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Quarterly Financial Data
 12 Months Ended
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data

(14) Quarterly Financial Data (unaudited)

(In millions, except per share data)

 

     Thirteen Weeks Ended  
     March 30,
2013		      June 29,
2013		      September 28,
2013		      December 31,
2013		  

Net sales

    $ 3,947.1       $ 4,113.1       $ 3,917.7       $ 4,256.1   

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         1.40         0.90   

Diluted net income per share attributable to Lear

      1.13         1.60         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.

 

     Thirteen Weeks Ended  
     March 31,
2012		      June 30,
2012		      September 29,
2012		      December 31,
2012		  

Net sales

    $ 3,644.0       $ 3,665.0       $ 3,538.6       $ 3,719.4   

Gross profit

      309.8         314.6         291.3         301.8   

Consolidated net income

      144.4         154.6         128.1         890.1   

Net income attributable to Lear

      134.1         145.4         121.4         881.9   

Basic net income per share attributable to Lear

      1.34         1.47         1.25         9.12   

Diluted net income per share attributable to Lear

      1.32         1.45         1.23         9.00   

In the fourth quarter of 2012, the Company recognized $30.1 million of insurance recoveries, net of losses and incremental costs, related to the destruction of assets caused by a fire at one of its European production facilities. The Company also recognized $766.9 million of net tax benefits, primarily related to the reversal of a valuation allowance with respect to its deferred tax assets in the United States, as well as changes in valuation allowances in certain foreign subsidiaries, reductions in tax reserves due to audit settlements 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.