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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2015
Accounting Policies [Abstract] |
Summary of Inventories | A summary of inventories is shown below (in millions):
December 31, | 2015 |  | 2014
Raw materials | $ | 706.8 |  |  | $ | 668.3 |
Work-in-process | 90.2 |  |  | 45.6 |
Finished goods | 150.6 |  |  | 139.8 |
Inventories | $ | 947.6 |  |  | $ | 853.7 |
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, | 2015 |  | 2014
Current | $ | 162.0 |  |  | $ | 121.1 |
Long-term | 53.7 |  |  | 47.6 |
Recoverable customer E&D and tooling | $ | 215.7 |  |  | $ | 168.7 |
Property, Plant and Equipment | 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
A summary of property, plant and equipment is shown below (in millions):
December 31, | 2015 |  | 2014
Land | $ | 97.9 |  |  | $ | 105.2 |
Buildings and improvements | 560.4 |  |  | 523.5 |
Machinery and equipment | 2,125.8 |  |  | 1,847.0 |
Construction in progress | 274.9 |  |  | 186.9 |
Total property, plant and equipment | 3,059.0 |  |  | 2,662.6 |
Less – accumulated depreciation | (1,232.5 | ) |  | (1,037.9 | )
Net property, plant and equipment | $ | 1,826.5 |  |  | $ | 1,624.7 |
Summary of Changes in Carrying Amount of Goodwill | A summary of the changes in the carrying amount of goodwill for each of the periods in the two years ended December 31, 2015, is shown below (in millions):
| Seating |  | Electrical |  | Total
Balance as of December 31, 2013 | $ | 757.2 |  |  | $ | — |  |  | $ | 757.2 |
Foreign currency translation and other | (31.0 | ) |  | — |  |  | (31.0 | )
Balance as of December 31, 2014 | 726.2 |  |  | — |  |  | 726.2 |
Acquisitions | 343.7 |  |  | 27.0 |  |  | 370.7 |
Foreign currency translation and other | (43.1 | ) |  | — |  |  | (43.1 | )
Balance as of December 31, 2015 | $ | 1,026.8 |  |  | $ | 27.0 |  |  | $ | 1,053.8 |
Summary of Intangible Assets | A summary of intangible assets as of December 31, 2015 and 2014, is shown below (in millions):
| Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Weighted Average Useful Life (years)
Technology | $ | 31.1 |  |  | $ | (19.4 | ) |  | $ | 11.7 |  |  | 7.7
Customer-based | 406.0 |  |  | (172.4 | ) |  | 233.6 |  |  | 8.8
Other | 10.9 |  |  | — |  |  | 10.9 |  |  | 5.7
Balance as of December 31, 2015 | $ | 448.0 |  |  | $ | (191.8 | ) |  | $ | 256.2 |  |  | 8.7
| Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Weighted Average Useful Life (years)
Technology | $ | 31.4 |  |  | $ | (16.3 | ) |  | $ | 15.1 |  |  | 9.0
Customer-based | 214.9 |  |  | (137.5 | ) |  | 77.4 |  |  | 8.2
Balance as of December 31, 2014 | $ | 246.3 |  |  | $ | (153.8 | ) |  | $ | 92.5 |  |  | 8.4
Estimated Annual Intangible Asset 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
2016 | $ | 49.7 |
2017 | 30.5 |
2018 | 28.7 |
2019 | 28.4 |
2020 | 26.6 |
Summary of Other Expense, Net | A summary of other expense, net is shown below (in millions):
For the year ended December 31, | 2015 |  | 2014 |  | 2013
Other expense | $ | 71.4 |  |  | $ | 82.4 |  |  | $ | 59.9 |
Other income | (2.8 | ) |  | (8.1 | ) |  | (1.8 | )
Other expense, net | $ | 68.6 |  |  | $ | 74.3 |  |  | $ | 58.1 |
Summary of Information Used to Compute Basic and Diluted Net Income 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, | 2015 |  | 2014 |  | 2013
Net income attributable to Lear | $ | 745.5 |  |  | $ | 672.4 |  |  | $ | 431.4 |
Average common shares outstanding | 76,754,270 |  |  | 80,187,516 |  |  | 85,094,889 |
Basic net income per share attributable to Lear | $ | 9.71 |  |  | $ | 8.39 |  |  | $ | 5.07 |
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, | 2015 |  | 2014 |  | 2013
Net income attributable to Lear | $ | 745.5 |  |  | $ | 672.4 |  |  | $ | 431.4 |
Average common shares outstanding | 76,754,270 |  |  | 80,187,516 |  |  | 85,094,889 |
Dilutive effect of common stock equivalents | 1,012,747 |  |  | 1,540,963 |  |  | 1,320,897 |
Average diluted shares outstanding | 77,767,017 |  |  | 81,728,479 |  |  | 86,415,786 |
Diluted net income per share attributable to Lear | $ | 9.59 |  |  | $ | 8.23 |  |  | $ | 4.99 |
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, | 2015 |  | 2014 |  | 2013
Defined benefit plans: |  |  |  |  |
Balance at beginning of year | $ | (219.2 | ) |  | $ | (104.5 | ) |  | $ | (249.9 | )
Reclassification adjustments (net of tax expense of $1.4 million, $— million and $4.4 million in 2015, 2014 and 2013, respectively) | 4.2 |  |  | 0.1 |  |  | 11.0 |
Other comprehensive income (loss) recognized during the period (net of tax benefit (expense) of ($6.9) million, $56.5 million and ($65.7) million in 2015, 2014 and 2013, respectively) | 20.4 |  |  | (114.8 | ) |  | 134.4 |
Balance at end of year | $ | (194.6 | ) |  | $ | (219.2 | ) |  | $ | (104.5 | )
Derivative instruments and hedging activities: |  |  |  |  |
Balance at beginning of year | $ | (33.2 | ) |  | $ | (5.3 | ) |  | $ | 2.7 |
Reclassification adjustments (net of tax benefit (expense) of ($14.9) million, $1.8 million and $11.3 million in 2015, 2014 and 2013, respectively) | 23.7 |  |  | (6.4 | ) |  | (20.9 | )
Other comprehensive income (loss) recognized during the period (net of tax benefit (expense) of $18.4 million, $13.0 million and ($6.0) million in 2015, 2014 and 2013, respectively) | (29.2 | ) |  | (21.5 | ) |  | 12.9 |
Balance at end of year | $ | (38.7 | ) |  | $ | (33.2 | ) |  | $ | (5.3 | )
Cumulative translation adjustments: |  |  |  |  |
Balance at beginning of year | $ | (249.6 | ) |  | $ | (56.3 | ) |  | $ | (53.6 | )
Other comprehensive loss recognized during the period (net of tax benefit (expense) of $6.0 million, $7.4 million and ($0.5) million in 2015, 2014 and 2013, respectively) | (247.2 | ) |  | (193.3 | ) |  | (2.7 | )
Balance at end of year | $ | (496.8 | ) |  | $ | (249.6 | ) |  | $ | (56.3 | )

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