XML 57 R5.htm IDEA: XBRL DOCUMENT v2.4.1.9
Condensed Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 28, 2015
Mar. 29, 2014
Cash Flows from Operating Activities:    
Consolidated net income $ 156.7us-gaap_ProfitLoss $ 128.6us-gaap_ProfitLoss
Adjustments to reconcile consolidated net income to net cash used in operating activities:    
Depreciation and amortization 84.5us-gaap_DepreciationDepletionAndAmortization 74.5us-gaap_DepreciationDepletionAndAmortization
Net change in recoverable customer engineering, development and tooling (7.8)lea_IncreaseDecreaseinRecoverableCustomerEngineeringDevelopmentandTooling 8.3lea_IncreaseDecreaseinRecoverableCustomerEngineeringDevelopmentandTooling
Net change in working capital items (see below) (344.2)us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet (286.8)us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet
Other, net 44.2us-gaap_OtherOperatingActivitiesCashFlowStatement 21.2us-gaap_OtherOperatingActivitiesCashFlowStatement
Net cash used in operating activities (66.6)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations (54.2)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash Flows from Investing Activities:    
Additions to property, plant and equipment (98.8)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (96.4)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Acquisition of Eagle Ottawa, net of cash acquired and use of $350 million restricted cash (see non-cash investing activities below) (Note 2) (473.3)lea_PaymentstoAcquireBusinessesNetofCashAcquiredandRestrictedCash 0lea_PaymentstoAcquireBusinessesNetofCashAcquiredandRestrictedCash
Other, net 7.9us-gaap_PaymentsForProceedsFromOtherInvestingActivities (14.0)us-gaap_PaymentsForProceedsFromOtherInvestingActivities
Net cash used in investing activities (564.2)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (110.4)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Cash Flows from Financing Activities:    
Proceeds from the issuance of senior notes 0us-gaap_ProceedsFromIssuanceOfUnsecuredDebt 325.0us-gaap_ProceedsFromIssuanceOfUnsecuredDebt
Credit agreement borrowings 500.0us-gaap_ProceedsFromRepaymentsOfOtherDebt 0us-gaap_ProceedsFromRepaymentsOfOtherDebt
Repurchase of senior notes, net of use of $250 million restricted cash in 2015 (see non-cash financing activities below) (Note 8) (5.0)lea_EarlyRepaymentofSeniorDebtNetofRestrictedCashDisbursement (327.1)lea_EarlyRepaymentofSeniorDebtNetofRestrictedCashDisbursement
Payment of debt issuance and other financing costs 0us-gaap_PaymentsOfDebtIssuanceCosts (3.8)us-gaap_PaymentsOfDebtIssuanceCosts
Repurchase of common stock (112.4)us-gaap_PaymentsForRepurchaseOfCommonStock 0us-gaap_PaymentsForRepurchaseOfCommonStock
Dividends paid to Lear Corporation stockholders (22.0)us-gaap_PaymentsOfDividendsCommonStock (17.5)us-gaap_PaymentsOfDividendsCommonStock
Dividends paid to noncontrolling interests (0.1)us-gaap_PaymentsOfDividendsMinorityInterest (5.8)us-gaap_PaymentsOfDividendsMinorityInterest
Other, net (46.0)us-gaap_ProceedsFromPaymentsForOtherFinancingActivities (21.1)us-gaap_ProceedsFromPaymentsForOtherFinancingActivities
Net cash provided by (used in) financing activities 314.5us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (50.3)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Effect of foreign currency translation (29.6)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents (3.4)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
Net Change in Cash and Cash Equivalents (345.9)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (218.3)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and Cash Equivalents as of Beginning of Period 1,094.1us-gaap_CashAndCashEquivalentsAtCarryingValue 1,137.7us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and Cash Equivalents as of End of Period 748.2us-gaap_CashAndCashEquivalentsAtCarryingValue [1] 919.4us-gaap_CashAndCashEquivalentsAtCarryingValue
Changes in Working Capital Items:    
Accounts receivable (677.1)us-gaap_IncreaseDecreaseInAccountsReceivable (754.5)us-gaap_IncreaseDecreaseInAccountsReceivable
Inventories (9.5)us-gaap_IncreaseDecreaseInInventories (52.6)us-gaap_IncreaseDecreaseInInventories
Accounts payable (including $45.7 million of cash paid in 2015 in conjunction with the acquisition of Eagle Ottawa to settle pre-existing accounts payable) 278.2us-gaap_IncreaseDecreaseInAccountsPayable 449.2us-gaap_IncreaseDecreaseInAccountsPayable
Accrued liabilities and other 64.2us-gaap_IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet 71.1us-gaap_IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet
Net change in working capital items (344.2)us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet (286.8)us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet
Supplementary Disclosure:    
Cash paid for interest 32.2us-gaap_InterestPaid 35.6us-gaap_InterestPaid
Cash paid for income taxes, net of refunds received 40.2us-gaap_IncomeTaxesPaidNet 40.2us-gaap_IncomeTaxesPaidNet
Non-cash Investing Activities:    
Cash restricted for use — acquisition of Eagle Ottawa (350.0)lea_RestrictedCashDisbursementstoAcquireBusiness 0lea_RestrictedCashDisbursementstoAcquireBusiness
Non-cash Financing Activities:    
Cash restricted for use — repurchase of senior notes $ (250.0)lea_RestrictedCashDisbursementsforRepaymentsofSeniorDebt $ 0lea_RestrictedCashDisbursementsforRepaymentsofSeniorDebt
[1] Unaudited.