View Filing Data

$ 1,209.7

$ 1,271.6

3,308.8

2,746.5

1,067.8

1,020.6

642.6

610.6

6,228.9

5,649.3

2,070.7

2,019.3

1,129.4

1,121.3

1,171.5

1,110.7

4,371.6

4,251.3

10,600.5

9,900.6

10.2

8.6

3,043.0

2,640.5

1,538.7

1,497.6

38.8

35.6

4,630.7

4,182.3

1,889.0

1,898.0

617.3

627.4

Preferred stock, 100,000,000 shares authorized (including 10,896,250 Series A convertible preferred stock authorized); no shares outstanding

2,506.3

2,525.4

EQUITY:

0.0

Common stock, $0.01 par value, 300,000,000 shares authorized; 80,563,291 shares issued as of April 1, 2017 and December 31, 2016

0.8

Additional paid-in capital

1,324.7

1,385.3

Common stock held in treasury, 11,615,919 and 11,131,648 shares as of April 1, 2017 and December 31, 2016, respectively, at cost

(1,292.8)

(1,200.2)

Retained earnings

4,031.4

3,706.9

Accumulated other comprehensive loss

(733.1)

(835.6)

3,331.0

3,057.2

132.5

135.7

3,463.5

3,192.9

Cash Flows from Operating Activities:

$ 10,600.5

$ 9,900.6

[1]	Unaudited.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 01, 2017	Dec. 31, 2016
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	80,563,291	80,563,291
Common stock held in treasury, shares	11,615,919	11,131,648
Series A convertible preferred stock
Preferred stock, shares authorized	10,896,250	10,896,250

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Income Statement [Abstract]
Net sales	$ 4,998.5	$ 4,662.9
Cost of sales	4,416.0	4,127.2
Selling, general and administrative expenses	155.7	149.0
Amortization of intangible assets	10.1	13.2
Interest expense	20.8	21.1
Other expense, net	3.7	8.5
Consolidated income before provision for income taxes and equity in net income of affiliates	392.2	343.9
Provision for income taxes	89.1	98.2
Equity in net income of affiliates	(15.4)	(16.8)
Consolidated net income	318.5	262.5
Less: Net income attributable to noncontrolling interests	12.7	14.1
Net income attributable to Lear	$ 305.8	$ 248.4
Basic net income per share attributable to Lear (in dollars per share)	$ 4.39	$ 3.33
Diluted net income per share attributable to Lear (in dollars per share)	4.35	3.29
Cash dividends declared per share (in dollars per share)	$ 0.5	$ 0.30
Average common shares outstanding (in shares)	69,658,368	74,689,475
Average diluted shares outstanding (in shares)	70,327,348	75,474,339
Consolidated comprehensive income	$ 422.1	$ 332.2
Less: Comprehensive income attributable to noncontrolling interests	13.8	14.3
Comprehensive income attributable to Lear	$ 408.3	$ 317.9

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions

3 Months Ended

Apr. 01, 2017

Apr. 02, 2016

Consolidated net income

$ 318.5

$ 262.5

Adjustments to reconcile consolidated net income to net cash provided by operating activities:

Net change in recoverable customer engineering, development and tooling

96.9

90.2

7.4

5.2

Net change in working capital items (see below)

(145.3)

(77.5)

Other, net

1.4

8.2

Net cash provided by operating activities

278.9

288.6

Cash Flows from Investing Activities:

Additions to property, plant and equipment

(120.8)

(88.1)

Other, net

(7.9)

(1.8)

Net cash provided by (used in) investing activities

(128.7)

(89.9)

Cash Flows from Financing Activities:

Credit agreement repayments

(6.2)

(3.1)

Short-term borrowings, net

1.4

2.6

Repurchase of common stock

(115.6)

(154.7)

Dividends paid to Lear Corporation stockholders

(36.7)

(25.3)

Dividends paid to noncontrolling interests

(26.5)

0.0

Other, net

(41.7)

(51.0)

Net cash provided by (used in) financing activities

(225.3)

(231.5)

Effect of foreign currency translation

13.2

10.3

Net Change in Cash and Cash Equivalents

(61.9)

(22.5)

Cash and Cash Equivalents as of Beginning of Period

1,271.6

1,196.6

Cash and Cash Equivalents as of End of Period

1,209.7

^[1]

1,174.1

Changes in Working Capital Items:

(526.6)

(410.5)

Accrued liabilities and other

(35.4)

(41.8)

Accounts payable

374.7

240.8

42.0

134.0

Net change in working capital items

(145.3)

(77.5)

Supplementary Disclosure:

Cash paid for interest

42.6

40.9

Cash paid for income taxes, net of refunds received

$ 65.1

$ 41.4

[1]	Unaudited.

