Supplemental Guarantor Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]



	December 31, 2015
(in millions)	Lear		Guarantors		Non- guarantors		Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents	$	526.4	$	0.3	$	669.9	$	—		$	1,196.6
Accounts receivable	46.4		534.5		2,009.1		—			2,590.0
Inventories	4.0		407.0		536.6		—			947.6
Intercompany accounts	45.9		79.5		—		(125.4		)	—
Other	114.0		25.8		412.6		—			552.4
Total current assets	736.7		1,047.1		3,628.2		(125.4		)	5,286.6
Long-Term Assets:
Property, plant and equipment, net	134.2		417.6		1,274.7		—			1,826.5
Goodwill	39.9		651.3		362.6		—			1,053.8
Investments in subsidiaries	3,101.3		2,139.4		—		(5,240.7		)	—
Intercompany loans receivable	904.1		184.5		245.1		(1,333.7		)	—
Other	566.3		203.9		493.8		(25.1		)	1,238.9
Total long-term assets	4,745.8		3,596.7		2,376.2		(6,599.5		)	4,119.2
Total assets	$	5,482.5	$	4,643.8	$	6,004.4	$	(6,724.9	)	$	9,405.8
Liabilities and Equity
Current Liabilities:
Accounts payable and drafts	$	78.0	$	681.2	$	1,745.2	$	—		$	2,504.4
Accrued liabilities	144.0		277.0		891.1		—			1,312.1
Intercompany accounts	—		—		125.4		(125.4		)	—
Current portion of long-term debt	21.9		—		1.2		—			23.1
Total current liabilities	243.9		958.2		2,762.9		(125.4		)	3,839.6
Long-Term Liabilities:
Long-term debt	1,925.3		—		6.4		—			1,931.7
Intercompany loans payable	221.6		650.1		462.0		(1,333.7		)	—
Other	164.3		164.9		312.7		(25.1		)	616.8
Total long-term liabilities	2,311.2		815.0		781.1		(1,358.8		)	2,548.5
Equity:
Lear Corporation stockholders’ equity	2,927.4		2,870.6		2,370.1		(5,240.7		)	2,927.4
Noncontrolling interests	—		—		90.3		—			90.3
Equity	2,927.4		2,870.6		2,460.4		(5,240.7		)	3,017.7
Total liabilities and equity	$	5,482.5	$	4,643.8	$	6,004.4	$	(6,724.9	)	$	9,405.8



	December 31, 2014
(in millions)	Lear		Guarantors		Non- guarantors		Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents	$	377.8	$	—	$	716.3	$	—		$	1,094.1
Accounts receivable	53.9		459.0		1,958.8		—			2,471.7
Inventories	1.8		348.1		503.8		—			853.7
Intercompany accounts, net	49.6		40.7		—		(90.3		)	—
Other	325.2		24.2		396.7		—			746.1
Total current assets	808.3		872.0		3,575.6		(90.3		)	5,165.6
Long-Term Assets:
Property, plant and equipment, net	106.4		334.5		1,183.8		—			1,624.7
Goodwill	23.5		401.0		301.7		—			726.2
Investments in subsidiaries	2,010.6		1,815.7		—		(3,826.3		)	—
Intercompany loans receivable	1,268.1		168.6		212.6		(1,649.3		)	—
Other	996.3		93.7		532.6		(26.0		)	1,596.6
Total long-term assets	4,404.9		2,813.5		2,230.7		(5,501.6		)	3,947.5
Total assets	$	5,213.2	$	3,685.5	$	5,806.3	$	(5,591.9	)	$	9,113.1
Liabilities and Equity
Current Liabilities:
Accounts payable and drafts	$	91.1	$	687.7	$	1,746.5	$	—		$	2,525.3
Accrued liabilities	138.1		203.9		837.3		—			1,179.3
Intercompany accounts, net	—		—		90.3		(90.3		)	—
Current portion of long-term debt	240.5		—		—		—			240.5
Total current liabilities	469.7		891.6		2,674.1		(90.3		)	3,945.1
Long-Term Liabilities:
Long-term debt	1,454.0		—		—		—			1,454.0
Intercompany loans payable	138.9		698.8		811.6		(1,649.3		)	—
Other	191.8		173.8		345.1		(26.0		)	684.7
Total long-term liabilities	1,784.7		872.6		1,156.7		(1,675.3		)	2,138.7
Equity:
Lear Corporation stockholders’ equity	2,958.8		1,921.3		1,905.0		(3,826.3		)	2,958.8
Noncontrolling interests	—		—		70.5		—			70.5
Equity	2,958.8		1,921.3		1,975.5		(3,826.3		)	3,029.3
Total liabilities and equity	$	5,213.2	$	3,685.5	$	5,806.3	$	(5,591.9	)	$	9,113.1

