Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 06, 2015 | Jun. 28, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | LEA | ||
Entity Registrant Name | LEAR CORP | ||
Entity Central Index Key | 842162 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 78,027,411 | ||
Entity Public Float | $7,070,982,848 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $1,094.10 | $1,137.70 |
Accounts receivable | 2,471.70 | 2,278.30 |
Inventories | 853.7 | 818.7 |
Other | 960.1 | 687.8 |
Total current assets | 5,379.60 | 4,922.50 |
Long-Term Assets: | ||
Property, plant and equipment, net | 1,624.70 | 1,587.20 |
Goodwill | 726.2 | 757.2 |
Other | 1,419.70 | 1,064 |
Total long-term assets | 3,770.60 | 3,408.40 |
Total assets | 9,150.20 | 8,330.90 |
Current Liabilities: | ||
Accounts payable and drafts | 2,525.30 | 2,438.70 |
Accrued liabilities | 1,188.80 | 1,140.40 |
Current portion of long-term debt | 243.7 | 0 |
Total current liabilities | 3,957.80 | 3,579.10 |
Long-Term Liabilities: | ||
Long-term debt | 1,475 | 1,057.10 |
Other | 688.1 | 545.2 |
Total long-term liabilities | 2,163.10 | 1,602.30 |
Equity: | ||
Preferred stock, 100,000,000 shares authorized (including 10,896,250 shares of Series A convertible preferred stock authorized); no shares outstanding | 0 | 0 |
Common stock, $0.01 par value, 300,000,000 shares authorized; 80,563,291 and 88,062,341 shares issued as of December 31, 2014 and 2013, respectively | 0.8 | 0.9 |
Additional paid-in capital, including warrants to purchase common stock | 1,475.20 | 1,652.90 |
Common stock held in treasury, 2,541,306 and 7,311,037 shares as of December 31, 2014 and 2013, respectively, at cost | -176.9 | -362.1 |
Retained earnings | 2,161.70 | 1,920.30 |
Accumulated other comprehensive loss | -502 | -166.1 |
Lear Corporation stockholders’ equity | 2,958.80 | 3,045.90 |
Noncontrolling interests | 70.5 | 103.6 |
Equity | 3,029.30 | 3,149.50 |
Total liabilities and equity | $9,150.20 | $8,330.90 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 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 | 80,563,291 | 88,062,341 |
Common stock held in treasury, shares | 2,541,306 | 7,311,037 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 10,896,250 | 10,896,250 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||||||||||
Net sales | $4,549.70 | $4,232.70 | $4,585.10 | $4,359.80 | $4,256.10 | $3,917.70 | $4,113.10 | $3,947.10 | $17,727.30 | $16,234 | $14,567 |
Cost of sales | 16,234.50 | 14,934.30 | 13,349.50 | ||||||||
Selling, general and administrative expenses | 529.9 | 528.7 | 479.3 | ||||||||
Amortization of intangible assets | 33.7 | 34.4 | 33 | ||||||||
Interest expense | 67.5 | 68.4 | 49.9 | ||||||||
Other expense, net | 74.3 | 58.1 | 6.4 | ||||||||
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates | 787.4 | 610.1 | 648.9 | ||||||||
Provision (benefit) for income taxes | 121.4 | 192.7 | -638 | ||||||||
Equity in net income of affiliates | -36.3 | -38.4 | -30.3 | ||||||||
Consolidated net income | 268 | 147.9 | 157.8 | 128.6 | 79.9 | 116.7 | 142.3 | 116.9 | 702.3 | 455.8 | 1,317.20 |
Less: Net income attributable to noncontrolling interests | 29.9 | 24.4 | 34.4 | ||||||||
Net income attributable to Lear | $261.80 | $140.10 | $148.50 | $122 | $72.80 | $112.80 | $137.30 | $108.50 | $672.40 | $431.40 | $1,282.80 |
Basic net income per share attributable to Lear | $3.32 | $1.75 | $1.84 | $1.50 | $0.90 | $1.40 | $1.62 | $1.14 | $8.39 | $5.07 | $13.04 |
Diluted net income per share attributable to Lear | $3.24 | $1.72 | $1.81 | $1.47 | $0.88 | $1.38 | $1.60 | $1.13 | $8.23 | $4.99 | $12.85 |
Average common shares outstanding | 80,187,516 | 85,094,889 | 98,388,228 | ||||||||
Average diluted shares outstanding | 81,728,479 | 86,415,786 | 99,825,686 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Consolidated net income | $702.30 | $455.80 | $1,317.20 |
Other comprehensive income (loss), net of tax: | |||
Defined benefit plan adjustments | -114.7 | 145.4 | -10.8 |
Derivative instrument and hedging activities | -27.9 | -8 | 40.3 |
Foreign currency translation adjustments | -195.2 | -1.2 | 2.9 |
Total other comprehensive income (loss) | -337.8 | 136.2 | 32.4 |
Consolidated comprehensive income | 364.5 | 592 | 1,349.60 |
Less: Comprehensive income attributable to noncontrolling interests | 28 | 25.9 | 35.6 |
Comprehensive income attributable to Lear | $336.50 | $566.10 | $1,314 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Common Stock Held in Treasury | Retained Earnings | Defined Benefit Plans | Derivative Instruments and Hedging Activities | Cumulative Translation Adjustments | Lear Corporation Stockholders’ Equity | Non-controlling Interests |
In Millions | |||||||||||
Balance at beginning of period at Dec. 31, 2011 | $2,561.10 | $1.10 | $2,150.60 | ($305.60) | $922.30 | ($239.10) | ($37.60) | ($55.30) | $2,436.40 | $124.70 | |
Net income | 1,317.20 | 1,282.80 | 1,282.80 | 34.4 | |||||||
Other comprehensive income (loss) | 32.4 | -10.8 | 40.3 | 1.7 | 31.2 | 1.2 | |||||
Total comprehensive income (loss) | 1,349.60 | 1,282.80 | -10.8 | 40.3 | 1.7 | 1,314 | 35.6 | ||||
Stock-based compensation | 26.8 | 39.8 | -13 | 26.8 | |||||||
Excess tax benefits related to stock-based compensation | 0.3 | 0.3 | 0.3 | ||||||||
Stock issued during period, treasury stock | -23.5 | 23.5 | |||||||||
Value of common stock repurchased | -222.8 | -222.8 | -222.8 | ||||||||
Dividends declared to Lear Corporation stockholders | -56.1 | -56.1 | -56.1 | ||||||||
Dividends paid to noncontrolling interests | -23.1 | -23.1 | |||||||||
Acquisition of outstanding noncontrolling interests | -23.6 | -11.5 | -11.5 | -12.1 | |||||||
Balance at end of period at Dec. 31, 2012 | 3,612.20 | 1.1 | 2,155.70 | -517.9 | 2,149 | -249.9 | 2.7 | -53.6 | 3,487.10 | 125.1 | |
Net income | 455.8 | 431.4 | 431.4 | 24.4 | |||||||
Other comprehensive income (loss) | 136.2 | 145.4 | -8 | -2.7 | 134.7 | 1.5 | |||||
Total comprehensive income (loss) | 592 | 431.4 | 145.4 | -8 | -2.7 | 566.1 | 25.9 | ||||
Stock-based compensation | 55.3 | 59.4 | -4.1 | 55.3 | |||||||
Excess tax benefits related to stock-based compensation | 0.1 | 0.1 | 0.1 | ||||||||
Stock issued during period, treasury stock | -9.4 | 9.4 | |||||||||
Value of common stock repurchased | -1,000.10 | -160 | -840.1 | -1,000.10 | |||||||
Retirement of shares held in treasury | -0.2 | -389.7 | 990.6 | -600.7 | |||||||
Dividends declared to Lear Corporation stockholders | -59.4 | -59.4 | -59.4 | ||||||||
Dividends paid to noncontrolling interests | -44 | -44 | |||||||||
Acquisition of outstanding noncontrolling interests | -6.6 | -3.2 | -3.2 | -3.4 | |||||||
Balance at end of period at Dec. 31, 2013 | 3,149.50 | 0.9 | 1,652.90 | -362.1 | 1,920.30 | -104.5 | -5.3 | -56.3 | 3,045.90 | 103.6 | |
Net income | 702.3 | 672.4 | 672.4 | 29.9 | |||||||
Other comprehensive income (loss) | -337.8 | -114.7 | -27.9 | -193.3 | -335.9 | -1.9 | |||||
Total comprehensive income (loss) | 364.5 | 672.4 | -114.7 | -27.9 | -193.3 | 336.5 | 28 | ||||
Stock Issued During Period, Value, Other | 0 | 0 | 0 | 0 | 0 | ||||||
Stock-based compensation | 48.3 | 70.7 | -22.4 | 48.3 | |||||||
Excess tax benefits related to stock-based compensation | 0.9 | 0.9 | 0.9 | ||||||||
Stock issued during period, treasury stock | -43.6 | 43.6 | |||||||||
Value of common stock repurchased | -411.4 | -55.5 | -355.9 | -411.4 | |||||||
Retirement of shares held in treasury | -0.1 | -155.9 | 519.9 | -363.9 | |||||||
Dividends declared to Lear Corporation stockholders | -67.1 | -67.1 | -67.1 | ||||||||
Dividends paid to noncontrolling interests | -25.9 | -25.9 | |||||||||
Acquisition of outstanding noncontrolling interests | -18 | 5.7 | 5.7 | -23.7 | |||||||
Sale of controlling interest | -11.5 | 0 | -11.5 | ||||||||
Balance at end of period at Dec. 31, 2014 | $3,029.30 | $0.80 | $1,475.20 | ($176.90) | $2,161.70 | ($219.20) | ($33.20) | ($249.60) | $2,958.80 | $70.50 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance of common stock related to exercises of warrants, shares | 205,526 | 195,974 | 38,017 |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 868,746 | 207,468 | 541,890 |
Issuance of common stock related to share based compensation, per shares | $50.19 | $45.11 | $43.46 |
Common stock, shares repurchase | 3,805,114 | 15,533,758 | 5,357,443 |
Common stock, shares repurchase price per share | $93.52 | $54.08 | $41.59 |
Treasury stock, shares retired | 8,000,000 | 20,000,000 | |
Treasury stock, shares retired price per share | $64.98 | $49.53 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities: | |||
Consolidated net income | $702.30 | $455.80 | $1,317.20 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities – | |||
Equity in net income of affiliates | -36.3 | -38.4 | -30.3 |
Loss on extinguishment of debt | 17.9 | 3.6 | 3.7 |
Fixed asset impairment charges | 2.6 | 11.1 | 6.5 |
Deferred tax provision (benefit) | -58 | 45.4 | -693.7 |
Depreciation and amortization | 310.9 | 285.5 | 239.5 |
Stock-based compensation | 70.7 | 59.4 | 39.8 |
Net change in recoverable customer engineering, development and tooling | 7.6 | 3.2 | -36.7 |
Net change in working capital items (see below) | -140.2 | -8.2 | -48.8 |
Changes in other long-term liabilities | 5.4 | -25.6 | -22.8 |
Changes in other long-term assets | 41.4 | 12.9 | -20.3 |
Other, net | 3.5 | 15.4 | -24.3 |
Net cash provided by operating activities | 927.8 | 820.1 | 729.8 |
Cash Flows from Investing Activities: | |||
Additions to property, plant and equipment | -424.7 | -460.6 | -458.3 |
Insurance proceeds | 0 | 7.1 | 19.2 |
Cash restricted for use — acquisition of Eagle Ottawa | -350 | 0 | 0 |
Cash paid for acquisition of Guilford, net of cash acquired | 0 | 0 | -243.9 |
Other, net | -5.9 | 49.6 | -4.9 |
Net cash used in investing activities | -780.6 | -403.9 | -687.9 |
Cash Flows from Financing Activities: | |||
Proceeds from the issuance of senior notes | 975 | 500 | 0 |
Repurchase of senior notes | -327.1 | -72.1 | -72.1 |
Payment of debt issuance and other financing costs | -18.1 | -13.4 | 0 |
Cash restricted for use — repurchase of senior notes | -250 | 0 | 0 |
Repurchase of common stock | -411.4 | -1,000.10 | -222.8 |
Dividends paid to Lear Corporation stockholders | -65.3 | -58.4 | -54.6 |
Dividends paid to noncontrolling interests | -25.9 | -44 | -23.1 |
Other, net | -38 | -10.5 | -23.5 |
Net cash used in financing activities | -160.8 | -698.5 | -396.1 |
Effect of foreign currency translation | -30 | 17.8 | 2.1 |
Net Change in Cash and Cash Equivalents | -43.6 | -264.5 | -352.1 |
Cash and Cash Equivalents as of Beginning of Period | 1,137.70 | 1,402.20 | 1,754.30 |
Cash and Cash Equivalents as of End of Period | 1,094.10 | 1,137.70 | 1,402.20 |
Changes in Working Capital Items: | |||
Accounts receivable | -358.7 | -239.6 | -111.5 |
Inventories | -91.2 | -102 | -60 |
Accounts payable | 231.3 | 189.5 | 174.6 |
Accrued liabilities and other | 78.4 | 143.9 | -51.9 |
Net change in working capital items | -140.2 | -8.2 | -48.8 |
Supplementary Disclosure: | |||
Cash paid for interest | 70.7 | 64.2 | 58.4 |
Cash paid for income taxes, net of refunds received of $24.0 in 2014, $12.6 in 2013 and $12.7 in 2012 | $154.60 | $152.90 | $85 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Cash Flows [Abstract] | |||
Refunds received | $24 | $12.60 | $12.70 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 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 consolidated financial statements include the accounts of Lear, a Delaware corporation, and the wholly owned and less than wholly owned subsidiaries controlled by Lear. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |||||||||||||
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 (Note 5, "Investments in Affiliates and Other Related Party Transactions"). | ||||||||||||||
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. | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||
Cash and cash equivalents include all highly liquid investments with original maturities of ninety days or less. | ||||||||||||||
Accounts Receivable | ||||||||||||||
The Company records accounts receivable as title is transferred to its customers. The Company’s customers are the world’s major automotive manufacturers. The Company records accounts receivable reserves for known collectibility issues, as such issues relate to specific transactions or customer balances. As of December 31, 2014 and 2013, accounts receivable are reflected net of reserves of $27.5 million and $34.5 million, respectively. The Company writes off accounts receivable when it becomes apparent, based upon age or customer circumstances, that such amounts will not be collected. Generally, the Company does not require collateral for its accounts receivable. | ||||||||||||||
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. The Company records inventory reserves for inventory in excess of production and/or forecasted requirements and for obsolete inventory in production and service inventories. As of December 31, 2014 and 2013, inventories are reflected net of reserves of $95.1 million and $98.8 million, respectively. A summary of inventories is shown below (in millions): | ||||||||||||||
December 31, | 2014 | 2013 | ||||||||||||
Raw materials | $ | 668.3 | $ | 633.5 | ||||||||||
Work-in-process | 45.6 | 45.8 | ||||||||||||
Finished goods | 139.8 | 139.4 | ||||||||||||
Inventories | $ | 853.7 | $ | 818.7 | ||||||||||
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 2014 and 2013, the Company capitalized $232.3 million and $202.1 million, respectively, of pre-production E&D costs for which reimbursement is contractually guaranteed by the customer. During 2014 and 2013, the Company also capitalized $177.7 million and $233.1 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 consolidated balance sheets. During 2014 and 2013, the Company collected $395.8 million and $423.9 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): | ||||||||||||||
December 31, | 2014 | 2013 | ||||||||||||
Current | $ | 121.1 | $ | 134.2 | ||||||||||
Long-term | 47.6 | 52.9 | ||||||||||||
Recoverable customer E&D and tooling | $ | 168.7 | $ | 187.1 | ||||||||||
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 as follows: | ||||||||||||||
Buildings and improvements | 10 to 40 years | |||||||||||||
Machinery and equipment | 5 to 10 years | |||||||||||||
A summary of property, plant and equipment is shown below (in millions): | ||||||||||||||
December 31, | 2014 | 2013 | ||||||||||||
Land | $ | 105.2 | $ | 113.4 | ||||||||||
Buildings and improvements | 523.5 | 532 | ||||||||||||
Machinery and equipment | 1,847.00 | 1,645.00 | ||||||||||||
Construction in progress | 186.9 | 155.2 | ||||||||||||
Total property, plant and equipment | 2,662.60 | 2,445.60 | ||||||||||||
Less – accumulated depreciation | (1,037.9 | ) | (858.4 | ) | ||||||||||
Net property, plant and equipment | $ | 1,624.70 | $ | 1,587.20 | ||||||||||
For the years ended December 31, 2014, 2013 and 2012, depreciation expense was $277.2 million, $251.1 million and $206.6 million, respectively. As of December 31, 2014, 2013 and 2012, capital expenditures recorded in accounts payable totaled $112.8 million, $98.9 million and $103.6 million, respectively. | ||||||||||||||
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. | ||||||||||||||
The Company utilizes an income approach to estimate the fair value of each of its reporting units and a market valuation approach to further support this analysis. The income approach is based on projected debt-free cash flow which is discounted to the present value using discount factors that consider the timing and risk of cash flows. The Company believes that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. This approach also mitigates the impact of cyclical trends that occur in the industry. Fair value is estimated using recent automotive industry and specific platform production volume projections, which are based on both third-party and internally developed forecasts, as well as commercial, wage and benefit, inflation and discount rate assumptions. The discount rate used is the value-weighted average of the Company’s estimated cost of equity and of debt ("cost of capital") derived using both known and estimated customary market metrics. The Company’s weighted average cost of capital is adjusted by reporting unit to reflect a risk factor, if necessary. Other significant assumptions include terminal value growth rates, terminal value margin rates, future capital expenditures and changes in future working capital requirements. While there are inherent uncertainties related to the assumptions used and to management’s application of these assumptions to this analysis, the Company believes that the income approach provides a reasonable estimate of the fair value of its reporting units. The market valuation approach is used to further support the Company’s analysis and is based on recent transactions involving comparable companies. | ||||||||||||||
In 2014, the Company performed a combination of qualitative and quantitative assessments of its reporting units. All assessments were completed as of the first day of the Company’s fourth quarter. The assessments indicated that the fair value of each of the reporting units exceeded its respective carrying value. The Company does not believe that any of its reporting units is at risk for impairment. | ||||||||||||||
A summary of the changes in the carrying amount of goodwill, all of which relates to the seating segment, for each of the periods in the two years ended December 31, 2014, is shown below (in millions): | ||||||||||||||
Balance as of December 31, 2012 | $ | 746.5 | ||||||||||||
Foreign currency translation and other | 10.7 | |||||||||||||
Balance as of December 31, 2013 | 757.2 | |||||||||||||
Foreign currency translation and other | (31.0 | ) | ||||||||||||
Balance as of December 31, 2014 | $ | 726.2 | ||||||||||||
Intangible Assets | ||||||||||||||
Intangible assets consist primarily of certain intangible assets recorded in connection with the adoption of fresh-start accounting in 2009 and the acquisition of Guilford Mills ("Guilford") in 2012. These intangible assets were recorded at their estimated fair value, based on independent appraisals, as of the transaction or acquisition date. The technology intangible asset includes the Company’s proprietary patents. The value assigned to technology intangibles is based on the royalty savings method, which applies a hypothetical royalty rate to projected revenues attributable to the identified technologies. Royalty rates were determined based on analysis of market information and discussions with the Company’s management. The customer-based intangible asset includes the Company’s established relationships with its customers and the ability of these customers to generate future economic profits for the Company. The value assigned to customer-based intangibles is based on the present value of future earnings attributable to the asset group after recognition of required returns to other contributory assets. A summary of intangible assets as of December 31, 2014 and 2013, is shown below (in millions): | ||||||||||||||
Gross Carrying | Accumulated | Net Carrying | Weighted | |||||||||||
Value | Amortization | Value | Average Useful | |||||||||||
Life (years) | ||||||||||||||
Technology | $ | 31.4 | $ | (16.3 | ) | $ | 15.1 | 9 | ||||||
Customer-based | 214.9 | (137.5 | ) | 77.4 | 8.2 | |||||||||
Balance as of December 31, 2014 | $ | 246.3 | $ | (153.8 | ) | $ | 92.5 | 8.4 | ||||||
Gross Carrying | Accumulated | Net Carrying | Weighted | |||||||||||
Value | Amortization | Value | Average Useful | |||||||||||
Life (years) | ||||||||||||||
Technology | $ | 32.7 | $ | (13.0 | ) | $ | 19.7 | 8.9 | ||||||
Customer-based | 223.1 | (113.1 | ) | 110 | 8 | |||||||||
Balance as of December 31, 2013 | $ | 255.8 | $ | (126.1 | ) | $ | 129.7 | 8.1 | ||||||
Excluding the impact of the Eagle Ottawa acquisition and any future acquisitions, the Company’s estimated annual amortization expense for the five succeeding years is shown below (in millions): | ||||||||||||||
Year | Expense | |||||||||||||
2015 | $ | 32.8 | ||||||||||||
2016 | 28.7 | |||||||||||||
2017 | 7.7 | |||||||||||||
2018 | 5.9 | |||||||||||||
2019 | 5.8 | |||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||
The Company monitors its long-lived assets for impairment indicators on an ongoing basis in accordance with accounting principles generally accepted in the United States ("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. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived assets. Fair value is estimated based upon either discounted cash flow analyses or estimated salvage values. Cash flows are estimated using internal budgets based on recent sales data, independent automotive production volume estimates and customer commitments, as well as assumptions related to discount rates. | ||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the Company recognized fixed asset impairment charges of $0.5 million, $9.2 million and $6.0 million, respectively, in conjunction with its restructuring actions (Note 4, "Restructuring"), as well as additional fixed asset impairment charges of $2.1 million, $1.9 million and $0.5 million, respectively. | ||||||||||||||
Fixed asset impairment charges are recorded in cost of sales in the accompanying consolidated statements of income for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||
Impairment of Investments in Affiliates | ||||||||||||||
The Company monitors its investments in affiliates for indicators of other-than-temporary declines in value on an ongoing basis in accordance with GAAP. If the Company determines that an other-than-temporary decline in value has occurred, it recognizes an impairment loss, which is measured as the difference between the recorded book value and the fair value of the investment. Fair value is generally determined using an income approach based on discounted cash flows or negotiated transaction values. | ||||||||||||||
Revenue Recognition and Sales Commitments | ||||||||||||||
The Company enters into agreements with its customers to produce products at the beginning of a vehicle’s life cycle. Although such agreements do not provide for a specified quantity of products, once the Company enters into such agreements, the Company is generally required to fulfill its customers’ purchasing requirements for the production life of the vehicle. These agreements generally may be terminated by the Company’s customers at any time. Historically, terminations of these agreements have been minimal. Sales are generally recorded upon shipment of product to customers and transfer of title under standard commercial terms. In certain instances, the Company may be committed under existing agreements to supply products to its customers at selling prices which are not sufficient to cover the direct cost to produce such products. In such situations, the Company recognizes losses as they are incurred. | ||||||||||||||
The Company receives purchase orders from its customers on an annual basis. Generally, each purchase order provides the annual terms, including pricing, related to a particular vehicle model. Purchase orders do not specify quantities. The Company recognizes revenue based on the pricing terms included in its annual purchase orders. The Company is asked to provide its customers with annual price reductions as part of certain agreements. The Company accrues for such amounts as a reduction of revenue as its products are shipped to its customers. In addition, the Company has ongoing adjustments to its pricing arrangements with its customers based on the related content, the cost of its products and other commercial factors. Such pricing accruals are adjusted as they are settled with the Company’s customers. | ||||||||||||||
Amounts billed to customers related to shipping and handling costs are included in net sales in the consolidated statements of income. Shipping and handling costs are included in cost of sales in the consolidated statements of income. | ||||||||||||||
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. | ||||||||||||||
Restructuring Costs | ||||||||||||||
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 GAAP. Generally, charges are recorded as restructuring actions are approved and/or implemented. | ||||||||||||||
Engineering and Development | ||||||||||||||
Costs incurred in connection with the development of new products and manufacturing methods within one year of launch, to the extent not recoverable from the Company’s customers, are charged to cost of sales as incurred. Such costs are charged to selling, general and administrative expenses when incurred more than one year prior to launch. Engineering and development costs charged to selling, general and administrative expenses totaled $102.0 million, $108.4 million and $104.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||
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 (Note 6, "Debt"), gains and losses on the disposal of fixed assets (Note 11, "Commitments and Contingencies") and other miscellaneous income and expense. A summary of other expense, net is shown below (in millions): | ||||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||||
Other expense | $ | 82.4 | $ | 59.9 | $ | 33.9 | ||||||||
Other income | (8.1 | ) | (1.8 | ) | (27.5 | ) | ||||||||
Other expense, net | $ | 74.3 | $ | 58.1 | $ | 6.4 | ||||||||
Income Taxes | ||||||||||||||
The Company accounts for income taxes in accordance with GAAP. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. | ||||||||||||||
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. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments, which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities. | ||||||||||||||
The calculation of the Company’s gross unrecognized tax benefits and liabilities includes uncertainties in the application of, and changes in, complex tax regulations in a multitude of jurisdictions across its global operations. The Company recognizes tax benefits and liabilities based on its estimates of whether, and the extent to which, additional taxes will be due. The Company adjusts these benefits and liabilities based on changing facts and circumstances; however, due to the complexity of these uncertainties and the impact of tax audits, the ultimate resolutions may differ significantly from the Company’s estimates. | ||||||||||||||
Foreign Currency Translation | ||||||||||||||
Assets and liabilities of foreign subsidiaries that use a functional currency other than the U.S. dollar are translated into U.S. dollars at the foreign exchange rates in effect at the end of the period. Revenues and expenses of foreign subsidiaries are translated into U.S. dollars using an average of the foreign exchange rates in effect during the period. Translation adjustments that arise from translating a foreign subsidiary’s financial statements from the functional currency to the U.S. dollar are reflected in accumulated other comprehensive loss in the consolidated balance sheets. | ||||||||||||||
Transaction gains and losses that arise from foreign exchange rate fluctuations on transactions denominated in a currency other than the functional currency, except certain long-term intercompany transactions, are included in the consolidated statements of income as incurred. For the years ended December 31, 2014, 2013 and 2012, other expense, net includes net foreign currency transaction losses of $32.1 million, $28.3 million and $11.4 million, respectively. | ||||||||||||||
Stock-Based Compensation | ||||||||||||||
The Company measures stock-based employee compensation expense at fair value in accordance with GAAP and recognizes such expense over the vesting period of the stock-based employee awards. | ||||||||||||||
Net Income Per Share Attributable to Lear | ||||||||||||||
Basic net income per share attributable to Lear is computed using the two-class method by dividing net income attributable to Lear, after deducting undistributed earnings allocated to participating securities, 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 net income per share attributable to Lear is shown below (in millions, except share and per share data): | ||||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||||
Net income attributable to Lear | $ | 672.4 | $ | 431.4 | $ | 1,282.80 | ||||||||
Average common shares outstanding | 80,187,516 | 85,094,889 | 98,388,228 | |||||||||||
Basic net income per share attributable to Lear | $ | 8.39 | $ | 5.07 | $ | 13.04 | ||||||||
A summary of information used to compute diluted net income per share attributable to Lear is shown below (in millions, except share and per share data): | ||||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||||
Net income attributable to Lear | $ | 672.4 | $ | 431.4 | $ | 1,282.80 | ||||||||
Average common shares outstanding | 80,187,516 | 85,094,889 | 98,388,228 | |||||||||||
Dilutive effect of common stock equivalents | 1,540,963 | 1,320,897 | 1,437,458 | |||||||||||
Average diluted shares outstanding | 81,728,479 | 86,415,786 | 99,825,686 | |||||||||||
Diluted net income per share attributable to Lear | $ | 8.23 | $ | 4.99 | $ | 12.85 | ||||||||
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 changes in accumulated other comprehensive income (loss), net of tax is shown below (in millions): | ||||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||||
Defined benefit plans: | ||||||||||||||
Balance at beginning of year | $ | (104.5 | ) | $ | (249.9 | ) | $ | (239.1 | ) | |||||
Reclassification adjustments | 0.2 | 11 | 4.2 | |||||||||||
Other comprehensive income (loss) recognized during the period | (114.9 | ) | 134.4 | (15.0 | ) | |||||||||
Balance at end of year | $ | (219.2 | ) | $ | (104.5 | ) | $ | (249.9 | ) | |||||
Derivative instruments and hedging activities: | ||||||||||||||
Balance at beginning of year | $ | (5.3 | ) | $ | 2.7 | $ | (37.6 | ) | ||||||
Reclassification adjustments | (6.4 | ) | (21.0 | ) | 2 | |||||||||
Other comprehensive income (loss) recognized during the period | (21.5 | ) | 13 | 38.3 | ||||||||||
Balance at end of year | $ | (33.2 | ) | $ | (5.3 | ) | $ | 2.7 | ||||||
Cumulative translation adjustments: | ||||||||||||||
Balance at beginning of year | $ | (56.3 | ) | $ | (53.6 | ) | $ | (55.3 | ) | |||||
Other comprehensive income (loss) recognized during the period | (193.3 | ) | (2.7 | ) | 1.7 | |||||||||
Balance at end of year | $ | (249.6 | ) | $ | (56.3 | ) | $ | (53.6 | ) | |||||
Other comprehensive income (loss) related to the Company’s defined benefit plans includes pretax reclassification adjustments of $0.1 million, $15.4 million and $5.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. See Note 8, "Pension and Other Postretirement Benefit Plans." Other comprehensive income (loss) related to the Company’s derivative instruments and hedging activities includes pretax reclassification adjustments of ($8.2) million, ($32.2) million and $3.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. See Note 13, "Financial Instruments." | ||||||||||||||
Product Warranty | ||||||||||||||
Product warranty reserves are recorded when liability is probable and related amounts are reasonably estimable. | ||||||||||||||
Segment Reporting | ||||||||||||||
The Company has two reportable operating segments: seating, which includes seats and related components, such as seat structures and mechanisms, seat covers and surface materials such as fabric and leather, 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, battery chargers, 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. | ||||||||||||||
Each of the Company’s operating segments reports its results from operations and makes its requests for capital expenditures directly to the chief operating decision-making group. The economic performance of each operating segment is driven primarily by automotive production volumes in the geographic regions in which it operates, as well as by the success of the vehicle platforms for which it supplies products. Also, each operating segment operates in the competitive Tier 1 automotive supplier environment and is continually working with its customers to manage costs and improve quality. The Company’s production processes generally make use of hourly labor, dedicated facilities, sequential manufacturing and assembly processes and commodity raw materials. | ||||||||||||||
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. | ||||||||||||||
The accounting policies of the Company’s operating segments are the same as those described in this note to the consolidated financial statements. | ||||||||||||||
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). | ||||||||||||||
For a fair value hedge, both the effective and ineffective portions of the change in the fair value of the derivative are recorded in earnings and reflected in the consolidated statement of income on the same line as the gain or loss on the hedged item attributable to the hedged risk. For a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in accumulated other comprehensive loss in the consolidated balance sheet. When the underlying hedged transaction is realized, the gain or loss included in accumulated other comprehensive loss is recorded in earnings and reflected in the consolidated statement of income on the same line as the gain or loss on the hedged item attributable to the hedged risk. For a net investment hedge, the effective portion of the change in the fair value of the derivative is recorded in cumulative translation adjustment, which is a component of accumulated other comprehensive loss in the consolidated balance sheet. In addition, for both cash flow and net investment hedges, changes in the fair value of the derivative that are excluded from the Company’s effectiveness assessments and the ineffective portion of changes in the fair value of the derivative are recorded in earnings and reflected in the consolidated statement of income as other expense, net. | ||||||||||||||
The Company formally documents its hedge relationships, including the identification of the hedging instruments and the related hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction. Derivatives are recorded at fair value in other current and long-term assets and other current and long-term liabilities in the consolidated balance sheet. The Company also formally assesses, both at inception and at least quarterly thereafter, whether a derivative used in a hedging transaction is highly effective in offsetting changes in either the fair value or the cash flows of the hedged item. When it is determined that a derivative ceases to be highly effective, the Company discontinues hedge accounting. | ||||||||||||||
Use of Estimates | ||||||||||||||
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. During 2014, there were no material changes in the methods or policies used to establish estimates and assumptions. Other matters subject to estimation and judgment include amounts related to accounts receivable realization, inventory obsolescence, asset impairments, useful lives of fixed and intangible assets and unsettled pricing discussions with customers and suppliers (Note 2, "Summary of Significant Accounting Policies"); restructuring accruals (Note 4, "Restructuring"); deferred tax asset valuation allowances and income taxes (Note 7, "Income Taxes"); pension and other postretirement benefit plan assumptions (Note 8, "Pension and Other Postretirement Benefit Plans"); accruals related to litigation, warranty and environmental remediation costs (Note 11, "Commitments and Contingencies"); and self-insurance accruals. Actual results may differ significantly from the Company’s estimates. | ||||||||||||||
Reclassifications | ||||||||||||||
Certain amounts in prior years’ financial statements have been reclassified to conform to the presentation used in the year ended December 31, 2014. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Acquisition | Acquisitions |
Guilford | |
On May 31, 2012, the Company completed the acquisition of Guilford, which manufactures fabrics for the automotive and specialty markets, for $243.9 million, net of cash acquired. In addition, the Company incurred transaction costs of $5.0 million related to advisory services in 2012, which have been expensed as incurred. | |
The Guilford acquisition was accounted for as a purchase, and accordingly, the assets acquired and liabilities assumed are included in the accompanying consolidated balance sheets as of December 31, 2014 and 2013. The operating results and cash flows of Guilford are included in the accompanying consolidated financial statements from the date of acquisition. | |
The pro forma effects of this acquisition would not materially impact the Company’s reported results for any period presented. | |
Subsequent Event | |
On January 5, 2015, the Company completed the acquisition of Everett Smith Group, Ltd., the parent company of Eagle Ottawa, LLC ("Eagle Ottawa"), for approximately $850 million on a cash and debt free basis (subject to certain adjustments). Eagle Ottawa is a leading provider of leather for the automotive industry, with annual sales of approximately $1 billion. The acquisition was financed with $350 million of the proceeds from the offering of $650 million in aggregate principal amount of senior unsecured notes due 2025 at a stated coupon rate of 5.25% (the "2025 Notes") issued in November 2014 and borrowings under a $500 million delayed-draw term loan facility ("Term Loan Facility") established in November 2014 under the Company's amended and restated senior secured credit agreement (the "Credit Agreement") (see Note 6, "Debt"). | |
The acquisition of Eagle Ottawa will be accounted for as a business combination, and the assets acquired and liabilities assumed will be recognized and measured as of the acquisition date at fair value. The operating results and cash flows of Eagle Ottawa will be included in the consolidated financial statements from the date of acquisition. The Company is in the process of preparing the preliminary estimate of the fair value of assets acquired and liabilities assumed, which will be included in the Company's Quarterly Report on Form 10-Q for the period ending March 28, 2015. |
Restructuring
Restructuring | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||
Restructuring | Restructuring | |||||||||||||||||||
In 2014, the Company recorded charges of $107.0 million in connection with its restructuring actions. These charges consist of $86.8 million recorded as cost of sales, $19.2 million recorded as selling, general and administrative expenses and $1.0 million recorded as other expense, net. The restructuring charges consist of employee termination benefits of $88.6 million, asset impairment charges of $0.5 million and contract termination costs of $0.5 million, as well as other related costs of $17.4 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 equipment with carrying values of $0.5 million in excess of related estimated fair values. The Company expects to incur approximately $30.4 million of additional restructuring costs related to activities initiated as of December 31, 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): | ||||||||||||||||||||
Accrual as of | 2014 | Utilization | Accrual as of | |||||||||||||||||
January 1, 2014 | Charges | Cash | Non-cash | December 31, 2014 | ||||||||||||||||
Employee termination benefits | $ | 38.7 | $ | 88.6 | $ | (82.2 | ) | $ | — | $ | 45.1 | |||||||||
Asset impairments | — | 0.5 | — | (0.5 | ) | — | ||||||||||||||
Contract termination costs | 5.6 | 0.5 | (1.0 | ) | — | 5.1 | ||||||||||||||
Other related costs | — | 17.4 | (17.4 | ) | — | — | ||||||||||||||