Basis of Presentation	3 Months Ended
Basis of Presentation	Apr. 01, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Lear Corporation ("Lear," and together with its consolidated subsidiaries, the "Company") and its affiliates design and manufacture automotive seating and electrical distribution systems and related components. The Company’s main customers are automotive original equipment manufacturers. The Company operates facilities worldwide. The accompanying condensed consolidated financial statements include the accounts of Lear, a Delaware corporation, and the wholly owned and less than wholly owned subsidiaries controlled by Lear. In addition, Lear consolidates all entities, including variable interest entities, in which it has a controlling financial interest. Investments in affiliates in which Lear does not have control, but does have the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method. The Company’s annual financial results are reported on a calendar year basis, and quarterly interim results are reported using a thirteen week reporting calendar. Certain amounts in the prior period’s financial statements have been reclassified to conform to the presentation used in the quarter ended April 1, 2017. Cost of Sales and Selling, General and Administrative Expenses Cost of sales includes material, labor and overhead costs associated with the manufacture and distribution of the Company’s products. Distribution costs include inbound freight costs, purchasing and receiving costs, inspection costs, warehousing costs and other costs of the Company’s distribution network. Selling, general and administrative expenses include selling, engineering and development and administrative costs not directly associated with the manufacture and distribution of the Company’s products.

Acquisitions

3 Months Ended

Apr. 01, 2017

Business Combinations [Abstract]

Acquisitions

AccuMED

On December 21, 2016, the Company completed the acquisition of 100% of the outstanding equity interests of AccuMED Holdings Corp. ("AccuMED"), a privately-held developer and manufacturer of specialty fabrics for $148.5 million, net of cash acquired. AccuMED has annual sales of approximately $80 million. The AccuMED acquisition was accounted for as a business combination, and accordingly, the assets acquired and liabilities assumed are included in the accompanying condensed consolidated balance sheets as of April 1, 2017 and December 31, 2016. The operating results and cash flows of AccuMED are included in the accompanying condensed consolidated financial statements from the date of acquisition and in the Company's seating segment. The purchase price and preliminary allocation are shown below (in millions):



Purchase price paid, net of cash acquired	$	148.5

Property, plant and equipment	$	12.7
Other assets purchased and liabilities assumed, net	9.9
Goodwill	72.9
Intangible assets	53.0
Preliminary purchase price allocation	$	148.5

Recognized goodwill is attributable to the assembled workforce, expected synergies and other intangible assets that do not qualify for separate recognition.

Intangible assets consist of provisional amounts recognized for the fair value of customer-based assets. Customer-based assets include AccuMED's established relationships with its customers and the ability of these customers to generate future economic profits for the Company. It is estimated that these intangible assets have a weighted average useful life of approximately fifteen years.

The purchase price and related allocation are preliminary and will be revised as a result of additional information regarding the assets acquired and liabilities assumed, including, but not limited to, certain tax attributes, contingent liabilities and revisions of provisional estimates of fair values resulting from the completion of independent appraisals and valuations of property, plant and equipment and intangible assets.

The pro-forma effects of this acquisition do not materially impact the Company's reported results for any period presented.

For further information on acquired assets measured at fair value, see Note 16, "Financial Instruments."

Grupo Antolin

On February 6, 2017, the Company signed a definitive agreement to acquire Grupo Antolin's automotive seating business. Grupo Antolin's seating business is headquartered in France with operations in five countries in Europe and North Africa. Grupo Antolin's seating business is comprised of just-in-time seat assembly, as well as seat structures, mechanisms and seat covers. The transaction is valued at approximately €286 million (approximately $305 million based on exchange rates as of April 1, 2017) on a cash and debt free basis. On April 12, 2017, European Union regulators approved the transaction, which is expected to close in the second quarter of 2017 and is subject to customary closing conditions.

