 63 | $ | 38.8 | ||||||||
Other income | (5.3 | ) | (0.5 | ) | (5.9 | ) | (1.0 | ) | ||||||||
Other expense, net | $ | 11.1 | $ | 16.8 | $ | 57.1 | $ | 37.8 | ||||||||
For the nine months ended September 27, 2014 and September 28, 2013, other expense includes losses on the extinguishment of debt of $17.5 million and $3.6 million, respectively. See Note 8, “Debt.” | ||||||||||||||||
For the three and nine months ended September 27, 2014, other expense includes net foreign currency transaction losses of $10.7 million and $22.7 million, respectively. For the three and nine months ended September 28, 2013, other expense includes net foreign currency transaction losses of $10.2 million and $16.7 million, respectively. | ||||||||||||||||
For the three and nine months ended September 27, 2014, other income includes net gains related to transactions with affiliates of $5.2 million and $4.1 million, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 27, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The provision for income taxes was $57.6 million for the third quarter of 2014, representing an effective tax rate of 29.1% on pretax income before equity in net income of affiliates of $197.7 million, as compared to $51.2 million for the third quarter of 2013, representing an effective tax rate of 32.3% on pretax income before equity in net income of affiliates of $158.7 million. The provision for income taxes was $163.1 million for the nine months ended September 27, 2014, representing an effective tax rate of 28.7% on pretax income before equity in net income of affiliates of $568.4 million, as compared to $130.2 million for the nine months ended September 28, 2013, representing an effective tax rate of 27.2% on pretax income before equity in net income of affiliates of $479.0 million. | |
In the first nine months of 2014 and 2013, the provision for income taxes was primarily impacted by the level and mix of earnings among tax jurisdictions. The provision was also impacted by a portion of the Company’s restructuring charges and other expenses, for which no tax benefit was provided as the charges were incurred in certain countries for which no tax benefit is likely to be realized due to a history of operating losses in those countries. In the first nine months of 2014, the Company recognized tax benefits of $26.8 million related to debt redemption costs, restructuring charges and various other items and tax benefits of $13.4 million primarily related to reductions in tax reserves due to tax audit settlements and the release of valuation allowances with respect to the deferred tax assets of certain foreign subsidiaries. In the first nine months of 2013, the Company recognized net tax benefits of $22.1 million related to restructuring charges, the retroactive reinstatement of the U.S. research and development tax credit and various other items and net tax benefits of $21.7 million primarily related to net changes in valuation allowances with respect to the deferred tax assets of certain foreign subsidiaries. Excluding these items, the effective tax rate in the first nine months of 2014 and 2013 approximated the U.S. federal statutory income tax rate of 35% adjusted for income taxes on foreign earnings, losses and remittances, valuation allowances, tax credits, income tax incentives and other permanent items. | |
The Company’s current and future provision for income taxes is impacted by the initial recognition of and changes in valuation allowances in certain countries. The Company intends to maintain these allowances until it is more likely than not that the deferred tax assets will be realized. The Company’s future provision for income taxes will include no tax benefit with respect to losses incurred and, except for certain jurisdictions, no tax expense with respect to income generated in these countries until the respective valuation allowances are eliminated. Accordingly, income taxes are impacted by changes in valuation allowances and the mix of earnings among jurisdictions. The Company evaluates the realizability of its deferred tax assets on a quarterly basis. In completing this evaluation, the Company considers all available evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets is necessary. Such evidence includes historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. If, based on the weight of the evidence, it is more likely than not that all or a portion of the Company’s deferred tax assets will not be realized, a valuation allowance is recorded. If operating results improve or decline on a continual basis in a particular jurisdiction, the Company’s decision regarding the need for a valuation allowance could change, resulting in either the initial recognition or reversal of a valuation allowance in that jurisdiction, which could have a significant impact on income tax expense in the period recognized and subsequent periods. | |
For further information, see Note 7, “Income Taxes,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. |
Net_Income_Per_Share_Attributa
Net Income Per Share Attributable to Lear | 9 Months Ended | |||||||||||||||
Sep. 27, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Income Per Share Attributable to Lear | ' | |||||||||||||||
Net Income Per Share Attributable to Lear | ||||||||||||||||
Basic net income per share attributable to Lear is computed by dividing net income attributable to Lear by the average number of common shares outstanding during the period. Common shares issuable upon the satisfaction of certain conditions pursuant to a contractual agreement are considered common shares outstanding and are included in the computation of basic net income per share attributable to Lear. | ||||||||||||||||
Diluted net income per share attributable to Lear is computed using the treasury stock method by dividing net income attributable to Lear by the average number of common shares outstanding, including the dilutive effect of common stock equivalents using the average share price during the period. | ||||||||||||||||
A summary of information used to compute basic and diluted net income per share attributable to Lear is shown below (in millions, except share and per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to Lear | $ | 140.1 | $ | 112.8 | $ | 410.6 | $ | 358.6 | ||||||||
Average common shares outstanding | 79,974,811 | 80,674,338 | 80,652,376 | 86,609,304 | ||||||||||||
Dilutive effect of common stock equivalents | 1,428,414 | 1,079,825 | 1,374,751 | 1,041,134 | ||||||||||||
Average diluted shares outstanding | 81,403,225 | 81,754,163 | 82,027,127 | 87,650,438 | ||||||||||||
Basic net income per share attributable to Lear | $ | 1.75 | $ | 1.4 | $ | 5.09 | $ | 4.14 | ||||||||
Diluted net income per share attributable to Lear | $ | 1.72 | $ | 1.38 | $ | 5.01 | $ | 4.09 | ||||||||
Comprehensive_Income_and_Equit
Comprehensive Income and Equity | 9 Months Ended | |||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Comprehensive Income and Equity | ' | |||||||||||||||||||||||
Comprehensive Income and Equity | ||||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||
Comprehensive income is defined as all changes in the Company’s net assets except changes resulting from transactions with stockholders. It differs from net income in that certain items recorded in equity are included in comprehensive income. | ||||||||||||||||||||||||
A summary of comprehensive income and reconciliations of equity, Lear Corporation stockholders’ equity and noncontrolling interests for the three and nine months ended September 27, 2014, are shown below (in millions): | ||||||||||||||||||||||||
Three Months Ended September 27, 2014 | Nine Months Ended September 27, 2014 | |||||||||||||||||||||||
Equity | Lear | Non- | Equity | Lear | Non- | |||||||||||||||||||
Corporation | controlling | Corporation | controlling | |||||||||||||||||||||
Stockholders' | Interests | Stockholders' | Interests | |||||||||||||||||||||
Equity | Equity | |||||||||||||||||||||||
Beginning equity balance | $ | 3,221.20 | $ | 3,145.80 | $ | 75.4 | $ | 3,149.50 | $ | 3,045.90 | $ | 103.6 | ||||||||||||
Stock-based compensation transactions | 14.6 | 14.6 | — | 31.2 | 31.2 | — | ||||||||||||||||||
Repurchase of common stock | (103.4 | ) | (103.4 | ) | — | (259.4 | ) | (259.4 | ) | — | ||||||||||||||
Dividends declared to Lear Corporation stockholders | (16.8 | ) | (16.8 | ) | — | (50.7 | ) | (50.7 | ) | — | ||||||||||||||
Dividends paid to noncontrolling interests | (10.7 | ) | — | (10.7 | ) | (17.5 | ) | — | (17.5 | ) | ||||||||||||||
Acquisitions of noncontrolling interests | — | — | — | (18.0 | ) | 5.7 | (23.7 | ) | ||||||||||||||||
Sale of controlling interest | — | (11.5 | ) | — | (11.5 | ) | ||||||||||||||||||
Comprehensive income: | — | — | ||||||||||||||||||||||
Net income | 147.9 | 140.1 | 7.8 | 434.3 | 410.6 | 23.7 | ||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||
Defined benefit plan adjustments | — | — | — | 0.1 | 0.1 | — | ||||||||||||||||||
Derivative instruments and hedging activities | (8.0 | ) | (8.0 | ) | — | (3.3 | ) | (3.3 | ) | — | ||||||||||||||
Foreign currency translation adjustments | (89.0 | ) | (90.4 | ) | 1.4 | (98.9 | ) | (98.2 | ) | (0.7 | ) | |||||||||||||
Other comprehensive income (loss) | (97.0 | ) | (98.4 | ) | 1.4 | (102.1 | ) | (101.4 | ) | (0.7 | ) | |||||||||||||
Comprehensive income | 50.9 | 41.7 | 9.2 | 332.2 | 309.2 | 23 | ||||||||||||||||||
Ending equity balance | $ | 3,155.80 | $ | 3,081.90 | $ | 73.9 | $ | 3,155.80 | $ | 3,081.90 | $ | 73.9 | ||||||||||||
A summary of changes, net of tax, in accumulated other comprehensive loss for the three and nine months ended September 27, 2014, is shown below (in millions): | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 27, 2014 | September 27, 2014 | |||||||||||||||||||||||
Defined benefit plan adjustments: | ||||||||||||||||||||||||
Balance at beginning of period | $ | (104.4 | ) | $ | (104.5 | ) | ||||||||||||||||||
Reclassification adjustments | — | 0.1 | ||||||||||||||||||||||
Balance at end of period | $ | (104.4 | ) | $ | (104.4 | ) | ||||||||||||||||||
Derivative instruments and hedging activities: | ||||||||||||||||||||||||
Balance at beginning of period | $ | (0.6 | ) | $ | (5.3 | ) | ||||||||||||||||||
Reclassification adjustments | (2.3 | ) | (5.6 | ) | ||||||||||||||||||||
Other comprehensive income (loss) recognized during the period | (5.7 | ) | 2.3 | |||||||||||||||||||||
Balance at end of period | $ | (8.6 | ) | $ | (8.6 | ) | ||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||||||
Balance at beginning of period | $ | (64.1 | ) | $ | (56.3 | ) | ||||||||||||||||||
Other comprehensive loss recognized during the period | (90.4 | ) | (98.2 | ) | ||||||||||||||||||||
Balance at end of period | $ | (154.5 | ) | $ | (154.5 | ) | ||||||||||||||||||
Other comprehensive loss related to the Company’s defined benefit plans includes pretax reclassification adjustments of $0.1 million for the nine months ended September 27, 2014. See Note 9, “Pension and Other Postretirement Benefit Plans.” Other comprehensive loss related to the Company’s derivative instruments and hedging activities includes pretax reclassification adjustments of ($3.2) million and ($7.7) million for the three and nine months ended September 27, 2014, respectively. See Note 16, “Financial Instruments.” | ||||||||||||||||||||||||
For the three and nine months ended September 27, 2014, foreign currency translation adjustments are related primarily to the weakening of the Euro relative to the U.S. dollar. | ||||||||||||||||||||||||
A summary of comprehensive income and reconciliations of equity, Lear Corporation stockholders’ equity and noncontrolling interests for the three and nine months ended September 28, 2013, are shown below (in millions): | ||||||||||||||||||||||||
Three Months Ended September 28, 2013 | Nine Months Ended September 28, 2013 | |||||||||||||||||||||||
Equity | Lear | Non- | Equity | Lear | Non- | |||||||||||||||||||
Corporation | controlling | Corporation | controlling | |||||||||||||||||||||
Stockholders' | Interests | Stockholders' | Interests | |||||||||||||||||||||
Equity | Equity | |||||||||||||||||||||||
Beginning equity balance | $ | 2,790.30 | $ | 2,669.30 | $ | 121 | $ | 3,612.20 | $ | 3,487.10 | $ | 125.1 | ||||||||||||
Stock-based compensation transactions | 14.2 | 14.2 | — | 36 | 36 | — | ||||||||||||||||||
Repurchase of common stock | — | — | — | (1,000.1 | ) | (1,000.1 | ) | — | ||||||||||||||||
Dividends declared to Lear Corporation stockholders | (14.2 | ) | (14.2 | ) | — | (44.8 | ) | (44.8 | ) | — | ||||||||||||||
Dividends paid to noncontrolling interests | (18.6 | ) | — | (18.6 | ) | (33.4 | ) | — | (33.4 | ) | ||||||||||||||
Acquisition of noncontrolling interests | — | — | — | (6.6 | ) | (3.2 | ) | (3.4 | ) | |||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||
Net income | 116.7 | 112.8 | 3.9 | 375.9 | 358.6 | 17.3 | ||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||
Defined benefit plan adjustments | 1.8 | 1.8 | — | 5.5 | 5.5 | — | ||||||||||||||||||
Derivative instruments and hedging activities | (5.3 | ) | (5.3 | ) | — | (14.1 | ) | (14.1 | ) | — | ||||||||||||||
Foreign currency translation adjustments | 35.1 | 34.9 | 0.2 | (10.6 | ) | (11.5 | ) | 0.9 | ||||||||||||||||
Other comprehensive income (loss) | 31.6 | 31.4 | 0.2 | (19.2 | ) | (20.1 | ) | 0.9 | ||||||||||||||||
Comprehensive income | 148.3 | 144.2 | 4.1 | 356.7 | 338.5 | 18.2 | ||||||||||||||||||
Ending equity balance | $ | 2,920.00 | $ | 2,813.50 | $ | 106.5 | $ | 2,920.00 | $ | 2,813.50 | $ | 106.5 | ||||||||||||
A summary of changes, net of tax, in accumulated other comprehensive loss for the three and nine months ended September 28, 2013, is shown below (in millions): | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 28, 2013 | September 28, 2013 | |||||||||||||||||||||||
Defined benefit plan adjustments: | ||||||||||||||||||||||||
Balance at beginning of period | $ | (246.2 | ) | $ | (249.9 | ) | ||||||||||||||||||
Reclassification adjustments | 1.8 | 5.5 | ||||||||||||||||||||||
Balance at end of period | $ | (244.4 | ) | $ | (244.4 | ) | ||||||||||||||||||
Derivative instruments and hedging activities: | ||||||||||||||||||||||||
Balance at beginning of period | $ | (6.1 | ) | $ | 2.7 | |||||||||||||||||||
Reclassification adjustments | (5.7 | ) | (19.2 | ) | ||||||||||||||||||||
Other comprehensive income recognized during the period | 0.4 | 5.1 | ||||||||||||||||||||||
Balance at end of period | $ | (11.4 | ) | $ | (11.4 | ) | ||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||||||
Balance at beginning of period | $ | (100.0 | ) | $ | (53.6 | ) | ||||||||||||||||||
Other comprehensive income (loss) recognized during the period | 34.9 | (11.5 | ) | |||||||||||||||||||||
Balance at end of period | $ | (65.1 | ) | $ | (65.1 | ) | ||||||||||||||||||
Other comprehensive loss related to the Company’s defined benefit plans includes pretax reclassification adjustments of $2.6 million and $7.8 million for the three and nine months ended September 28, 2013, respectively. See Note 9, “Pension and Other Postretirement Benefit Plans.” Other comprehensive loss related to the Company’s derivative instruments and hedging activities includes pretax reclassification adjustments of $8.3 million and $27.1 million for three and nine months ended September 28, 2013, respectively. See Note 16, “Financial Instruments.” | ||||||||||||||||||||||||
For the three and nine months ended September 28, 2013, foreign currency translation adjustments are related primarily to the strengthening of the Euro relative to the U.S. dollar. | ||||||||||||||||||||||||
Lear Corporation Stockholders’ Equity | ||||||||||||||||||||||||
Common Stock Share Repurchase Program | ||||||||||||||||||||||||
On April 25, 2013, the Company entered into an accelerated stock repurchase (“ASR”) agreement with a third-party financial institution to repurchase $800 million of the Company's common stock. In the second quarter of 2013, the Company paid $800 million to the financial institution, using cash on-hand, and received an initial delivery of 11,862,836 shares. This initial share delivery represented 80% of the ASR transaction’s value at the then-current price of $53.95 per share. These shares have been included in common stock held in treasury as of the applicable delivery date. The ultimate number of shares repurchased and the final price paid per share under the ASR transaction was determined based on the daily volume weighted average price of the Company’s common stock during the term of the ASR agreement, less an agreed upon discount. On March 31, 2014, the ASR agreement ended, and the initial delivery of 11,862,836 shares under the ASR transaction exceeded the ultimate number of shares repurchased by 658,903 shares. Under the terms of the ASR agreement, the Company had the contractual right to deliver either shares or cash equal to the value of those shares to the financial institution. The Company elected to settle the ASR transaction in cash and as a result, paid $55.5 million in the second quarter of 2014. Inclusive of the settlement, 11,862,836 shares were repurchased under the ASR transaction for $855.5 million, or an average price of $72.11 per share. | ||||||||||||||||||||||||
In the first nine months of 2014, the Company paid $259.4 million in aggregate for repurchases of its common stock, including $203.9 million of open market repurchases (2,181,095 shares at an average purchase price of $93.47 per share, excluding commissions) and $55.5 million to settle the ASR transaction. The Company has a remaining repurchase authorization of $490.6 million under its ongoing common stock share repurchase program, which will expire in April 2016. The Company may implement these share repurchases through a variety of methods, including open market purchases, accelerated stock repurchase programs and structured repurchase transactions. The extent to which the Company will repurchase its outstanding common stock and the timing of such repurchases will depend upon its financial condition, prevailing market conditions, alternative uses of capital and other factors. In addition, the Company’s amended and restated credit facility and the indenture governing the 2020 Notes place certain limitations on the Company’s ability to repurchase its common shares. | ||||||||||||||||||||||||
As of the date of this Report, the Company has paid $1.8 billion in aggregate for repurchases of its outstanding common stock, at an average price of $60.21 per share excluding commissions and related fees, since the first quarter of 2011. | ||||||||||||||||||||||||
In addition to shares repurchased under the Company’s common stock share repurchase program described above, the Company classified shares withheld from the settlement of the Company’s restricted stock unit and performance share awards to cover minimum tax withholding requirements as common stock held in treasury in the accompanying condensed consolidated balance sheets as of September 27, 2014 and December 31, 2013. | ||||||||||||||||||||||||
Quarterly Dividend | ||||||||||||||||||||||||
In the first nine months of 2014 and 2013, the Company’s Board of Directors declared quarterly cash dividends of $0.20 and $0.17 per share of common stock, respectively. In the first nine months of 2014, dividends declared totaled $50.7 million, and dividends paid totaled $49.6 million. In the first nine months of 2013, dividends declared and paid totaled $44.8 million. Dividends payable on common shares to be distributed under the Company’s stock-based compensation program and common shares contemplated as part of the Company’s emergence from Chapter 11 bankruptcy proceedings will be paid when such common shares are distributed. | ||||||||||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
In the first nine months of 2014 and 2013, the Company acquired noncontrolling interests in certain of its consolidated subsidiaries. In the second quarter of 2014, the Company sold its controlling interest in a less than wholly owned consolidated subsidiary. There was no significant gain or loss recognized in connection with this transaction. |
Legal_and_Other_Contingencies
Legal and Other Contingencies | 9 Months Ended | |||
Sep. 27, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Legal and Other Contingencies | ' | |||
Legal and Other Contingencies | ||||
As of September 27, 2014 and December 31, 2013, the Company had recorded reserves for pending legal disputes, including commercial disputes and other matters, of $10.2 million and $17.5 million, respectively. Such reserves reflect amounts recognized in accordance with GAAP and typically exclude the cost of legal representation. Product liability and warranty reserves are recorded separately from legal reserves, as described below. | ||||
On October 5, 2011, a plaintiff filed a putative class action complaint in the United States District Court for the Eastern District of Michigan against the Company and several other global suppliers of automotive wire harnesses alleging violations of federal and state antitrust and related laws. Plaintiffs purport to be direct and indirect purchasers of automotive wire harnesses supplied by the Company and/or the other defendants during the relevant period. The complaints allege that the defendants conspired to fix prices at which automotive wire harnesses were sold and that this had an anticompetitive effect upon interstate commerce in the United States. The complaints further allege that defendants fraudulently concealed their alleged conspiracy. The plaintiffs in these proceedings seek injunctive relief and recovery of an unspecified amount of damages, as well as costs and expenses relating to the proceedings, including attorneys' fees. On February 7, 2012, the Judicial Panel on Multidistrict Litigation entered an order transferring and coordinating the various civil actions (the “Consolidated Cases”), for pretrial purposes, into one proceeding in the United States District Court for the Eastern District of Michigan (the “District Court”). | ||||