Total | $ | 44.3 | $ | 107 | $ | (100.6 | ) | $ | (0.5 | ) | $ | 50.2 | ||||||||
In 2013, the Company recorded charges of $77.9 million in connection with its restructuring actions. These charges consist of $52.6 million recorded as cost of sales and $25.3 million recorded as selling, general and administrative expenses. The restructuring charges consist of employee termination benefits of $54.1 million, asset impairment charges of $9.2 million and contract termination costs of $2.8 million, as well as other related costs of $11.8 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 equipment with carrying values of $9.2 million in excess of related estimated fair values. Contract termination costs include pension benefit plan settlement charges of $2.5 million and other various costs of $0.3 million. | ||||||||||||||||||||
A summary of 2013 activity, excluding pension benefit plan settlement charges of $2.5 million, is shown below (in millions): | ||||||||||||||||||||
Accrual as of | 2013 | Utilization | Accrual as of | |||||||||||||||||
January 1, 2013 | Charges | Cash | Non-cash | December 31, 2013 | ||||||||||||||||
Employee termination benefits | $ | 38.5 | $ | 54.1 | $ | (53.9 | ) | $ | — | $ | 38.7 | |||||||||
Asset impairments | — | 9.2 | — | (9.2 | ) | — | ||||||||||||||
Contract termination costs | 5.7 | 0.3 | (0.4 | ) | — | 5.6 | ||||||||||||||
Other related costs | — | 11.8 | (11.8 | ) | — | — | ||||||||||||||
Total | $ | 44.2 | $ | 75.4 | $ | (66.1 | ) | $ | (9.2 | ) | $ | 44.3 | ||||||||
In 2012, the Company recorded charges of $55.1 million in connection with its restructuring actions. These charges consist of $44.8 million recorded as cost of sales, $10.4 million recorded as selling, general and administrative expenses and ($0.1) million recorded as other expense, net. The restructuring charges consist of employee termination benefits of $45.4 million, asset impairment charges of $6.0 million and contract termination costs of $1.9 million, as well as other related costs of $1.8 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 equipment with carrying values of $6.0 million in excess of related estimated fair values. | ||||||||||||||||||||
A summary of 2012 activity is shown below (in millions): | ||||||||||||||||||||
Accrual as of | 2012 | Utilization | Accrual as of | |||||||||||||||||
January 1, 2012 | Charges | Cash | Non-cash | December 31, 2012 | ||||||||||||||||
Employee termination benefits | $ | 56.8 | $ | 45.4 | $ | (63.7 | ) | $ | — | $ | 38.5 | |||||||||
Asset impairments | — | 6 | — | (6.0 | ) | — | ||||||||||||||
Contract termination costs | 5.7 | 1.9 | (1.9 | ) | — | 5.7 | ||||||||||||||
Other related costs | — | 1.8 | (1.8 | ) | — | — | ||||||||||||||
Total | $ | 62.5 | $ | 55.1 | $ | (67.4 | ) | $ | (6.0 | ) | $ | 44.2 | ||||||||
Investments_in_Affiliates_and_
Investments in Affiliates and Other Related Party Transactions | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||
Investments in Affiliates and Other Related Party Transactions | Investments in Affiliates and Other Related Party Transactions | |||||||||||
The Company’s beneficial ownership in affiliates accounted for under the equity method is shown below: | ||||||||||||
December 31, | 2014 | 2013 | 2012 | |||||||||
Shanghai Lear STEC Automotive Parts Co., Ltd. (China) | 55% | 55% | 55% | |||||||||
Beijing BAI Lear Automotive Systems Co., Ltd. (China) | 50 | 50 | 50 | |||||||||
Beijing Lear Automotive Electronics and Electrical Products Co., Ltd. (China) | 50 | 50 | 50 | |||||||||
Dong Kwang Lear Yuhan Hoesa (Korea) | 50 | 50 | 50 | |||||||||
Industrias Cousin Freres, S.L. (Spain) | 50 | 50 | 50 | |||||||||
Jiangxi Jiangling Lear Interior Systems Co., Ltd. (China) | 50 | 50 | 50 | |||||||||
Lear Dongfeng Automotive Seating Co., Ltd. (China) | 50 | 50 | 50 | |||||||||
Changchun Lear FAWSN Automotive Electrical and Electronics Co., Ltd. (China) | 49 | 49 | 49 | |||||||||
Changchun Lear FAWSN Automotive Seat Systems Co., Ltd. (China) | 49 | 49 | 49 | |||||||||
Honduras Electrical Distribution Systems S. de R.L. de C.V. (Honduras) | 49 | 49 | 49 | |||||||||
Kyungshin-Lear Sales and Engineering LLC | 49 | 49 | 49 | |||||||||
Beijing Lear Dymos Automotive Systems Co., Ltd. (China) | 40 | 40 | 40 | |||||||||
Dymos Lear Automotive India Private Limited (India) | 35 | 35 | 35 | |||||||||
eLumigen, LLC | 30 | 15 | — | |||||||||
RevoLaze, LLC | 20 | 20 | — | |||||||||
HB Polymer Company, LLC | 10 | 10 | — | |||||||||
Tacle Seating USA, LLC | — | 49 | 49 | |||||||||
International Automotive Components Group North America, LLC | — | — | 23 | |||||||||
Summarized group financial information for affiliates accounted for under the equity method as of December 31, 2014 and 2013, and for the years ended December 31, 2014, 2013 and 2012, is shown below (unaudited; in millions): | ||||||||||||
December 31, | 2014 | 2013 | ||||||||||
Balance sheet data: | ||||||||||||
Current assets | $ | 794.3 | $ | 767.1 | ||||||||
Non-current assets | 183.4 | 143.5 | ||||||||||
Current liabilities | 627.6 | 548.9 | ||||||||||
Non-current liabilities | 5.6 | 5.8 | ||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Income statement data: | ||||||||||||
Net sales | $ | 1,802.70 | $ | 1,686.50 | $ | 6,240.50 | ||||||
Gross profit | 129.3 | 121.9 | 452.6 | |||||||||
Income (loss) before provision for income taxes | 117.8 | 110.1 | (109.0 | ) | ||||||||
Net income (loss) attributable to affiliates | 92.9 | 89 | (76.1 | ) | ||||||||
As of December 31, 2014 and 2013, the Company’s aggregate investment in affiliates was $171.5 million and $172.0 million, respectively. In addition, the Company had receivables due from affiliates, including notes and advances, of $75.5 million and $74.2 million and payables due to affiliates of $5.7 million and $8.8 million as of December 31, 2014 and 2013, respectively. | ||||||||||||
A summary of transactions with affiliates and other related parties is shown below (in millions): | ||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Sales to affiliates | $ | 214.7 | $ | 145.1 | $ | 93.1 | ||||||
Purchases from affiliates | 32.1 | 41.5 | 141.9 | |||||||||
Management and other fees for services provided to affiliates | 24.5 | 22.3 | 23 | |||||||||
Dividends received from affiliates | 25 | 17.6 | 14.4 | |||||||||
The Company’s investment in Shanghai Lear STEC Automotive Parts Co., Ltd. is accounted for under the equity method as the result of certain approval rights granted to the minority shareholders, including approval of the annual budget, business plan and the appointment or dismissal of management. The Company’s investments in eLumigen, LLC and HB Polymer Company, LLC are accounted for under the equity method as the Company’s interests in these entities are similar to partnership interests. | ||||||||||||
2014 | ||||||||||||
In April 2014, the Company sold its 49% ownership interest in Tacle Seating USA, LLC. The Company did not recognize a significant gain or loss related to this transaction. Also in 2014, the Company acquired an additional ownership interest in eLumigen, LLC, thereby increasing its ownership interest to 30% from 15%. | ||||||||||||
2013 | ||||||||||||
In March 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. Also in 2013, the Company established investments in RevoLaze, LLC, eLumigen, LLC and HB Polymer Company, LLC. |
Debt
Debt | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Debt | Debt | |||||||||||
Short-Term Borrowings | ||||||||||||
The Company utilizes uncommitted lines of credit as needed for its short-term working capital fluctuations. As of December 31, 2014 and 2013, the Company had lines of credit from banks totaling $5.3 million and $5.4 million, respectively, of which no amounts were outstanding and all of which were unused and available, subject to certain restrictions imposed by the indentures governing the Notes and the Credit Agreement. | ||||||||||||
Long-Term Debt | ||||||||||||
A summary of long-term debt and the related weighted average interest rates is shown below (in millions): | ||||||||||||
December 31, | 2014 | 2013 | ||||||||||
Debt Instrument | Long-Term | Weighted | Long-Term | Weighted | ||||||||
Debt | Average | Debt | Average | |||||||||
Interest Rate | Interest Rate | |||||||||||
7.875% Senior Notes due 2018 | $ | — | N/A | $ | 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% | — | N/A | ||||||||
5.25% Senior Notes due 2025 | 650 | 5.25% | — | N/A | ||||||||
1,718.70 | 1,057.10 | |||||||||||
Less — Current portion | (243.7 | ) | — | |||||||||
Long-term debt | $ | 1,475.00 | $ | 1,057.10 | ||||||||
Senior Notes | ||||||||||||
As of December 31, 2014, the Company’s senior notes consist of $245 million in aggregate principal amount at maturity 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"), $325 million in aggregate principal amount of senior unsecured notes due 2024 at a stated coupon rate of 5.375% (the "2024 Notes") and the 2025 Notes (and together with the 2020 Notes, the 2023 Notes and the 2024 Notes, the "Notes"). | ||||||||||||
2020 Notes | ||||||||||||
The 2020 Notes were issued in March 2010, at 99.164% of par, resulting in a yield to maturity of 8.25%, and mature on March 15, 2020. Interest is payable on March 15 and September 15 of each year. In November 2014, the Company's Board of Directors authorized the redemption of the remaining outstanding aggregate principal amount of the 2020 Notes on or after March 15, 2015, the first available optional redemption date under the indenture governing the 2020 Notes. In January 2015, the Company issued a notice for the redemption of the 2020 Notes, which will occur on March 15, 2015. The Notes will be redeemed at a price equal to 104.063% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. Accordingly, the 2020 Notes are recorded in current liabilities in the accompanying consolidated balance sheet as of December 31, 2014. In addition, $250 million of cash proceeds from the issuance of the 2025 Notes has been restricted for the redemption of the 2020 Notes. This restricted cash is recorded in other current assets in the accompanying consolidated balance sheet as of December 31, 2014, and is reflected as cash used in financing activities in the accompanying consolidated statement of cash flows for the year ended December 31, 2014 (see "— 2025 Notes" below). | ||||||||||||
2023 Notes | ||||||||||||
The 2023 Notes were issued in January 2013 and mature on January 15, 2023. 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 proceeds from the offering of $500 million, net of related issuance costs of $7.4 million, together with the Company’s existing sources of liquidity, were used for general corporate purposes, including, without limitation, the redemption of $70 million in aggregate principal amount of the Company’s 7.875% senior unsecured notes due 2018 (the "2018 Notes") and the 2020 Notes, investments in additional component capabilities and emerging markets and share repurchases under the Company’s common stock share repurchase program (see Note 10, "Capital Stock and Equity"). In connection with the partial redemption of the 2018 Notes and 2020 Notes, the Company paid $72.1 million and recognized a loss of $3.6 million on the partial extinguishment of debt in the year ended December 31, 2013. | ||||||||||||
The Company may redeem the 2023 Notes, in whole or in part, on or after January 15, 2018, at the redemption prices set forth below, plus accrued and unpaid interest to the redemption date. | ||||||||||||
Twelve-Month Period Commencing January 15, | 2023 Notes | |||||||||||
2018 | 102.38% | |||||||||||
2019 | 101.58% | |||||||||||
2020 | 100.79% | |||||||||||
2021 and thereafter | 100.00% | |||||||||||
Prior to January 15, 2016, the Company may redeem up to 35% of the aggregate principal amount of the 2023 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 104.75% 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 2023 Notes remains outstanding after the redemption and any such redemption is made within 90 days after the closing of such equity offering. Prior to January 15, 2018, the Company may redeem the 2023 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. | ||||||||||||
2024 Notes | ||||||||||||
The 2024 Notes were issued in March 2014 and mature on March 15, 2024. 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 $3.9 million, together with existing cash on hand, were used to redeem the remaining outstanding aggregate principal amount of the 2018 Notes ($280 million) and 10% of the original aggregate principal amount of the 2020 Notes ($35 million). 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 year ended December 31, 2014. | ||||||||||||
The Company may redeem the 2024 Notes, in whole or in part, 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 within 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. | ||||||||||||
2025 Notes | ||||||||||||
The 2025 Notes were issued in November 2014 and mature on January 15, 2025. Interest is payable on January 15 and July 15 of each year. In January 2015, the Company used $350 million of the proceeds from the offering of $650 million, net of related issuance costs of $8.4 million, along with $500 million in borrowings under the Term Loan Facility (see " — Credit Agreement" below), to finance the acquisition of Eagle Ottawa (see Note 3, "Acquisitions"). The $350 million of cash proceeds from the offering restricted for the acquisition of Eagle Ottawa is recorded in other long-term assets in the accompanying consolidated balance sheet as of December 31, 2014, and is reflected as cash used in investing activities in the accompanying consolidated statement of cash flows for the year ended December 31, 2014. The remaining proceeds will be used to redeem the remaining outstanding aggregate principal amount of the 2020 Notes (see " — 2020 Notes" above) and for general corporate purposes, including the payment of fees and expenses associated with the acquisition of Eagle Ottawa and related financing transactions. | ||||||||||||
The Company may redeem the 2025 Notes, in whole or in part, on or after January 15, 2020, at the redemption prices set forth below, plus accrued and unpaid interest to the redemption date. | ||||||||||||
Twelve-Month Period Commencing January 15, | 2025 Notes | |||||||||||
2020 | 102.63% | |||||||||||
2021 | 101.75% | |||||||||||
2022 | 100.88% | |||||||||||
2023 and thereafter | 100.00% | |||||||||||
Prior to January 15, 2018, the Company may redeem up to 40% of the aggregate principal amount of the 2025 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 105.25% of the aggregate principal amount thereof, plus accrued and unpaid interest to the redemption date, provided that at least 50% of the original aggregate principal amount of the 2025 Notes remains outstanding after the redemption and any such redemption is made within 120 days after the closing of such equity offering. Prior to January 15, 2020, the Company may redeem the 2025 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. | ||||||||||||
2012 Redemption of Senior Notes | ||||||||||||
In 2012, the Company redeemed 10% of the original aggregate principal amount of each of the 2018 Notes and 2020 Notes ($70 million in aggregate) at a redemption price equal to 103% of the principal amount redeemed, plus accrued and unpaid interest to the redemption date. In connection with these transactions, the Company paid $72.1 million and recognized a loss of $3.7 million on the partial extinguishment of debt in the year ended December 31, 2012. | ||||||||||||
Guarantees | ||||||||||||
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 16, "Supplemental Guarantor Consolidating Financial Statements." | ||||||||||||
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 provides for customary events of default. | ||||||||||||
Subject to certain exceptions, the indentures governing the 2023 Notes, 2024 Notes and 2025 Notes contain restrictive covenants that, among other things, limit the ability of the Company to: (i) create or permit certain liens and (ii) consolidate or merge or sell all or substantially all of the Company’s assets. In addition, the indentures governing the 2023 Notes and 2024 Notes limit the ability of the Company to enter into sale and leaseback transactions. The indentures governing the Notes also provide for customary events of default. | ||||||||||||
As of December 31, 2014, the Company was in compliance with all covenants under the indentures governing the Notes. | ||||||||||||
Credit Agreement | ||||||||||||
In November 2014, the Company amended and restated its Credit Agreement to, among other things, increase the borrowing capacity of the revolving credit facility from $1.0 billion to $1.25 billion, extend the maturity date from January 30, 2018 to November 14, 2019, and establish the $500 million Term Loan Facility, which matures on January 5, 2020. In connection with this transaction, the Company paid related issuance costs of $5.8 million and recorded a loss on the extinguishment of debt of $0.4 million. As of December 31, 2014 and 2013, there were no borrowings outstanding under the revolving credit facility. Aggregate borrowings and repayments under the revolving credit facility were both $22.0 million in 2014 and $518.7 million in 2013. As of December 31, 2014, there were no borrowings outstanding under the Term Loan Facility. In January 2015, the Company borrowed $500 million under the Term Loan Facility to finance the acquisition of Eagle Ottawa. | ||||||||||||
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 (1.50% as of December 31, 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 December 31, 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. | ||||||||||||
Loans under the Term Loan Facility bear interest based on the Eurocurrency rate or base rate plus a margin, ranging from 1.25% to 2.25% for Eurocurrency and 0.25% to 1.25% for base rate. | ||||||||||||
The Company’s obligations under the Credit Agreement 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 16, "Supplemental Guarantor Consolidating Financial Statements." | ||||||||||||
The Credit Agreement 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 December 31, 2014, the Company was in compliance with all covenants under the credit agreement. | ||||||||||||
Scheduled Maturities | ||||||||||||
As of December 31, 2014, there are no scheduled maturities of long-term debt in the next five years. | ||||||||||||
As discussed in "— 2020 Notes" above, in January 2015, the Company issued a notice for the redemption of the remaining outstanding aggregate principal amount of the 2020 Notes, which will occur on March 15, 2015. As discussed in "— Credit Agreement" above, in January 2015, the Company borrowed $500 million under the Term Loan Facility to finance the acquisition of Eagle Ottawa. Including these subsequent events, scheduled maturities for the five succeeding years, as of the date of this Report, are shown below (in millions): | ||||||||||||
2015 | $ | 254.4 | ||||||||||
2016 | 21.8 | |||||||||||
2017 | 34.4 | |||||||||||
2018 | 46.9 | |||||||||||
2019 | 37.5 | |||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
A summary of consolidated income before provision (benefit) for income taxes and equity in net income of affiliates and the components of provision (benefit) for income taxes is shown below (in millions): | ||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates: | ||||||||||||
Domestic | $ | 228 | $ | 218.5 | $ | 289.3 | ||||||
Foreign | 559.4 | 391.6 | 359.6 | |||||||||
$ | 787.4 | $ | 610.1 | $ | 648.9 | |||||||
Domestic provision (benefit) for income taxes: | ||||||||||||
Current provision (benefit) | $ | 24.3 | $ | 16.8 | $ | (4.1 | ) | |||||
Deferred provision (benefit) | 47 | 64.9 | (720.8 | ) | ||||||||
Total domestic provision (benefit) | 71.3 | 81.7 | (724.9 | ) | ||||||||
Foreign provision for income taxes: | ||||||||||||
Current provision | 155.1 | 130.5 | 59.8 | |||||||||
Deferred provision (benefit) | (105.0 | ) | (19.5 | ) | 27.1 | |||||||
Total foreign provision | 50.1 | 111 | 86.9 | |||||||||
Provision (benefit) for income taxes | $ | 121.4 | $ | 192.7 | $ | (638.0 | ) | |||||
The domestic provision (benefit) includes withholding taxes related to dividends and royalties paid by the Company’s foreign subsidiaries, as well as state and local taxes. In 2012, the domestic current benefit includes a tax benefit of $24.2 million related to certain transfer pricing items that are now recognized as a result of the release of the Company’s U.S. valuation allowance. In 2012, the domestic deferred benefit includes the benefit of prior unrecognized net operating loss carryforwards of $104.8 million. In 2014, 2013 and 2012, the foreign deferred provision (benefit) includes the benefit of prior unrecognized net operating loss carryforwards of $10.0 million, $4.1 million and $4.6 million, respectively. | ||||||||||||
A summary of the differences between the provision (benefit) for income taxes calculated at the United States federal statutory income tax rate of 35% and the consolidated provision (benefit) for income taxes is shown below (in millions): | ||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates multiplied by the United States federal statutory income tax rate | $ | 275.6 | $ | 213.5 | $ | 227.1 | ||||||
Differences in income taxes on foreign earnings, losses and remittances | (47.8 | ) | (38.7 | ) | 1.8 | |||||||
Valuation allowance adjustments | (74.2 | ) | 0.2 | (764.5 | ) | |||||||
Tax credits | (0.7 | ) | (16.4 | ) | (43.5 | ) | ||||||
Tax audits and assessments | (12.8 | ) | 2.7 | (48.7 | ) | |||||||
Other | (18.7 | ) | 31.4 | (10.2 | ) | |||||||
Provision (benefit) for income taxes | $ | 121.4 | $ | 192.7 | $ | (638.0 | ) | |||||
Internal Revenue Code of 1986, as amended ("IRC"), Sections 382 and 383 provide an annual limitation with respect to the ability of a corporation to utilize its U.S. net operating loss, capital loss and tax credit carryforwards (collectively, the "Tax Attributes"), as well as certain built-in-losses, against future U.S. taxable income in the event of a change in ownership. The Company’s emergence from Chapter 11 bankruptcy proceedings is considered a change in ownership for purposes of IRC Section 382. The limitation under the IRC is based on the value of the corporation as of the emergence date. As a result, the Company’s future U.S. taxable income may not be fully offset by the Tax Attributes if such income exceeds its annual limitation, and the Company may incur a tax liability with respect to such income. In addition, subsequent changes in ownership for purposes of the IRC could further limit the Company’s ability to use its Tax Attributes. | ||||||||||||
For the years ended December 31, 2014, 2013 and 2012, income in foreign jurisdictions with tax holidays was $57.6 million, $73.7 million and $99.2 million, respectively. Such tax holidays generally expire from 2015 through 2027. | ||||||||||||
Deferred income taxes represent temporary differences in the recognition of certain items for financial reporting and income tax purposes. A summary of the components of the net deferred income tax asset is shown below (in millions): | ||||||||||||
December 31, | 2014 | 2013 | ||||||||||
Deferred income tax assets: | ||||||||||||
Tax loss carryforwards | $ | 588.9 | $ | 690.5 | ||||||||
Tax credit carryforwards | 419 | 437.2 | ||||||||||
Retirement benefit plans | 119.8 | 74.3 | ||||||||||
Accrued liabilities | 136.7 | 133.9 | ||||||||||
Self-insurance reserves | 8.6 | 9.5 | ||||||||||
Current asset basis differences | 38.7 | 38.8 | ||||||||||
Long-term asset basis differences | (48.7 | ) | (64.5 | ) | ||||||||
Deferred compensation | 48.3 | 40.9 | ||||||||||
Recoverable customer engineering, development and tooling | (12.1 | ) | (22.2 | ) | ||||||||
Undistributed earnings of foreign subsidiaries | (54.2 | ) | (54.3 | ) | ||||||||
Derivative instruments and hedging | 12.5 | (1.6 | ) | |||||||||
Other | 1.4 | (0.8 | ) | |||||||||
1,258.90 | 1,281.70 | |||||||||||
Valuation allowance | (508.5 | ) | (642.6 | ) | ||||||||
Net deferred income tax asset | $ | 750.4 | $ | 639.1 | ||||||||
As of December 31, 2014 and 2013, the valuation allowance with respect to the Company’s deferred tax assets was $508.5 million and $642.6 million, respectively, a net decrease of $134.1 million. | ||||||||||||
Concluding that a valuation allowance is not required is difficult when there is significant negative evidence, such as cumulative losses in recent years, which is objective and verifiable. When measuring cumulative losses in recent years, the Company uses a rolling three-year period of pretax book income, adjusted for permanent differences between book and taxable income and certain other items. The Company was profitable in the United States in 2012 but remained in a cumulative loss position through the third quarter of 2012. As of December 31, 2012, the Company was no longer in a cumulative loss position. Based on three years of profitability in the United States, as well as a forecast of taxable income in the United States in 2013 and future years, management concluded that it was more likely than not that its net deferred tax assets would be realized. As a result, substantially all of the valuation allowance that had been provided with respect to the net deferred tax assets in the United States was reversed in the fourth quarter of 2012. As of December 31, 2014, the Company continues to maintain a valuation allowance of $35.2 million with respect to certain U.S. deferred tax assets that, due to their nature, are not likely to be realized. In addition, the Company continues to maintain a valuation allowance of $473.3 million with respect to its deferred tax assets in several international jurisdictions. | ||||||||||||
The classification of the net deferred income tax asset is shown below (in millions): | ||||||||||||
December 31, | 2014 | 2013 | ||||||||||
Deferred income tax assets: | ||||||||||||
Current | $ | 210.8 | $ | 187.4 | ||||||||
Long-term | 606.4 | 535.9 | ||||||||||
Deferred income tax liabilities: | ||||||||||||
Current | (9.6 | ) | (23.1 | ) | ||||||||
Long-term | (57.2 | ) | (61.1 | ) | ||||||||
Net deferred income tax asset | $ | 750.4 | $ | 639.1 | ||||||||
Deferred income taxes have not been provided on $1.2 billion of certain undistributed earnings of the Company’s foreign subsidiaries as such amounts are considered to be permanently reinvested. It is not practicable to determine the unrecognized deferred tax liability on these earnings because the actual tax liability on these earnings, if any, is dependent on circumstances existing when remittance occurs. | ||||||||||||
As of December 31, 2014, the Company had tax loss carryforwards of $2.0 billion. Of the total tax loss carryforwards, $1,794.0 million have no expiration date, and $252.9 million expire between 2015 and 2034. In addition, the Company had tax credit carryforwards of $442.2 million comprised principally of U.S. foreign tax credits, research and development credits and investment tax credits that generally expire between 2015 and 2034. As of December 31, 2014, the deferred tax asset related to domestic tax credit carryforwards is lower than the actual amount reported on the Company’s domestic tax returns by approximately $23.2 million. This difference is the result of tax deductions in excess of financial statement amounts for stock-based compensation. When these amounts are realized, the Company will record the tax benefit as an increase to additional paid in capital. | ||||||||||||
As of December 31, 2014 and 2013, the Company’s gross unrecognized tax benefits were $39.7 million and $45.2 million (excluding interest and penalties), respectively, of which $39.7 million and $31.9 million, respectively, if recognized, would affect the Company’s effective tax rate. The gross unrecognized tax benefits are recorded in other long-term liabilities, with the exception of $0.6 million (excluding interest and penalties), which is recorded in accrued liabilities, in the accompanying consolidated balance sheets as of December 31, 2013. | ||||||||||||
A summary of the changes in gross unrecognized tax benefits is shown below (in millions): | ||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of period | $ | 45.2 | $ | 34.4 | $ | 49.4 | ||||||
Additions based on tax positions related to current year | 5.6 | 5 | 5.2 | |||||||||
Additions (reductions) based on tax positions related to prior years | (1.8 | ) | 14.3 | (18.5 | ) | |||||||
Settlements | (6.5 | ) | (6.7 | ) | — | |||||||
Statute expirations | — | (0.8 | ) | (1.8 | ) | |||||||
Foreign currency translation | (2.8 | ) | (1.0 | ) | 0.1 | |||||||
Balance at end of period | $ | 39.7 | $ | 45.2 | $ | 34.4 | ||||||
The Company recognizes interest and penalties with respect to unrecognized tax benefits as income tax expense. As of December 31, 2014 and 2013, the Company had recorded gross reserves of $6.1 million and $6.7 million (excluding federal benefit where applicable), respectively, related to interest and penalties, of which $6.1 million and $6.6 million, respectively, if recognized, would affect the Company’s effective tax rate. | ||||||||||||
The Company operates in multiple jurisdictions throughout the world, and its tax returns are periodically audited or subject to review by both domestic and foreign tax authorities. During the next twelve months, it is reasonably possible that, as a result of audit settlements, the conclusion of current examinations and the expiration of the statute of limitations in multiple jurisdictions, the Company may decrease the amount of its gross unrecognized tax benefits by approximately $0.6 million, all of which, if recognized, would affect the Company’s effective tax rate. The gross unrecognized tax benefits subject to potential decrease involve issues related to transfer pricing and various other tax items in multiple jurisdictions. However, as a result of ongoing examinations, tax proceedings in certain countries, additions to the gross unrecognized tax benefits for positions taken and interest and penalties, if any, arising in 2015, it is not possible to estimate the potential net increase or decrease to the Company’s gross unrecognized tax benefits during the next twelve months. | ||||||||||||
The Company considers its significant tax jurisdictions to include Brazil, China, Germany, Hungary, Italy, Mexico, Poland, Spain, the United Kingdom and the United States. The Company or its subsidiaries generally remain subject to income tax examination in certain U.S. state and local jurisdictions for years after 2009. Further, the Company or its subsidiaries remain subject to income tax examination in Mexico and Spain for years after 2006, in Brazil, Hungary and Poland for years after 2008, in Canada and Italy generally for years after 2009, in China, Germany and the United Kingdom for years after 2010 and in the United States generally for years after 2013. | ||||||||||||
Legislation | ||||||||||||
In January 2013, the American Taxpayer Relief Act of 2012 was enacted, which retroactively reinstated and extended various tax provisions applicable to the Company, including the Research & Development Tax Credit. In 2013, the Company recognized a tax benefit of $3.4 million, which reduced the Company’s effective tax rate. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans | Pension and Other Postretirement Benefit Plans | ||||||||||||||||||||||||||||||||
The Company has noncontributory defined benefit pension plans covering certain domestic employees and certain employees in foreign countries, principally Canada. The Company’s salaried pension plans provide benefits based on final average earnings formulas. The Company’s hourly pension plans provide benefits under flat benefit and cash balance formulas. The Company also has contractual arrangements with certain employees which provide for supplemental retirement benefits. In general, the Company’s policy is to fund its pension benefit obligation based on legal requirements, tax and liquidity considerations and local practices. | |||||||||||||||||||||||||||||||||
The Company has postretirement benefit plans covering certain domestic and Canadian employees. The Company’s postretirement benefit plans generally provide for the continuation of medical benefits for all eligible employees who complete a specified number of years of service and retire from the Company at age 55 or older. The Company does not fund its postretirement benefit obligation. Rather, payments are made as costs are incurred by covered retirees. | |||||||||||||||||||||||||||||||||
Obligations and Funded Status | |||||||||||||||||||||||||||||||||
A reconciliation of the change in benefit obligation and the change in plan assets for the years ended December 31, 2014 and 2013, is shown below (in millions): | |||||||||||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 586.7 | $ | 459.5 | $ | 656.3 | $ | 509.2 | $ | 91.6 | $ | 42.4 | $ | 102 | $ | 73.8 | |||||||||||||||||
Service cost | 3.7 | 8.8 | 2.9 | 10.2 | 0.2 | 0.9 | 0.1 | 1.1 | |||||||||||||||||||||||||
Interest cost | 28.5 | 20.4 | 26.2 | 20.7 | 4 | 2 | 3.6 | 2 | |||||||||||||||||||||||||
Amendments and settlements | — | — | — | (13.8 | ) | — | — | — | (25.5 | ) | |||||||||||||||||||||||
Actuarial (gain) loss | 119.8 | 66.5 | (79.9 | ) | (24.3 | ) | (8.0 | ) | 6.9 | (8.4 | ) | (2.5 | ) | ||||||||||||||||||||
Benefits paid | (20.9 | ) | (22.4 | ) | (18.8 | ) | (22.8 | ) | (4.5 | ) | (2.6 | ) | (5.7 | ) | (2.4 | ) | |||||||||||||||||
Special termination benefits | — | — | — | 0.1 | — | 0.8 | — | 0.8 | |||||||||||||||||||||||||
Translation adjustment | — | (39.8 | ) | — | (19.8 | ) | — | (3.6 | ) | — | (4.9 | ) | |||||||||||||||||||||
Benefit obligation at end of period | $ | 717.8 | $ | 493 | $ | 586.7 | $ | 459.5 | $ | 83.3 | $ | 46.8 | $ | 91.6 | $ | 42.4 | |||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 503.5 | $ | 417 | $ | 417.6 | $ | 390.6 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 34.2 | 40.7 | 79.1 | 57.6 | — | — | — | — | |||||||||||||||||||||||||
Employer contributions | 2.4 | 15.2 | 25.6 | 27.4 | 4.5 | 2.6 | 5.7 | 2.4 | |||||||||||||||||||||||||
Benefits paid | (20.9 | ) | (22.4 | ) | (18.8 | ) | (22.8 | ) | (4.5 | ) | (2.6 | ) | (5.7 | ) | (2.4 | ) | |||||||||||||||||
Settlements | — | — | — | (13.8 | ) | — | — | — | — | ||||||||||||||||||||||||
Translation adjustment | — | (35.4 | ) | — | (22.0 | ) | — | — | — | — | |||||||||||||||||||||||
Fair value of plan assets at end of period | $ | 519.2 | $ | 415.1 | $ | 503.5 | $ | 417 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Funded status | $ | (198.6 | ) | $ | (77.9 | ) | $ | (83.2 | ) | $ | (42.5 | ) | $ | (83.3 | ) | $ | (46.8 | ) | $ | (91.6 | ) | $ | (42.4 | ) | |||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||
Amounts recognized in the consolidated balance sheet: | |||||||||||||||||||||||||||||||||
Other long-term assets | $ | — | $ | 45.5 | $ | 0.3 | $ | 62.7 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Accrued liabilities | (2.5 | ) | (3.0 | ) | (2.3 | ) | (3.5 | ) | (5.1 | ) | (2.0 | ) | (6.9 | ) | (2.3 | ) | |||||||||||||||||
Other long-term liabilities | (196.1 | ) | (120.4 | ) | (81.2 | ) | (101.7 | ) | (78.2 | ) | (44.8 | ) | (84.7 | ) | (40.1 | ) | |||||||||||||||||
In 2013, the Company settled foreign defined benefit pension obligations related to the closure of a foreign facility in 2010. This settlement transaction was subject to and in accordance with regulatory requirements and was accomplished through both the purchase of individual non-participating life annuity contracts and lump-sum payments made directly to plan participants by the plans’ trust. In conjunction with this settlement transaction, the Company recognized a settlement loss of $2.5 million in 2013, as disclosed in Note 4, "Restructuring," and in "— Net Periodic Benefit Cost (Credit)" below. | |||||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the accumulated benefit obligation for all of the Company’s pension plans was $1,192.7 million and $1,031.7 million, respectively. As of December 31, 2014 and 2013, the majority of the Company’s pension plans had accumulated benefit obligations in excess of plan assets. The projected benefit obligation, the accumulated benefit obligation and the fair value of plan assets of pension plans with accumulated benefit obligations in excess of plan assets were $930.4 million, $912.5 million and $608.5 million, respectively, as of December 31, 2014, and $731.1 million, $717.5 million and $542.3 million, respectively, as of December 31, 2013. | |||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||
Pretax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2014 and 2013, are shown below (in millions): | |||||||||||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||
Actuarial gains (losses) recognized: | |||||||||||||||||||||||||||||||||
Reclassification adjustments | $ | (0.3 | ) | $ | 1.4 | $ | 4.1 | $ | 8.9 | $ | (0.7 | ) | $ | 0.1 | $ | (0.1 | ) | $ | 2.9 | ||||||||||||||
Actuarial gain (loss) arising during the period | (123.6 | ) | (53.4 | ) | 126.6 | 55.9 | 8 | (6.9 | ) | 8.4 | 2.5 | ||||||||||||||||||||||
Prior service cost | |||||||||||||||||||||||||||||||||
recognized: | |||||||||||||||||||||||||||||||||
Reclassification adjustments | — | — | — | — | — | (0.4 | ) | — | (0.4 | ) | |||||||||||||||||||||||
Translation adjustment | — | 4.5 | — | 6.6 | — | 0.2 | — | 0.5 | |||||||||||||||||||||||||
$ | (123.9 | ) | $ | (47.5 | ) | $ | 130.7 | $ | 71.4 | $ | 7.3 | $ | (7.0 | ) | $ | 8.3 | $ | 5.5 | |||||||||||||||
In addition, the Company recognized tax benefits (expense) in other comprehensive income (loss) related to its defined benefit plans of $56.5 million, ($70.1) million and $2.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
Pretax amounts recorded in accumulated other comprehensive loss not yet recognized in net periodic benefit cost (credit) as of December 31, 2014 and 2013, are shown below (in millions): | |||||||||||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||
Net unrecognized actuarial gain (loss) | $ | (138.1 | ) | $ | (97.6 | ) | $ | (14.2 | ) | $ | (50.1 | ) | $ | 11.7 | $ | (11.3 | ) | $ | 4.4 | $ | (4.9 | ) | |||||||||||
Prior service credit | — | — | — | — | — | 1.9 | — | 2.5 | |||||||||||||||||||||||||
$ | (138.1 | ) | $ | (97.6 | ) | $ | (14.2 | ) | $ | (50.1 | ) | $ | 11.7 | $ | (9.4 | ) | $ | 4.4 | $ | (2.4 | ) | ||||||||||||
Pretax amounts recorded in accumulated other comprehensive loss as of December 31, 2014, that are expected to be recognized as components of net periodic benefit cost (credit) in the year ending December 31, 2015, are shown below (in millions): | |||||||||||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
Net unrecognized actuarial gain (loss) | $ | (2.6 | ) | $ | (3.0 | ) | $ | 1.2 | $ | (0.6 | ) | ||||||||||||||||||||||
Prior service credit | — | — | — | 0.4 | |||||||||||||||||||||||||||||
$ | (2.6 | ) | $ | (3.0 | ) | $ | 1.2 | $ | (0.2 | ) | |||||||||||||||||||||||
Net Periodic Pension and Other Postretirement Benefit Cost (Credit) | |||||||||||||||||||||||||||||||||
The components of the Company’s net periodic pension benefit cost (credit) are shown below (in millions): | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Pension | U.S. | Foreign | U.S | Foreign | U.S. | Foreign | |||||||||||||||||||||||||||
Service cost | $ | 3.7 | $ | 8.8 | $ | 2.9 | $ | 10.2 | $ | 3.2 | $ | 9.6 | |||||||||||||||||||||
Interest cost | 28.5 | 20.4 | 26.2 | 20.7 | 25.4 | 21 | |||||||||||||||||||||||||||
Expected return on plan assets | (38.1 | ) | (27.0 | ) | (32.4 | ) | (25.1 | ) | (28.4 | ) | (23.1 | ) | |||||||||||||||||||||
