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Capital Stock, Accumulated Other Comprehensive Loss and Equity | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Capital Stock, Accumulated Other Comprehensive Loss and Equity | Capital Stock, Accumulated Other Comprehensive Loss and Equity Common Stock The Company is authorized to issue up to 300,000,000 shares of Common Stock. The Company's Common Stock is listed on the New York Stock Exchange under the symbol "LEA" and has the following rights and privileges: •Voting Rights – All shares of the Company's common stock have identical rights and privileges. With limited exceptions, holders of common stock are entitled to one vote for each outstanding share of common stock held of record by each shareholder on all matters properly submitted for the vote of the Company's shareholders. •Dividend Rights – Subject to applicable law, any contractual restrictions and the rights of the holders of outstanding preferred stock, if any, holders of common stock are entitled to receive ratably such dividends and other distributions that the Company's Board of Directors (the "Board"), in its discretion, declares from time to time. •Liquidation Rights – Upon the dissolution, liquidation or winding up of the Company, subject to the rights of the holders of outstanding preferred stock, if any, holders of common stock are entitled to receive ratably the assets of the Company available for distribution to the Company's shareholders in proportion to the number of shares of common stock held by each shareholder. •Conversion, Redemption and Preemptive Rights – Holders of common stock have no conversion, redemption, sinking fund, preemptive, subscription or similar rights. 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 its inception in the first quarter of 2011, 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 December 31, 2024, the Company has repurchased, in aggregate, $5.6 billion of its outstanding common stock, at an average price of $94.54 per share, excluding commissions and related fees, and has a remaining repurchase authorization of $1.1 billion, which expires on December 31, 2026. Share repurchases are shown below (in millions, except for shares and per share amounts):
For the year ended December 31, | Aggregate Repurchases (1) |  | Cash paid for Repurchases (1), (2) |  | Number of Shares |  | Average Price per Share (1)
2024 | $ | 400.1 |  |  | $ | 416.7 |  |  | 3,578,167 |  | $ | 111.81 |
2023 | $ | 313.1 |  |  | $ | 296.5 |  |  | 2,281,723 |  |  | $ | 137.21 |
2022 | $ | 100.3 |  |  | $ | 100.3 |  |  | 763,309 |  |  | $ | 131.37 |
(1) Excludes excise tax and commissions (2) Includes $16.6 million of 2023 share repurchases paid for in the first quarter of 2024 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 consolidated balance sheet. Quarterly Dividend In 2024, 2023 and 2022, the Board declared a quarterly cash dividend of $0.77 per share of common stock in all quarters. Dividends declared and paid are shown below (in millions):
For the year ended December 31, | 2024 |  | 2023 |  | 2022
Dividends declared | $ | 174.7 |  |  | $ | 184.5 |  |  | $ | 186.2 |
Dividends paid | $ | 173.7 |  |  | $ | 181.9 |  |  | $ | 185.5 |
Dividends payable on common shares to be distributed under the Company's stock-based compensation program will be paid when such common shares are distributed. Comprehensive Income Comprehensive income is defined as all changes in the Company's net assets except changes resulting from transactions with shareholders. It differs from net income in that certain items recorded in equity are included in comprehensive income. Accumulated Other Comprehensive Loss A summary of changes in accumulated other comprehensive loss, net of tax, is shown below (in millions):
For the year ended December 31, | 2024 |  | 2023 |  | 2022
Defined benefit plans: |  |  |  |  |
Balance at beginning of year | $ | (107.3) |  |  | $ | (95.7) |  |  | $ | (199.4) |
Reclassification adjustments (net of tax benefit (expense) of ($1.5) million in 2024, $0.2 million in 2023 and ($1.0) million in 2022) | 4.4 |  |  | (1.0) |  |  | 4.0 |
Other comprehensive income (loss) recognized during the period (net of tax benefit (expense) of ($3.0) million in 2024, $2.0 million in 2023 and ($23.9) million in 2022) | 11.8 |  |  | (10.6) |  |  | 99.7 |
Balance at end of year | $ | (91.1) |  |  | $ | (107.3) |  |  | $ | (95.7) |
Derivative instruments and hedge activities: |  |  |  |  |
Balance at beginning of year | $ | 107.9 |  |  | $ | 33.4 |  |  | $ | (18.6) |
Reclassification adjustments (net of tax benefit of $20.0 million in 2024, $35.1 million in 2023 and $8.5 million in 2022) | (77.2) |  |  | (141.3) |  |  | (35.3) |
Other comprehensive income (loss) recognized during the period (net of tax benefit (expense) of $41.1 million in 2024, ($51.0) million in 2023 and ($19.1) million in 2022) | (164.4) |  |  | 215.8 |  |  | 87.3 |
Balance at end of year | $ | (133.7) |  |  | $ | 107.9 |  |  | $ | 33.4 |
Currency translation adjustments: |  |  |  |  |
Balance at beginning of year | $ | (689.4) |  |  | $ | (742.8) |  |  | $ | (552.2) |
Other comprehensive income (loss) recognized during the period (net of tax benefit (expense) of ($1.7) million in 2024, $1.2 million in 2023 and ($4.7) million in 2022) | (219.5) |  |  | 53.4 |  |  | (190.6) |
Balance at end of year | $ | (908.9) |  |  | $ | (689.4) |  |  | $ | (742.8) |
For the years ended December 31, 2024, 2023 and 2022, other comprehensive income (loss) related to currency translation adjustments includes pretax losses related to intercompany transactions for which settlement is not planned or anticipated in the foreseeable future of $0.6 million, $0.1 million and $2.6 million, respectively. For the years ended December 31, 2024, 2023 and 2022, other comprehensive income (loss) related to currency translation adjustments also includes net investment hedge gains (losses) of $8.2 million, ($5.9) million and $25.3 million, respectively.

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