In order to avoid the costs and distraction of continuing to litigate the Consolidated Cases, on May 5, 2014, the Company entered into settlement agreements (the “Settlement Agreements”) under which the class plaintiffs will release the Company from all claims, demands, actions, suits and causes of action in the Consolidated Cases. The Settlement Agreements contain no admission by the Company of any wrongdoing, and the Company maintains that it violated no laws in connection with this matter. Because the conduct alleged by the class plaintiffs overwhelmingly relates to periods prior to the Company’s emergence from bankruptcy in 2009, the Settlement Agreements provide that the aggregate settlement amount of $8.75 million will consist of $370,263 in cash contributed by the Company with the remainder paid in outstanding common stock and warrants of the Company held in the bankruptcy reserve established under the Company’s plan of reorganization. | ||||
The Settlement Agreements were approved by the United States Bankruptcy Court for the Southern District of New York on May 27, 2014, and preliminarily approved, on the record in open court, by the District Court on July 1, 2014. The Settlement Agreements remain subject to the final approval of the District Court, which will be decided following the provision of notice to purported class members and hearings, with respect to each class, to confirm the fairness of the settlement. | ||||
On February 20, 2014, the City of Richmond, California filed a putative class action lawsuit in the District Court on behalf of itself and other “Public Entities,” comprising states, state subdivisions, agencies and instrumentalities and local government subdivisions and agencies, and amended their complaint on October 3, 2014 (the “Public Entities Complaint”). The allegations in the Public Entities Complaint are substantially similar to those in the Consolidated Cases. The Public Entities dismissed the Company, without prejudice, from the Public Entities' lawsuit on October 9, 2014. | ||||
Beginning in early 2012, putative class action complaints were filed in the Superior Courts of Justice in Ontario, Quebec and British Columbia against the Company and several other global suppliers of automotive wire harnesses alleging violations of Canadian laws related to competition (the “Canadian Complaints”). The allegations in the Canadian Complaints are substantially similar to those in the Consolidated Cases. The ultimate outcome of this litigation, and consequently, an estimate of the possible loss, if any, related to the Canadian Complaints cannot reasonably be determined at this time. However, the Company believes the plaintiffs’ allegations against it are without merit and intends to continue to vigorously defend itself in these proceedings. | ||||
Commercial Disputes | ||||
The Company is involved from time to time in legal proceedings and claims, including, without limitation, commercial or contractual disputes with its customers, suppliers and competitors. These disputes vary in nature and are usually resolved by negotiations between the parties. | ||||
Product Liability and Warranty Matters | ||||
In the event that use of the Company’s products results in, or is alleged to result in, bodily injury and/or property damage or other losses, the Company may be subject to product liability lawsuits and other claims. Such lawsuits generally seek compensatory damages, punitive damages and attorneys’ fees and costs. In addition, the Company is a party to warranty-sharing and other agreements with certain of its customers related to its products. These customers may pursue claims against the Company for contribution of all or a portion of the amounts sought in connection with product liability and warranty claims. The Company can provide no assurances that it will not experience material claims in the future or that it will not incur significant costs to defend such claims. In addition, if any of the Company’s products are, or are alleged to be, defective, the Company may be required or requested by its customers to participate in a recall or other corrective action involving such products. Certain of the Company’s customers have asserted claims against the Company for costs related to recalls or other corrective actions involving its products. | ||||
In certain instances, allegedly defective products may be supplied by Tier 2 suppliers. The Company may seek recovery from its suppliers of materials or services included within the Company’s products that are associated with product liability and warranty claims. The Company carries insurance for certain legal matters, including product liability claims, but such coverage may be limited. The Company does not maintain insurance for product warranty or recall matters. Future dispositions with respect to the Company’s product liability claims that were subject to compromise under the Chapter 11 bankruptcy proceedings will be satisfied out of a common stock and warrant reserve established for that purpose. | ||||
The Company records product warranty reserves based on its individual customer agreements. Product warranty reserves are recorded for known warranty issues when liability for such issues is probable and related amounts are reasonably estimable. | ||||
A summary of the changes in reserves for product liability and warranty claims for the nine months ended September 27, 2014, is shown below (in millions): | ||||
Balance as of January 1, 2014 | $ | 28.3 | ||
Expense, net (including changes in estimates) | 5.2 | |||
Settlements | (6.7 | ) | ||
Foreign currency translation and other | (0.5 | ) | ||
Balance as of September 27, 2014 | $ | 26.3 | ||
Environmental Matters | ||||
The Company is subject to local, state, federal and foreign laws, regulations and ordinances which govern activities or operations that may have adverse environmental effects and which impose liability for clean-up costs resulting from past spills, disposals or other releases of hazardous wastes and environmental compliance. The Company’s policy is to comply with all applicable environmental laws and to maintain an environmental management program based on ISO 14001 to ensure compliance with this standard. However, the Company currently is, has been and in the future may become the subject of formal or informal enforcement actions or procedures. | ||||
The Company has been named as a potentially responsible party at several third-party landfill sites and is engaged in the cleanup of hazardous waste at certain sites owned, leased or operated by the Company, including several properties acquired in its 1999 acquisition of UT Automotive, Inc. (“UT Automotive”). Certain present and former properties of UT Automotive are subject to environmental liabilities which may be significant. The Company obtained agreements and indemnities with respect to certain environmental liabilities from United Technologies Corporation (“UTC”) in connection with the Company’s acquisition of UT Automotive. UTC manages and directly funds these environmental liabilities pursuant to its agreements and indemnities with the Company. | ||||
As of September 27, 2014 and December 31, 2013, the Company had recorded environmental reserves of $4.8 million and $5.0 million, respectively. The Company does not believe that the environmental liabilities associated with its current and former properties will have a material adverse impact on its business, financial condition, results of operations or cash flows; however, no assurances can be given in this regard. | ||||
Other Matters | ||||
The Company is involved from time to time in various other legal proceedings and claims, including, without limitation, intellectual property matters, tax claims and employment matters. Although the outcome of any legal matter cannot be predicted with certainty, the Company does not believe that any of these other legal proceedings or claims in which the Company is currently involved, either individually or in the aggregate, will have a material adverse impact on its business, financial condition, results of operations or cash flows. However, no assurances can be given in this regard. | ||||
Although the Company records reserves for legal disputes, product liability and warranty claims and environmental and other matters in accordance with GAAP, the ultimate outcomes of these matters are inherently uncertain. Actual results may differ significantly from current estimates. | ||||
Insurance Recoveries | ||||
The Company has incurred losses and incremental costs related to the destruction of assets caused by a fire at one of its European production facilities in the third quarter of 2011. During the fourth quarter of 2012, the Company reached a settlement for the recovery of such costs under applicable insurance policies. In connection with this event, the Company incurred losses and incremental costs of $7.3 million in the nine months ended September 28, 2013. In addition, the Company received cash proceeds of $10.0 million, of which $2.9 million has been reflected in cash flows from operating activities and $7.1 million has been reflected in cash flows from investing activities, in the first nine months of 2013. For further information on cumulative losses and incremental costs incurred and recoveries received in connection with this event, see Note 11, “Commitments and Contingencies,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||
Sep. 27, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting | ' | |||||||||||||||
Segment Reporting | ||||||||||||||||
The Company has two reportable operating segments: seating, which includes seats and related components, such as seat structures and mechanisms, seat covers, seat foam and headrests, and electrical, which includes electrical distribution systems for both traditional powertrain vehicles, as well as high-power for hybrid and electric vehicles. Key components of the Company’s electrical business include wiring harnesses, terminals and connectors, junction boxes, electronic control modules and wireless control devices. The other category includes unallocated costs related to corporate headquarters, regional headquarters and the elimination of intercompany activities, none of which meets the requirements for being classified as an operating segment. | ||||||||||||||||
The Company evaluates the performance of its operating segments based primarily on (i) revenues from external customers, (ii) pretax income before equity in net income of affiliates, interest expense and other expense, (“segment earnings”) and (iii) cash flows, being defined as segment earnings less capital expenditures plus depreciation and amortization. A summary of revenues from external customers and other financial information by reportable operating segment is shown below (in millions): | ||||||||||||||||
Three Months Ended September 27, 2014 | ||||||||||||||||
Seating | Electrical | Other | Consolidated | |||||||||||||
Revenues from external customers | $ | 3,188.40 | $ | 1,044.30 | $ | — | $ | 4,232.70 | ||||||||
Segment earnings (1) | 154.9 | 136.7 | (67.1 | ) | 224.5 | |||||||||||
Depreciation and amortization | 50.8 | 27.1 | 2 | 79.9 | ||||||||||||
Capital expenditures | 63.3 | 24.8 | 3.6 | 91.7 | ||||||||||||
Total assets | 5,223.90 | 1,702.90 | 1,764.40 | 8,691.20 | ||||||||||||
Three Months Ended September 28, 2013 | ||||||||||||||||
Seating | Electrical | Other | Consolidated | |||||||||||||
Revenues from external customers | $ | 2,891.70 | $ | 1,026.00 | $ | — | $ | 3,917.70 | ||||||||
Segment earnings (1) | 142.8 | 111.6 | (61.4 | ) | 193 | |||||||||||
Depreciation and amortization | 46.7 | 24.1 | 2.1 | 72.9 | ||||||||||||
Capital expenditures | 67.3 | 33.9 | 1.6 | 102.8 | ||||||||||||
Total assets | 4,862.50 | 1,728.90 | 1,872.80 | 8,464.20 | ||||||||||||
Nine Months Ended September 27, 2014 | ||||||||||||||||
Seating | Electrical | Other | Consolidated | |||||||||||||
Revenues from external customers | $ | 9,857.90 | $ | 3,319.70 | $ | — | $ | 13,177.60 | ||||||||
Segment earnings (1) | 471.3 | 413.3 | (212.0 | ) | 672.6 | |||||||||||
Depreciation and amortization | 148.7 | 78 | 5.9 | 232.6 | ||||||||||||
Capital expenditures | 192.8 | 82.2 | 5.8 | 280.8 | ||||||||||||
Total assets | 5,223.90 | 1,702.90 | 1,764.40 | 8,691.20 | ||||||||||||
Nine Months Ended September 28, 2013 | ||||||||||||||||
Seating | Electrical | Other | Consolidated | |||||||||||||
Revenues from external customers | $ | 8,872.60 | $ | 3,105.30 | $ | — | $ | 11,977.90 | ||||||||
Segment earnings (1) | 450.7 | 295.5 | (177.8 | ) | 568.4 | |||||||||||
Depreciation and amortization | 133.4 | 69.2 | 5.7 | 208.3 | ||||||||||||
Capital expenditures | 214.8 | 107.4 | 7 | 329.2 | ||||||||||||
Total assets | 4,862.50 | 1,728.90 | 1,872.80 | 8,464.20 | ||||||||||||
(1) | See definition above. | |||||||||||||||
For the three months ended September 27, 2014, segment earnings include restructuring charges of $17.0 million, $2.5 million and $1.5 million in the seating and electrical segments and in the other category, respectively. For the nine months ended September 27, 2014, segment earnings include restructuring charges of $68.8 million, $7.3 million and $10.5 million in the seating and electrical segments and in the other category, respectively. For the three months ended September 28, 2013, segment earnings include restructuring charges of $10.9 million, $0.6 million and $0.2 million in the seating and electrical segments and in the other category, respectively. For the nine months ended September 28, 2013, segment earnings include restructuring charges of $29.8 million, $7.8 million and $5.3 million in the seating and electrical segments and in the other category, respectively. See Note 3, “Restructuring.” | ||||||||||||||||
A reconciliation of segment earnings to consolidated income before provision for income taxes and equity in net income of affiliates is shown below (in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Segment earnings | $ | 224.5 | $ | 193 | $ | 672.6 | $ | 568.4 | ||||||||
Interest expense | 15.7 | 17.5 | 47.1 | 51.6 | ||||||||||||
Other expense, net | 11.1 | 16.8 | 57.1 | 37.8 | ||||||||||||
Consolidated income before provision for income taxes and equity in net income of affiliates | $ | 197.7 | $ | 158.7 | $ | 568.4 | $ | 479 | ||||||||
Financial_Instruments
Financial Instruments | 9 Months Ended | |||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||
Investments, All Other Investments [Abstract] | ' | |||||||||||||||||||
Financial Instruments | ' | |||||||||||||||||||
Financial Instruments | ||||||||||||||||||||
The carrying values of the Company’s debt instruments vary from their fair values. The fair values were determined by reference to the quoted market prices of these securities (Level 2 input based on the GAAP fair value hierarchy). As of September 27, 2014, the aggregate carrying value of the Company’s Notes was $1,068.7 million, as compared to an estimated aggregate fair value of $1,087.5 million. As of December 31, 2013, the aggregate carrying value of the Notes was $1,057.1 million, as compared to an estimated aggregate fair value of $1,077.1 million. | ||||||||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||||||||
The Company has used derivative financial instruments, including forwards, futures, options, swaps and other derivative contracts to reduce the effects of fluctuations in foreign exchange rates, interest rates and commodity prices and the resulting variability of the Company’s operating results. The Company is not a party to leveraged derivatives. The Company’s derivative financial instruments are subject to master netting arrangements that provide for the net settlement of contracts, by counterparty, in the event of default or termination. On the date that a derivative contract is entered into, the Company designates the derivative as either (1) a hedge of the exposure to changes in the fair value of a recognized asset or liability or of an unrecognized firm commitment (a fair value hedge), (2) a hedge of the exposure of a forecasted transaction or of the variability in the cash flows of a recognized asset or liability (a cash flow hedge) or (3) a hedge of a net investment in a foreign operation (a net investment hedge). | ||||||||||||||||||||
Foreign Exchange | ||||||||||||||||||||
The Company uses forwards, swaps and other derivative contracts to reduce the effects of fluctuations in foreign exchange rates on known foreign currency exposures. Gains and losses on the derivative instruments are intended to offset gains and losses on the hedged transaction in an effort to reduce exposure to fluctuations in foreign exchange rates. The principal currencies hedged by the Company include the Mexican peso, various European currencies, the Canadian dollar, the Thai baht and the Brazilian real. As of September 27, 2014 and December 31, 2013, contracts designated as cash flow hedges with $729.5 million and $917.4 million, respectively, of notional amount were outstanding with maturities of less than eighteen months. As of September 27, 2014 and December 31, 2013, the fair value of these contracts was approximately $2.6 million and $6.5 million, respectively. As of September 27, 2014 and December 31, 2013, other foreign currency derivative contracts that did not qualify for hedge accounting with $144.5 million and $149.2 million, respectively, of notional amount were outstanding. These foreign currency derivative contracts consist principally of hedges of cash transactions of up to twelve months, hedges of intercompany loans and hedges of certain other balance sheet exposures. As of September 27, 2014 and December 31, 2013, the fair value of these contracts was approximately $1.8 million and ($0.1) million, respectively. | ||||||||||||||||||||
The fair value of outstanding foreign currency derivative contracts and the related classification in the accompanying condensed consolidated balance sheets as of September 27, 2014 and December 31, 2013, are shown below (in millions): | ||||||||||||||||||||
September 27, | December 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Contracts qualifying for hedge accounting: | ||||||||||||||||||||
Other current assets | $ | 9.6 | $ | 12.4 | ||||||||||||||||
Other long-term assets | 0.7 | 0.7 | ||||||||||||||||||
Other current liabilities | (6.6 | ) | (6.5 | ) | ||||||||||||||||
Other long-term liabilities | (1.1 | ) | (0.1 | ) | ||||||||||||||||
2.6 | 6.5 | |||||||||||||||||||
Contracts not qualifying for hedge accounting: | ||||||||||||||||||||
Other current assets | 2.3 | 0.4 | ||||||||||||||||||
Other current liabilities | (0.5 | ) | (0.5 | ) | ||||||||||||||||
1.8 | (0.1 | ) | ||||||||||||||||||
$ | 4.4 | $ | 6.4 | |||||||||||||||||
Pretax amounts related to foreign currency derivative contracts that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions): | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Contracts qualifying for hedge accounting: | ||||||||||||||||||||
Gains (losses) recognized in accumulated other comprehensive loss | $ | (7.7 | ) | $ | 1 | $ | 2.8 | $ | 7.4 | |||||||||||
Gains reclassified from accumulated other comprehensive loss | (3.2 | ) | (8.3 | ) | (7.7 | ) | (27.1 | ) | ||||||||||||
Comprehensive loss | $ | (10.9 | ) | $ | (7.3 | ) | $ | (4.9 | ) | $ | (19.7 | ) | ||||||||
For the three and nine months ended September 27, 2014, net sales includes gains of $0.1 million and $0.7 million, respectively, reclassified from accumulated other comprehensive loss related to foreign currency derivative contracts. For the three and nine months ended September 27, 2014, cost of sales includes gains of $3.1 million and $7.0 million, respectively, reclassified from accumulated other comprehensive loss related to foreign currency derivative contracts. For the three and nine months ended September 28, 2013, net sales includes gains of $1.3 million and $2.7 million, respectively, reclassified from accumulated other comprehensive loss related to foreign currency derivative contracts. For the three and nine months ended September 28, 2013, cost of sales includes gains of $7.0 million and $24.4 million, respectively, reclassified from accumulated other comprehensive loss related to foreign currency derivative contracts. | ||||||||||||||||||||
Interest Rate | ||||||||||||||||||||
Historically, the Company used interest rate swap and other derivative contracts to manage its exposure to fluctuations in interest rates. As of September 27, 2014 and December 31, 2013, there were no interest rate contracts outstanding. The Company will continue to evaluate, and may use, derivative financial instruments, including forwards, futures, options, swaps and other derivative contracts to manage its exposures to fluctuations in interest rates in the future. | ||||||||||||||||||||
Commodity Prices | ||||||||||||||||||||
Historically, the Company used commodity swap and other derivative contracts to reduce its exposure to fluctuations in certain commodity prices. These derivative instruments were utilized to hedge forecasted inventory purchases, and to the extent that they met hedge accounting criteria, they were accounted for as cash flow hedges. Commodity swap contracts that were not accounted for as cash flow hedges were marked to market with changes in fair value recognized immediately in the accompanying condensed consolidated statements of comprehensive income. As of September 27, 2014 and December 31, 2013, there were no commodity swap contracts outstanding. | ||||||||||||||||||||
