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Supplemental Guarantor Condensed Consolidating Financial Statements (Tables) | 3 Months Ended
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Apr. 02, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Schedule of Condensed Balance Sheet |
| April 2, 2016
| Lear |  | Guarantors |  | Non- guarantors |  | Eliminations |  | Consolidated
| (Unaudited; in millions)
ASSETS |  |  |  |  |  |  |  |  |
CURRENT ASSETS: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 496.4 |  |  | $ | — |  |  | $ | 677.7 |  |  | $ | — |  |  | $ | 1,174.1 |
Accounts receivable | 58.5 |  |  | 657.3 |  |  | 2,333.0 |  |  | — |  |  | 3,048.8 |
Inventories | 2.5 |  |  | 425.7 |  |  | 581.5 |  |  | — |  |  | 1,009.7 |
Intercompany accounts | 81.3 |  |  | 108.1 |  |  | — |  |  | (189.4 | ) |  | — |
Other | 118.9 |  |  | 16.2 |  |  | 408.0 |  |  | — |  |  | 543.1 |
Total current assets | 757.6 |  |  | 1,207.3 |  |  | 4,000.2 |  |  | (189.4 | ) |  | 5,775.7 |
LONG-TERM ASSETS: |  |  |  |  |  |  |  |  |
Property, plant and equipment, net | 158.5 |  |  | 401.0 |  |  | 1,314.5 |  |  | — |  |  | 1,874.0 |
Goodwill | 39.9 |  |  | 651.3 |  |  | 374.1 |  |  | — |  |  | 1,065.3 |
Investments in subsidiaries | 3,307.6 |  |  | 2,228.7 |  |  | — |  |  | (5,536.3 | ) |  | — |
Intercompany loans receivable | 1,040.6 |  |  | 168.7 |  |  | 523.7 |  |  | (1,733.0 | ) |  | — |
Other | 563.0 |  |  | 199.6 |  |  | 509.5 |  |  | (27.6 | ) |  | 1,244.5 |
Total long-term assets | 5,109.6 |  |  | 3,649.3 |  |  | 2,721.8 |  |  | (7,296.9 | ) |  | 4,183.8 |
Total assets | $ | 5,867.2 |  |  | $ | 4,856.6 |  |  | $ | 6,722.0 |  |  | $ | (7,486.3 | ) |  | $ | 9,959.5 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |
Short-term borrowings | $ | — |  |  | $ | — |  |  | $ | 2.6 |  |  | $ | — |  |  | $ | 2.6 |
Accounts payable and drafts | 77.0 |  |  | 798.8 |  |  | 1,914.2 |  |  | — |  |  | 2,790.0 |
Accrued liabilities | 144.9 |  |  | 323.4 |  |  | 982.2 |  |  | — |  |  | 1,450.5 |
Intercompany accounts | — |  |  | — |  |  | 189.4 |  |  | (189.4 | ) |  | — |
Current portion of long-term debt | 25.0 |  |  | — |  |  | 1.4 |  |  | — |  |  | 26.4 |
Total current liabilities | 246.9 |  |  | 1,122.2 |  |  | 3,089.8 |  |  | (189.4 | ) |  | 4,269.5 |
LONG-TERM LIABILITIES: |  |  |  |  |  |  |  |  |
Long-term debt | 1,919.8 |  |  | — |  |  | 8.7 |  |  | — |  |  | 1,928.5 |
Intercompany loans payable | 501.9 |  |  | 656.2 |  |  | 574.9 |  |  | (1,733.0 | ) |  | — |
Other | 161.0 |  |  | 164.4 |  |  | 319.3 |  |  | (27.6 | ) |  | 617.1 |
Total long-term liabilities | 2,582.7 |  |  | 820.6 |  |  | 902.9 |  |  | (1,760.6 | ) |  | 2,545.6 |
EQUITY: |  |  |  |  |  |  |  |  |
Lear Corporation stockholders’ equity | 3,037.6 |  |  | 2,913.8 |  |  | 2,622.5 |  |  | (5,536.3 | ) |  | 3,037.6 |
Noncontrolling interests | — |  |  | — |  |  | 106.8 |  |  | — |  |  | 106.8 |
Equity | 3,037.6 |  |  | 2,913.8 |  |  | 2,729.3 |  |  | (5,536.3 | ) |  | 3,144.4 |
