10-Q Filing

LEAR CORP CIK: 842162 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0000842162-15-000007`
Period End Date	20150331
Filing Date	20150424
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	lea-20150328.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 40 Cash Flow Statement 74

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$919.40M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$748.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.14B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.09B	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$3.17B	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$2.47B	USD	Point-in-time
Inventories	`InventoryNet`	$853.70M	USD	Point-in-time
Inventories	`InventoryNet`	$985.80M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Other	`OtherAssetsCurrent`	$737.90M	USD	Point-in-time
Other	`OtherAssetsCurrent`	$960.10M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.38B	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$5.64B	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.62B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.71B	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	80.56M	shares	Point-in-time
Goodwill	`Goodwill`	$726.20M	USD	Point-in-time
Goodwill	`Goodwill`	$1.06B	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	80.56M	shares	Point-in-time
Common stock held in treasury, shares	`TreasuryStockShares`	2.81M	shares	Point-in-time
Common stock held in treasury, shares	`TreasuryStockShares`	2.54M	shares	Point-in-time
Other	`OtherAssetsNoncurrent`	$1.42B	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$1.20B	USD	Point-in-time
Total long-term assets	`AssetsNoncurrent`	$3.98B	USD	Point-in-time
Total long-term assets	`AssetsNoncurrent`	$3.77B	USD	Point-in-time
Total assets	`Assets`	$9.00B	USD	Point-in-time
Total assets	`Assets`	$9.15B	USD	Point-in-time
Total assets	`Assets`	$9.62B	USD	Point-in-time
Accounts payable and drafts	`AccountsPayableCurrent`	$2.76B	USD	Point-in-time
Accounts payable and drafts	`AccountsPayableCurrent`	$2.53B	USD	Point-in-time
Accrued liabilities	`OtherLiabilitiesCurrent`	$1.29B	USD	Point-in-time
Accrued liabilities	`OtherLiabilitiesCurrent`	$1.19B	USD	Point-in-time
Current portion long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$243.70M	USD	Point-in-time
Current portion long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$10.60M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.06B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.96B	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$1.48B	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$1.97B	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$694.30M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$688.10M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.67B	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.16B	USD	Point-in-time
Preferred stock, 100,000,000 shares authorized (including 10,896,250 Series A convertible preferred stock authorized); no shares outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, 100,000,000 shares authorized (including 10,896,250 Series A convertible preferred stock authorized); no shares outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value, 300,000,000 shares authorized; 80,563,291 shares issued as of March 28, 2015 and December 31, 2014	`CommonStockValue`	$800.00K	USD	Point-in-time
Common stock, $0.01 par value, 300,000,000 shares authorized; 80,563,291 shares issued as of March 28, 2015 and December 31, 2014	`CommonStockValue`	$800.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.40B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.48B	USD	Point-in-time
Common stock held in treasury, 2,805,370 and 2,541,306 shares as of March 28, 2015 and December 31, 2014, respectively, at cost	`TreasuryStockValue`	$251.70M	USD	Point-in-time
Common stock held in treasury, 2,805,370 and 2,541,306 shares as of March 28, 2015 and December 31, 2014, respectively, at cost	`TreasuryStockValue`	$176.90M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.29B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.16B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-502.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-629.80M	USD	Point-in-time
Lear Corporation stockholders equity	`StockholdersEquity`	$2.81B	USD	Point-in-time
Lear Corporation stockholders equity	`StockholdersEquity`	$2.96B	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$79.70M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$70.50M	USD	Point-in-time
Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.03B	USD	Point-in-time
Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.89B	USD	Point-in-time
Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.15B	USD	Point-in-time
Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.24B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$9.15B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$9.62B	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$4.36B	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$4.52B	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$4.00B	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$4.10B	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$136.70M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$151.70M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$13.30M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$8.50M	USD	1 Quarter