As of September 27, 2014 and December 31, 2013, pretax net gains of approximately $2.6 million and $6.5 million, respectively, related to the Company’s derivative instruments and hedging activities were recorded in accumulated other comprehensive loss. During the next twelve month period, the Company expects to reclassify into earnings net gains of approximately $3.0 million recorded in accumulated other comprehensive loss as of September 27, 2014. Such gains will be reclassified at the time that the underlying hedged transactions are realized. During the three and nine months ended September 27, 2014 and September 28, 2013, amounts recognized in the accompanying condensed consolidated statements of comprehensive income related to changes in the fair value of cash flow and fair value hedges excluded from the Company’s effectiveness assessments and the ineffective portion of changes in the fair value of cash flow and fair value hedges were not material. | ||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
GAAP provides that fair value is an exit price, defined as a market-based measurement that represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value measurements are based on one or more of the following three valuation techniques: | ||||||||||||||||||||
Market: | This approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. | |||||||||||||||||||
Income: | This approach uses valuation techniques to convert future amounts to a single present value amount based on current market expectations. | |||||||||||||||||||
Cost: | This approach is based on the amount that would be required to replace the service capacity of an asset (replacement cost). | |||||||||||||||||||
Further, GAAP prioritizes the inputs and assumptions used in the valuation techniques described above into a three-tier fair value hierarchy as follows: | ||||||||||||||||||||
Level 1: | Observable inputs, such as quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. | |||||||||||||||||||
Level 2: | Inputs, other than quoted market prices included in Level 1, that are observable either directly or indirectly for the asset or liability. | |||||||||||||||||||
Level 3: | Unobservable inputs that reflect the entity’s own assumptions about the exit price of the asset or liability. Unobservable inputs may be used if there is little or no market data for the asset or liability at the measurement date. | |||||||||||||||||||
The Company discloses fair value measurements and the related valuation techniques and fair value hierarchy level for its assets and liabilities that are measured or disclosed at fair value. | ||||||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||
Fair value measurements and the related valuation techniques and fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis as of September 27, 2014 and December 31, 2013, are shown below (in millions): | ||||||||||||||||||||
27-Sep-14 | ||||||||||||||||||||
Frequency | Asset | Valuation | Level 1 | Level 2 | Level 3 | |||||||||||||||
(Liability) | Technique | |||||||||||||||||||
Foreign currency derivative contracts, net | Recurring | $ | 4.4 | Market/Income | $ | — | $ | 4.4 | $ | — | ||||||||||
31-Dec-13 | ||||||||||||||||||||
Frequency | Asset | Valuation | Level 1 | Level 2 | Level 3 | |||||||||||||||
(Liability) | Technique | |||||||||||||||||||
Foreign currency derivative contracts, net | Recurring | $ | 6.4 | Market/Income | $ | — | $ | 6.4 | $ | — | ||||||||||
The Company determines the fair value of its derivative contracts using quoted market prices to calculate the forward values and then discounts such forward values to the present value. The discount rates used are based on quoted bank deposit or swap interest rates. If a derivative contract is in a net liability position, the Company adjusts these discount rates, if required, by an estimate of the credit spread that would be applied by market participants purchasing these contracts from the Company’s counterparties. To estimate this credit spread, the Company uses significant assumptions and factors other than quoted market rates, which would result in the classification of its derivative liabilities within Level 3 of the fair value hierarchy. As of September 27, 2014 and December 31, 2013, there were no derivative contracts that were classified within Level 3 of the fair value hierarchy. In addition, there were no transfers in or out of Level 3 of the fair value hierarchy during the first nine months of 2014. | ||||||||||||||||||||
Items Measured at Fair Value on a Non-Recurring Basis | ||||||||||||||||||||
The Company measures certain assets and liabilities at fair value on a non-recurring basis, which are not included in the table above. As these non-recurring fair value measurements are generally determined using unobservable inputs, these fair value measurements are classified within Level 3 of the fair value hierarchy. As of September 27, 2014, there were no significant assets or liabilities measured at fair value on a non-recurring basis. | ||||||||||||||||||||
For further information on assets measured at fair value on a non-recurring basis, see Note 3, “Restructuring.” |
Accounting_Pronouncements
Accounting Pronouncements | 9 Months Ended |
Sep. 27, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Accounting Pronouncements | ' |
Accounting Pronouncements | |
Cumulative Translation Adjustments | |
The Financial Accounting Standards Board (“FASB”) issued ASU 2013-05, “Parent’s Accounting for Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” which amends ASC 830, “Foreign Currency Matters.” This ASU clarifies the accounting for cumulative translation adjustments when an entity ceases to have a controlling financial interest in a foreign subsidiary. The provisions of this update were effective as of January 1, 2014, and the effects of adoption were not significant. | |
Presentation of Unrecognized Tax Benefits | |
The FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” which amends ASC 740, “Income Taxes.” This ASU requires that a liability related to an unrecognized tax benefit be offset against a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward if certain criteria are met. The provisions of this update were effective as of January 1, 2014, and are reflected in the accompanying condensed consolidated balance sheet as of September 27, 2014. The effects of adoption were not significant. | |
Discontinued Operations | |
The FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which amends ASC 205, “Presentation of Financial Statements,” and ASC 360, “Property, Plant and Equipment.” This ASU changes the criteria for determining which disposals can be presented as a discontinued operation and modifies existing disclosure requirements. The provisions of this update are effective as of January 1, 2015. The Company is currently evaluating the impact of this update. | |
Revenue Recognition | |
The FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which amends existing revenue recognition guidance and requires additional financial statement disclosures. The provisions of this update are effective as of January 1, 2017, and may be applied through a full retrospective or a modified retrospective approach. The Company is currently evaluating the impact of this update. | |
Going Concern | |
The FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern,” which will require management to make a going concern assessment for 24 months after the financial statement date. Previously this assessment was made by the external auditors. The provisions of this update are effective as of January 1, 2017 and are not expected to significantly impact the Company. |
Supplemental_Guarantor_Condens
Supplemental Guarantor Condensed Consolidating Financial Statements | 9 Months Ended | |||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||
Supplemental Guarantor Condensed Consolidating Financial Statements | ' | |||||||||||||||||||
27-Sep-14 | ||||||||||||||||||||
Lear | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
guarantors | ||||||||||||||||||||
(Unaudited; in millions) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||
Cash and cash equivalents | $ | 291.7 | $ | 0.1 | $ | 580.9 | $ | — | $ | 872.7 | ||||||||||
Accounts receivable | 70.1 | 635 | 2,137.90 | — | 2,843.00 | |||||||||||||||
Inventories | 2.8 | 343.5 | 552.8 | — | 899.1 | |||||||||||||||
Other | 158.1 | 64.9 | 495.2 | — | 718.2 | |||||||||||||||
Total current assets | 522.7 | 1,043.50 | 3,766.80 | — | 5,333.00 | |||||||||||||||
LONG-TERM ASSETS: | ||||||||||||||||||||
Property, plant and equipment, net | 94.7 | 321.7 | 1,198.00 | — | 1,614.40 | |||||||||||||||
Goodwill | 23.5 | 401 | 315.7 | — | 740.2 | |||||||||||||||
Investments in subsidiaries | 1,840.20 | 1,891.20 | — | (3,731.4 | ) | — | ||||||||||||||
Intercompany accounts, net | 1,394.20 | — | — | (1,394.2 | ) | — | ||||||||||||||
Other | 596.7 | 56.4 | 350.5 | — | 1,003.60 | |||||||||||||||
Total long-term assets | 3,949.30 | 2,670.30 | 1,864.20 | (5,125.6 | ) | 3,358.20 | ||||||||||||||
Total assets | $ | 4,472.00 | $ | 3,713.80 | $ | 5,631.00 | $ | (5,125.6 | ) | $ | 8,691.20 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||
Accounts payable and drafts | $ | 93.8 | $ | 742.2 | $ | 1,778.60 | $ | — | $ | 2,614.60 | ||||||||||
Accrued liabilities | 110.1 | 205.4 | 1,020.80 | — | 1,336.30 | |||||||||||||||
Total current liabilities | 203.9 | 947.6 | 2,799.40 | — | 3,950.90 | |||||||||||||||
LONG-TERM LIABILITIES: | ||||||||||||||||||||
Long-term debt | 1,068.70 | — | — | — | 1,068.70 | |||||||||||||||
Intercompany accounts, net | — | 762.2 | 632 | (1,394.2 | ) | — | ||||||||||||||
Other | 117.5 | 142.1 | 256.2 | — | 515.8 | |||||||||||||||
Total long-term liabilities | 1,186.20 | 904.3 | 888.2 | (1,394.2 | ) | 1,584.50 | ||||||||||||||
EQUITY: | ||||||||||||||||||||
Lear Corporation stockholders’ equity | 3,081.90 | 1,861.90 | 1,869.50 | (3,731.4 | ) | 3,081.90 | ||||||||||||||
Noncontrolling interests | — | — | 73.9 | — | 73.9 | |||||||||||||||
Equity | 3,081.90 | 1,861.90 | 1,943.40 | (3,731.4 | ) | 3,155.80 | ||||||||||||||
Total liabilities and equity | $ | 4,472.00 | $ | 3,713.80 | $ | 5,631.00 | $ | (5,125.6 | ) | $ | 8,691.20 | |||||||||
31-Dec-13 | ||||||||||||||||||||
Lear | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
guarantors | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||
Cash and cash equivalents | $ | 343.5 | $ | 0.1 | $ | 794.1 | $ | — | $ | 1,137.70 | ||||||||||
Accounts receivable | 41.2 | 349.7 | 1,887.40 | — | 2,278.30 | |||||||||||||||
Inventories | 4.8 | 297.9 | 516 | — | 818.7 | |||||||||||||||
Other | 147.7 | 77.3 | 462.8 | — | 687.8 | |||||||||||||||
Total current assets | 537.2 | 725 | 3,660.30 | — | 4,922.50 | |||||||||||||||
LONG-TERM ASSETS: | ||||||||||||||||||||
Property, plant and equipment, net | 95.5 | 316 | 1,175.70 | — | 1,587.20 | |||||||||||||||
Goodwill | 23.5 | 401 | 332.7 | — | 757.2 | |||||||||||||||
Investments in subsidiaries | 1,802.40 | 1,878.50 | — | (3,680.9 | ) | — | ||||||||||||||
Intercompany accounts, net | 1,373.10 | — | — | (1,373.1 | ) | — | ||||||||||||||
Other | 591.5 | 71.5 | 401 | — | 1,064.00 | |||||||||||||||
Total long-term assets | 3,886.00 | 2,667.00 | 1,909.40 | (5,054.0 | ) | 3,408.40 | ||||||||||||||
Total assets | $ | 4,423.20 | $ | 3,392.00 | $ | 5,569.70 | $ | (5,054.0 | ) | $ | 8,330.90 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||
Accounts payable and drafts | $ | 73.8 | $ | 582.4 | $ | 1,782.50 | $ | — | $ | 2,438.70 | ||||||||||
Accrued liabilities | 127.9 | 156.1 | 856.4 | — | 1,140.40 | |||||||||||||||
Total current liabilities | 201.7 | 738.5 | 2,638.90 | — | 3,579.10 | |||||||||||||||
LONG-TERM LIABILITIES: | ||||||||||||||||||||
Long-term debt | 1,057.10 | — | — | — | 1,057.10 | |||||||||||||||
Intercompany accounts, net | — | 515.2 | 857.9 | (1,373.1 | ) | — | ||||||||||||||
Other | 118.5 | 143 | 283.7 | — | 545.2 | |||||||||||||||
Total long-term liabilities | 1,175.60 | 658.2 | 1,141.60 | (1,373.1 | ) | 1,602.30 | ||||||||||||||
EQUITY: | ||||||||||||||||||||
Lear Corporation stockholders’ equity | 3,045.90 | 1,995.30 | 1,685.60 | (3,680.9 | ) | 3,045.90 | ||||||||||||||
Noncontrolling interests | — | — | 103.6 | — | 103.6 | |||||||||||||||
Equity | 3,045.90 | 1,995.30 | 1,789.20 | (3,680.9 | ) | 3,149.50 | ||||||||||||||
Total liabilities and equity | $ | 4,423.20 | $ | 3,392.00 | $ | 5,569.70 | $ | (5,054.0 | ) | $ | 8,330.90 | |||||||||
For the Three Months Ended September 27, 2014 | ||||||||||||||||||||
Lear | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
guarantors | ||||||||||||||||||||
(Unaudited; in millions) | ||||||||||||||||||||
Net sales | $ | 120.5 | $ | 1,802.70 | $ | 3,503.30 | $ | (1,193.8 | ) | $ | 4,232.70 | |||||||||
Cost of sales | 147.8 | 1,660.70 | 3,256.80 | (1,193.8 | ) | 3,871.50 | ||||||||||||||
Selling, general and administrative expenses | 35 | 26.9 | 66.2 | — | 128.1 | |||||||||||||||
Intercompany operating (income) expense, net | (52.5 | ) | 42.6 | 9.9 | — | — | ||||||||||||||
Amortization of intangible assets | 0.5 | 1.2 | 6.9 | — | 8.6 | |||||||||||||||
Interest expense | 10.6 | 6.6 | (1.5 | ) | — | 15.7 | ||||||||||||||
Other expense, net | 0.9 | 0.4 | 9.8 | — | 11.1 | |||||||||||||||
Consolidated income before income taxes and equity in net income of affiliates and subsidiaries | (21.8 | ) | 64.3 | 155.2 | — | 197.7 | ||||||||||||||
Provision for income taxes | (8.1 | ) | 27 | 38.7 | — | 57.6 | ||||||||||||||
Equity in net income of affiliates | 0.1 | (0.5 | ) | (7.4 | ) | — | (7.8 | ) | ||||||||||||
Equity in net income of subsidiaries | (153.9 | ) | (84.8 | ) | — | 238.7 | — | |||||||||||||
Consolidated net income | 140.1 | 122.6 | 123.9 | (238.7 | ) | 147.9 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 7.8 | — | 7.8 | |||||||||||||||
Net income attributable to Lear | $ | 140.1 | $ | 122.6 | $ | 116.1 | $ | (238.7 | ) | $ | 140.1 | |||||||||
Consolidated comprehensive income | $ | 41.7 | $ | 113.9 | $ | 35.5 | $ | (140.2 | ) | $ | 50.9 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 9.2 | — | 9.2 | |||||||||||||||
Comprehensive income attributable to Lear | $ | 41.7 | $ | 113.9 | $ | 26.3 | $ | (140.2 | ) | $ | 41.7 | |||||||||
For the Three Months Ended September 28, 2013 | ||||||||||||||||||||
Lear | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
guarantors | ||||||||||||||||||||
(Unaudited; in millions) | ||||||||||||||||||||
Net sales | $ | 105.2 | $ | 1,557.80 | $ | 3,351.60 | $ | (1,096.9 | ) | $ | 3,917.70 | |||||||||
Cost of sales | 132.6 | 1,411.20 | 3,140.60 | (1,096.9 | ) | 3,587.50 | ||||||||||||||
Selling, general and administrative expenses | 43 | 17.3 | 68.3 | — | 128.6 | |||||||||||||||
Intercompany operating (income) expense, net | (45.5 | ) | 33.6 | 11.9 | — | — | ||||||||||||||
Amortization of intangible assets | 0.5 | 1.2 | 6.9 | — | 8.6 | |||||||||||||||
Interest expense | 11.9 | 6 | (0.4 | ) | — | 17.5 | ||||||||||||||
Other expense, net | 0.6 | 0.2 | 16 | — | 16.8 | |||||||||||||||
Consolidated income before income taxes and equity in net income of affiliates and subsidiaries | (37.9 | ) | 88.3 | 108.3 | — | 158.7 | ||||||||||||||
Provision for income taxes | (11.2 | ) | 31.7 | 30.7 | — | 51.2 | ||||||||||||||
Equity in net income of affiliates | (0.1 | ) | (0.3 | ) | (8.8 | ) | — | (9.2 | ) | |||||||||||
Equity in net income of subsidiaries | (139.4 | ) | (37.0 | ) | — | 176.4 | — | |||||||||||||
Consolidated net income | 112.8 | 93.9 | 86.4 | (176.4 | ) | 116.7 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 3.9 | — | 3.9 | |||||||||||||||
Net income attributable to Lear | $ | 112.8 | $ | 93.9 | $ | 82.5 | $ | (176.4 | ) | $ | 112.8 | |||||||||
Consolidated comprehensive income | $ | 144.2 | $ | 88.9 | $ | 122.8 | $ | (207.6 | ) | $ | 148.3 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 4.1 | — | 4.1 | |||||||||||||||
Comprehensive income attributable to Lear | $ | 144.2 | $ | 88.9 | $ | 118.7 | $ | (207.6 | ) | $ | 144.2 | |||||||||
For the Nine Months Ended September 27, 2014 | ||||||||||||||||||||
Lear | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
guarantors | ||||||||||||||||||||
(Unaudited; in millions) | ||||||||||||||||||||
Net sales | $ | 351.3 | $ | 5,252.50 | $ | 11,189.00 | $ | (3,615.2 | ) | $ | 13,177.60 | |||||||||
Cost of sales | 443.2 | 4,842.80 | 10,406.00 | (3,615.2 | ) | 12,076.80 | ||||||||||||||
Selling, general and administrative expenses | 125.9 | 71.4 | 205.5 | — | 402.8 | |||||||||||||||
Intercompany operating (income) expense, net | (241.0 | ) | 122.2 | 118.8 | — | — | ||||||||||||||
Amortization of intangible assets | 1.3 | 3.6 | 20.5 | — | 25.4 | |||||||||||||||
Interest expense | 34.8 | 17.8 | (5.5 | ) | — | 47.1 | ||||||||||||||
Other expense, net | 20.8 | 0.8 | 35.5 | — | 57.1 | |||||||||||||||
Consolidated income before income taxes and equity in net income of affiliates and subsidiaries | (33.7 | ) | 193.9 | 408.2 | — | 568.4 | ||||||||||||||
Provision for income taxes | (13.4 | ) | 80.1 | 96.4 | — | 163.1 | ||||||||||||||
Equity in net income of affiliates | 0.7 | (1.0 | ) | (28.7 | ) | — | (29.0 | ) | ||||||||||||
Equity in net income of subsidiaries | (431.6 | ) | (217.8 | ) | — | 649.4 | — | |||||||||||||
Consolidated net income | 410.6 | 332.6 | 340.5 | (649.4 | ) | 434.3 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 23.7 | — | 23.7 | |||||||||||||||
Net income attributable to Lear | $ | 410.6 | $ | 332.6 | $ | 316.8 | $ | (649.4 | ) | $ | 410.6 | |||||||||
Consolidated comprehensive income | $ | 309.2 | $ | 328.9 | $ | 241.9 | $ | (547.8 | ) | $ | 332.2 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 23 | — | 23 | |||||||||||||||
Comprehensive income attributable to Lear | $ | 309.2 | $ | 328.9 | $ | 218.9 | $ | (547.8 | ) | $ | 309.2 | |||||||||
For the Nine Months Ended September 28, 2013 | ||||||||||||||||||||
Lear | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
guarantors | ||||||||||||||||||||
(Unaudited; in millions) | ||||||||||||||||||||
Net sales | $ | 352.4 | $ | 4,701.30 | $ | 10,326.70 | $ | (3,402.5 | ) | $ | 11,977.90 | |||||||||
Cost of sales | 429.9 | 4,277.40 | 9,692.80 | (3,402.5 | ) | 10,997.60 | ||||||||||||||
Selling, general and administrative expenses | 121.7 | 49.2 | 215.2 | — | 386.1 | |||||||||||||||
Intercompany operating (income) expense, net | (169.9 | ) | 98 | 71.9 | — | — | ||||||||||||||
Amortization of intangible assets | 1.3 | 3.6 | 20.9 | — | 25.8 | |||||||||||||||
Interest expense | 36 | 18.1 | (2.5 | ) | — | 51.6 | ||||||||||||||
Other expense, net | 6.8 | 1 | 30 | — | 37.8 | |||||||||||||||
Consolidated income before income taxes and equity in net income of affiliates and subsidiaries | (73.4 | ) | 254 | 298.4 | — | 479 | ||||||||||||||
Provision for income taxes | (23.6 | ) | 92.3 | 61.5 | — | 130.2 | ||||||||||||||
Equity in net income of affiliates | (0.8 | ) | (0.4 | ) | (25.9 | ) | — | (27.1 | ) | |||||||||||
Equity in net income of subsidiaries | (407.6 | ) | (122.9 | ) | — | 530.5 | — | |||||||||||||
Consolidated net income | 358.6 | 285 | 262.8 | (530.5 | ) | 375.9 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 17.3 | — | 17.3 | |||||||||||||||
Net income attributable to Lear | $ | 358.6 | $ | 285 | $ | 245.5 | $ | (530.5 | ) | $ | 358.6 | |||||||||
Consolidated comprehensive income | $ | 338.5 | $ | 273 | $ | 254.7 | $ | (509.5 | ) | $ | 356.7 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 18.2 | — | 18.2 | |||||||||||||||
Comprehensive income attributable to Lear | $ | 338.5 | $ | 273 | $ | 236.5 | $ | (509.5 | ) | $ | 338.5 | |||||||||
For the Nine Months Ended September 27, 2014 | ||||||||||||||||||||
Lear | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
guarantors | ||||||||||||||||||||
(Unaudited; in millions) | ||||||||||||||||||||
Net cash provided by operating activities | $ | 28.4 | $ | 44.6 | $ | 338.7 | $ | — | $ | 411.7 | ||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (10.0 | ) | (57.2 | ) | (213.6 | ) | — | (280.8 | ) | |||||||||||
Other, net | (5.9 | ) | 15.3 | (18.4 | ) | — | (9.0 | ) | ||||||||||||
Net cash used in investing activities | (15.9 | ) | (41.9 | ) | (232.0 | ) | — | (289.8 | ) | |||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Proceeds from the issuance of senior notes | 325 | — | — | — | 325 | |||||||||||||||
Repurchase of senior notes | (327.1 | ) | — | — | — | (327.1 | ) | |||||||||||||
Payment of debt issuance and other financing costs | (3.8 | ) | — | — | — | (3.8 | ) | |||||||||||||
Repurchase of common stock | (259.4 | ) | — | — | — | (259.4 | ) | |||||||||||||
Dividends paid to Lear Corporation stockholders | (49.6 | ) | — | — | — | (49.6 | ) | |||||||||||||
Dividends paid to noncontrolling interests | — | — | (17.5 | ) | — | (17.5 | ) | |||||||||||||
Other | (21.7 | ) | — | (17.5 | ) | — | (39.2 | ) | ||||||||||||
Change in intercompany accounts | 272.3 | (2.7 | ) | (269.6 | ) | — | — | |||||||||||||
Net cash used in financing activities | (64.3 | ) | (2.7 | ) | (304.6 | ) | — | (371.6 | ) | |||||||||||
Effect of foreign currency translation | — | — | (15.3 | ) | — | (15.3 | ) | |||||||||||||
Net Change in Cash and Cash Equivalents | (51.8 | ) | — | (213.2 | ) | — | (265.0 | ) | ||||||||||||
Cash and Cash Equivalents as of Beginning of Period | 343.5 | 0.1 | 794.1 | — | 1,137.70 | |||||||||||||||
Cash and Cash Equivalents as of End of Period | $ | 291.7 | $ | 0.1 | $ | 580.9 | $ | — | $ | 872.7 | ||||||||||
For the Nine Months Ended September 28, 2013 | ||||||||||||||||||||
Lear | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
guarantors | ||||||||||||||||||||
(Unaudited; in millions) | ||||||||||||||||||||
Net cash provided by operating activities | $ | 0.8 | $ | 161.6 | $ | 267.2 | $ | — | $ | 429.6 | ||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (13.4 | ) | (83.7 | ) | (232.1 | ) | — | (329.2 | ) | |||||||||||
Insurance proceeds | — | — | 7.1 | — | 7.1 | |||||||||||||||
