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Comprehensive Income (Loss) and Equity | 9 Months Ended
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Sep. 28, 2024
Equity [Abstract] |
Comprehensive Income (Loss) and Equity | Comprehensive Income (Loss) and Equity Comprehensive Income (Loss) Comprehensive income (loss) is defined as all changes in the Company's net assets except changes resulting from transactions with stockholders. It differs from net income in that certain items recorded in equity are included in comprehensive income (loss). Accumulated Other Comprehensive Loss A summary of changes, net of tax, in accumulated other comprehensive loss for the three and nine months ended September 28, 2024, is shown below (in millions):
| Three Months Ended September 28, 2024 |  | Nine Months Ended September 28, 2024
Defined benefit plans: |  |  |
Balance at beginning of period | $ | (106.7) |  |  | $ | (107.3) |
Reclassification adjustments (net of tax benefit of $0.1 million and $0.2 million in the three and nine months ended September 28, 2024, respectively) | — |  |  | (0.4) |
Other comprehensive income (loss) recognized during the period (net of tax benefit of $0.1 million in the nine months ended September 28, 2024) | (0.7) |  |  | 0.3 |
Balance at end of period | $ | (107.4) |  |  | $ | (107.4) |
Derivative instruments and hedging: |  |  |
Balance at beginning of period | $ | (7.5) |  |  | $ | 107.9 |
Reclassification adjustments (net of tax benefit of $3.1 million and $20.4 million in the three and nine months ended September 28, 2024, respectively) | (8.9) |  |  | (77.2) |
Other comprehensive loss recognized during the period (net of tax benefit of $17.3 million and $29.4 million in the three and nine months ended September 28, 2024, respectively) | (63.9) |  |  | (111.0) |
Balance at end of period | $ | (80.3) |  |  | $ | (80.3) |
Foreign currency translation: |  |  |
Balance at beginning of period | $ | (815.2) |  |  | $ | (689.4) |
Other comprehensive income recognized during the period (net of tax benefit of $1.0 million and $0.2 million in the three and nine months ended September 28, 2024, respectively) | 141.3 |  |  | 15.5 |
Balance at end of period | $ | (673.9) |  |  | $ | (673.9) |
Total accumulated other comprehensive loss | $ | (861.6) |  |  | $ | (861.6) |
In the three months ended September 28, 2024, foreign currency translation adjustments are primarily related to the strengthening of the Euro and the Chinese renminbi relative to the U.S. dollar and include pretax losses of $0.1 million related to intercompany transactions for which settlement is not planned or anticipated in the foreseeable future. In the nine months ended September 28, 2024, foreign currency translation adjustments are primarily related to the strengthening of the Euro and the Chinese renminbi, partially offset by the weakening of the Brazilian real, relative to the U.S. dollar and include pretax losses of $0.2 million related to intercompany transactions for which settlement is not planned or anticipated in the foreseeable future. In the three and nine months ended September 28, 2024, foreign currency translation adjustments also include net investment hedge losses of $4.7 million and $1.0 million, respectively. A summary of changes, net of tax, in accumulated other comprehensive loss for the three and nine months ended September 30, 2023, is shown below (in millions):
| Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
Defined benefit plans: |  |  |
Balance at beginning of period | $ | (96.3) |  |  | $ | (95.7) |
Reclassification adjustments (net of tax expense of $0.1 million in the nine months ended September 30, 2023) | (0.2) |  |  | (0.8) |
Other comprehensive income recognized during the period | 1.2 |  |  | 1.2 |
Balance at end of period | $ | (95.3) |  |  | $ | (95.3) |
Derivative instruments and hedging: |  |  |
Balance at beginning of period | $ | 133.0 |  |  | $ | 33.4 |
Reclassification adjustments (net of tax benefit of $11.1 million and $24.8 million in the three and nine months ended September 30, 2023, respectively) | (45.2) |  |  | (98.8) |
Other comprehensive income (loss) recognized during the period (net of tax benefit (expense) of $2.3 million and ($36.5) million in the three and nine months ended September 30, 2023, respectively) | (6.5) |  |  | 146.7 |
Balance at end of period | $ | 81.3 |  |  | $ | 81.3 |
Foreign currency translation: |  |  |
Balance at beginning of period | $ | (718.4) |  |  | $ | (742.8) |
Other comprehensive loss recognized during the period (net of tax expense of $0.7 million in the three months ended September 30, 2023) | (96.1) |  |  | (71.7) |
Balance at end of period | $ | (814.5) |  |  | $ | (814.5) |
Total accumulated other comprehensive loss | $ | (828.5) |  |  | $ | (828.5) |
In the three months ended September 30, 2023, foreign currency translation adjustments are primarily related to the weakening of the Euro and, to a lesser extent, the Brazilian real, relative to the U.S. dollar and include pretax losses of $0.3 million related to intercompany transactions for which settlement is not planned or anticipated in the foreseeable future. In the nine months ended September 30, 2023, foreign currency translation adjustments are primarily related to the weakening of the Chinese renminbi and, to a lesser extent, the Euro, partially offset by the strengthening of the Brazilian real, relative to the U.S. dollar and include pretax losses of $0.1 million related to intercompany transactions for which settlement is not planned or anticipated in the foreseeable future. In the three months ended September 30, 2023, foreign currency translation adjustments also include net investment hedge losses of $3.3 million. For further information regarding reclassification adjustments related to the Company's defined benefit plans, see Note 10, "Pension and Other Postretirement Benefit Plans." For further information regarding reclassification adjustments related to the Company's derivative and hedging activities, see Note 18, "Financial Instruments." Lear Corporation Stockholders' Equity Common Stock Share Repurchase Program The Company may implement share repurchases through a variety of methods, including, but not limited to, open market purchases, accelerated stock repurchase programs and structured repurchase transactions. The extent to which the Company may repurchase its outstanding common stock and the timing of such repurchases will depend upon its financial condition, results of operations, capital requirements, prevailing market conditions, alternative uses of capital and other factors. The Company has a common stock share repurchase program (the "Repurchase Program") which permits the discretionary repurchase of its common stock. Since the inception of the Repurchase Program in the first quarter of 2011, the Company's Board of Directors (the "Board") has authorized $6.7 billion in share repurchases, including an increase in the Company's share repurchase authorization to $1.5 billion on February 16, 2024. As of September 28, 2024, the Company has repurchased, in aggregate, $5.5 billion of its outstanding common stock, at an average price of $94.45 per share, excluding commissions and related fees, and has a remaining repurchase authorization of $1.2 billion which expires on December 31, 2026. Share repurchases in the first nine months of 2024 and the remaining repurchase authorization as of September 28, 2024, are shown below (in millions, except for share and per share amounts):
Nine Months Ended September 28, 2024 |  | As of September 28, 2024
Aggregate Repurchases (1) |  | Cash Paid for Repurchases (2) |  | Number of Shares |  | Average Price per Share (3) |  | Remaining Purchase Authorization
$ | 299.2 |  |  | $ | 310.8 |  |  | 2,569,088 |  |  | $ | 116.48 |  |  | $ | 1,200.8 |
(1) Excludes excise tax (2) Includes $16.6 million of 2023 share repurchases paid for in the first quarter of 2024 and excludes $5.0 million of third quarter 2024 share repurchases to be paid for in the fourth quarter of 2024 (3) Excludes commissions In addition to shares repurchased under the Repurchase Program described above, the Company classifies shares withheld from the settlement of the Company's restricted stock unit and performance share awards to cover tax withholding requirements as common stock held in treasury in the condensed consolidated balance sheets. Quarterly Dividend The Board declared quarterly cash dividends of $0.77 per share of common stock in the first, second and third quarters of 2024 and 2023. Dividends declared and paid are shown below (in millions):
| Nine Months Ended
| September 28, 2024 |  | September 30, 2023
Dividends declared | $ | 133.5 |  |  | $ | 139.0 |
Dividends paid | 131.9 |  |  | 137.3 |
Dividends payable on shares of common stock to be distributed under the Company's stock-based compensation program will be paid when such shares are distributed.

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