XML 23 R9.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:      
Consolidated net income $ 408.7 $ 461.6 $ 233.9
Adjustments to reconcile consolidated net income to net cash provided by operating activities –      
Equity in net income of affiliates (33.1) (15.8) (28.5)
Loss on extinguishment of debt 0.0 24.6 21.1
Impairment charges 29.1 20.1 31.9
Deferred tax benefit (49.4) (55.5) (84.7)
Depreciation and amortization 576.5 573.9 539.9
Stock-based compensation 52.0 60.3 40.0
Net change in recoverable customer engineering, development and tooling (1.2) (29.1) (47.0)
Net change in working capital items (see below) (17.8) (351.0) (66.9)
Changes in other long-term assets 9.6 (35.7) (26.5)
Changes in other long-term liabilities 8.2 (6.5) 8.3
Other, net 38.8 23.2 41.6
Net cash provided by operating activities 1,021.4 670.1 663.1
Cash Flows from Investing Activities:      
Additions to property, plant and equipment (638.2) (585.1) (452.3)
Acquisition of Kongsberg ICS, net of cash acquired (188.3) 0.0 0.0
Other, net (3.8) (61.6) (16.5)
Net cash used in investing activities (830.3) (646.7) (468.8)
Cash Flows from Financing Activities:      
Short-term borrowings (repayments), net 8.0 0.0 (19.3)
Repurchase of common stock (100.3) (100.3) (70.0)
Dividends paid to Lear Corporation stockholders (185.5) (106.7) (67.3)
Dividends paid to noncontrolling interests (84.6) (81.1) (123.3)
Term loan repayments 0.0    
Proceeds from the issuance of senior notes 0.0 698.7 669.1
Redemption of senior notes 0.0 (221.5) (667.1)
Payment of debt issuance and other financing costs 0.0 (9.9) (7.0)
Revolving credit facility borrowings 0.0 0.0 1,000.0
Revolving credit facility repayments 0.0 0.0 (1,000.0)
Other, net (24.9) 27.5 (112.7)
Net cash used in financing activities (387.3) (13.6) (411.7)
Effect of foreign currency translation (7.7) (3.0) 21.5
Net Change in Cash, Cash Equivalents and Restricted Cash (203.9) 6.8 (195.9)
Cash, Cash Equivalents and Restricted Cash as of Beginning of Period 1,321.3 1,314.5 1,510.4
Cash, Cash Equivalents and Restricted Cash as of End of Period 1,117.4 1,321.3 1,314.5
Changes in Working Capital Items:      
Accounts receivable (518.8) 160.9 (164.7)
Inventories (29.8) (213.4) (107.7)
Accounts payable 368.6 (129.6) 214.0
Accrued liabilities and other 162.2 (168.9) (8.5)
Net change in working capital items (17.8) (351.0) (66.9)
Supplementary Disclosure:      
Cash paid for interest 96.5 91.6 117.8
Cash paid for income taxes, net of refunds received of $17.1 million in 2022, $40.7 million in 2021 and $32.5 million in 2020 $ 194.6 $ 148.3 $ 141.5