Other, net | 44.1 | 0.1 | (3.5 | ) | — | 40.7 | ||||||||||||||
Net cash used in investing activities | 30.7 | (83.6 | ) | (228.5 | ) | — | (281.4 | ) | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Proceeds from the issuance of senior notes | 500 | — | — | — | 500 | |||||||||||||||
Repurchase of senior notes | (72.1 | ) | — | — | — | (72.1 | ) | |||||||||||||
Payment of debt issuance and other financing costs | (13.4 | ) | — | — | — | (13.4 | ) | |||||||||||||
Repurchase of common stock | (1,000.1 | ) | — | — | — | (1,000.1 | ) | |||||||||||||
Dividends paid to Lear Corporation stockholders | (44.8 | ) | — | — | — | (44.8 | ) | |||||||||||||
Dividends paid to noncontrolling interests | — | — | (33.4 | ) | — | (33.4 | ) | |||||||||||||
Other | (6.3 | ) | — | (3.4 | ) | — | (9.7 | ) | ||||||||||||
Change in intercompany accounts | 334.6 | (78.0 | ) | (256.6 | ) | — | — | |||||||||||||
Net cash used in financing activities | (302.1 | ) | (78.0 | ) | (293.4 | ) | — | (673.5 | ) | |||||||||||
Effect of foreign currency translation | — | — | 7.1 | — | 7.1 | |||||||||||||||
Net Change in Cash and Cash Equivalents | (270.6 | ) | — | (247.6 | ) | — | (518.2 | ) | ||||||||||||
Cash and Cash Equivalents as of Beginning of Period | 481.4 | 0.1 | 920.7 | — | 1,402.20 | |||||||||||||||
Cash and Cash Equivalents as of End of Period | $ | 210.8 | $ | 0.1 | $ | 673.1 | $ | — | $ | 884 | ||||||||||
Basis of Presentation — Certain of the Company’s domestic 100% owned subsidiaries (the “Guarantors”) have jointly and severally unconditionally guaranteed, on a senior unsecured basis, the performance and the full and punctual payment when due, whether at stated maturity, by acceleration or otherwise, of the Company’s obligations under its revolving credit facility and the indentures governing the Notes, including the Company’s obligations to pay principal, premium, if any, and interest with respect to the Notes. The Notes consist of $245 million in aggregate principal amount at maturity of 8.125% senior unsecured notes due 2020, $500 million in aggregate principal amount of 4.75% senior unsecured notes due 2023 and $325 million in aggregate principal amount of 5.375% senior unsecured notes due 2024. The Guarantors include Guilford Mills, Inc., Lear Corporation EEDS and Interiors, Lear Mexican Seating Corporation and Lear Operations Corporation. In lieu of providing separate financial statements for the Guarantors, the Company has included the supplemental guarantor condensed consolidating financial statements above. These financial statements reflect the Guarantors listed above for all periods presented. Management does not believe that separate financial statements of the Guarantors are material to investors. Therefore, separate financial statements and other disclosures concerning the Guarantors are not presented. | ||||||||||||||||||||
The 2013 supplemental guarantor condensed consolidating financial statements have been restated to reflect certain changes to the equity investments of the Guarantors. | ||||||||||||||||||||
Distributions — There are no significant restrictions on the ability of the Guarantors to make distributions to the Company. | ||||||||||||||||||||
Selling, General and Administrative Expenses — Corporate and division selling, general and administrative expenses are allocated to the operating subsidiaries based on various factors, which estimate usage of particular corporate and division functions, and in certain instances, other relevant factors, such as the revenues or the number of employees of the Company’s subsidiaries. During the three months ended September 27, 2014 and September 28, 2013, $30.7 million and $31.7 million, respectively, of selling, general and administrative expenses were allocated from Lear. During the nine months ended September 27, 2014 and September 28, 2013, $90.5 million and $93.3 million, respectively, of selling, general and administrative expenses were allocated from Lear. | ||||||||||||||||||||
Long-Term Debt of Lear and the Guarantors — A summary of long-term debt of Lear and the Guarantors on a combined basis is shown below (in millions): | ||||||||||||||||||||
27-Sep-14 | 31-Dec-13 | |||||||||||||||||||
Senior notes | $ | 1,068.70 | $ | 1,057.10 | ||||||||||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended | ||
Sep. 27, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Consolidation | ' | ||
Lear consolidates all entities, including variable interest entities, in which it has a controlling financial interest. Investments in affiliates in which Lear does not have control, but does have the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method. | |||
Fiscal period reporting | ' | ||
The Company’s annual financial results are reported on a calendar year basis, and quarterly interim results are reported using a thirteen week reporting calendar. | |||
Reclassifications | ' | ||
Certain amounts in the prior period’s financial statements have been reclassified to conform to the presentation used in the quarter ended September 27, 2014. | |||
Cost of sales | ' | ||
Cost of sales includes material, labor and overhead costs associated with the manufacture and distribution of the Company’s products. Distribution costs include inbound freight costs, purchasing and receiving costs, inspection costs, warehousing costs and other costs of the Company’s distribution network. | |||
Selling, general and administrative expenses | ' | ||
Selling, general and administrative expenses include selling, engineering and development and administrative costs not directly associated with the manufacture and distribution of the Company’s products. | |||
Inventories | ' | ||
Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out method. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. | |||
Pre-production costs related to long-term supply arrangement | ' | ||
The Company incurs pre-production engineering and development (“E&D”) and tooling costs related to the products produced for its customers under long-term supply agreements. The Company expenses all pre-production E&D costs for which reimbursement is not contractually guaranteed by the customer. In addition, the Company expenses all pre-production tooling costs related to customer-owned tools for which reimbursement is not contractually guaranteed by the customer or for which the Company does not have a non-cancelable right to use the tooling. During the first nine months of 2014 and 2013, the Company capitalized $143.0 million and $139.8 million, respectively, of pre-production E&D costs for which reimbursement is contractually guaranteed by the customer. During the first nine months of 2014 and 2013, the Company also capitalized $118.2 million and $164.3 million, respectively, of pre-production tooling costs related to customer-owned tools for which reimbursement is contractually guaranteed by the customer or for which the Company has a non-cancelable right to use the tooling. | |||
Property, plant and equipment, policy | ' | ||
Property, plant and equipment is stated at cost. Costs associated with the repair and maintenance of the Company’s property, plant and equipment are expensed as incurred. Costs associated with improvements which extend the life, increase the capacity or improve the efficiency or safety of the Company’s property, plant and equipment are capitalized and depreciated over the remaining useful life of the related asset. Depreciable property is depreciated over the estimated useful lives of the assets, using principally the straight-line method. | |||
Impairment of long-lived assets | ' | ||
The Company monitors its long-lived assets for impairment indicators on an ongoing basis in accordance with GAAP. If impairment indicators exist, the Company performs the required impairment analysis by comparing the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. The Company does not believe that there were any indicators that would have resulted in long-lived asset impairment charges as of September 27, 2014. The Company will, however, continue to assess the impact of any significant industry events and long-term automotive production estimates on the realization of its long-lived assets. | |||
Impairment of goodwill | ' | ||
Goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates that an impairment is more likely than not to have occurred. In conducting its annual impairment testing, the Company may first perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If not, no further goodwill impairment testing is required. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or if the Company elects not to perform a qualitative assessment of a reporting unit, the Company then compares the fair value of the reporting unit to the related net book value. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. The Company conducts its annual impairment testing as of the first day of its fourth quarter. | |||
Net income per share attributable to Lear | ' | ||
Basic net income per share attributable to Lear is computed by dividing net income attributable to Lear by the average number of common shares outstanding during the period. Common shares issuable upon the satisfaction of certain conditions pursuant to a contractual agreement are considered common shares outstanding and are included in the computation of basic net income per share attributable to Lear. | |||
Diluted net income per share attributable to Lear is computed using the treasury stock method by dividing net income attributable to Lear by the average number of common shares outstanding, including the dilutive effect of common stock equivalents using the average share price during the period. | |||
Product warranty | ' | ||
The Company records product warranty reserves based on its individual customer agreements. Product warranty reserves are recorded for known warranty issues when liability for such issues is probable and related amounts are reasonably estimable. | |||
Insurance recoveries | ' | ||
The Company has incurred losses and incremental costs related to the destruction of assets caused by a fire at one of its European production facilities in the third quarter of 2011. During the fourth quarter of 2012, the Company reached a settlement for the recovery of such costs under applicable insurance policies. In connection with this event, the Company incurred losses and incremental costs of $7.3 million in the nine months ended September 28, 2013. In addition, the Company received cash proceeds of $10.0 million, of which $2.9 million has been reflected in cash flows from operating activities and $7.1 million has been reflected in cash flows from investing activities, in the first nine months of 2013. For further information on cumulative losses and incremental costs incurred and recoveries received in connection with this event, see Note 11, “Commitments and Contingencies,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||
Derivative instruments and hedging activities | ' | ||
Interest Rate | |||
Historically, the Company used interest rate swap and other derivative contracts to manage its exposure to fluctuations in interest rates. As of September 27, 2014 and December 31, 2013, there were no interest rate contracts outstanding. The Company will continue to evaluate, and may use, derivative financial instruments, including forwards, futures, options, swaps and other derivative contracts to manage its exposures to fluctuations in interest rates in the future. | |||
Commodity Prices | |||
Historically, the Company used commodity swap and other derivative contracts to reduce its exposure to fluctuations in certain commodity prices. These derivative instruments were utilized to hedge forecasted inventory purchases, and to the extent that they met hedge accounting criteria, they were accounted for as cash flow hedges. Commodity swap contracts that were not accounted for as cash flow hedges were marked to market with changes in fair value recognized immediately in the accompanying condensed consolidated statements of comprehensive income. As of September 27, 2014 and December 31, 2013, there were no commodity swap contracts outstanding. | |||
On the date that a derivative contract is entered into, the Company designates the derivative as either (1) a hedge of the exposure to changes in the fair value of a recognized asset or liability or of an unrecognized firm commitment (a fair value hedge), (2) a hedge of the exposure of a forecasted transaction or of the variability in the cash flows of a recognized asset or liability (a cash flow hedge) or (3) a hedge of a net investment in a foreign operation (a net investment hedge). | |||
Foreign Exchange | |||
The Company uses forwards, swaps and other derivative contracts to reduce the effects of fluctuations in foreign exchange rates on known foreign currency exposures. Gains and losses on the derivative instruments are intended to offset gains and losses on the hedged transaction in an effort to reduce exposure to fluctuations in foreign exchange rates. | |||
Fair value of financial instruments, policy | ' | ||
Fair Value Measurements | |||
GAAP provides that fair value is an exit price, defined as a market-based measurement that represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value measurements are based on one or more of the following three valuation techniques: | |||
Market: | This approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. | ||
Income: | This approach uses valuation techniques to convert future amounts to a single present value amount based on current market expectations. | ||
Cost: | This approach is based on the amount that would be required to replace the service capacity of an asset (replacement cost). | ||
Further, GAAP prioritizes the inputs and assumptions used in the valuation techniques described above into a three-tier fair value hierarchy as follows: | |||
Level 1: | Observable inputs, such as quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. | ||
Level 2: | Inputs, other than quoted market prices included in Level 1, that are observable either directly or indirectly for the asset or liability. | ||
Level 3: | Unobservable inputs that reflect the entity’s own assumptions about the exit price of the asset or liability. Unobservable inputs may be used if there is little or no market data for the asset or liability at the measurement date. |
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Summary of Restructuring Activity | ' | |||||||||||||||||||
A summary of 2014 activity is shown below (in millions): | ||||||||||||||||||||
Utilization | ||||||||||||||||||||
Accrual as of | 2014 | Cash | Non-cash | Accrual as of | ||||||||||||||||
January 1, 2014 | Charges | September 27, 2014 | ||||||||||||||||||
Employee termination benefits | $ | 38.7 | $ | 72.9 | $ | (71.0 | ) | $ | — | $ | 40.6 | |||||||||
Asset impairment charges | — | 0.1 | — | (0.1 | ) | — | ||||||||||||||
Contract termination costs | 5.6 | 0.3 | (0.8 | ) | — | 5.1 | ||||||||||||||
Other related costs | — | 13.3 | (13.3 | ) | — | — | ||||||||||||||
Total | $ | 44.3 | $ | 86.6 | $ | (85.1 | ) | $ | (0.1 | ) | $ | 45.7 | ||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Summary of Inventories | ' | |||||||
A summary of inventories is shown below (in millions): | ||||||||
September 27, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 694.2 | $ | 633.5 | ||||
Work-in-process | 50.5 | 45.8 | ||||||
Finished goods | 154.4 | 139.4 | ||||||
Inventories | $ | 899.1 | $ | 818.7 | ||||
PreProduction_Costs_Related_to1
Pre-Production Costs Related to Long-Term Supply Agreements (Tables) | 9 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Text Block [Abstract] | ' | |||||||
Classification of Recoverable Customer Engineering, Development and Tooling Costs Related to Long-term Supply Agreements | ' | |||||||
The classification of recoverable customer E&D and tooling costs related to long-term supply agreements is shown below (in millions): | ||||||||
27-Sep-14 | December 31, | |||||||
2013 | ||||||||
Current | $ | 138.2 | $ | 134.2 | ||||
Long-term | 47.9 | 52.9 | ||||||
Recoverable customer E&D and tooling | $ | 186.1 | $ | 187.1 | ||||
LongTerm_Assets_Tables
Long-Term Assets (Tables) | 9 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Text Block [Abstract] | ' | |||||||
Summary of Property, Plant and Equipment | ' | |||||||
A summary of property, plant and equipment is shown below (in millions): | ||||||||
September 27, | 31-Dec-13 | |||||||
2014 | ||||||||
Land | $ | 111.4 | $ | 113.4 | ||||
Buildings and improvements | 538.6 | 532 | ||||||
Machinery and equipment | 1,835.00 | 1,645.00 | ||||||
Construction in progress | 141.9 | 155.2 | ||||||
Total property, plant and equipment | 2,626.90 | 2,445.60 | ||||||
Less – accumulated depreciation | (1,012.5 | ) | (858.4 | ) | ||||
Property, plant and equipment, net | $ | 1,614.40 | $ | 1,587.20 | ||||
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | |||
Sep. 27, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||
Summary of Changes in Carrying Amount of Goodwill | ' | |||
A summary of the changes in the carrying amount of goodwill, all of which relates to the seating segment, for the nine months ended September 27, 2014, is shown below (in millions): | ||||
Balance as of January 1, 2014 | $ | 757.2 | ||
Foreign currency translation and other | (17.0 | ) | ||
Balance as of September 27, 2014 | $ | 740.2 | ||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Summary of Long-Term Debt and Related Weighted Average Interest Rates | ' | |||||||||||
A summary of long-term debt and the related weighted average interest rates is shown below (in millions): | ||||||||||||
27-Sep-14 | 31-Dec-13 | |||||||||||
Long-Term | Weighted | Long-Term | Weighted | |||||||||
Debt | Average | Debt | Average | |||||||||
Interest Rate | Interest Rate | |||||||||||
7.875% Senior Notes due 2018 | $ | — | — | $ | 278.8 | 8.00% | ||||||
8.125% Senior Notes due 2020 | 243.7 | 8.25% | 278.3 | 8.25% | ||||||||
4.75% Senior Notes due 2023 | 500 | 4.75% | 500 | 4.75% | ||||||||
5.375% Senior Notes due 2024 | 325 | 5.38% | — | — | ||||||||
Long-term debt | $ | 1,068.70 | $ | 1,057.10 | ||||||||
Redemption Prices | ' | |||||||||||
The Company may redeem all or part of the 2024 Notes, at its option, at any time on or after March 15, 2019, at the redemption prices set forth below, plus accrued and unpaid interest to the redemption date. | ||||||||||||
Twelve-Month Period Commencing March 15, | 2024 Notes | |||||||||||
2019 | 102.69% | |||||||||||
2020 | 101.79% | |||||||||||
2021 | 100.90% | |||||||||||
2022 and thereafter | 100.00% |
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||||||||||
Pension plans, defined benefit | ' | |||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ' | |||||||||||||||||||||||||||||||
The components of the Company’s net periodic pension benefit cost are shown below (in millions): | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | |||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||||||||||
Service cost | $ | 0.9 | $ | 2.2 | $ | 0.8 | $ | 2.4 | $ | 2.7 | $ | 6.5 | $ | 2.2 | $ | 7.4 | ||||||||||||||||
Interest cost | 7.2 | 5.1 | 6.5 | 5.1 | 21.4 | 15.4 | 19.6 | 15.5 | ||||||||||||||||||||||||
Expected return on plan assets | (9.6 | ) | (6.9 | ) | (8.1 | ) | (6.2 | ) | (28.6 | ) | (20.4 | ) | (24.3 | ) | (18.9 | ) | ||||||||||||||||
Amortization of actuarial (gain) loss | (0.1 | ) | 0.4 | 1 | 1.6 | (0.2 | ) | 1 | 3.1 | 4.8 | ||||||||||||||||||||||
Settlement loss | — | — | — | — | 0.1 | — | — | — | ||||||||||||||||||||||||
Net periodic benefit cost | $ | (1.6 | ) | $ | 0.8 | $ | 0.2 | $ | 2.9 | $ | (4.6 | ) | $ | 2.5 | $ | 0.6 | $ | 8.8 | ||||||||||||||
Other Postretirement Benefit Plans, Defined Benefit | ' | |||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ' | |||||||||||||||||||||||||||||||
The components of the Company’s net periodic other postretirement benefit cost are shown below (in millions): | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | |||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||||||||||
Service cost | $ | — | $ | 0.3 | $ | — | $ | 0.3 | $ | 0.1 | $ | 0.7 | $ | 0.1 | $ | 0.8 | ||||||||||||||||
Interest cost | 1 | 0.5 | 0.9 | 0.7 | 3 | 1.5 | 2.7 | 2.3 | ||||||||||||||||||||||||
Amortization of actuarial (gain) loss | (0.1 | ) | (0.1 | ) | — | 0.1 | (0.5 | ) | — | (0.1 | ) | 0.3 | ||||||||||||||||||||
Amortization of prior service credit | — | (0.1 | ) | — | (0.1 | ) | — | (0.3 | ) | — | (0.3 | ) | ||||||||||||||||||||
Special termination benefits | — | 0.2 | — | 0.1 | — | 0.4 | — | 0.3 | ||||||||||||||||||||||||
Net periodic benefit cost | $ | 0.9 | $ | 0.8 | $ | 0.9 | $ | 1.1 | $ | 2.6 | $ | 2.3 | $ | 2.7 | $ | 3.4 | ||||||||||||||||
Other_Expense_Net_Tables
Other Expense, Net (Tables) | 9 Months Ended | |||||||||||||||
Sep. 27, 2014 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Summary of Other (Income) Expense, Net | ' | |||||||||||||||
A summary of other expense, net is shown below (in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Other expense | $ | 16.4 | $ | 17.3 | $ | 63 | $ | 38.8 | ||||||||
Other income | (5.3 | ) | (0.5 | ) | (5.9 | ) | (1.0 | ) | ||||||||
Other expense, net | $ | 11.1 | $ | 16.8 | $ | 57.1 | $ | 37.8 | ||||||||
Net_Income_Per_Share_Attributa1
Net Income Per Share Attributable to Lear (Tables) | 9 Months Ended | |||||||||||||||
Sep. 27, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Summary of Information Used to Compute Basic and Diluted Net Income (Loss) Per Share | ' | |||||||||||||||
A summary of information used to compute basic and diluted net income per share attributable to Lear is shown below (in millions, except share and per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to Lear | $ | 140.1 | $ | 112.8 | $ | 410.6 | $ | 358.6 | ||||||||