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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Restructuring and Related Activities [Abstract]

Restructuring

3 Months Ended

Apr. 01, 2017

Restructuring

Restructuring costs include employee termination benefits, fixed asset impairment charges and contract termination costs, as well as other incremental costs resulting from the restructuring actions. These incremental costs principally include equipment and personnel relocation costs. The Company also incurs incremental manufacturing inefficiency costs at the operating locations impacted by the restructuring actions during the related restructuring implementation period. Restructuring costs are recognized in the Company’s condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States ("GAAP"). Generally, charges are recorded as restructuring actions are approved and/or implemented.

In the first quarter of 2017, the Company recorded charges of $8.5 million in connection with its restructuring actions. These charges consist of $7.7 million recorded as cost of sales and $0.8 million recorded as selling, general and administrative expenses. The restructuring charges consist of employee termination costs of $6.1 million, fixed asset impairment charges of $0.1 million, a pension benefit plan settlement loss of $0.8 million and contract termination costs of $0.3 million, as well as other related costs of $1.2 million. Employee termination benefits were recorded based on existing union and employee contracts, statutory requirements, completed negotiations and Company policy. Fixed asset impairment charges relate to the disposal of buildings, leasehold improvements and/or machinery and equipment with carrying values of $0.1 million in excess of related estimated fair values.

The Company expects to incur approximately $44 million of additional restructuring costs related to activities initiated as of April 1, 2017, and expects that the components of such costs will be consistent with its historical experience. Any future restructuring actions will depend upon market conditions, customer actions and other factors.

A summary of 2017 activity, excluding the pension benefit plan settlement loss of $0.8 million, is shown below (in millions):



	Accrual as of		2017		Utilization						Accrual as of
	January 1, 2017		Charges		Cash			Non-cash			April 1, 2017
Employee termination benefits	$	69.4	$	6.1	$	(6.2	)	$	—		$	69.3
Asset impairment charges	—		0.1		—			(0.1		)	—
Contract termination costs	4.6		0.3		(0.3		)	—			4.6
Other related costs	—		1.2		(1.2		)	—			—
Total	$	74.0	$	7.7	$	(7.7	)	$	(0.1	)	$	73.9

Inventories

3 Months Ended

Apr. 01, 2017

Inventory Disclosure [Abstract]

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out method. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. A summary of inventories is shown below (in millions):



	April 1, 2017		December 31, 2016
Raw materials	$	768.5	$	746.3
Work-in-process	118.3		106.4
Finished goods	181.0		167.9
Inventories	$	1,067.8	$	1,020.6

Pre-Production Costs Related to Long-Term Supply Agreements

3 Months Ended

Apr. 01, 2017

Pre-Production Costs Related to Long-Term Supply Agreements

The Company incurs pre-production engineering and development ("E&D") and tooling costs related to the products produced for its customers under long-term supply agreements. The Company expenses all pre-production E&D costs for which reimbursement is not contractually guaranteed by the customer. In addition, the Company expenses all pre-production tooling costs related to customer-owned tools for which reimbursement is not contractually guaranteed by the customer or for which the Company does not have a non-cancelable right to use the tooling.

During the first quarters of 2017 and 2016, the Company capitalized $62.9 million and $47.1 million, respectively, of pre-production E&D costs for which reimbursement is contractually guaranteed by the customer. During the first quarters of 2017 and 2016, the Company also capitalized $33.6 million and $24.2 million, respectively, of pre-production tooling costs related to customer-owned tools for which reimbursement is contractually guaranteed by the customer or for which the Company has a non-cancelable right to use the tooling. These amounts are included in other current and long-term assets in the accompanying condensed consolidated balance sheets.

During the first quarters of 2017 and 2016, the Company collected $87.6 million and $71.5 million, respectively, of cash related to E&D and tooling costs.

