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Segment Reporting | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting A reconciliation of segment earnings to consolidated income before provision for income taxes and equity in net income of affiliates is shown below (in millions):
| Year Ended December 31, 2024
| Seating |  | E-Systems |  | Other |  | Consolidated
Revenues from external customers | $ | 17,222.1 |  |  | $ | 6,083.9 |  |  | $ | — |  |  | $ | 23,306.0 |
Intersegment revenues(1) | 3.4 |  |  | 230.1 |  |  | (233.5) |  |  | — |
Less(2): |  |  |  |  |  |  |
Cost of sales | 15,845.5 |  |  | 5,892.2 |  |  | (71.0) |  |  | 21,666.7 |
Gross margin | 1,380.0 |  |  | 421.8 |  |  | (162.5) |  |  | 1,639.3 |
Selling, general and administrative | 348.7 |  |  | 154.6 |  |  | 199.2 |  |  | 702.5 |
Amortization of intangibles | 37.2 |  |  | 11.9 |  |  | — |  |  | 49.1 |
Intersegment support activities | 5.6 |  |  | 7.9 |  |  | (13.5) |  |  | — |
Segment earnings(3) | $ | 988.5 |  |  | $ | 247.4 |  |  | $ | (348.2) |  |  | 887.7 |
Reconciliation of segment earnings: |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  | 106.2 |
Other expense, net |  |  |  |  |  |  | 48.6 |
Consolidated income before provision for income taxes and equity in net income of affiliates |  |  |  |  |  |  | $ | 732.9 |
| Year Ended December 31, 2023
| Seating |  | E-Systems |  | Other |  | Consolidated
Revenues from external customers | $ | 17,548.8 |  |  | $ | 5,918.1 |  |  | $ | — |  |  | $ | 23,466.9 |
Intersegment revenues (1) | 0.6 |  |  | 224.9 |  |  | (225.5) |  |  | — |
Less (2): |  |  |  |  |  |  |
Cost of sales | 16,090.0 |  |  | 5,730.4 |  |  | (63.9) |  |  | 21,756.5 |
Gross margin | 1,459.4 |  |  | 412.6 |  |  | (161.6) |  |  | 1,710.4 |
Selling, general and administrative | 346.5 |  |  | 156.6 |  |  | 211.6 |  |  | 714.7 |
Amortization of intangibles | 39.0 |  |  | 23.5 |  |  | — |  |  | 62.5 |
Intersegment support activities | 7.0 |  |  | 3.6 |  |  | (10.6) |  |  | — |
Segment earnings (3) | $ | 1,066.9 |  |  | $ | 228.9 |  |  | $ | (362.6) |  |  | 933.2 |
Reconciliation of segment earnings: |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  | 101.1 |
Other expense, net |  |  |  |  |  |  | 54.9 |
Consolidated income before provision for income taxes and equity in net income of affiliates |  |  |  |  |  |  | $ | 777.2 |
| Year Ended December 31, 2022
| Seating |  | E-Systems |  | Other |  | Consolidated
Revenues from external customers | $ | 15,711.2 |  |  | $ | 5,180.3 |  |  | $ | — |  |  | $ | 20,891.5 |
Intersegment revenues(1) | 2.3 |  |  | 188.4 |  |  | (190.7) |  |  | — |
Less(2): |  |  |  |  |  |  |
Cost of sales | 14,472.2 |  |  | 5,078.8 |  |  | (69.4) |  |  | 19,481.6 |
Gross margin | 1,241.3 |  |  | 289.9 |  |  | (121.3) |  |  | 1,409.9 |
Selling, general and administrative | 306.9 |  |  | 178.7 |  |  | 199.2 |  |  | 684.8 |
Amortization of intangibles | 38.6 |  |  | 32.2 |  |  | — |  |  | 70.8 |
Intersegment support activities | 2.8 |  |  | 4.6 |  |  | (7.4) |  |  | — |
Segment earnings(3) | $ | 893.0 |  |  | $ | 74.4 |  |  | $ | (313.1) |  |  | 654.3 |
