XML 47 R35.htm IDEA: XBRL DOCUMENT v3.5.0.2
Comprehensive Income and Equity (Tables)
 9 Months Ended
Oct. 01, 2016
Equity [Abstract]  
Summary of Comprehensive Income and Reconciliations of Equity
A summary of comprehensive income and reconciliations of equity, Lear Corporation stockholders’ equity and noncontrolling interests for the three and nine months ended October 1, 2016, is shown below (in millions):
 
Three Months Ended October 1, 2016
 
Nine Months Ended October 1, 2016
 
Equity
 
Lear
Corporation
Stockholders'
Equity
 
Non-
controlling
Interests
 
Equity
 
Lear
Corporation
Stockholders'
Equity
 
Non-
controlling
Interests
Beginning equity balance
$
3,156.1

 
$
3,012.8

 
$
143.3

 
$
3,017.7

 
$
2,927.4

 
$
90.3

Stock-based compensation transactions
15.6

 
15.6

 
—

 
6.7

 
6.7

 
—

Repurchase of common stock
(152.7
)
 
(152.7
)
 
—

 
(557.7
)
 
(557.7
)
 
—

Dividends declared to Lear Corporation stockholders
(21.9
)
 
(21.9
)
 
—

 
(67.5
)
 
(67.5
)
 
—

Dividends declared to noncontrolling interest holders
(0.4
)
 
—

 
(0.4
)
 
(13.2
)
 
—

 
(13.2
)
Consolidation of affiliate
1.0

 
—

 
1.0

 
41.0

 
—

 
41.0

Non-controlling interests — other
—


—

 
—

 
—

 
(2.2
)
 
2.2

Comprehensive income:


 
 
 
 
 


 
 
 
 
Net income
235.0

 
214.4

 
20.6

 
792.0

 
745.2

 
46.8

Other comprehensive income (loss), net of tax:


 
 
 
 
 


 
 
 
 
Defined benefit plan adjustments
1.5

 
1.5

 
—

 
(0.2
)
 
(0.2
)
 
—

Derivative instruments and hedging activities
0.8

 
0.8

 
—

 
(10.6
)
 
(10.6
)
 
—

Foreign currency translation adjustments
8.0

 
8.0

 
—

 
34.8

 
37.4

 
(2.6
)
Other comprehensive income (loss)
10.3

 
10.3

 
—

 
24.0

 
26.6

 
(2.6
)
Comprehensive income
245.3

 
224.7

 
20.6

 
816.0

 
771.8

 
44.2

Ending equity balance
$
3,243.0

 
$
3,078.5

 
$
164.5

 
$
3,243.0

 
$
3,078.5

 
$
164.5

A summary of comprehensive income and reconciliations of equity, Lear Corporation stockholders’ equity and noncontrolling interests for the three and nine months ended September 26, 2015, is shown below (in millions):
 
Three Months Ended September 26, 2015
 
Nine Months Ended September 26, 2015
 
Equity
 
Lear
Corporation
Stockholders'
Equity
 
Non-
controlling
Interests
 
Equity
 
Lear
Corporation
Stockholders'
Equity
 
Non-
controlling
Interests
Beginning equity balance
$
2,978.3

 
$
2,899.4

 
$
78.9

 
$
3,029.3

 
$
2,958.8

 
$
70.5

Stock-based compensation transactions
13.8

 
13.8

 
—

 
(1.4
)
 
(1.4
)
 
—

Repurchase of common stock
(148.2
)
 
(148.2
)
 
—

 
(383.0
)
 
(383.0
)
 
—

Dividends declared to Lear Corporation stockholders
(19.5
)
 
(19.5
)
 
—

 
(59.9
)
 
(59.9
)
 
—

Dividends declared to noncontrolling interest holders
(4.3
)
 
—

 
(4.3
)
 
(16.2
)
 
—

 
(16.2
)
Comprehensive income:

 
 
 
 
 

 
 
 
 
Net income
193.3

 
181.0

 
12.3

 
542.9

 
510.2

 
32.7

Other comprehensive loss, net of tax:

 
 
 
 
 

 
 
 
 