Total liabilities and equity | $ | 5,867.2 |  |  | $ | 4,856.6 |  |  | $ | 6,722.0 |  |  | $ | (7,486.3 | ) |  | $ | 9,959.5 |
| December 31, 2015
| Lear |  | Guarantors |  | Non- guarantors |  | Eliminations |  | Consolidated
| (In millions)
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 |  |  | 2,109.6 |  |  | — |  |  | (5,210.9 | ) |  | — |
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 |  |  | 3,566.9 |  |  | 2,376.2 |  |  | (6,569.7 | ) |  | 4,119.2 |
Total assets | $ | 5,482.5 |  |  | $ | 4,614.0 |  |  | $ | 6,004.4 |  |  | $ | (6,695.1 | ) |  | $ | 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 |  |  | 2,840.8 |  |  | 2,370.1 |  |  | (5,210.9 | ) |  | 2,927.4 |
Noncontrolling interests | — |  |  | — |  |  | 90.3 |  |  | — |  |  | 90.3 |
Equity | 2,927.4 |  |  | 2,840.8 |  |  | 2,460.4 |  |  | (5,210.9 | ) |  | 3,017.7 |
Total liabilities and equity | $ | 5,482.5 |  |  | $ | 4,614.0 |  |  | $ | 6,004.4 |  |  | $ | (6,695.1 | ) |  | $ | 9,405.8 |
Schedule of Condensed Income Statement |
| Three Months Ended April 2, 2016
| Lear |  | Guarantors |  | Non- guarantors |  | Eliminations |  | Consolidated
| (Unaudited; in millions)
Net sales | $ | 105.6 |  |  | $ | 2,038.4 |  |  | $ | 3,841.2 |  |  | $ | (1,322.3 | ) |  | $ | 4,662.9 |
Cost of sales | 158.5 |  |  | 1,797.5 |  |  | 3,493.5 |  |  | (1,322.3 | ) |  | 4,127.2 |
Selling, general and administrative expenses | 73.7 |  |  | 5.1 |  |  | 70.2 |  |  | — |  |  | 149.0 |
Intercompany operating (income) expense, net | (129.9 | ) |  | 74.5 |  |  | 55.4 |  |  | — |  |  | — |
Amortization of intangible assets | 0.7 |  |  | 5.2 |  |  | 7.3 |  |  | — |  |  | 13.2 |
Interest expense | 16.2 |  |  | 6.9 |  |  | (2.0 | ) |  | — |  |  | 21.1 |
Other expense, net | 10.3 |  |  | (0.4 | ) |  | (1.4 | ) |  | — |  |  | 8.5 |
Consolidated income (loss) before income taxes and equity in net income of affiliates and subsidiaries | (23.9 | ) |  | 149.6 |  |  | 218.2 |  |  | — |  |  | 343.9 |
Provision for income taxes | (9.5 | ) |  | 60.2 |  |  | 47.5 |  |  | — |  |  | 98.2 |
Equity in net income of affiliates | 0.1 |  |  | (0.5 | ) |  | (16.4 | ) |  | — |  |  | (16.8 | )
Equity in net income of subsidiaries | (262.9 | ) |  | (132.3 | ) |  | — |  |  | 395.2 |  |  | — |
Consolidated net income | 248.4 |  |  | 222.2 |  |  | 187.1 |  |  | (395.2 | ) |  | 262.5 |
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | 14.1 |  |  | — |  |  | 14.1 |
Net income attributable to Lear | $ | 248.4 |  |  | $ | 222.2 |  |  | $ | 173.0 |  |  | $ | (395.2 | ) |  | $ | 248.4 |
Consolidated comprehensive income | $ | 317.9 |  |  | $ | 228.1 |  |  | $ | 248.7 |  |  | $ | (462.5 | ) |  | $ | 332.2 |
Less: Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 14.3 |  |  | — |  |  | 14.3 |
Comprehensive income attributable to Lear | $ | 317.9 |  |  | $ | 228.1 |  |  | $ | 234.4 |  |  | $ | (462.5 | ) |  | $ | 317.9 |
| Three Months Ended March 28, 2015
| Lear |  | Guarantors |  | Non- guarantors |  | Eliminations |  | Consolidated
| (Unaudited; in millions)
Net sales | $ | 96.8 |  |  | $ | 1,987.9 |  |  | $ | 3,727.6 |  |  | $ | (1,290.9 | ) |  | $ | 4,521.4 |
Cost of sales | 148.3 |  |  | 1,812.0 |  |  | 3,426.3 |  |  | (1,290.9 | ) |  | 4,095.7 |
Selling, general and administrative expenses | 61.2 |  |  | 23.8 |  |  | 66.7 |  |  | — |  |  | 151.7 |
Intercompany operating (income) expense, net | (147.9 | ) |  | 70.4 |  |  | 77.5 |  |  | — |  |  | — |
Amortization of intangible assets | 0.4 |  |  | 5.2 |  |  | 7.7 |  |  | — |  |  | 13.3 |
Interest expense | 20.8 |  |  | 5.9 |  |  | (2.3 | ) |  | — |  |  | 24.4 |
Other expense, net | 14.2 |  |  | (2.1 | ) |  | 17.9 |  |  | — |  |  | 30.0 |
Consolidated income (loss) before income taxes and equity in net income of affiliates and subsidiaries | (0.2 | ) |  | 72.7 |  |  | 133.8 |  |  | — |  |  | 206.3 |
Provision for income taxes | 2.8 |  |  | 31.5 |  |  | 28.6 |  |  | — |  |  | 62.9 |
Equity in net income of affiliates | (0.3 | ) |  | (0.7 | ) |  | (12.3 | ) |  | — |  |  | (13.3 | )
Equity in net income of subsidiaries | (150.0 | ) |  | (63.4 | ) |  | — |  |  | 213.4 |  |  | — |
Consolidated net income | 147.3 |  |  | 105.3 |  |  | 117.5 |  |  | (213.4 | ) |  | 156.7 |
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | 9.4 |  |  | — |  |  | 9.4 |
Net income attributable to Lear | $ | 147.3 |  |  | $ | 105.3 |  |  | $ | 108.1 |  |  | $ | (213.4 | ) |  | $ | 147.3 |
Consolidated comprehensive income | $ | 19.5 |  |  | $ | 88.6 |  |  | $ | (4.5 | ) |  | $ | (74.8 | ) |  | $ | 28.8 |
Less: Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 9.3 |  |  | — |  |  | 9.3 |
Comprehensive income attributable to Lear | $ | 19.5 |  |  | $ | 88.6 |  |  | $ | (13.8 | ) |  | $ | (74.8 | ) |  | $ | 19.5 |
Schedule of Condensed Cash Flow Statement |
| Three Months Ended April 2, 2016
| Lear |  | Guarantors |  | Non- guarantors |  | Eliminations |  | Consolidated
| (Unaudited; in millions)
Net Cash Provided by Operating Activities | $ | (31.2 | ) |  | $ | 123.9 |  |  | $ | 195.9 |  |  | $ | — |  |  | $ | 288.6 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |
Additions to property, plant and equipment | (9.8 | ) |  | (25.9 | ) |  | (52.4 | ) |  | — |  |  | (88.1 | )
Intercompany transactions | (32.4 | ) |  | 15.8 |  |  | (278.6 | ) |  | 295.2 |  |  | — |
Other, net | (3.2 | ) |  | 0.1 |  |  | 1.3 |  |  | — |  |  | (1.8 | )
Net cash used in investing activities | (45.4 | ) |  | (10.0 | ) |  | (329.7 | ) |  | 295.2 |  |  | (89.9 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |
Credit agreement repayments | (3.1 | ) |  | — |  |  | — |  |  | — |  |  | (3.1 | )
Short-term borrowings | — |  |  | — |  |  | 2.6 |  |  | — |  |  | 2.6 |
Repurchase of common stock | (154.7 | ) |  | — |  |  | — |  |  | — |  |  | (154.7 | )
Dividends paid to Lear Corporation stockholders | (25.3 | ) |  | — |  |  | — |  |  | — |  |  | (25.3 | )
Intercompany transactions | 280.3 |  |  | (114.2 | ) |  | 129.1 |  |  | (295.2 | ) |  | — |
Other, net | (50.6 | ) |  | — |  |  | (0.4 | ) |  |  |  |  | (51.0 | )
Net cash used in financing activities | 46.6 |  |  | (114.2 | ) |  | 131.3 |  |  | (295.2 | ) |  | (231.5 | )