The classification of recoverable customer E&D and tooling costs related to long-term supply agreements is shown below (in millions):



	April 1, 2017		December 31, 2016
Current	$	182.8	$	185.9
Long-term	41.6		43.4
Recoverable customer E&D and tooling	$	224.4	$	229.3

Long-Term Assets

3 Months Ended

Apr. 01, 2017

Property, Plant and Equipment [Abstract]

Long-Term Assets

Property, Plant and Equipment

Property, plant and equipment is stated at cost. Costs associated with the repair and maintenance of the Company’s property, plant and equipment are expensed as incurred. Costs associated with improvements which extend the life, increase the capacity or improve the efficiency or safety of the Company’s property, plant and equipment are capitalized and depreciated over the remaining useful life of the related asset. Depreciable property is depreciated over the estimated useful lives of the assets, using principally the straight-line method.

A summary of property, plant and equipment is shown below (in millions):



	April 1, 2017			December 31, 2016
Land	$	102.7		$	101.7
Buildings and improvements	681.4			648.1
Machinery and equipment	2,554.0			2,459.6
Construction in progress	299.8			296.4
Total property, plant and equipment	3,637.9			3,505.8
Less – accumulated depreciation	(1,567.2		)	(1,486.5		)
Property, plant and equipment, net	$	2,070.7		$	2,019.3

Depreciation expense was $86.8 million and $77.0 million in the three months ended April 1, 2017 and April 2, 2016, respectively.

The Company monitors its long-lived assets for impairment indicators on an ongoing basis in accordance with GAAP. If impairment indicators exist, the Company performs the required impairment analysis by comparing the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. Except as discussed below, the Company does not believe that there were any indicators that would have resulted in long-lived asset impairment charges as of April 1, 2017. The Company will, however, continue to assess the impact of any significant industry events on the realization of its long-lived assets.

In the first quarter of 2017, the Company recognized fixed asset impairment charges of $0.1 million in conjunction with its restructuring actions (Note 3, "Restructuring").

Goodwill

3 Months Ended

Apr. 01, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Compensation and Retirement Disclosure [Abstract]

A summary of the changes in the carrying amount of goodwill, by operating segment, in the three months ended April 1, 2017, is shown below (in millions):



	Seating		E-Systems		Total
Balance at January 1, 2017	$	1,091.2	$	30.1	$	1,121.3
Foreign currency translation and other	8.1		—		8.1
Balance at April 1, 2017	$	1,099.3	$	30.1	$	1,129.4

Goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates that an impairment is more likely than not to have occurred. In conducting its annual impairment testing, the Company may first perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If not, no further goodwill impairment testing is required. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or if the Company elects not to perform a qualitative assessment of a reporting unit, the Company then compares the fair value of the reporting unit to the related net book value. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. The Company conducts its annual impairment testing as of the first day of its fourth quarter.

The Company does not believe that there were any indicators that would have resulted in goodwill impairment charges as of April 1, 2017. The Company will, however, continue to assess the impact of significant events or circumstances on its recorded goodwill.

Debt

3 Months Ended

Apr. 01, 2017

Debt Disclosure [Abstract]

Debt

A summary of long-term debt, net of unamortized debt issuance costs and the related weighted average interest rates is shown below (in millions):



	April 1, 2017									December 31, 2016
Debt Instrument	Long-Term Debt		Debt Issuance Costs ⁽¹⁾			Long-Term Debt, Net			Weighted Average Interest Rate	Long-Term Debt		Debt Issuance Costs⁽¹⁾			Long-Term Debt, Net			Weighted Average Interest Rate
Credit Agreement — Term Loan Facility	$	462.5	$	(1.5	)	$	461.0		2.325%	$	468.7	$	(1.6	)	$	467.1		2.105%
4.75% Senior Notes due 2023 ("2023 Notes")	500.0		(4.6		)	495.4			4.75%	500.0		(4.8		)	495.2			4.75%
5.375% Senior Notes due 2024 ("2024 Notes")	325.0		(2.7		)	322.3			5.375%	325.0		(2.8		)	322.2			5.375%
5.25% Senior Notes due 2025 ("2025 Notes")	650.0		(6.4		)	643.6			5.25%	650.0		(6.6		)	643.4			5.25%
Other	5.5		—			5.5			N/A	5.7		—			5.7			N/A
	$	1,943.0	$	(15.2	)	1,927.8				$	1,949.4	$	(15.8	)	1,933.6
Less — Current portion						(38.8		)							(35.6		)
Long-term debt						$	1,889.0								$	1,898.0

