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Quarterly Financial Data (unaudited) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Data (unaudited) | Quarterly Financial Data (unaudited) (In millions, except per share data)
| Thirteen Weeks Ended
| April 4, 2020 |  | July 4, 2020 |  | October 3, 2020 |  | December 31, 2020
Net sales | $ | 4,457.7 |  |  | $ | 2,444.5 |  |  | $ | 4,900.1 |  |  | $ | 5,243.2 |
Gross profit | 334.2 |  |  | (127.4) |  |  | 442.8 |  |  | 459.3 |
Consolidated net income (loss) | 83.6 |  |  | (269.5) |  |  | 197.1 |  |  | 222.7 |
Net income (loss) attributable to Lear | 76.4 |  |  | (293.9) |  |  | 174.4 |  |  | 201.6 |
Basic net income (loss) per share attributable to Lear | 1.26 |  |  | (4.89) |  |  | 2.90 |  |  | 3.35 |
Diluted net income (loss) per share attributable to Lear | 1.26 |  |  | (4.89) |  |  | 2.89 |  |  | 3.33 |
In the first quarter of 2020, the Company recognized tax benefits of $10.6 million related to a loss on the extinguishment of debt, restructuring charges and various other items. The Company also recognized a loss of $21.1 million related to the extinguishment of debt. In the second quarter of 2020, the Company recognized tax expense of $22.8 million related to the establishment of a valuation allowance on deferred tax assets of a foreign subsidiary and net tax benefits of $21.1 million related to restructuring charges and various other items. In the third quarter of 2020, the Company recognized tax benefits of $9.8 million related to the release of a valuation allowance on deferred tax assets and $5.0 million related to an increase in our research and development tax credits resulting from the completion of a research and development tax credit study and net tax expense of $10.2 million related to restructuring charges and various other items. The Company also recognized a pension benefit plan settlement loss of $10.2 million related to its restructuring actions. In the fourth quarter of 2020, the Company recognized tax benefits of $8.1 million related to restructuring charges and various other items and $15.5 million related to the U.S. deferred tax effect of our foreign branches and tax expense of $16.7 million related to a net increase in valuation allowances on deferred tax assets. The Company also recognized pension benefit plan settlement losses of $2.7 million related to its restructuring actions and an impairment charge of $4.0 million related to an investment. For further information, see Note 6, "Investments in Affiliates and Other Related Party Transactions," Note 7, "Debt," Note 9, "Income Taxes," and Note 10, "Pension and Other Postretirement Benefit Plans."
| Thirteen Weeks Ended
| March 30, 2019 |  | June 29, 2019 |  | September 28, 2019 |  | December 31, 2019
Net sales | $ | 5,160.1 |  |  | $ | 5,007.6 |  |  | $ | 4,825.0 |  |  | $ | 4,817.6 |
Gross profit | 473.2 |  |  | 478.2 |  |  | 459.3 |  |  | 326.8 |
Consolidated net income | 246.1 |  |  | 202.0 |  |  | 238.6 |  |  | 144.0 |
Net income attributable to Lear | 228.9 |  |  | 182.8 |  |  | 215.9 |  |  | 126.0 |
Basic net income per share attributable to Lear | 3.75 |  |  | 2.92 |  |  | 3.59 |  |  | 2.51 |
Diluted net income per share attributable to Lear | 3.73 |  |  | 2.92 |  |  | 3.58 |  |  | 2.50 |
In the first quarter of 2019, the Company recognized tax benefits of $18.4 million related to changes in the tax status of certain affiliates, $3.2 million related to share-based compensation and $15.6 million related to restructuring charges and various other items. In the second quarter of 2019, the Company recognized tax benefits of $11.0 million related to restructuring charges and various other items and tax expense of $10.4 million related to the establishment of a valuation allowance on the deferred tax assets of a foreign subsidiary. The Company also recognized a loss of $10.6 million related to the extinguishment of debt. In the third quarter of 2019, the Company recognized tax benefits of $28.6 million related to research and development tax credits and $9.1 million related to restructuring charges and various other items. The Company also recognized a gain of $4.0 million related to the deconsolidation of an affiliate. In the fourth quarter of 2019, the Company recognized tax benefits of $14.1 million related to the U.S. tax impact of the foreign tax credit regulations and $32.2 million related to restructuring charges and various other items. The Company also recognized curtailment gains of $12.9 million related to certain foreign pension and postretirement benefit plans and an impairment charge of $5.0 million related to an investment. For further information see, Note 6, "Investments in Affiliates and Other Related Party Transactions," Note 7, "Debt," Note 9, "Income Taxes," and Note 10, "Pension and Other Postretirement Benefit Plans ."

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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