XML 69 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Segment Reporting
 3 Months Ended
Mar. 29, 2014
Segment Reporting [Abstract]  
Segment Reporting

(14) Segment Reporting

The Company has two reportable operating segments: seating, which includes seats and related components, such as seat structures and mechanisms, seat covers, seat foam and headrests, and electrical, which includes electrical distribution systems for both traditional powertrain vehicles, as well as high-power for hybrid and electric vehicles. Key components of the Company’s electrical business include wiring harnesses, terminals and connectors, junction boxes, electronic control modules and wireless control devices. The other category includes unallocated costs related to corporate headquarters, regional headquarters and the elimination of intercompany activities, none of which meets the requirements for being classified as an operating segment.

The Company evaluates the performance of its operating segments based primarily on (i) revenues from external customers, (ii) pretax income before equity in net income of affiliates, interest expense and other expense, (“segment earnings”) and (iii) cash flows, being defined as segment earnings less capital expenditures plus depreciation and amortization.

 

A summary of revenues from external customers and other financial information by reportable operating segment is shown below (in millions):

 

     Three Months Ended March 29, 2014  
     Seating      Electrical      Other     Consolidated  

Revenues from external customers

    $ 3,225.9       $ 1,133.9       $ —        $ 4,359.8   

Segment earnings (1)

      152.2         138.3         (75.2 )      215.3   

Depreciation and amortization

      47.6         25.0         1.9        74.5   

Capital expenditures

      73.9         21.6         0.9        96.4   

Total assets

      5,417.5         1,808.7         1,772.0        8,998.2   

 

     Three Months Ended March 30, 2013  
     Seating      Electrical      Other     Consolidated  

Revenues from external customers

    $ 2,911.7       $ 1,035.4       $ —        $ 3,947.1   

Segment earnings (1)

      141.4         89.0         (56.2 )      174.2   

Depreciation and amortization

      42.6         21.9         1.9        66.4   

Capital expenditures

      67.5         30.3         0.9        98.7   

Total assets

      4,744.1         1,565.0         2,515.1        8,824.2   

 

(1)  See definition above

For the three months ended March 29, 2014, segment earnings include restructuring charges of $21.4 million, $1.0 million and $1.9 million in the seating and electrical segments and in the other category, respectively. For the three months ended March 30, 2013, segment earnings include restructuring charges of $15.2 million, $0.7 million and $1.1 million in the seating and electrical segments and in the other category, respectively. See Note 2, “Restructuring.”

A reconciliation of segment earnings to consolidated income before provision for income taxes and equity in net income of affiliates is shown below (in millions):

 

     Three Months Ended  
     March 29,
2014		      March 30,
2013		  

Segment earnings

    $ 215.3       $ 174.2   

Interest expense

      16.8         16.7   

Other expense, net

      29.2         10.7   
  

 

 

     

 

 

  

Consolidated income before provision for income taxes and equity in net income of affiliates

    $ 169.3       $ 146.8