Schedule of Consolidating Statement of Income



	Year Ended December 31, 2015
(in millions)	Lear			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	427.2		$	8,231.3		$	14,793.6		$	(5,240.7	)	$	18,211.4
Cost of sales	619.4			7,409.1			13,603.8			(5,240.7		)	16,391.6
Selling, general and administrative expenses	262.7			59.0			258.8			—			580.5
Intercompany operating (income) expense, net	(348.5		)	209.9			138.6			—			—
Amortization of intangible assets	1.9			20.7			29.9			—			52.5
Interest expense	70.4			25.5			(9.2		)	—			86.7
Other expense, net	25.9			0.9			41.8			—			68.6
Consolidated income before provision for income taxes and equity in net income of affiliates and subsidiaries	(204.6		)	506.2			729.9			—			1,031.5
Provision for income taxes	(86.7		)	188.0			184.2			—			285.5
Equity in net income of affiliates	0.7			(0.9		)	(49.6		)	—			(49.8		)
Equity in net income of subsidiaries	(864.1		)	(395.1		)	—			1,259.2			—
Consolidated net income	745.5			714.2			595.3			(1,259.2		)	795.8
Less: Net income attributable to noncontrolling interests	—			—			50.3			—			50.3
Net income attributable to Lear	$	745.5		$	714.2		$	545.0		$	(1,259.2	)	$	745.5

Consolidated comprehensive income	$	517.4		$	699.3		$	368.1		$	(1,021.0	)	$	563.8
Less: Comprehensive income attributable to noncontrolling interests	—			—			46.4			—			46.4
Comprehensive income attributable to Lear	$	517.4		$	699.3		$	321.7		$	(1,021.0	)	$	517.4



	Year Ended December 31, 2014
(in millions)	Lear			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	467.1		$	7,086.4		$	14,996.5		$	(4,822.7	)	$	17,727.3
Cost of sales	662.7			6,468.6			13,925.9			(4,822.7		)	16,234.5
Selling, general and administrative expenses	227.3			36.4			266.2			—			529.9
Intercompany operating (income) expense, net	(448.2		)	287.2			161.0			—			—
Amortization of intangible assets	1.7			4.7			27.3			—			33.7
Interest expense	49.0			24.9			(6.4		)	—			67.5
Other expense, net	26.5			1.0			46.8			—			74.3
Consolidated income before provision for income taxes and equity in net income of affiliates and subsidiaries	(51.9		)	263.6			575.7			—			787.4
Provision for income taxes	(21.6		)	93.3			49.7			—			121.4
Equity in net income of affiliates	0.4			(1.5		)	(35.2		)	—			(36.3		)
Equity in net income of subsidiaries	(703.1		)	(390.3		)	—			1,093.4			—
Consolidated net income	672.4			562.1			561.2			(1,093.4		)	702.3
Less: Net income attributable to noncontrolling interests	—			—			29.9			—			29.9
Net income attributable to Lear	$	672.4		$	562.1		$	531.3		$	(1,093.4	)	$	672.4

Consolidated comprehensive income	$	336.5		$	502.1		$	320.4		$	(794.5	)	$	364.5
Less: Comprehensive income attributable to noncontrolling interests	—			—			28.0			—			28.0
Comprehensive income attributable to Lear	$	336.5		$	502.1		$	292.4		$	(794.5	)	$	336.5



