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Segment Reporting
 6 Months Ended
Jun. 28, 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 June 28, 2014  
     Seating      Electrical      Other     Consolidated  

Revenues from external customers

    $ 3,443.6       $ 1,141.5       $ —        $ 4,585.1   

Segment earnings (1)

      164.2         138.3         (69.7 )      232.8   

Depreciation and amortization

      50.4         25.9         1.9        78.2   

Capital expenditures

      55.6         35.7         1.3        92.6   

Total assets

      5,415.4         1,797.5         1,748.9        8,961.8   

 

     Three Months Ended June 29, 2013  
     Seating      Electrical      Other     Consolidated  

Revenues from external customers

    $ 3,069.2       $ 1,043.9       $ —        $ 4,113.1   

Segment earnings (1)

      166.5         94.9         (60.2 )      201.2   

Depreciation and amortization

      44.1         23.1         1.8        69.0   

Capital expenditures

      80.1         43.2         4.4        127.7   

Total assets

      4,754.7         1,594.8         1,817.3        8,166.8   

 

     Six Months Ended June 28, 2014  
     Seating      Electrical      Other     Consolidated  

Revenues from external customers

    $ 6,669.5       $ 2,275.4       $ —        $ 8,944.9   

Segment earnings (1)

      316.4         276.6         (144.9 )      448.1   

Depreciation and amortization

      97.9         50.9         3.9        152.7   

Capital expenditures

      129.5         57.4         2.2        189.1   

Total assets

      5,415.4         1,797.5         1,748.9        8,961.8   

 

     Six Months Ended June 29, 2013  
     Seating      Electrical      Other     Consolidated  

Revenues from external customers

    $ 5,980.9       $ 2,079.3       $ —        $ 8,060.2   

Segment earnings (1)

      307.9         183.9         (116.4 )      375.4   

Depreciation and amortization

      86.7         45.0         3.7        135.4   

Capital expenditures

      147.6         73.5         5.3        226.4   

Total assets

      4,754.7         1,594.8         1,817.3        8,166.8   

 

(1)  See definition above.

For the three months ended June 28, 2014, segment earnings include restructuring charges of $30.4 million, $3.8 million and $7.1 million in the seating and electrical segments and in the other category, respectively. For the six months ended June 28, 2014, segment earnings include restructuring charges of $51.8 million, $4.8 million and $9.0 million in the seating and electrical segments and in the other category, respectively. For the three months ended June 29, 2013, segment earnings include restructuring charges of $3.7 million, $6.5 million and $4.0 million in the seating and electrical segments and in the other category, respectively. For the six months ended June 29, 2013, segment earnings include restructuring charges of $18.9 million, $7.2 million and $5.1 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      Six Months Ended  
     June 28,
2014		      June 29,
2013		      June 28,
2014		      June 29,
2013		  

Segment earnings

    $ 232.8       $ 201.2       $ 448.1       $ 375.4   

Interest expense

      14.6         17.4         31.4         34.1   

Other expense, net

      16.8         10.3         46.0         21.0   
  

 

 

     

 

 

     

 

 

     

 

 

  

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

    $ 201.4       $ 173.5       $ 370.7       $ 320.3