Defined benefit plan adjustments
4.7

 
4.7

 
—

 
14.7

 
14.7

 
—

Derivative instruments and hedging activities
(16.1
)
 
(16.1
)
 
—

 
(14.3
)
 
(14.3
)
 
—

Foreign currency translation adjustments
(77.2
)
 
(74.8
)
 
(2.4
)
 
(187.3
)
 
(184.8
)
 
(2.5
)
Other comprehensive loss
(88.6
)
 
(86.2
)
 
(2.4
)
 
(186.9
)
 
(184.4
)
 
(2.5
)
Comprehensive income
104.7

 
94.8

 
9.9

 
356.0

 
325.8

 
30.2

Ending equity balance
$
2,924.8

 
$
2,840.3

 
$
84.5

 
$
2,924.8

 
$
2,840.3

 
$
84.5
Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax
A summary of changes, net of tax, in accumulated other comprehensive loss in the three and nine months ended September 26, 2015, is shown below (in millions):
 
Three Months Ended September 26, 2015
 
Nine Months Ended 
 September 26, 2015
Defined benefit plans:
 
 
 
Balance at beginning of period
$
(209.2
)
 
$
(219.2
)
Reclassification adjustments (net of tax expense of $0.3 million and $1.2 million in the three and nine month ended September 26, 2015, respectively)
1.2

 
3.5

Other comprehensive income recognized during the period (net of tax expense of $— million and $1.1 million in the three and nine months ended September 26, 2015, respectively)
3.5

 
11.2

Balance at end of period
$
(204.5
)
 
$
(204.5
)
 
 
 
 
Derivative instruments and hedging:
 
 
 
Balance at beginning of period
$
(31.4
)
 
$
(33.2
)
Reclassification adjustments (net of tax expense of $4.4 million and $7.6 million in the three and nine months ended September 26, 2015, respectively)
8.1

 
16.8

Other comprehensive loss recognized during the period (net of tax benefit of $10.1 million and $12.6 million in the three and nine months ended September 26, 2015, respectively)
(24.2
)
 
(31.1
)
Balance at end of period
$
(47.5
)
 
$
(47.5
)
 
 
 
 
Foreign currency translation:
 
 
 
Balance at beginning of period
$
(359.6
)
 
$
(249.6
)
Other comprehensive loss recognized during the period (net of tax benefit of $— million and $4.0 million in the three and nine months ended September 26, 2015, respectively)
(74.8
)
 
(184.8
)
Balance at end of period
$
(434.4
)
 
$
(434.4
)
A summary of changes, net of tax, in accumulated other comprehensive loss in the three and nine months ended October 1, 2016, is shown below (in millions):
 
Three Months Ended 
 October 1, 2016
 
Nine Months Ended 
 October 1, 2016
Defined benefit plans:
 
 
 
Balance at beginning of period
$
(196.3
)
 
$
(194.6
)
Reclassification adjustments (net of tax expense of $0.3 million and $1.0 million in the three and nine months ended October 1, 2016, respectively)
0.8

 
2.5

Other comprehensive income (loss) recognized during the period (net of tax impact of $— million in the three and nine months ended October 1, 2016)
0.7

 
(2.7
)
Balance at end of period
$
(194.8
)
 
$
(194.8
)
 
 
 
 
Derivative instruments and hedging:
 
 
 
Balance at beginning of period
$
(50.1
)
 
$
(38.7
)
Reclassification adjustments (net of tax expense of $6.0 million and $16.7 million in the three and nine months ended October 1, 2016, respectively)
17.1

 
46.2

Other comprehensive loss recognized during the period (net of tax benefit of $6.0 million and $20.5 million in the three and nine months ended October 1, 2016, respectively)
(16.3
)
 
(56.8
)
Balance at end of period
$
(49.3
)
 
$
(49.3
)
 
 
 
 
Foreign currency translation:
 
 
 
Balance at beginning of period
$
(467.4
)
 
$
(496.8
)
Other comprehensive income recognized during the period (net of tax impact of $— million in the three and nine months ended October 1, 2016)
8.0

 
37.4

Balance at end of period
$
(459.4
)
 
$
(459.4
)