Average common shares outstanding | 79,974,811 | 80,674,338 | 80,652,376 | 86,609,304 | ||||||||||||
Dilutive effect of common stock equivalents | 1,428,414 | 1,079,825 | 1,374,751 | 1,041,134 | ||||||||||||
Average diluted shares outstanding | 81,403,225 | 81,754,163 | 82,027,127 | 87,650,438 | ||||||||||||
Basic net income per share attributable to Lear | $ | 1.75 | $ | 1.4 | $ | 5.09 | $ | 4.14 | ||||||||
Diluted net income per share attributable to Lear | $ | 1.72 | $ | 1.38 | $ | 5.01 | $ | 4.09 | ||||||||
Comprehensive_Income_and_Equit1
Comprehensive Income and Equity (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Summary of Comprehensive Income and Reconciliations of Equity | ' | |||||||||||||||||||||||
A summary of comprehensive income and reconciliations of equity, Lear Corporation stockholders’ equity and noncontrolling interests for the three and nine months ended September 27, 2014, are shown below (in millions): | ||||||||||||||||||||||||
Three Months Ended September 27, 2014 | Nine Months Ended September 27, 2014 | |||||||||||||||||||||||
Equity | Lear | Non- | Equity | Lear | Non- | |||||||||||||||||||
Corporation | controlling | Corporation | controlling | |||||||||||||||||||||
Stockholders' | Interests | Stockholders' | Interests | |||||||||||||||||||||
Equity | Equity | |||||||||||||||||||||||
Beginning equity balance | $ | 3,221.20 | $ | 3,145.80 | $ | 75.4 | $ | 3,149.50 | $ | 3,045.90 | $ | 103.6 | ||||||||||||
Stock-based compensation transactions | 14.6 | 14.6 | — | 31.2 | 31.2 | — | ||||||||||||||||||
Repurchase of common stock | (103.4 | ) | (103.4 | ) | — | (259.4 | ) | (259.4 | ) | — | ||||||||||||||
Dividends declared to Lear Corporation stockholders | (16.8 | ) | (16.8 | ) | — | (50.7 | ) | (50.7 | ) | — | ||||||||||||||
Dividends paid to noncontrolling interests | (10.7 | ) | — | (10.7 | ) | (17.5 | ) | — | (17.5 | ) | ||||||||||||||
Acquisitions of noncontrolling interests | — | — | — | (18.0 | ) | 5.7 | (23.7 | ) | ||||||||||||||||
Sale of controlling interest | — | (11.5 | ) | — | (11.5 | ) | ||||||||||||||||||
Comprehensive income: | — | — | ||||||||||||||||||||||
Net income | 147.9 | 140.1 | 7.8 | 434.3 | 410.6 | 23.7 | ||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||
Defined benefit plan adjustments | — | — | — | 0.1 | 0.1 | — | ||||||||||||||||||
Derivative instruments and hedging activities | (8.0 | ) | (8.0 | ) | — | (3.3 | ) | (3.3 | ) | — | ||||||||||||||
Foreign currency translation adjustments | (89.0 | ) | (90.4 | ) | 1.4 | (98.9 | ) | (98.2 | ) | (0.7 | ) | |||||||||||||
Other comprehensive income (loss) | (97.0 | ) | (98.4 | ) | 1.4 | (102.1 | ) | (101.4 | ) | (0.7 | ) | |||||||||||||
Comprehensive income | 50.9 | 41.7 | 9.2 | 332.2 | 309.2 | 23 | ||||||||||||||||||
Ending equity balance | $ | 3,155.80 | $ | 3,081.90 | $ | 73.9 | $ | 3,155.80 | $ | 3,081.90 | $ | 73.9 | ||||||||||||
A summary of comprehensive income and reconciliations of equity, Lear Corporation stockholders’ equity and noncontrolling interests for the three and nine months ended September 28, 2013, are shown below (in millions): | ||||||||||||||||||||||||
Three Months Ended September 28, 2013 | Nine Months Ended September 28, 2013 | |||||||||||||||||||||||
Equity | Lear | Non- | Equity | Lear | Non- | |||||||||||||||||||
Corporation | controlling | Corporation | controlling | |||||||||||||||||||||
Stockholders' | Interests | Stockholders' | Interests | |||||||||||||||||||||
Equity | Equity | |||||||||||||||||||||||
Beginning equity balance | $ | 2,790.30 | $ | 2,669.30 | $ | 121 | $ | 3,612.20 | $ | 3,487.10 | $ | 125.1 | ||||||||||||
Stock-based compensation transactions | 14.2 | 14.2 | — | 36 | 36 | — | ||||||||||||||||||
Repurchase of common stock | — | — | — | (1,000.1 | ) | (1,000.1 | ) | — | ||||||||||||||||
Dividends declared to Lear Corporation stockholders | (14.2 | ) | (14.2 | ) | — | (44.8 | ) | (44.8 | ) | — | ||||||||||||||
Dividends paid to noncontrolling interests | (18.6 | ) | — | (18.6 | ) | (33.4 | ) | — | (33.4 | ) | ||||||||||||||
Acquisition of noncontrolling interests | — | — | — | (6.6 | ) | (3.2 | ) | (3.4 | ) | |||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||
Net income | 116.7 | 112.8 | 3.9 | 375.9 | 358.6 | 17.3 | ||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||
Defined benefit plan adjustments | 1.8 | 1.8 | — | 5.5 | 5.5 | — | ||||||||||||||||||
Derivative instruments and hedging activities | (5.3 | ) | (5.3 | ) | — | (14.1 | ) | (14.1 | ) | — | ||||||||||||||
Foreign currency translation adjustments | 35.1 | 34.9 | 0.2 | (10.6 | ) | (11.5 | ) | 0.9 | ||||||||||||||||
Other comprehensive income (loss) | 31.6 | 31.4 | 0.2 | (19.2 | ) | (20.1 | ) | 0.9 | ||||||||||||||||
Comprehensive income | 148.3 | 144.2 | 4.1 | 356.7 | 338.5 | 18.2 | ||||||||||||||||||
Ending equity balance | $ | 2,920.00 | $ | 2,813.50 | $ | 106.5 | $ | 2,920.00 | $ | 2,813.50 | $ | 106.5 | ||||||||||||
Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | |||||||||||||||||||||||
A summary of changes, net of tax, in accumulated other comprehensive loss for the three and nine months ended September 27, 2014, is shown below (in millions): | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 27, 2014 | September 27, 2014 | |||||||||||||||||||||||
Defined benefit plan adjustments: | ||||||||||||||||||||||||
Balance at beginning of period | $ | (104.4 | ) | $ | (104.5 | ) | ||||||||||||||||||
Reclassification adjustments | — | 0.1 | ||||||||||||||||||||||
Balance at end of period | $ | (104.4 | ) | $ | (104.4 | ) | ||||||||||||||||||
Derivative instruments and hedging activities: | ||||||||||||||||||||||||
Balance at beginning of period | $ | (0.6 | ) | $ | (5.3 | ) | ||||||||||||||||||
Reclassification adjustments | (2.3 | ) | (5.6 | ) | ||||||||||||||||||||
Other comprehensive income (loss) recognized during the period | (5.7 | ) | 2.3 | |||||||||||||||||||||
Balance at end of period | $ | (8.6 | ) | $ | (8.6 | ) | ||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||||||
Balance at beginning of period | $ | (64.1 | ) | $ | (56.3 | ) | ||||||||||||||||||
Other comprehensive loss recognized during the period | (90.4 | ) | (98.2 | ) | ||||||||||||||||||||
Balance at end of period | $ | (154.5 | ) | $ | (154.5 | ) | ||||||||||||||||||
A summary of changes, net of tax, in accumulated other comprehensive loss for the three and nine months ended September 28, 2013, is shown below (in millions): | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 28, 2013 | September 28, 2013 | |||||||||||||||||||||||
Defined benefit plan adjustments: | ||||||||||||||||||||||||
Balance at beginning of period | $ | (246.2 | ) | $ | (249.9 | ) | ||||||||||||||||||
Reclassification adjustments | 1.8 | 5.5 | ||||||||||||||||||||||
Balance at end of period | $ | (244.4 | ) | $ | (244.4 | ) | ||||||||||||||||||
Derivative instruments and hedging activities: | ||||||||||||||||||||||||
Balance at beginning of period | $ | (6.1 | ) | $ | 2.7 | |||||||||||||||||||
Reclassification adjustments | (5.7 | ) | (19.2 | ) | ||||||||||||||||||||
Other comprehensive income recognized during the period | 0.4 | 5.1 | ||||||||||||||||||||||
Balance at end of period | $ | (11.4 | ) | $ | (11.4 | ) | ||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||||||
Balance at beginning of period | $ | (100.0 | ) | $ | (53.6 | ) | ||||||||||||||||||
Other comprehensive income (loss) recognized during the period | 34.9 | (11.5 | ) | |||||||||||||||||||||
Balance at end of period | $ | (65.1 | ) | $ | (65.1 | ) |
Legal_and_Other_Contingencies_
Legal and Other Contingencies (Tables) | 9 Months Ended | |||
Sep. 27, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Summary of Changes in Reserves for Product Liability and Warranty Claims | ' | |||
A summary of the changes in reserves for product liability and warranty claims for the nine months ended September 27, 2014, is shown below (in millions): | ||||
Balance as of January 1, 2014 | $ | 28.3 | ||
Expense, net (including changes in estimates) | 5.2 | |||
Settlements | (6.7 | ) | ||
Foreign currency translation and other | (0.5 | ) | ||
Balance as of September 27, 2014 | $ | 26.3 | ||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||
Sep. 27, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Summary of Segment Financial Information | ' | |||||||||||||||
A summary of revenues from external customers and other financial information by reportable operating segment is shown below (in millions): | ||||||||||||||||
Three Months Ended September 27, 2014 | ||||||||||||||||
Seating | Electrical | Other | Consolidated | |||||||||||||
Revenues from external customers | $ | 3,188.40 | $ | 1,044.30 | $ | — | $ | 4,232.70 | ||||||||
Segment earnings (1) | 154.9 | 136.7 | (67.1 | ) | 224.5 | |||||||||||
Depreciation and amortization | 50.8 | 27.1 | 2 | 79.9 | ||||||||||||
Capital expenditures | 63.3 | 24.8 | 3.6 | 91.7 | ||||||||||||
Total assets | 5,223.90 | 1,702.90 | 1,764.40 | 8,691.20 | ||||||||||||
Three Months Ended September 28, 2013 | ||||||||||||||||
Seating | Electrical | Other | Consolidated | |||||||||||||
Revenues from external customers | $ | 2,891.70 | $ | 1,026.00 | $ | — | $ | 3,917.70 | ||||||||
Segment earnings (1) | 142.8 | 111.6 | (61.4 | ) | 193 | |||||||||||
Depreciation and amortization | 46.7 | 24.1 | 2.1 | 72.9 | ||||||||||||
Capital expenditures | 67.3 | 33.9 | 1.6 | 102.8 | ||||||||||||
Total assets | 4,862.50 | 1,728.90 | 1,872.80 | 8,464.20 | ||||||||||||
Nine Months Ended September 27, 2014 | ||||||||||||||||
Seating | Electrical | Other | Consolidated | |||||||||||||
Revenues from external customers | $ | 9,857.90 | $ | 3,319.70 | $ | — | $ | 13,177.60 | ||||||||
Segment earnings (1) | 471.3 | 413.3 | (212.0 | ) | 672.6 | |||||||||||
Depreciation and amortization | 148.7 | 78 | 5.9 | 232.6 | ||||||||||||
Capital expenditures | 192.8 | 82.2 | 5.8 | 280.8 | ||||||||||||
Total assets | 5,223.90 | 1,702.90 | 1,764.40 | 8,691.20 | ||||||||||||
Nine Months Ended September 28, 2013 | ||||||||||||||||
Seating | Electrical | Other | Consolidated | |||||||||||||
Revenues from external customers | $ | 8,872.60 | $ | 3,105.30 | $ | — | $ | 11,977.90 | ||||||||
Segment earnings (1) | 450.7 | 295.5 | (177.8 | ) | 568.4 | |||||||||||
Depreciation and amortization | 133.4 | 69.2 | 5.7 | 208.3 | ||||||||||||
Capital expenditures | 214.8 | 107.4 | 7 | 329.2 | ||||||||||||
Total assets | 4,862.50 | 1,728.90 | 1,872.80 | 8,464.20 | ||||||||||||
(1) | See definition above. | |||||||||||||||
Reconciliation of Consolidated Segment Earnings to Consolidated Income Before Provision for Income Taxes | ' | |||||||||||||||
A reconciliation of segment earnings to consolidated income before provision for income taxes and equity in net income of affiliates is shown below (in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Segment earnings | $ | 224.5 | $ | 193 | $ | 672.6 | $ | 568.4 | ||||||||
Interest expense | 15.7 | 17.5 | 47.1 | 51.6 | ||||||||||||
Other expense, net | 11.1 | 16.8 | 57.1 | 37.8 | ||||||||||||
Consolidated income before provision for income taxes and equity in net income of affiliates | $ | 197.7 | $ | 158.7 | $ | 568.4 | $ | 479 | ||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||
Fair Value of Outstanding Foreign Currency Derivative Contracts and Related Classification | ' | |||||||||||||||||||
The fair value of outstanding foreign currency derivative contracts and the related classification in the accompanying condensed consolidated balance sheets as of September 27, 2014 and December 31, 2013, are shown below (in millions): | ||||||||||||||||||||
September 27, | December 31, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Contracts qualifying for hedge accounting: | ||||||||||||||||||||
Other current assets | $ | 9.6 | $ | 12.4 | ||||||||||||||||
Other long-term assets | 0.7 | 0.7 | ||||||||||||||||||
Other current liabilities | (6.6 | ) | (6.5 | ) | ||||||||||||||||
Other long-term liabilities | (1.1 | ) | (0.1 | ) | ||||||||||||||||
2.6 | 6.5 | |||||||||||||||||||
Contracts not qualifying for hedge accounting: | ||||||||||||||||||||
Other current assets | 2.3 | 0.4 | ||||||||||||||||||
Other current liabilities | (0.5 | ) | (0.5 | ) | ||||||||||||||||
1.8 | (0.1 | ) | ||||||||||||||||||
$ | 4.4 | $ | 6.4 | |||||||||||||||||
Fair Value Measurements and Related Valuation Techniques and Fair Value Hierarchy Level | ' | |||||||||||||||||||
Fair value measurements and the related valuation techniques and fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis as of September 27, 2014 and December 31, 2013, are shown below (in millions): | ||||||||||||||||||||
27-Sep-14 | ||||||||||||||||||||
Frequency | Asset | Valuation | Level 1 | Level 2 | Level 3 | |||||||||||||||
(Liability) | Technique | |||||||||||||||||||
Foreign currency derivative contracts, net | Recurring | $ | 4.4 | Market/Income | $ | — | $ | 4.4 | $ | — | ||||||||||
31-Dec-13 | ||||||||||||||||||||
Frequency | Asset | Valuation | Level 1 | Level 2 | Level 3 | |||||||||||||||
(Liability) | Technique | |||||||||||||||||||
Foreign currency derivative contracts, net | Recurring | $ | 6.4 | Market/Income | $ | — | $ | 6.4 | $ | — | ||||||||||
Foreign exchange contract | ' | |||||||||||||||||||
Pretax Amounts Related to Derivative Contracts | ' | |||||||||||||||||||
Pretax amounts related to foreign currency derivative contracts that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions): | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 27, | September 28, | September 27, | September 28, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Contracts qualifying for hedge accounting: | ||||||||||||||||||||
Gains (losses) recognized in accumulated other comprehensive loss | $ | (7.7 | ) | $ | 1 | $ | 2.8 | $ | 7.4 | |||||||||||
Gains reclassified from accumulated other comprehensive loss | (3.2 | ) | (8.3 | ) | (7.7 | ) | (27.1 | ) | ||||||||||||
Comprehensive loss | $ | (10.9 | ) | $ | (7.3 | ) | $ | (4.9 | ) | $ | (19.7 | ) |
Supplemental_Guarantor_Condens1
Supplemental Guarantor Condensed Consolidating Financial Statements (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 27, 2014 | ||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||||||||||
27-Sep-14 | ||||||||||||||||||||
Lear | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
guarantors | ||||||||||||||||||||
(Unaudited; in millions) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||
Cash and cash equivalents | $ | 291.7 | $ | 0.1 | $ | 580.9 | $ | — | $ | 872.7 | ||||||||||
Accounts receivable | 70.1 | 635 | 2,137.90 | — | 2,843.00 | |||||||||||||||
Inventories | 2.8 | 343.5 | 552.8 | — | 899.1 | |||||||||||||||
Other | 158.1 | 64.9 | 495.2 | — | 718.2 | |||||||||||||||
Total current assets | 522.7 | 1,043.50 | 3,766.80 | — | 5,333.00 | |||||||||||||||
LONG-TERM ASSETS: | ||||||||||||||||||||
Property, plant and equipment, net | 94.7 | 321.7 | 1,198.00 | — | 1,614.40 | |||||||||||||||
Goodwill | 23.5 | 401 | 315.7 | — | 740.2 | |||||||||||||||
Investments in subsidiaries | 1,840.20 | 1,891.20 | — | (3,731.4 | ) | — | ||||||||||||||
Intercompany accounts, net | 1,394.20 | — | — | (1,394.2 | ) | — | ||||||||||||||
Other | 596.7 | 56.4 | 350.5 | — | 1,003.60 | |||||||||||||||
Total long-term assets | 3,949.30 | 2,670.30 | 1,864.20 | (5,125.6 | ) | 3,358.20 | ||||||||||||||
Total assets | $ | 4,472.00 | $ | 3,713.80 | $ | 5,631.00 | $ | (5,125.6 | ) | $ | 8,691.20 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||
Accounts payable and drafts | $ | 93.8 | $ | 742.2 | $ | 1,778.60 | $ | — | $ | 2,614.60 | ||||||||||
Accrued liabilities | 110.1 | 205.4 | 1,020.80 | — | 1,336.30 | |||||||||||||||
Total current liabilities | 203.9 | 947.6 | 2,799.40 | — | 3,950.90 | |||||||||||||||
LONG-TERM LIABILITIES: | ||||||||||||||||||||
Long-term debt | 1,068.70 | — | — | — | 1,068.70 | |||||||||||||||
Intercompany accounts, net | — | 762.2 | 632 | (1,394.2 | ) | — | ||||||||||||||
Other | 117.5 | 142.1 | 256.2 | — | 515.8 | |||||||||||||||
Total long-term liabilities | 1,186.20 | 904.3 | 888.2 | (1,394.2 | ) | 1,584.50 | ||||||||||||||
EQUITY: | ||||||||||||||||||||
Lear Corporation stockholders’ equity | 3,081.90 | 1,861.90 | 1,869.50 | (3,731.4 | ) | 3,081.90 | ||||||||||||||
Noncontrolling interests | — | — | 73.9 | — | 73.9 | |||||||||||||||
Equity | 3,081.90 | 1,861.90 | 1,943.40 | (3,731.4 | ) | 3,155.80 | ||||||||||||||
Total liabilities and equity | $ | 4,472.00 | $ | 3,713.80 | $ | 5,631.00 | $ | (5,125.6 | ) | $ | 8,691.20 | |||||||||
31-Dec-13 | ||||||||||||||||||||
Lear | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
guarantors | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||
Cash and cash equivalents | $ | 343.5 | $ | 0.1 | $ | 794.1 | $ | — | $ | 1,137.70 | ||||||||||
Accounts receivable | 41.2 | 349.7 | 1,887.40 | — | 2,278.30 | |||||||||||||||
Inventories | 4.8 | 297.9 | 516 | — | 818.7 | |||||||||||||||
Other | 147.7 | 77.3 | 462.8 | — | 687.8 | |||||||||||||||
Total current assets | 537.2 | 725 | 3,660.30 | — | 4,922.50 | |||||||||||||||
LONG-TERM ASSETS: | ||||||||||||||||||||
Property, plant and equipment, net | 95.5 | 316 | 1,175.70 | — | 1,587.20 | |||||||||||||||
Goodwill | 23.5 | 401 | 332.7 | — | 757.2 | |||||||||||||||
Investments in subsidiaries | 1,802.40 | 1,878.50 | — | (3,680.9 | ) | — | ||||||||||||||
Intercompany accounts, net | 1,373.10 | — | — | (1,373.1 | ) | — | ||||||||||||||
Other | 591.5 | 71.5 | 401 | — | 1,064.00 | |||||||||||||||
Total long-term assets | 3,886.00 | 2,667.00 | 1,909.40 | (5,054.0 | ) | 3,408.40 | ||||||||||||||
Total assets | $ | 4,423.20 | $ | 3,392.00 | $ | 5,569.70 | $ | (5,054.0 | ) | $ | 8,330.90 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||
Accounts payable and drafts | $ | 73.8 | $ | 582.4 | $ | 1,782.50 | $ | — | $ | 2,438.70 | ||||||||||
Accrued liabilities | 127.9 | 156.1 | 856.4 | — | 1,140.40 | |||||||||||||||
Total current liabilities | 201.7 | 738.5 | 2,638.90 | — | 3,579.10 | |||||||||||||||
LONG-TERM LIABILITIES: | ||||||||||||||||||||
Long-term debt | 1,057.10 | — | — | — | 1,057.10 | |||||||||||||||
Intercompany accounts, net | — | 515.2 | 857.9 | (1,373.1 | ) | — | ||||||||||||||
Other | 118.5 | 143 | 283.7 | — | 545.2 | |||||||||||||||
Total long-term liabilities | 1,175.60 | 658.2 | 1,141.60 | (1,373.1 | ) | 1,602.30 | ||||||||||||||
EQUITY: | ||||||||||||||||||||
Lear Corporation stockholders’ equity | 3,045.90 | 1,995.30 | 1,685.60 | (3,680.9 | ) | 3,045.90 | ||||||||||||||
Noncontrolling interests | — | — | 103.6 | — | 103.6 | |||||||||||||||
Equity | 3,045.90 | 1,995.30 | 1,789.20 | (3,680.9 | ) | 3,149.50 | ||||||||||||||
Total liabilities and equity | $ | 4,423.20 | $ | 3,392.00 | $ | 5,569.70 | $ | (5,054.0 | ) | $ | 8,330.90 | |||||||||
Schedule of Condensed Income Statement | ' | |||||||||||||||||||
For the Three Months Ended September 27, 2014 | ||||||||||||||||||||
Lear | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
guarantors | ||||||||||||||||||||
(Unaudited; in millions) | ||||||||||||||||||||
Net sales | $ | 120.5 | $ | 1,802.70 | $ | 3,503.30 | $ | (1,193.8 | ) | $ | 4,232.70 | |||||||||
Cost of sales | 147.8 | 1,660.70 | 3,256.80 | (1,193.8 | ) | 3,871.50 | ||||||||||||||
Selling, general and administrative expenses | 35 | 26.9 | 66.2 | — | 128.1 | |||||||||||||||
Intercompany operating (income) expense, net | (52.5 | ) | 42.6 | 9.9 | — | — | ||||||||||||||
Amortization of intangible assets | 0.5 | 1.2 | 6.9 | — | 8.6 | |||||||||||||||
Interest expense | 10.6 | 6.6 | (1.5 | ) | — | 15.7 | ||||||||||||||
Other expense, net | 0.9 | 0.4 | 9.8 | — | 11.1 | |||||||||||||||
Consolidated income before income taxes and equity in net income of affiliates and subsidiaries | (21.8 | ) | 64.3 | 155.2 | — | 197.7 | ||||||||||||||
Provision for income taxes | (8.1 | ) | 27 | 38.7 | — | 57.6 | ||||||||||||||
Equity in net income of affiliates | 0.1 | (0.5 | ) | (7.4 | ) | — | (7.8 | ) | ||||||||||||
Equity in net income of subsidiaries | (153.9 | ) | (84.8 | ) | — | 238.7 | — | |||||||||||||
Consolidated net income | 140.1 | 122.6 | 123.9 | (238.7 | ) | 147.9 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 7.8 | — | 7.8 | |||||||||||||||
Net income attributable to Lear | $ | 140.1 | $ | 122.6 | $ | 116.1 | $ | (238.7 | ) | $ | 140.1 | |||||||||
Consolidated comprehensive income | $ | 41.7 | $ | 113.9 | $ | 35.5 | $ | (140.2 | ) | $ | 50.9 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 9.2 | — | 9.2 | |||||||||||||||
Comprehensive income attributable to Lear | $ | 41.7 | $ | 113.9 | $ | 26.3 | $ | (140.2 | ) | $ | 41.7 | |||||||||
For the Three Months Ended September 28, 2013 | ||||||||||||||||||||
Lear | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
guarantors | ||||||||||||||||||||
(Unaudited; in millions) | ||||||||||||||||||||
Net sales | $ | 105.2 | $ | 1,557.80 | $ | 3,351.60 | $ | (1,096.9 | ) | $ | 3,917.70 | |||||||||
Cost of sales | 132.6 | 1,411.20 | 3,140.60 | (1,096.9 | ) | 3,587.50 | ||||||||||||||
Selling, general and administrative expenses | 43 | 17.3 | 68.3 | — | 128.6 | |||||||||||||||
Intercompany operating (income) expense, net | (45.5 | ) | 33.6 | 11.9 | — | — | ||||||||||||||
Amortization of intangible assets | 0.5 | 1.2 | 6.9 | — | 8.6 | |||||||||||||||
Interest expense | 11.9 | 6 | (0.4 | ) | — | 17.5 | ||||||||||||||
Other expense, net | 0.6 | 0.2 | 16 | — | 16.8 | |||||||||||||||
Consolidated income before income taxes and equity in net income of affiliates and subsidiaries | (37.9 | ) | 88.3 | 108.3 | — | 158.7 | ||||||||||||||
Provision for income taxes | (11.2 | ) | 31.7 | 30.7 | — | 51.2 | ||||||||||||||
Equity in net income of affiliates | (0.1 | ) | (0.3 | ) | (8.8 | ) | — | (9.2 | ) | |||||||||||
Equity in net income of subsidiaries | (139.4 | ) | (37.0 | ) | — | 176.4 | — | |||||||||||||
Consolidated net income | 112.8 | 93.9 | 86.4 | (176.4 | ) | 116.7 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 3.9 | — | 3.9 | |||||||||||||||