⁽¹⁾ Unamortized portion

Senior Notes

The issuance date, maturity date and interest payable dates of the Company's senior unsecured 2023 Notes, 2024 Notes and 2025 Notes (together, the "Notes") are as shown below:



Note	Issuance Date	Maturity Date	Interest Payable Dates
2023 Notes	January 2013	January 15, 2023	January 15 and July 15
2024 Notes	March 2014	March 15, 2024	March 15 and September 15
2025 Notes	November 2014	January 15, 2025	January 15 and July 15

Guarantees

The Notes are senior unsecured obligations. The Company’s obligations under the Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain domestic subsidiaries, which are directly or indirectly 100% owned by Lear (Note 18, "Supplemental Guarantor Condensed Consolidating Financial Statements").

Covenants

Subject to certain exceptions, the indentures governing the Notes contain restrictive covenants that, among other things, limit the ability of the Company to: (i) create or permit certain liens and (ii) consolidate or merge or sell all or substantially all of the Company’s assets. The indentures governing the 2023 Notes and 2024 Notes limit the ability of the Company to enter into sale and leaseback transactions. The indentures governing the Notes also provide for customary events of default.

As of April 1, 2017, the Company was in compliance with all covenants under the indentures governing the Notes.

Credit Agreement

As of April 1, 2017, the Company’s credit agreement (the "Credit Agreement") consists of a $1.25 billion revolving credit facility (the “Revolving Credit Facility”), which matures on November 14, 2019, and a $500 million term loan facility (the "Term Loan Facility"), which matures on January 5, 2020. As of April 1, 2017 and December 31, 2016, there were no borrowings outstanding under the Revolving Credit Facility. As of April 1, 2017 and December 31, 2016, there were $462.5 million and $468.7 million, respectively, of borrowings outstanding under the Term Loan Facility. In the first quarter of 2017, the Company made required principal payments under the Term Loan Facility of $6.2 million.

Advances under the Revolving Credit Facility generally bear interest at a variable rate per annum equal to (i) the Eurocurrency Rate (as defined in the Credit Agreement) plus an adjustable margin of 1.0% to 2.25% based on the Company’s corporate rating (1.25% as of April 1, 2017), payable on the last day of each applicable interest period but in no event less frequently than quarterly, or (ii) the Adjusted Base Rate (as defined in the Credit Agreement) plus an adjustable margin of 0.0% to 1.25% based on the Company’s corporate rating (0.25% as of April 1, 2017), payable quarterly. A facility fee, which ranges from 0.25% to 0.50% of the total amount committed under the Revolving Credit Facility, is payable quarterly.

Loans under the Term Loan Facility generally bear interest at a variable rate per annum equal to (i) the Eurocurrency Rate (as defined in the Credit Agreement) plus an adjustable margin of 1.25% to 2.25% based on the Company's corporate rating (1.375% as of April 1, 2017), payable on the last day of each applicable interest period but in no event less frequently than quarterly, or (ii) the Adjusted Base Rate (as defined in the Credit Agreement) plus an adjustable margin of 0.25% to 1.25% based on the Company's corporate rating (0.375% as of April 1, 2017), payable quarterly.

The Company’s obligations under the Credit Agreement are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain domestic subsidiaries, which are directly or indirectly 100% owned by Lear (Note 18, "Supplemental Guarantor Condensed Consolidating Financial Statements").

The Credit Agreement contains various customary representations, warranties and covenants by the Company, including, without limitation, (i) covenants regarding maximum leverage and minimum interest coverage, (ii) limitations on fundamental changes involving the Company or its subsidiaries and (iii) limitations on indebtedness, liens, investments and restricted payments. As of April 1, 2017, the Company was in compliance with all covenants under the Credit Agreement.

Other

As of April 1, 2017, other long-term debt consists of amounts outstanding under capital leases.

