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Comprehensive Income and Equity (Tables) | 6 Months Ended
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Jun. 30, 2018
Equity [Abstract] |
Summary of Comprehensive Income and Reconciliations of Equity | A summary of comprehensive income and a reconciliation of Lear's redeemable non-controlling interests for the three and six months ended June 30, 2018, is shown below (in millions):
| Three Months Ended June 30, 2018 |  | Six Months Ended June 30, 2018
Beginning redeemable noncontrolling interest balance | $ | 170.3 |  |  | $ | 153.4 |
Dividends declared to noncontrolling interest holders | (4.7 | ) |  | (4.7 | )
Redeemable noncontrolling interest adjustment | 9.2 |  |  | 14.6 |
Comprehensive income (loss): |  |  |
Net income | 3.8 |  |  | 7.3 |
Foreign currency translation adjustments | (11.1 | ) |  | (3.1 | )
Comprehensive income (loss) | (7.3 | ) |  | 4.2 |
Ending redeemable noncontrolling interest balance | $ | 167.5 |  |  | $ | 167.5 |
A summary of comprehensive income and reconciliations of equity, Lear Corporation stockholders’ equity and noncontrolling interests for the three and six months ended June 30, 2018, is shown below (in millions):
| Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018
| Equity |  | Lear Corporation Stockholders' Equity |  | Non- controlling Interests |  | Equity |  | Lear Corporation Stockholders' Equity |  | Non- controlling Interests
Beginning equity balance | $ | 4,554.6 |  |  | $ | 4,399.4 |  |  | $ | 155.2 |  |  | $ | 4,292.6 |  |  | $ | 4,150.5 |  |  | $ | 142.1 |
Stock-based compensation transactions | 12.5 |  |  | 12.5 |  |  | — |  |  | (18.7 | ) |  | (18.7 | ) |  | — |
Repurchase of common stock | (140.3 | ) |  | (140.3 | ) |  | — |  |  | (295.7 | ) |  | (295.7 | ) |  | — |
Dividends declared to Lear Corporation stockholders | (47.0 | ) |  | (47.0 | ) |  | — |  |  | (94.7 | ) |  | (94.7 | ) |  | — |
Dividends declared to noncontrolling interest holders | (39.9 | ) |  | — |  |  | (39.9 | ) |  | (59.6 | ) |  | — |  |  | (59.6 | )
Adoption of ASU 2016-16 (Note 11, "Taxes") | — |  |  | — |  |  | — |  |  | 2.3 |  |  | 2.3 |  |  | — |
Affiliate transaction | — |  |  | — |  |  | — |  |  | 14.0 |  |  | — |  |  | 14.0 |
Redeemable non-controlling interest adjustment | (9.2 | ) |  | (9.2 | ) |  | — |  |  | (14.6 | ) |  | (14.6 | ) |  | — |
Acquisition of outstanding non-controlling interest | — |  |  | — |  |  | — |  |  | (3.4 | ) |  | — |  |  | (3.4 | )
Comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | 351.2 |  |  | 331.4 |  |  | 19.8 |  |  | 721.9 |  |  | 685.1 |  |  | 36.8 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |
Defined benefit plan adjustments | 3.3 |  |  | 3.3 |  |  | — |  |  | 5.6 |  |  | 5.6 |  |  | — |
Derivative instruments and hedging activities | (33.2 | ) |  | (33.2 | ) |  | — |  |  | 4.2 |  |  | 4.2 |  |  | — |
Foreign currency translation adjustments | (224.6 | ) |  | (217.0 | ) |  | (7.6 | ) |  | (126.5 | ) |  | (124.1 | ) |  | (2.4 | )
Other comprehensive loss | (254.5 | ) |  | (246.9 | ) |  | (7.6 | ) |  | (116.7 | ) |  | (114.3 | ) |  | (2.4 | )
Comprehensive income | 96.7 |  |  | 84.5 |  |  | 12.2 |  |  | 605.2 |  |  | 570.8 |  |  | 34.4 |
Ending equity balance | $ | 4,427.4 |  |  | $ | 4,299.9 |  |  | $ | 127.5 |  |  | $ | 4,427.4 |  |  | $ | 4,299.9 |  |  | $ | 127.5 |
A summary of comprehensive income and reconciliations of equity, Lear Corporation stockholders’ equity and noncontrolling interests for the three and six months ended July 1, 2017, is shown below (in millions):
| Three Months Ended July 1, 2017 |  | Six Months Ended July 1, 2017
| Equity |  | Lear Corporation Stockholders' Equity |  | Non- controlling Interests |  | Equity |  | Lear Corporation Stockholders' Equity |  | Non- controlling Interests
Beginning equity balance | $ | 3,463.5 |  |  | $ | 3,331.0 |  |  | $ | 132.5 |  |  | $ | 3,192.9 |  |  | $ | 3,057.2 |  |  | $ | 135.7 |
Stock-based compensation transactions | 19.3 |  |  | 19.3 |  |  | — |  |  | (6.5 | ) |  | (6.5 | ) |  | — |
Repurchase of common stock | (126.8 | ) |  | (126.8 | ) |  | — |  |  | (254.3 | ) |  | (254.3 | ) |  | — |
Dividends declared to Lear Corporation stockholders | (35.3 | ) |  | (35.3 | ) |  | — |  |  | (71.0 | ) |  | (71.0 | ) |  | — |
Dividends declared to noncontrolling interest holders | (15.5 | ) |  | — |  |  | (15.5 | ) |  | (32.5 | ) |  | — |  |  | (32.5 | )
Adoption of ASU 2016-09 | — |  |  | — |  |  | — |  |  | 54.5 |  |  | 54.5 |  |  | — |
Comprehensive income: |  |  |  |  |  |  |  |  |  |  |
