XML 34 R21.htm IDEA: XBRL DOCUMENT v3.25.3
Comprehensive Income and Equity
 9 Months Ended
Sep. 27, 2025
Equity [Abstract]  
Comprehensive Income and Equity Comprehensive Income and Equity
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, net of tax, in accumulated other comprehensive loss in the three and nine months ended September 27, 2025, is shown below (in millions):
Three Months Ended September 27, 2025Nine Months Ended September 27, 2025
Defined benefit plans:
Balance at beginning of period$(93.5)$(91.1)
Reclassification adjustments (net of tax benefit (expense) of ($0.2) million and $0.9 million in the three and nine months ended September 27, 2025, respectively)
(0.5)0.1 
Other comprehensive income (loss) recognized during the period1.0 (2.0)
Balance at end of period$(93.0)$(93.0)
Derivative instruments and hedging:
Balance at beginning of period$63.5 $(133.7)
Reclassification adjustments (net of tax benefit of $3.1 million and $0.2 million in the three and nine months ended September 27, 2025, respectively)
(11.8)(0.6)
Other comprehensive income recognized during the period (net of tax expense of $16.0 million and $65.1 million in the three and nine months ended September 27, 2025, respectively)
59.4 245.4 
Balance at end of period$111.1 $111.1 
Foreign currency translation:
Balance at beginning of period$(609.6)$(908.9)
Other comprehensive income recognized during the period (net of tax benefit (expense) of ($0.3) million and $4.8 million in the three and nine months ended September 27, 2025, respectively)
0.1 299.4 
Balance at end of period$(609.5)$(609.5)
Total accumulated other comprehensive loss$(591.4)$(591.4)
In the three months ended September 27, 2025, foreign currency translation adjustments are primarily related to the strengthening of the Brazilian real and the Chinese renminbi relative to the U.S. dollar. In the nine months ended September 27, 2025, foreign currency translation adjustments are primarily related to the strengthening of the Euro and, to a lesser extent, the Brazilian real and the Chinese renminbi relative to the U.S. dollar. .
In the three and nine months ended September 27, 2025, foreign currency translation adjustments include pretax losses of $0.8 million related to intercompany transactions for which settlement is not planned or anticipated in the foreseeable future, as well as net investment hedge gains (losses) of $1.5 million and ($22.7) million, respectively.
A summary of changes, net of tax, in accumulated other comprehensive loss in the three and nine months ended September 28, 2024, is shown below (in millions):
Three Months Ended September 28, 2024Nine Months Ended September 28, 2024
Defined benefit plans:
Balance at beginning of period$(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. 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.
In the three and nine months ended September 28, 2024, foreign currency translation adjustments include pretax losses of $0.1 million and $0.2 million, respectively, related to intercompany transactions for which settlement is not planned or anticipated in the foreseeable future, as well as net investment hedge losses of $4.7 million and $1.0 million, respectively.
For further information regarding reclassification adjustments related to the Company's defined benefit plans, see Note 9, "Pension and Other Postretirement Benefit Plans." For further information regarding reclassification adjustments related to the Company's derivative and hedging activities, see Note 17, "Financial Instruments."
Lear Corporation Shareholders' 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. As of September 27, 2025, the Company has repurchased, in aggregate, $5.7 billion of its outstanding common stock, at an average price of $94.68 per share, excluding commissions and related fees, and has a remaining repurchase authorization of $0.9 billion, which expires on December 31, 2026.
Share repurchases in the first nine months of 2025 and the remaining repurchase authorization as of September 27, 2025, are shown below (in millions, except for share and per share amounts):
Nine Months Ended September 27, 2025As of September 27, 2025
Aggregate Repurchases (1)
Cash Paid for Repurchases (1)
Number of Shares
Average Price per Share (1)
Remaining Purchase Authorization
$150.1 $150.1 1,503,004 $99.88 $949.8 
(1)     Excludes excise tax and 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 2025 and 2024.
Dividends declared and paid are shown below (in millions):
Nine Months Ended
September 27,
2025		September 28,
2024
Dividends declared$127.6 $133.5 
Dividends paid125.4 131.9 
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.