Amortization of actuarial loss | (0.3 | ) | 1.3 | 4.1 | 6.4 | 3.9 | 5.8 | ||||||||||||||||||||||||||
Settlement loss | 0.1 | — | — | 2.5 | 0.6 | — | |||||||||||||||||||||||||||
Net periodic benefit cost (credit) | $ | (6.1 | ) | $ | 3.5 | $ | 0.8 | $ | 14.7 | $ | 4.7 | $ | 13.3 | ||||||||||||||||||||
The components of the Company’s net periodic other postretirement benefit cost (credit) are shown below (in millions): | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Other Postretirement | U.S. | Foreign | U.S | Foreign | U.S. | Foreign | |||||||||||||||||||||||||||
Service cost | $ | 0.2 | $ | 0.9 | $ | 0.1 | $ | 1.1 | $ | 0.5 | $ | 1 | |||||||||||||||||||||
Interest cost | 4 | 2 | 3.6 | 2 | 4.4 | 3.2 | |||||||||||||||||||||||||||
Amortization of actuarial (gain) loss | (0.7 | ) | 0.1 | (0.1 | ) | 0.3 | 0.3 | 0.3 | |||||||||||||||||||||||||
Amortization of prior service credit | — | (0.4 | ) | — | (0.4 | ) | — | (0.2 | ) | ||||||||||||||||||||||||
Special termination benefits | — | 0.8 | — | 0.7 | — | 0.4 | |||||||||||||||||||||||||||
Settlement gain | — | — | — | (5.9 | ) | (5.4 | ) | — | |||||||||||||||||||||||||
Net periodic benefit cost (credit) | $ | 3.5 | $ | 3.4 | $ | 3.6 | $ | (2.2 | ) | $ | (0.2 | ) | $ | 4.7 | |||||||||||||||||||
For the year ended December 31, 2013, the Company recognized a settlement loss of $2.5 million, related to its restructuring actions (Note 4, "Restructuring"). | |||||||||||||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||||||||||
The weighted average actuarial assumptions used in determining the benefit obligations are shown below: | |||||||||||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate: | |||||||||||||||||||||||||||||||||
Domestic plans | 4.10% | 5.00% | 3.90% | 4.50% | |||||||||||||||||||||||||||||
Foreign plans | 3.60% | 4.60% | 4.00% | 5.00% | |||||||||||||||||||||||||||||
Rate of compensation increase: | |||||||||||||||||||||||||||||||||
Foreign plans | 3.10% | 4.10% | N/A | N/A | |||||||||||||||||||||||||||||
The weighted average actuarial assumptions used in determining the net periodic benefit cost (credit) are shown below: | |||||||||||||||||||||||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Pension | |||||||||||||||||||||||||||||||||
Discount rate: | |||||||||||||||||||||||||||||||||
Domestic plans | 5 | % | 4.1 | % | 4.5 | % | |||||||||||||||||||||||||||
Foreign plans | 4.7 | % | 4.3 | % | 4.8 | % | |||||||||||||||||||||||||||
Expected return on plan assets: | |||||||||||||||||||||||||||||||||
Domestic plans | 7.8 | % | 8 | % | 8 | % | |||||||||||||||||||||||||||
Foreign plans | 6.7 | % | 6.7 | % | 6.7 | % | |||||||||||||||||||||||||||
Rate of compensation increase: | |||||||||||||||||||||||||||||||||
Foreign plans | 3.4 | % | 4.8 | % | 5.2 | % | |||||||||||||||||||||||||||
Other postretirement | |||||||||||||||||||||||||||||||||
Discount rate: | |||||||||||||||||||||||||||||||||
Domestic plans | 4.5 | % | 3.7 | % | 4 | % | |||||||||||||||||||||||||||
Foreign plans | 5 | % | 4.4 | % | 4.5 | % | |||||||||||||||||||||||||||
The expected return on plan assets is determined based on several factors, including adjusted historical returns, historical risk premiums for various asset classes and target asset allocations within the portfolio. Adjustments made to the historical returns are based on recent return experience in the equity and fixed income markets and the belief that deviations from historical returns are likely over the relevant investment horizon. | |||||||||||||||||||||||||||||||||
Assumed healthcare cost trend rates have a significant effect on the amounts reported for the postretirement benefit plans. A 1% increase in the assumed rate of healthcare cost increases each year would increase the postretirement benefit obligation by $20.0 million as of December 31, 2014, and increase the net periodic postretirement benefit cost by $1.1 million for the year then ended. A 1% decrease in the assumed rate of healthcare cost increases each year would decrease the postretirement benefit obligation by $16.0 million as of December 31, 2014, and decrease the net periodic postretirement benefit cost by $0.9 million for the year then ended. | |||||||||||||||||||||||||||||||||
For the measurement of postretirement benefit obligation as of December 31, 2014, domestic healthcare costs were assumed to increase 7.1% in 2015, grading down over time to 4.5% in 2021. Foreign healthcare costs were assumed to increase 5.3% in 2015, grading down over time to 4.5% in 2031 on a weighted average basis. | |||||||||||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||||||||
With the exception of alternative investments, plan assets are valued at fair value using a market approach and observable inputs, such as quoted market prices in active markets (Level 1 and Level 2 inputs based on the GAAP fair value hierarchy). Alternative investments are valued at fair value based on net asset per share or unit provided for each investment fund (Level 2 input based on the GAAP fair value hierarchy). For further information on the GAAP fair value hierarchy, see Note 13, "Financial Instruments." | |||||||||||||||||||||||||||||||||
The Company’s pension plan assets by asset category are shown below (in millions). Pension plan assets for the foreign plans relate to the Company’s pension plans in Canada and the United Kingdom. | |||||||||||||||||||||||||||||||||
December 31, | 2014 | 2013 | |||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Domestic plans | $ | 317.7 | $ | 321.2 | |||||||||||||||||||||||||||||
Foreign plans | 238.9 | 237.4 | |||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||
Domestic plans | 137.9 | 114.6 | |||||||||||||||||||||||||||||||
Foreign plans | 136.8 | 125.7 | |||||||||||||||||||||||||||||||
Alternative investments: | |||||||||||||||||||||||||||||||||
Domestic plans | 53.7 | 51 | |||||||||||||||||||||||||||||||
Foreign plans | 33.1 | 31.5 | |||||||||||||||||||||||||||||||
Cash and other: | |||||||||||||||||||||||||||||||||
Domestic plans | 9.9 | 16.7 | |||||||||||||||||||||||||||||||
Foreign plans | 6.3 | 22.4 | |||||||||||||||||||||||||||||||
The Company’s investment policies incorporate an asset allocation strategy that emphasizes the long-term growth of capital. The Company believes that this strategy is consistent with the long-term nature of plan liabilities and ultimate cash needs of the plans. For the domestic portfolio, the Company targets an equity allocation of 50% — 75% of plan assets, a fixed income allocation of 15% — 40%, an alternative investment allocation of 0% — 30% and a cash allocation of 0% — 10%. For the foreign portfolio, the Company targets an equity allocation of 45% — 65% of plan assets, a fixed income allocation of 30% — 40%, an alternative investment allocation of 0% — 20% and a cash allocation of 0% — 10%. Differences in the target allocations of the domestic and foreign portfolios are reflective of differences in the underlying plan liabilities. Diversification within the investment portfolios is pursued by asset class and investment management style. The investment portfolios are reviewed on a quarterly basis to maintain the desired asset allocations, given the market performance of the asset classes and investment management styles. | |||||||||||||||||||||||||||||||||
The Company utilizes investment management firms to manage these assets in accordance with the Company’s investment policies. Excluding alternative investments, mutual funds and ETF funds, retained investment managers are provided investment guidelines that indicate prohibited assets, which include commodities contracts, futures contracts, options, venture capital, real estate, interest-only or principal-only strips and investments in the Company’s own debt or equity. Derivative instruments are also prohibited without the specific approval of the Company. Investment managers are limited in the maximum size of individual security holdings and the maximum exposure to any one industry relative to the total portfolio. Fixed income managers are provided further investment guidelines that indicate minimum credit ratings for debt securities and limitations on weighted average maturity and portfolio duration. | |||||||||||||||||||||||||||||||||
The Company evaluates investment manager performance against market indices which the Company believes are appropriate to the investment management style for which the investment manager has been retained. The Company’s investment policies incorporate an investment goal of aggregate portfolio returns which exceed the returns of the appropriate market indices by a reasonable spread over the relevant investment horizon. | |||||||||||||||||||||||||||||||||
Contributions | |||||||||||||||||||||||||||||||||
The Company's minimum required contributions to its domestic and foreign pension plans are expected to be approximately $25 to $30 million in 2015. 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. The Company’s minimum funding requirements after 2015 will depend on several factors, including investment performance and interest rates. The Company’s minimum funding requirements may also be affected by changes in applicable legal requirements. | |||||||||||||||||||||||||||||||||
Benefit Payments | |||||||||||||||||||||||||||||||||
As of December 31, 2014, the Company’s estimate of expected benefit payments, excluding expected settlements relating to its restructuring actions, in each of the five succeeding years and in the aggregate for the five years thereafter are shown below (in millions): | |||||||||||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
Year | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||||||||||||||
2015 | $ | 24.2 | $ | 19 | $ | 5.1 | $ | 2 | |||||||||||||||||||||||||
2016 | 25.3 | 19.3 | 5.2 | 1.3 | |||||||||||||||||||||||||||||
2017 | 26.2 | 19.8 | 5.3 | 1.4 | |||||||||||||||||||||||||||||
2018 | 27.5 | 20.2 | 5.4 | 1.5 | |||||||||||||||||||||||||||||
2019 | 28.9 | 20.6 | 5.5 | 1.5 | |||||||||||||||||||||||||||||
Five years thereafter | 165 | 120.6 | 26.7 | 10.2 | |||||||||||||||||||||||||||||
Multi-Employer Pension Plans | |||||||||||||||||||||||||||||||||
The Company currently participates in two multi-employer pension plans, the U.A.W. Labor-Management Group Pension Plan and UNITE Here National Retirement Fund, for certain of its employees. Contributions to these plans are based on three collective bargaining agreements. Two of the agreements expire on July 1, 2016, and one expires on April 23, 2015. Detailed information related to these plans is shown below (amounts in millions): | |||||||||||||||||||||||||||||||||
Pension Protection Act | Contributions to Multiemployer Pension Plans | ||||||||||||||||||||||||||||||||
Zone Status | |||||||||||||||||||||||||||||||||
Employer Identification Number | December 31, | December 31, | FIP/RP | Surcharge | Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||
2014 | 2013 | Pending or | |||||||||||||||||||||||||||||||
Certification | Certification | Implemented | |||||||||||||||||||||||||||||||
516099782-001 | Green | Green | No | No | $ | 0.6 | $ | 0.4 | $ | 0.5 | |||||||||||||||||||||||
13-6130178 | Red | Red | Yes | Yes | 0.3 | 0.2 | 0.1 | ||||||||||||||||||||||||||
Defined Contribution Plan | |||||||||||||||||||||||||||||||||
The Company also sponsors defined contribution plans and participates in government-sponsored programs in certain foreign countries. Contributions are determined as a percentage of each covered employee’s salary. For the years ended December 31, 2014, 2013 and 2012, the aggregate cost of the defined contribution pension plans was $12.0 million, $11.1 million and $7.6 million, respectively. | |||||||||||||||||||||||||||||||||
The Company also has a defined contribution retirement program for its salaried employees. Contributions to this program are determined as a percentage of each covered employee’s eligible compensation. For the years ended December 31, 2014, 2013 and 2012, the Company recorded expense of $17.8 million, $16.4 million and $13.4 million, respectively, related to this program. |
Capital_Stock_and_Equity
Capital Stock and Equity | 12 Months Ended | |
Dec. 31, 2014 | ||
Equity [Abstract] | ||
Capital Stock and Equity | Capital Stock and Equity | |
Common Stock | ||
The Company is authorized to issue up to 300,000,000 shares of Common Stock. The Company’s Common Stock is listed on the New York Stock Exchange under the symbol "LEA" and has the following rights and privileges: | ||
• | Voting Rights – All shares of the Company’s common stock have identical rights and privileges. With limited exceptions, holders of common stock are entitled to one vote for each outstanding share of common stock held of record by each stockholder on all matters properly submitted for the vote of the Company’s stockholders. | |
• | Dividend Rights – Subject to applicable law, any contractual restrictions and the rights of the holders of outstanding preferred stock, if any, holders of common stock are entitled to receive ratably such dividends and other distributions that the Company’s Board of Directors, in its discretion, declares from time to time. | |
• | Liquidation Rights – Upon the dissolution, liquidation or winding up of the Company, subject to the rights of the holders of outstanding preferred stock, if any, holders of common stock are entitled to receive ratably the assets of the Company available for distribution to the Company’s stockholders in proportion to the number of shares of common stock held by each stockholder. | |
• | Conversion, Redemption and Preemptive Rights – Holders of common stock have no conversion, redemption, sinking fund, preemptive, subscription or similar rights. | |
Common Stock Share Repurchase Program | ||
Since the first quarter of 2011, the Company's Board of Directors has authorized $2.25 billion in share repurchases under its 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 exceeded the ultimate number of shares repurchased under the ASR transaction 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 2014, the Company paid $411.4 million in aggregate for repurchases of its common stock, including $355.9 million of open market repurchases (3,805,114 shares repurchased at an average purchase price of $93.52 per share, excluding commissions) and $55.5 million to settle the ASR transaction. In 2013, the Company paid $1.0 billion in aggregate for repurchases of its common stock (15,533,758 shares repurchased, including the initial delivery of shares representing 80% of the ASR transaction's original value, at an average purchase price of $54.08 per share, excluding commissions). In 2012, the Company paid $222.8 million in aggregate for repurchases of its common stock (5,357,443 shares repurchased at an average purchase price of $41.59 per share, excluding commissions). | ||
The Company has a remaining repurchase authorization of $338.6 million under its current 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 Credit Agreement and the indenture governing the 2020 Notes place certain limitations on the Company’s ability to repurchase its common stock. | ||
As of the date of this Report, the Company has paid $1.9 billion in aggregate for repurchases of its common stock, at an average price of $61.97 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 awards to cover minimum tax withholding requirements as common stock held in treasury in the accompanying consolidated balance sheets as of December 31, 2014 and December 31, 2013. | ||
In December 2014 and 2013, the Company’s Board of Directors approved the retirement of 8 million shares and 20 million shares, respectively, of common stock held in treasury. These retired shares are reflected as authorized, but not issued, in the accompanying consolidated balance sheets as of December 31, 2014 and 2013. The 2014 retirement of shares held in treasury resulted in a reduction in common stock, additional paid-in capital and retained earnings of $0.1 million, $155.9 million and $363.9 million, respectively. These reductions were offset by a corresponding reduction in shares held in treasury of $519.9 million. The 2013 retirement of shares held in treasury resulted in a reduction in common stock, additional paid-in capital and retained earnings of $0.2 million, $389.7 million and $600.7 million, respectively. These reductions were offset by a corresponding reduction in shares held in treasury of $990.6 million. Accordingly, there was no effect on stockholders’ equity as a result of these transactions. | ||
Quarterly Dividend | ||
In 2014, 2013 and 2012, the Company’s Board of Directors declared quarterly cash dividends of $0.20, $0.17 and $0.14 per share of common stock, respectively. In 2014, declared dividends totaled $67.1 million, and dividends paid totaled $65.3 million. In 2013, declared dividends totaled $59.4 million, and dividends paid totaled $58.4 million. In 2012, declared dividends totaled $56.1 million, and dividends paid totaled $54.6 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. | ||
Warrants | ||
The Company issued 8,157,249 warrants in connection with its emergence from Chapter 11 bankruptcy proceedings. All warrants that remained outstanding on November 9, 2014, expired in accordance with their terms on that date. | ||
As of December 31, 2013, there were 279,094 warrants outstanding, exercisable into 558,188 shares of common stock. In accordance with GAAP, the Company accounts for the warrants as equity instruments. The following is a description of the warrants: | ||
• | Exercise – Each warrant entitled its holder to purchase two shares of common stock at an exercise price of $0.005 per share of common stock, subject to adjustment, prior to November 9, 2014 (the warrant expiration date). | |
• | No Rights as Stockholders – Prior to the exercise of the warrants, no holder of warrants (solely in its capacity as a holder of warrants) was entitled to any rights as a stockholder of the Company, including, without limitation, the right to vote, receive notice of any meeting of stockholders or receive dividends, allotments or other distributions. | |
• | Adjustments – The number of shares of common stock for which a warrant was exercisable, the exercise price and the trigger price (as defined in the warrant agreement) were subject to adjustment from time to time upon the occurrence of certain events, including an increase in the number of outstanding shares of common stock by means of a dividend consisting of shares of common stock, a subdivision of the Company’s outstanding shares of common stock into a larger number of shares of common stock or a combination of the Company’s outstanding shares of common stock into a smaller number of shares of common stock. In addition, upon the occurrence of certain events constituting a reorganization, recapitalization, reclassification, consolidation, merger or similar event, each holder of a warrant had the right to receive, upon exercise of a warrant (if then exercisable), an amount of securities, cash or other property receivable by a holder of the number of shares of common stock for which a warrant was exercisable immediately prior to such event. | |
Noncontrolling Interests | ||
In 2014 and 2013, the Company acquired noncontrolling interests in certain of its consolidated subsidiaries. In 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. In 2012, the Company acquired a controlling interest in an affiliate previously accounted for under the equity method. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||
Stock-Based Compensation | Stock-Based Compensation | |||||
The Company adopted the Lear Corporation 2009 Long-Term Stock Incentive Plan as of November 9, 2009 (as amended, the "2009 LTSIP"). The 2009 LTSIP reserves 11,815,748 shares of common stock for issuance under stock option, restricted stock, restricted stock unit, restricted unit, performance share, performance unit and stock appreciation right awards. | ||||||
Under the 2009 LTSIP, the Company has granted restricted stock units and performance shares to certain of its employees. The restricted stock units and performance shares generally vest in three years following the grant date. For the years ended December 31, 2014, 2013 and 2012, the Company recognized compensation expense related to the restricted stock unit and performance share awards of $69.5 million, $58.4 million and $38.9 million, respectively. Unrecognized compensation expense related to the restricted stock unit and performance share awards of $59.9 million will be recognized over the next 1.6 years on a weighted average basis. In accordance with the provisions of the restricted stock unit and performance share awards, the Company withholds shares from the settlement of such awards to cover minimum statutory tax withholding requirements. The withheld shares are classified as common stock held in treasury in the accompanying consolidated balance sheets as of December 31, 2014 and 2013. A summary of restricted stock unit and performance share transactions for the year ended December 31, 2014, is shown below: | ||||||
Restricted | Performance | |||||
Stock Units | Shares | |||||
Outstanding as of December 31, 2013 | 761,423 | 3,330,218 | ||||
Granted | 227,969 | 636,552 | ||||
Distributed (vested) | (212,411 | ) | (656,335 | ) | ||
Cancelled | (12,433 | ) | (286,314 | ) | ||
Outstanding as of December 31, 2014(1) | 764,548 | 3,024,121 | ||||
Vested or expected to vest as of December 31, 2014 | 764,548 | 2,510,518 | ||||
-1 | Outstanding performance shares are reflected at the maximum possible payout that may be earned during the relevant performance periods. | |||||
The grant date fair values of restricted stock units and performance shares are based on the share price on the grant date. The weighted average grant date fair value of restricted stock units granted in 2014, 2013 and 2012 was $79.73, $56.69 and $43.23, respectively. The weighted average grant date fair value of performance shares granted in 2014, 2013 and 2012 was $73.85, $51.03 and $45.21, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | Commitments and Contingencies | |||
Legal and Other Contingencies | ||||
As of December 31, 2014 and 2013, the Company had recorded reserves for pending legal disputes, including commercial disputes and other matters, of $11.9 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. | ||||
Beginning on October 5, 2011, several plaintiffs filed putative class action complaints in several United States federal district courts 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"). 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 Cases"). The allegations and requests for relief in the Canadian Cases are substantially similar to those in the Consolidated Cases. | ||||
In order to avoid the costs and distraction of continuing to litigate the Consolidated Cases and the Canadian Cases, the Company entered into settlement agreements with the plaintiffs in the Consolidated Cases on May 5, 2014 (the "U.S. Settlement Agreements") and with the plaintiffs in the Canadian Cases on November 11, 2014 (the "Canadian Settlement Agreement" and together with the U.S. Settlement Agreements, the "Settlement Agreements"), under which the class plaintiffs in both the Consolidated Cases and the Canadian Cases will release the Company from all claims, demands, actions, suits and causes of action. The Settlement Agreements contain no admission by the Company of any wrongdoing, and the Company maintains that it violated no laws in connection with these matters. Because the conduct alleged by the class plaintiffs overwhelmingly relates to periods prior to the Company’s emergence from bankruptcy proceedings in 2009, the U.S. 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. Likewise, the Canadian Settlement Agreement provides that the aggregate settlement amount of CDN$563,500 will consist of CDN$23,845 in cash contributed by the Company with the remainder paid from the proceeds of the sale of outstanding common stock and warrants of the Company held in the bankruptcy reserve established under the Company’s plan of reorganization. | ||||
The U.S. 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 U.S. Settlement Agreements between the Company and the class of direct purchasers received the final approval of the District Court on December 3, 2014. The U.S. Settlement Agreements between the Company and the classes of indirect purchasers 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. Likewise, the Canadian Settlement Agreement remains subject to court approval in the provinces of British Columbia, Ontario and Quebec following the provision of notice to purported class members. | ||||
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, as well as local government subdivisions and agencies, and amended its complaint on October 3, 2014 (the "Public Entities Complaint"). The allegations and requests for relief 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. | ||||
On November 21, 2014, a plaintiff filed a putative class action complaint in the District Court against the Company and several other global suppliers of wire harnesses alleging violations of federal and state antitrust and related laws regarding the sales of wire harnesses for medium and heavy duty trucks, buses, commercial vehicles and equipment. Plaintiffs purport to be truck and equipment dealers who are indirect purchasers of wire harnesses supplied by the Company and/or the other defendants during the relevant period. The allegations and requests for relief in the complaint are otherwise 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 this complaint, cannot reasonably be determined at this time. However, the Company believes the plaintiffs’ allegations against it are without merit and intends 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, 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. 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. | ||||
To a lesser extent, the Company is a party to agreements with certain of its customers, whereby 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. | ||||
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 when liability is probable and related amounts are reasonably estimable. | ||||
A summary of the changes in reserves for product liability and warranty claims for each of the periods in the two years ended December 31, 2014, is shown below (in millions): | ||||
Balance as of January 1, 2013 | $ | 22.7 | ||
Expense, net, including changes in estimates | 15.2 | |||
Settlements | (9.1 | ) | ||
Foreign currency translation and other | (0.5 | ) | ||
Balance as of December 31, 2013 | 28.3 | |||
Expense, net, including changes in estimates | 11.4 | |||
Settlements | (9.3 | ) | ||
Foreign currency translation and other | (1.5 | ) | ||
Balance as of December 31, 2014 | $ | 28.9 | ||
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 December 31, 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 the 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. Anticipated proceeds from insurance recoveries related to losses and incremental costs that have been incurred ("loss recoveries") are recognized when receipt is probable. Anticipated proceeds from insurance recoveries in excess of the net book value of destroyed property, plant and equipment ("insurance gain contingencies") are recognized when all contingencies related to the claim have been resolved. Loss recoveries related to the destruction of inventory and incremental costs are included in costs of sales, and loss recoveries and insurance gain contingencies related to the destruction of property, plant and equipment are included in other expense, net. Cash proceeds related to the destruction of inventory and incremental costs are included in cash flows from operating activities, and cash proceeds related to the destruction of property, plant and equipment are included in cash flows from investing activities. | ||||
Since the fire in the third quarter of 2011, the Company incurred cumulative losses and incremental costs of $65.7 million ($7.3 million incurred in 2013 and $34.4 million incurred in 2012). The Company also recognized in cost of sales cumulative recoveries of $59.1 million ($49.0 million recognized in 2012) and in other expense cumulative recoveries and gains of $29.9 million ($26.5 million recognized in 2012). In addition, the Company received cumulative cash proceeds of $89.0 million ($10.0 million received in 2013 and $66.4 million received in 2012), of which $59.1 million ($2.9 million received in 2013 and $47.2 million received in 2012) has been reflected in cash flows from operating activities and $29.8 million ($7.1 million received in 2013 and $19.2 million received in 2012) has been reflected in cash flows from investing activities. | ||||
Employees | ||||
Approximately 45% of the Company’s employees are members of industrial trade unions and are employed under the terms of various labor agreements. Labor agreements covering approximately 79% of the Company’s unionized workforce of approximately 57,000 employees, including approximately 1% of the Company’s unionized workforce in the United States and Canada, are scheduled to expire in 2015. Management does not anticipate any significant difficulties with respect to the renewal of these agreements. | ||||
Lease Commitments | ||||
A summary of lease commitments as of December 31, 2014, under non-cancelable operating leases with terms exceeding one year is shown below (in millions): | ||||
2015 | $ | 100.5 | ||
2016 | 80.1 | |||
2017 | 71.4 | |||
2018 | 66.1 | |||
2019 | 59.7 | |||
Thereafter | 68.5 | |||
Total | $ | 446.3 | ||
The Company’s operating leases cover principally buildings and transportation equipment. Rent expense was $128.1 million, $117.2 million and $108.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Reporting | Segment Reporting | |||||||||||||||
A summary of revenues from external customers and other financial information by reportable operating segment is shown below (in millions): | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Seating | Electrical | Other | Consolidated | |||||||||||||
Revenues from external customers | $ | 13,310.60 | $ | 4,416.70 | $ | — | $ | 17,727.30 | ||||||||
Segment earnings (1) | 655.2 | 556.6 | (282.6 | ) | 929.2 | |||||||||||
Depreciation and amortization | 199.8 | 103.3 | 7.8 | 310.9 | ||||||||||||
Capital expenditures | 268.9 | 138.4 | 17.4 | 424.7 | ||||||||||||
Total assets | 4,855.60 | 1,609.90 | 2,684.70 | 9,150.20 | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Seating | Electrical | Other | Consolidated | |||||||||||||
Revenues from external customers | $ | 12,018.10 | $ | 4,215.90 | $ | — | $ | 16,234.00 | ||||||||
Segment earnings (1) | 576.9 | 414.3 | (254.6 | ) | 736.6 | |||||||||||
Depreciation and amortization | 181.3 | 96.4 | 7.8 | 285.5 | ||||||||||||
Capital expenditures | 288.5 | 163.4 | 8.7 | 460.6 | ||||||||||||
Total assets | 4,640.00 | 1,658.30 | 2,032.60 | 8,330.90 | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Seating | Electrical | Other | Consolidated | |||||||||||||
Revenues from external customers | $ | 11,029.60 | $ | 3,537.40 | $ | — | $ | 14,567.00 | ||||||||
Segment earnings (1) | 661.7 | 254.9 | (211.4 | ) | 705.2 | |||||||||||
Depreciation and amortization | 152.6 | 78.4 | 8.5 | 239.5 | ||||||||||||
Capital expenditures | 290.7 | 158.1 | 9.5 | 458.3 | ||||||||||||
Total assets | 4,341.90 | 1,432.20 | 2,420.00 | 8,194.10 | ||||||||||||
-1 | See definition in Note 2, "Summary of Significant Accounting Policies — Segment Reporting." | |||||||||||||||
For the year ended December 31, 2014, segment earnings include restructuring charges of $84.0 million, $10.3 million and $12.7 million in the seating and electrical segments and in the other category, respectively (Note 4, "Restructuring"). | ||||||||||||||||
For the year ended December 31, 2013, segment earnings include restructuring charges of $54.8 million, $13.1 million and $10.0 million in the seating and electrical segments and in the other category, respectively (Note 4, "Restructuring"). | ||||||||||||||||
For the year ended December 31, 2012, segment earnings include restructuring charges of $47.8 million , $4.3 million and $3.1 million in the seating and electrical segments and in the other category, respectively (Note 4, "Restructuring"). | ||||||||||||||||
A reconciliation of segment earnings to consolidated income before provision (benefit) for income taxes and equity in net income of affiliates is shown below (in millions): | ||||||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||||||
Segment earnings | $ | 1,211.80 | $ | 991.2 | $ | 916.6 | ||||||||||
Corporate and regional headquarters and elimination of intercompany activity ("Other") | (282.6 | ) | (254.6 | ) | (211.4 | ) | ||||||||||
Consolidated income before interest, other expense, provision (benefit) for income taxes and equity in net income of affiliates | 929.2 | 736.6 | 705.2 | |||||||||||||
Interest expense | 67.5 | 68.4 | 49.9 | |||||||||||||
Other expense, net | 74.3 | 58.1 | 6.4 | |||||||||||||
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates | $ | 787.4 | $ | 610.1 | $ | 648.9 | ||||||||||
Revenues from external customers and tangible long-lived assets for each of the geographic areas in which the Company operates is shown below (in millions): | ||||||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||||||
Revenues from external customers: | ||||||||||||||||
United States | $ | 3,708.40 | $ | 3,046.00 | $ | 2,891.40 | ||||||||||
Mexico | 2,373.90 | 2,225.90 | 1,991.80 | |||||||||||||
Germany | 2,327.70 | 2,204.60 | 2,142.40 | |||||||||||||
China | 2,092.90 | 1,842.90 | 1,467.60 | |||||||||||||
Other countries | 7,224.40 | 6,914.60 | 6,073.80 | |||||||||||||
Total | $ | 17,727.30 | $ | 16,234.00 | $ | 14,567.00 | ||||||||||
December 31, | 2014 | 2013 | ||||||||||||||
Tangible long-lived assets: | ||||||||||||||||
United States | $ | 274.1 | $ | 246.1 | ||||||||||||
Mexico | 293.3 | 271.8 | ||||||||||||||
China | 179.8 | 170.6 | ||||||||||||||
Germany | 140.6 | 150.8 | ||||||||||||||
Other countries | 736.9 | 747.9 | ||||||||||||||
Total | $ | 1,624.70 | $ | 1,587.20 | ||||||||||||
The following is a summary of the percentage of revenues from major customers: | ||||||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||||||
General Motors | 22.00% | 21.90% | 21.10% | |||||||||||||
Ford | 20.60% | 21.90% | 19.80% | |||||||||||||
BMW | 11.10% | 10.00% | 10.60% | |||||||||||||
In addition, a portion of the Company’s remaining revenues are from the above automotive manufacturing companies through various other automotive suppliers. |
Financial_Instruments
Financial Instruments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Investments, All Other Investments [Abstract] | ||||||||||||||||||||
Financial Instruments | Financial Instruments | |||||||||||||||||||
Debt 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 December 31, 2014, the aggregate carrying value of the Notes was $1,718.7 million, as compared to an estimated aggregate fair value of $1,749.3 million. As of December 31, 2013, the aggregate carrying value of the 2018 Notes, 2020 Notes and 2023 Notes was $1,057.1 million, as compared to an estimated aggregate fair value of $1,077.1 million. | ||||||||||||||||||||
Accounts Receivable Factoring | ||||||||||||||||||||
In the fourth quarter of 2014, one of the Company's European subsidiaries entered into an uncommitted factoring agreement, which provides for aggregate purchases of specified customer accounts of up to €200 million. As of December 31, 2014, there were no factored receivables outstanding. The Company cannot provide any assurances that this factoring facility will be available or utilized in the future. | ||||||||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||||||||
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 Thai baht and the Canadian dollar. As of December 31, 2014 and 2013, contracts designated as cash flow hedges with $1,160.9 million and $917.4 million, respectively, of notional amount were outstanding with maturities of less than twenty-four months. As of December 31, 2014 and 2013, the fair value of these contracts was approximately ($37.7) million and $6.5 million, respectively. As of December 31, 2014 and 2013, other foreign currency derivative contracts that did not qualify for hedge accounting with $170.1 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 December 31, 2014 and 2013, the fair value of these contracts was approximately $1.1 million and ($0.1) million, respectively. | ||||||||||||||||||||
The fair value of outstanding foreign currency derivative contracts and the related classification in the accompanying consolidated balance sheets are shown below (in millions): | ||||||||||||||||||||
December 31, | 2014 | 2013 | ||||||||||||||||||
Contracts qualifying for hedge accounting: | ||||||||||||||||||||
Other current assets | $ | 6.8 | $ | 12.4 | ||||||||||||||||
Other long-term assets | 0.1 | 0.7 | ||||||||||||||||||
Other current liabilities | (38.5 | ) | (6.5 | ) | ||||||||||||||||
Other long-term liabilities | (6.1 | ) | (0.1 | ) | ||||||||||||||||
(37.7 | ) | 6.5 | ||||||||||||||||||
Contracts not qualifying for hedge accounting: | ||||||||||||||||||||
Other current assets | 2.1 | 0.4 | ||||||||||||||||||
Other current liabilities | (1.0 | ) | (0.5 | ) | ||||||||||||||||
1.1 | (0.1 | ) | ||||||||||||||||||
$ | (36.6 | ) | $ | 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): | ||||||||||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||||||||||
Contracts qualifying for hedge accounting: | ||||||||||||||||||||
Gains (losses) recognized in accumulated other comprehensive loss | $ | (36.0 | ) | $ | 18.8 | $ | 55.8 | |||||||||||||
(Gains) losses reclassified from accumulated other comprehensive loss | (8.2 | ) | (32.2 | ) | 3.2 | |||||||||||||||
Other comprehensive income (loss) | $ | (44.2 | ) | $ | (13.4 | ) | $ | 59 | ||||||||||||
For the years ended December 31, 2014, 2013 and 2012, net sales includes gains of $1.2 million, $3.9 million and $1.0 million, respectively, reclassified from accumulated other comprehensive loss related to foreign currency derivative contracts. For the years ended December 31, 2014, 2013 and 2012, cost of sales includes gains (losses) of $7.0 million, $28.3 million and ($4.2) 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 December 31, 2014 and 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 consolidated statements of income (Note 2, "Summary of Significant Accounting Policies"). As of December 31, 2014 and 2013, there were no commodity swap contracts outstanding. | ||||||||||||||||||||
Pretax amounts related to commodity swap contracts that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions): | ||||||||||||||||||||
For the year ended December 31, | 2012 | |||||||||||||||||||
Contracts qualifying for hedge accounting: | ||||||||||||||||||||
Gains recognized in accumulated other comprehensive loss | $ | 0.1 | ||||||||||||||||||
Losses reclassified from accumulated other comprehensive loss | 0.2 | |||||||||||||||||||
Other comprehensive income | $ | 0.3 | ||||||||||||||||||
For the year ended December 31, 2012, cost of sales includes losses of $0.2 million reclassified from accumulated other comprehensive loss related to commodity swap contracts. | ||||||||||||||||||||