	Year Ended December 31, 2013
(in millions)	Lear			Guarantors			Non- guarantors			Eliminations			Consolidated
Net sales	$	449.0		$	6,261.1		$	14,042.2		$	(4,518.3	)	$	16,234.0
Cost of sales	643.6			5,629.5			13,179.5			(4,518.3		)	14,934.3
Selling, general and administrative expenses	211.4			20.6			296.7			—			528.7
Intercompany operating (income) expense, net	(395.4		)	292.4			103.0			—			—
Amortization of intangible assets	1.7			4.7			28.0			—			34.4
Interest expense	52.0			19.3			(2.9		)	—			68.4
Other expense, net	6.5			7.6			44.0			—			58.1
Consolidated income before provision for income taxes and equity in net income of affiliates and subsidiaries	(70.8		)	287.0			393.9			—			610.1
Provision for income taxes	(33.9		)	113.6			113.0			—			192.7
Equity in net income of affiliates	0.7			(2.0		)	(37.1		)	—			(38.4		)
Equity in net income of subsidiaries	(469.0		)	(138.2		)	—			607.2			—
Consolidated net income	431.4			313.6			318.0			(607.2		)	455.8
Less: Net income attributable to noncontrolling interests	—			—			24.4			—			24.4
Net income attributable to Lear	$	431.4		$	313.6		$	293.6		$	(607.2	)	$	431.4

Consolidated comprehensive income	$	566.1		$	340.8		$	379.0		$	(693.9	)	$	592.0
Less: Comprehensive income attributable to noncontrolling interests	—			—			25.9			—			25.9
Comprehensive income attributable to Lear	$	566.1		$	340.8		$	353.1		$	(693.9	)	$	566.1

Schedule of Consolidating Statement of Cash Flows



	Year Ended December 31, 2015
(in millions)	Lear			Guarantors			Non- guarantors			Eliminations			Consolidated
Net Cash Provided by Operating Activities	$	142.2		$	385.1		$	900.1		$	(156.3	)	$	1,271.1

Cash Flows from Investing Activities:
Additions to property, plant and equipment	(43.2		)	(116.8		)	(325.8		)	—			(485.8		)
Acquisitions, net of cash acquired and use of $350 million restricted cash (see non-cash investing activities below) (Note 3)	(521.1		)	1.2			20.7			—			(499.2		)
Intercompany transactions	626.5			(15.9		)	(32.5		)	(578.1		)	—
Other, net	(7.6		)	8.4			18.9			—			19.7
Net cash used in investing activities	54.6			(123.1		)	(318.7		)	(578.1		)	(965.3		)

Cash Flows from Financing Activities:
Credit agreement borrowings	500.0			—			—			—			500.0
Credit agreement repayments	(9.4		)	—			—			—			(9.4		)
Repurchase of senior notes, net of use of $250 million restricted cash (see non-cash financing activities below) (Note 6)	(5.0		)	—			—			—			(5.0		)
Repurchase of common stock	(487.4		)	—			—			—			(487.4		)
Dividends paid to Lear Corporation stockholders	(78.5		)	—			—			—			(78.5		)
Dividends paid to noncontrolling interests	—			—			(27.8		)	—			(27.8		)
Change in intercompany accounts	82.7			(261.7		)	(555.4		)	734.4			—
Other, net	(50.6		)	—			2.4			—			(48.2		)
Net cash used in financing activities	(48.2		)	(261.7		)	(580.8		)	734.4			(156.3		)

Effect of foreign currency translation	—			—			(47.0		)	—			(47.0		)
Net Change in Cash and Cash Equivalents	148.6			0.3			(46.4		)	—			102.5
Cash and Cash Equivalents as of Beginning of Period	377.8			—			716.3			—			1,094.1
Cash and Cash Equivalents as of End of Period	$	526.4		$	0.3		$	669.9		$	—		$	1,196.6

Non-cash Investing Activities
Cash restricted for use - acquisition of Eagle Ottawa	$	(350.0	)	$	—		$	—		$	—		$	(350.0	)

Non-cash Financing Activities
Cash restricted for use - repurchase of senior notes	$	(250.0	)	$	—		$	—		$	—		$	(250.0	)



	Year Ended December 31, 2014
(in millions)	Lear			Guarantors			Non- guarantors			Eliminations			Consolidated
Net Cash Provided by Operating Activities	$	165.4		$	177.5		$	597.5		$	(12.6	)	$	927.8