Net income attributable to Lear | $ | 112.8 | $ | 93.9 | $ | 82.5 | $ | (176.4 | ) | $ | 112.8 | |||||||||
Consolidated comprehensive income | $ | 144.2 | $ | 88.9 | $ | 122.8 | $ | (207.6 | ) | $ | 148.3 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 4.1 | — | 4.1 | |||||||||||||||
Comprehensive income attributable to Lear | $ | 144.2 | $ | 88.9 | $ | 118.7 | $ | (207.6 | ) | $ | 144.2 | |||||||||
For the Nine Months Ended September 27, 2014 | ||||||||||||||||||||
Lear | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
guarantors | ||||||||||||||||||||
(Unaudited; in millions) | ||||||||||||||||||||
Net sales | $ | 351.3 | $ | 5,252.50 | $ | 11,189.00 | $ | (3,615.2 | ) | $ | 13,177.60 | |||||||||
Cost of sales | 443.2 | 4,842.80 | 10,406.00 | (3,615.2 | ) | 12,076.80 | ||||||||||||||
Selling, general and administrative expenses | 125.9 | 71.4 | 205.5 | — | 402.8 | |||||||||||||||
Intercompany operating (income) expense, net | (241.0 | ) | 122.2 | 118.8 | — | — | ||||||||||||||
Amortization of intangible assets | 1.3 | 3.6 | 20.5 | — | 25.4 | |||||||||||||||
Interest expense | 34.8 | 17.8 | (5.5 | ) | — | 47.1 | ||||||||||||||
Other expense, net | 20.8 | 0.8 | 35.5 | — | 57.1 | |||||||||||||||
Consolidated income before income taxes and equity in net income of affiliates and subsidiaries | (33.7 | ) | 193.9 | 408.2 | — | 568.4 | ||||||||||||||
Provision for income taxes | (13.4 | ) | 80.1 | 96.4 | — | 163.1 | ||||||||||||||
Equity in net income of affiliates | 0.7 | (1.0 | ) | (28.7 | ) | — | (29.0 | ) | ||||||||||||
Equity in net income of subsidiaries | (431.6 | ) | (217.8 | ) | — | 649.4 | — | |||||||||||||
Consolidated net income | 410.6 | 332.6 | 340.5 | (649.4 | ) | 434.3 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 23.7 | — | 23.7 | |||||||||||||||
Net income attributable to Lear | $ | 410.6 | $ | 332.6 | $ | 316.8 | $ | (649.4 | ) | $ | 410.6 | |||||||||
Consolidated comprehensive income | $ | 309.2 | $ | 328.9 | $ | 241.9 | $ | (547.8 | ) | $ | 332.2 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 23 | — | 23 | |||||||||||||||
Comprehensive income attributable to Lear | $ | 309.2 | $ | 328.9 | $ | 218.9 | $ | (547.8 | ) | $ | 309.2 | |||||||||
For the Nine Months Ended September 28, 2013 | ||||||||||||||||||||
Lear | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
guarantors | ||||||||||||||||||||
(Unaudited; in millions) | ||||||||||||||||||||
Net sales | $ | 352.4 | $ | 4,701.30 | $ | 10,326.70 | $ | (3,402.5 | ) | $ | 11,977.90 | |||||||||
Cost of sales | 429.9 | 4,277.40 | 9,692.80 | (3,402.5 | ) | 10,997.60 | ||||||||||||||
Selling, general and administrative expenses | 121.7 | 49.2 | 215.2 | — | 386.1 | |||||||||||||||
Intercompany operating (income) expense, net | (169.9 | ) | 98 | 71.9 | — | — | ||||||||||||||
Amortization of intangible assets | 1.3 | 3.6 | 20.9 | — | 25.8 | |||||||||||||||
Interest expense | 36 | 18.1 | (2.5 | ) | — | 51.6 | ||||||||||||||
Other expense, net | 6.8 | 1 | 30 | — | 37.8 | |||||||||||||||
Consolidated income before income taxes and equity in net income of affiliates and subsidiaries | (73.4 | ) | 254 | 298.4 | — | 479 | ||||||||||||||
Provision for income taxes | (23.6 | ) | 92.3 | 61.5 | — | 130.2 | ||||||||||||||
Equity in net income of affiliates | (0.8 | ) | (0.4 | ) | (25.9 | ) | — | (27.1 | ) | |||||||||||
Equity in net income of subsidiaries | (407.6 | ) | (122.9 | ) | — | 530.5 | — | |||||||||||||
Consolidated net income | 358.6 | 285 | 262.8 | (530.5 | ) | 375.9 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 17.3 | — | 17.3 | |||||||||||||||
Net income attributable to Lear | $ | 358.6 | $ | 285 | $ | 245.5 | $ | (530.5 | ) | $ | 358.6 | |||||||||
Consolidated comprehensive income | $ | 338.5 | $ | 273 | $ | 254.7 | $ | (509.5 | ) | $ | 356.7 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 18.2 | — | 18.2 | |||||||||||||||
Comprehensive income attributable to Lear | $ | 338.5 | $ | 273 | $ | 236.5 | $ | (509.5 | ) | $ | 338.5 | |||||||||
Schedule of Condensed Cash Flow Statement | ' | |||||||||||||||||||
For the Nine Months Ended September 27, 2014 | ||||||||||||||||||||
Lear | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
guarantors | ||||||||||||||||||||
(Unaudited; in millions) | ||||||||||||||||||||
Net cash provided by operating activities | $ | 28.4 | $ | 44.6 | $ | 338.7 | $ | — | $ | 411.7 | ||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (10.0 | ) | (57.2 | ) | (213.6 | ) | — | (280.8 | ) | |||||||||||
Other, net | (5.9 | ) | 15.3 | (18.4 | ) | — | (9.0 | ) | ||||||||||||
Net cash used in investing activities | (15.9 | ) | (41.9 | ) | (232.0 | ) | — | (289.8 | ) | |||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Proceeds from the issuance of senior notes | 325 | — | — | — | 325 | |||||||||||||||
Repurchase of senior notes | (327.1 | ) | — | — | — | (327.1 | ) | |||||||||||||
Payment of debt issuance and other financing costs | (3.8 | ) | — | — | — | (3.8 | ) | |||||||||||||
Repurchase of common stock | (259.4 | ) | — | — | — | (259.4 | ) | |||||||||||||
Dividends paid to Lear Corporation stockholders | (49.6 | ) | — | — | — | (49.6 | ) | |||||||||||||
Dividends paid to noncontrolling interests | — | — | (17.5 | ) | — | (17.5 | ) | |||||||||||||
Other | (21.7 | ) | — | (17.5 | ) | — | (39.2 | ) | ||||||||||||
Change in intercompany accounts | 272.3 | (2.7 | ) | (269.6 | ) | — | — | |||||||||||||
Net cash used in financing activities | (64.3 | ) | (2.7 | ) | (304.6 | ) | — | (371.6 | ) | |||||||||||
Effect of foreign currency translation | — | — | (15.3 | ) | — | (15.3 | ) | |||||||||||||
Net Change in Cash and Cash Equivalents | (51.8 | ) | — | (213.2 | ) | — | (265.0 | ) | ||||||||||||
Cash and Cash Equivalents as of Beginning of Period | 343.5 | 0.1 | 794.1 | — | 1,137.70 | |||||||||||||||
Cash and Cash Equivalents as of End of Period | $ | 291.7 | $ | 0.1 | $ | 580.9 | $ | — | $ | 872.7 | ||||||||||
For the Nine Months Ended September 28, 2013 | ||||||||||||||||||||
Lear | Guarantors | Non- | Eliminations | Consolidated | ||||||||||||||||
guarantors | ||||||||||||||||||||
(Unaudited; in millions) | ||||||||||||||||||||
Net cash provided by operating activities | $ | 0.8 | $ | 161.6 | $ | 267.2 | $ | — | $ | 429.6 | ||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (13.4 | ) | (83.7 | ) | (232.1 | ) | — | (329.2 | ) | |||||||||||
Insurance proceeds | — | — | 7.1 | — | 7.1 | |||||||||||||||
Other, net | 44.1 | 0.1 | (3.5 | ) | — | 40.7 | ||||||||||||||
Net cash used in investing activities | 30.7 | (83.6 | ) | (228.5 | ) | — | (281.4 | ) | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Proceeds from the issuance of senior notes | 500 | — | — | — | 500 | |||||||||||||||
Repurchase of senior notes | (72.1 | ) | — | — | — | (72.1 | ) | |||||||||||||
Payment of debt issuance and other financing costs | (13.4 | ) | — | — | — | (13.4 | ) | |||||||||||||
Repurchase of common stock | (1,000.1 | ) | — | — | — | (1,000.1 | ) | |||||||||||||
Dividends paid to Lear Corporation stockholders | (44.8 | ) | — | — | — | (44.8 | ) | |||||||||||||
Dividends paid to noncontrolling interests | — | — | (33.4 | ) | — | (33.4 | ) | |||||||||||||
Other | (6.3 | ) | — | (3.4 | ) | — | (9.7 | ) | ||||||||||||
Change in intercompany accounts | 334.6 | (78.0 | ) | (256.6 | ) | — | — | |||||||||||||
Net cash used in financing activities | (302.1 | ) | (78.0 | ) | (293.4 | ) | — | (673.5 | ) | |||||||||||
Effect of foreign currency translation | — | — | 7.1 | — | 7.1 | |||||||||||||||
Net Change in Cash and Cash Equivalents | (270.6 | ) | — | (247.6 | ) | — | (518.2 | ) | ||||||||||||
Cash and Cash Equivalents as of Beginning of Period | 481.4 | 0.1 | 920.7 | — | 1,402.20 | |||||||||||||||
Cash and Cash Equivalents as of End of Period | $ | 210.8 | $ | 0.1 | $ | 673.1 | $ | — | $ | 884 | ||||||||||
Long-Term Debt | ' | |||||||||||||||||||
Long-Term Debt of Lear and the Guarantors — A summary of long-term debt of Lear and the Guarantors on a combined basis is shown below (in millions): | ||||||||||||||||||||
27-Sep-14 | 31-Dec-13 | |||||||||||||||||||
Senior notes | $ | 1,068.70 | $ | 1,057.10 | ||||||||||||||||
Acquisition_Details
Acquisition (Details) (Eagle Ottawa, USD $) | Aug. 27, 2014 |
In Millions, unless otherwise specified | |
Eagle Ottawa | ' |
Business Acquisition [Line Items] | ' |
Business combination, transaction value | $850 |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring reserve period expense | ' | ' | $86.60 | ' |
Cost of sales | 3,871.50 | 3,587.50 | 12,076.80 | 10,997.60 |
Selling, general and administrative expenses | 128.1 | 128.6 | 402.8 | 386.1 |
Other expense | 16.4 | 17.3 | 63 | 38.8 |
Asset impairment charges | ' | ' | 0.9 | 4.6 |
Restructuring charges | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring reserve period expense | ' | ' | 86.6 | ' |
Cost of sales | ' | ' | 71.4 | ' |
Selling, general and administrative expenses | ' | ' | 14.2 | ' |
Other expense | ' | ' | 1 | ' |
Expected restructuring cost | 34 | ' | 34 | ' |
Employee termination benefits | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring reserve period expense | ' | ' | 72.9 | ' |
Intangible asset and property, plant and equipment fair value adjustments | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring reserve period expense | ' | ' | 0.1 | ' |
Contract termination costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring reserve period expense | ' | ' | 0.3 | ' |
Other related costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring reserve period expense | ' | ' | $13.30 | ' |
Restructuring_Summary_of_Restr
Restructuring - Summary of Restructuring Activities (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Asset impairment charges | $0.90 | $4.60 |
Accrual as of beginning of period | 44.3 | ' |
Restructuring charges | 86.6 | ' |
Utilization cash | -85.1 | ' |
Utilization non-cash | -0.1 | ' |
Accrual as of end of period | 45.7 | ' |
Employee termination benefits | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accrual as of beginning of period | 38.7 | ' |
Restructuring charges | 72.9 | ' |
Utilization cash | -71 | ' |
Utilization non-cash | 0 | ' |
Accrual as of end of period | 40.6 | ' |
Asset impairment charges | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accrual as of beginning of period | 0 | ' |
Utilization cash | 0 | ' |
Utilization non-cash | -0.1 | ' |
Accrual as of end of period | 0 | ' |
Contract termination costs | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accrual as of beginning of period | 5.6 | ' |
Restructuring charges | 0.3 | ' |
Utilization cash | -0.8 | ' |
Utilization non-cash | 0 | ' |
Accrual as of end of period | 5.1 | ' |
Other related costs | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accrual as of beginning of period | 0 | ' |
Restructuring charges | 13.3 | ' |
Utilization cash | -13.3 | ' |
Utilization non-cash | 0 | ' |
Accrual as of end of period | $0 | ' |
Inventories_Detail
Inventories (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Inventory Disclosure [Abstract] | ' | ' | |
Raw materials | $694.20 | $633.50 | |
Work-in-process | 50.5 | 45.8 | |
Finished goods | 154.4 | 139.4 | |
Inventories | $899.10 | [1] | $818.70 |
[1] | (1)Â Unaudited. |
PreProduction_Costs_Related_to2
Pre-Production Costs Related to Long-Term Supply Agreements - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Preproduction Costs Related to Long-term Supply Arrangements [Abstract] | ' | ' |
Capitalized pre-production E&D costs | $143 | $139.80 |
Capitalized pre-production tooling costs related to customer-owned tools | 118.2 | 164.3 |
Cash collected related to E&D and tooling costs | $247.20 | $296.50 |
PreProduction_Costs_Related_to3
Pre-Production Costs Related to Long-Term Supply Agreements - Classifications (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pre Production Costs Related to Long Term Supply Arrangements [Line Items] | ' | ' |
Recoverable customer E&D and tooling | $186.10 | $187.10 |
Current | ' | ' |
Pre Production Costs Related to Long Term Supply Arrangements [Line Items] | ' | ' |
Recoverable customer E&D and tooling | 138.2 | 134.2 |
Long-term | ' | ' |
Pre Production Costs Related to Long Term Supply Arrangements [Line Items] | ' | ' |
Recoverable customer E&D and tooling | $47.90 | $52.90 |
LongTerm_Assets_Additional_Inf
Long-Term Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Mar. 30, 2013 | Sep. 27, 2014 |
International Automotive Components Group North America, LLC | Restructuring charges | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Depreciation expense | $71.30 | $64.40 | $207.20 | $182.50 | ' | ' |
Asset impairment charges | ' | ' | 0.9 | 4.6 | ' | 0.1 |
Percentage of ownership interest sold | ' | ' | ' | ' | 22.88% | ' |
Proceeds from sale of equity investments | ' | ' | ' | ' | $49.60 | ' |
LongTerm_Assets_Property_Plant
Long-Term Assets - Property, Plant and Equipment (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Property, Plant and Equipment [Abstract] | ' | ' | |
Land | $111.40 | $113.40 | |
Buildings and improvements | 538.6 | 532 | |
Machinery and equipment | 1,835 | 1,645 | |
Construction in progress | 141.9 | 155.2 | |
Total property, plant and equipment | 2,626.90 | 2,445.60 | |
Less – accumulated depreciation | -1,012.50 | -858.4 | |
Property, plant and equipment, net | $1,614.40 | [1] | $1,587.20 |
[1] | (1)Â Unaudited. |
Goodwill_Detail
Goodwill (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2014 | |
Goodwill [Roll Forward] | ' | |
Beginning balance | $757.20 | |
Foreign currency translation and other | -17 | |
Ending balance | $740.20 | [1] |
[1] | (1)Â Unaudited. |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||||
Mar. 29, 2014 | Mar. 30, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Mar. 30, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Mar. 30, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Mar. 11, 2014 | Mar. 11, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | |
Minimum | Maximum | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | 7.875% Senior Notes due 2018 | 7.875% Senior Notes due 2018 | 7.875% Senior Notes due 2018 | 8.125% Senior Notes due 2020 | 8.125% Senior Notes due 2020 | 8.125% Senior Notes due 2020 | 4.75% Senior Notes due 2023 | 4.75% Senior Notes due 2023 | 5.375% Senior Notes due 2024 | 5.375% Senior Notes due 2024 | 5.375% Senior Notes due 2024 | 5.375% Senior Notes due 2024 | 5.375% Senior Notes due 2024 | ||||||
Domestic subsidiaries | Foreign subsidiaries | Eurocurrency rate | Base rate | Prior to March fifteen two thousand seventeen | Prior to March fifteen two thousand nineteen | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument redemption price percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.38% | 100.00% |
Long-term debt, aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $245,000,000 | ' | $500,000,000 | ' | ' | ' | $325,000,000 | ' | ' |
Long-term debt, stated coupon rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.88% | ' | 8.13% | 8.13% | 4.75% | 4.75% | ' | ' | 5.38% | ' | ' |
Long-term debt, price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.16% | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, yield to maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Notes, payment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The 2020 Notes were issued on March 26, 2010, and interest is payable on March 15 and September 15 of each year. | ' | 'The 2023 Notes were issued on January 17, 2013, and interest is payable on January 15 and July 15 of each year. | ' | ' | ' | 'The 2024 Notes were issued on March 11, 2014, and interest is payable on March 15 and September 15 of each year. | ' | ' |
Long-term debt, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Mar-20 | 15-Mar-20 | 15-Jan-23 | 15-Jan-23 | ' | ' | ' | ' | ' |
Proceeds from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,000,000 | ' | ' | ' | ' |
Debt issuance cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' |
Payment for redemption of aggregate principal amount | ' | 70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 280,000,000 | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of debt redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for debt redemption | 327,100,000 | 72,100,000 | 327,100,000 | 72,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | 17,500,000 | 3,600,000 | 17,500,000 | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, redemption description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Prior to March 15, 2017, the Company may redeem up to 35% of the aggregate principal amount of the 2024 Notes, in an amount not to exceed the amount of net cash proceeds of one or more equity offerings, at a redemption price equal to 105.375% of the aggregate principal amount thereof, plus accrued and unpaid interest to the redemption date, provided that at least 65% of the original aggregate principal amount of the 2024 Notes remains outstanding after the redemption and any such redemption is made 90 days after the closing of such equity offering. Prior to March 15, 2019, the Company may redeem the 2024 Notes, in whole or in part, at a redemption price equal to 100% of the aggregate principal amount thereof, plus a “make-whole†premium as of, and accrued and unpaid interest to, the redemption date. | ' | ' |
Senior notes, redeemable percentage of the aggregate principal amount of the Notes in equity offerings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' |
Outstanding original aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' |
Redemption of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' |
Description of notes restrictive covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The indenture governing the 2020 Notes contains restrictive covenants that, among other things, limit the ability of the Company and its subsidiaries to: (i) incur additional debt, (ii) pay dividends and make other restricted payments, (iii) create or permit certain liens, (iv) issue or sell capital stock of the Company’s restricted subsidiaries, (v) use the proceeds from sales of assets and subsidiary stock, (vi) create or permit restrictions on the ability of the Company’s restricted subsidiaries to pay dividends or make other distributions to the Company, (vii) enter into transactions with affiliates, (viii) enter into sale and leaseback transactions and (ix) consolidate or merge or sell all or substantially all of the Company’s assets. The foregoing limitations are subject to exceptions as set forth in the 2020 Notes. In addition, if in the future the 2020 Notes have an investment grade credit rating from both Moody’s Investors Service and Standard & Poor’s Ratings Services and no default has occurred and is continuing, certain of these covenants will, thereafter, no longer apply to the 2020 Notes for so long as the 2020 Notes have an investment grade credit rating by both rating agencies. The indenture governing the 2020 Notes also contains customary events of default. | ' | 'Subject to certain exceptions, the indenture governing the 2023 Notes and 2024 Notes contains restrictive covenants that, among other things, limit the ability of the Company to: (i) create or permit certain liens, (ii) enter into sale and leaseback transactions and (iii) consolidate or merge or sell all or substantially all of the Company’s assets. These indentures also provide for customary events of default. | ' | ' | ' | 'Subject to certain exceptions, the indenture governing the 2023 Notes and 2024 Notes contains restrictive covenants that, among other things, limit the ability of the Company to: (i) create or permit certain liens, (ii) enter into sale and leaseback transactions and (iii) consolidate or merge or sell all or substantially all of the Company’s assets. These indentures also provide for customary events of default. | ' | ' |
Compliance with covenants under Notes | ' | ' | 'As of September 27, 2014, the Company was in compliance with all covenants under the indentures governing the Notes. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'As of September 27, 2014, the Company was in compliance with all covenants under the indentures governing the Notes. | ' | 'As of September 27, 2014, the Company was in compliance with all covenants under the indentures governing the Notes. | ' | ' | ' | ' | ' | ' |
Line of credit facility, maturity date | ' | ' | 30-Jan-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings outstanding | ' | ' | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum interest rate margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum interest rate margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, facility fee | ' | ' | ' | ' | ' | 0.25% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of stock secured on a first priority basis | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage owned, domestic subsidiaries | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, covenants and restrictions | ' | ' | ' | ' | ' | ' | ' | 'The revolving credit facility contains various customary representations, warranties and covenants by the Company, including, without limitation, (i)Â covenants regarding maximum leverage and minimum interest coverage, (ii)Â limitations on fundamental changes involving the Company or its subsidiaries and (iii)Â limitations on indebtedness, liens, investments and restricted payments. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, compliance with covenants | ' | ' | ' | ' | ' | ' | ' | 'As of September 27, 2014, the Company was in compliance with all covenants under the agreement governing the revolving credit facility. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Summary_of_LongTerm_Debt_
Debt - Summary of Long-Term Debt (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 27, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $1,068.70 | $1,057.10 |