As of December 31, 2014 and 2013, net pretax gains (losses) of approximately ($37.7) 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 year ending December 31, 2015, the Company expects to reclassify into earnings net losses of approximately $31.7 million recorded in accumulated other comprehensive loss as of December 31, 2014. Such losses will be reclassified at the time that the underlying hedged transactions are realized. For the years ended December 31, 2014, 2013 and 2012, amounts recognized in the accompanying consolidated statements of income related to changes in the fair value of cash flow hedges that were 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. In addition, the Company recognized tax benefits (expense) of $14.7 million, $5.4 million and ($19.0) million in other comprehensive income (loss) related to its derivative instruments and hedging activities for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
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 or disclosed at fair value on a recurring basis as of December 31, 2014 and 2013, are shown below (in millions): | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Frequency | Liability | Valuation | Level 1 | Level 2 | Level 3 | |||||||||||||||
Technique | ||||||||||||||||||||
Foreign currency derivative contracts | Recurring | $ | (36.6 | ) | Market / Income | $ | — | $ | (36.6 | ) | $ | — | ||||||||
31-Dec-13 | ||||||||||||||||||||
Frequency | Asset | Valuation | Level 1 | Level 2 | Level 3 | |||||||||||||||
Technique | ||||||||||||||||||||
Foreign currency derivative contracts | 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 December 31, 2014 and 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 2014 and 2013. | ||||||||||||||||||||
For further information on fair value measurements and the Company’s defined benefit pension plan assets, see Note 8, "Pension and Other Postretirement Benefit Plans." | ||||||||||||||||||||
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 December 31, 2014, there were no significant assets or liabilities measured at fair value on a non-recurring basis. | ||||||||||||||||||||
For further information on assets and liabilities measured at fair value on a non-recurring basis, see Note 2, "Summary of Significant Accounting Policies," and Note 4, "Restructuring." |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Financial Data | Quarterly Financial Data (unaudited) | |||||||||||||||
(In millions, except per share data) | ||||||||||||||||
Thirteen Weeks Ended | ||||||||||||||||
March 29, | June 28, | September 27, | December 31, | |||||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||||
Net sales | $ | 4,359.80 | $ | 4,585.10 | $ | 4,232.70 | $ | 4,549.70 | ||||||||
Gross profit | 360.5 | 379.1 | 361.2 | 392 | ||||||||||||
Consolidated net income | 128.6 | 157.8 | 147.9 | 268 | ||||||||||||
Net income attributable to Lear | 122 | 148.5 | 140.1 | 261.8 | ||||||||||||
Basic net income per share attributable to Lear | 1.5 | 1.84 | 1.75 | 3.32 | ||||||||||||
Diluted net income per share attributable to Lear | 1.47 | 1.81 | 1.72 | 3.24 | ||||||||||||
In the first quarter of 2014, the Company recognized losses of $17.5 million related to the redemption of the remaining outstanding aggregate principal amount of the 2018 Notes and 10% of the original aggregate principal amount of the 2020 Notes. In the first, second, third and fourth quarters of 2014, the Company recognized $15.4 million, $17.9 million, $6.9 million and $108.9 million of net tax benefits, respectively, primarily related to net reductions in valuation allowances with respect to the deferred tax assets of certain foreign subsidiaries, reductions in tax reserves due to audit settlements, debt redemption costs, restructuring charges and various other items. | ||||||||||||||||
Thirteen Weeks Ended | ||||||||||||||||
March 30, | June 29, | September 28, | December 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Net sales | $ | 3,947.10 | $ | 4,113.10 | $ | 3,917.70 | $ | 4,256.10 | ||||||||
Gross profit | 312.4 | 337.7 | 330.2 | 319.4 | ||||||||||||
Consolidated net income | 116.9 | 142.3 | 116.7 | 79.9 | ||||||||||||
Net income attributable to Lear | 108.5 | 137.3 | 112.8 | 72.8 | ||||||||||||
Basic net income per share attributable to Lear | 1.14 | 1.62 | 1.4 | 0.9 | ||||||||||||
Diluted net income per share attributable to Lear | 1.13 | 1.6 | 1.38 | 0.88 | ||||||||||||
In the second and fourth quarters of 2013, the Company recognized $21.5 million of net tax benefits and $16.0 million of net tax expense, respectively, primarily related to changes in valuation allowances with respect to its deferred tax assets in certain foreign subsidiaries and various other items. | ||||||||||||||||
For further information, see Note 7, "Income Taxes," and Note 11, "Commitments and Contingencies," to the consolidated financial statements included in this Report. |
Accounting_Pronouncements
Accounting Pronouncements | 12 Months Ended |
Dec. 31, 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 consolidated balance sheet as of December 31, 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, and are not expected to significantly impact the Company. | |
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. | |
Extraordinary Items | |
The FASB issued ASU 2015-01, "Income Statement — Extraordinary and Unusual Items," which eliminates the concept of extraordinary items. The provisions of this update are effective as of January 1, 2016, and are not expected to significantly impact the Company. |
Supplemental_Guarantor_Consoli
Supplemental Guarantor Consolidating Financial Statements | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||
Supplemental Guarantor Consolidating Financial Statements | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
(in millions) | Lear | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
guarantors | ||||||||||||||||||||
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 | |||||||||||||||
Intercompany accounts | 66 | — | — | (66.0 | ) | — | ||||||||||||||
Other | 147.7 | 77.3 | 462.8 | — | 687.8 | |||||||||||||||
Total current assets | 603.2 | 725 | 3,660.30 | (66.0 | ) | 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 | 1,791.40 | 1,898.60 | — | (3,690.0 | ) | — | ||||||||||||||
Intercompany loans receivable | 1,441.10 | 129.7 | 166.3 | (1,737.1 | ) | — | ||||||||||||||
Other | 591.5 | 71.5 | 454.1 | (53.1 | ) | 1,064.00 | ||||||||||||||
Total long-term assets | 3,943.00 | 2,816.80 | 2,128.80 | (5,480.2 | ) | 3,408.40 | ||||||||||||||
Total assets | $ | 4,546.20 | $ | 3,541.80 | $ | 5,789.10 | $ | (5,546.2 | ) | $ | 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 | |||||||||||||||
Intercompany accounts | — | 1.6 | 64.4 | (66.0 | ) | — | ||||||||||||||
Total current liabilities | 201.7 | 740.1 | 2,703.30 | (66.0 | ) | 3,579.10 | ||||||||||||||
Long-Term Liabilities: | ||||||||||||||||||||
Long-term debt | 1,057.10 | — | — | — | 1,057.10 | |||||||||||||||
Intercompany loans payable | 123 | 654.3 | 959.8 | (1,737.1 | ) | — | ||||||||||||||
Other | 118.5 | 143 | 336.8 | (53.1 | ) | 545.2 | ||||||||||||||
Total long-term liabilities | 1,298.60 | 797.3 | 1,296.60 | (1,790.2 | ) | 1,602.30 | ||||||||||||||
Equity: | ||||||||||||||||||||
Lear Corporation stockholders’ equity | 3,045.90 | 2,004.40 | 1,685.60 | (3,690.0 | ) | 3,045.90 | ||||||||||||||
Noncontrolling interests | — | — | 103.6 | — | 103.6 | |||||||||||||||
Equity | 3,045.90 | 2,004.40 | 1,789.20 | (3,690.0 | ) | 3,149.50 | ||||||||||||||
Total liabilities and equity | $ | 4,546.20 | $ | 3,541.80 | $ | 5,789.10 | $ | (5,546.2 | ) | $ | 8,330.90 | |||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
(in millions) | Lear | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | ||||||||||||||||||||
Net sales | $ | 467.1 | $ | 7,086.40 | $ | 14,996.50 | $ | (4,822.7 | ) | $ | 17,727.30 | |||||||||
Cost of sales | 662.7 | 6,468.60 | 13,925.90 | (4,822.7 | ) | 16,234.50 | ||||||||||||||
Selling, general and administrative expenses | 227.3 | 36.4 | 266.2 | — | 529.9 | |||||||||||||||
Intercompany operating (income) expense, net | (448.2 | ) | 287.2 | 161 | — | — | ||||||||||||||
Amortization of intangible assets | 1.7 | 4.7 | 27.3 | — | 33.7 | |||||||||||||||
Interest expense | 49 | 24.9 | (6.4 | ) | — | 67.5 | ||||||||||||||
Other expense, net | 26.5 | 1 | 46.8 | — | 74.3 | |||||||||||||||
Consolidated income (loss) before provision (benefit) for income taxes and equity in net income of affiliates and subsidiaries | (51.9 | ) | 263.6 | 575.7 | — | 787.4 | ||||||||||||||
Provision (benefit) for income taxes | (21.6 | ) | 93.3 | 49.7 | — | 121.4 | ||||||||||||||
Equity in net income of affiliates | 0.4 | (1.5 | ) | (35.2 | ) | — | (36.3 | ) | ||||||||||||
Equity in net income of subsidiaries | (703.1 | ) | (390.3 | ) | — | 1,093.40 | — | |||||||||||||
Consolidated net income | 672.4 | 562.1 | 561.2 | (1,093.4 | ) | 702.3 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 29.9 | — | 29.9 | |||||||||||||||
Net income attributable to Lear | $ | 672.4 | $ | 562.1 | $ | 531.3 | $ | (1,093.4 | ) | $ | 672.4 | |||||||||
Consolidated comprehensive income | $ | 336.5 | $ | 502.1 | $ | 320.4 | $ | (794.5 | ) | $ | 364.5 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 28 | — | 28 | |||||||||||||||
Comprehensive income attributable to Lear | $ | 336.5 | $ | 502.1 | $ | 292.4 | $ | (794.5 | ) | $ | 336.5 | |||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(in millions) | Lear | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | ||||||||||||||||||||
Net sales | $ | 449 | $ | 6,261.10 | $ | 14,042.20 | $ | (4,518.3 | ) | $ | 16,234.00 | |||||||||
Cost of sales | 643.6 | 5,629.50 | 13,179.50 | (4,518.3 | ) | 14,934.30 | ||||||||||||||
Selling, general and administrative expenses | 211.4 | 20.6 | 296.7 | — | 528.7 | |||||||||||||||
Intercompany operating (income) expense, net | (395.4 | ) | 292.4 | 103 | — | — | ||||||||||||||
Amortization of intangible assets | 1.7 | 4.7 | 28 | — | 34.4 | |||||||||||||||
Interest expense | 52 | 19.3 | (2.9 | ) | — | 68.4 | ||||||||||||||
Other expense, net | 6.5 | 7.6 | 44 | — | 58.1 | |||||||||||||||
Consolidated income (loss) before provision (benefit) for income taxes and equity in net income of affiliates and subsidiaries | (70.8 | ) | 287 | 393.9 | — | 610.1 | ||||||||||||||
Provision (benefit) for income taxes | (33.9 | ) | 113.6 | 113 | — | 192.7 | ||||||||||||||
Equity in net income of affiliates | 0.7 | (2.0 | ) | (37.1 | ) | — | (38.4 | ) | ||||||||||||
Equity in net income of subsidiaries | (469.0 | ) | (138.2 | ) | — | 607.2 | — | |||||||||||||
Consolidated net income | 431.4 | 313.6 | 318 | (607.2 | ) | 455.8 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 24.4 | — | 24.4 | |||||||||||||||
Net income attributable to Lear | $ | 431.4 | $ | 313.6 | $ | 293.6 | $ | (607.2 | ) | $ | 431.4 | |||||||||
Consolidated comprehensive income | $ | 566.1 | $ | 340.8 | $ | 379 | $ | (693.9 | ) | $ | 592 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 25.9 | — | 25.9 | |||||||||||||||
Comprehensive income attributable to Lear | $ | 566.1 | $ | 340.8 | $ | 353.1 | $ | (693.9 | ) | $ | 566.1 | |||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(in millions) | Lear | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
guarantors | ||||||||||||||||||||
Net sales | $ | 483.7 | $ | 5,850.10 | $ | 12,484.60 | $ | (4,251.4 | ) | $ | 14,567.00 | |||||||||
Cost of sales | 576.7 | 5,274.20 | 11,750.00 | (4,251.4 | ) | 13,349.50 | ||||||||||||||
Selling, general and administrative expenses | 230.8 | 21 | 227.5 | — | 479.3 | |||||||||||||||
Intercompany operating (income) expense, net | (286.0 | ) | 156.4 | 129.6 | — | — | ||||||||||||||
Amortization of intangible assets | 1.7 | 2.8 | 28.5 | — | 33 | |||||||||||||||
Interest expense | 2.3 | 21.8 | 25.8 | — | 49.9 | |||||||||||||||
Other expense, net | 2.9 | 2.4 | 1.1 | — | 6.4 | |||||||||||||||
Consolidated income (loss) before provision (benefit) for income taxes and equity in net income of affiliates and subsidiaries | (44.7 | ) | 371.5 | 322.1 | — | 648.9 | ||||||||||||||
Provision (benefit) for income taxes | (724.5 | ) | (0.5 | ) | 87 | — | (638.0 | ) | ||||||||||||
Equity in net income of affiliates | (6.1 | ) | (3.6 | ) | (20.6 | ) | — | (30.3 | ) | |||||||||||
Equity in net income of subsidiaries | (596.9 | ) | (197.1 | ) | — | 794 | — | |||||||||||||
Consolidated net income | 1,282.80 | 572.7 | 255.7 | (794.0 | ) | 1,317.20 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 34.4 | — | 34.4 | |||||||||||||||
Net income attributable to Lear | $ | 1,282.80 | $ | 572.7 | $ | 221.3 | $ | (794.0 | ) | $ | 1,282.80 | |||||||||
Consolidated comprehensive income | $ | 1,314.00 | $ | 622.3 | $ | 259.1 | $ | (845.8 | ) | $ | 1,349.60 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 35.6 | — | 35.6 | |||||||||||||||
Comprehensive income attributable to Lear | $ | 1,314.00 | $ | 622.3 | $ | 223.5 | $ | (845.8 | ) | $ | 1,314.00 | |||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
(in millions) | Lear | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
guarantors | ||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 165.4 | $ | 177.5 | $ | 597.5 | $ | (12.6 | ) | $ | 927.8 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (25.6 | ) | (88.2 | ) | (310.9 | ) | — | (424.7 | ) | |||||||||||
Cash restricted for use — acquisition of Eagle Ottawa | (350.0 | ) | — | — | — | (350.0 | ) | |||||||||||||
Intercompany transactions | 352.5 | (38.9 | ) | (46.3 | ) | (267.3 | ) | — | ||||||||||||
Other, net | (6.8 | ) | 15.1 | (14.2 | ) | — | (5.9 | ) | ||||||||||||
Net cash used in investing activities | (29.9 | ) | (112.0 | ) | (371.4 | ) | (267.3 | ) | (780.6 | ) | ||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Proceeds from the issuance of senior notes | 975 | — | — | — | 975 | |||||||||||||||
Repurchase of senior notes | (327.1 | ) | — | — | — | (327.1 | ) | |||||||||||||
Payment of debt issuance and other financing costs | (18.1 | ) | — | — | — | (18.1 | ) | |||||||||||||
Cash restricted for use - repurchase of senior notes | (250.0 | ) | — | — | — | (250.0 | ) | |||||||||||||
Repurchase of common stock | (411.4 | ) | — | — | — | (411.4 | ) | |||||||||||||
Dividends paid to Lear Corporation stockholders | (65.3 | ) | — | — | — | (65.3 | ) | |||||||||||||
Dividends paid to noncontrolling interests | — | — | (25.9 | ) | — | (25.9 | ) | |||||||||||||
Intercompany transactions | 15.9 | (65.6 | ) | (230.2 | ) | 279.9 | — | |||||||||||||
Other, net | (20.2 | ) | — | (17.8 | ) | — | (38.0 | ) | ||||||||||||
Net cash used in financing activities | (101.2 | ) | (65.6 | ) | (273.9 | ) | 279.9 | (160.8 | ) | |||||||||||
Effect of foreign currency translation | — | — | (30.0 | ) | — | (30.0 | ) | |||||||||||||
Net Change in Cash and Cash Equivalents | 34.3 | (0.1 | ) | (77.8 | ) | — | (43.6 | ) | ||||||||||||
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 | $ | 377.8 | $ | — | $ | 716.3 | $ | — | $ | 1,094.10 | ||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(in millions) | Lear | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
guarantors | ||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 174.3 | $ | 226 | $ | 480.1 | $ | (60.3 | ) | $ | 820.1 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (17.9 | ) | (110.6 | ) | (332.1 | ) | — | (460.6 | ) | |||||||||||
Insurance proceeds | — | — | 7.1 | — | 7.1 | |||||||||||||||
Intercompany transactions | 304.1 | (2.4 | ) | 1,090.90 | (1,392.6 | ) | — | |||||||||||||
Other, net | 43 | 3.8 | 2.8 | — | 49.6 | |||||||||||||||
Net cash used in investing activities | 329.2 | (109.2 | ) | 768.7 | (1,392.6 | ) | (403.9 | ) | ||||||||||||
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 | (58.4 | ) | — | — | — | (58.4 | ) | |||||||||||||
Dividends paid to noncontrolling interests | — | — | (44.0 | ) | — | (44.0 | ) | |||||||||||||
Intercompany transactions | 6.5 | (116.8 | ) | (1,342.6 | ) | 1,452.90 | — | |||||||||||||
Other, net | (3.9 | ) | — | (6.6 | ) | — | (10.5 | ) | ||||||||||||
Net cash used in financing activities | (641.4 | ) | (116.8 | ) | (1,393.2 | ) | 1,452.90 | (698.5 | ) | |||||||||||
Effect of foreign currency translation | — | — | 17.8 | — | 17.8 | |||||||||||||||
Net Change in Cash and Cash Equivalents | (137.9 | ) | — | (126.6 | ) | — | (264.5 | ) | ||||||||||||
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 | $ | 343.5 | $ | 0.1 | $ | 794.1 | $ | — | $ | 1,137.70 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(in millions) | Lear | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
guarantors | ||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 54.8 | $ | 521.2 | $ | 174.9 | $ | (21.1 | ) | $ | 729.8 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (11.3 | ) | (97.4 | ) | (349.6 | ) | — | (458.3 | ) | |||||||||||
Insurance proceeds | — | — | 19.2 | — | 19.2 | |||||||||||||||
Cash paid for acquisition of Guilford, net of cash acquired | (243.9 | ) | — | — | — | (243.9 | ) | |||||||||||||
Intercompany transactions | 181.8 | 10.8 | (1,162.0 | ) | 969.4 | — | ||||||||||||||
Other, net | 0.4 | 6.3 | (11.6 | ) | — | (4.9 | ) | |||||||||||||
Net cash used in investing activities | (73.0 | ) | (80.3 | ) | (1,504.0 | ) | 969.4 | (687.9 | ) | |||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Repurchase of senior notes | (72.1 | ) | — | — | — | (72.1 | ) | |||||||||||||
Repurchase of common stock | (222.8 | ) | — | — | — | (222.8 | ) | |||||||||||||
Dividends paid to Lear Corporation stockholders | (54.6 | ) | — | — | — | (54.6 | ) | |||||||||||||
Dividends paid to noncontrolling interests | — | — | (23.1 | ) | — | (23.1 | ) | |||||||||||||
Intercompany transactions | 34.9 | (440.9 | ) | 1,354.30 | (948.3 | ) | — | |||||||||||||
Other, net | (6.1 | ) | — | (17.4 | ) | — | (23.5 | ) | ||||||||||||
Net cash used in financing activities | (320.7 | ) | (440.9 | ) | 1,313.80 | (948.3 | ) | (396.1 | ) | |||||||||||
Effect of foreign currency translation | — | — | 2.1 | — | 2.1 | |||||||||||||||
Net Change in Cash and Cash Equivalents | (338.9 | ) | — | (13.2 | ) | — | (352.1 | ) | ||||||||||||
Cash and Cash Equivalents as of Beginning of Period | 820.3 | 0.1 | 933.9 | — | 1,754.30 | |||||||||||||||
Cash and Cash Equivalents as of End of Period | $ | 481.4 | $ | 0.1 | $ | 920.7 | $ | — | $ | 1,402.20 | ||||||||||
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, $325 million in aggregate principal amount of 5.375% senior unsecured notes due 2024 and $650 million in aggregate principal amount of 5.25% senior unsecured noted due 2025. 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 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 supplemental guarantor consolidating financial statements have been restated to reflect certain changes to the equity investments of the Guarantors in 2013 and 2012. | ||||||||||||||||||||
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. For the years ended December 31, 2014, 2013 and 2012, $121.8 million, $111.5 million and $38.1 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): | ||||||||||||||||||||
December 31, | 2014 | 2013 | ||||||||||||||||||
Senior notes | $ | 1,718.70 | $ | 1,057.10 | ||||||||||||||||
Less — Current portion | (243.7 | ) | — | |||||||||||||||||
Long-term debt | $ | 1,475.00 | $ | 1,057.10 | ||||||||||||||||
Schedule_II_Valuation_And_Qual
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||
Schedule II - Valuation And Qualifying Accounts | LEAR CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance | Additions | Retirements | Other | Balance | ||||||||||||||||
as of Beginning | Changes | as of End | ||||||||||||||||||
of Period | of Period | |||||||||||||||||||
For the year ended December 31, 2014 | ||||||||||||||||||||
Valuation of accounts deducted from related assets: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 34.5 | $ | 7.6 | $ | (10.0 | ) | $ | (4.6 | ) | $ | 27.5 | ||||||||
Allowance for deferred tax assets | 642.6 | 41.3 | (117.0 | ) | (58.4 | ) | 508.5 | |||||||||||||
Total | $ | 677.1 | $ | 48.9 | $ | (127.0 | ) | $ | (63.0 | ) | $ | 536 | ||||||||
Balance | Additions | Retirements | Other | Balance | ||||||||||||||||
as of Beginning | Changes | as of End | ||||||||||||||||||
of Period | of Period | |||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
Valuation of accounts deducted from related assets: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 35.4 | $ | 11.8 | $ | (13.9 | ) | $ | 1.2 | $ | 34.5 | |||||||||
Allowance for deferred tax assets | 628.2 | 54.9 | (55.5 | ) | 15 | 642.6 | ||||||||||||||
Total | $ | 663.6 | $ | 66.7 | $ | (69.4 | ) | $ | 16.2 | $ | 677.1 | |||||||||
Balance | Additions | Retirements | Other | Balance | ||||||||||||||||
as of Beginning | Changes | as of End | ||||||||||||||||||
of Period | of Period | |||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
Valuation of accounts deducted from related assets: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 30.7 | $ | 5.9 | $ | (4.2 | ) | $ | 3 | $ | 35.4 | |||||||||
Allowance for deferred tax assets | 1,397.30 | 90.2 | (871.7 | ) | 12.4 | 628.2 | ||||||||||||||
Total | $ | 1,428.00 | $ | 96.1 | $ | (875.9 | ) | $ | 15.4 | $ | 663.6 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Consolidation | 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 (Note 5, "Investments in Affiliates and Other Related Party Transactions"). | ||||||||||||
Fiscal Period Reporting | 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. | ||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||||||||||
Cash and cash equivalents include all highly liquid investments with original maturities of ninety days or less. | ||||||||||||
Accounts Receivable | Accounts Receivable | |||||||||||
The Company records accounts receivable as title is transferred to its customers. The Company’s customers are the world’s major automotive manufacturers. The Company records accounts receivable reserves for known collectibility issues, as such issues relate to specific transactions or customer balances. As of December 31, 2014 and 2013, accounts receivable are reflected net of reserves of $27.5 million and $34.5 million, respectively. The Company writes off accounts receivable when it becomes apparent, based upon age or customer circumstances, that such amounts will not be collected. Generally, the Company does not require collateral for its accounts receivable. | ||||||||||||
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. The Company records inventory reserves for inventory in excess of production and/or forecasted requirements and for obsolete inventory in production and service inventories. As of December 31, 2014 and 2013, inventories are reflected net of reserves of $95.1 million and $98.8 million, respectively. | ||||||||||||
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 2014 and 2013, the Company capitalized $232.3 million and $202.1 million, respectively, of pre-production E&D costs for which reimbursement is contractually guaranteed by the customer. During 2014 and 2013, the Company also capitalized $177.7 million and $233.1 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 consolidated balance sheets. During 2014 and 2013, the Company collected $395.8 million and $423.9 million, respectively, of cash related to E&D and tooling costs. | ||||||||||||
Property, Plant and Equipment | 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 as follows: | ||||||||||||
Buildings and improvements | 10 to 40 years | |||||||||||
Machinery and equipment | 5 to 10 years | |||||||||||
epreciation expense was $277.2 million, $251.1 million and $206.6 million, respectively. | ||||||||||||
Impairment of Goodwill | 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. | ||||||||||||
The Company utilizes an income approach to estimate the fair value of each of its reporting units and a market valuation approach to further support this analysis. The income approach is based on projected debt-free cash flow which is discounted to the present value using discount factors that consider the timing and risk of cash flows. The Company believes that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. This approach also mitigates the impact of cyclical trends that occur in the industry. Fair value is estimated using recent automotive industry and specific platform production volume projections, which are based on both third-party and internally developed forecasts, as well as commercial, wage and benefit, inflation and discount rate assumptions. The discount rate used is the value-weighted average of the Company’s estimated cost of equity and of debt ("cost of capital") derived using both known and estimated customary market metrics. The Company’s weighted average cost of capital is adjusted by reporting unit to reflect a risk factor, if necessary. Other significant assumptions include terminal value growth rates, terminal value margin rates, future capital expenditures and changes in future working capital requirements. While there are inherent uncertainties related to the assumptions used and to management’s application of these assumptions to this analysis, the Company believes that the income approach provides a reasonable estimate of the fair value of its reporting units. The market valuation approach is used to further support the Company’s analysis and is based on recent transactions involving comparable companies. | ||||||||||||
In 2014, the Company performed a combination of qualitative and quantitative assessments of its reporting units. All assessments were completed as of the first day of the Company’s fourth quarter. The assessments indicated that the fair value of each of the reporting units exceeded its respective carrying value. The Company does not believe that any of its reporting units is at risk for impairment. | ||||||||||||
Intangible Assets | Intangible Assets | |||||||||||
Intangible assets consist primarily of certain intangible assets recorded in connection with the adoption of fresh-start accounting in 2009 and the acquisition of Guilford Mills ("Guilford") in 2012. These intangible assets were recorded at their estimated fair value, based on independent appraisals, as of the transaction or acquisition date. The technology intangible asset includes the Company’s proprietary patents. The value assigned to technology intangibles is based on the royalty savings method, which applies a hypothetical royalty rate to projected revenues attributable to the identified technologies. Royalty rates were determined based on analysis of market information and discussions with the Company’s management. The customer-based intangible asset includes the Company’s established relationships with its customers and the ability of these customers to generate future economic profits for the Company. The value assigned to customer-based intangibles is based on the present value of future earnings attributable to the asset group after recognition of required returns to other contributory assets. | ||||||||||||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets | |||||||||||
The Company monitors its long-lived assets for impairment indicators on an ongoing basis in accordance with accounting principles generally accepted in the United States ("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. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived assets. Fair value is estimated based upon either discounted cash flow analyses or estimated salvage values. Cash flows are estimated using internal budgets based on recent sales data, independent automotive production volume estimates and customer commitments, as well as assumptions related to discount rates. | ||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the Company recognized fixed asset impairment charges of $0.5 million, $9.2 million and $6.0 million, respectively, in conjunction with its restructuring actions (Note 4, "Restructuring"), as well as additional fixed asset impairment charges of $2.1 million, $1.9 million and $0.5 million, respectively. | ||||||||||||
Fixed asset impairment charges are recorded in cost of sales in the accompanying consolidated statements of income for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||
Impairment of Investments in Affiliates | Impairment of Investments in Affiliates | |||||||||||
The Company monitors its investments in affiliates for indicators of other-than-temporary declines in value on an ongoing basis in accordance with GAAP. If the Company determines that an other-than-temporary decline in value has occurred, it recognizes an impairment loss, which is measured as the difference between the recorded book value and the fair value of the investment. Fair value is generally determined using an income approach based on discounted cash flows or negotiated transaction values. | ||||||||||||
Revenue Recognition and Sales Commitments | Revenue Recognition and Sales Commitments | |||||||||||
The Company enters into agreements with its customers to produce products at the beginning of a vehicle’s life cycle. Although such agreements do not provide for a specified quantity of products, once the Company enters into such agreements, the Company is generally required to fulfill its customers’ purchasing requirements for the production life of the vehicle. These agreements generally may be terminated by the Company’s customers at any time. Historically, terminations of these agreements have been minimal. Sales are generally recorded upon shipment of product to customers and transfer of title under standard commercial terms. In certain instances, the Company may be committed under existing agreements to supply products to its customers at selling prices which are not sufficient to cover the direct cost to produce such products. In such situations, the Company recognizes losses as they are incurred. | ||||||||||||
The Company receives purchase orders from its customers on an annual basis. Generally, each purchase order provides the annual terms, including pricing, related to a particular vehicle model. Purchase orders do not specify quantities. The Company recognizes revenue based on the pricing terms included in its annual purchase orders. The Company is asked to provide its customers with annual price reductions as part of certain agreements. The Company accrues for such amounts as a reduction of revenue as its products are shipped to its customers. In addition, the Company has ongoing adjustments to its pricing arrangements with its customers based on the related content, the cost of its products and other commercial factors. Such pricing accruals are adjusted as they are settled with the Company’s customers. | ||||||||||||
Amounts billed to customers related to shipping and handling costs are included in net sales in the consolidated statements of income. Shipping and handling costs are included in cost of sales in the consolidated statements of income. | ||||||||||||
Cost of Sales | 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 | 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. | |||||||||||
Restructuring Costs | Restructuring Costs | |||||||||||
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 GAAP. Generally, charges are recorded as restructuring actions are approved and/or implemented. | ||||||||||||
Engineering and Development | Engineering and Development | |||||||||||
Costs incurred in connection with the development of new products and manufacturing methods within one year of launch, to the extent not recoverable from the Company’s customers, are charged to cost of sales as incurred. Such costs are charged to selling, general and administrative expenses when incurred more than one year prior to launch. Engineering and development costs charged to selling, general and administrative expenses totaled $102.0 million, $108.4 million and $104.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
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 (Note 6, "Debt"), gains and losses on the disposal of fixed assets (Note 11, "Commitments and Contingencies") and other miscellaneous income and expense. | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
The Company accounts for income taxes in accordance with GAAP. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. | ||||||||||||
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. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments, which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities. | ||||||||||||
The calculation of the Company’s gross unrecognized tax benefits and liabilities includes uncertainties in the application of, and changes in, complex tax regulations in a multitude of jurisdictions across its global operations. The Company recognizes tax benefits and liabilities based on its estimates of whether, and the extent to which, additional taxes will be due. The Company adjusts these benefits and liabilities based on changing facts and circumstances; however, due to the complexity of these uncertainties and the impact of tax audits, the ultimate resolutions may differ significantly from the Company’s estimates. | ||||||||||||
Foreign Currency Translation | Foreign Currency Translation | |||||||||||
Assets and liabilities of foreign subsidiaries that use a functional currency other than the U.S. dollar are translated into U.S. dollars at the foreign exchange rates in effect at the end of the period. Revenues and expenses of foreign subsidiaries are translated into U.S. dollars using an average of the foreign exchange rates in effect during the period. Translation adjustments that arise from translating a foreign subsidiary’s financial statements from the functional currency to the U.S. dollar are reflected in accumulated other comprehensive loss in the consolidated balance sheets. | ||||||||||||
Transaction gains and losses that arise from foreign exchange rate fluctuations on transactions denominated in a currency other than the functional currency, except certain long-term intercompany transactions, are included in the consolidated statements of income as incurred | ||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||
The Company measures stock-based employee compensation expense at fair value in accordance with GAAP and recognizes such expense over the vesting period of the stock-based employee awards. | ||||||||||||
Net Income Per Share Attributable to Lear | Net Income Per Share Attributable to Lear | |||||||||||
Basic net income per share attributable to Lear is computed using the two-class method by dividing net income attributable to Lear, after deducting undistributed earnings allocated to participating securities, 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. | ||||||||||||
Comprehensive Income | 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 changes in accumulated other comprehensive income (loss), net of tax is shown below (in millions): | ||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Defined benefit plans: | ||||||||||||
Balance at beginning of year | $ | (104.5 | ) | $ | (249.9 | ) | $ | (239.1 | ) | |||
Reclassification adjustments | 0.2 | 11 | 4.2 | |||||||||
Other comprehensive income (loss) recognized during the period | (114.9 | ) | 134.4 | (15.0 | ) | |||||||
Balance at end of year | $ | (219.2 | ) | $ | (104.5 | ) | $ | (249.9 | ) | |||
Derivative instruments and hedging activities: | ||||||||||||
Balance at beginning of year | $ | (5.3 | ) | $ | 2.7 | $ | (37.6 | ) | ||||
Reclassification adjustments | (6.4 | ) | (21.0 | ) | 2 | |||||||
Other comprehensive income (loss) recognized during the period | (21.5 | ) | 13 | 38.3 | ||||||||
Balance at end of year | $ | (33.2 | ) | $ | (5.3 | ) | $ | 2.7 | ||||
Cumulative translation adjustments: | ||||||||||||
Balance at beginning of year | $ | (56.3 | ) | $ | (53.6 | ) | $ | (55.3 | ) | |||
Other comprehensive income (loss) recognized during the period | (193.3 | ) | (2.7 | ) | 1.7 | |||||||
Balance at end of year | $ | (249.6 | ) | $ | (56.3 | ) | $ | (53.6 | ) | |||
Other comprehensive income (loss) related to the Company’s defined benefit plans includes pretax reclassification adjustments of $0.1 million, $15.4 million and $5.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. See Note 8, "Pension and Other Postretirement Benefit Plans." Other comprehensive income (loss) related to the Company’s derivative instruments and hedging activities includes pretax reclassification adjustments of ($8.2) million, ($32.2) million and $3.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. See Note 13, "Financial Instruments. | ||||||||||||
Product Warranty | Product Warranty | |||||||||||
Product warranty reserves are recorded when liability is probable and related amounts are reasonably estimable. | ||||||||||||
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 and surface materials such as fabric and leather, 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, battery chargers, 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. | ||||||||||||
Each of the Company’s operating segments reports its results from operations and makes its requests for capital expenditures directly to the chief operating decision-making group. The economic performance of each operating segment is driven primarily by automotive production volumes in the geographic regions in which it operates, as well as by the success of the vehicle platforms for which it supplies products. Also, each operating segment operates in the competitive Tier 1 automotive supplier environment and is continually working with its customers to manage costs and improve quality. The Company’s production processes generally make use of hourly labor, dedicated facilities, sequential manufacturing and assembly processes and commodity raw materials. | ||||||||||||
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. | ||||||||||||
The accounting policies of the Company’s operating segments are the same as those described in this note to the consolidated financial statements. | ||||||||||||
Derivative Instruments and Hedging Activities | 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). | ||||||||||||
For a fair value hedge, both the effective and ineffective portions of the change in the fair value of the derivative are recorded in earnings and reflected in the consolidated statement of income on the same line as the gain or loss on the hedged item attributable to the hedged risk. For a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in accumulated other comprehensive loss in the consolidated balance sheet. When the underlying hedged transaction is realized, the gain or loss included in accumulated other comprehensive loss is recorded in earnings and reflected in the consolidated statement of income on the same line as the gain or loss on the hedged item attributable to the hedged risk. For a net investment hedge, the effective portion of the change in the fair value of the derivative is recorded in cumulative translation adjustment, which is a component of accumulated other comprehensive loss in the consolidated balance sheet. In addition, for both cash flow and net investment hedges, changes in the fair value of the derivative that are excluded from the Company’s effectiveness assessments and the ineffective portion of changes in the fair value of the derivative are recorded in earnings and reflected in the consolidated statement of income as other expense, net. | ||||||||||||
The Company formally documents its hedge relationships, including the identification of the hedging instruments and the related hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction. Derivatives are recorded at fair value in other current and long-term assets and other current and long-term liabilities in the consolidated balance sheet. The Company also formally assesses, both at inception and at least quarterly thereafter, whether a derivative used in a hedging transaction is highly effective in offsetting changes in either the fair value or the cash flows of the hedged item. When it is determined that a derivative ceases to be highly effective, the Company discontinues hedge accounting. | ||||||||||||