Interest expense	`InterestExpense`	$24.40M	USD	1 Quarter
Interest expense	`InterestExpense`	$16.80M	USD	1 Quarter
Other expense, net	`OtherIncomeExpenseNet`	$-30.00M	USD	1 Quarter
Other expense, net	`OtherIncomeExpenseNet`	$-29.20M	USD	1 Quarter
Consolidated income before provision for income taxes and equity in net income of affiliates	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$206.30M	USD	1 Quarter
Consolidated income before provision for income taxes and equity in net income of affiliates	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$169.30M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$52.70M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$62.90M	USD	1 Quarter
Equity in net income of affiliates	`IncomeLossFromEquityMethodInvestments`	$13.30M	USD	1 Quarter
Equity in net income of affiliates	`IncomeLossFromEquityMethodInvestments`	$12.00M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$128.60M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$156.70M	USD	1 Quarter
Less: Net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$9.40M	USD	1 Quarter
Less: Net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$6.60M	USD	1 Quarter
Net income attributable to Lear	`NetIncomeLoss`	$147.30M	USD	1 Quarter
Net income attributable to Lear	`NetIncomeLoss`	$122.00M	USD	1 Quarter
Basic net income per share attributable to Lear (in dollars per share)	`EarningsPerShareBasic`	$1.88	USD	1 Quarter
Basic net income per share attributable to Lear (in dollars per share)	`EarningsPerShareBasic`	$1.50	USD	1 Quarter
Diluted net income per share attributable to Lear (in dollars per share)	`EarningsPerShareDiluted`	$1.86	USD	1 Quarter
Diluted net income per share attributable to Lear (in dollars per share)	`EarningsPerShareDiluted`	$1.47	USD	1 Quarter
Cash dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.20	USD	1 Quarter
Cash dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.25	USD	1 Quarter
Average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	81.08M	shares	1 Quarter
Average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	78.25M	shares	1 Quarter
Average diluted shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	82.76M	shares	1 Quarter
Average diluted shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	79.08M	shares	1 Quarter
Consolidated comprehensive income (Note 13)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$117.80M	USD	1 Quarter
Consolidated comprehensive income (Note 13)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$28.80M	USD	1 Quarter
Less: Comprehensive income attributable to noncontrolling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$4.80M	USD	1 Quarter
Less: Comprehensive income attributable to noncontrolling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$9.30M	USD	1 Quarter
Comprehensive income attributable to Lear	`ComprehensiveIncomeNetOfTax`	$19.50M	USD	1 Quarter
Comprehensive income attributable to Lear	`ComprehensiveIncomeNetOfTax`	$113.00M	USD	1 Quarter

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Restricted cash disbursed for acquisition of Eagle Ottawa	`RestrictedCashDisbursementstoAcquireBusiness`	$350.00M	USD	1 Quarter
Restricted cash disbursed for acquisition of Eagle Ottawa	`RestrictedCashDisbursementstoAcquireBusiness`	-	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$128.60M	USD	1 Quarter
Restricted cash disbursements for repurchase of senior notes	`RestrictedCashDisbursementsforRepaymentsofSeniorDebt`	$250.00M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$156.70M	USD	1 Quarter
Restricted cash disbursements for repurchase of senior notes	`RestrictedCashDisbursementsforRepaymentsofSeniorDebt`	-	USD	1 Quarter
Cash paid in conjunction with Eagle Ottawa acquisition to settle pre-existing accounts payable	`CashPaidtoSettleExistingAccountsPayablefromBusinessCombinationIncludedinIncreaseDecreaseinAccountsPayable`	$45.70M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$84.50M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$74.50M	USD	1 Quarter
Net change in recoverable customer engineering, development and tooling	`IncreaseDecreaseinRecoverableCustomerEngineeringDevelopmentandTooling`	$-7.80M	USD	1 Quarter
Net change in recoverable customer engineering, development and tooling	`IncreaseDecreaseinRecoverableCustomerEngineeringDevelopmentandTooling`	$8.30M	USD	1 Quarter
Net change in working capital items (see below)	`IncreaseDecreaseInOtherOperatingCapitalNet`	$286.80M	USD	1 Quarter
Net change in working capital items (see below)	`IncreaseDecreaseInOtherOperatingCapitalNet`	$344.20M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$21.20M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$44.20M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-54.20M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-66.60M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$98.80M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$96.40M	USD	1 Quarter
Acquisition of Eagle Ottawa, net of cash acquired and use of $350 million restricted cash (see non-cash investing activities below) (Note 2)	`PaymentstoAcquireBusinessesNetofCashAcquiredandRestrictedCash`	-	USD	1 Quarter
