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Investments in Affiliates and Other Related Party Transactions | 12 Months Ended
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Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Affiliates and Other Related Party Transactions | Investments in Affiliates and Other Related Party Transactions The Company’s beneficial ownership in affiliates accounted for under the equity method is shown below:
December 31, | 2020 |  | 2019 |  | 2018
Beijing BHAP Lear Automotive Systems Co., Ltd. (China) | 50% |  | 50% |  | 50%
Jiangxi Jiangling Lear Interior Systems Co., Ltd. (China) | 50 |  | 50 |  | 50
Lear Dongfeng Automotive Seating Co., Ltd. (China) | 50 |  | 50 |  | 50
Guangzhou Lear Automotive Components Co., Ltd. (China) | 50 |  | 50 |  | —
Changchun Lear FAWSN Automotive Seat Systems Co., Ltd. (China) | 49 |  | 49 |  | 49
Honduras Electrical Distribution Systems S. de R.L. de C.V. (Honduras) | 49 |  | 49 |  | 49
Kyungshin-Lear Sales and Engineering LLC | 49 |  | 49 |  | 49
Beijing Lear Hyundai Transys Co., Ltd. (China) | 40 |  | 40 |  | 40
Hyundai Transys Lear Automotive Private Limited (India) | 35 |  | 35 |  | 35
Techstars Corporate Partner 2017 LLC | 34 |  | 38 |  | —
RevoLaze, LLC | 20 |  | 20 |  | 20
Maniv Mobility II A, L.P. | 9 |  | 8 |  | —
Autotech Fund II, L.P. | 4 |  | 6 |  | —
Trucks Venture Fund 2, L.P. | 3 |  | 4 |  | —
Dong Kwang Lear Yuhan Hoesa (Korea) | — |  | — |  | 50
Summarized group financial information for affiliates accounted for under the equity method as of December 31, 2020 and 2019, and for the years ended December 31, 2020, 2019 and 2018, is shown below (unaudited; in millions):
December 31, | 2020 |  | 2019
Balance sheet data: |  |  |
Current assets | $ | 1,136.3 |  |  | $ | 856.3 |
Non-current assets | 194.4 |  |  | 173.9 |
Current liabilities | 901.7 |  |  | 739.5 |
Non-current liabilities | 6.2 |  |  | 6.6 |
For the year ended December 31, | 2020 |  | 2019 |  | 2018
Income statement data: |  |  |  |  |
Net sales | $ | 1,597.5 |  |  | $ | 1,670.0 |  |  | $ | 1,520.2 |
Gross profit | 83.0 |  |  | 89.2 |  |  | 75.9 |
Income before provision for income taxes | 73.8 |  |  | 85.7 |  |  | 60.0 |
Net income attributable to affiliates | 44.8 |  |  | 53.5 |  |  | 42.2 |
A summary of amounts recorded in the Company's consolidated balance sheets related to its affiliates is shown below (in millions):
December 31, | 2020 |  | 2019
Aggregate investment in affiliates | $ | 142.9 |  |  | $ | 119.5 |
Receivables due from affiliates (including notes and advances) | 142.0 |  |  | 170.5 |
Payables due to affiliates | 1.6 |  |  | 0.1 |
A summary of transactions with affiliates accounted for under the equity method and other related parties is shown below (in millions):
For the year ended December 31, | 2020 |  | 2019 |  | 2018
Sales to affiliates | $ | 656.4 |  |  | $ | 647.2 |  |  | $ | 603.0 |
Purchases from affiliates | 1.9 |  |  | 1.6 |  |  | 2.0 |
Management and other fees for services provided to affiliates | 28.3 |  |  | 35.5 |  |  | 29.6 |
Dividends received from affiliates | 24.6 |  |  | 23.3 |  |  | 39.0 |
The Company has certain investments with beneficial ownership interests of less than 20% that are accounted for under the equity method as the Company’s beneficial ownership interests in these entities are similar to partnership interests. 2019 In 2019, the Company deconsolidated Guangzhou Automobile Group Component Co., Ltd. ("GACC") as it no longer controls this entity. As a result, the carrying values of the assets and liabilities of GACC are not reflected in the consolidated balance sheet as of December 31, 2019. In addition, the Company recorded a gain of $4.0 million related to the excess of the estimated fair value over the carrying value of its interest in GACC immediately prior to deconsolidation. The gain is included in other expense, net in the accompanying consolidated statement of income for the year ended December 31, 2019. 2018 In 2018, the Company gained control of Changchun Lear FAWSN Automotive Electrical and Electronics Co., Ltd. ("Lear FAWSN") by acquiring an additional 20% interest from a joint venture partner and by amending the joint venture agreement to eliminate the substantive participating rights of the remaining joint venture partner. Prior to the amendment, Lear FAWSN was accounted for under the equity method. This transaction was accounted for as a business combination, and accordingly, the assets acquired and liabilities assumed are included in the accompanying consolidated balance sheet as of December 31, 2018. The operating results and cash flows of Lear FAWSN are included in the accompanying consolidated financial statements from the effective date of the amended joint venture agreement and are reflected in the Company’s E-Systems segment. A summary of the fair value of the assets acquired and liabilities assumed in conjunction with the transaction is shown below (in millions):
Property, plant and equipment | $ | 11.0 |
Other assets and liabilities assumed, net | 5.7 |
Goodwill | 22.4 |
Intangible assets | 7.5 |
| $ | 46.6 |
Recognized goodwill is attributable to the assembled workforce, expected synergies and other intangible assets that do not qualify for separate recognition. Intangible assets consist of amounts recognized for the fair value of customer-based assets and were based on an independent appraisal. Customer-based assets include Lear FAWSN's established relationships with its customers and the ability of these customers to generate future economic profits for the Company. It is currently estimated that these intangible assets have a weighted average useful life of approximately ten years. As of the effective date of the transaction, the fair value of the Company’s previously held equity interest in Lear FAWSN was $23.0 million, and the fair value of the noncontrolling interest in Lear FAWSN was $14.0 million. As a result of valuing the Company’s previously held equity interest in Lear FAWSN at fair value, the Company recognized a gain of $10.0 million, which is included in other expense, net in the accompanying consolidated statement of income for the year ended December 31, 2018. The pro forma effects of this consolidation would not materially impact the Company’s reported results for any period presented. For further information related to acquired assets measured at fair value, see Note 16, "Financial Instruments."

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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