Use of Estimates | Use of Estimates | |||||||||||
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. During 2014, there were no material changes in the methods or policies used to establish estimates and assumptions. Other matters subject to estimation and judgment include amounts related to accounts receivable realization, inventory obsolescence, asset impairments, useful lives of fixed and intangible assets and unsettled pricing discussions with customers and suppliers (Note 2, "Summary of Significant Accounting Policies"); restructuring accruals (Note 4, "Restructuring"); deferred tax asset valuation allowances and income taxes (Note 7, "Income Taxes"); pension and other postretirement benefit plan assumptions (Note 8, "Pension and Other Postretirement Benefit Plans"); accruals related to litigation, warranty and environmental remediation costs (Note 11, "Commitments and Contingencies"); and self-insurance accruals. Actual results may differ significantly from the Company’s estimates. | ||||||||||||
Reclassifications | Reclassifications | |||||||||||
Certain amounts in prior years’ financial statements have been reclassified to conform to the presentation used in the year ended December 31, 2014. | ||||||||||||
Fair Value of Financial Instruments | 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. | |||||||||||
Interest Rate Swap | ||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||
Commodity contract | ||||||||||||
Derivative Instruments and Hedging Activities | 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 consolidated statements of income (Note 2, "Summary of Significant Accounting Policies"). As of December 31, 2014 and 2013, there were no commodity swap contracts outstanding. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||
Summary of Inventories | A summary of inventories is shown below (in millions): | |||||||||||||
December 31, | 2014 | 2013 | ||||||||||||
Raw materials | $ | 668.3 | $ | 633.5 | ||||||||||
Work-in-process | 45.6 | 45.8 | ||||||||||||
Finished goods | 139.8 | 139.4 | ||||||||||||
Inventories | $ | 853.7 | $ | 818.7 | ||||||||||
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): | |||||||||||||
December 31, | 2014 | 2013 | ||||||||||||
Current | $ | 121.1 | $ | 134.2 | ||||||||||
Long-term | 47.6 | 52.9 | ||||||||||||
Recoverable customer E&D and tooling | $ | 168.7 | $ | 187.1 | ||||||||||
Estimated Useful Lives of Depreciable Property | Depreciable property is depreciated over the estimated useful lives of the assets, using principally the straight-line method as follows: | |||||||||||||
Buildings and improvements | 10 to 40 years | |||||||||||||
Machinery and equipment | 5 to 10 years | |||||||||||||
A summary of property, plant and equipment is shown below (in millions): | ||||||||||||||
December 31, | 2014 | 2013 | ||||||||||||
Land | $ | 105.2 | $ | 113.4 | ||||||||||
Buildings and improvements | 523.5 | 532 | ||||||||||||
Machinery and equipment | 1,847.00 | 1,645.00 | ||||||||||||
Construction in progress | 186.9 | 155.2 | ||||||||||||
Total property, plant and equipment | 2,662.60 | 2,445.60 | ||||||||||||
Less – accumulated depreciation | (1,037.9 | ) | (858.4 | ) | ||||||||||
Net property, plant and equipment | $ | 1,624.70 | $ | 1,587.20 | ||||||||||
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 each of the periods in the two years ended December 31, 2014, is shown below (in millions): | |||||||||||||
Balance as of December 31, 2012 | $ | 746.5 | ||||||||||||
Foreign currency translation and other | 10.7 | |||||||||||||
Balance as of December 31, 2013 | 757.2 | |||||||||||||
Foreign currency translation and other | (31.0 | ) | ||||||||||||
Balance as of December 31, 2014 | $ | 726.2 | ||||||||||||
Summary of Intangible Assets | A summary of intangible assets as of December 31, 2014 and 2013, is shown below (in millions): | |||||||||||||
Gross Carrying | Accumulated | Net Carrying | Weighted | |||||||||||
Value | Amortization | Value | Average Useful | |||||||||||
Life (years) | ||||||||||||||
Technology | $ | 31.4 | $ | (16.3 | ) | $ | 15.1 | 9 | ||||||
Customer-based | 214.9 | (137.5 | ) | 77.4 | 8.2 | |||||||||
Balance as of December 31, 2014 | $ | 246.3 | $ | (153.8 | ) | $ | 92.5 | 8.4 | ||||||
Gross Carrying | Accumulated | Net Carrying | Weighted | |||||||||||
Value | Amortization | Value | Average Useful | |||||||||||
Life (years) | ||||||||||||||
Technology | $ | 32.7 | $ | (13.0 | ) | $ | 19.7 | 8.9 | ||||||
Customer-based | 223.1 | (113.1 | ) | 110 | 8 | |||||||||
Balance as of December 31, 2013 | $ | 255.8 | $ | (126.1 | ) | $ | 129.7 | 8.1 | ||||||
Estimated Annual Amortization Expense | Excluding the impact of the Eagle Ottawa acquisition and any future acquisitions, the Company’s estimated annual amortization expense for the five succeeding years is shown below (in millions): | |||||||||||||
Year | Expense | |||||||||||||
2015 | $ | 32.8 | ||||||||||||
2016 | 28.7 | |||||||||||||
2017 | 7.7 | |||||||||||||
2018 | 5.9 | |||||||||||||
2019 | 5.8 | |||||||||||||
Summary of Other (Income) Expense, Net | A summary of other expense, net is shown below (in millions): | |||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||||
Other expense | $ | 82.4 | $ | 59.9 | $ | 33.9 | ||||||||
Other income | (8.1 | ) | (1.8 | ) | (27.5 | ) | ||||||||
Other expense, net | $ | 74.3 | $ | 58.1 | $ | 6.4 | ||||||||
Summary of Information Used to Compute Basic and Diluted Net Income (Loss) Per Share | A summary of information used to compute basic net income per share attributable to Lear is shown below (in millions, except share and per share data): | |||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||||
Net income attributable to Lear | $ | 672.4 | $ | 431.4 | $ | 1,282.80 | ||||||||
Average common shares outstanding | 80,187,516 | 85,094,889 | 98,388,228 | |||||||||||
Basic net income per share attributable to Lear | $ | 8.39 | $ | 5.07 | $ | 13.04 | ||||||||
A summary of information used to compute diluted net income per share attributable to Lear is shown below (in millions, except share and per share data): | ||||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||||
Net income attributable to Lear | $ | 672.4 | $ | 431.4 | $ | 1,282.80 | ||||||||
Average common shares outstanding | 80,187,516 | 85,094,889 | 98,388,228 | |||||||||||
Dilutive effect of common stock equivalents | 1,540,963 | 1,320,897 | 1,437,458 | |||||||||||
Average diluted shares outstanding | 81,728,479 | 86,415,786 | 99,825,686 | |||||||||||
Diluted net income per share attributable to Lear | $ | 8.23 | $ | 4.99 | $ | 12.85 | ||||||||
Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | A summary of changes in accumulated other comprehensive income (loss), net of tax is shown below (in millions): | |||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||||
Defined benefit plans: | ||||||||||||||
Balance at beginning of year | $ | (104.5 | ) | $ | (249.9 | ) | $ | (239.1 | ) | |||||
Reclassification adjustments | 0.2 | 11 | 4.2 | |||||||||||
Other comprehensive income (loss) recognized during the period | (114.9 | ) | 134.4 | (15.0 | ) | |||||||||
Balance at end of year | $ | (219.2 | ) | $ | (104.5 | ) | $ | (249.9 | ) | |||||
Derivative instruments and hedging activities: | ||||||||||||||
Balance at beginning of year | $ | (5.3 | ) | $ | 2.7 | $ | (37.6 | ) | ||||||
Reclassification adjustments | (6.4 | ) | (21.0 | ) | 2 | |||||||||
Other comprehensive income (loss) recognized during the period | (21.5 | ) | 13 | 38.3 | ||||||||||
Balance at end of year | $ | (33.2 | ) | $ | (5.3 | ) | $ | 2.7 | ||||||
Cumulative translation adjustments: | ||||||||||||||
Balance at beginning of year | $ | (56.3 | ) | $ | (53.6 | ) | $ | (55.3 | ) | |||||
Other comprehensive income (loss) recognized during the period | (193.3 | ) | (2.7 | ) | 1.7 | |||||||||
Balance at end of year | $ | (249.6 | ) | $ | (56.3 | ) | $ | (53.6 | ) |
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||
Summary of Restructuring Activity | A summary of 2014 activity, is shown below (in millions): | |||||||||||||||||||
Accrual as of | 2014 | Utilization | Accrual as of | |||||||||||||||||
January 1, 2014 | Charges | Cash | Non-cash | December 31, 2014 | ||||||||||||||||
Employee termination benefits | $ | 38.7 | $ | 88.6 | $ | (82.2 | ) | $ | — | $ | 45.1 | |||||||||
Asset impairments | — | 0.5 | — | (0.5 | ) | — | ||||||||||||||
Contract termination costs | 5.6 | 0.5 | (1.0 | ) | — | 5.1 | ||||||||||||||
Other related costs | — | 17.4 | (17.4 | ) | — | — | ||||||||||||||
Total | $ | 44.3 | $ | 107 | $ | (100.6 | ) | $ | (0.5 | ) | $ | 50.2 | ||||||||
A summary of 2013 activity, excluding pension benefit plan settlement charges of $2.5 million, is shown below (in millions): | ||||||||||||||||||||
Accrual as of | 2013 | Utilization | Accrual as of | |||||||||||||||||
January 1, 2013 | Charges | Cash | Non-cash | December 31, 2013 | ||||||||||||||||
Employee termination benefits | $ | 38.5 | $ | 54.1 | $ | (53.9 | ) | $ | — | $ | 38.7 | |||||||||
Asset impairments | — | 9.2 | — | (9.2 | ) | — | ||||||||||||||
Contract termination costs | 5.7 | 0.3 | (0.4 | ) | — | 5.6 | ||||||||||||||
Other related costs | — | 11.8 | (11.8 | ) | — | — | ||||||||||||||
Total | $ | 44.2 | $ | 75.4 | $ | (66.1 | ) | $ | (9.2 | ) | $ | 44.3 | ||||||||
A summary of 2012 activity is shown below (in millions): | ||||||||||||||||||||
Accrual as of | 2012 | Utilization | Accrual as of | |||||||||||||||||
January 1, 2012 | Charges | Cash | Non-cash | December 31, 2012 | ||||||||||||||||
Employee termination benefits | $ | 56.8 | $ | 45.4 | $ | (63.7 | ) | $ | — | $ | 38.5 | |||||||||
Asset impairments | — | 6 | — | (6.0 | ) | — | ||||||||||||||
Contract termination costs | 5.7 | 1.9 | (1.9 | ) | — | 5.7 | ||||||||||||||
Other related costs | — | 1.8 | (1.8 | ) | — | — | ||||||||||||||
Total | $ | 62.5 | $ | 55.1 | $ | (67.4 | ) | $ | (6.0 | ) | $ | 44.2 | ||||||||
Investments_in_Affiliates_and_1
Investments in Affiliates and Other Related Party Transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||
Beneficial Ownership in Affiliates Accounted for Under Equity Method | The Company’s beneficial ownership in affiliates accounted for under the equity method is shown below: | |||||||||||
December 31, | 2014 | 2013 | 2012 | |||||||||
Shanghai Lear STEC Automotive Parts Co., Ltd. (China) | 55% | 55% | 55% | |||||||||
Beijing BAI Lear Automotive Systems Co., Ltd. (China) | 50 | 50 | 50 | |||||||||
Beijing Lear Automotive Electronics and Electrical Products Co., Ltd. (China) | 50 | 50 | 50 | |||||||||
Dong Kwang Lear Yuhan Hoesa (Korea) | 50 | 50 | 50 | |||||||||
Industrias Cousin Freres, S.L. (Spain) | 50 | 50 | 50 | |||||||||
Jiangxi Jiangling Lear Interior Systems Co., Ltd. (China) | 50 | 50 | 50 | |||||||||
Lear Dongfeng Automotive Seating Co., Ltd. (China) | 50 | 50 | 50 | |||||||||
Changchun Lear FAWSN Automotive Electrical and Electronics Co., Ltd. (China) | 49 | 49 | 49 | |||||||||
Changchun Lear FAWSN Automotive Seat Systems Co., Ltd. (China) | 49 | 49 | 49 | |||||||||
Honduras Electrical Distribution Systems S. de R.L. de C.V. (Honduras) | 49 | 49 | 49 | |||||||||
Kyungshin-Lear Sales and Engineering LLC | 49 | 49 | 49 | |||||||||
Beijing Lear Dymos Automotive Systems Co., Ltd. (China) | 40 | 40 | 40 | |||||||||
Dymos Lear Automotive India Private Limited (India) | 35 | 35 | 35 | |||||||||
eLumigen, LLC | 30 | 15 | — | |||||||||
RevoLaze, LLC | 20 | 20 | — | |||||||||
HB Polymer Company, LLC | 10 | 10 | — | |||||||||
Tacle Seating USA, LLC | — | 49 | 49 | |||||||||
International Automotive Components Group North America, LLC | — | — | 23 | |||||||||
Summarized Group Financial Information for Affiliates Accounted for Under Equity Method | Summarized group financial information for affiliates accounted for under the equity method as of December 31, 2014 and 2013, and for the years ended December 31, 2014, 2013 and 2012, is shown below (unaudited; in millions): | |||||||||||
December 31, | 2014 | 2013 | ||||||||||
Balance sheet data: | ||||||||||||
Current assets | $ | 794.3 | $ | 767.1 | ||||||||
Non-current assets | 183.4 | 143.5 | ||||||||||
Current liabilities | 627.6 | 548.9 | ||||||||||
Non-current liabilities | 5.6 | 5.8 | ||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Income statement data: | ||||||||||||
Net sales | $ | 1,802.70 | $ | 1,686.50 | $ | 6,240.50 | ||||||
Gross profit | 129.3 | 121.9 | 452.6 | |||||||||
Income (loss) before provision for income taxes | 117.8 | 110.1 | (109.0 | ) | ||||||||
Net income (loss) attributable to affiliates | 92.9 | 89 | (76.1 | ) | ||||||||
Summary of Transaction with Affiliates and Other Related Parties | A summary of transactions with affiliates and other related parties is shown below (in millions): | |||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Sales to affiliates | $ | 214.7 | $ | 145.1 | $ | 93.1 | ||||||
Purchases from affiliates | 32.1 | 41.5 | 141.9 | |||||||||
Management and other fees for services provided to affiliates | 24.5 | 22.3 | 23 | |||||||||
Dividends received from affiliates | 25 | 17.6 | 14.4 | |||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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): | |||||||||||
December 31, | 2014 | 2013 | ||||||||||
Debt Instrument | Long-Term | Weighted | Long-Term | Weighted | ||||||||
Debt | Average | Debt | Average | |||||||||
Interest Rate | Interest Rate | |||||||||||
7.875% Senior Notes due 2018 | $ | — | N/A | $ | 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% | — | N/A | ||||||||
5.25% Senior Notes due 2025 | 650 | 5.25% | — | N/A | ||||||||
1,718.70 | 1,057.10 | |||||||||||
Less — Current portion | (243.7 | ) | — | |||||||||
Long-term debt | $ | 1,475.00 | $ | 1,057.10 | ||||||||
Schedule of Debt Redemption Rates | The Company may redeem the 2025 Notes, in whole or in part, on or after January 15, 2020, at the redemption prices set forth below, plus accrued and unpaid interest to the redemption date. | |||||||||||
Twelve-Month Period Commencing January 15, | 2025 Notes | |||||||||||
2020 | 102.63% | |||||||||||
2021 | 101.75% | |||||||||||
2022 | 100.88% | |||||||||||
2023 and thereafter | 100.00% | |||||||||||
The Company may redeem the 2023 Notes, in whole or in part, on or after January 15, 2018, at the redemption prices set forth below, plus accrued and unpaid interest to the redemption date. | ||||||||||||
Twelve-Month Period Commencing January 15, | 2023 Notes | |||||||||||
2018 | 102.38% | |||||||||||
2019 | 101.58% | |||||||||||
2020 | 100.79% | |||||||||||
2021 and thereafter | 100.00% | |||||||||||
e Company may redeem the 2024 Notes, in whole or in part, 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% | |||||||||||
Schedule of Maturities of Long-term Debt | Including these subsequent events, scheduled maturities for the five succeeding years, as of the date of this Report, are shown below (in millions): | |||||||||||
2015 | $ | 254.4 | ||||||||||
2016 | 21.8 | |||||||||||
2017 | 34.4 | |||||||||||
2018 | 46.9 | |||||||||||
2019 | 37.5 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Summary of Consolidated Income Before Provision (Benefit) for Income Taxes and Equity in Net Income of Affiliates and Components of Provision (Benefit) for Income Taxes | A summary of consolidated income before provision (benefit) for income taxes and equity in net income of affiliates and the components of provision (benefit) for income taxes is shown below (in millions): | |||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates: | ||||||||||||
Domestic | $ | 228 | $ | 218.5 | $ | 289.3 | ||||||
Foreign | 559.4 | 391.6 | 359.6 | |||||||||
$ | 787.4 | $ | 610.1 | $ | 648.9 | |||||||
Domestic provision (benefit) for income taxes: | ||||||||||||
Current provision (benefit) | $ | 24.3 | $ | 16.8 | $ | (4.1 | ) | |||||
Deferred provision (benefit) | 47 | 64.9 | (720.8 | ) | ||||||||
Total domestic provision (benefit) | 71.3 | 81.7 | (724.9 | ) | ||||||||
Foreign provision for income taxes: | ||||||||||||
Current provision | 155.1 | 130.5 | 59.8 | |||||||||
Deferred provision (benefit) | (105.0 | ) | (19.5 | ) | 27.1 | |||||||
Total foreign provision | 50.1 | 111 | 86.9 | |||||||||
Provision (benefit) for income taxes | $ | 121.4 | $ | 192.7 | $ | (638.0 | ) | |||||
Summary of Difference Between Provision (Benefit) for Income Taxes Calculated at United States Federal Statutory Income Tax Rate and Consolidated Provision (Benefit) for Income Taxes | A summary of the differences between the provision (benefit) for income taxes calculated at the United States federal statutory income tax rate of 35% and the consolidated provision (benefit) for income taxes is shown below (in millions): | |||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates multiplied by the United States federal statutory income tax rate | $ | 275.6 | $ | 213.5 | $ | 227.1 | ||||||
Differences in income taxes on foreign earnings, losses and remittances | (47.8 | ) | (38.7 | ) | 1.8 | |||||||
Valuation allowance adjustments | (74.2 | ) | 0.2 | (764.5 | ) | |||||||
Tax credits | (0.7 | ) | (16.4 | ) | (43.5 | ) | ||||||
Tax audits and assessments | (12.8 | ) | 2.7 | (48.7 | ) | |||||||
Other | (18.7 | ) | 31.4 | (10.2 | ) | |||||||
Provision (benefit) for income taxes | $ | 121.4 | $ | 192.7 | $ | (638.0 | ) | |||||
Summary of Components of Net Deferred Income Tax Asset | Deferred income taxes represent temporary differences in the recognition of certain items for financial reporting and income tax purposes. A summary of the components of the net deferred income tax asset is shown below (in millions): | |||||||||||
December 31, | 2014 | 2013 | ||||||||||
Deferred income tax assets: | ||||||||||||
Tax loss carryforwards | $ | 588.9 | $ | 690.5 | ||||||||
Tax credit carryforwards | 419 | 437.2 | ||||||||||
Retirement benefit plans | 119.8 | 74.3 | ||||||||||
Accrued liabilities | 136.7 | 133.9 | ||||||||||
Self-insurance reserves | 8.6 | 9.5 | ||||||||||
Current asset basis differences | 38.7 | 38.8 | ||||||||||
Long-term asset basis differences | (48.7 | ) | (64.5 | ) | ||||||||
Deferred compensation | 48.3 | 40.9 | ||||||||||
Recoverable customer engineering, development and tooling | (12.1 | ) | (22.2 | ) | ||||||||
Undistributed earnings of foreign subsidiaries | (54.2 | ) | (54.3 | ) | ||||||||
Derivative instruments and hedging | 12.5 | (1.6 | ) | |||||||||
Other | 1.4 | (0.8 | ) | |||||||||
1,258.90 | 1,281.70 | |||||||||||
Valuation allowance | (508.5 | ) | (642.6 | ) | ||||||||
Net deferred income tax asset | $ | 750.4 | $ | 639.1 | ||||||||
Classification of Net Deferred Income Tax Asset | The classification of the net deferred income tax asset is shown below (in millions): | |||||||||||
December 31, | 2014 | 2013 | ||||||||||
Deferred income tax assets: | ||||||||||||
Current | $ | 210.8 | $ | 187.4 | ||||||||
Long-term | 606.4 | 535.9 | ||||||||||
Deferred income tax liabilities: | ||||||||||||
Current | (9.6 | ) | (23.1 | ) | ||||||||
Long-term | (57.2 | ) | (61.1 | ) | ||||||||
Net deferred income tax asset | $ | 750.4 | $ | 639.1 | ||||||||
Summary of Changes in Gross Unrecognized Tax Benefits | A summary of the changes in gross unrecognized tax benefits is shown below (in millions): | |||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of period | $ | 45.2 | $ | 34.4 | $ | 49.4 | ||||||
Additions based on tax positions related to current year | 5.6 | 5 | 5.2 | |||||||||
Additions (reductions) based on tax positions related to prior years | (1.8 | ) | 14.3 | (18.5 | ) | |||||||
Settlements | (6.5 | ) | (6.7 | ) | — | |||||||
Statute expirations | — | (0.8 | ) | (1.8 | ) | |||||||
Foreign currency translation | (2.8 | ) | (1.0 | ) | 0.1 | |||||||
Balance at end of period | $ | 39.7 | $ | 45.2 | $ | 34.4 | ||||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Change in Benefit Obligation | A reconciliation of the change in benefit obligation and the change in plan assets for the years ended December 31, 2014 and 2013, is shown below (in millions): | ||||||||||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 586.7 | $ | 459.5 | $ | 656.3 | $ | 509.2 | $ | 91.6 | $ | 42.4 | $ | 102 | $ | 73.8 | |||||||||||||||||
Service cost | 3.7 | 8.8 | 2.9 | 10.2 | 0.2 | 0.9 | 0.1 | 1.1 | |||||||||||||||||||||||||
Interest cost | 28.5 | 20.4 | 26.2 | 20.7 | 4 | 2 | 3.6 | 2 | |||||||||||||||||||||||||
Amendments and settlements | — | — | — | (13.8 | ) | — | — | — | (25.5 | ) | |||||||||||||||||||||||
Actuarial (gain) loss | 119.8 | 66.5 | (79.9 | ) | (24.3 | ) | (8.0 | ) | 6.9 | (8.4 | ) | (2.5 | ) | ||||||||||||||||||||
Benefits paid | (20.9 | ) | (22.4 | ) | (18.8 | ) | (22.8 | ) | (4.5 | ) | (2.6 | ) | (5.7 | ) | (2.4 | ) | |||||||||||||||||
Special termination benefits | — | — | — | 0.1 | — | 0.8 | — | 0.8 | |||||||||||||||||||||||||
Translation adjustment | — | (39.8 | ) | — | (19.8 | ) | — | (3.6 | ) | — | (4.9 | ) | |||||||||||||||||||||
Benefit obligation at end of period | $ | 717.8 | $ | 493 | $ | 586.7 | $ | 459.5 | $ | 83.3 | $ | 46.8 | $ | 91.6 | $ | 42.4 | |||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 503.5 | $ | 417 | $ | 417.6 | $ | 390.6 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 34.2 | 40.7 | 79.1 | 57.6 | — | — | — | — | |||||||||||||||||||||||||
Employer contributions | 2.4 | 15.2 | 25.6 | 27.4 | 4.5 | 2.6 | 5.7 | 2.4 | |||||||||||||||||||||||||
Benefits paid | (20.9 | ) | (22.4 | ) | (18.8 | ) | (22.8 | ) | (4.5 | ) | (2.6 | ) | (5.7 | ) | (2.4 | ) | |||||||||||||||||
Settlements | — | — | — | (13.8 | ) | — | — | — | — | ||||||||||||||||||||||||
Translation adjustment | — | (35.4 | ) | — | (22.0 | ) | — | — | — | — | |||||||||||||||||||||||
Fair value of plan assets at end of period | $ | 519.2 | $ | 415.1 | $ | 503.5 | $ | 417 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Funded status | $ | (198.6 | ) | $ | (77.9 | ) | $ | (83.2 | ) | $ | (42.5 | ) | $ | (83.3 | ) | $ | (46.8 | ) | $ | (91.6 | ) | $ | (42.4 | ) | |||||||||
Amounts Recognized in Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||
Amounts recognized in the consolidated balance sheet: | |||||||||||||||||||||||||||||||||
Other long-term assets | $ | — | $ | 45.5 | $ | 0.3 | $ | 62.7 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Accrued liabilities | (2.5 | ) | (3.0 | ) | (2.3 | ) | (3.5 | ) | (5.1 | ) | (2.0 | ) | (6.9 | ) | (2.3 | ) | |||||||||||||||||
Other long-term liabilities | (196.1 | ) | (120.4 | ) | (81.2 | ) | (101.7 | ) | (78.2 | ) | (44.8 | ) | (84.7 | ) | (40.1 | ) | |||||||||||||||||
Amounts Recognized in Comprehensive Income (Loss) | Pretax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2014 and 2013, are shown below (in millions): | ||||||||||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||
Actuarial gains (losses) recognized: | |||||||||||||||||||||||||||||||||
Reclassification adjustments | $ | (0.3 | ) | $ | 1.4 | $ | 4.1 | $ | 8.9 | $ | (0.7 | ) | $ | 0.1 | $ | (0.1 | ) | $ | 2.9 | ||||||||||||||
Actuarial gain (loss) arising during the period | (123.6 | ) | (53.4 | ) | 126.6 | 55.9 | 8 | (6.9 | ) | 8.4 | 2.5 | ||||||||||||||||||||||
Prior service cost | |||||||||||||||||||||||||||||||||
recognized: | |||||||||||||||||||||||||||||||||
Reclassification adjustments | — | — | — | — | — | (0.4 | ) | — | (0.4 | ) | |||||||||||||||||||||||
Translation adjustment | — | 4.5 | — | 6.6 | — | 0.2 | — | 0.5 | |||||||||||||||||||||||||
$ | (123.9 | ) | $ | (47.5 | ) | $ | 130.7 | $ | 71.4 | $ | 7.3 | $ | (7.0 | ) | $ | 8.3 | $ | 5.5 | |||||||||||||||
Amounts Recorded in Accumulated Other Comprehensive Loss Not Yet Recognized in Net Periodic Benefit Cost | Pretax amounts recorded in accumulated other comprehensive loss not yet recognized in net periodic benefit cost (credit) as of December 31, 2014 and 2013, are shown below (in millions): | ||||||||||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||
Net unrecognized actuarial gain (loss) | $ | (138.1 | ) | $ | (97.6 | ) | $ | (14.2 | ) | $ | (50.1 | ) | $ | 11.7 | $ | (11.3 | ) | $ | 4.4 | $ | (4.9 | ) | |||||||||||
Prior service credit | — | — | — | — | — | 1.9 | — | 2.5 | |||||||||||||||||||||||||
$ | (138.1 | ) | $ | (97.6 | ) | $ | (14.2 | ) | $ | (50.1 | ) | $ | 11.7 | $ | (9.4 | ) | $ | 4.4 | $ | (2.4 | ) | ||||||||||||
Amounts Recorded in Accumulated Other Comprehensive Loss That Are Expected To Be Recognized As Components of Net Periodic Benefit Cost in Next Fiscal Year | Pretax amounts recorded in accumulated other comprehensive loss as of December 31, 2014, that are expected to be recognized as components of net periodic benefit cost (credit) in the year ending December 31, 2015, are shown below (in millions): | ||||||||||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
Net unrecognized actuarial gain (loss) | $ | (2.6 | ) | $ | (3.0 | ) | $ | 1.2 | $ | (0.6 | ) | ||||||||||||||||||||||
Prior service credit | — | — | — | 0.4 | |||||||||||||||||||||||||||||
$ | (2.6 | ) | $ | (3.0 | ) | $ | 1.2 | $ | (0.2 | ) | |||||||||||||||||||||||
Pension Plan Assets by Asset Category | With the exception of alternative investments, plan assets are valued at fair value using a market approach and observable inputs, such as quoted market prices in active markets (Level 1 and Level 2 | ||||||||||||||||||||||||||||||||
Expected Future Benefit Payments | As of December 31, 2014, the Company’s estimate of expected benefit payments, excluding expected settlements relating to its restructuring actions, in each of the five succeeding years and in the aggregate for the five years thereafter are shown below (in millions): | ||||||||||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
Year | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||||||||||||||
2015 | $ | 24.2 | $ | 19 | $ | 5.1 | $ | 2 | |||||||||||||||||||||||||
2016 | 25.3 | 19.3 | 5.2 | 1.3 | |||||||||||||||||||||||||||||
2017 | 26.2 | 19.8 | 5.3 | 1.4 | |||||||||||||||||||||||||||||
2018 | 27.5 | 20.2 | 5.4 | 1.5 | |||||||||||||||||||||||||||||
2019 | 28.9 | 20.6 | 5.5 | 1.5 | |||||||||||||||||||||||||||||
Five years thereafter | 165 | 120.6 | 26.7 | 10.2 | |||||||||||||||||||||||||||||
Information Related to Multi-Employer Pension Plans | The Company currently participates in two multi-employer pension plans, the U.A.W. Labor-Management Group Pension Plan and UNITE Here National Retirement Fund, for certain of its employees. Contributions to these plans are based on three collective bargaining agreements. Two of the agreements expire on July 1, 2016, and one expires on April 23, 2015. Detailed information related to these plans is shown below (amounts in millions): | ||||||||||||||||||||||||||||||||
Pension Protection Act | Contributions to Multiemployer Pension Plans | ||||||||||||||||||||||||||||||||
Zone Status | |||||||||||||||||||||||||||||||||
Employer Identification Number | December 31, | December 31, | FIP/RP | Surcharge | Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||
2014 | 2013 | Pending or | |||||||||||||||||||||||||||||||
Certification | Certification | Implemented | |||||||||||||||||||||||||||||||
516099782-001 | Green | Green | No | No | $ | 0.6 | $ | 0.4 | $ | 0.5 | |||||||||||||||||||||||
13-6130178 | Red | Red | Yes | Yes | 0.3 | 0.2 | 0.1 | ||||||||||||||||||||||||||
Benefit Obligation | |||||||||||||||||||||||||||||||||
Weighted Average Actuarial Assumptions Used | The weighted average actuarial assumptions used in determining the benefit obligations are shown below: | ||||||||||||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||
December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate: | |||||||||||||||||||||||||||||||||
Domestic plans | 4.10% | 5.00% | 3.90% | 4.50% | |||||||||||||||||||||||||||||
Foreign plans | 3.60% | 4.60% | 4.00% | 5.00% | |||||||||||||||||||||||||||||
Rate of compensation increase: | |||||||||||||||||||||||||||||||||
Foreign plans | 3.10% | 4.10% | N/A | N/A | |||||||||||||||||||||||||||||
Net Periodic Benefit Cost | |||||||||||||||||||||||||||||||||
Weighted Average Actuarial Assumptions Used | The weighted average actuarial assumptions used in determining the net periodic benefit cost (credit) are shown below: | ||||||||||||||||||||||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Pension | |||||||||||||||||||||||||||||||||
Discount rate: | |||||||||||||||||||||||||||||||||
Domestic plans | 5 | % | 4.1 | % | 4.5 | % | |||||||||||||||||||||||||||
Foreign plans | 4.7 | % | 4.3 | % | 4.8 | % | |||||||||||||||||||||||||||
Expected return on plan assets: | |||||||||||||||||||||||||||||||||
Domestic plans | 7.8 | % | 8 | % | 8 | % | |||||||||||||||||||||||||||
Foreign plans | 6.7 | % | 6.7 | % | 6.7 | % | |||||||||||||||||||||||||||
Rate of compensation increase: | |||||||||||||||||||||||||||||||||
Foreign plans | 3.4 | % | 4.8 | % | 5.2 | % | |||||||||||||||||||||||||||
Other postretirement | |||||||||||||||||||||||||||||||||
Discount rate: | |||||||||||||||||||||||||||||||||
Domestic plans | 4.5 | % | 3.7 | % | 4 | % | |||||||||||||||||||||||||||
Foreign plans | 5 | % | 4.4 | % | 4.5 | % | |||||||||||||||||||||||||||
Pension Plans, Defined Benefit | |||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The components of the Company’s net periodic pension benefit cost (credit) are shown below (in millions): | ||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Pension | U.S. | Foreign | U.S | Foreign | U.S. | Foreign | |||||||||||||||||||||||||||
Service cost | $ | 3.7 | $ | 8.8 | $ | 2.9 | $ | 10.2 | $ | 3.2 | $ | 9.6 | |||||||||||||||||||||
Interest cost | 28.5 | 20.4 | 26.2 | 20.7 | 25.4 | 21 | |||||||||||||||||||||||||||
Expected return on plan assets | (38.1 | ) | (27.0 | ) | (32.4 | ) | (25.1 | ) | (28.4 | ) | (23.1 | ) | |||||||||||||||||||||
Amortization of actuarial loss | (0.3 | ) | 1.3 | 4.1 | 6.4 | 3.9 | 5.8 | ||||||||||||||||||||||||||
Settlement loss | 0.1 | — | — | 2.5 | 0.6 | — | |||||||||||||||||||||||||||
Net periodic benefit cost (credit) | $ | (6.1 | ) | $ | 3.5 | $ | 0.8 | $ | 14.7 | $ | 4.7 | $ | 13.3 | ||||||||||||||||||||
Other Postretirement Benefit Plans, Defined Benefit | |||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The components of the Company’s net periodic other postretirement benefit cost (credit) are shown below (in millions): | ||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Other Postretirement | U.S. | Foreign | U.S | Foreign | U.S. | Foreign | |||||||||||||||||||||||||||
Service cost | $ | 0.2 | $ | 0.9 | $ | 0.1 | $ | 1.1 | $ | 0.5 | $ | 1 | |||||||||||||||||||||
Interest cost | 4 | 2 | 3.6 | 2 | 4.4 | 3.2 | |||||||||||||||||||||||||||
Amortization of actuarial (gain) loss | (0.7 | ) | 0.1 | (0.1 | ) | 0.3 | 0.3 | 0.3 | |||||||||||||||||||||||||
Amortization of prior service credit | — | (0.4 | ) | — | (0.4 | ) | — | (0.2 | ) | ||||||||||||||||||||||||
Special termination benefits | — | 0.8 | — | 0.7 | — | 0.4 | |||||||||||||||||||||||||||
Settlement gain | — | — | — | (5.9 | ) | (5.4 | ) | — | |||||||||||||||||||||||||
Net periodic benefit cost (credit) | $ | 3.5 | $ | 3.4 | $ | 3.6 | $ | (2.2 | ) | $ | (0.2 | ) | $ | 4.7 | |||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||
Stock Option, Performance Share and Restricted Stock Unit | A summary of restricted stock unit and performance share transactions for the year ended December 31, 2014, is shown below: | |||||
Restricted | Performance | |||||
Stock Units | Shares | |||||
Outstanding as of December 31, 2013 | 761,423 | 3,330,218 | ||||
Granted | 227,969 | 636,552 | ||||
Distributed (vested) | (212,411 | ) | (656,335 | ) | ||
Cancelled | (12,433 | ) | (286,314 | ) | ||
Outstanding as of December 31, 2014(1) | 764,548 | 3,024,121 | ||||
Vested or expected to vest as of December 31, 2014 | 764,548 | 2,510,518 | ||||
-1 | Outstanding performance shares are reflected at the maximum possible payout that may be earned during the relevant performance periods. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 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 each of the periods in the two years ended December 31, 2014, is shown below (in millions): | |||
Balance as of January 1, 2013 | $ | 22.7 | ||
Expense, net, including changes in estimates | 15.2 | |||
Settlements | (9.1 | ) | ||
Foreign currency translation and other | (0.5 | ) | ||
Balance as of December 31, 2013 | 28.3 | |||
Expense, net, including changes in estimates | 11.4 | |||
Settlements | (9.3 | ) | ||
Foreign currency translation and other | (1.5 | ) | ||
Balance as of December 31, 2014 | $ | 28.9 | ||
Summary of Leases Commitments | A summary of lease commitments as of December 31, 2014, under non-cancelable operating leases with terms exceeding one year is shown below (in millions): | |||
2015 | $ | 100.5 | ||
2016 | 80.1 | |||
2017 | 71.4 | |||
2018 | 66.1 | |||
2019 | 59.7 | |||
Thereafter | 68.5 | |||
Total | $ | 446.3 | ||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 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): | |||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Seating | Electrical | Other | Consolidated | |||||||||||||
Revenues from external customers | $ | 13,310.60 | $ | 4,416.70 | $ | — | $ | 17,727.30 | ||||||||
Segment earnings (1) | 655.2 | 556.6 | (282.6 | ) | 929.2 | |||||||||||
Depreciation and amortization | 199.8 | 103.3 | 7.8 | 310.9 | ||||||||||||
Capital expenditures | 268.9 | 138.4 | 17.4 | 424.7 | ||||||||||||
Total assets | 4,855.60 | 1,609.90 | 2,684.70 | 9,150.20 | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Seating | Electrical | Other | Consolidated | |||||||||||||
Revenues from external customers | $ | 12,018.10 | $ | 4,215.90 | $ | — | $ | 16,234.00 | ||||||||
Segment earnings (1) | 576.9 | 414.3 | (254.6 | ) | 736.6 | |||||||||||
Depreciation and amortization | 181.3 | 96.4 | 7.8 | 285.5 | ||||||||||||
Capital expenditures | 288.5 | 163.4 | 8.7 | 460.6 | ||||||||||||
Total assets | 4,640.00 | 1,658.30 | 2,032.60 | 8,330.90 | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Seating | Electrical | Other | Consolidated | |||||||||||||
Revenues from external customers | $ | 11,029.60 | $ | 3,537.40 | $ | — | $ | 14,567.00 | ||||||||
Segment earnings (1) | 661.7 | 254.9 | (211.4 | ) | 705.2 | |||||||||||
Depreciation and amortization | 152.6 | 78.4 | 8.5 | 239.5 | ||||||||||||
Capital expenditures | 290.7 | 158.1 | 9.5 | 458.3 | ||||||||||||
Total assets | 4,341.90 | 1,432.20 | 2,420.00 | 8,194.10 | ||||||||||||
-1 | See definition in Note 2, "Summary of Significant Accounting Policies — Segment Reporting. | |||||||||||||||
Reconciliation of Consolidated Segment Earnings to Consolidated Income Before Provision for Income Taxes | A reconciliation of segment earnings to consolidated income before provision (benefit) for income taxes and equity in net income of affiliates is shown below (in millions): | |||||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||||||
Segment earnings | $ | 1,211.80 | $ | 991.2 | $ | 916.6 | ||||||||||
Corporate and regional headquarters and elimination of intercompany activity ("Other") | (282.6 | ) | (254.6 | ) | (211.4 | ) | ||||||||||
Consolidated income before interest, other expense, provision (benefit) for income taxes and equity in net income of affiliates | 929.2 | 736.6 | 705.2 | |||||||||||||
Interest expense | 67.5 | 68.4 | 49.9 | |||||||||||||
Other expense, net | 74.3 | 58.1 | 6.4 | |||||||||||||
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates | $ | 787.4 | $ | 610.1 | $ | 648.9 | ||||||||||
Revenues From External Customers and Tangible Long-lived Assets for Each of Geographic Areas in Which Company Operates | Revenues from external customers and tangible long-lived assets for each of the geographic areas in which the Company operates is shown below (in millions): | |||||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||||||
Revenues from external customers: | ||||||||||||||||
United States | $ | 3,708.40 | $ | 3,046.00 | $ | 2,891.40 | ||||||||||
Mexico | 2,373.90 | 2,225.90 | 1,991.80 | |||||||||||||
Germany | 2,327.70 | 2,204.60 | 2,142.40 | |||||||||||||
China | 2,092.90 | 1,842.90 | 1,467.60 | |||||||||||||
Other countries | 7,224.40 | 6,914.60 | 6,073.80 | |||||||||||||
Total | $ | 17,727.30 | $ | 16,234.00 | $ | 14,567.00 | ||||||||||
December 31, | 2014 | 2013 | ||||||||||||||
Tangible long-lived assets: | ||||||||||||||||
United States | $ | 274.1 | $ | 246.1 | ||||||||||||
Mexico | 293.3 | 271.8 | ||||||||||||||
China | 179.8 | 170.6 | ||||||||||||||
Germany | 140.6 | 150.8 | ||||||||||||||
Other countries | 736.9 | 747.9 | ||||||||||||||
Total | $ | 1,624.70 | $ | 1,587.20 | ||||||||||||
Summary of Percentage of Revenues from Major Customers | The following is a summary of the percentage of revenues from major customers: | |||||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||||||
General Motors | 22.00% | 21.90% | 21.10% | |||||||||||||
Ford | 20.60% | 21.90% | 19.80% | |||||||||||||
BMW | 11.10% | 10.00% | 10.60% |
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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 consolidated balance sheets are shown below (in millions): | |||||||||||||||||||
December 31, | 2014 | 2013 | ||||||||||||||||||
Contracts qualifying for hedge accounting: | ||||||||||||||||||||
Other current assets | $ | 6.8 | $ | 12.4 | ||||||||||||||||
Other long-term assets | 0.1 | 0.7 | ||||||||||||||||||
Other current liabilities | (38.5 | ) | (6.5 | ) | ||||||||||||||||
Other long-term liabilities | (6.1 | ) | (0.1 | ) | ||||||||||||||||
(37.7 | ) | 6.5 | ||||||||||||||||||
Contracts not qualifying for hedge accounting: | ||||||||||||||||||||
Other current assets | 2.1 | 0.4 | ||||||||||||||||||
Other current liabilities | (1.0 | ) | (0.5 | ) | ||||||||||||||||
1.1 | (0.1 | ) | ||||||||||||||||||
$ | (36.6 | ) | $ | 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 or disclosed at fair value on a recurring basis as of December 31, 2014 and 2013, are shown below (in millions): | |||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Frequency | Liability | Valuation | Level 1 | Level 2 | Level 3 | |||||||||||||||
Technique | ||||||||||||||||||||
Foreign currency derivative contracts | Recurring | $ | (36.6 | ) | Market / Income | $ | — | $ | (36.6 | ) | $ | — | ||||||||
31-Dec-13 | ||||||||||||||||||||
Frequency | Asset | Valuation | Level 1 | Level 2 | Level 3 | |||||||||||||||
Technique | ||||||||||||||||||||
Foreign currency derivative contracts | 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): | |||||||||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||||||||||||
Contracts qualifying for hedge accounting: | ||||||||||||||||||||
Gains (losses) recognized in accumulated other comprehensive loss | $ | (36.0 | ) | $ | 18.8 | $ | 55.8 | |||||||||||||
(Gains) losses reclassified from accumulated other comprehensive loss | (8.2 | ) | (32.2 | ) | 3.2 | |||||||||||||||
Other comprehensive income (loss) | $ | (44.2 | ) | $ | (13.4 | ) | $ | 59 | ||||||||||||
Commodity contract | ||||||||||||||||||||
Pretax Amounts Related to Derivative Contracts | Pretax amounts related to commodity swap contracts that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions): | |||||||||||||||||||
For the year ended December 31, | 2012 | |||||||||||||||||||
Contracts qualifying for hedge accounting: | ||||||||||||||||||||
Gains recognized in accumulated other comprehensive loss | $ | 0.1 | ||||||||||||||||||
Losses reclassified from accumulated other comprehensive loss | 0.2 | |||||||||||||||||||
Other comprehensive income | $ | 0.3 | ||||||||||||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Financial Data | ||||||||||||||||
Thirteen Weeks Ended | ||||||||||||||||
March 30, | June 29, | September 28, | December 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Net sales | $ | 3,947.10 | $ | 4,113.10 | $ | 3,917.70 | $ | 4,256.10 | ||||||||
Gross profit | 312.4 | 337.7 | 330.2 | 319.4 | ||||||||||||
Consolidated net income | 116.9 | 142.3 | 116.7 | 79.9 | ||||||||||||
Net income attributable to Lear | 108.5 | 137.3 | 112.8 | 72.8 | ||||||||||||
Basic net income per share attributable to Lear | 1.14 | 1.62 | 1.4 | 0.9 | ||||||||||||
Diluted net income per share attributable to Lear | 1.13 | 1.6 | 1.38 | 0.88 | ||||||||||||
(In millions, except per share data) | ||||||||||||||||
Thirteen Weeks Ended | ||||||||||||||||
March 29, | June 28, | September 27, | December 31, | |||||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||||
Net sales | $ | 4,359.80 | $ | 4,585.10 | $ | 4,232.70 | $ | 4,549.70 | ||||||||
Gross profit | 360.5 | 379.1 | 361.2 | 392 | ||||||||||||
Consolidated net income | 128.6 | 157.8 | 147.9 | 268 | ||||||||||||
Net income attributable to Lear | 122 | 148.5 | 140.1 | 261.8 | ||||||||||||
Basic net income per share attributable to Lear | 1.5 | 1.84 | 1.75 | 3.32 | ||||||||||||
Diluted net income per share attributable to Lear | 1.47 | 1.81 | 1.72 | 3.24 | ||||||||||||
Supplemental_Guarantor_Consoli1
Supplemental Guarantor Consolidating Financial Statements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||
Schedule of Condensed Balance Sheet | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
(in millions) | Lear | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
guarantors | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 377.8 | $ | — | $ | 716.3 | $ | — | $ | 1,094.10 | ||||||||||
Accounts receivable | 53.9 | 459 | 1,958.80 | — | 2,471.70 | |||||||||||||||
Inventories | 1.8 | 348.1 | 503.8 | — | 853.7 | |||||||||||||||
Intercompany accounts | 49.6 | 40.7 | — | (90.3 | ) | — | ||||||||||||||
Other | 416.9 | 76.2 | 467 | — | 960.1 | |||||||||||||||
Total current assets | 900 | 924 | 3,645.90 | (90.3 | ) | 5,379.60 | ||||||||||||||
Long-Term Assets: | ||||||||||||||||||||
Property, plant and equipment, net | 106.4 | 334.5 | 1,183.80 | — | 1,624.70 | |||||||||||||||
Goodwill | 23.5 | 401 | 301.7 | — | 726.2 | |||||||||||||||
Investments in subsidiaries | 2,010.60 | 1,815.70 | — | (3,826.3 | ) | — | ||||||||||||||
Intercompany loans receivable | 1,268.10 | 168.6 | 212.6 | (1,649.3 | ) | — | ||||||||||||||
Other | 928.8 | 65.9 | 475.2 | (50.2 | ) | 1,419.70 | ||||||||||||||
Total long-term assets | 4,337.40 | 2,785.70 | 2,173.30 | (5,525.8 | ) | 3,770.60 | ||||||||||||||
Total assets | $ | 5,237.40 | $ | 3,709.70 | $ | 5,819.20 | $ | (5,616.1 | ) | $ | 9,150.20 | |||||||||
Liabilities and Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Accounts payable and drafts | $ | 91.1 | $ | 687.7 | $ | 1,746.50 | $ | — | $ | 2,525.30 | ||||||||||
Accrued liabilities | 138.1 | 203.9 | 846.8 | — | 1,188.80 | |||||||||||||||
Intercompany accounts | — | — | 90.3 | (90.3 | ) | — | ||||||||||||||
Current portion of long-term debt | 243.7 | — | — | — | 243.7 | |||||||||||||||
Total current liabilities | 472.9 | 891.6 | 2,683.60 | (90.3 | ) | 3,957.80 | ||||||||||||||
Long-Term Liabilities: | ||||||||||||||||||||
Long-term debt | 1,475.00 | — | — | — | 1,475.00 | |||||||||||||||
Intercompany loans payable | 138.9 | 698.8 | 811.6 | (1,649.3 | ) | — | ||||||||||||||
Other | 191.8 | 198 | 348.5 | (50.2 | ) | 688.1 | ||||||||||||||
Total long-term liabilities | 1,805.70 | 896.8 | 1,160.10 | (1,699.5 | ) | 2,163.10 | ||||||||||||||
Equity: | ||||||||||||||||||||
Lear Corporation stockholders’ equity | 2,958.80 | 1,921.30 | 1,905.00 | (3,826.3 | ) | 2,958.80 | ||||||||||||||
Noncontrolling interests | — | — | 70.5 | — | 70.5 | |||||||||||||||
Equity | 2,958.80 | 1,921.30 | 1,975.50 | (3,826.3 | ) | 3,029.30 | ||||||||||||||
Total liabilities and equity | $ | 5,237.40 | $ | 3,709.70 | $ | 5,819.20 | $ | (5,616.1 | ) | $ | 9,150.20 | |||||||||
31-Dec-13 | ||||||||||||||||||||
(in millions) | Lear | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
guarantors | ||||||||||||||||||||
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 | |||||||||||||||
Intercompany accounts | 66 | — | — | (66.0 | ) | — | ||||||||||||||
Other | 147.7 | 77.3 | 462.8 | — | 687.8 | |||||||||||||||
Total current assets | 603.2 | 725 | 3,660.30 | (66.0 | ) | 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 | 1,791.40 | 1,898.60 | — | (3,690.0 | ) | — | ||||||||||||||
Intercompany loans receivable | 1,441.10 | 129.7 | 166.3 | (1,737.1 | ) | — | ||||||||||||||
Other | 591.5 | 71.5 | 454.1 | (53.1 | ) | 1,064.00 | ||||||||||||||
Total long-term assets | 3,943.00 | 2,816.80 | 2,128.80 | (5,480.2 | ) | 3,408.40 | ||||||||||||||
Total assets | $ | 4,546.20 | $ | 3,541.80 | $ | 5,789.10 | $ | (5,546.2 | ) | $ | 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 | |||||||||||||||
Intercompany accounts | — | 1.6 | 64.4 | (66.0 | ) | — | ||||||||||||||
Total current liabilities | 201.7 | 740.1 | 2,703.30 | (66.0 | ) | 3,579.10 | ||||||||||||||
Long-Term Liabilities: | ||||||||||||||||||||
Long-term debt | 1,057.10 | — | — | — | 1,057.10 | |||||||||||||||
Intercompany loans payable | 123 | 654.3 | 959.8 | (1,737.1 | ) | — | ||||||||||||||
Other | 118.5 | 143 | 336.8 | (53.1 | ) | 545.2 | ||||||||||||||
Total long-term liabilities | 1,298.60 | 797.3 | 1,296.60 | (1,790.2 | ) | 1,602.30 | ||||||||||||||
Equity: | ||||||||||||||||||||
Lear Corporation stockholders’ equity | 3,045.90 | 2,004.40 | 1,685.60 | (3,690.0 | ) | 3,045.90 | ||||||||||||||
Noncontrolling interests | — | — | 103.6 | — | 103.6 | |||||||||||||||
Equity | 3,045.90 | 2,004.40 | 1,789.20 | (3,690.0 | ) | 3,149.50 | ||||||||||||||
Total liabilities and equity | $ | 4,546.20 | $ | 3,541.80 | $ | 5,789.10 | $ | (5,546.2 | ) | $ | 8,330.90 | |||||||||
Schedule of Condensed Income Statement | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(in millions) | Lear | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
guarantors | ||||||||||||||||||||
Net sales | $ | 483.7 | $ | 5,850.10 | $ | 12,484.60 | $ | (4,251.4 | ) | $ | 14,567.00 | |||||||||
Cost of sales | 576.7 | 5,274.20 | 11,750.00 | (4,251.4 | ) | 13,349.50 | ||||||||||||||
Selling, general and administrative expenses | 230.8 | 21 | 227.5 | — | 479.3 | |||||||||||||||
Intercompany operating (income) expense, net | (286.0 | ) | 156.4 | 129.6 | — | — | ||||||||||||||
Amortization of intangible assets | 1.7 | 2.8 | 28.5 | — | 33 | |||||||||||||||
Interest expense | 2.3 | 21.8 | 25.8 | — | 49.9 | |||||||||||||||
Other expense, net | 2.9 | 2.4 | 1.1 | — | 6.4 | |||||||||||||||
Consolidated income (loss) before provision (benefit) for income taxes and equity in net income of affiliates and subsidiaries | (44.7 | ) | 371.5 | 322.1 | — | 648.9 | ||||||||||||||
Provision (benefit) for income taxes | (724.5 | ) | (0.5 | ) | 87 | — | (638.0 | ) | ||||||||||||
Equity in net income of affiliates | (6.1 | ) | (3.6 | ) | (20.6 | ) | — | (30.3 | ) | |||||||||||
Equity in net income of subsidiaries | (596.9 | ) | (197.1 | ) | — | 794 | — | |||||||||||||
Consolidated net income | 1,282.80 | 572.7 | 255.7 | (794.0 | ) | 1,317.20 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 34.4 | — | 34.4 | |||||||||||||||
Net income attributable to Lear | $ | 1,282.80 | $ | 572.7 | $ | 221.3 | $ | (794.0 | ) | $ | 1,282.80 | |||||||||
Consolidated comprehensive income | $ | 1,314.00 | $ | 622.3 | $ | 259.1 | $ | (845.8 | ) | $ | 1,349.60 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 35.6 | — | 35.6 | |||||||||||||||
Comprehensive income attributable to Lear | $ | 1,314.00 | $ | 622.3 | $ | 223.5 | $ | (845.8 | ) | $ | 1,314.00 | |||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
(in millions) | Lear | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | ||||||||||||||||||||
Net sales | $ | 467.1 | $ | 7,086.40 | $ | 14,996.50 | $ | (4,822.7 | ) | $ | 17,727.30 | |||||||||
Cost of sales | 662.7 | 6,468.60 | 13,925.90 | (4,822.7 | ) | 16,234.50 | ||||||||||||||
Selling, general and administrative expenses | 227.3 | 36.4 | 266.2 | — | 529.9 | |||||||||||||||
Intercompany operating (income) expense, net | (448.2 | ) | 287.2 | 161 | — | — | ||||||||||||||
Amortization of intangible assets | 1.7 | 4.7 | 27.3 | — | 33.7 | |||||||||||||||
Interest expense | 49 | 24.9 | (6.4 | ) | — | 67.5 | ||||||||||||||
Other expense, net | 26.5 | 1 | 46.8 | — | 74.3 | |||||||||||||||
Consolidated income (loss) before provision (benefit) for income taxes and equity in net income of affiliates and subsidiaries | (51.9 | ) | 263.6 | 575.7 | — | 787.4 | ||||||||||||||
Provision (benefit) for income taxes | (21.6 | ) | 93.3 | 49.7 | — | 121.4 | ||||||||||||||
Equity in net income of affiliates | 0.4 | (1.5 | ) | (35.2 | ) | — | (36.3 | ) | ||||||||||||
Equity in net income of subsidiaries | (703.1 | ) | (390.3 | ) | — | 1,093.40 | — | |||||||||||||
Consolidated net income | 672.4 | 562.1 | 561.2 | (1,093.4 | ) | 702.3 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 29.9 | — | 29.9 | |||||||||||||||
Net income attributable to Lear | $ | 672.4 | $ | 562.1 | $ | 531.3 | $ | (1,093.4 | ) | $ | 672.4 | |||||||||
Consolidated comprehensive income | $ | 336.5 | $ | 502.1 | $ | 320.4 | $ | (794.5 | ) | $ | 364.5 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 28 | — | 28 | |||||||||||||||
Comprehensive income attributable to Lear | $ | 336.5 | $ | 502.1 | $ | 292.4 | $ | (794.5 | ) | $ | 336.5 | |||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(in millions) | Lear | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | ||||||||||||||||||||
Net sales | $ | 449 | $ | 6,261.10 | $ | 14,042.20 | $ | (4,518.3 | ) | $ | 16,234.00 | |||||||||
Cost of sales | 643.6 | 5,629.50 | 13,179.50 | (4,518.3 | ) | 14,934.30 | ||||||||||||||
Selling, general and administrative expenses | 211.4 | 20.6 | 296.7 | — | 528.7 | |||||||||||||||
Intercompany operating (income) expense, net | (395.4 | ) | 292.4 | 103 | — | — | ||||||||||||||
Amortization of intangible assets | 1.7 | 4.7 | 28 | — | 34.4 | |||||||||||||||
Interest expense | 52 | 19.3 | (2.9 | ) | — | 68.4 | ||||||||||||||
Other expense, net | 6.5 | 7.6 | 44 | — | 58.1 | |||||||||||||||
Consolidated income (loss) before provision (benefit) for income taxes and equity in net income of affiliates and subsidiaries | (70.8 | ) | 287 | 393.9 | — | 610.1 | ||||||||||||||
Provision (benefit) for income taxes | (33.9 | ) | 113.6 | 113 | — | 192.7 | ||||||||||||||
Equity in net income of affiliates | 0.7 | (2.0 | ) | (37.1 | ) | — | (38.4 | ) | ||||||||||||
Equity in net income of subsidiaries | (469.0 | ) | (138.2 | ) | — | 607.2 | — | |||||||||||||
Consolidated net income | 431.4 | 313.6 | 318 | (607.2 | ) | 455.8 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 24.4 | — | 24.4 | |||||||||||||||
Net income attributable to Lear | $ | 431.4 | $ | 313.6 | $ | 293.6 | $ | (607.2 | ) | $ | 431.4 | |||||||||
Consolidated comprehensive income | $ | 566.1 | $ | 340.8 | $ | 379 | $ | (693.9 | ) | $ | 592 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 25.9 | — | 25.9 | |||||||||||||||
Comprehensive income attributable to Lear | $ | 566.1 | $ | 340.8 | $ | 353.1 | $ | (693.9 | ) | $ | 566.1 | |||||||||
Schedule of Condensed Cash Flow Statement | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
(in millions) | Lear | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
guarantors | ||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 165.4 | $ | 177.5 | $ | 597.5 | $ | (12.6 | ) | $ | 927.8 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (25.6 | ) | (88.2 | ) | (310.9 | ) | — | (424.7 | ) | |||||||||||
Cash restricted for use — acquisition of Eagle Ottawa | (350.0 | ) | — | — | — | (350.0 | ) | |||||||||||||
Intercompany transactions | 352.5 | (38.9 | ) | (46.3 | ) | (267.3 | ) | — | ||||||||||||
Other, net | (6.8 | ) | 15.1 | (14.2 | ) | — | (5.9 | ) | ||||||||||||
Net cash used in investing activities | (29.9 | ) | (112.0 | ) | (371.4 | ) | (267.3 | ) | (780.6 | ) | ||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Proceeds from the issuance of senior notes | 975 | — | — | — | 975 | |||||||||||||||
Repurchase of senior notes | (327.1 | ) | — | — | — | (327.1 | ) | |||||||||||||
Payment of debt issuance and other financing costs | (18.1 | ) | — | — | — | (18.1 | ) | |||||||||||||
Cash restricted for use - repurchase of senior notes | (250.0 | ) | — | — | — | (250.0 | ) | |||||||||||||
Repurchase of common stock | (411.4 | ) | — | — | — | (411.4 | ) | |||||||||||||
Dividends paid to Lear Corporation stockholders | (65.3 | ) | — | — | — | (65.3 | ) | |||||||||||||
Dividends paid to noncontrolling interests | — | — | (25.9 | ) | — | (25.9 | ) | |||||||||||||
Intercompany transactions | 15.9 | (65.6 | ) | (230.2 | ) | 279.9 | — | |||||||||||||
Other, net | (20.2 | ) | — | (17.8 | ) | — | (38.0 | ) | ||||||||||||
Net cash used in financing activities | (101.2 | ) | (65.6 | ) | (273.9 | ) | 279.9 | (160.8 | ) | |||||||||||
Effect of foreign currency translation | — | — | (30.0 | ) | — | (30.0 | ) | |||||||||||||
Net Change in Cash and Cash Equivalents | 34.3 | (0.1 | ) | (77.8 | ) | — | (43.6 | ) | ||||||||||||
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 | $ | 377.8 | $ | — | $ | 716.3 | $ | — | $ | 1,094.10 | ||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
(in millions) | Lear | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
guarantors | ||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 174.3 | $ | 226 | $ | 480.1 | $ | (60.3 | ) | $ | 820.1 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (17.9 | ) | (110.6 | ) | (332.1 | ) | — | (460.6 | ) | |||||||||||
Insurance proceeds | — | — | 7.1 | — | 7.1 | |||||||||||||||
Intercompany transactions | 304.1 | (2.4 | ) | 1,090.90 | (1,392.6 | ) | — | |||||||||||||
Other, net | 43 | 3.8 | 2.8 | — | 49.6 | |||||||||||||||
Net cash used in investing activities | 329.2 | (109.2 | ) | 768.7 | (1,392.6 | ) | (403.9 | ) | ||||||||||||
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 | (58.4 | ) | — | — | — | (58.4 | ) | |||||||||||||
Dividends paid to noncontrolling interests | — | — | (44.0 | ) | — | (44.0 | ) | |||||||||||||
Intercompany transactions | 6.5 | (116.8 | ) | (1,342.6 | ) | 1,452.90 | — | |||||||||||||
Other, net | (3.9 | ) | — | (6.6 | ) | — | (10.5 | ) | ||||||||||||
Net cash used in financing activities | (641.4 | ) | (116.8 | ) | (1,393.2 | ) | 1,452.90 | (698.5 | ) | |||||||||||
Effect of foreign currency translation | — | — | 17.8 | — | 17.8 | |||||||||||||||
Net Change in Cash and Cash Equivalents | (137.9 | ) | — | (126.6 | ) | — | (264.5 | ) | ||||||||||||
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 | $ | 343.5 | $ | 0.1 | $ | 794.1 | $ | — | $ | 1,137.70 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
(in millions) | Lear | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
guarantors | ||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 54.8 | $ | 521.2 | $ | 174.9 | $ | (21.1 | ) | $ | 729.8 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (11.3 | ) | (97.4 | ) | (349.6 | ) | — | (458.3 | ) | |||||||||||
Insurance proceeds | — | — | 19.2 | — | 19.2 | |||||||||||||||
Cash paid for acquisition of Guilford, net of cash acquired | (243.9 | ) | — | — | — | (243.9 | ) | |||||||||||||
Intercompany transactions | 181.8 | 10.8 | (1,162.0 | ) | 969.4 | — | ||||||||||||||
Other, net | 0.4 | 6.3 | (11.6 | ) | — | (4.9 | ) | |||||||||||||
Net cash used in investing activities | (73.0 | ) | (80.3 | ) | (1,504.0 | ) | 969.4 | (687.9 | ) | |||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Repurchase of senior notes | (72.1 | ) | — | — | — | (72.1 | ) | |||||||||||||
Repurchase of common stock | (222.8 | ) | — | — | — | (222.8 | ) | |||||||||||||
Dividends paid to Lear Corporation stockholders | (54.6 | ) | — | — | — | (54.6 | ) | |||||||||||||
Dividends paid to noncontrolling interests | — | — | (23.1 | ) | — | (23.1 | ) | |||||||||||||
Intercompany transactions | 34.9 | (440.9 | ) | 1,354.30 | (948.3 | ) | — | |||||||||||||
Other, net | (6.1 | ) | — | (17.4 | ) | — | (23.5 | ) | ||||||||||||
Net cash used in financing activities | (320.7 | ) | (440.9 | ) | 1,313.80 | (948.3 | ) | (396.1 | ) | |||||||||||
Effect of foreign currency translation | — | — | 2.1 | — | 2.1 | |||||||||||||||
Net Change in Cash and Cash Equivalents | (338.9 | ) | — | (13.2 | ) | — | (352.1 | ) | ||||||||||||
Cash and Cash Equivalents as of Beginning of Period | 820.3 | 0.1 | 933.9 | — | 1,754.30 | |||||||||||||||
Cash and Cash Equivalents as of End of Period | $ | 481.4 | $ | 0.1 | $ | 920.7 | $ | — | $ | 1,402.20 | ||||||||||
Long-Term Debt of Lear and Guarantors | 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): | |||||||||||||||||||
December 31, | 2014 | 2013 | ||||||||||||||||||
Senior notes | $ | 1,718.70 | $ | 1,057.10 | ||||||||||||||||
Less — Current portion | (243.7 | ) | — | |||||||||||||||||
Long-term debt | $ | 1,475.00 | $ | 1,057.10 | ||||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment | |||
Significant Accounting Policies [Line Items] | |||
Cash equivalents maturity period | 90 days | ||
Allowance for doubtful accounts | $27.50 | $34.50 | |
Reserve of inventory | 95.1 | 98.8 | |
Capitalized pre-production E&D costs | 232.3 | 202.1 | |
Capitalized pre-production tooling costs related to customer-owned tools | 177.7 | 233.1 | |
Cash collected related to E&D and tooling costs | 395.8 | 423.9 | |
Depreciation expense | 277.2 | 251.1 | 206.6 |
Capital expenditures recorded in accounts payable | 112.8 | 98.9 | 103.6 |
Restructuring charges | 107 | 77.9 | 55.1 |
Fixed asset impairment charges | 2.6 | 11.1 | 6.5 |
New product development costs | 102 | 108.4 | 104.3 |
Foreign currency transaction gain (loss), before tax | -32.1 | -28.3 | -11.4 |
Reclassification adjustments | 0.1 | 15.4 | 5.4 |
Reportable operating segments | 2 | ||
Corporate and regional headquarters and elimination of intercompany activity ("Other") | |||
Significant Accounting Policies [Line Items] | |||
Fixed asset impairment charges | 2.1 | 1.9 | 0.5 |
Asset impairments | |||
Significant Accounting Policies [Line Items] | |||
Restructuring charges | 0.5 | 9.2 | 6 |
Designated as hedging instrument | Foreign exchange contract | |||
Significant Accounting Policies [Line Items] | |||
(Gains) losses reclassified from accumulated other comprehensive loss | -8.2 | -32.2 | 3.2 |
Restructuring charges excluding pension opeb charges | |||
Significant Accounting Policies [Line Items] | |||
Restructuring charges | $107 | $75.40 | $55.10 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summary of Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $668.30 | $633.50 |
Work-in-process | 45.6 | 45.8 |
Finished goods | 139.8 | 139.4 |
Inventories | $853.70 | $818.70 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Classification of Recoverable Customer Engineering, Development and Tooling Costs related to Long-Term Supply Agreements (Detail) (USD $) | Dec. 31, 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 | $168.70 | $187.10 |
Other current assets | ||
Pre Production Costs Related to Long Term Supply Arrangements [Line Items] | ||
Recoverable customer E&D and tooling | 121.1 | 134.2 |
Other long-term assets | ||
Pre Production Costs Related to Long Term Supply Arrangements [Line Items] | ||
Recoverable customer E&D and tooling | $47.60 | $52.90 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Building and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 10 years |
Building and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 40 years |
Machinery and Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 5 years |
Machinery and Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | 10 years |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Summary of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Land | $105.20 | $113.40 |
Buildings and improvements | 523.5 | 532 |
Machinery and equipment | 1,847 | 1,645 |
Construction in progress | 186.9 | 155.2 |
Total property, plant and equipment | 2,662.60 | 2,445.60 |
Less – accumulated depreciation | -1,037.90 | -858.4 |
Net property, plant and equipment | $1,624.70 | $1,587.20 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Summary of Changes in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ||
Ending balance | $726.20 | $757.20 |
Seating | ||
Goodwill [Line Items] | ||
Beginning balance | 757.2 | 746.5 |
Foreign currency translation and other | -31 | 10.7 |
Ending balance | $726.20 | $757.20 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies - Summary of Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $246.30 | $255.80 |
Accumulated Amortization | -153.8 | -126.1 |
Net Carrying Value | 92.5 | 129.7 |
Weighted Average Useful Life (years) | 8 years 4 months 24 days | 8 years 1 month 6 days |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 31.4 | 32.7 |
Accumulated Amortization | -16.3 | -13 |
Net Carrying Value | 15.1 | 19.7 |
Weighted Average Useful Life (years) | 9 years | 8 years 10 months 24 days |
Customer-based | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 214.9 | 223.1 |
Accumulated Amortization | -137.5 | -113.1 |
Net Carrying Value | $77.40 | $110 |
Weighted Average Useful Life (years) | 8 years 2 months 12 days | 8 years |
Recovered_Sheet1
Summary of Significant Accounting Policies - Expected Annual Amortization Expense (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | |
2015 | $32.80 |
2016 | 28.7 |
2017 | 7.7 |
2018 | 5.9 |
2019 | $5.80 |
Recovered_Sheet2
Summary of Significant Accounting Policies - Summary of Other (Income) Expense, Net (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Income and Expenses [Abstract] | |||
Other expense | $82.40 | $59.90 | $33.90 |
Other income | -8.1 | -1.8 | -27.5 |
Other expense, net | $74.30 | $58.10 | $6.40 |
Recovered_Sheet3
Summary of Significant Accounting Policies - Summary of Information Used to Compute Basic Net Income Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Lear | $261.80 | $140.10 | $148.50 | $122 | $72.80 | $112.80 | $137.30 | $108.50 | $672.40 | $431.40 | $1,282.80 |
Average common shares outstanding | 80,187,516 | 85,094,889 | 98,388,228 | ||||||||
Basic net income per share attributable to Lear | $3.32 | $1.75 | $1.84 | $1.50 | $0.90 | $1.40 | $1.62 | $1.14 | $8.39 | $5.07 | $13.04 |
Recovered_Sheet4
Summary of Significant Accounting Policies - Summary of Information Used to Compute Diluted Net Income Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Lear | $261.80 | $140.10 | $148.50 | $122 | $72.80 | $112.80 | $137.30 | $108.50 | $672.40 | $431.40 | $1,282.80 |
Average common shares outstanding | 80,187,516 | 85,094,889 | 98,388,228 | ||||||||
Dilutive effect of common stock equivalents | 1,540,963 | 1,320,897 | 1,437,458 | ||||||||
Average diluted shares outstanding | 81,728,479 | 86,415,786 | 99,825,686 | ||||||||
Diluted net income per share attributable to Lear | $3.24 | $1.72 | $1.81 | $1.47 | $0.88 | $1.38 | $1.60 | $1.13 | $8.23 | $4.99 | $12.85 |
Recovered_Sheet5
Summary of Significant Accounting Policies - Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at end of year | ($502) | ($166.10) | |
Defined benefit plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of year | -104.5 | -249.9 | |
Reclassification adjustments | 0.2 | 11 | 4.2 |
Other comprehensive income (loss) recognized during the period | -114.9 | 134.4 | -15 |
Balance at end of year | -219.2 | -104.5 | -249.9 |
Derivative instruments and hedging activities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of year | -5.3 | 2.7 | |
Reclassification adjustments | -6.4 | -21 | 2 |
Other comprehensive income (loss) recognized during the period | -21.5 | 13 | 38.3 |
Balance at end of year | -33.2 | -5.3 | 2.7 |
Accumulated translation adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at end of year | ($249.60) | ($56.30) | ($53.60) |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-12 | Nov. 30, 2014 | Jan. 05, 2015 | Jan. 31, 2015 |
Business Acquisition [Line Items] | |||||||||||||||
Net sales | $4,549.70 | $4,232.70 | $4,585.10 | $4,359.80 | $4,256.10 | $3,917.70 | $4,113.10 | $3,947.10 | $17,727.30 | $16,234 | $14,567 | ||||
Guilford Mills | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquisition date | 31-May-12 | ||||||||||||||
Consideration transferred | 243.9 | ||||||||||||||
Acquisition related costs | 5 | ||||||||||||||
Eagle Ottawa | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Payments to Acquire Businesses, Gross | 350 | 350 | |||||||||||||
5.25% Senior Notes due 2025 | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Proceeds from issuance of debt | 650 | ||||||||||||||
5.25% Senior Notes due 2025 | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Long-term debt, stated coupon rate | 5.25% | 5.25% | |||||||||||||
Subsequent event | Eagle Ottawa | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business combination, transaction value | 850 | ||||||||||||||
Net sales | 1,000 | ||||||||||||||
Subsequent event | 5.25% Senior Notes due 2025 | Eagle Ottawa | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Proceeds from issuance of debt | 350 | ||||||||||||||
Subsequent event | Term Loan Facility | Eagle Ottawa | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Proceeds from issuance of debt | $500 |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $107 | $77.90 | $55.10 |
Cost of sales | 16,234.50 | 14,934.30 | 13,349.50 |
Selling, general and administrative expenses | 529.9 | 528.7 | 479.3 |
Other expense, net | -74.3 | -58.1 | -6.4 |
Restructuring, expected cost | 30.4 | ||
Restructuring charges excluding pension opeb charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 107 | 75.4 | 55.1 |
Restructuring charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Cost of sales | 86.8 | 52.6 | 44.8 |
Selling, general and administrative expenses | 19.2 | 25.3 | 10.4 |
Other expense, net | 1 | -0.1 | |
Employee termination benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 88.6 | 54.1 | 45.4 |
Asset impairments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.5 | 9.2 | 6 |
Contract termination costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.5 | 2.8 | 1.9 |
Pension benefit plan settlement charge | 2.5 | ||
Contract termination costs | Restructuring charges excluding pension opeb charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.5 | 0.3 | 1.9 |
Other related costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $17.40 | $11.80 | $1.80 |
Restructuring_Summary_of_Restr
Restructuring - Summary of Restructuring Activities (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Current year charges | $107 | $77.90 | $55.10 |
Restructuring charges excluding pension opeb charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrual as of beginning of period | 44.3 | 44.2 | 62.5 |
Current year charges | 107 | 75.4 | 55.1 |
Utilization cash | -100.6 | -66.1 | -67.4 |
Utilization non-cash | -0.5 | -9.2 | -6 |
Accrual as of end of period | 50.2 | 44.3 | 44.2 |
Employee termination benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrual as of beginning of period | 38.7 | 38.5 | 56.8 |
Current year charges | 88.6 | 54.1 | 45.4 |
Utilization cash | -53.9 | -63.7 | |
Accrual as of end of period | 38.7 | 38.5 | |
Employee termination benefits | Restructuring charges excluding pension opeb charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrual as of beginning of period | 38.7 | ||
Utilization cash | -82.2 | ||
Accrual as of end of period | 45.1 | ||
Asset impairments | |||
Restructuring Cost and Reserve [Line Items] | |||
Current year charges | 0.5 | 9.2 | 6 |
Utilization non-cash | -0.5 | -9.2 | -6 |
Contract termination costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Current year charges | 0.5 | 2.8 | 1.9 |
Contract termination costs | Restructuring charges excluding pension opeb charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Accrual as of beginning of period | 5.6 | 5.7 | 5.7 |
Current year charges | 0.5 | 0.3 | 1.9 |
Utilization cash | -1 | -0.4 | -1.9 |
Accrual as of end of period | 5.1 | 5.6 | 5.7 |
Other related costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Current year charges | 17.4 | 11.8 | 1.8 |
Utilization cash | ($17.40) | ($11.80) | ($1.80) |
Investments_in_Affiliates_and_2
Investments in Affiliates and Other Related Party Transactions - Beneficial Ownership in Affiliates Accounted for under Equity Method (Detail) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Shanghai Lear STEC Automotive Parts Co., Ltd. (China) | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 55.00% | 55.00% | 55.00% |
Beijing BAI Lear Automotive Systems Co., Ltd. (China) | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 50.00% | 50.00% | 50.00% |
Beijing Lear Automotive Electronics and Electrical Products Co., Ltd. (China) | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 50.00% | 50.00% | 50.00% |
Dong Kwang Lear Yuhan Hoesa (Korea) | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 50.00% | 50.00% | 50.00% |
Industrias Cousin Freres, S.L. (Spain) | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 50.00% | 50.00% | 50.00% |
Jiangxi Jiangling Lear Interior Systems Co., Ltd. (China) | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 50.00% | 50.00% | 50.00% |
Lear Dongfeng Automotive Seating Co., Ltd. (China) | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 50.00% | 50.00% | 50.00% |
Changchun Lear FAWSN Automotive Electrical and Electronics Co., Ltd. (China) | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 49.00% | 49.00% | 49.00% |
Changchun Lear FAWSN Automotive Seat Systems Co., Ltd. (China) | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 49.00% | 49.00% | 49.00% |
Honduras Electrical Distribution Systems S. de R.L. de C.V. (Honduras) | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 49.00% | 49.00% | 49.00% |
Kyungshin-Lear Sales and Engineering LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 49.00% | 49.00% | 49.00% |
Beijing Lear Dymos Automotive Systems Co., Ltd. (China) | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 40.00% | 40.00% | 40.00% |
Dymos Lear Automotive India Private Limited (India) | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 35.00% | 35.00% | 35.00% |
eLumigen, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 30.00% | 15.00% | 0.00% |
RevoLaze, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 20.00% | 20.00% | 0.00% |
HB Polymer Company, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 10.00% | 10.00% | 0.00% |
Tacle Seating USA, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 0.00% | 49.00% | 49.00% |
International Automotive Components Group North America, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage of affiliates | 0.00% | 0.00% | 23.00% |
Investments_in_Affiliates_and_3
Investments in Affiliates and Other Related Party Transactions - Summarized Group Financial Information for Affiliates Accounted for under Equity Method (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity Method Investment, Summarized Financial Information [Abstract] | |||
Current assets | $794.30 | $767.10 | |
Non-current assets | 183.4 | 143.5 | |
Current liabilities | 627.6 | 548.9 | |
Non-current liabilities | 5.6 | 5.8 | |
Net sales | 1,802.70 | 1,686.50 | 6,240.50 |
Gross profit | 129.3 | 121.9 | 452.6 |
Income (loss) before provision for income taxes | 117.8 | 110.1 | -109 |
Net income (loss) attributable to affiliates | $92.90 | $89 | ($76.10) |
Investments_in_Affiliates_and_4
Investments in Affiliates and Other Related Party Transactions - Summary of Transaction with Affiliates and Other Related Parties (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transactions [Abstract] | |||
Sales to affiliates | $214.70 | $145.10 | $93.10 |
Purchases from affiliates | 32.1 | 41.5 | 141.9 |
Management and other fees for services provided to affiliates | 24.5 | 22.3 | 23 |
Dividends received from affiliates | $25 | $17.60 | $14.40 |
Investments_in_Affiliates_and_5
Investments in Affiliates and Other Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||||
Investment in affiliates | $171.50 | $172 | |||
Due from affiliates | 75.5 | 74.2 | |||
Due to affiliates | 5.7 | 8.8 | |||
Tacle Seating USA, LLC | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment ownership interest | 49.00% | ||||
eLumigen, LLC | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment ownership interest | 30.00% | 15.00% | 0.00% | ||
International Automotive Components Group North America, LLC | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership interest sold | 22.88% | ||||
Proceeds from sale of equity investments | $49.60 | ||||
Equity method investment ownership interest | 0.00% | 0.00% | 23.00% |
Debt_Summary_of_LongTerm_Debt_
Debt - Summary of Long-Term Debt and Related Weighted Average Interest Rates (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt | $1,475 | $1,057.10 |
Less — Current portion | -243.7 | 0 |
Long-term debt | 1,475 | 1,057.10 |
7.875% Senior Notes due 2018 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 278.8 |
Weighted Average Interest Rate | 8.00% | |
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% |
4.75% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 500 | 500 |
Weighted Average Interest Rate | 4.75% | 4.75% |
5.375% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 325 | 0 |
Weighted Average Interest Rate | 5.38% | |
5.25% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $650 | $0 |
Weighted Average Interest Rate | 5.25% |
Debt_Summary_of_LongTerm_Debt_1
Debt - Summary of Long-Term Debt and Related Weighted Average Interest Rates, Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 24, 2012 | Mar. 29, 2014 |
Debt Instrument [Line Items] | ||||||
Repurchase of senior notes | $327.10 | $327.10 | $72.10 | $72.10 | ||
Compliance with covenants under Notes | As of December 31, 2014, the Company was in compliance with all covenants under the indentures governing the Notes. | |||||
7.875% Senior Notes due 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, stated coupon rate | 7.88% | 7.88% | ||||
Percentage of debt redemption | 10.00% | |||||
8.125% Senior Notes due 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, stated coupon rate | 8.13% | 8.13% | ||||
Percentage of debt redemption | 10.00% | 10.00% | ||||
Percentage of debt redemption price | 1.03% | |||||
Debt instrument, payment terms | Interest is payable on March 15 and September 15 of each year | |||||
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 provides for customary events of default. | |||||
4.75% Senior Notes due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, stated coupon rate | 4.75% | 4.75% | ||||
Debt instrument, payment terms | Interest is payable on January 15 and July 15 of each year | |||||
Debt instrument, redemption, description | Prior to January 15, 2016, the Company may redeem up to 35% of the aggregate principal amount of the 2023 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 104.75% 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 2023 Notes remains outstanding after the redemption and any such redemption is made within 90 days after the closing of such equity offering. Prior to January 15, 2018, the Company may redeem the 2023 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 | |||||
Description of notes restrictive covenants | Subject to certain exceptions, the indentures governing the 2023 Notes, 2024 Notes and 2025 Notes contain restrictive covenants that, among other things, limit the ability of the Company to: (i) create or permit certain liens and (ii) consolidate or merge or sell all or substantially all of the Company’s assets. In addition, the indentures governing the 2023 Notes and 2024 Notes limit the ability of the Company to enter into sale and leaseback transactions. The indentures governing the Notes also provide for customary events of default. | |||||
5.375% Senior Notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, stated coupon rate | 5.38% | |||||
Debt instrument, payment terms | Interest is payable on March 15 and September 15 of each year. | |||||
Debt instrument, 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 within 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. | |||||
Description of notes restrictive covenants | Subject to certain exceptions, the indentures governing the 2023 Notes, 2024 Notes and 2025 Notes contain restrictive covenants that, among other things, limit the ability of the Company to: (i) create or permit certain liens and (ii) consolidate or merge or sell all or substantially all of the Company’s assets. In addition, the indentures governing the 2023 Notes and 2024 Notes limit the ability of the Company to enter into sale and leaseback transactions. The indentures governing the Notes also provide for customary events of default. | |||||
5.25% Senior Notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, stated coupon rate | 5.25% | |||||
Debt instrument, payment terms | Interest is payable on January 15 and July 15 of each year. | |||||
Debt instrument, redemption, description | Prior to January 15, 2018, the Company may redeem up to 40% of the aggregate principal amount of the 2025 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 105.25% of the aggregate principal amount thereof, plus accrued and unpaid interest to the redemption date, provided that at least 50% of the original aggregate principal amount of the 2025 Notes remains outstanding after the redemption and any such redemption is made within 120 days after the closing of such equity offering. Prior to January 15, 2020, the Company may redeem the 2025 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. | |||||
Description of notes restrictive covenants | Subject to certain exceptions, the indentures governing the 2023 Notes, 2024 Notes and 2025 Notes contain restrictive covenants that, among other things, limit the ability of the Company to: (i) create or permit certain liens and (ii) consolidate or merge or sell all or substantially all of the Company’s assets. In addition, the indentures governing the 2023 Notes and 2024 Notes limit the ability of the Company to enter into sale and leaseback transactions. The indentures governing the Notes also provide for customary events of default. |
Debt_Redemption_Prices_Detail
Debt - Redemption Prices (Detail) | 0 Months Ended | 12 Months Ended |
Aug. 24, 2012 | Dec. 31, 2014 | |
8.125% Senior Notes due 2020 | ||
Debt Instrument [Line Items] | ||
Percentage of debt redemption price | 1.03% | |
4.75% Senior Notes due 2023 | Debt instrument redemption period one | ||
Debt Instrument [Line Items] | ||
Percentage of debt redemption price | 102.38% | |
4.75% Senior Notes due 2023 | Debt instrument redemption period two | ||
Debt Instrument [Line Items] | ||
Percentage of debt redemption price | 101.58% | |
4.75% Senior Notes due 2023 | Debt instrument redemption period three | ||
Debt Instrument [Line Items] | ||
Percentage of debt redemption price | 100.79% | |
4.75% Senior Notes due 2023 | Debt instrument redemption period four and thereafter | ||
Debt Instrument [Line Items] | ||
Percentage of debt redemption price | 100.00% | |
5.375% Senior Notes due 2024 | Debt instrument redemption period one | ||
Debt Instrument [Line Items] | ||
Percentage of debt redemption price | 102.69% | |
5.375% Senior Notes due 2024 | Debt instrument redemption period two | ||
Debt Instrument [Line Items] | ||
Percentage of debt redemption price | 101.79% | |
5.375% Senior Notes due 2024 | Debt instrument redemption period three | ||
Debt Instrument [Line Items] | ||
Percentage of debt redemption price | 100.90% | |
5.375% Senior Notes due 2024 | Debt instrument redemption period four and thereafter | ||
Debt Instrument [Line Items] | ||
Percentage of debt redemption price | 100.00% | |
5.25% Senior Notes due 2025 | Debt instrument redemption period one | ||
Debt Instrument [Line Items] | ||
