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Segment Reporting

3 Months Ended

Mar. 30, 2019

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company has two reportable operating segments: Seating, which includes complete seat systems and all major seat components, including seat covers and surface materials such as leather and fabric, seat structures and mechanisms, seat foam and headrests, and E-Systems, which includes complete electrical distribution systems, as well as sophisticated electronic

control modules, electrification products and connectivity products. Key components in the Company's electrical distribution portfolio include wire harnesses, terminals and connectors and junction boxes for both internal combustion engine and electrification architectures that require management of higher voltage and power. Key components in the Company's electronic control module portfolio include body control modules, wireless receiver and transmitter technology and lighting and audio control modules, as well as portfolios specific to electrification and connectivity trends. Electrification products include charging systems (onboard charging modules, cord set charging equipment and wireless charging systems), battery electronics (battery disconnect units, cell monitoring supervisory systems and integrated total battery control modules) and other power management modules, including converter and inverter systems. Connectivity products include gateway modules and independent communication modules to manage both wired and wireless networks and data in vehicles. The other category includes unallocated costs related to corporate headquarters, regional headquarters and the elimination of intercompany activities, none of which meets the requirements for being classified as an operating segment. Corporate and regional headquarters costs include various support functions, such as information technology, corporate finance, legal, executive administration and human resources, as well as advanced engineering expenses.

The Company evaluates the performance of its operating segments based primarily on (i) revenues from external customers, (ii) pretax income before equity in net income of affiliates, interest expense and other (income) expense, net, ("segment earnings") and (iii) cash flows, being defined as segment earnings less capital expenditures plus depreciation and amortization.

A summary of revenues from external customers and other financial information by reportable operating segment is shown below (in millions):

	Three Months Ended March 30, 2019
	Seating				E-Systems				Other				Consolidated
Revenues from external customers	$	3,913.7			$	1,246.4			$	—			$	5,160.1
Segment earnings (1)	252.3				128.3				(68.4		)		312.2
Depreciation and amortization	82.9				36.8				3.9				123.6
Capital expenditures	80.2				39.1				3.5				122.8
Total assets	7,702.2				2,703.2				1,956.6				12,362.0

	Three Months Ended March 31, 2018
	Seating				E-Systems				Other				Consolidated
Revenues from external customers	$	4,329.9			$	1,403.8			$	—			$	5,733.7
Segment earnings (1)	339.5				190.8				(67.4		)		462.9
Depreciation and amortization	80.0				36.6				3.6				120.2
Capital expenditures	112.3				48.2				2.3				162.8
Total assets	7,901.5				2,631.3				2,148.4				12,681.2

⁽¹⁾ See definition above

For the three months ended March 30, 2019, segment earnings include restructuring charges of $45.2 million, $8.9 million and $0.2 million in the Seating and E-Systems segments and in the other category, respectively, (Note 2, "Restructuring").

For the three months ended March 31, 2018, segment earnings include restructuring charges of $14.4 million, $1.9 million and $2.1 million in the Seating and E-Systems segments and in the other category, respectively, (Note 2, "Restructuring").

A reconciliation of segment earnings to consolidated income before provision for income taxes and equity in net income of affiliates is shown below (in millions):

	Three Months Ended
	March 30, 2019				March 31, 2018
Segment earnings	$	312.2			$	462.9
Interest expense	20.9				20.7
Other (income) expense, net	4.4				(5.6		)
Consolidated income before provision for income taxes and equity in net income of affiliates	$	286.9			$	447.8

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- References

No definition available.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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