Acquisition of Eagle Ottawa, net of cash acquired and use of $350 million restricted cash (see non-cash investing activities below) (Note 2)	`PaymentstoAcquireBusinessesNetofCashAcquiredandRestrictedCash`	$473.30M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$14.00M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-7.90M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-110.40M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-564.20M	USD	1 Quarter
Proceeds from the issuance of senior notes	`ProceedsFromIssuanceOfUnsecuredDebt`	-	USD	1 Quarter
Proceeds from the issuance of senior notes	`ProceedsFromIssuanceOfUnsecuredDebt`	$325.00M	USD	1 Quarter
Credit agreement borrowings	`ProceedsFromRepaymentsOfOtherDebt`	$500.00M	USD	1 Quarter
Credit agreement borrowings	`ProceedsFromRepaymentsOfOtherDebt`	-	USD	1 Quarter
Repurchase of senior notes, net of use of $250 million restricted cash in 2015 (see non-cash financing activities below) (Note 8)	`EarlyRepaymentofSeniorDebtNetofRestrictedCashDisbursement`	$327.10M	USD	1 Quarter
Repurchase of senior notes, net of use of $250 million restricted cash in 2015 (see non-cash financing activities below) (Note 8)	`EarlyRepaymentofSeniorDebtNetofRestrictedCashDisbursement`	$5.00M	USD	1 Quarter
Payment of debt issuance and other financing costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Payment of debt issuance and other financing costs	`PaymentsOfDebtIssuanceCosts`	$3.80M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$112.40M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$2.00B	USD	17 Qtrs
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Dividends paid to Lear Corporation stockholders	`PaymentsOfDividendsCommonStock`	$17.50M	USD	1 Quarter
Dividends paid to Lear Corporation stockholders	`PaymentsOfDividendsCommonStock`	$22.00M	USD	1 Quarter
Dividends paid to noncontrolling interests	`PaymentsOfDividendsMinorityInterest`	$100.00K	USD	1 Quarter
Dividends paid to noncontrolling interests	`PaymentsOfDividendsMinorityInterest`	$5.80M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-21.10M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-46.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-50.30M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$314.50M	USD	1 Quarter
Effect of foreign currency translation	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-3.40M	USD	1 Quarter
Effect of foreign currency translation	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-29.60M	USD	1 Quarter
Net Change in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-345.90M	USD	1 Quarter
Net Change in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-218.30M	USD	1 Quarter
Cash and Cash Equivalents as of Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$919.40M	USD	Point-in-time
Cash and Cash Equivalents as of Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$748.20M	USD	Point-in-time
Cash and Cash Equivalents as of Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.14B	USD	Point-in-time
Cash and Cash Equivalents as of Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.09B	USD	Point-in-time
Cash and Cash Equivalents as of End of Period	`CashAndCashEquivalentsAtCarryingValue`	$919.40M	USD	Point-in-time
Cash and Cash Equivalents as of End of Period	`CashAndCashEquivalentsAtCarryingValue`	$748.20M	USD	Point-in-time
Cash and Cash Equivalents as of End of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.14B	USD	Point-in-time
Cash and Cash Equivalents as of End of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.09B	USD	Point-in-time
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$677.10M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$754.50M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$9.50M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$52.60M	USD	1 Quarter
Accounts payable (including $45.7 million of cash paid in 2015 in conjunction with the acquisition of Eagle Ottawa to settle pre-existing accounts payable)	`IncreaseDecreaseInAccountsPayable`	$278.20M	USD	1 Quarter
Accounts payable (including $45.7 million of cash paid in 2015 in conjunction with the acquisition of Eagle Ottawa to settle pre-existing accounts payable)	`IncreaseDecreaseInAccountsPayable`	$449.20M	USD	1 Quarter
Accrued liabilities and other	`IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet`	$-71.10M	USD	1 Quarter
Accrued liabilities and other	`IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet`	$-64.20M	USD	1 Quarter
Net change in working capital items	`IncreaseDecreaseInOtherOperatingCapitalNet`	$286.80M	USD	1 Quarter
Net change in working capital items	`IncreaseDecreaseInOtherOperatingCapitalNet`	$344.20M	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$35.60M	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$32.20M	USD	1 Quarter
Cash paid for income taxes, net of refunds received	`IncomeTaxesPaidNet`	$40.20M	USD	1 Quarter
Cash paid for income taxes, net of refunds received	`IncomeTaxesPaidNet`	$40.20M	USD	1 Quarter
Cash restricted for use acquisition of Eagle Ottawa	`RestrictedCashDisbursementstoAcquireBusiness`	$350.00M	USD	1 Quarter
Cash restricted for use acquisition of Eagle Ottawa	`RestrictedCashDisbursementstoAcquireBusiness`	-	USD	1 Quarter
Cash restricted for use repurchase of senior notes	`RestrictedCashDisbursementsforRepaymentsofSeniorDebt`	$250.00M	USD	1 Quarter
Cash restricted for use repurchase of senior notes	`RestrictedCashDisbursementsforRepaymentsofSeniorDebt`	-	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.