Percentage of debt redemption price | 102.63% | |
5.25% Senior Notes due 2025 | Debt instrument redemption period two | ||
Debt Instrument [Line Items] | ||
Percentage of debt redemption price | 101.75% | |
5.25% Senior Notes due 2025 | Debt instrument redemption period three | ||
Debt Instrument [Line Items] | ||
Percentage of debt redemption price | 100.88% | |
5.25% Senior Notes due 2025 | Debt instrument redemption period four and thereafter | ||
Debt Instrument [Line Items] | ||
Percentage of debt redemption price | 100.00% |
Debt_Schedule_of_Long_Term_Mat
Debt - Schedule of Long Term Maturities (Details) (Subsequent event, Term Loan Facility, USD $) | Jan. 31, 2015 |
In Millions, unless otherwise specified | |
Subsequent event | Term Loan Facility | |
Debt Instrument [Line Items] | |
Repayments of principal 2015 | $254.40 |
Repayments of principal 2016 | 21.8 |
Repayments of principal 2017 | 34.4 |
Repayments of principal 2018 | 46.9 |
Repayments of principal 2019 | $37.50 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | ||||
Mar. 29, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2014 | Aug. 24, 2012 | Mar. 29, 2014 | Jan. 30, 2013 | Jan. 31, 2015 | Oct. 31, 2014 | |
Debt Instrument [Line Items] | |||||||||||
Repurchase of senior notes | ($327,100,000) | ($327,100,000) | ($72,100,000) | ($72,100,000) | |||||||
Loss on extinguishment of debt | 17,500,000 | 17,900,000 | 3,600,000 | 3,700,000 | |||||||
Payment for redemption of aggregate principal amount | 70,000,000 | ||||||||||
Compliance with covenants under Notes | As of December 31, 2014, the Company was in compliance with all covenants under the indentures governing the Notes. | ||||||||||
Percentage owned, domestic subsidiaries | 1 | ||||||||||
Line of credit facility, covenants and restrictions | The Credit Agreement 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. | ||||||||||
5.25% Senior Notes due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from issuance of debt | 650,000,000 | ||||||||||
Debt issuance cost | 8,400,000 | ||||||||||
Term Loan Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, aggregate principal amount | 500,000,000 | ||||||||||
Line of credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Borrowings under revolving credit facility | 22,000,000 | ||||||||||
Repayments under revolving credit facility | 22,000,000 | 518,700,000 | |||||||||
Line of credit facility, compliance with covenants | As of December 31, 2014, the Company was in compliance with all covenants under the credit agreement. | ||||||||||
Line of credit | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, facility fee | 0.25% | ||||||||||
Line of credit | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, facility fee | 0.50% | ||||||||||
Line of credit | Domestic subsidiaries | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of stock secured on a first priority basis | 100.00% | 100.00% | |||||||||
Line of credit | Foreign subsidiaries | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of stock secured on a first priority basis | 65.00% | 65.00% | |||||||||
Line of credit | Eurodollar | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Minimum interest rate margin | 1.00% | ||||||||||
Maximum interest rate margin | 2.25% | ||||||||||
Line of credit facility, interest rate at period end | 1.50% | 1.50% | |||||||||
Line of credit | Base Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Minimum interest rate margin | 0.00% | ||||||||||
Maximum interest rate margin | 1.25% | ||||||||||
Line of credit facility, interest rate at period end | 0.50% | 0.50% | |||||||||
Other short-term borrowings | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility borrowing capacity | 5,300,000 | 5,300,000 | 5,400,000 | ||||||||
7.875% Senior Notes due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated coupon rate | 7.88% | 7.88% | 7.88% | ||||||||
Long-term debt, yield to maturity | 8.00% | ||||||||||
Percentage of debt redemption | 10.00% | ||||||||||
Redemption price equal to percentage of principal amount redeemed | 103.00% | ||||||||||
Payment for redemption of aggregate principal amount | 280,000,000 | 280,000,000 | 70,000,000 | ||||||||
8.125% Senior Notes due 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, aggregate principal amount | 245,000,000 | 245,000,000 | |||||||||
Stated coupon rate | 8.13% | 8.13% | 8.13% | ||||||||
Long-term debt, price | 99.16% | 99.16% | |||||||||
Long-term debt, yield to maturity | 8.25% | 8.25% | 8.25% | ||||||||
Percentage of debt redemption | 10.00% | 10.00% | |||||||||
Percentage of debt redemption price | 1.03% | ||||||||||
Payment for redemption of aggregate principal amount | 35,000,000 | 35,000,000 | |||||||||
Debt instrument, payment terms | Interest is payable on March 15 and September 15 of each year | ||||||||||
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 provides for customary events of default. | ||||||||||
4.75% Senior Notes due 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, aggregate principal amount | 500,000,000 | 500,000,000 | |||||||||
Stated coupon rate | 4.75% | 4.75% | 4.75% | ||||||||
Long-term debt, yield to maturity | 4.75% | 4.75% | 4.75% | ||||||||
Proceeds from issuance of debt | 500,000,000 | ||||||||||
Debt issuance cost | 7,400,000 | ||||||||||
Debt instrument, payment terms | Interest is payable on January 15 and July 15 of each year | ||||||||||
Description of notes restrictive covenants | Subject to certain exceptions, the indentures governing the 2023 Notes, 2024 Notes and 2025 Notes contain restrictive covenants that, among other things, limit the ability of the Company to: (i) create or permit certain liens and (ii) consolidate or merge or sell all or substantially all of the Company’s assets. In addition, the indentures governing the 2023 Notes and 2024 Notes limit the ability of the Company to enter into sale and leaseback transactions. The indentures governing the Notes also provide for customary events of default. | ||||||||||
4.75% Senior Notes due 2023 | Prior to January 15, 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior notes, redemption price percentage, make whole premium | 100.00% | 100.00% | |||||||||
4.75% Senior Notes due 2023 | Prior to January 15, 2016 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of debt redemption price | 104.75% | ||||||||||
Senior notes, redeemable percentage of the aggregate principal amount of the Notes in equity offerings | 35.00% | ||||||||||
Outstanding original aggregate principal amount | 65.00% | ||||||||||
8.125% Senior Notes due 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of debt redemption | 10.00% | ||||||||||
Percentage of debt redemption price | 104.06% | ||||||||||
Restricted cash, current | 250,000,000 | 250,000,000 | |||||||||
5.375% Senior Notes due 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, aggregate principal amount | 325,000,000 | 325,000,000 | |||||||||
Stated coupon rate | 5.38% | 5.38% | |||||||||
Long-term debt, yield to maturity | 5.38% | 5.38% | |||||||||
Proceeds from issuance of debt | 325,000,000 | ||||||||||
Debt issuance cost | 3,900,000 | ||||||||||
Debt instrument, payment terms | Interest is payable on March 15 and September 15 of each year. | ||||||||||
Description of notes restrictive covenants | Subject to certain exceptions, the indentures governing the 2023 Notes, 2024 Notes and 2025 Notes contain restrictive covenants that, among other things, limit the ability of the Company to: (i) create or permit certain liens and (ii) consolidate or merge or sell all or substantially all of the Company’s assets. In addition, the indentures governing the 2023 Notes and 2024 Notes limit the ability of the Company to enter into sale and leaseback transactions. The indentures governing the Notes also provide for customary events of default. | ||||||||||
5.375% Senior Notes due 2024 | Prior to March 15, 2017 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of debt redemption price | 105.38% | ||||||||||
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 years | ||||||||||
5.375% Senior Notes due 2024 | Prior to March 15, 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of debt redemption price | 100.00% | ||||||||||
5.25% Senior Notes due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, aggregate principal amount | 650,000,000 | 650,000,000 | |||||||||
Stated coupon rate | 5.25% | 5.25% | |||||||||
Long-term debt, yield to maturity | 5.25% | 5.25% | |||||||||
Debt instrument, payment terms | Interest is payable on January 15 and July 15 of each year. | ||||||||||
Description of notes restrictive covenants | Subject to certain exceptions, the indentures governing the 2023 Notes, 2024 Notes and 2025 Notes contain restrictive covenants that, among other things, limit the ability of the Company to: (i) create or permit certain liens and (ii) consolidate or merge or sell all or substantially all of the Company’s assets. In addition, the indentures governing the 2023 Notes and 2024 Notes limit the ability of the Company to enter into sale and leaseback transactions. The indentures governing the Notes also provide for customary events of default. | ||||||||||
5.25% Senior Notes due 2025 | Prior to January 15, 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of debt redemption price | 100.00% | ||||||||||
Redemption of notes | 120 days | ||||||||||
5.25% Senior Notes due 2025 | Prior to January 15, 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of debt redemption price | 105.25% | ||||||||||
Senior notes, redeemable percentage of the aggregate principal amount of the Notes in equity offerings | 40.00% | ||||||||||
Outstanding original aggregate principal amount | 50.00% | ||||||||||
Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility borrowing capacity | 1,250,000,000 | 1,000,000,000 | |||||||||
Loss on extinguishment of debt | 400,000 | ||||||||||
Debt issuance cost | 5,800,000 | ||||||||||
Term Loan Facility | Eurodollar | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Minimum interest rate margin | 1.25% | ||||||||||
Maximum interest rate margin | 2.25% | ||||||||||
Term Loan Facility | Base Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Minimum interest rate margin | 0.25% | ||||||||||
Maximum interest rate margin | 1.25% | ||||||||||
Subsequent event | Eagle Ottawa | 5.25% Senior Notes due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from issuance of debt | 350,000,000 | ||||||||||
Subsequent event | Eagle Ottawa | Term Loan Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from issuance of debt | $500,000,000 |
Income_Taxes_Summary_of_Consol
Income Taxes - Summary of Consolidated Income (Loss) Before Provision (Benefit) for Income Taxes and Equity in Net (Income) Loss of Affiliates and Components of Provision (Benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates: | |||
Domestic | $228 | $218.50 | $289.30 |
Foreign | 559.4 | 391.6 | 359.6 |
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates | 787.4 | 610.1 | 648.9 |
Domestic provision (benefit) for income taxes: | |||
Current provision (benefit) | 24.3 | 16.8 | -4.1 |
Deferred provision (benefit) | 47 | 64.9 | -720.8 |
Total domestic provision (benefit) | 71.3 | 81.7 | -724.9 |
Foreign provision for income taxes: | |||
Current provision | 155.1 | 130.5 | 59.8 |
Deferred provision (benefit) | -105 | -19.5 | 27.1 |
Total foreign provision | 50.1 | 111 | 86.9 |
Provision (benefit) for income taxes | $121.40 | $192.70 | ($638) |
Income_Taxes_Income_Taxes_Addi
Income Taxes - Income Taxes - Additional information (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 01, 2034 | Jan. 01, 2015 | |
Income Taxes [Line Items] | ||||||
Domestic provision (benefit) | $71,300,000 | $81,700,000 | ($724,900,000) | |||
Unrecognized net operating loss carryforwards, domestic | 104,800,000 | |||||
Unrecognized net operating loss carryforwards, foreign | 10,000,000 | 4,100,000 | 4,600,000 | |||
U.S. federal statutory income tax rate | 35.00% | |||||
Foreign jurisdictions income with tax holidays | 57,600,000 | 73,700,000 | 99,200,000 | |||
Valuation allowance | 508,500,000 | 642,600,000 | ||||
Net increase of valuation allowance | 134,100,000 | |||||
Undistributed earnings on which deferred tax liability is not provided | 1,200,000,000 | |||||
Tax loss carryforwards | 2,000,000,000 | |||||
Tax loss carryforwards with no expiration date | 1,794,000,000 | |||||
Tax loss carryforwards with expiration date | 252,900,000 | |||||
Tax credit carryforwards | 419,000,000 | 437,200,000 | ||||
Decrease in deferred tax asset related to domestic net operating loss carryforwards | 23,200,000 | |||||
Unrecognized income tax benefits that, if recognized, would affect the effective tax rate | 39,700,000 | 31,900,000 | ||||
Unrecognized tax benefits | 39,700,000 | 45,200,000 | 34,400,000 | 49,400,000 | ||
Unrecognized tax benefits, interest and penalties | 6,100,000 | 6,700,000 | ||||
Interest and penalties, that if recognized would affect effective tax rate | 6,100,000 | 6,600,000 | ||||
Decrease in unrecognized tax benefits, reasonably possible during the next twelve months | 600,000 | |||||
Discrete tax benefit related to research and development credits | 3,400,000 | |||||
Certain transfer pricing items | ||||||
Income Taxes [Line Items] | ||||||
Domestic provision (benefit) | -24,200,000 | |||||
U.S. | ||||||
Income Taxes [Line Items] | ||||||
Valuation allowance | 35,200,000 | |||||
International jurisdictions | ||||||
Income Taxes [Line Items] | ||||||
Valuation allowance | 473,300,000 | |||||
State and local jurisdiction | ||||||
Income Taxes [Line Items] | ||||||
Year after which the Company or its subsidiaries subject to income tax examination | 2009 | |||||
Mexico and Spain | ||||||
Income Taxes [Line Items] | ||||||
Year after which the Company or its subsidiaries subject to income tax examination | 2006 | |||||
Canada and Italy | ||||||
Income Taxes [Line Items] | ||||||
Year after which the Company or its subsidiaries subject to income tax examination | 2009 | |||||
Brazil, Hungary and Poland | ||||||
Income Taxes [Line Items] | ||||||
Year after which the Company or its subsidiaries subject to income tax examination | 2008 | |||||
China and Germany | ||||||
Income Taxes [Line Items] | ||||||
Year after which the Company or its subsidiaries subject to income tax examination | 2010 | |||||
United States | ||||||
Income Taxes [Line Items] | ||||||
Year after which the Company or its subsidiaries subject to income tax examination | 2013 | |||||
Accrued liabilities | ||||||
Income Taxes [Line Items] | ||||||
Unrecognized tax benefits | 600,000 | |||||
Minimum | ||||||
Income Taxes [Line Items] | ||||||
Income tax holiday, termination date | 2015 | |||||
Maximum | ||||||
Income Taxes [Line Items] | ||||||
Income tax holiday, termination date | 2027 | |||||
Scenario, Forecast [Member] | ||||||
Income Taxes [Line Items] | ||||||
Tax credit carryforwards | $0 | $442,200,000 |
Income_Taxes_Summary_of_Differ
Income Taxes - Summary of Difference Between Provision (Benefit) for Income Taxes Calculated at United States Federal Statutory Income Tax Rate and Consolidated Provision (Benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates multiplied by the United States federal statutory income tax rate | $275.60 | $213.50 | $227.10 |
Differences in income taxes on foreign earnings, losses and remittances | -47.8 | -38.7 | 1.8 |
Valuation allowance adjustments | -74.2 | 0.2 | -764.5 |
Tax credits | -0.7 | -16.4 | -43.5 |
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount | -12.8 | 2.7 | -48.7 |
Other | -18.7 | 31.4 | -10.2 |
Provision (benefit) for income taxes | $121.40 | $192.70 | ($638) |
Income_Taxes_Summary_of_Compon
Income Taxes - Summary of Components of Net Deferred Income Tax Asset (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred income tax assets: | ||
Tax loss carryforwards | $588.90 | $690.50 |
Tax credit carryforwards | 419 | 437.2 |
Retirement benefit plans | 119.8 | 74.3 |
Accrued liabilities | 136.7 | 133.9 |
Self-insurance reserves | 8.6 | 9.5 |
Current asset basis differences | 38.7 | 38.8 |
Long-term asset basis differences | -48.7 | -64.5 |
Deferred compensation | 48.3 | 40.9 |
Recoverable customer engineering, development and tooling | -12.1 | -22.2 |
Undistributed earnings of foreign subsidiaries | -54.2 | -54.3 |
Derivative instruments and hedging | 12.5 | -1.6 |
Other | 1.4 | -0.8 |
Deferred tax assets, gross, total | 1,258.90 | 1,281.70 |
Valuation allowance | -508.5 | -642.6 |
Net deferred income tax asset | $750.40 | $639.10 |
Income_Taxes_Classification_Of
Income Taxes - Classification Of Net Defered Income Tax Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred income tax assets: | ||
Current | $210.80 | $187.40 |
Long-term | 606.4 | 535.9 |
Deferred income tax liabilities: | ||
Current | -9.6 | -23.1 |
Long-term | -57.2 | -61.1 |
Deferred Tax Assets, Net | $750.40 | $639.10 |
Income_Taxes_Summary_of_Change
Income Taxes - Summary of Changes in Gross Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of period | $45.20 | $34.40 | $49.40 |
Additions based on tax positions related to current year | 5.6 | 5 | 5.2 |
Additions (reductions) based on tax positions related to prior years | -1.8 | 14.3 | -18.5 |
Settlements | -6.5 | -6.7 | 0 |
Statute expirations | 0 | -0.8 | -1.8 |
Foreign currency translation | -2.8 | -1 | 0.1 |
Balance at end of period | $39.70 | $45.20 | $34.40 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefit Plans - Pension and Other Postretirement Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Agreement | |||
Y | |||
CompensationPlan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Services completed by employees for eligibility, retiring age | 55 | ||
Accumulated benefit obligation | $1,192.70 | $1,031.70 | |
Projected benefit obligation of pension plans with accumulated benefit obligations in excess of plan assets | 930.4 | 731.1 | |
Accumulated benefit obligation of pension plans with accumulated benefit obligations in excess of plan assets | 912.5 | 717.5 | |
Fair value of plan assets of pension plans with accumulated benefit obligations in excess of plan assets | 608.5 | 542.3 | |
Tax benefits (expense) related to defined benefit plans recognized in other comprehensive income (loss) | 56.5 | -70.1 | 2.8 |
Postretirement benefit obligation effect of 1% increase in the assumed rate of healthcare cost | 20 | ||
Net periodic postretirement benefit cost effect of 1% increase in the assumed rate of healthcare cost | 1.1 | ||
Postretirement benefit obligation effect of 1% decrease in the assumed rate of healthcare cost | 16 | ||
Net periodic postretirement benefit cost effect of 1% decrease in the assumed rate of healthcare cost | 0.9 | ||
Multi-employer pension plans | 2 | ||
Number of collective bargaining agreements | 3 | ||
Collective bargaining agreements expiration date | 1-Jul-16 | ||
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date, First | 23-Apr-15 | ||
Defined contribution expense | 12 | 11.1 | 7.6 |
U.S. Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss | 0.1 | 0 | 0.6 |
U.S. Pension | Equity securities: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target percentage of asset allocation | 50.00% | ||
Maximum target percentage of asset allocation | 75.00% | ||
U.S. Pension | Debt securities: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target percentage of asset allocation | 15.00% | ||
Maximum target percentage of asset allocation | 40.00% | ||
U.S. Pension | Alternative Investment Allocation | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target percentage of asset allocation | 0.00% | ||
Maximum target percentage of asset allocation | 30.00% | ||
U.S. Pension | Cash and other: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target percentage of asset allocation | 0.00% | ||
Maximum target percentage of asset allocation | 10.00% | ||
Foreign Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss | 0 | 2.5 | 0 |
Foreign Pension | Equity securities: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target percentage of asset allocation | 45.00% | ||
Maximum target percentage of asset allocation | 65.00% | ||
Foreign Pension | Debt securities: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target percentage of asset allocation | 30.00% | ||
Maximum target percentage of asset allocation | 40.00% | ||
Foreign Pension | Alternative Investment Allocation | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target percentage of asset allocation | 0.00% | ||
Maximum target percentage of asset allocation | 20.00% | ||
Foreign Pension | Cash and other: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target percentage of asset allocation | 0.00% | ||
Maximum target percentage of asset allocation | 10.00% | ||
Pension Plans, Defined Benefit | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated employer's contribution towards defined benefit plan in 2014 | 25 | ||
Pension Plans, Defined Benefit | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated employer's contribution towards defined benefit plan in 2014 | 30 | ||
U.S. Other Postretirement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss | 0 | 0 | -5.4 |
Healthcare costs trend rate assumed in 2013 | 7.10% | ||
Healthcare costs trend rate grading down over time | 4.50% | ||
Foreign Other Postretirement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss | 0 | -5.9 | 0 |
Healthcare costs trend rate assumed in 2013 | 5.30% | ||
Healthcare costs trend rate grading down over time | 4.50% | ||
Contract termination costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement loss | 2.5 | ||
Defined Contribution Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution expense | $17.80 | $16.40 | $13.40 |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefit Plans - Reconciliation of Change in Benefit Obligation and Change in Plan Assets (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. Pension | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | $586.70 | $656.30 | |
Service cost | 3.7 | 2.9 | 3.2 |
Interest cost | 28.5 | 26.2 | 25.4 |
Amendments and settlements | 0 | 0 | |
Actuarial (gain) loss | 119.8 | -79.9 | |
Benefits paid | -20.9 | -18.8 | |
Special termination benefits | 0 | 0 | |
Translation adjustment | 0 | 0 | |
Benefit obligation at end of period | 717.8 | 586.7 | 656.3 |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 503.5 | 417.6 | |
Actual return on plan assets | 34.2 | 79.1 | |
Employer contributions | 2.4 | 25.6 | |
Benefits paid | -20.9 | -18.8 | |
Settlements | 0 | 0 | |
Translation adjustment | 0 | 0 | |
Fair value of plan assets at end of period | 519.2 | 503.5 | 417.6 |
Funded status | -198.6 | -83.2 | |
Amounts recognized in the consolidated balance sheet: | |||
Other long-term assets | 0 | 0.3 | |
Accrued liabilities | -2.5 | -2.3 | |
Other long-term liabilities | -196.1 | -81.2 | |
Foreign Pension | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 459.5 | 509.2 | |
Service cost | 8.8 | 10.2 | 9.6 |
Interest cost | 20.4 | 20.7 | 21 |
Amendments and settlements | 0 | -13.8 | |
Actuarial (gain) loss | 66.5 | -24.3 | |
Benefits paid | -22.4 | -22.8 | |
Special termination benefits | 0 | 0.1 | |
Translation adjustment | -39.8 | -19.8 | |
Benefit obligation at end of period | 493 | 459.5 | 509.2 |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 417 | 390.6 | |
Actual return on plan assets | 40.7 | 57.6 | |
Employer contributions | 15.2 | 27.4 | |
Benefits paid | -22.4 | -22.8 | |
Settlements | 0 | -13.8 | |
Translation adjustment | -35.4 | -22 | |
Fair value of plan assets at end of period | 415.1 | 417 | 390.6 |
Funded status | -77.9 | -42.5 | |
Amounts recognized in the consolidated balance sheet: | |||
Other long-term assets | 45.5 | 62.7 | |
Accrued liabilities | -3 | -3.5 | |
Other long-term liabilities | -120.4 | -101.7 | |
U.S. Other Postretirement | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 91.6 | 102 | |
Service cost | 0.2 | 0.1 | 0.5 |
Interest cost | 4 | 3.6 | 4.4 |
Amendments and settlements | 0 | 0 | |
Actuarial (gain) loss | -8 | -8.4 | |
Benefits paid | -4.5 | -5.7 | |
Special termination benefits | 0 | 0 | |
Translation adjustment | 0 | 0 | |
Benefit obligation at end of period | 83.3 | 91.6 | 102 |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 4.5 | 5.7 | |
Benefits paid | -4.5 | -5.7 | |
Settlements | 0 | 0 | |
Translation adjustment | 0 | 0 | |
Fair value of plan assets at end of period | 0 | 0 | 0 |
Funded status | -83.3 | -91.6 | |
Amounts recognized in the consolidated balance sheet: | |||
Other long-term assets | 0 | 0 | |
Accrued liabilities | -5.1 | -6.9 | |
Other long-term liabilities | -78.2 | -84.7 | |
Foreign Other Postretirement | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 42.4 | 73.8 | |
Service cost | 0.9 | 1.1 | 1 |
Interest cost | 2 | 2 | 3.2 |
Amendments and settlements | 0 | -25.5 | |
Actuarial (gain) loss | 6.9 | -2.5 | |
Benefits paid | -2.6 | -2.4 | |
Special termination benefits | 0.8 | 0.8 | |
Translation adjustment | -3.6 | -4.9 | |
Benefit obligation at end of period | 46.8 | 42.4 | 73.8 |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 2.6 | 2.4 | |
Benefits paid | -2.6 | -2.4 | |
Settlements | 0 | 0 | |
Translation adjustment | 0 | 0 | |
Fair value of plan assets at end of period | 0 | 0 | 0 |
Funded status | -46.8 | -42.4 | |
Amounts recognized in the consolidated balance sheet: | |||
Other long-term assets | 0 | 0 | |
Accrued liabilities | -2 | -2.3 | |
Other long-term liabilities | ($44.80) | ($40.10) |
Pension_and_Other_Postretireme4
Pension and Other Postretirement Benefit Plans - Amounts Recognized in Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Actuarial gains (losses) recognized: | |||
Reclassification adjustments | $0.10 | $15.40 | $5.40 |
U.S. Pension | |||
Actuarial gains (losses) recognized: | |||
Reclassification adjustments | 0.3 | -4.1 | |
Actuarial gain (loss) arising during the period | -123.6 | 126.6 | |
Prior service cost recognized: | |||
Reclassification adjustments | 0 | 0 | |
Translation adjustment | 0 | 0 | |
Other comprehensive (income) loss, pension and other postretirement benefit plans, adjustment, before tax, total | -123.9 | 130.7 | |
Foreign Pension | |||
Actuarial gains (losses) recognized: | |||
Reclassification adjustments | -1.4 | -8.9 | |
Actuarial gain (loss) arising during the period | -53.4 | 55.9 | |
Prior service cost recognized: | |||
Reclassification adjustments | 0 | 0 | |
Translation adjustment | 4.5 | 6.6 | |
Other comprehensive (income) loss, pension and other postretirement benefit plans, adjustment, before tax, total | -47.5 | 71.4 | |
U.S. Other Postretirement | |||
Actuarial gains (losses) recognized: | |||
Reclassification adjustments | 0.7 | 0.1 | |
Actuarial gain (loss) arising during the period | 8 | 8.4 | |
Prior service cost recognized: | |||
Reclassification adjustments | 0 | 0 | |
Translation adjustment | 0 | 0 | |
Other comprehensive (income) loss, pension and other postretirement benefit plans, adjustment, before tax, total | 7.3 | 8.3 | |
Foreign Other Postretirement | |||
Actuarial gains (losses) recognized: | |||
Reclassification adjustments | -0.1 | -2.9 | |
Actuarial gain (loss) arising during the period | -6.9 | 2.5 | |
Prior service cost recognized: | |||
Reclassification adjustments | -0.4 | -0.4 | |
Translation adjustment | 0.2 | 0.5 | |
Other comprehensive (income) loss, pension and other postretirement benefit plans, adjustment, before tax, total | ($7) | $5.50 |
Pension_and_Other_Postretireme5
Pension and Other Postretirement Benefit Plans - Amounts Recorded in Accumulated Other Comprehensive Loss Not Yet Recognized in Net Periodic Benefit Cost (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
U.S. Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net unrecognized actuarial gain (loss) | ($138.10) | ($14.20) |
Prior service credit | 0 | 0 |
Pension and other postretirement benefit plans, accumulated other comprehensive income (loss), before tax, total | -138.1 | -14.2 |
Foreign Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net unrecognized actuarial gain (loss) | -97.6 | -50.1 |
Prior service credit | 0 | 0 |
Pension and other postretirement benefit plans, accumulated other comprehensive income (loss), before tax, total | -97.6 | -50.1 |
U.S. Other Postretirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net unrecognized actuarial gain (loss) | 11.7 | 4.4 |
Prior service credit | 0 | 0 |
Pension and other postretirement benefit plans, accumulated other comprehensive income (loss), before tax, total | 11.7 | 4.4 |
Foreign Other Postretirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net unrecognized actuarial gain (loss) | -11.3 | -4.9 |
Prior service credit | 1.9 | 2.5 |
Pension and other postretirement benefit plans, accumulated other comprehensive income (loss), before tax, total | ($9.40) | ($2.40) |
Pension_and_Other_Postretireme6
Pension and Other Postretirement Benefit Plans - Pretax Amounts Recorded in Accumulated Other Comprehensive Loss That Are Expected To Be Recognized As Components of Net Periodic Benefit Cost in Next Fiscal Year (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
U.S. Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
Net unrecognized actuarial gain (loss) | ($2.60) |
Prior service credit | 0 |
Total amounts recorded in accumulated other comprehensive loss that is expected to be recognized in the subsequent year | -2.6 |
Foreign Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
Net unrecognized actuarial gain (loss) | -3 |
Prior service credit | 0 |
Total amounts recorded in accumulated other comprehensive loss that is expected to be recognized in the subsequent year | -3 |
U.S. Other Postretirement | |
Defined Benefit Plan Disclosure [Line Items] | |
Net unrecognized actuarial gain (loss) | 1.2 |
Prior service credit | 0 |
Total amounts recorded in accumulated other comprehensive loss that is expected to be recognized in the subsequent year | 1.2 |
Foreign Other Postretirement | |
Defined Benefit Plan Disclosure [Line Items] | |
Net unrecognized actuarial gain (loss) | -0.6 |
Prior service credit | 0.4 |
Total amounts recorded in accumulated other comprehensive loss that is expected to be recognized in the subsequent year | ($0.20) |
Pension_and_Other_Postretireme7
Pension and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Costs (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $3.70 | $2.90 | $3.20 |
Interest cost | 28.5 | 26.2 | 25.4 |
Expected return on plan assets | -38.1 | -32.4 | -28.4 |
Amortization of actuarial loss | -0.3 | 4.1 | 3.9 |
Settlement loss | 0.1 | 0 | 0.6 |
Net periodic benefit cost (credit) | -6.1 | 0.8 | 4.7 |
Foreign Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 8.8 | 10.2 | 9.6 |
Interest cost | 20.4 | 20.7 | 21 |
Expected return on plan assets | -27 | -25.1 | -23.1 |
Amortization of actuarial loss | 1.3 | 6.4 | 5.8 |
Settlement loss | 0 | 2.5 | 0 |
Net periodic benefit cost (credit) | 3.5 | 14.7 | 13.3 |
U.S. Other Postretirement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 0.2 | 0.1 | 0.5 |
Interest cost | 4 | 3.6 | 4.4 |
Amortization of actuarial loss | -0.7 | -0.1 | 0.3 |
Amortization of prior service credit | 0 | 0 | 0 |
Special termination benefits | 0 | 0 | 0 |
Settlement loss | 0 | 0 | -5.4 |
Net periodic benefit cost (credit) | 3.5 | 3.6 | -0.2 |
Foreign Other Postretirement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 0.9 | 1.1 | 1 |
Interest cost | 2 | 2 | 3.2 |
Amortization of actuarial loss | 0.1 | 0.3 | 0.3 |
Amortization of prior service credit | -0.4 | -0.4 | -0.2 |
Special termination benefits | 0.8 | 0.7 | 0.4 |
Settlement loss | 0 | -5.9 | 0 |
Net periodic benefit cost (credit) | $3.40 | ($2.20) | $4.70 |
Pension_and_Other_Postretireme8
Pension and Other Postretirement Benefit Plans - Weighted Average Actuarial Assumptions Used (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. Pension | |||
Weighted average actuarial assumptions used in determining the benefit obligations | |||
Discount rate | 4.10% | 5.00% | |
Weighted average actuarial assumptions used in determining the net periodic benefit cost | |||
Discount rate | 5.00% | 4.10% | 4.50% |
Expected return on plan assets | 7.80% | 8.00% | 8.00% |
Foreign Pension | |||
Weighted average actuarial assumptions used in determining the benefit obligations | |||
Discount rate | 3.60% | 4.60% | |
Rate of compensation increase | 3.10% | 4.10% | |
Weighted average actuarial assumptions used in determining the net periodic benefit cost | |||
Discount rate | 4.70% | 4.30% | 4.80% |
Expected return on plan assets | 6.70% | 6.70% | 6.70% |
Rate of compensation increase | 3.40% | 4.80% | 5.20% |
U.S. Other Postretirement | |||
Weighted average actuarial assumptions used in determining the benefit obligations | |||
Discount rate | 3.90% | 4.50% | |
Weighted average actuarial assumptions used in determining the net periodic benefit cost | |||
Discount rate | 4.50% | 3.70% | 4.00% |
Foreign Other Postretirement | |||
Weighted average actuarial assumptions used in determining the benefit obligations | |||
Discount rate | 4.00% | 5.00% | |
Weighted average actuarial assumptions used in determining the net periodic benefit cost | |||
Discount rate | 5.00% | 4.40% | 4.50% |
Pension_and_Other_Postretireme9
Pension and Other Postretirement Benefit Plans - Pension Plan Assets by Asset Category (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
U.S. Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets | $519.20 | $503.50 | $417.60 |
Foreign Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets | 415.1 | 417 | 390.6 |
Equity securities: | U.S. Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets | 317.7 | 321.2 | |
Equity securities: | Foreign Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets | 238.9 | 237.4 | |
Debt securities: | U.S. Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets | 137.9 | 114.6 | |
Debt securities: | Foreign Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets | 136.8 | 125.7 | |
Alternative investments: | U.S. Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets | 53.7 | 51 | |
Alternative investments: | Foreign Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets | 33.1 | 31.5 | |
Cash and other: | U.S. Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets | 9.9 | 16.7 | |
Cash and other: | Foreign Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets | $6.30 | $22.40 |
Recovered_Sheet6
Pension and Other Postretirement Benefit Plans - Expected Future Benefit Payments (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
U.S. Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $24.20 |
2016 | 25.3 |
2017 | 26.2 |
2018 | 27.5 |
2019 | 28.9 |
Five years thereafter | 165 |
Foreign Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 19 |
2016 | 19.3 |
2017 | 19.8 |
2018 | 20.2 |
2019 | 20.6 |
Five years thereafter | 120.6 |
U.S. Other Postretirement | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 5.1 |
2016 | 5.2 |
2017 | 5.3 |
2018 | 5.4 |
2019 | 5.5 |
Five years thereafter | 26.7 |
Foreign Other Postretirement | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 2 |
2016 | 1.3 |
2017 | 1.4 |
2018 | 1.5 |
2019 | 1.5 |
Five years thereafter | $10.20 |
Recovered_Sheet7
Pension and Other Postretirement Benefit Plans - Information Related to Multi-Employer Pension Plans (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
516099782-001 | |||
Multiemployer Plans [Line Items] | |||
Employer identification number | 516099782 | ||
Multiemployer plan number | 1 | ||
Pension protection act zone status certification | Green | Green | |
FIP/RP pending or implemented | No | ||
Surcharge | No | ||
Contributions to multiemployer pension plan | $0.60 | $0.40 | $0.50 |
13-6130178 | |||
Multiemployer Plans [Line Items] | |||
Employer identification number | 136130178 | ||
Pension protection act zone status certification | Red | Red | |
FIP/RP pending or implemented | Implemented | Implemented | |
Surcharge | Yes | ||
Contributions to multiemployer pension plan | $0.30 | $0.20 | $0.10 |
Capital_Stock_and_Equity_Capit
Capital Stock and Equity - Capital Stock and Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 48 Months Ended | |||||||||||||
Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Nov. 09, 2009 | Mar. 31, 2014 | Apr. 25, 2013 | |
Vote | Vote | Vote | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | |||||||||||
Common stock holders voting right, vote per outstanding share | 1 | 1 | 1 | |||||||||||||
Common stock, aggregate authorized repurchase amount | $2,250,000,000 | $2,250,000,000 | $2,250,000,000 | |||||||||||||
Amount paid in accelerated stock repurchase agreement | 55,500,000 | |||||||||||||||
Common stock, repurchased | 3,805,114 | 15,533,758 | 5,357,443 | |||||||||||||
Common stock, share repurchase program amount | 338,600,000 | 338,600,000 | 338,600,000 | |||||||||||||
Common stock, at an average purchase price excluding commission | $93.52 | $54.08 | $41.59 | $61.97 | ||||||||||||
Repurchase of common stock | 411,400,000 | 1,000,100,000 | 222,800,000 | 1,900,000,000 | ||||||||||||
Treasury stock, shares retired | 8,000,000 | 20,000,000 | ||||||||||||||
Cash dividends declared per share | $0.20 | $0.20 | $0.20 | $0.20 | $0.17 | $0.17 | $0.17 | $0.17 | $0.14 | |||||||
Dividends declared to Lear Corporation stockholders | 67,100,000 | 59,400,000 | 56,100,000 | |||||||||||||
Dividends paid to Lear Corporation stockholders | 65,300,000 | 58,400,000 | 54,600,000 | |||||||||||||
Warrants outstanding | 279,094 | 279,094 | 8,157,249 | |||||||||||||
Exercisable of warrants into common stock | 558,188 | 558,188 | ||||||||||||||
Number of shares called by warrants | 2 | 2 | 2 | |||||||||||||
Exercise price of warrants | $0.01 | $0.01 | $0.01 | |||||||||||||
Additional paid-in capital | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Retirement of shares held in treasury | 389,700,000 | |||||||||||||||
Common stock | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Retirement of shares held in treasury | 200,000 | |||||||||||||||
Retained earnings | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Retirement of shares held in treasury | 600,700,000 | |||||||||||||||
Treasury stock | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Retirement of shares held in treasury | -990,600,000 | |||||||||||||||
Open market repurchases | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Repurchase of common stock | 355,900,000 | |||||||||||||||
Accelerated share repurchase agreement | Share repurchase program | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Common stock, aggregate authorized repurchase amount | 800,000,000 | |||||||||||||||
Amount paid in accelerated stock repurchase agreement | 855,500,000 | 55,500,000 | 800,000,000 | 855,500,000 | 855,500,000 | |||||||||||
Final price paid per share | $72.11 | |||||||||||||||
Common stock, repurchased | 11,862,836 | |||||||||||||||
Excess shares delivered under ASR | 658,903 | |||||||||||||||
Percentage of treasury stock repurchased | 80.00% | |||||||||||||||
Value of common stock repurchased, per share | $53.95 | |||||||||||||||
Treasury stock | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Retirement of shares held in treasury | -519,900,000 | -990,600,000 | ||||||||||||||
Retained earnings | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Retirement of shares held in treasury | 363,900,000 | 600,700,000 | ||||||||||||||
Dividends declared to Lear Corporation stockholders | 67,100,000 | 59,400,000 | 56,100,000 | |||||||||||||
Additional paid-in capital | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Retirement of shares held in treasury | 155,900,000 | 389,700,000 | ||||||||||||||