For further information on the Notes and the Credit Agreement, see Note 6, "Debt," to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

Pension and Other Postretirement Benefit Plans

3 Months Ended

Apr. 01, 2017

Pension and Other Postretirement Benefit Plans

The Company sponsors defined benefit pension plans and other postretirement benefit plans (primarily for the continuation of medical benefits) for eligible employees in the United States and certain other countries.

Net Periodic Pension and Other Postretirement Benefit Cost

The components of the Company’s net periodic pension benefit cost are shown below (in millions):



	Three Months Ended
	April 1, 2017						April 2, 2016
	U.S.			Foreign			U.S.			Foreign
Service cost	$	1.3		$	1.7		$	1.4		$	1.5
Interest cost	5.4			3.8			7.4			3.9
Expected return on plan assets	(7.2		)	(5.6		)	(9.5		)	(5.6		)
Amortization of actuarial loss	0.6			1.2			0.7			0.7
Settlement loss	0.2			0.8			0.2			—
Net periodic benefit cost	$	0.3		$	1.9		$	0.2		$	0.5

In the three months ended April 1, 2017, the Company recognized a pension settlement loss of $0.8 million related to its restructuring actions.

The components of the Company’s net periodic other postretirement benefit cost are shown below (in millions):



	Three Months Ended
	April 1, 2017						April 2, 2016
	U.S.			Foreign			U.S.			Foreign
Service cost	$	—		$	0.1		$	—		$	0.1
Interest cost	0.6			0.4			0.8			0.4
Amortization of actuarial (gain) loss	(0.6		)	0.1			(0.3		)	0.1
Amortization of prior service credit	—			(0.1		)	—			(0.1		)
Net periodic benefit cost	$	—		$	0.5		$	0.5		$	0.5

Contributions

In the three months ended April 1, 2017, employer contributions to the Company’s domestic and foreign defined benefit pension plans were $3.5 million.

The Company expects contributions to its domestic and foreign defined benefit pension plans to be approximately $10 million to $15 million in 2017. The Company may elect to make contributions in excess of minimum funding requirements in response to investment performance or changes in interest rates or when the Company believes that it is financially advantageous to do so and based on its other cash requirements.

Other Expense, Net

3 Months Ended

Apr. 01, 2017

Other Income and Expenses [Abstract]

Other Expense, Net

Other expense, net includes non-income related taxes, foreign exchange gains and losses, gains and losses related to certain derivative instruments and hedging activities, gains and losses on the disposal of fixed assets and other miscellaneous income and expense.

A summary of other expense, net is shown below (in millions):



	Three Months Ended
	April 1, 2017			April 2, 2016
Other expense	$	8.0		$	9.3
Other income	(4.3		)	(0.8		)
Other expense, net	$	3.7		$	8.5

In the three months ended April 1, 2017 and April 2, 2016, other expense includes net foreign currency transaction gains of $5.6 million and $0.4 million, respectively.

Income Taxes

3 Months Ended

Apr. 01, 2017

Income Tax Disclosure [Abstract]

Income Taxes

A summary of the provision for income taxes and the corresponding effective tax rate for the three months ended April 1, 2017 and April 2, 2016, is shown below (in millions, except effective tax rates):



	Three Months Ended
	April 1, 2017			April 2, 2016
Provision for income taxes	$	89.1		$	98.2
Pretax income before equity in net income of affiliates	$	392.2		$	343.9
Effective tax rate	22.7		%	28.6		%

On January 1, 2017, the Company adopted Accounting Standards Update ("ASU") 2016-09, "Improvements to Employee Share-Based Payment Accounting." The new standard requires that the tax impact related to the difference between share-based compensation for book and tax purposes be recognized as income tax benefit or expense in the Company’s condensed consolidated statement of comprehensive income in the reporting period in which such awards vest. The standard also required a modified retrospective adoption for previously unrecognized excess tax benefits. Accordingly, the Company recognized a deferred tax asset of $54.5 million and a corresponding credit to retained earnings in conjunction with the adoption. The effects of adopting the other provisions of ASU 2016-09 were not significant.