7.875% Senior Notes due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 0 | 278.8 |
Weighted Average Interest Rate | 0.00% | 8.00% |
Long-term debt, stated coupon rate | ' | 7.88% |
8.125% Senior Notes due 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 243.7 | 278.3 |
Weighted Average Interest Rate | 8.25% | 8.25% |
Long-term debt, stated coupon rate | 8.13% | 8.13% |
Long-term debt, maturity date | 15-Mar-20 | 15-Mar-20 |
4.75% Senior Notes due 2023 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 500 | 500 |
Weighted Average Interest Rate | 4.75% | 4.75% |
Long-term debt, stated coupon rate | 4.75% | 4.75% |
Long-term debt, maturity date | 15-Jan-23 | 15-Jan-23 |
5.375% Senior Notes due 2024 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $325 | $0 |
Weighted Average Interest Rate | 5.38% | 0.00% |
Long-term debt, stated coupon rate | 5.38% | ' |
Long-term debt, maturity year | '2024 | ' |
Debt_Redemption_Prices_Detail
Debt - Redemption Prices (Detail) (5.375% Senior Notes due 2024) | 9 Months Ended |
Sep. 27, 2014 | |
2019 | ' |
Debt Instrument [Line Items] | ' |
Debt instrument redemption price percentage | 102.69% |
2020 | ' |
Debt Instrument [Line Items] | ' |
Debt instrument redemption price percentage | 101.79% |
2021 | ' |
Debt Instrument [Line Items] | ' |
Debt instrument redemption price percentage | 100.90% |
2022 and thereafter | ' |
Debt Instrument [Line Items] | ' |
Debt instrument redemption price percentage | 100.00% |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefit Plans - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 27, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Employer's contribution towards defined contribution retirement program | $12.50 |
Estimated employer contribution towards defined contribution retirement program in 2014 | 16 |
Pension plans, defined benefit | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Employer's contribution towards defined benefit plan | 12.9 |
Estimated employer's contribution towards defined benefit plan in 2014 | $20 |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
U.S. pension | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | $0.90 | $0.80 | $2.70 | $2.20 |
Interest cost | 7.2 | 6.5 | 21.4 | 19.6 |
Expected return on plan assets | -9.6 | -8.1 | -28.6 | -24.3 |
Amortization of actuarial (gain) loss | -0.1 | 1 | -0.2 | 3.1 |
Settlement loss | ' | 0 | 0.1 | 0 |
Net periodic benefit cost | -1.6 | 0.2 | -4.6 | 0.6 |
Foreign pension | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | 2.2 | 2.4 | 6.5 | 7.4 |
Interest cost | 5.1 | 5.1 | 15.4 | 15.5 |
Expected return on plan assets | -6.9 | -6.2 | -20.4 | -18.9 |
Amortization of actuarial (gain) loss | 0.4 | 1.6 | 1 | 4.8 |
Settlement loss | ' | 0 | ' | 0 |
Net periodic benefit cost | 0.8 | 2.9 | 2.5 | 8.8 |
U.S. other postretirement | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | ' | 0 | 0.1 | 0.1 |
Interest cost | 1 | 0.9 | 3 | 2.7 |
Amortization of actuarial (gain) loss | -0.1 | 0 | -0.5 | -0.1 |
Amortization of prior service credit | ' | 0 | ' | 0 |
Special termination benefits | ' | 0 | ' | 0 |
Net periodic benefit cost | 0.9 | 0.9 | 2.6 | 2.7 |
Foreign other postretirement | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | 0.3 | 0.3 | 0.7 | 0.8 |
Interest cost | 0.5 | 0.7 | 1.5 | 2.3 |
Amortization of actuarial (gain) loss | -0.1 | 0.1 | 0 | 0.3 |
Amortization of prior service credit | -0.1 | -0.1 | -0.3 | -0.3 |
Special termination benefits | 0.2 | 0.1 | 0.4 | 0.3 |
Net periodic benefit cost | $0.80 | $1.10 | $2.30 | $3.40 |
Other_Expense_Net_Additional_I
Other Expense, Net - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 27, 2014 | Mar. 29, 2014 | Sep. 28, 2013 | Mar. 30, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | $17.50 | ' | $3.60 | $17.50 | $3.60 |
Net foreign currency transaction loss | 10.7 | ' | 10.2 | ' | 22.7 | 16.7 |
Other income | 5.3 | ' | 0.5 | ' | 5.9 | 1 |
Affiliated entity | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Other income | $5.20 | ' | ' | ' | $4.10 | ' |
Other_Expense_Net_Summary_of_O
Other Expense, Net - Summary of Other (Income) Expense, Net (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Other expense | $16.40 | $17.30 | $63 | $38.80 |
Other income | -5.3 | -0.5 | -5.9 | -1 |
Other expense, net | $11.10 | $16.80 | $57.10 | $37.80 |
Income_Taxes_Detail
Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Provision for income taxes | $57.60 | $51.20 | $163.10 | $130.20 |
Effective tax rate | 29.10% | 32.30% | 28.70% | 27.20% |
Consolidated income before provision for income taxes | 197.7 | 158.7 | 568.4 | 479 |
Tax benefits related to restructuring charges | ' | ' | 26.8 | 22.1 |
Tax benefits related to audit settlements | ' | ' | $13.40 | $21.70 |
U.S. federal statutory income tax rate | ' | ' | 35.00% | 35.00% |
Net_Income_Per_Share_Attributa2
Net Income Per Share Attributable to Lear (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income attributable to Lear | $140.10 | $112.80 | $410.60 | $358.60 |
Average common shares outstanding | 79,974,811 | 80,674,338 | 80,652,376 | 86,609,304 |
Dilutive effect of common stock equivalents | 1,428,414 | 1,079,825 | 1,374,751 | 1,041,134 |
Average diluted shares outstanding | 81,403,225 | 81,754,163 | 82,027,127 | 87,650,438 |
Basic net income per share attributable to Lear | $1.75 | $1.40 | $5.09 | $4.14 |
Diluted net income per share attributable to Lear | $1.72 | $1.38 | $5.01 | $4.09 |
Comprehensive_Income_and_Equit2
Comprehensive Income and Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 45 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Apr. 25, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan adjustments, pension and other postretirement benefit plans | ' | ' | ' | $2.60 | $0.10 | $7.80 | ' |
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, before tax | ' | ' | 3.2 | -8.3 | 7.7 | -27.1 | ' |
Accelerated stock repurchase agreement amount | ' | 800 | ' | ' | ' | ' | ' |
Amount paid in accelerated stock repurchase agreement | ' | ' | 855.5 | 800 | 855.5 | 800 | 855.5 |
Common stock, repurchased | ' | ' | ' | ' | 2,181,095 | ' | ' |
Percentage of treasury stock repurchased | ' | ' | ' | 80.00% | ' | ' | ' |
Value of common stock repurchased, per share | ' | ' | ' | $53.95 | ' | ' | ' |
Common stock, additional shares repurchased | 658,903 | ' | ' | ' | ' | ' | ' |
Additional amount paid in accelerated stock repurchase agreement | ' | ' | 55.5 | ' | 55.5 | ' | ' |
Value of common stock repurchased, average price per share | ' | ' | $72.11 | ' | ' | ' | ' |
Payments for repurchases of outstanding common stock | ' | ' | ' | ' | 259.4 | 1,000.10 | 1,800 |
Common stock repurchased, average price per share | ' | ' | ' | ' | $93.47 | ' | $60.21 |
Common stock, share repurchase program amount | ' | ' | 490.6 | ' | 490.6 | ' | 490.6 |
Cash dividends declared per share | ' | ' | ' | ' | $0.20 | $0.17 | ' |
Dividends declared | ' | ' | 16.8 | 14.2 | 50.7 | 44.8 | ' |
Dividends paid | ' | ' | ' | ' | 49.6 | 44.8 | ' |
Open Market Repurchases | ' | ' | ' | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Payments for repurchases of outstanding common stock | ' | ' | ' | ' | $203.90 | ' | ' |
Accelerated Share Repurchase Agreement | ' | ' | ' | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common stock, repurchased | ' | ' | ' | 11,862,836 | ' | ' | ' |
Comprehensive_Income_and_Equit3
Comprehensive Income and Equity - Changes in AOCI, Net of Tax (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Foreign currency translation adjustments | ($89) | $35.10 | ($98.90) | ($10.60) | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 0 | -1.8 | -0.1 | -5.5 | ||
Balance at beginning of period | ' | ' | -166.1 | ' | ||
Balance at end of period | -267.5 | [1] | ' | -267.5 | [1] | ' |
Accumulated defined benefit plans adjustment | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Balance at beginning of period | -104.4 | -246.2 | -104.5 | -249.9 | ||
Reclassification adjustments | 0 | 1.8 | 0.1 | 5.5 | ||
Balance at end of period | -104.4 | -244.4 | -104.4 | -244.4 | ||
Accumulated net gain (loss) from designated or qualifying cash flow hedges | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Balance at beginning of period | -0.6 | -6.1 | -5.3 | 2.7 | ||
Reclassification adjustments | -2.3 | -5.7 | -5.6 | -19.2 | ||
Other comprehensive income (loss) recognized during the period | -5.7 | 0.4 | 2.3 | 5.1 | ||
Balance at end of period | -8.6 | -11.4 | -8.6 | -11.4 | ||
Accumulated foreign currency translation adjustment | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Balance at beginning of period | -64.1 | -100 | -56.3 | -53.6 | ||
Other comprehensive income (loss) recognized during the period | -90.4 | 34.9 | -98.2 | -11.5 | ||
Balance at end of period | -154.5 | -65.1 | -154.5 | -65.1 | ||
Parent | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Foreign currency translation adjustments | -90.4 | 34.9 | -98.2 | -11.5 | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $0 | ($1.80) | ($0.10) | ($5.50) | ||
[1] | (1)Â Unaudited. |
Comprehensive_Income_and_Equit4
Comprehensive Income and Equity - Summary of Comprehensive Income and Reconciliations of Equity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | Dec. 31, 2013 | Jun. 29, 2013 | Dec. 31, 2012 | |||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Lear Corporation stockholders' equity | $3,081.90 | [1] | $2,813.50 | $3,081.90 | [1] | $2,813.50 | $3,145.80 | $3,045.90 | $2,669.30 | $3,487.10 | |
Beginning equity balance | 3,221.20 | 2,790.30 | 3,149.50 | 3,612.20 | ' | ' | ' | ' | |||
Noncontrolling interests | 73.9 | [1] | 106.5 | 73.9 | [1] | 106.5 | 75.4 | 103.6 | [1] | 121 | 125.1 |
Stock-based compensation transactions | 14.6 | 14.2 | 31.2 | 36 | ' | ' | ' | ' | |||
Repurchase of common stock | -103.4 | 0 | -259.4 | -1,000.10 | ' | ' | ' | ' | |||
Dividends declared | -16.8 | -14.2 | -50.7 | -44.8 | ' | ' | ' | ' | |||
Dividends paid to noncontrolling interests | -10.7 | -18.6 | -17.5 | -33.4 | ' | ' | ' | ' | |||
Stockholders' Equity, Other | 0 | ' | 18 | 6.6 | ' | ' | ' | ' | |||
Sale of controlling interest | 0 | ' | -11.5 | ' | ' | ' | ' | ' | |||
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | 147.9 | 116.7 | 434.3 | 375.9 | ' | ' | ' | ' | |||
Net income attributable to Lear | 140.1 | 112.8 | 410.6 | 358.6 | ' | ' | ' | ' | |||
Less: Net income attributable to noncontrolling interests | 7.8 | 3.9 | 23.7 | 17.3 | ' | ' | ' | ' | |||
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | |||
Defined benefit plan adjustments | 0 | 1.8 | 0.1 | 5.5 | ' | ' | ' | ' | |||
Derivative instruments and hedging activities | -8 | -5.3 | -3.3 | -14.1 | ' | ' | ' | ' | |||
Foreign currency translation adjustments | -89 | 35.1 | -98.9 | -10.6 | ' | ' | ' | ' | |||
Other comprehensive income (loss) | -97 | 31.6 | -102.1 | -19.2 | ' | ' | ' | ' | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -98.4 | 31.4 | -101.4 | -20.1 | ' | ' | ' | ' | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 1.4 | 0.2 | -0.7 | 0.9 | ' | ' | ' | ' | |||
Comprehensive income | 50.9 | 148.3 | 332.2 | 356.7 | ' | ' | ' | ' | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 41.7 | 144.2 | 309.2 | 338.5 | ' | ' | ' | ' | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 9.2 | 4.1 | 23 | 18.2 | ' | ' | ' | ' | |||
Ending equity balance | 3,155.80 | [1] | 2,920 | 3,155.80 | [1] | 2,920 | ' | ' | ' | ' | |
Parent | ' | ' | ' | ' | ' | ' | ' | ' | |||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Stock-based compensation transactions | 14.6 | 14.2 | 31.2 | 36 | ' | ' | ' | ' | |||
Repurchase of common stock | -103.4 | 0 | -259.4 | -1,000.10 | ' | ' | ' | ' | |||
Dividends declared | -16.8 | -14.2 | -50.7 | -44.8 | ' | ' | ' | ' | |||
Dividends paid to noncontrolling interests | ' | ' | 0 | ' | ' | ' | ' | ' | |||
Adjustments to Additional Paid in Capital, Other | 0 | ' | 5.7 | -3.2 | ' | ' | ' | ' | |||
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | |||
Defined benefit plan adjustments | 0 | 1.8 | 0.1 | 5.5 | ' | ' | ' | ' | |||
Derivative instruments and hedging activities | -8 | -5.3 | -3.3 | -14.1 | ' | ' | ' | ' | |||
Foreign currency translation adjustments | -90.4 | 34.9 | -98.2 | -11.5 | ' | ' | ' | ' | |||
Noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | |||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Dividends paid to noncontrolling interests | -10.7 | -18.6 | -17.5 | -33.4 | ' | ' | ' | ' | |||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | ' | -23.7 | -3.4 | ' | ' | ' | ' | |||
Sale of controlling interest | ' | ' | -11.5 | ' | ' | ' | ' | ' | |||
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | |||
Foreign currency translation adjustments | $1.40 | $0.20 | ($0.70) | $0.90 | ' | ' | ' | ' | |||
[1] | (1)Â Unaudited. |
Legal_and_Other_Contingencies_1
Legal and Other Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2011 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 | |
Facility | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Reserves for pending legal disputes, including commercial disputes and other matters | ' | $10,200,000 | ' | $17,500,000 |
Litigation settlement amount | ' | 8,750,000 | ' | ' |
Cash contributed by company for litigation settlement | ' | 370,263 | ' | ' |
Environmental reserves | ' | 4,800,000 | ' | 5,000,000 |
Number of production facilities destroyed by fire | 1 | ' | ' | ' |
Insurance proceeds | ' | ' | 10,000,000 | ' |
Insurance proceeds, operating activities | ' | ' | 2,900,000 | ' |
Insurance proceeds, investing activities | ' | 0 | 7,100,000 | ' |
Fire | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Incurred losses and incremental costs related to the destruction of assets caused by a fire | ' | ' | $7,300,000 | ' |
Legal_and_Other_Contingencies_2
Legal and Other Contingencies - Summary of Product Liability and Warranty Claims (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 27, 2014 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' |
Beginning balance | $28.30 |
Expense, net (including changes in estimates) | 5.2 |
Settlements | -6.7 |
Foreign currency translation and other | -0.5 |
Ending balance | $26.30 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Reportable operating segments | ' | ' | 2 | ' |
Restructuring charges | ' | ' | $86.60 | ' |
Operating segments | Seating | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Restructuring charges | 17 | 10.9 | 68.8 | 29.8 |
Operating segments | Electrical | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Restructuring charges | 2.5 | 0.6 | 7.3 | 7.8 |
Corporate and regional headquarters and elimination of intercompany activity ("Other") | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Restructuring charges | $1.50 | $0.20 | $10.50 | $5.30 |
Segment_Reporting_Reconciliati
Segment Reporting - Reconciliation of Segment Earnings to Income Before Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | ||||
Segment Reporting [Abstract] | ' | ' | ' | ' | ||||
Segment earnings | $224.50 | [1] | $193 | [1] | $672.60 | [1] | $568.40 | [1] |
Interest expense | 15.7 | 17.5 | 47.1 | 51.6 | ||||
Other expense, net | 11.1 | 16.8 | 57.1 | 37.8 | ||||
Consolidated income before provision for income taxes and equity in net income of affiliates | $197.70 | $158.70 | $568.40 | $479 | ||||
[1] | See definition above. |
Segment_Reporting_Summary_of_S
Segment Reporting - Summary of Segment Financial Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues from external customers | $4,232.70 | $3,917.70 | $13,177.60 | $11,977.90 | ' | ||||
Segment earnings | 224.5 | [1] | 193 | [1] | 672.6 | [1] | 568.4 | [1] | ' |
Depreciation and amortization | 79.9 | 72.9 | 232.6 | 208.3 | ' | ||||
Capital expenditures | 91.7 | 102.8 | 280.8 | 329.2 | ' | ||||
Total assets | 8,691.20 | [2] | 8,464.20 | 8,691.20 | [2] | 8,464.20 | 8,330.90 | ||
Operating segments | Seating | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues from external customers | 3,188.40 | 2,891.70 | 9,857.90 | 8,872.60 | ' | ||||
Segment earnings | 154.9 | [1] | 142.8 | [1] | 471.3 | [1] | 450.7 | [1] | ' |
Depreciation and amortization | 50.8 | 46.7 | 148.7 | 133.4 | ' | ||||
Capital expenditures | 63.3 | 67.3 | 192.8 | 214.8 | ' | ||||
Total assets | 5,223.90 | 4,862.50 | 5,223.90 | 4,862.50 | ' | ||||
Operating segments | Electrical | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues from external customers | 1,044.30 | 1,026 | 3,319.70 | 3,105.30 | ' | ||||
Segment earnings | 136.7 | [1] | 111.6 | [1] | 413.3 | [1] | 295.5 | [1] | ' |
Depreciation and amortization | 27.1 | 24.1 | 78 | 69.2 | ' | ||||
Capital expenditures | 24.8 | 33.9 | 82.2 | 107.4 | ' | ||||
Total assets | 1,702.90 | 1,728.90 | 1,702.90 | 1,728.90 | ' | ||||
Corporate and regional headquarters and elimination of intercompany activity ("Other") | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues from external customers | 0 | 0 | 0 | 0 | ' | ||||
Segment earnings | -67.1 | [1] | -61.4 | [1] | -212 | [1] | -177.8 | [1] | ' |
Depreciation and amortization | 2 | 2.1 | 5.9 | 5.7 | ' | ||||
Capital expenditures | 3.6 | 1.6 | 5.8 | 7 | ' | ||||
Total assets | $1,764.40 | $1,872.80 | $1,764.40 | $1,872.80 | ' | ||||
[1] | See definition above. | ||||||||
[2] | (1)Â Unaudited. |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||
Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | ||
Carrying value | Carrying value | Estimate of fair value | Estimate of fair value | Interest rate contracts | Interest rate contracts | Commodity swap contract | Commodity swap contract | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | ||||
Designated as hedging instrument | Designated as hedging instrument | Designated as hedging instrument | Designated as hedging instrument | Sales | Sales | Sales | Sales | Cost of sales | Cost of sales | Cost of sales | Cost of sales | Designated as hedging instrument | Designated as hedging instrument | Designated as hedging instrument | Designated as hedging instrument | Not designated as hedging instrument | Not designated as hedging instrument | ||||||||||
Cash flow hedging | Cash flow hedging | ||||||||||||||||||||||||||
Financial Instruments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Commodity swap contracts | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Long-term debt | 1,068,700,000 | 1,057,100,000 | 1,068,700,000 | [1] | 1,057,100,000 | 1,087,500,000 | 1,077,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 729,500,000 | 917,400,000 | 144,500,000 | 149,200,000 | |
Derivative maturities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | ' | '12 months | ' | |
Derivative, fair value, net | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 4,400,000 | 6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | 6,500,000 | ' | ' | ' | ' | |
Gains (losses) reclassified from accumulated other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 1,300,000 | 700,000 | 2,700,000 | 3,100,000 | 7,000,000 | 7,000,000 | 24,400,000 | ' | ' | ' | ' | ' | ' | |
Expected amount to be reclassified into earnings from accumulated other comprehensive loss | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Derivative contracts classified within Level 3 of fair value hierarchy | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Derivative contracts transfers in to Level 3 fair value hierarchy | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Assets measured at fair value on non-recurring basis | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other derivatives not designated as hedging instruments at fair value, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,800,000 | ($100,000) | |
[1] | (1)Â Unaudited. |
Financial_Instruments_Valuatio
Financial Instruments - Valuation Techniques and Fair Value Hierarchy Level (Detail) (Foreign exchange contract, USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets (liabilities), at fair value | $4,400,000 | $6,400,000 |
Recurring | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets (liabilities), at fair value | 4,400,000 | 6,400,000 |
Level 1 | Recurring | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets (liabilities), at fair value | 0 | 0 |
Level 2 | Recurring | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets (liabilities), at fair value | 4,400,000 | 6,400,000 |
Level 3 | Recurring | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Derivative assets (liabilities), at fair value | $0 | $0 |
Financial_Instruments_Derivati
Financial Instruments - Derivative Contracts and Related Classification (Detail) (Foreign exchange contract, USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
Contracts balance sheet classification: | ' | ' |
Derivative, fair value, net | $4,400,000 | $6,400,000 |
Designated as hedging instrument | ' | ' |
Contracts balance sheet classification: | ' | ' |
Other current assets | 9,600,000 | 12,400,000 |
Other long-term assets | 700,000 | 700,000 |
Other current liabilities | -6,600,000 | -6,500,000 |
Other long-term liabilities | -1,100,000 | -100,000 |
Derivative, fair value, net | 2,600,000 | 6,500,000 |
Not designated as hedging instrument | ' | ' |
Contracts balance sheet classification: | ' | ' |
Other current assets | 2,300,000 | 400,000 |
Other current liabilities | -500,000 | -500,000 |
Other derivatives not designated as hedging instruments at fair value, net | $1,800,000 | ($100,000) |
Financial_Instruments_Other_Co
Financial Instruments - Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Contracts qualifying for hedge accounting: | ' | ' | ' | ' |
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, before tax | ($3.20) | $8.30 | ($7.70) | $27.10 |
Foreign exchange contract | Designated as hedging instrument | ' | ' | ' | ' |
Contracts qualifying for hedge accounting: | ' | ' | ' | ' |
Gains (losses) recognized in accumulated other comprehensive loss | -7.7 | 1 | 2.8 | 7.4 |