Common stock | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Retirement of shares held in treasury | $100,000 | $200,000 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 09, 2009 |
Compensation Related Costs Disclosure [Line Items] | ||||
Common stock, capital shares reserved for future issuance | 11,815,748 | |||
Compensation expense | $69.50 | $58.40 | $38.90 | |
Unrecognized compensation expense | $59.90 | |||
Unrecognized compensation expense, period of recognition | 1 year 7 months 6 days | |||
Restricted Stock Units | ||||
Compensation Related Costs Disclosure [Line Items] | ||||
Weighted average grant date fair value of performance shares granted | $79.73 | $56.69 | $43.23 | |
Performance Shares | ||||
Compensation Related Costs Disclosure [Line Items] | ||||
Vesting period | 3 years | |||
Weighted average grant date fair value of performance shares granted | $73.85 | $51.03 | $45.21 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Restricted Stock Unit and Performance Share Transaction (Detail) | 12 Months Ended | |
Dec. 31, 2014 | ||
Restricted Stock Units | ||
Number of Shares | ||
Outstanding beginning balance | 761,423 | |
Granted | 227,969 | |
Distributed (vested) | -212,411 | |
Cancelled | -12,433 | |
Outstanding at end of period | 764,548 | [1] |
Vested or expected to vest | 764,548 | |
Performance Shares | ||
Number of Shares | ||
Outstanding beginning balance | 3,330,218 | |
Granted | 636,552 | |
Distributed (vested) | -656,335 | |
Cancelled | -286,314 | |
Outstanding at end of period | 3,024,121 | [1] |
Vested or expected to vest | 2,510,518 | |
[1] | Outstanding performance shares are reflected at the maximum possible payout that may be earned during the relevant performance periods. |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | 39 Months Ended | 12 Months Ended | 39 Months Ended | 12 Months Ended | 39 Months Ended | 3 Months Ended | 12 Months Ended | 39 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | Unionized workforce subject to labor agreement expiring in 2014 | Unionized workforce subject to labor agreement expiring in 2014 | Cost of sales | Cost of sales | Other (income) expense | Other (income) expense | Fire | Fire | Fire | Fire | U.S. Settlement Agreements | Canadian Settlement Agreement | |
Person | United States and Canada | USD ($) | USD ($) | USD ($) | USD ($) | Facility | USD ($) | USD ($) | USD ($) | USD ($) | CAD | |||||
Loss Contingencies [Line Items] | ||||||||||||||||
Reserves for pending legal disputes, including commercial disputes and other matters | $11,900,000 | $17,500,000 | $11,900,000 | |||||||||||||
Litigation settlement, amount | 8,750,000 | 563,500 | ||||||||||||||
Payments for legal settlements | 370,263 | |||||||||||||||
Environmental reserves | 4,800,000 | 5,000,000 | 4,800,000 | |||||||||||||
Number of production facilities destroyed by fire | 1 | |||||||||||||||
Incurred losses and incremental costs related to the destruction of assets caused by a fire | 7,300,000 | 34,400,000 | 65,700,000 | |||||||||||||
Insurance recoveries | 49,000,000 | 59,100,000 | 26,500,000 | 29,900,000 | ||||||||||||
Insurance proceeds | 10,000,000 | 66,400,000 | 89,000,000 | |||||||||||||
Insurance proceeds, operating activities | 2,900,000 | 47,200,000 | 59,100,000 | |||||||||||||
Insurance proceeds, investing activities | 0 | 7,100,000 | 19,200,000 | 29,800,000 | ||||||||||||
Percentage employees that are members of collective bargaining agreements | 45.00% | 45.00% | 79.00% | 1.00% | ||||||||||||
Number of employees | 57,000 | |||||||||||||||
Rent expense | 128,100,000 | 117,200,000 | 108,800,000 | |||||||||||||
Litigation Settlement Amount, Cash | 23,845 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Summary of Changes in Reserves for Product Liability and Warranty Claims (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning Balance | $28.30 | $22.70 |
Expense, net, including changes in estimates | 11.4 | 15.2 |
Settlements | -9.3 | -9.1 |
Ending Balance | 28.9 | 28.3 |
Standard Product Warranty Accrual Currency Translation, Other Increase Decrease | ($1.50) | ($0.50) |
Commitments_and_Contingencies_3
Commitments and Contingencies - Summary of Lease Commitments Under Non-Cancelable Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $100.50 |
2016 | 80.1 |
2017 | 71.4 |
2018 | 66.1 |
2019 | 59.7 |
2019 and thereafter | 68.5 |
Total | $446.30 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Restructuring charges | $107 | $77.90 | $55.10 |
Operating segments | Seating | |||
Segment Reporting Information [Line Items] | |||
Restructuring charges | 84 | 54.8 | 47.8 |
Operating segments | Electrical | |||
Segment Reporting Information [Line Items] | |||
Restructuring charges | 10.3 | 13.1 | 4.3 |
Corporate and regional headquarters and elimination of intercompany activity ("Other") | |||
Segment Reporting Information [Line Items] | |||
Restructuring charges | $12.70 | $10 | $3.10 |
Segment_Reporting_Summary_of_S
Segment Reporting - Summary of Segment Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues from external customers | $4,549.70 | $4,232.70 | $4,585.10 | $4,359.80 | $4,256.10 | $3,917.70 | $4,113.10 | $3,947.10 | $17,727.30 | $16,234 | $14,567 | |||
Segment earnings | 929.2 | [1] | 736.6 | [1] | 705.2 | [1] | ||||||||
Depreciation and amortization | 310.9 | 285.5 | 239.5 | |||||||||||
Capital expenditures | 424.7 | 460.6 | 458.3 | |||||||||||
Total assets | 9,150.20 | 8,330.90 | 9,150.20 | 8,330.90 | 8,194.10 | |||||||||
Operating segments | Seating | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues from external customers | 13,310.60 | 12,018.10 | 11,029.60 | |||||||||||
Segment earnings | 655.2 | [1] | 576.9 | [1] | 661.7 | [1] | ||||||||
Depreciation and amortization | 199.8 | 181.3 | 152.6 | |||||||||||
Capital expenditures | 268.9 | 288.5 | 290.7 | |||||||||||
Total assets | 4,855.60 | 4,640 | 4,855.60 | 4,640 | 4,341.90 | |||||||||
Operating segments | Electrical | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues from external customers | 4,416.70 | 4,215.90 | 3,537.40 | |||||||||||
Segment earnings | 556.6 | [1] | 414.3 | [1] | 254.9 | [1] | ||||||||
Depreciation and amortization | 103.3 | 96.4 | 78.4 | |||||||||||
Capital expenditures | 138.4 | 163.4 | 158.1 | |||||||||||
Total assets | 1,609.90 | 1,658.30 | 1,609.90 | 1,658.30 | 1,432.20 | |||||||||
Corporate and regional headquarters and elimination of intercompany activity ("Other") | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues from external customers | 0 | 0 | 0 | |||||||||||
Segment earnings | -254.6 | [1] | -211.4 | [1] | ||||||||||
Depreciation and amortization | 7.8 | 7.8 | 8.5 | |||||||||||
Capital expenditures | 17.4 | 8.7 | 9.5 | |||||||||||
Total assets | $2,684.70 | $2,032.60 | $2,684.70 | $2,032.60 | $2,420 | |||||||||
[1] | (1)See definition in Note 2, "Summary of Significant Accounting Policies — Segment Reporting." |
Segment_Reporting_Reconciliati
Segment Reporting - Reconciliation of Consolidated Segment Earnings to Consolidated Income Before Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Segment earnings | $929.20 | [1] | $736.60 | [1] | $705.20 | [1] |
Interest expense | 67.5 | 68.4 | 49.9 | |||
Other expense, net | 74.3 | 58.1 | 6.4 | |||
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates | 787.4 | 610.1 | 648.9 | |||
Corporate and regional headquarters and elimination of intercompany activity ("Other") | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Segment earnings | -254.6 | [1] | -211.4 | [1] | ||
Seating and Electrical | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Segment earnings | 1,211.80 | 991.2 | 916.6 | |||
Corporate and regional headquarters and elimination of intercompany activity | -282.6 | [1] | -254.6 | -211.4 | ||
Consolidated income before interest, other expense, provision (benefit) for income taxes and equity in net income of affiliates | 929.2 | 736.6 | 705.2 | |||
Interest expense | 67.5 | 68.4 | 49.9 | |||
Other expense, net | 74.3 | 58.1 | 6.4 | |||
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates | 787.4 | 610.1 | 648.9 | |||
Seating | Operating segments | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Segment earnings | $655.20 | [1] | $576.90 | [1] | $661.70 | [1] |
[1] | (1)See definition in Note 2, "Summary of Significant Accounting Policies — Segment Reporting." |
Segment_Reporting_Revenue_from
Segment Reporting - Revenue from External Customers and Tangible Long-lived Assets for each of Geographic Area (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $4,549.70 | $4,232.70 | $4,585.10 | $4,359.80 | $4,256.10 | $3,917.70 | $4,113.10 | $3,947.10 | $17,727.30 | $16,234 | $14,567 |
Property, plant and equipment, net | 1,624.70 | 1,587.20 | 1,624.70 | 1,587.20 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 3,708.40 | 3,046 | 2,891.40 | ||||||||
Property, plant and equipment, net | 274.1 | 246.1 | 274.1 | 246.1 | |||||||
Mexico | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 2,373.90 | 2,225.90 | 1,991.80 | ||||||||
Property, plant and equipment, net | 293.3 | 271.8 | 293.3 | 271.8 | |||||||
Germany | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 2,327.70 | 2,204.60 | 2,142.40 | ||||||||
Property, plant and equipment, net | 140.6 | 150.8 | 140.6 | 150.8 | |||||||
China | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 2,092.90 | 1,842.90 | 1,467.60 | ||||||||
Property, plant and equipment, net | 179.8 | 170.6 | 179.8 | 170.6 | |||||||
Other countries | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 7,224.40 | 6,914.60 | 6,073.80 | ||||||||
Property, plant and equipment, net | $736.90 | $747.90 | $736.90 | $747.90 |
Segment_Reporting_Summary_of_P
Segment Reporting - Summary of Percentage of Revenues from Major Customers (Detail) (Sales) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
General Motors | |||
Revenue, Major Customer [Line Items] | |||
Percentage of revenues from major customers | 22.00% | 21.90% | 21.10% |
Ford | |||
Revenue, Major Customer [Line Items] | |||
Percentage of revenues from major customers | 20.60% | 21.90% | 19.80% |
BMW | |||
Revenue, Major Customer [Line Items] | |||
Percentage of revenues from major customers | 11.10% | 10.00% | 10.60% |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financial Instruments [Line Items] | ||||
Long-term debt | $1,475 | $1,475 | $1,057.10 | |
Uncommitted factoring agreement, aggregate purchase of customer accounts | 200 | |||
Gains recorded in accumulated other comprehensive loss | -37.7 | -37.7 | 6.5 | |
Expected amount to be reclassified into earnings from accumulated other comprehensive loss | 31.7 | |||
Tax benefits (expense) related to derivative instruments and hedging activities recognized in other comprehensive income (loss) | 14.7 | 5.4 | -19 | |
Commodity contract | Cost of sales | ||||
Financial Instruments [Line Items] | ||||
Gains (losses) reclassified from accumulated other comprehensive loss | 0.2 | |||
Commodity contract | Designated as hedging instrument | ||||
Financial Instruments [Line Items] | ||||
Gains (losses) reclassified from accumulated other comprehensive loss | 0.2 | |||
Foreign exchange contract | ||||
Financial Instruments [Line Items] | ||||
Other derivatives not designated as hedging instruments, fair value, net | 1.1 | 1.1 | -0.1 | |
Derivative, fair value, net | -36.6 | -36.6 | 6.4 | |
Foreign exchange contract | Cost of sales | ||||
Financial Instruments [Line Items] | ||||
Gains (losses) recognized in accumulated other comprehensive loss | 7 | 28.3 | -4.2 | |
Foreign exchange contract | Sales | ||||
Financial Instruments [Line Items] | ||||
Gains (losses) recognized in accumulated other comprehensive loss | 1.2 | 3.9 | 1 | |
Foreign exchange contract | Designated as hedging instrument | ||||
Financial Instruments [Line Items] | ||||
Gains (losses) recognized in accumulated other comprehensive loss | -36 | 18.8 | 55.8 | |
Derivative maturities | 24 months | 24 months | ||
Derivative, fair value, net | -37.7 | -37.7 | 6.5 | |
Foreign exchange contract | Designated as hedging instrument | Cash flow hedging | ||||
Financial Instruments [Line Items] | ||||
Notional amount of derivatives | 1,160.90 | 1,160.90 | 917.4 | |
Foreign exchange contract | Not designated as hedging instrument | ||||
Financial Instruments [Line Items] | ||||
Notional amount of derivatives | 170.1 | 170.1 | 149.2 | |
Derivative maturities | 12 months | 12 months | ||
Derivative, fair value, net | 1.1 | 1.1 | -0.1 | |
Carrying (reported) amount, fair value disclosure | ||||
Financial Instruments [Line Items] | ||||
Unsecured Debt | 1,718.70 | 1,718.70 | 1,057.10 | |
Estimate of fair value, fair value disclosure | ||||
Financial Instruments [Line Items] | ||||
Long-term debt | $1,749.30 | $1,749.30 | $1,077.10 |
Financial_Instruments_Fair_Val
Financial Instruments - Fair Value of Outstanding Foreign Currency Derivative Contracts and Related Classification in Condensed Consolidated Balance Sheets (Detail) (Foreign exchange contract, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Contracts qualifying for hedge accounting: | ||
Derivative, fair value, net | ($36.60) | $6.40 |
Designated as hedging instrument | ||
Contracts qualifying for hedge accounting: | ||
Other current assets | 6.8 | 12.4 |
Other long-term assets | 0.1 | 0.7 |
Other current liabilities | -38.5 | -6.5 |
Other long-term liabilities | -6.1 | -0.1 |
Derivative, fair value, net | -37.7 | 6.5 |
Not designated as hedging instrument | ||
Contracts qualifying for hedge accounting: | ||
Other current assets | 2.1 | 0.4 |
Other current liabilities | -1 | -0.5 |
Derivative, fair value, net | $1.10 | ($0.10) |
Financial_Instruments_Pretax_A
Financial Instruments - Pretax Amounts Related to Foreign Currency Derivative Contracts that were Recognized in and Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) (Foreign exchange contract, Designated as hedging instrument, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign exchange contract | Designated as hedging instrument | |||
Contracts qualifying for hedge accounting: | |||
Gains (losses) recognized in accumulated other comprehensive loss | ($36) | $18.80 | $55.80 |
(Gains) losses reclassified from accumulated other comprehensive loss | -8.2 | -32.2 | 3.2 |
Other comprehensive income | ($44.20) | ($13.40) | $59 |
Financial_Instruments_Pretax_A1
Financial Instruments - Pretax Amounts Related to Commodity Swap Contracts that were Recognized in and Reclassified from Accumulated Other Comprehensive Income (Loss) (Detail) (Commodity contract, Designated as hedging instrument, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Commodity contract | Designated as hedging instrument | |
Contracts qualifying for hedge accounting: | |
Gains (losses) recognized in accumulated other comprehensive loss | $0.10 |
Losses reclassified from accumulated other comprehensive loss | 0.2 |
Other comprehensive income | $0.30 |
Financial_Instruments_Fair_Val1
Financial Instruments - Fair Value Measurements and Related Valuation Techniques and Fair Value Hierarchy Level (Detail) (Foreign exchange contract, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Derivative, fair value, net | ($36.60) | $6.40 |
Fair value, measurements, recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Derivative, fair value, net | -36.6 | 6.4 |
Level 1 | Fair value, measurements, recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Derivative assets, at fair value | 0 | |
Level 2 | Fair value, measurements, recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Derivative, fair value, net | -36.6 | 6.4 |
Level 3 | Fair value, measurements, recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Derivative assets, at fair value | $0 |
Quarterly_Financial_Data_Quart
Quarterly Financial Data - Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $4,549.70 | $4,232.70 | $4,585.10 | $4,359.80 | $4,256.10 | $3,917.70 | $4,113.10 | $3,947.10 | $17,727.30 | $16,234 | $14,567 |
Gross profit | 392 | 361.2 | 379.1 | 360.5 | 319.4 | 330.2 | 337.7 | 312.4 | |||
Consolidated net income | 268 | 147.9 | 157.8 | 128.6 | 79.9 | 116.7 | 142.3 | 116.9 | 702.3 | 455.8 | 1,317.20 |
Net income attributable to Lear | $261.80 | $140.10 | $148.50 | $122 | $72.80 | $112.80 | $137.30 | $108.50 | $672.40 | $431.40 | $1,282.80 |
Basic net income per share attributable to Lear | $3.32 | $1.75 | $1.84 | $1.50 | $0.90 | $1.40 | $1.62 | $1.14 | $8.39 | $5.07 | $13.04 |
Diluted net income per share attributable to Lear | $3.24 | $1.72 | $1.81 | $1.47 | $0.88 | $1.38 | $1.60 | $1.13 | $8.23 | $4.99 | $12.85 |
Quarterly_Financial_Data_Addit
Quarterly Financial Data - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Jun. 29, 2013 | Aug. 24, 2012 |
Quarterly Financial Information [Line Items] | ||||||||||
Losses related to redemption of remaining aggregate principal | $17.50 | $17.90 | $3.60 | $3.70 | ||||||
Provision (benefit) for income taxes | 121.4 | 192.7 | -638 | |||||||
Valuation allowance of deferred tax assets and other items | ||||||||||
Quarterly Financial Information [Line Items] | ||||||||||
Provision (benefit) for income taxes | -108.9 | -6.9 | -17.9 | -15.4 | 16 | -21.5 | ||||
2018 notes | ||||||||||
Quarterly Financial Information [Line Items] | ||||||||||
Losses related to redemption of remaining aggregate principal | $17.50 | |||||||||
8.125% Senior Notes due 2020 | ||||||||||
Quarterly Financial Information [Line Items] | ||||||||||
Percentage of debt redemption | 10.00% | 10.00% |
Supplemental_Guarantor_Consoli2
Supplemental Guarantor Consolidating Financial Statements - Supplemental Guarantor Consolidating Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Current Assets: | ||||
Cash and cash equivalents | $1,094.10 | $1,137.70 | $1,402.20 | $1,754.30 |
Accounts receivable | 2,471.70 | 2,278.30 | ||
Inventories | 853.7 | 818.7 | ||
Intercompany accounts | 0 | 0 | ||
Other | 960.1 | 687.8 | ||
Total current assets | 5,379.60 | 4,922.50 | ||
Long-Term Assets: | ||||
Property, plant and equipment, net | 1,624.70 | 1,587.20 | ||
Goodwill | 726.2 | 757.2 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany Loans Receivable | 0 | 0 | ||
Other | 1,419.70 | 1,064 | ||
Total long-term assets | 3,770.60 | 3,408.40 | ||
Total assets | 9,150.20 | 8,330.90 | 8,194.10 | |
Current Liabilities: | ||||
Accounts payable and drafts | 2,525.30 | 2,438.70 | ||
Accrued liabilities | 1,188.80 | 1,140.40 | ||
Intercompany Liabilities | 0 | 0 | ||
Current portion of long-term debt | 243.7 | 0 | ||
Total current liabilities | 3,957.80 | 3,579.10 | ||
Long-Term Liabilities: | ||||
Long-term debt | 1,475 | 1,057.10 | ||
Intercompany loans payable | 0 | 0 | ||
Other | 688.1 | 545.2 | ||
Total long-term liabilities | 2,163.10 | 1,602.30 | ||
Equity: | ||||
Lear Corporation stockholders’ equity | 2,958.80 | 3,045.90 | ||
Noncontrolling interests | 70.5 | 103.6 | ||
Equity | 3,029.30 | 3,149.50 | 3,612.20 | 2,561.10 |
Total liabilities and equity | 9,150.20 | 8,330.90 | ||
Lear | ||||
Current Assets: | ||||
Cash and cash equivalents | 377.8 | 343.5 | 481.4 | 820.3 |
Accounts receivable | 53.9 | 41.2 | ||
Inventories | 1.8 | 4.8 | ||
Intercompany accounts | 49.6 | 66 | ||
Other | 416.9 | 147.7 | ||
Total current assets | 900 | 603.2 | ||
Long-Term Assets: | ||||
Property, plant and equipment, net | 106.4 | 95.5 | ||
Goodwill | 23.5 | 23.5 | ||
Investments in subsidiaries | 2,010.60 | 1,791.40 | ||
Intercompany Loans Receivable | 1,268.10 | 1,441.10 | ||
Other | 928.8 | 591.5 | ||
Total long-term assets | 4,337.40 | 3,943 | ||
Total assets | 5,237.40 | 4,546.20 | ||
Current Liabilities: | ||||
Accounts payable and drafts | 91.1 | 73.8 | ||
Accrued liabilities | 138.1 | 127.9 | ||
Intercompany Liabilities | 0 | 0 | ||
Current portion of long-term debt | 243.7 | |||
Total current liabilities | 472.9 | 201.7 | ||
Long-Term Liabilities: | ||||
Long-term debt | 1,475 | 1,057.10 | ||
Intercompany loans payable | 138.9 | 123 | ||
Other | 191.8 | 118.5 | ||
Total long-term liabilities | 1,805.70 | 1,298.60 | ||
Equity: | ||||
Lear Corporation stockholders’ equity | 2,958.80 | 3,045.90 | ||
Noncontrolling interests | 0 | 0 | ||
Equity | 2,958.80 | 3,045.90 | ||
Total liabilities and equity | 5,237.40 | 4,546.20 | ||
Guarantors | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0.1 | 0.1 | 0.1 |
Accounts receivable | 459 | 349.7 | ||
Inventories | 348.1 | 297.9 | ||
Intercompany accounts | 40.7 | 0 | ||
Other | 76.2 | 77.3 | ||
Total current assets | 924 | 725 | ||
Long-Term Assets: | ||||
Property, plant and equipment, net | 334.5 | 316 | ||
Goodwill | 401 | 401 | ||
Investments in subsidiaries | 1,815.70 | 1,898.60 | ||
Intercompany Loans Receivable | 168.6 | 129.7 | ||
Other | 65.9 | 71.5 | ||
Total long-term assets | 2,785.70 | 2,816.80 | ||
Total assets | 3,709.70 | 3,541.80 | ||
Current Liabilities: | ||||
Accounts payable and drafts | 687.7 | 582.4 | ||
Accrued liabilities | 203.9 | 156.1 | ||
Intercompany Liabilities | 0 | 1.6 | ||
Current portion of long-term debt | 0 | |||
Total current liabilities | 891.6 | 740.1 | ||
Long-Term Liabilities: | ||||
Long-term debt | 0 | 0 | ||
Intercompany loans payable | 698.8 | 654.3 | ||
Other | 198 | 143 | ||
Total long-term liabilities | 896.8 | 797.3 | ||
Equity: | ||||
Lear Corporation stockholders’ equity | 1,921.30 | 2,004.40 | ||
Noncontrolling interests | 0 | 0 | ||
Equity | 1,921.30 | 2,004.40 | ||
Total liabilities and equity | 3,709.70 | 3,541.80 | ||
Non- guarantors | ||||
Current Assets: | ||||
Cash and cash equivalents | 716.3 | 794.1 | 920.7 | 933.9 |
Accounts receivable | 1,958.80 | 1,887.40 | ||
Inventories | 503.8 | 516 | ||
Intercompany accounts | 0 | 0 | ||
Other | 467 | 462.8 | ||
Total current assets | 3,645.90 | 3,660.30 | ||
Long-Term Assets: | ||||
Property, plant and equipment, net | 1,183.80 | 1,175.70 | ||
Goodwill | 301.7 | 332.7 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany Loans Receivable | 212.6 | 166.3 | ||
Other | 475.2 | 454.1 | ||
Total long-term assets | 2,173.30 | 2,128.80 | ||
Total assets | 5,819.20 | 5,789.10 | ||
Current Liabilities: | ||||
Accounts payable and drafts | 1,746.50 | 1,782.50 | ||
Accrued liabilities | 846.8 | 856.4 | ||
Intercompany Liabilities | 90.3 | 64.4 | ||
Current portion of long-term debt | 0 | |||
Total current liabilities | 2,683.60 | 2,703.30 | ||
Long-Term Liabilities: | ||||
Long-term debt | 0 | 0 | ||
Intercompany loans payable | 811.6 | 959.8 | ||
Other | 348.5 | 336.8 | ||
Total long-term liabilities | 1,160.10 | 1,296.60 | ||
Equity: | ||||
Lear Corporation stockholders’ equity | 1,905 | 1,685.60 | ||
Noncontrolling interests | 70.5 | 103.6 | ||
Equity | 1,975.50 | 1,789.20 | ||
Total liabilities and equity | 5,819.20 | 5,789.10 | ||
Eliminations | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable | 0 | 0 | ||
Inventories | 0 | 0 | ||
Intercompany accounts | -90.3 | -66 | ||
Other | 0 | 0 | ||
Total current assets | -90.3 | -66 | ||
Long-Term Assets: | ||||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investments in subsidiaries | -3,826.30 | -3,690 | ||
Intercompany Loans Receivable | -1,649.30 | -1,737.10 | ||
Other | -50.2 | -53.1 | ||
Total long-term assets | -5,525.80 | -5,480.20 | ||
Total assets | -5,616.10 | -5,546.20 | ||
Current Liabilities: | ||||
Accounts payable and drafts | 0 | 0 | ||
Accrued liabilities | 0 | 0 | ||
Intercompany Liabilities | -90.3 | -66 | ||
Current portion of long-term debt | 0 | |||
Total current liabilities | -90.3 | -66 | ||
Long-Term Liabilities: | ||||
Long-term debt | 0 | 0 | ||
Intercompany loans payable | -1,649.30 | -1,737.10 | ||
Other | -50.2 | -53.1 | ||
Total long-term liabilities | -1,699.50 | -1,790.20 | ||
Equity: | ||||
Lear Corporation stockholders’ equity | -3,826.30 | -3,690 | ||
Noncontrolling interests | 0 | 0 | ||
Equity | -3,826.30 | -3,690 | ||
Total liabilities and equity | ($5,616.10) | ($5,546.20) |
Supplemental_Guarantor_Consoli3
Supplemental Guarantor Consolidating Financial Statements - Supplemental Guarantor Consolidating Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | $4,549.70 | $4,232.70 | $4,585.10 | $4,359.80 | $4,256.10 | $3,917.70 | $4,113.10 | $3,947.10 | $17,727.30 | $16,234 | $14,567 |
Cost of sales | 16,234.50 | 14,934.30 | 13,349.50 | ||||||||
Selling, general and administrative expenses | 529.9 | 528.7 | 479.3 | ||||||||
Intercompany operating (income) expense, net | 0 | 0 | 0 | ||||||||
Amortization of intangible assets | 33.7 | 34.4 | 33 | ||||||||
Interest expense | 67.5 | 68.4 | 49.9 | ||||||||
Other expense, net | 74.3 | 58.1 | 6.4 | ||||||||
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates | 787.4 | 610.1 | 648.9 | ||||||||
Provision (benefit) for income taxes | 121.4 | 192.7 | -638 | ||||||||
Equity in net income of affiliates | -36.3 | -38.4 | -30.3 | ||||||||
Equity in net income of subsidiaries | 0 | 0 | 0 | ||||||||
Consolidated net income | 268 | 147.9 | 157.8 | 128.6 | 79.9 | 116.7 | 142.3 | 116.9 | 702.3 | 455.8 | 1,317.20 |
Less: Net income attributable to noncontrolling interests | 29.9 | 24.4 | 34.4 | ||||||||
Net income attributable to Lear | 261.8 | 140.1 | 148.5 | 122 | 72.8 | 112.8 | 137.3 | 108.5 | 672.4 | 431.4 | 1,282.80 |
Consolidated comprehensive income | 364.5 | 592 | 1,349.60 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 28 | 25.9 | 35.6 | ||||||||
Comprehensive income attributable to Lear | 336.5 | 566.1 | 1,314 | ||||||||
Lear | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 467.1 | 449 | 483.7 | ||||||||
Cost of sales | 662.7 | 643.6 | 576.7 | ||||||||
Selling, general and administrative expenses | 227.3 | 211.4 | 230.8 | ||||||||
Intercompany operating (income) expense, net | -448.2 | -395.4 | -286 | ||||||||
Amortization of intangible assets | 1.7 | 1.7 | 1.7 | ||||||||
Interest expense | 49 | 52 | 2.3 | ||||||||
Other expense, net | 26.5 | 6.5 | 2.9 | ||||||||
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates | -51.9 | -70.8 | -44.7 | ||||||||
Provision (benefit) for income taxes | -21.6 | -33.9 | -724.5 | ||||||||
Equity in net income of affiliates | 0.4 | 0.7 | -6.1 | ||||||||
Equity in net income of subsidiaries | -703.1 | -469 | -596.9 | ||||||||
Consolidated net income | 672.4 | 431.4 | 1,282.80 | ||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to Lear | 672.4 | 431.4 | 1,282.80 | ||||||||
Consolidated comprehensive income | 336.5 | 566.1 | 1,314 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to Lear | 336.5 | 566.1 | 1,314 | ||||||||
Guarantors | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 7,086.40 | 6,261.10 | 5,850.10 | ||||||||
Cost of sales | 6,468.60 | 5,629.50 | 5,274.20 | ||||||||
Selling, general and administrative expenses | 36.4 | 20.6 | 21 | ||||||||
Intercompany operating (income) expense, net | 287.2 | 292.4 | 156.4 | ||||||||
Amortization of intangible assets | 4.7 | 4.7 | 2.8 | ||||||||
Interest expense | 24.9 | 19.3 | 21.8 | ||||||||
Other expense, net | 1 | 7.6 | 2.4 | ||||||||
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates | 263.6 | 287 | 371.5 | ||||||||
Provision (benefit) for income taxes | 93.3 | 113.6 | -0.5 | ||||||||
Equity in net income of affiliates | -1.5 | -2 | -3.6 | ||||||||
Equity in net income of subsidiaries | -390.3 | -138.2 | -197.1 | ||||||||
Consolidated net income | 562.1 | 313.6 | 572.7 | ||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to Lear | 562.1 | 313.6 | 572.7 | ||||||||
Consolidated comprehensive income | 502.1 | 340.8 | 622.3 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to Lear | 502.1 | 340.8 | 622.3 | ||||||||
Non- guarantors | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 14,996.50 | 14,042.20 | 12,484.60 | ||||||||
Cost of sales | 13,925.90 | 13,179.50 | 11,750 | ||||||||
Selling, general and administrative expenses | 266.2 | 296.7 | 227.5 | ||||||||
Intercompany operating (income) expense, net | 161 | 103 | 129.6 | ||||||||
Amortization of intangible assets | 27.3 | 28 | 28.5 | ||||||||
Interest expense | -6.4 | -2.9 | 25.8 | ||||||||
Other expense, net | 46.8 | 44 | 1.1 | ||||||||
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates | 575.7 | 393.9 | 322.1 | ||||||||
Provision (benefit) for income taxes | 49.7 | 113 | 87 | ||||||||
Equity in net income of affiliates | -35.2 | -37.1 | -20.6 | ||||||||
Equity in net income of subsidiaries | 0 | 0 | 0 | ||||||||
Consolidated net income | 561.2 | 318 | 255.7 | ||||||||
Less: Net income attributable to noncontrolling interests | 29.9 | 24.4 | 34.4 | ||||||||
Net income attributable to Lear | 531.3 | 293.6 | 221.3 | ||||||||
Consolidated comprehensive income | 320.4 | 379 | 259.1 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 28 | 25.9 | 35.6 | ||||||||
Comprehensive income attributable to Lear | 292.4 | 353.1 | 223.5 | ||||||||
Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | -4,822.70 | -4,518.30 | -4,251.40 | ||||||||
Cost of sales | -4,822.70 | -4,518.30 | -4,251.40 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Intercompany operating (income) expense, net | 0 | 0 | |||||||||
Amortization of intangible assets | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Other expense, net | 0 | 0 | 0 | ||||||||
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates | 0 | 0 | 0 | ||||||||
Provision (benefit) for income taxes | 0 | 0 | 0 | ||||||||
Equity in net income of affiliates | 0 | 0 | 0 | ||||||||
Equity in net income of subsidiaries | 1,093.40 | 607.2 | 794 | ||||||||
Consolidated net income | -1,093.40 | -607.2 | -794 | ||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to Lear | -1,093.40 | -607.2 | -794 | ||||||||
Consolidated comprehensive income | -794.5 | -693.9 | -845.8 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to Lear | ($794.50) | ($693.90) | ($845.80) |
Supplemental_Guarantor_Consoli4
Supplemental Guarantor Consolidating Financial Statements - Supplemental Guarantor Consolidating Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | 48 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||||
Net Cash Provided by Operating Activities | $927.80 | $820.10 | $729.80 | |
Cash Flows from Investing Activities: | ||||
Additions to property, plant and equipment | -424.7 | -460.6 | -458.3 | |
Cash restricted for use — acquisition of Eagle Ottawa | -350 | 0 | 0 | |
Cash restricted for use — acquisition of Eagle Ottawa | 0 | 0 | 0 | |
Insurance proceeds | 0 | 7.1 | 19.2 | |
Cash paid for acquisition of Guilford, net of cash acquired | 0 | 0 | -243.9 | |
Other, net | -5.9 | 49.6 | -4.9 | |
Net cash used in investing activities | -780.6 | -403.9 | -687.9 | |
Cash Flows from Financing Activities: | ||||
Proceeds from the issuance of senior notes | 975 | 500 | 0 | |
Repurchase of senior notes | -327.1 | -72.1 | -72.1 | |
Payment of debt issuance and other financing costs | -18.1 | -13.4 | 0 | |
Cash restricted for use - repurchase of senior notes | -250 | |||
Repurchase of common stock | -411.4 | -1,000.10 | -222.8 | -1,900 |
Dividends paid to Lear Corporation stockholders | -65.3 | -58.4 | -54.6 | |
Dividends paid to noncontrolling interests | -25.9 | -44 | -23.1 | |
Intercompany transactions | 0 | 0 | 0 | |
Other, net | -38 | -10.5 | -23.5 | |
Net cash used in financing activities | -160.8 | -698.5 | -396.1 | |
Effect of foreign currency translation | -30 | 17.8 | 2.1 | |
Net Change in Cash and Cash Equivalents | -43.6 | -264.5 | -352.1 | |
Cash and Cash Equivalents as of Beginning of Period | 1,137.70 | 1,402.20 | 1,754.30 | |
Cash and Cash Equivalents as of End of Period | 1,094.10 | 1,137.70 | 1,402.20 | 1,094.10 |
Lear | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net Cash Provided by Operating Activities | 165.4 | 174.3 | 54.8 | |
Cash Flows from Investing Activities: | ||||
Additions to property, plant and equipment | -25.6 | -17.9 | -11.3 | |
Cash restricted for use — acquisition of Eagle Ottawa | -350 | |||
Cash restricted for use — acquisition of Eagle Ottawa | 352.5 | 304.1 | 181.8 | |
Insurance proceeds | 0 | 0 | ||
Cash paid for acquisition of Guilford, net of cash acquired | -243.9 | |||
Other, net | -6.8 | 43 | 0.4 | |
Net cash used in investing activities | -29.9 | 329.2 | -73 | |
Cash Flows from Financing Activities: | ||||
Proceeds from the issuance of senior notes | 975 | 500 | ||
Repurchase of senior notes | -327.1 | -72.1 | -72.1 | |
Payment of debt issuance and other financing costs | -18.1 | -13.4 | ||
Cash restricted for use - repurchase of senior notes | -250 | |||
Repurchase of common stock | -411.4 | -1,000.10 | -222.8 | |
Dividends paid to Lear Corporation stockholders | -65.3 | -58.4 | -54.6 | |
Dividends paid to noncontrolling interests | 0 | 0 | 0 | |
Intercompany transactions | 15.9 | 6.5 | 34.9 | |
Other, net | -20.2 | -3.9 | -6.1 | |
Net cash used in financing activities | -101.2 | -641.4 | -320.7 | |
Effect of foreign currency translation | 0 | 0 | 0 | |
Net Change in Cash and Cash Equivalents | 34.3 | -137.9 | -338.9 | |
Cash and Cash Equivalents as of Beginning of Period | 343.5 | 481.4 | 820.3 | |
Cash and Cash Equivalents as of End of Period | 377.8 | 343.5 | 481.4 | 377.8 |
Guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net Cash Provided by Operating Activities | 177.5 | 226 | 521.2 | |
Cash Flows from Investing Activities: | ||||
Additions to property, plant and equipment | -88.2 | -110.6 | -97.4 | |
Cash restricted for use — acquisition of Eagle Ottawa | 0 | |||
Cash restricted for use — acquisition of Eagle Ottawa | -38.9 | -2.4 | 10.8 | |
Insurance proceeds | 0 | 0 | ||
Cash paid for acquisition of Guilford, net of cash acquired | 0 | |||
Other, net | 15.1 | 3.8 | 6.3 | |
Net cash used in investing activities | -112 | -109.2 | -80.3 | |
Cash Flows from Financing Activities: | ||||
Proceeds from the issuance of senior notes | 0 | 0 | ||
Repurchase of senior notes | 0 | 0 | 0 | |
Payment of debt issuance and other financing costs | 0 | 0 | ||
Cash restricted for use - repurchase of senior notes | 0 | |||
Repurchase of common stock | 0 | 0 | 0 | |
Dividends paid to Lear Corporation stockholders | 0 | 0 | 0 | |
Dividends paid to noncontrolling interests | 0 | 0 | 0 | |
Intercompany transactions | -65.6 | -116.8 | -440.9 | |
Other, net | 0 | 0 | 0 | |
Net cash used in financing activities | -65.6 | -116.8 | -440.9 | |
Effect of foreign currency translation | 0 | 0 | 0 | |
Net Change in Cash and Cash Equivalents | -0.1 | 0 | 0 | |
Cash and Cash Equivalents as of Beginning of Period | 0.1 | 0.1 | 0.1 | |
Cash and Cash Equivalents as of End of Period | 0 | 0.1 | 0.1 | 0 |
Non- guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net Cash Provided by Operating Activities | 597.5 | 480.1 | 174.9 | |
Cash Flows from Investing Activities: | ||||
Additions to property, plant and equipment | -310.9 | -332.1 | -349.6 | |
Cash restricted for use — acquisition of Eagle Ottawa | 0 | |||
Cash restricted for use — acquisition of Eagle Ottawa | -46.3 | 1,090.90 | -1,162 | |
Insurance proceeds | 7.1 | 19.2 | ||
Cash paid for acquisition of Guilford, net of cash acquired | 0 | |||
Other, net | -14.2 | 2.8 | -11.6 | |
Net cash used in investing activities | -371.4 | 768.7 | -1,504 | |
Cash Flows from Financing Activities: | ||||
Proceeds from the issuance of senior notes | 0 | 0 | ||
Repurchase of senior notes | 0 | 0 | 0 | |
Payment of debt issuance and other financing costs | 0 | 0 | ||
Cash restricted for use - repurchase of senior notes | 0 | |||
Repurchase of common stock | 0 | 0 | 0 | |
Dividends paid to Lear Corporation stockholders | 0 | 0 | 0 | |
Dividends paid to noncontrolling interests | -25.9 | -44 | -23.1 | |
Intercompany transactions | -230.2 | -1,342.60 | 1,354.30 | |
Other, net | -17.8 | -6.6 | -17.4 | |
Net cash used in financing activities | -273.9 | -1,393.20 | 1,313.80 | |
Effect of foreign currency translation | -30 | 17.8 | 2.1 | |
Net Change in Cash and Cash Equivalents | -77.8 | -126.6 | -13.2 | |
Cash and Cash Equivalents as of Beginning of Period | 794.1 | 920.7 | 933.9 | |
Cash and Cash Equivalents as of End of Period | 716.3 | 794.1 | 920.7 | 716.3 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net Cash Provided by Operating Activities | -12.6 | -60.3 | -21.1 | |
Cash Flows from Investing Activities: | ||||
Additions to property, plant and equipment | 0 | 0 | 0 | |
Cash restricted for use — acquisition of Eagle Ottawa | 0 | |||
Cash restricted for use — acquisition of Eagle Ottawa | -267.3 | -1,392.60 | 969.4 | |
Insurance proceeds | 0 | 0 | ||
Cash paid for acquisition of Guilford, net of cash acquired | 0 | |||
Other, net | 0 | 0 | 0 | |
Net cash used in investing activities | -267.3 | -1,392.60 | 969.4 | |
Cash Flows from Financing Activities: | ||||
Proceeds from the issuance of senior notes | 0 | 0 | ||
Repurchase of senior notes | 0 | 0 | 0 | |
Payment of debt issuance and other financing costs | 0 | 0 | ||
Cash restricted for use - repurchase of senior notes | 0 | |||
Repurchase of common stock | 0 | 0 | 0 | |
Dividends paid to Lear Corporation stockholders | 0 | 0 | 0 | |
Dividends paid to noncontrolling interests | 0 | 0 | 0 | |
Intercompany transactions | 279.9 | 1,452.90 | -948.3 | |
Other, net | 0 | 0 | 0 | |
Net cash used in financing activities | 279.9 | 1,452.90 | -948.3 | |
Effect of foreign currency translation | 0 | 0 | 0 | |
Net Change in Cash and Cash Equivalents | 0 | 0 | 0 | |
Cash and Cash Equivalents as of Beginning of Period | 0 | 0 | 0 | |
Cash and Cash Equivalents as of End of Period | $0 | $0 | $0 | $0 |
Supplemental_Guarantor_Consoli5
Supplemental Guarantor Consolidating Financial Statements - Summary of Long-Term Debt of Lear and Guarantors on Combined Basis (Detail) (Carrying (reported) amount, fair value disclosure, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Carrying (reported) amount, fair value disclosure | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | $1,718.70 | $1,057.10 |
Supplemental_Guarantor_Consoli6
Supplemental Guarantor Consolidating Financial Statements - Supplemental Guarantor Consolidating Financial Statements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Financial Statements, Captions [Line Items] | |||
Selling, general and administrative expenses allocated from Lear | $121,800,000 | $111,500,000 | $38,100,000 |
8.125% Senior Notes due 2020 | |||
Condensed Financial Statements, Captions [Line Items] | |||
Long-term debt, aggregate principal amount | 245,000,000 | ||
Long-term debt, stated coupon rate | 8.13% | 8.13% | |
4.75% Senior Notes due 2023 | |||
Condensed Financial Statements, Captions [Line Items] | |||
Long-term debt, aggregate principal amount | 500,000,000 | ||
Long-term debt, stated coupon rate | 4.75% | 4.75% | |
5.375% Senior Notes due 2024 | |||
Condensed Financial Statements, Captions [Line Items] | |||
Long-term debt, aggregate principal amount | 325,000,000 | ||
Long-term debt, stated coupon rate | 5.38% | ||
5.25% Senior Notes due 2025 | |||
Condensed Financial Statements, Captions [Line Items] | |||
Long-term debt, aggregate principal amount | $650,000,000 | ||
Long-term debt, stated coupon rate | 5.25% |
Schedule_II_Valuation_And_Qual1
Schedule II - Valuation And Qualifying Accounts - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance as of Beginning of Period | $677.10 | $663.60 | $1,428 |
Additions | 48.9 | 66.7 | 96.1 |
Retirements | -127 | -69.4 | -875.9 |
Other Changes | -63 | 16.2 | 15.4 |
Balance as of End of Period | 536 | 677.1 | 663.6 |
Allowance for doubtful accounts | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance as of Beginning of Period | 34.5 | 35.4 | 30.7 |
Additions | 7.6 | 11.8 | 5.9 |
Retirements | -10 | -13.9 | -4.2 |
Other Changes | -4.6 | 1.2 | 3 |
Balance as of End of Period | 27.5 | 34.5 | 35.4 |
Allowance for deferred tax assets | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance as of Beginning of Period | 642.6 | 628.2 | 1,397.30 |
Additions | 41.3 | 54.9 | 90.2 |
Retirements | -117 | -55.5 | -871.7 |
Other Changes | -58.4 | 15 | 12.4 |
Balance as of End of Period | $508.50 | $642.60 | $628.20 |