Net income | 327.0 |  |  | 311.9 |  |  | 15.1 |  |  | 645.5 |  |  | 617.7 |  |  | 27.8 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |  |
Defined benefit plan adjustments | (1.9 | ) |  | (1.9 | ) |  | — |  |  | (1.2 | ) |  | (1.2 | ) |  | — |
Derivative instruments and hedging activities | 15.9 |  |  | 15.9 |  |  | — |  |  | 68.0 |  |  | 68.0 |  |  | — |
Foreign currency translation adjustments | 110.0 |  |  | 107.8 |  |  | 2.2 |  |  | 160.8 |  |  | 157.5 |  |  | 3.3 |
Other comprehensive income | 124.0 |  |  | 121.8 |  |  | 2.2 |  |  | 227.6 |  |  | 224.3 |  |  | 3.3 |
Comprehensive income | 451.0 |  |  | 433.7 |  |  | 17.3 |  |  | 873.1 |  |  | 842.0 |  |  | 31.1 |
Ending equity balance | $ | 3,756.2 |  |  | $ | 3,621.9 |  |  | $ | 134.3 |  |  | $ | 3,756.2 |  |  | $ | 3,621.9 |  |  | $ | 134.3 |
Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | A summary of changes, net of tax, in accumulated other comprehensive loss for the three and six months ended June 30, 2018, is shown below (in millions):
| Three Months Ended June 30, 2018 |  | Six Months Ended June 30, 2018
Defined benefit plans: |  |  |
Balance at beginning of period | $ | (181.7 | ) |  | $ | (184.0 | )
Reclassification adjustments (net of tax expense of $0.3 million and $0.6 million in the three and six months ended June 30, 2018, respectively) | 1.1 |  |  | 2.4 |
Other comprehensive income recognized during the period (net of tax impact of $— million) | 2.2 |  |  | 3.2 |
Balance at end of period | $ | (178.4 | ) |  | $ | (178.4 | )
Derivative instruments and hedging: |  |  |
Balance at beginning of period | $ | 14.5 |  |  | $ | (22.9 | )
Reclassification adjustments (net of tax benefit of $0.2 million and $0.9 million in the three and six months ended June 30, 2018, respectively) | (1.1 | ) |  | (3.5 | )
Other comprehensive income (loss) recognized during the period (net of tax (benefit) expense of ($8.9) million and $2.1 million in the three and six months ended June 30, 2018, respectively) | (32.1 | ) |  | 7.7 |
Balance at end of period | $ | (18.7 | ) |  | $ | (18.7 | )
Foreign currency translation: |  |  |
Balance at beginning of period | $ | (213.6 | ) |  | $ | (306.5 | )
Other comprehensive loss recognized during the period (net of tax impact of $— million) | (217.0 | ) |  | (124.1 | )
Balance at end of period | $ | (430.6 | ) |  | $ | (430.6 | )
A summary of changes, net of tax, in accumulated other comprehensive loss for the three and six months ended July 1, 2017, is shown below (in millions):
| Three Months Ended July 1, 2017 |  | Six Months Ended July 1, 2017
Defined benefit plans: |  |  |
Balance at beginning of period | $ | (192.1 | ) |  | $ | (192.8 | )
Reclassification adjustments (net of tax expense of $0.4 million and $0.9 million in the three and six months ended July 1, 2017, respectively) | 0.8 |  |  | 2.5 |
Other comprehensive loss recognized during the period (net of tax impact of $— million) | (2.7 | ) |  | (3.7 | )
Balance at end of period | $ | (194.0 | ) |  | $ | (194.0 | )
Derivative instruments and hedging: |  |  |
Balance at beginning of period | $ | 7.0 |  |  | $ | (45.1 | )
Reclassification adjustments (net of tax (benefit) expense of ($0.1) million and $2.9 million in the three and six months ended July 1, 2017, respectively) | — |  |  | 8.8 |
Other comprehensive income recognized during the period (net of tax expense of $5.1 million and 19.8 million in the three and six months ended July 1, 2017) | 15.9 |  |  | 59.2 |
Balance at end of period | $ | 22.9 |  |  | $ | 22.9 |
Foreign currency translation: |  |  |
Balance at beginning of period | $ | (548.0 | ) |  | $ | (597.7 | )
Other comprehensive income recognized during the period (net of tax impact of $— million) | 107.8 |  |  | 157.5 |
Balance at end of period | $ | (440.2 | ) |  | $ | (440.2 | )
Common Stock Repurchase Program | Share repurchases in the first six months of 2018 are shown below (in millions except for shares and per share amounts):
Six Months Ended |  | As of
June 30, 2018 |  | June 30, 2018
Aggregate Repurchases (1) |  | Cash paid for Repurchases |  | Number of Shares |  | Average Price per Share (2) |  | Remaining Purchase Authorization
$ | 295.7 |  |  | $ | 284.7 |  |  | 1,547,349 |  | $ | 191.09 |  |  | $ | 1,209.4 |
(1) Includes $5.1 million of purchases prior to the increased authorization (2) Excludes commissions
Dividends Declared and Paid | Dividends declared and paid are shown below (in millions):
| Six Months Ended
| June 30, 2018 |  | July 1, 2017
Dividends declared | $ | 94.7 |  |  | $ | 71.0 |
Dividends paid | 96.7 |  |  | 70.7 |

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