10-Q Filing

LEAR CORP CIK: 842162 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0000842162-16-000025`
Period End Date	20160331
Filing Date	20160427
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	lea-20160402.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 40 Cash Flow Statement 74

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.17B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.09B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.20B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$748.20M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$3.05B	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$2.59B	USD	Point-in-time
Inventories	`InventoryNet`	$947.60M	USD	Point-in-time
Inventories	`InventoryNet`	$1.01B	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Other	`OtherAssetsCurrent`	$552.40M	USD	Point-in-time
Other	`OtherAssetsCurrent`	$543.10M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$5.29B	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$5.78B	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
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.83B	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.87B	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
Common stock, shares issued	`CommonStockSharesIssued`	80.56M	shares	Point-in-time
Goodwill	`Goodwill`	$1.07B	USD	Point-in-time
Goodwill	`Goodwill`	$1.05B	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$1.24B	USD	Point-in-time
Common stock held in treasury, shares	`TreasuryStockShares`	6.80M	shares	Point-in-time
Other	`OtherAssetsNoncurrent`	$1.24B	USD	Point-in-time
Common stock held in treasury, shares	`TreasuryStockShares`	6.10M	shares	Point-in-time
Total long-term assets	`AssetsNoncurrent`	$4.12B	USD	Point-in-time
Total long-term assets	`AssetsNoncurrent`	$4.18B	USD	Point-in-time
Total assets	`Assets`	$9.62B	USD	Point-in-time
Total assets	`Assets`	$9.41B	USD	Point-in-time
Total assets	`Assets`	$9.96B	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	-	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$2.60M	USD	Point-in-time
Accounts payable and drafts	`AccountsPayableCurrent`	$2.50B	USD	Point-in-time
Accounts payable and drafts	`AccountsPayableCurrent`	$2.79B	USD	Point-in-time
Accrued liabilities	`OtherLiabilitiesCurrent`	$1.45B	USD	Point-in-time
Accrued liabilities	`OtherLiabilitiesCurrent`	$1.31B	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$23.10M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$26.40M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.84B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.27B	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$1.93B	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$1.93B	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$617.10M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$616.80M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.55B	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.55B	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 April 2, 2016 and December 31, 2015	`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 April 2, 2016 and December 31, 2015	`CommonStockValue`	$800.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.35B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.45B	USD	Point-in-time
Common stock held in treasury, 6,796,200 and 6,099,078 shares as of April 2, 2016 and December 31, 2015, respectively, at cost	`TreasuryStockValue`	$623.00M	USD	Point-in-time
Common stock held in treasury, 6,796,200 and 6,099,078 shares as of April 2, 2016 and December 31, 2015, respectively, at cost	`TreasuryStockValue`	$700.40M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.05B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.83B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-730.10M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-660.60M	USD	Point-in-time
Lear Corporation stockholders equity	`StockholdersEquity`	$3.04B	USD	Point-in-time
Lear Corporation stockholders equity	`StockholdersEquity`	$2.93B	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$106.80M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$90.30M	USD	Point-in-time
Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.03B	USD	Point-in-time
Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.14B	USD	Point-in-time
Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.02B	USD	Point-in-time
Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.89B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$9.96B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$9.41B	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$4.52B	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$4.66B	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$4.10B	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$4.13B	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$149.00M	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`	$13.20M	USD	1 Quarter
Interest expense	`InterestExpense`	$21.10M	USD	1 Quarter
Interest expense	`InterestExpense`	$24.40M	USD	1 Quarter
Other expense, net	`OtherIncomeExpenseNet`	$-8.50M	USD	1 Quarter
Other expense, net	`OtherIncomeExpenseNet`	$-30.00M	USD	1 Quarter
Consolidated income before provision for income taxes and equity in net income of affiliates	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$343.90M	USD	1 Quarter
Consolidated income before provision for income taxes and equity in net income of affiliates	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$206.30M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$98.20M	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`	$16.80M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$156.70M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$262.50M	USD	1 Quarter
Less: Net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$14.10M	USD	1 Quarter
Less: Net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$9.40M	USD	1 Quarter
Net income attributable to Lear	`NetIncomeLoss`	$147.30M	USD	1 Quarter
Net income attributable to Lear	`NetIncomeLoss`	$248.40M	USD	1 Quarter
Basic net income per share attributable to Lear (in dollars per share)	`EarningsPerShareBasic`	$3.33	USD	1 Quarter
Basic net income per share attributable to Lear (in dollars per share)	`EarningsPerShareBasic`	$1.88	USD	1 Quarter
Diluted net income per share attributable to Lear (in dollars per share)	`EarningsPerShareDiluted`	$3.29	USD	1 Quarter
Diluted net income per share attributable to Lear (in dollars per share)	`EarningsPerShareDiluted`	$1.86	USD	1 Quarter
Cash dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.25	USD	1 Quarter
Cash dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.30	USD	1 Quarter
Average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	74.69M	shares	1 Quarter
Average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	78.25M	shares	1 Quarter
Average diluted shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	79.08M	shares	1 Quarter
Average diluted shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	75.47M	shares	1 Quarter
Consolidated comprehensive income (Note 12)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$332.20M	USD	1 Quarter
Consolidated comprehensive income (Note 12)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$28.80M	USD	1 Quarter
Less: Comprehensive income attributable to noncontrolling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$14.30M	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`	$317.90M	USD	1 Quarter

