XML 36 R14.htm IDEA: XBRL DOCUMENT
v3.20.2

Goodwill | 6 Months Ended
--- | ---
Jul. 04, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill | Goodwill A summary of the changes in the carrying amount of goodwill, by operating segment, in the six months ended July 4, 2020, is shown below (in millions):
| Seating |  | E-Systems |  | Total
Balance at January 1, 2020 | $ | 1,235.4 |  |  | $ | 378.9 |  |  | $ | 1,614.3 |
Foreign currency translation and other | (7.2 | ) |  | (1.0 | ) |  | (8.2 | )
Balance at July 4, 2020 | $ | 1,228.2 |  |  | $ | 377.9 |  |  | $ | 1,606.1 |
Goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates that an impairment is more likely than not to have occurred. In conducting its annual impairment testing, the Company may first perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If not, no further goodwill impairment testing is required. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or if the Company elects not to perform a qualitative assessment of a reporting unit, the Company then compares the fair value of the reporting unit to the related net book value. If the net book value of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill recorded. The Company conducts its annual impairment testing as of the first day of its fourth quarte r. During the first quarter of 2020, an interim goodwill impairment analysis related to one of the Company’s reporting units within its E-Systems operating segment was performed, largely due to industry disruptions resulting from the COVID-19 pandemic. The goodwill impairment analysis reflected the Company’s best estimates of the COVID-19 pandemic’s ultimate impact on industry conditions, including consumer demand, as well as economic recovery. The results of the quantitative analysis indicated that the fair value of the reporting unit exceeded the related carrying value. During the second quarter of 2020, the Company determined that it was not more likely than not that this reporting unit was impaired. The reporting unit continues to be at risk of failing a future quantitative assessment if the impact of the COVID-19 pandemic is more severe or if economic recovery is slower or weaker than anticipated. As of July 4, 2020, the goodwill of the reporting unit represents less than 7% of the Company’s total goodwill. There was no impairment of goodwill in the first six months of 2020 and 2019. The Company will, however, continue to assess the impact of significant events or circumstances on its recorded goodwill.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2144439 + Details
Name: | us-gaap_GoodwillDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration