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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Summary of Inventories | A summary of inventories is shown below (in millions):
December 31, | 2024 |  | 2023
Raw materials | $ | 1,206.7 |  |  | $ | 1,260.7 |
Work-in-process | 124.3 |  |  | 141.0 |
Finished goods | 477.0 |  |  | 540.8 |
Reserves | (206.9) |  |  | (184.5) |
Inventories | $ | 1,601.1 |  |  | $ | 1,758.0 |
Classification of Recoverable Customer Engineering, Development and Tooling Costs Related to Long-term Supply Agreements | The classification of recoverable customer E&D and tooling costs related to long-term supply agreements is shown below (in millions):
December 31, | 2024 |  | 2023
Current | $ | 248.3 |  |  | $ | 220.2 |
Long-term | 141.6 |  |  | 164.3 |
Recoverable customer E&D and tooling | $ | 389.9 |  |  | $ | 384.5 |
Property, Plant and Equipment | Depreciable property is depreciated over the estimated useful lives of the assets, using principally the straight-line method as follows:
Buildings and improvements | 10 to 40 years
Machinery and equipment | 5 to 15 years
A summary of property, plant and equipment is shown below (in millions):
December 31, | 2024 |  | 2023
Land | $ | 98.6 |  |  | $ | 105.6 |
Buildings and improvements | 898.3 |  |  | 919.4 |
Machinery and equipment | 5,485.2 |  |  | 5,324.4 |
Construction in progress | 335.8 |  |  | 408.7 |
Total property, plant and equipment | 6,817.9 |  |  | 6,758.1 |
Less – accumulated depreciation | (3,984.5) |  |  | (3,780.7) |
Net property, plant and equipment | $ | 2,833.4 |  |  | $ | 2,977.4 |
Summary of Assets Held for Sale | The classification of assets held for sale is shown below (in millions):
December 31, | 2024 |  | 2023
Other current assets | 59.3 |  |  | $ | 4.6 |
Accrued liabilities | 11.9 |  |  | — |
Net assets held for sale | $ | 47.4 |  |  | $ | 4.6 |
Summary of Assets Held for Sale by Segment | Assets held for sale by segment is shown below (in millions):
December 31, | 2024 |  | 2023
Seating | $ | 45.3 |  |  | $ | 1.1 |
E-Systems | 2.1 |  |  | 3.5 |
Net assets held for sale | $ | 47.4 |  |  | $ | 4.6 |
Summary of Changes in Carrying Amount of Goodwill | A summary of the changes in the carrying amount of goodwill for each of the periods in the two years ended December 31, 2024, is shown below (in millions):
| Seating |  | E-Systems |  | Total
Balance as of December 31, 2022 | $ | 1,261.1 |  |  | $ | 399.5 |  |  | $ | 1,660.6 |
Acquisition | 73.5 |  |  | — |  |  | 73.5 |
Foreign currency translation and other | 6.9 |  |  | (3.1) |  |  | 3.8 |
Balance as of December 31, 2023 | 1,341.5 |  |  | 396.4 |  |  | 1,737.9 |
Acquisition | 3.3 |  |  | — |  |  | 3.3 |
Pending disposal of a non-core business (classified as held for sale) | (11.7) |  |  | — |  |  | (11.7) |
Foreign currency translation and other | (27.2) |  |  | (3.1) |  |  | (30.3) |
Balance as of December 31, 2024 | $ | 1,305.9 |  |  | $ | 393.3 |  |  | $ | 1,699.2 |
Summary of Finite-Lived Intangible Assets | A summary of intangible assets as of December 31, 2024, is shown below (in millions):
| Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Weighted Average Useful Life (years)
Amortized intangible assets: |  |  |  |  |  |  |
Customer-based | $ | 199.5 |  |  | $ | (104.1) |  |  | $ | 95.4 |  |  | 14
Technology | 25.7 |  |  | (6.2) |  |  | 19.5 |  |  | 11
Other | 0.4 |  |  | (0.3) |  |  | 0.1 |  |  | 5
Balance as of December 31, 2024 | $ | 225.6 |  |  | $ | (110.6) |  |  | $ | 115.0 |  |  | 13
A summary of intangible assets as of December 31, 2023, is shown below (in millions):
| Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Weighted Average Useful Life (years)
Amortized intangible assets: |  |  |  |  |  |  |
Customer-based | $ | 518.2 |  |  | $ | (354.9) |  |  | $ | 163.3 |  |  | 12
Licensing agreements | 71.0 |  |  | (66.3) |  |  | 4.7 |  |  | 5
Technology | 24.6 |  |  | (3.7) |  |  | 20.9 |  |  | 12
Other | 0.4 |  |  | (0.2) |  |  | 0.2 |  |  | 5
Balance as of December 31, 2023 | $ | 614.2 |  |  | $ | (425.1) |  |  | $ | 189.1 |  |  | 11
Estimated Annual Intangible Asset Amortization Expense | Excluding the impact of any future acquisitions, the Company's estimated annual amortization expense for the five succeeding years is shown below (in millions):
Year | Expense
2025 | $ | 18.0 |
2026 | 17.3 |
2027 | 16.9 |
2028 | 16.1 |
2029 | 14.9 |
Schedule of Accrued Liabilities | A summary of accrued liabilities as of December 31, 2024 and 2023, is shown below (in millions):
December 31, | 2024 |  | 2023
Compensation and employee benefits | $ | 429.5 |  |  | $ | 514.8 |
Income and other taxes payable | 354.6 |  |  | 384.7 |
Current portion of lease obligations | 152.6 |  |  | 151.9 |
Current portion of restructuring accrual | 81.1 |  | 104.7
Other | 1,149.8 |  |  | 1,049.1 |
Accrued liabilities | $ | 2,167.6 |  |  | $ | 2,205.2 |
Summary of Other (Income) Expense, Net | A summary of other expense, net is shown below (in millions):
For the year ended December 31, | 2024 |  | 2023 |  | 2022
Other expense | $ | 77.0 |  |  | $ | 83.7 |  |  | $ | 57.2 |
Other income | (28.4) |  |  | (28.8) |  |  | (10.8) |
Other expense, net | $ | 48.6 |  |  | $ | 54.9 |  |  | $ | 46.4 |
Summary of Information Used to Compute Basic and Diluted Net Income Per Share | A summary of information used to compute basic and diluted net income per share attributable to Lear is shown below (in millions, except share and per share data):
For the year ended December 31, | 2024 |  | 2023 |  | 2022
Net income attributable to Lear | $ | 506.6 |  |  | $ | 572.5 |  |  | $ | 327.7 |
Average common shares outstanding | 56,140,962 |  | 58,830,334 |  | 59,674,488
Dilutive effect of common stock equivalents | 335,143 |  | 286,041 |  | 246,041
Average diluted shares outstanding | 56,476,105 |  | 59,116,375 |  | 59,920,529
Basic net income per share attributable to Lear | $ | 9.02 |  |  | $ | 9.73 |  |  | $ | 5.49 |
Diluted net income per share attributable to Lear | $ | 8.97 |  |  | $ | 9.68 |  |  | $ | 5.47 |

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