Cash Flows from Investing Activities:
Additions to property, plant and equipment	(25.6		)	(88.2		)	(310.9		)	—			(424.7		)
Cash restricted for use - acquisition of Eagle Ottawa	(350.0		)	—			—			—			(350.0		)
Intercompany transactions	352.5			(38.9		)	(46.3		)	(267.3		)	—
Other, net	(6.8		)	15.1			(14.2		)	—			(5.9		)
Net cash used in investing activities	(29.9		)	(112.0		)	(371.4		)	(267.3		)	(780.6		)

Cash Flows from Financing Activities:
Proceeds from the issuance of senior notes	975.0			—			—			—			975.0
Repurchase of senior notes	(327.1		)	—			—			—			(327.1		)
Payment of debt issuance and other financing costs	(18.1		)	—			—			—			(18.1		)
Cash restricted for use - repurchase of senior notes	(250.0		)	—			—			—			(250.0		)
Repurchase of common stock	(411.4		)	—			—			—			(411.4		)
Dividends paid to Lear Corporation stockholders	(65.3		)	—			—			—			(65.3		)
Dividends paid to noncontrolling interests	—			—			(25.9		)	—			(25.9		)
Intercompany transactions	15.9			(65.6		)	(230.2		)	279.9			—
Other, net	(20.2		)	—			(17.8		)	—			(38.0		)
Net cash used in financing activities	(101.2		)	(65.6		)	(273.9		)	279.9			(160.8		)

Effect of foreign currency translation	—			—			(30.0		)	—			(30.0		)
Net Change in Cash and Cash Equivalents	34.3			(0.1		)	(77.8		)	—			(43.6		)
Cash and Cash Equivalents as of Beginning of Period	343.5			0.1			794.1			—			1,137.7
Cash and Cash Equivalents as of End of Period	$	377.8		$	—		$	716.3		$	—		$	1,094.1



	Year Ended December 31, 2013
(in millions)	Lear			Guarantors			Non- guarantors			Eliminations			Consolidated
Net Cash Provided by Operating Activities	$	174.3		$	226.0		$	480.1		$	(60.3	)	$	820.1

Cash Flows from Investing Activities:
Additions to property, plant and equipment	(17.9		)	(110.6		)	(332.1		)	—			(460.6		)
Insurance proceeds	—			—			7.1			—			7.1
Intercompany transactions	304.1			(2.4		)	1,090.9			(1,392.6		)	—
Other, net	43.0			3.8			2.8			—			49.6
Net cash used in investing activities	329.2			(109.2		)	768.7			(1,392.6		)	(403.9		)

Cash Flows from Financing Activities:
Proceeds from the issuance of senior notes	500.0			—			—			—			500.0
Repurchase of senior notes	(72.1		)	—			—			—			(72.1		)
Payment of debt issuance and other financing costs	(13.4		)	—			—			—			(13.4		)
Repurchase of common stock	(1,000.1		)	—			—			—			(1,000.1		)
Dividends paid to Lear Corporation stockholders	(58.4		)	—			—			—			(58.4		)
Dividends paid to noncontrolling interests	—			—			(44.0		)	—			(44.0		)
Change in intercompany accounts	6.5			(116.8		)	(1,342.6		)	1,452.9			—
Other, net	(3.9		)	—			(6.6		)	—			(10.5		)
Net cash used in financing activities	(641.4		)	(116.8		)	(1,393.2		)	1,452.9			(698.5		)

Effect of foreign currency translation	—			—			17.8			—			17.8
Net Change in Cash and Cash Equivalents	(137.9		)	—			(126.6		)	—			(264.5		)
Cash and Cash Equivalents as of Beginning of Period	481.4			0.1			920.7			—			1,402.2
Cash and Cash Equivalents as of End of Period	$	343.5		$	0.1		$	794.1		$	—		$	1,137.7

Long-Term Debt of Lear and Guarantors

Long-Term Debt of Lear and the Guarantors — A summary of long-term debt of Lear and the Guarantors on a combined basis is shown below (in millions):



December 31,	2015			2014
Senior notes	$	1,947.2		$	1,694.5
Less — Current portion	(21.9		)	(240.5		)
Long-term debt	$	1,925.3		$	1,454.0