In the first quarters of 2017 and 2016, the provision for income taxes was primarily impacted by the level and mix of earnings among tax jurisdictions. In the first quarter of 2017, the Company recognized net tax benefits of $19.1 million, of which $15.5 million related to the change in the accounting for share-based compensation discussed above and $3.6 million related to restructuring charges and various other items. In the first quarter of 2016, the Company recognized net tax benefits of $5.0 million related to restructuring charges and various other items. Excluding these items, the effective tax rate in the first quarters 2017 and 2016 approximated the U.S. federal statutory income tax rate of 35% adjusted for income taxes on foreign earnings, losses and remittances, valuation allowances, tax credits, income tax incentives and other permanent items.

The Company’s current and future provision for income taxes is impacted by the initial recognition of and changes in valuation allowances in certain countries. The Company intends to maintain these allowances until it is more likely than not that the deferred tax assets will be realized. The Company’s future provision for income taxes will include no tax benefit with respect to losses incurred and, except for certain jurisdictions, no tax expense with respect to income generated in these countries until the respective valuation allowances are eliminated. Accordingly, income taxes are impacted by changes in valuation allowances and the mix of earnings among jurisdictions. The Company evaluates the realizability of its deferred tax assets on a quarterly basis. In completing this evaluation, the Company considers all available evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets is necessary. Such evidence includes historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. If, based on the weight of the evidence, it is more likely than not that all or a portion of the Company’s deferred tax assets will not be realized, a valuation allowance is recorded. If operating results improve or decline on a continual basis in a particular jurisdiction, the Company’s decision regarding the need for a valuation allowance could change, resulting in either the initial recognition or reversal of a valuation allowance in that jurisdiction, which could have a significant impact on income tax expense in the period recognized and subsequent periods.

For further information related to the Company's income taxes, see Note 7, "Income Taxes," to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

Net Income Per Share Attributable to Lear

3 Months Ended

Apr. 01, 2017

Earnings Per Share [Abstract]

Net Income Per Share Attributable to Lear

Basic net income per share attributable to Lear is computed by dividing net income attributable to Lear by the average number of common shares outstanding during the period. Common shares issuable upon the satisfaction of certain conditions pursuant to a contractual agreement are considered common shares outstanding and are included in the computation of basic net income per share attributable to Lear.

Diluted net income per share attributable to Lear is computed using the treasury stock method by dividing net income attributable to Lear by the average number of common shares outstanding, including the dilutive effect of common stock equivalents using the average share price during the period.

A summary of information used to compute basic and diluted net income per share attributable to Lear is shown below (in millions, except share and per share data):



	Three Months Ended
	April 1, 2017		April 2, 2016
Net income attributable to Lear	$	305.8	$	248.4

Average common shares outstanding	69,658,368		74,689,475
Dilutive effect of common stock equivalents	668,980		784,864
Average diluted shares outstanding	70,327,348		75,474,339

Basic net income per share attributable to Lear	$	4.39	$	3.33

Diluted net income per share attributable to Lear	$	4.35	$	3.29

Comprehensive Income and Equity

3 Months Ended

Apr. 01, 2017

Equity [Abstract]

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 stockholders. It differs from net income in that certain items recorded in equity are included in comprehensive income.

A summary of comprehensive income and reconciliations of equity, Lear Corporation stockholders’ equity and noncontrolling interests for the three months ended April 1, 2017, is shown below (in millions):



	Three Months Ended April 1, 2017
	Equity			Lear Corporation Stockholders' Equity			Non- controlling Interests
Beginning equity balance	$	3,192.9		$	3,057.2		$	135.7
Stock-based compensation transactions	(25.8		)	(25.8		)	—
Repurchase of common stock	(127.5		)	(127.5		)	—
Dividends declared to Lear Corporation stockholders	(35.7		)	(35.7		)	—
Dividends declared to noncontrolling interest holders	(17.0		)	—			(17.0		)
Adoption of ASU 2016-09 (Note 11, "Taxes")	54.5			54.5			—
Comprehensive income:
Net income	318.5			305.8			12.7
Other comprehensive income, net of tax:
Defined benefit plan adjustments	0.7			0.7			—
Derivative instruments and hedging activities	52.1			52.1			—
Foreign currency translation adjustments	50.8			49.7			1.1
Other comprehensive income	103.6			102.5			1.1
Comprehensive income	422.1			408.3			13.8
Ending equity balance	$	3,463.5		$	3,331.0		$	132.5