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, before tax | -3.2 | -8.3 | -7.7 | -27.1 |
Comprehensive income (loss) | ($10.90) | ($7.30) | ($4.90) | ($19.70) |
Supplemental_Guarantor_Condens2
Supplemental Guarantor Condensed Consolidating Financial Statements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | Dec. 31, 2013 | Sep. 27, 2014 | |
8.125% Senior Notes due 2020 | 8.125% Senior Notes due 2020 | 4.75% Senior Notes due 2023 | 4.75% Senior Notes due 2023 | 5.375% Senior Notes due 2024 | |||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, aggregate principal amount | ' | ' | ' | ' | $245,000,000 | ' | $500,000,000 | ' | $325,000,000 |
Long-term debt, stated coupon rate | ' | ' | ' | ' | 8.13% | 8.13% | 4.75% | 4.75% | 5.38% |
Long-term debt, maturity date | ' | ' | ' | ' | 15-Mar-20 | 15-Mar-20 | 15-Jan-23 | 15-Jan-23 | ' |
Long-term debt, maturity year | ' | ' | ' | ' | ' | ' | ' | ' | '2024 |
Selling, general and administrative expenses allocated from Lear | $30,700,000 | $31,700,000 | $90,500,000 | $93,300,000 | ' | ' | ' | ' | ' |
Supplemental_Guarantor_Condens3
Supplemental Guarantor Condensed Consolidating Financial Statements - Summary of Long-Term Debt of Lear and Guarantors on Combined Basis (Detail) (USD $) | Sep. 27, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ' |
Senior notes | $1,068.70 | $1,057.10 |
Supplemental_Guarantor_Condens4
Supplemental Guarantor Condensed Consolidating Financial Statements - Balance Sheets (Detail) (USD $) | Sep. 27, 2014 | Jun. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||||||
CURRENT ASSETS: | ' | ' | ' | ' | ' | ' | ||
Cash and cash equivalents | $872.70 | [1] | ' | $1,137.70 | $884 | ' | $1,402.20 | |
Accounts receivable | 2,843 | [1] | ' | 2,278.30 | ' | ' | ' | |
Inventories | 899.1 | [1] | ' | 818.7 | ' | ' | ' | |
Other | 718.2 | [1] | ' | 687.8 | ' | ' | ' | |
Total current assets | 5,333 | [1] | ' | 4,922.50 | ' | ' | ' | |
LONG-TERM ASSETS: | ' | ' | ' | ' | ' | ' | ||
Property, plant and equipment, net | 1,614.40 | [1] | ' | 1,587.20 | ' | ' | ' | |
Goodwill | 740.2 | [1] | ' | 757.2 | ' | ' | ' | |
Investments in subsidiaries | 0 | ' | 0 | ' | ' | ' | ||
Intercompany accounts, net | 0 | ' | 0 | ' | ' | ' | ||
Other | 1,003.60 | [1] | ' | 1,064 | ' | ' | ' | |
Total long-term assets | 3,358.20 | [1] | ' | 3,408.40 | ' | ' | ' | |
Total assets | 8,691.20 | [1] | ' | 8,330.90 | 8,464.20 | ' | ' | |
CURRENT LIABILITIES: | ' | ' | ' | ' | ' | ' | ||
Accounts payable and drafts | 2,614.60 | [1] | ' | 2,438.70 | ' | ' | ' | |
Accrued liabilities | 1,336.30 | [1] | ' | 1,140.40 | ' | ' | ' | |
Total current liabilities | 3,950.90 | [1] | ' | 3,579.10 | ' | ' | ' | |
LONG-TERM LIABILITIES: | ' | ' | ' | ' | ' | ' | ||
Long-term debt | 1,068.70 | ' | 1,057.10 | ' | ' | ' | ||
Intercompany accounts, net | 0 | ' | 0 | ' | ' | ' | ||
Other | 515.8 | [1] | ' | 545.2 | ' | ' | ' | |
Total long-term liabilities | 1,584.50 | [1] | ' | 1,602.30 | ' | ' | ' | |
EQUITY: | ' | ' | ' | ' | ' | ' | ||
Lear Corporation stockholders’ equity | 3,081.90 | [1] | 3,145.80 | 3,045.90 | 2,813.50 | 2,669.30 | 3,487.10 | |
Noncontrolling interests | 73.9 | [1] | 75.4 | 103.6 | [1] | 106.5 | 121 | 125.1 |
Equity | 3,155.80 | [1] | 3,221.20 | 3,149.50 | 2,920 | 2,790.30 | 3,612.20 | |
Total liabilities and equity | 8,691.20 | [1] | ' | 8,330.90 | ' | ' | ' | |
Parent company | ' | ' | ' | ' | ' | ' | ||
CURRENT ASSETS: | ' | ' | ' | ' | ' | ' | ||
Cash and cash equivalents | 291.7 | ' | 343.5 | 210.8 | ' | 481.4 | ||
Accounts receivable | 70.1 | ' | 41.2 | ' | ' | ' | ||
Inventories | 2.8 | ' | 4.8 | ' | ' | ' | ||
Other | 158.1 | ' | 147.7 | ' | ' | ' | ||
Total current assets | 522.7 | ' | 537.2 | ' | ' | ' | ||
LONG-TERM ASSETS: | ' | ' | ' | ' | ' | ' | ||
Property, plant and equipment, net | 94.7 | ' | 95.5 | ' | ' | ' | ||
Goodwill | 23.5 | ' | 23.5 | ' | ' | ' | ||
Investments in subsidiaries | 1,840.20 | ' | 1,802.40 | ' | ' | ' | ||
Intercompany accounts, net | 1,394.20 | ' | 1,373.10 | ' | ' | ' | ||
Other | 596.7 | ' | 591.5 | ' | ' | ' | ||
Total long-term assets | 3,949.30 | ' | 3,886 | ' | ' | ' | ||
Total assets | 4,472 | ' | 4,423.20 | ' | ' | ' | ||
CURRENT LIABILITIES: | ' | ' | ' | ' | ' | ' | ||
Accounts payable and drafts | 93.8 | ' | 73.8 | ' | ' | ' | ||
Accrued liabilities | 110.1 | ' | 127.9 | ' | ' | ' | ||
Total current liabilities | 203.9 | ' | 201.7 | ' | ' | ' | ||
LONG-TERM LIABILITIES: | ' | ' | ' | ' | ' | ' | ||
Long-term debt | 1,068.70 | ' | 1,057.10 | ' | ' | ' | ||
Intercompany accounts, net | 0 | ' | 0 | ' | ' | ' | ||
Other | 117.5 | ' | 118.5 | ' | ' | ' | ||
Total long-term liabilities | 1,186.20 | ' | 1,175.60 | ' | ' | ' | ||
EQUITY: | ' | ' | ' | ' | ' | ' | ||
Lear Corporation stockholders’ equity | 3,081.90 | ' | 3,045.90 | ' | ' | ' | ||
Noncontrolling interests | 0 | ' | 0 | ' | ' | ' | ||
Equity | 3,081.90 | ' | 3,045.90 | ' | ' | ' | ||
Total liabilities and equity | 4,472 | ' | 4,423.20 | ' | ' | ' | ||
Guarantor subsidiaries | ' | ' | ' | ' | ' | ' | ||
CURRENT ASSETS: | ' | ' | ' | ' | ' | ' | ||
Cash and cash equivalents | 0.1 | ' | 0.1 | 0.1 | ' | 0.1 | ||
Accounts receivable | 635 | ' | 349.7 | ' | ' | ' | ||
Inventories | 343.5 | ' | 297.9 | ' | ' | ' | ||
Other | 64.9 | ' | 77.3 | ' | ' | ' | ||
Total current assets | 1,043.50 | ' | 725 | ' | ' | ' | ||
LONG-TERM ASSETS: | ' | ' | ' | ' | ' | ' | ||
Property, plant and equipment, net | 321.7 | ' | 316 | ' | ' | ' | ||
Goodwill | 401 | ' | 401 | ' | ' | ' | ||
Investments in subsidiaries | 1,891.20 | ' | 1,878.50 | ' | ' | ' | ||
Intercompany accounts, net | ' | ' | 0 | ' | ' | ' | ||
Other | 56.4 | ' | 71.5 | ' | ' | ' | ||
Total long-term assets | 2,670.30 | ' | 2,667 | ' | ' | ' | ||
Total assets | 3,713.80 | ' | 3,392 | ' | ' | ' | ||
CURRENT LIABILITIES: | ' | ' | ' | ' | ' | ' | ||
Accounts payable and drafts | 742.2 | ' | 582.4 | ' | ' | ' | ||
Accrued liabilities | 205.4 | ' | 156.1 | ' | ' | ' | ||
Total current liabilities | 947.6 | ' | 738.5 | ' | ' | ' | ||
LONG-TERM LIABILITIES: | ' | ' | ' | ' | ' | ' | ||
Long-term debt | 0 | ' | 0 | ' | ' | ' | ||
Intercompany accounts, net | 762.2 | ' | 515.2 | ' | ' | ' | ||
Other | 142.1 | ' | 143 | ' | ' | ' | ||
Total long-term liabilities | 904.3 | ' | 658.2 | ' | ' | ' | ||
EQUITY: | ' | ' | ' | ' | ' | ' | ||
Lear Corporation stockholders’ equity | 1,861.90 | ' | 1,995.30 | ' | ' | ' | ||
Noncontrolling interests | 0 | ' | 0 | ' | ' | ' | ||
Equity | 1,861.90 | ' | 1,995.30 | ' | ' | ' | ||
Total liabilities and equity | 3,713.80 | ' | 3,392 | ' | ' | ' | ||
Non-guarantor subsidiaries | ' | ' | ' | ' | ' | ' | ||
CURRENT ASSETS: | ' | ' | ' | ' | ' | ' | ||
Cash and cash equivalents | 580.9 | ' | 794.1 | 673.1 | ' | 920.7 | ||
Accounts receivable | 2,137.90 | ' | 1,887.40 | ' | ' | ' | ||
Inventories | 552.8 | ' | 516 | ' | ' | ' | ||
Other | 495.2 | ' | 462.8 | ' | ' | ' | ||
Total current assets | 3,766.80 | ' | 3,660.30 | ' | ' | ' | ||
LONG-TERM ASSETS: | ' | ' | ' | ' | ' | ' | ||
Property, plant and equipment, net | 1,198 | ' | 1,175.70 | ' | ' | ' | ||
Goodwill | 315.7 | ' | 332.7 | ' | ' | ' | ||
Investments in subsidiaries | ' | ' | 0 | ' | ' | ' | ||
Intercompany accounts, net | ' | ' | 0 | ' | ' | ' | ||
Other | 350.5 | ' | 401 | ' | ' | ' | ||
Total long-term assets | 1,864.20 | ' | 1,909.40 | ' | ' | ' | ||
Total assets | 5,631 | ' | 5,569.70 | ' | ' | ' | ||
CURRENT LIABILITIES: | ' | ' | ' | ' | ' | ' | ||
Accounts payable and drafts | 1,778.60 | ' | 1,782.50 | ' | ' | ' | ||
Accrued liabilities | 1,020.80 | ' | 856.4 | ' | ' | ' | ||
Total current liabilities | 2,799.40 | ' | 2,638.90 | ' | ' | ' | ||
LONG-TERM LIABILITIES: | ' | ' | ' | ' | ' | ' | ||
Long-term debt | 0 | ' | 0 | ' | ' | ' | ||
Intercompany accounts, net | 632 | ' | 857.9 | ' | ' | ' | ||
Other | 256.2 | ' | 283.7 | ' | ' | ' | ||
Total long-term liabilities | 888.2 | ' | 1,141.60 | ' | ' | ' | ||
EQUITY: | ' | ' | ' | ' | ' | ' | ||
Lear Corporation stockholders’ equity | 1,869.50 | ' | 1,685.60 | ' | ' | ' | ||
Noncontrolling interests | 73.9 | ' | 103.6 | ' | ' | ' | ||
Equity | 1,943.40 | ' | 1,789.20 | ' | ' | ' | ||
Total liabilities and equity | 5,631 | ' | 5,569.70 | ' | ' | ' | ||
Consolidation, eliminations | ' | ' | ' | ' | ' | ' | ||
CURRENT ASSETS: | ' | ' | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | ' | 0 | 0 | ' | 0 | ||
Accounts receivable | 0 | ' | 0 | ' | ' | ' | ||
Inventories | 0 | ' | 0 | ' | ' | ' | ||
Other | 0 | ' | 0 | ' | ' | ' | ||
Total current assets | 0 | ' | 0 | ' | ' | ' | ||
LONG-TERM ASSETS: | ' | ' | ' | ' | ' | ' | ||
Property, plant and equipment, net | 0 | ' | 0 | ' | ' | ' | ||
Goodwill | 0 | ' | 0 | ' | ' | ' | ||
Investments in subsidiaries | -3,731.40 | ' | -3,680.90 | ' | ' | ' | ||
Intercompany accounts, net | -1,394.20 | ' | -1,373.10 | ' | ' | ' | ||
Other | 0 | ' | 0 | ' | ' | ' | ||
Total long-term assets | -5,125.60 | ' | -5,054 | ' | ' | ' | ||
Total assets | -5,125.60 | ' | -5,054 | ' | ' | ' | ||
CURRENT LIABILITIES: | ' | ' | ' | ' | ' | ' | ||
Accounts payable and drafts | 0 | ' | 0 | ' | ' | ' | ||
Accrued liabilities | 0 | ' | 0 | ' | ' | ' | ||
Total current liabilities | 0 | ' | 0 | ' | ' | ' | ||
LONG-TERM LIABILITIES: | ' | ' | ' | ' | ' | ' | ||
Long-term debt | 0 | ' | 0 | ' | ' | ' | ||
Intercompany accounts, net | -1,394.20 | ' | -1,373.10 | ' | ' | ' | ||
Other | 0 | ' | 0 | ' | ' | ' | ||
Total long-term liabilities | -1,394.20 | ' | -1,373.10 | ' | ' | ' | ||
EQUITY: | ' | ' | ' | ' | ' | ' | ||
Lear Corporation stockholders’ equity | -3,731.40 | ' | -3,680.90 | ' | ' | ' | ||
Noncontrolling interests | 0 | ' | 0 | ' | ' | ' | ||
Equity | -3,731.40 | ' | -3,680.90 | ' | ' | ' | ||
Total liabilities and equity | ($5,125.60) | ' | ($5,054) | ' | ' | ' | ||
[1] | (1)Â Unaudited. |
Supplemental_Guarantor_Condens5
Supplemental Guarantor Condensed Consolidating Financial Statements - Cash Flows (Detail) (USD $) | 9 Months Ended | 45 Months Ended | |||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ||
Net cash provided by operating activities | $411.70 | $429.60 | ' | ||
Cash Flows from Investing Activities: | ' | ' | ' | ||
Additions to property, plant and equipment | -280.8 | -329.2 | ' | ||
Insurance proceeds | 0 | 7.1 | ' | ||
Other, net | -9 | 40.7 | ' | ||
Net cash used in investing activities | -289.8 | -281.4 | ' | ||
Cash Flows from Financing Activities: | ' | ' | ' | ||
Proceeds from the issuance of senior notes | 325 | 500 | ' | ||
Repurchase of senior notes | -327.1 | -72.1 | ' | ||
Payment of debt issuance and other financing costs | -3.8 | -13.4 | ' | ||
Repurchase of common stock | -259.4 | -1,000.10 | -1,800 | ||
Dividends paid to Lear Corporation stockholders | -49.6 | -44.8 | ' | ||
Dividends paid to noncontrolling interests | -17.5 | -33.4 | ' | ||
Other | -39.2 | -9.7 | ' | ||
Change in intercompany accounts | 0 | 0 | ' | ||
Net cash used in financing activities | -371.6 | -673.5 | ' | ||
Effect of foreign currency translation | -15.3 | 7.1 | ' | ||
Net Change in Cash and Cash Equivalents | -265 | -518.2 | ' | ||
Cash and Cash Equivalents as of Beginning of Period | 1,137.70 | 1,402.20 | ' | ||
Cash and Cash Equivalents as of End of Period | 872.7 | [1] | 884 | 872.7 | [1] |
Parent company | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ||
Net cash provided by operating activities | 28.4 | 0.8 | ' | ||
Cash Flows from Investing Activities: | ' | ' | ' | ||
Additions to property, plant and equipment | -10 | -13.4 | ' | ||
Insurance proceeds | ' | 0 | ' | ||
Other, net | -5.9 | 44.1 | ' | ||
Net cash used in investing activities | -15.9 | 30.7 | ' | ||
Cash Flows from Financing Activities: | ' | ' | ' | ||
Proceeds from the issuance of senior notes | 325 | 500 | ' | ||
Repurchase of senior notes | -327.1 | -72.1 | ' | ||
Payment of debt issuance and other financing costs | -3.8 | -13.4 | ' | ||
Repurchase of common stock | -259.4 | -1,000.10 | ' | ||
Dividends paid to Lear Corporation stockholders | -49.6 | -44.8 | ' | ||
Dividends paid to noncontrolling interests | 0 | 0 | ' | ||
Other | -21.7 | -6.3 | ' | ||
Change in intercompany accounts | 272.3 | 334.6 | ' | ||
Net cash used in financing activities | -64.3 | -302.1 | ' | ||
Effect of foreign currency translation | 0 | 0 | ' | ||
Net Change in Cash and Cash Equivalents | -51.8 | -270.6 | ' | ||
Cash and Cash Equivalents as of Beginning of Period | 343.5 | 481.4 | ' | ||
Cash and Cash Equivalents as of End of Period | 291.7 | 210.8 | 291.7 | ||
Guarantor subsidiaries | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ||
Net cash provided by operating activities | 44.6 | 161.6 | ' | ||
Cash Flows from Investing Activities: | ' | ' | ' | ||
Additions to property, plant and equipment | -57.2 | -83.7 | ' | ||
Insurance proceeds | ' | 0 | ' | ||
Other, net | 15.3 | 0.1 | ' | ||
Net cash used in investing activities | -41.9 | -83.6 | ' | ||
Cash Flows from Financing Activities: | ' | ' | ' | ||
Proceeds from the issuance of senior notes | 0 | 0 | ' | ||
Repurchase of senior notes | 0 | 0 | ' | ||
Payment of debt issuance and other financing costs | 0 | 0 | ' | ||
Repurchase of common stock | 0 | 0 | ' | ||
Dividends paid to Lear Corporation stockholders | 0 | 0 | ' | ||
Dividends paid to noncontrolling interests | 0 | 0 | ' | ||
Other | 0 | 0 | ' | ||
Change in intercompany accounts | -2.7 | -78 | ' | ||
Net cash used in financing activities | -2.7 | -78 | ' | ||
Effect of foreign currency translation | 0 | 0 | ' | ||
Net Change in Cash and Cash Equivalents | 0 | 0 | ' | ||
Cash and Cash Equivalents as of Beginning of Period | 0.1 | 0.1 | ' | ||
Cash and Cash Equivalents as of End of Period | 0.1 | 0.1 | 0.1 | ||
Non-guarantor subsidiaries | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ||
Net cash provided by operating activities | 338.7 | 267.2 | ' | ||
Cash Flows from Investing Activities: | ' | ' | ' | ||
Additions to property, plant and equipment | -213.6 | -232.1 | ' | ||
Insurance proceeds | ' | 7.1 | ' | ||
Other, net | -18.4 | -3.5 | ' | ||
Net cash used in investing activities | -232 | -228.5 | ' | ||
Cash Flows from Financing Activities: | ' | ' | ' | ||
Proceeds from the issuance of senior notes | 0 | 0 | ' | ||
Repurchase of senior notes | 0 | 0 | ' | ||
Payment of debt issuance and other financing costs | 0 | 0 | ' | ||
Repurchase of common stock | 0 | 0 | ' | ||
Dividends paid to Lear Corporation stockholders | 0 | 0 | ' | ||
Dividends paid to noncontrolling interests | -17.5 | -33.4 | ' | ||
Other | -17.5 | -3.4 | ' | ||
Change in intercompany accounts | -269.6 | -256.6 | ' | ||
Net cash used in financing activities | -304.6 | -293.4 | ' | ||
Effect of foreign currency translation | -15.3 | 7.1 | ' | ||
Net Change in Cash and Cash Equivalents | -213.2 | -247.6 | ' | ||
Cash and Cash Equivalents as of Beginning of Period | 794.1 | 920.7 | ' | ||
Cash and Cash Equivalents as of End of Period | 580.9 | 673.1 | 580.9 | ||
Consolidation, eliminations | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ||
Net cash provided by operating activities | 0 | 0 | ' | ||
Cash Flows from Investing Activities: | ' | ' | ' | ||
Additions to property, plant and equipment | 0 | 0 | ' | ||
Insurance proceeds | ' | 0 | ' | ||
Other, net | 0 | 0 | ' | ||
Net cash used in investing activities | 0 | 0 | ' | ||
Cash Flows from Financing Activities: | ' | ' | ' | ||
Proceeds from the issuance of senior notes | 0 | 0 | ' | ||
Repurchase of senior notes | 0 | 0 | ' | ||
Payment of debt issuance and other financing costs | 0 | 0 | ' | ||
Repurchase of common stock | 0 | 0 | ' | ||
Dividends paid to Lear Corporation stockholders | 0 | 0 | ' | ||
Dividends paid to noncontrolling interests | 0 | 0 | ' | ||
Other | 0 | 0 | ' | ||
Change in intercompany accounts | 0 | 0 | ' | ||
Net cash used in financing activities | 0 | 0 | ' | ||
Effect of foreign currency translation | 0 | 0 | ' | ||
Net Change in Cash and Cash Equivalents | 0 | 0 | ' | ||
Cash and Cash Equivalents as of Beginning of Period | 0 | 0 | ' | ||
Cash and Cash Equivalents as of End of Period | $0 | $0 | $0 | ||
[1] | (1)Â Unaudited. |
Supplemental_Guarantor_Condens6
Supplemental Guarantor Condensed Consolidating Financial Statements - Income Statement (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | $4,232.70 | $3,917.70 | $13,177.60 | $11,977.90 |
Cost of sales | 3,871.50 | 3,587.50 | 12,076.80 | 10,997.60 |
Selling, general and administrative expenses | 128.1 | 128.6 | 402.8 | 386.1 |
Intercompany operating (income) expense, net | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 8.6 | 8.6 | 25.4 | 25.8 |
Interest expense | 15.7 | 17.5 | 47.1 | 51.6 |
Other expense, net | 11.1 | 16.8 | 57.1 | 37.8 |
Consolidated income before provision for income taxes and equity in net income of affiliates | 197.7 | 158.7 | 568.4 | 479 |
Provision for income taxes | 57.6 | 51.2 | 163.1 | 130.2 |
Equity in net income of affiliates | -7.8 | -9.2 | -29 | -27.1 |
Equity in net income of subsidiaries | 0 | 0 | 0 | 0 |
Consolidated net income | 147.9 | 116.7 | 434.3 | 375.9 |
Less: Net income attributable to noncontrolling interests | 7.8 | 3.9 | 23.7 | 17.3 |
Net income attributable to Lear | 140.1 | 112.8 | 410.6 | 358.6 |
Consolidated comprehensive income | 50.9 | 148.3 | 332.2 | 356.7 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 9.2 | 4.1 | 23 | 18.2 |
Comprehensive income attributable to Lear | 41.7 | 144.2 | 309.2 | 338.5 |
Parent company | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 120.5 | 105.2 | 351.3 | 352.4 |
Cost of sales | 147.8 | 132.6 | 443.2 | 429.9 |
Selling, general and administrative expenses | 35 | 43 | 125.9 | 121.7 |
Intercompany operating (income) expense, net | -52.5 | -45.5 | -241 | -169.9 |
Amortization of intangible assets | 0.5 | 0.5 | 1.3 | 1.3 |
Interest expense | 10.6 | 11.9 | 34.8 | 36 |
Other expense, net | 0.9 | 0.6 | 20.8 | 6.8 |
Consolidated income before provision for income taxes and equity in net income of affiliates | -21.8 | -37.9 | -33.7 | -73.4 |
Provision for income taxes | -8.1 | -11.2 | -13.4 | -23.6 |
Equity in net income of affiliates | 0.1 | -0.1 | 0.7 | -0.8 |
Equity in net income of subsidiaries | -153.9 | -139.4 | -431.6 | -407.6 |
Consolidated net income | 140.1 | 112.8 | 410.6 | 358.6 |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to Lear | 140.1 | 112.8 | 410.6 | 358.6 |
Consolidated comprehensive income | 41.7 | 144.2 | 309.2 | 338.5 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Comprehensive income attributable to Lear | 41.7 | 144.2 | 309.2 | 338.5 |
Guarantor subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 1,802.70 | 1,557.80 | 5,252.50 | 4,701.30 |
Cost of sales | 1,660.70 | 1,411.20 | 4,842.80 | 4,277.40 |
Selling, general and administrative expenses | 26.9 | 17.3 | 71.4 | 49.2 |
Intercompany operating (income) expense, net | 42.6 | 33.6 | 122.2 | 98 |
Amortization of intangible assets | 1.2 | 1.2 | 3.6 | 3.6 |
Interest expense | 6.6 | 6 | 17.8 | 18.1 |
Other expense, net | 0.4 | 0.2 | 0.8 | 1 |
Consolidated income before provision for income taxes and equity in net income of affiliates | 64.3 | 88.3 | 193.9 | 254 |
Provision for income taxes | 27 | 31.7 | 80.1 | 92.3 |
Equity in net income of affiliates | -0.5 | -0.3 | -1 | -0.4 |
Equity in net income of subsidiaries | -84.8 | -37 | -217.8 | -122.9 |
Consolidated net income | 122.6 | 93.9 | 332.6 | 285 |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to Lear | 122.6 | 93.9 | 332.6 | 285 |
Consolidated comprehensive income | 113.9 | 88.9 | 328.9 | 273 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Comprehensive income attributable to Lear | 113.9 | 88.9 | 328.9 | 273 |
Non-guarantor subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 3,503.30 | 3,351.60 | 11,189 | 10,326.70 |
Cost of sales | 3,256.80 | 3,140.60 | 10,406 | 9,692.80 |
Selling, general and administrative expenses | 66.2 | 68.3 | 205.5 | 215.2 |
Intercompany operating (income) expense, net | 9.9 | 11.9 | 118.8 | 71.9 |
Amortization of intangible assets | 6.9 | 6.9 | 20.5 | 20.9 |
Interest expense | -1.5 | -0.4 | -5.5 | -2.5 |
Other expense, net | 9.8 | 16 | 35.5 | 30 |
Consolidated income before provision for income taxes and equity in net income of affiliates | 155.2 | 108.3 | 408.2 | 298.4 |
Provision for income taxes | 38.7 | 30.7 | 96.4 | 61.5 |
Equity in net income of affiliates | -7.4 | -8.8 | -28.7 | -25.9 |
Equity in net income of subsidiaries | 0 | 0 | 0 | 0 |
Consolidated net income | 123.9 | 86.4 | 340.5 | 262.8 |
Less: Net income attributable to noncontrolling interests | 7.8 | 3.9 | 23.7 | 17.3 |
Net income attributable to Lear | 116.1 | 82.5 | 316.8 | 245.5 |
Consolidated comprehensive income | 35.5 | 122.8 | 241.9 | 254.7 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 9.2 | 4.1 | 23 | 18.2 |
Comprehensive income attributable to Lear | 26.3 | 118.7 | 218.9 | 236.5 |
Consolidation, eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | -1,193.80 | -1,096.90 | -3,615.20 | -3,402.50 |
Cost of sales | -1,193.80 | -1,096.90 | -3,615.20 | -3,402.50 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Intercompany operating (income) expense, net | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Other expense, net | 0 | 0 | 0 | 0 |
Consolidated income before provision for income taxes and equity in net income of affiliates | 0 | 0 | 0 | 0 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Equity in net income of affiliates | 0 | 0 | 0 | 0 |
Equity in net income of subsidiaries | 238.7 | 176.4 | 649.4 | 530.5 |
Consolidated net income | -238.7 | -176.4 | -649.4 | -530.5 |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to Lear | -238.7 | -176.4 | -649.4 | -530.5 |
Consolidated comprehensive income | -140.2 | -207.6 | -547.8 | -509.5 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 |
Comprehensive income attributable to Lear | ($140.20) | ($207.60) | ($547.80) | ($509.50) |