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
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`	-	USD	1 Quarter
Cash restricted for use - repurchase of senior notes	`RestrictedCashDisbursementsforRepaymentsofSeniorDebt`	$250.00M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$156.70M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$262.50M	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`	$90.20M	USD	1 Quarter
Net change in recoverable customer engineering, development and tooling	`IncreaseDecreaseinRecoverableCustomerEngineeringDevelopmentandTooling`	$5.20M	USD	1 Quarter
Net change in recoverable customer engineering, development and tooling	`IncreaseDecreaseinRecoverableCustomerEngineeringDevelopmentandTooling`	$-7.80M	USD	1 Quarter
Net change in working capital items (see below)	`IncreaseDecreaseInOtherOperatingCapitalNet`	$344.20M	USD	1 Quarter
Net change in working capital items (see below)	`IncreaseDecreaseInOtherOperatingCapitalNet`	$77.50M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$8.20M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$44.20M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-66.60M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$288.60M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$88.10M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$98.80M	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 7)	`PaymentstoAcquireBusinessesNetofCashAcquiredandRestrictedCash`	$473.30M	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 7)	`PaymentstoAcquireBusinessesNetofCashAcquiredandRestrictedCash`	-	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$1.80M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-7.90M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-89.90M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-564.20M	USD	1 Quarter
Credit agreement borrowings	`ProceedsFromLongTermLinesOfCredit`	$500.00M	USD	1 Quarter
Credit agreement borrowings	`ProceedsFromLongTermLinesOfCredit`	-	USD	1 Quarter
Credit agreement repayments	`RepaymentsOfLongTermLinesOfCredit`	$3.10M	USD	1 Quarter
Credit agreement repayments	`RepaymentsOfLongTermLinesOfCredit`	-	USD	1 Quarter
Short-term borrowings	`ProceedsFromShortTermDebt`	$2.60M	USD	1 Quarter
Short-term borrowings	`ProceedsFromShortTermDebt`	-	USD	1 Quarter
Repurchase of senior notes, net of use of $250 million restricted cash in 2015 (see non-cash financing activities below) (Note 7)	`EarlyRepaymentofSeniorDebtNetofRestrictedCashDisbursement`	-	USD	1 Quarter
Repurchase of senior notes, net of use of $250 million restricted cash in 2015 (see non-cash financing activities below) (Note 7)	`EarlyRepaymentofSeniorDebtNetofRestrictedCashDisbursement`	$5.00M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$2.60B	USD	21 Qtrs
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$112.40M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$154.70M	USD	1 Quarter
Dividends paid to Lear Corporation stockholders	`PaymentsOfDividendsCommonStock`	$25.30M	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`	-	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-46.00M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-51.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-231.50M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$314.50M	USD	1 Quarter
Effect of foreign currency translation	`EffectOfExchangeRateOnCashAndCashEquivalents`	$10.30M	USD	1 Quarter
Effect of foreign currency translation	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-29.60M	USD	1 Quarter
Net Change in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-22.50M	USD	1 Quarter
Net Change in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-345.90M	USD	1 Quarter
Cash and Cash Equivalents as of Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.17B	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 Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.20B	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 End of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.17B	USD	Point-in-time
Cash and Cash Equivalents as of End of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.09B	USD	Point-in-time
Cash and Cash Equivalents as of End of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.20B	USD	Point-in-time
Cash and Cash Equivalents as of End of Period	`CashAndCashEquivalentsAtCarryingValue`	$748.20M	USD	Point-in-time
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$410.50M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$677.10M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$9.50M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$41.80M	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`	$240.80M	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
Accrued liabilities and other	`IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet`	$-64.20M	USD	1 Quarter
Accrued liabilities and other	`IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet`	$-134.00M	USD	1 Quarter
Net change in working capital items	`IncreaseDecreaseInOtherOperatingCapitalNet`	$344.20M	USD	1 Quarter
Net change in working capital items	`IncreaseDecreaseInOtherOperatingCapitalNet`	$77.50M	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$32.20M	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$40.90M	USD	1 Quarter
Cash paid for income taxes, net of refunds received	`IncomeTaxesPaidNet`	$41.40M	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`	-	USD	1 Quarter
Cash restricted for use - repurchase of senior notes	`RestrictedCashDisbursementsforRepaymentsofSeniorDebt`	$250.00M	USD	1 Quarter

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