XML 48 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Comprehensive Income and Equity (Tables)
 6 Months Ended
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