Reconciliation of segment earnings: |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  | 98.6 |
Other expense, net |  |  |  |  |  |  | 46.4 |
Consolidated income before provision for income taxes and equity in net income of affiliates |  |  |  |  |  |  | $ | 509.3 |
(1) Intersegment transactions are accounted for at values comparable to unaffiliated third-party transactions. (2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown. (3) For a definition of segment earnings, see Note 2, "Summary of Significant Accounting Policies — Segment Reporting." Other segment related disclosures are shown below (in millions):
| Year Ended December 31, 2024
| Seating |  | E-Systems |  | Other |  | Consolidated
Depreciation | $ | 370.9 |  |  | $ | 180.1 |  |  | $ | 20.6 |  |  | $ | 571.6 |
Capital expenditures | 375.0 |  |  | 166.7 |  |  | 17.0 |  |  | 558.7 |
Inventories | 828.1 |  |  | 773.0 |  |  | — |  |  | 1,601.1 |
Total assets | 7,974.4 |  |  | 3,799.1 |  |  | 2,254.0 |  |  | 14,027.5 |
| For the year ended December 31, 2023
| Seating |  | E-Systems |  | Other |  | Consolidated
Depreciation | $ | 355.4 |  |  | $ | 165.8 |  |  | $ | 20.7 |  |  | $ | 541.9 |
Capital expenditures | 344.6 |  |  | 261.3 |  |  | 20.6 |  |  | 626.5 |
Inventories | 920.9 |  |  | 837.1 |  |  | — |  |  | 1,758.0 |
Total assets | 8,371.2 |  |  | 4,046.5 |  |  | 2,277.8 |  |  | 14,695.5 |
| For the year ended December 31, 2022
| Seating |  | E-Systems |  | Other |  | Consolidated
Depreciation | $ | 331.0 |  |  | $ | 156.0 |  |  | $ | 18.7 |  |  | $ | 505.7 |
Capital expenditures | 369.4 |  |  | 241.3 |  |  | 27.5 |  |  | 638.2 |
Revenues from external customers and tangible long-lived assets for each of the geographic areas in which the Company operates is shown below (in millions):
For the year ended December 31, | 2024 |  | 2023 |  | 2022
Revenues from external customers |  |  |  |  |
United States | $ | 5,050.4 |  |  | $ | 4,863.8 |  |  | $ | 4,751.6 |
Mexico | 3,673.7 |  |  | 3,434.4 |  |  | 3,182.7 |
China | 2,969.5 |  |  | 3,044.9 |  |  | 2,976.1 |
Germany | 1,364.4 |  |  | 1,402.2 |  |  | 1,211.0 |
Morocco | 1,219.8 |  |  | 1,085.8 |  |  | 778.4 |
Other countries | 9,028.2 |  |  | 9,635.8 |  |  | 7,991.7 |
Total | $ | 23,306.0 |  |  | $ | 23,466.9 |  |  | $ | 20,891.5 |
December 31, | 2024 |  | 2023
Tangible long-lived assets (1) |  |  |
Mexico | $ | 723.1 |  |  | $ | 740.5 |
United States | 700.2 |  |  | 730.6 |
China | 404.1 |  |  | 457.0 |
Morocco | 242.0 |  |  | 246.5 |
Poland | 203.5 |  |  | 241.5 |
Germany | 168.2 |  |  | 200.3 |
Other countries | 1,092.1 |  |  | 1,094.5 |
Total | $ | 3,533.2 |  |  | $ | 3,710.9 |
(1) Tangible long-lived assets include property, plant and equipment and right-of-use assets. A summary of revenues from major customers is shown below:
For the year ended December 31, | 2024 |  | 2023 |  | 2022
General Motors | 21.8% |  | 19.8% |  | 20.2%
Ford | 11.1% |  | 11.4% |  | 13.5%
Volkswagen | 10.5% |  | 11.0% |  | 10.8%
Mercedes-Benz | 10.5% |  | 10.4% |  | 11.3%
Stellantis | 8.6% |  | 10.2% |  | 10.3%

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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