Effect of foreign currency translation | — |  |  | — |  |  | 10.3 |  |  | — |  |  | 10.3 |
Net Change in Cash and Cash Equivalents | (30.0 | ) |  | (0.3 | ) |  | 7.8 |  |  | — |  |  | (22.5 | )
Cash and Cash Equivalents as of Beginning of Period | 526.4 |  |  | 0.3 |  |  | 669.9 |  |  | — |  |  | 1,196.6 |
Cash and Cash Equivalents as of End of Period | $ | 496.4 |  |  | $ | — |  |  | $ | 677.7 |  |  | $ | — |  |  | $ | 1,174.1 |
| Three Months Ended March 28, 2015
| Lear |  | Guarantors |  | Non- guarantors |  | Eliminations |  | Consolidated
| (Unaudited; in millions)
Net Cash Used in Operating Activities | $ | 9.2 |  |  | $ | (216.8 | ) |  | $ | 216.0 |  |  | $ | (75.0 | ) |  | $ | (66.6 | )
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |
Additions to property, plant and equipment | (3.7 | ) |  | (23.9 | ) |  | (71.2 | ) |  | — |  |  | (98.8 | )
Acquisitions, net of cash acquired and use of $350 million restricted cash (see non-cash investing activities below) | (493.5 | ) |  | 1.2 |  |  | 19.0 |  |  | — |  |  | (473.3 | )
Intercompany transactions | (42.0 | ) |  | (1.7 | ) |  | 26.1 |  |  | 17.6 |  |  | — |
Other, net | (2.3 | ) |  | — |  |  | 10.2 |  |  | — |  |  | 7.9 |
Net cash used in investing activities | (541.5 | ) |  | (24.4 | ) |  | (15.9 | ) |  | 17.6 |  |  | (564.2 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |
Credit agreement borrowings | 500.0 |  |  | — |  |  | — |  |  | — |  |  | 500.0 |
Repurchase of senior notes, net of use of $250 million restricted cash (see non-cash financing activities below) (Note 7) | (5.0 | ) |  | — |  |  | — |  |  | — |  |  | (5.0 | )
Repurchase of common stock | (112.4 | ) |  | — |  |  | — |  |  | — |  |  | (112.4 | )
Dividends paid to Lear Corporation stockholders | (22.0 | ) |  | — |  |  | — |  |  | — |  |  | (22.0 | )
Dividends paid to noncontrolling interests | — |  |  | — |  |  | (0.1 | ) |  | — |  |  | (0.1 | )
Intercompany transactions | 41.7 |  |  | 241.9 |  |  | (341.0 | ) |  | 57.4 |  |  | — |
Other, net | (48.0 | ) |  | — |  |  | 2.0 |  |  | — |  |  | (46.0 | )
Net cash provided by financing activities | 354.3 |  |  | 241.9 |  |  | (339.1 | ) |  | 57.4 |  |  | 314.5 |
Effect of foreign currency translation | — |  |  | — |  |  | (29.6 | ) |  | — |  |  | (29.6 | )
Net Change in Cash and Cash Equivalents | (178.0 | ) |  | 0.7 |  |  | (168.6 | ) |  | — |  |  | (345.9 | )
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 | $ | 199.8 |  |  | $ | 0.7 |  |  | $ | 547.7 |  |  | $ | — |  |  | $ | 748.2 |
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 | )
Long-Term Debt | A summary of long-term debt of Lear and the Guarantors on a combined basis is shown below (in millions):
| April 2, 2016 |  | December 31, 2015
Credit agreement | $ | 485.5 |  |  | $ | 488.4 |
Senior notes | 1,459.3 |  |  | 1,458.8 |
| 1,944.8 |  |  | 1,947.2 |
Less — Current portion | (25.0 | ) |  | (21.9 | )
Long-term debt | $ | 1,919.8 |  |  | $ | 1,925.3 |

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