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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Summary of Inventories

A summary of inventories is shown below (in millions):

December 31,		2013				2012
Raw materials		$	633.5			$	582.2
Work-in-process			45.8				37.4
Finished goods			139.4				107.5
Inventories		$	818.7			$	727.1

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,		2013				2012
Current		$	134.2			$	141.8
Long-term			52.9				55.0
Recoverable customer E&D and tooling		$	187.1			$	196.8

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

Summary of Property, Plant and Equipment

A summary of property, plant and equipment is shown below (in millions):

December 31,		2013				2012
Land		$	113.4			$	114.0
Buildings and improvements			532.0				475.1
Machinery and equipment			1,645.0				1,306.6
Construction in progress			155.2				139.6
Total property, plant and equipment			2,445.6				2,035.3
Less – accumulated depreciation			(858.4	)			(632.2	)
Net property, plant and equipment		$	1,587.2			$	1,403.1

Summary of Changes in Carrying Amount of Goodwill

A summary of the changes in the carrying amount of goodwill, by reportable operating segment, for each of the periods in the two years ended December 31, 2013, is shown below (in millions):

		Seating
Balance as of December 31, 2011		$	628.6
Acquisition			113.9
Foreign currency translation and other			4.0
Balance as of December 31, 2012		$	746.5
Foreign currency translation and other			10.7
Balance as of December 31, 2013		$	757.2

Summary of Intangible Assets

A summary of intangible assets as of December 31, 2013 and 2012, is shown below (in millions):

		Gross Carrying Value				Accumulated Amortization				Net Carrying Value				Weighted Average Useful Life (years)
Technology		$	32.7			$	(13.0	)		$	19.7				8.9
Customer-based			223.1				(113.1	)			110.0				8.0
Balance as of December 31, 2013		$	255.8			$	(126.1	)		$	129.7				8.1

		Gross Carrying Value				Accumulated Amortization				Net Carrying Value				Weighted Average Useful Life (years)
Technology		$	32.2			$	(9.0	)		$	23.2				8.8
Customer-based			224.6				(83.5	)			141.1				7.8
Balance as of December 31, 2012		$	256.8			$	(92.5	)		$	164.3				8.0

Estimated Annual Amortization Expense

Excluding the impact of any future acquisitions, the Company’s estimated annual amortization expense for the five succeeding years is shown below (in millions):

Year		Expense
2014			34.1
2015			34.1
2016			29.8
2017			7.9
2018			6.0

Summary of Other (Income) Expense, Net

A summary of other expense, net is shown below (in millions):

For the year ended December 31,		2013				2012				2011
Other expense		$	59.9			$	33.9			$	27.8
Other income			(1.8	)			(27.5	)			(3.6	)
Other expense, net		$	58.1			$	6.4			$	24.2

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,		2013				2012				2011
Net income attributable to Lear		$	431.4			$	1,282.8			$	540.7
Average common shares outstanding			85,094,889				98,388,228				103,750,223
Basic net income per share attributable to Lear		$	5.07			$	13.04			$	5.21

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,		2013				2012				2011
Net income attributable to Lear		$	431.4			$	1,282.8			$	540.7
Average common shares outstanding			85,094,889				98,388,228				103,750,223
Dilutive effect of common stock equivalents			1,320,897				1,437,458				2,594,144
Average diluted shares outstanding			86,415,786				99,825,686				106,344,367
Diluted net income per share attributable to Lear		$	4.99			$	12.85			$	5.08

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,		2013				2012				2011
Defined benefit plans:
Balance at beginning of year		$	(249.9	)		$	(239.1	)		$	(57.4	)
Reclassification adjustments			11.0				4.2				13.3
Other comprehensive income (loss) recognized during the period			134.4				(15.0	)			(195.0	)
Balance at end of year		$	(104.5	)		$	(249.9	)		$	(239.1	)
Derivative instruments and hedging activities:
Balance at beginning of year		$	2.7			$	(37.6	)		$	(1.3	)
Reclassification adjustments			(21.0	)			2.0				11.9
Other comprehensive income (loss) recognized during the period			13.0				38.3				(48.2	)
Balance at end of year		$	(5.3	)		$	2.7			$	(37.6	)
Cumulative translation adjustments:
Balance at beginning of year		$	(53.6	)		$	(55.3	)		$	(19.3	)
Other comprehensive income (loss) recognized during the period			(2.7	)			1.7				(36.0	)
Balance at end of year		$	(56.3	)		$	(53.6	)		$	(55.3	)

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