A summary of changes, net of tax, in accumulated other comprehensive loss for the three months ended April 1, 2017, is shown below (in millions):



	Three Months Ended April 1, 2017
Defined benefit plans:
Balance at beginning of period	$	(192.8	)
Reclassification adjustments (net of tax expense of $0.5 million)	1.7
Other comprehensive loss recognized during the period (net of tax impact of $— million)	(1.0		)
Balance at end of period	$	(192.1	)

Derivative instruments and hedging:
Balance at beginning of period	$	(45.1	)
Reclassification adjustments (net of tax expense of $3.0 million)	8.8
Other comprehensive income recognized during the period (net of tax expense of $14.7 million)	43.3
Balance at end of period	$	7.0

Foreign currency translation:
Balance at beginning of period	$	(597.7	)
Other comprehensive income recognized during the period (net of tax impact of $— million)	49.7
Balance at end of period	$	(548.0	)

For the three months ended April 1, 2017, foreign currency translation adjustments are related primarily to the strengthening of the Euro, Chinese renminbi and Brazilian real relative to the U.S. dollar. Foreign currency translation adjustments include pretax losses of $0.6 million related to intercompany transactions for which settlement is not planned or anticipated in the foreseeable future.

A summary of comprehensive income and reconciliations of equity, Lear Corporation stockholders’ equity and noncontrolling interests for the three months ended April 2, 2016, is shown below (in millions):



	Three Months Ended April 2, 2016
	Equity			Lear Corporation Stockholders' Equity			Non- controlling Interests
Beginning equity balance	$	3,017.7		$	2,927.4		$	90.3
Stock-based compensation transactions	(27.7		)	(27.7		)	—
Repurchase of common stock	(154.7		)	(154.7		)	—
Dividends declared to Lear Corporation stockholders	(23.1		)	(23.1		)	—
Non-controlling interests — other	—			(2.2		)	2.2
Comprehensive income:
Net income	262.5			248.4			14.1
Other comprehensive income (loss), net of tax:
Defined benefit plan adjustments	(2.8		)	(2.8		)	—
Derivative instruments and hedging activities	2.0			2.0			—
Foreign currency translation adjustments	70.5			70.3			0.2
Other comprehensive income	69.7			69.5			0.2
Comprehensive income	332.2			317.9			14.3
Ending equity balance	$	3,144.4		$	3,037.6		$	106.8

A summary of changes, net of tax, in accumulated other comprehensive loss for the three months ended April 2, 2016, is shown below (in millions):



	Three Months Ended April 2, 2016
Defined benefit plans:
Balance at beginning of period	$	(194.6	)
Reclassification adjustments (net of tax expense of $0.2 million)	1.1
Other comprehensive loss recognized during the period (net of tax impact of $— million)	(3.9		)
Balance at end of period	$	(197.4	)

Derivative instruments and hedging:
Balance at beginning of period	$	(38.7	)
Reclassification adjustments (net of tax expense of $4.9 million)	13.6
Other comprehensive loss recognized during the period (net of tax benefit of $4.2 million)	(11.6		)
Balance at end of period	$	(36.7	)

Foreign currency translation:
Balance at beginning of period	$	(496.8	)
Other comprehensive income recognized during the period (net of tax impact of $— million)	70.3
Balance at end of period	$	(426.5	)

For the three months ended April 2, 2016, foreign currency translation adjustments are related primarily to the strengthening of the Euro and, to a lesser extent, the Brazilian real relative to the U.S. dollar and include pretax losses of $0.6 million related to intercompany transactions for which settlement is not planned or anticipated in the foreseeable future.

See Note 9, "Pension and Other Postretirement Benefit Plans," for further information regarding reclassification adjustments related to the Company's defined benefit plans.

See Note 16, "Financial Instruments," for further information regarding reclassification adjustments related to the Company's derivative and hedging activities.

Lear Corporation Stockholders’ Equity

Common Stock Share Repurchase Program

In February 2017, the Company's Board of Directors authorized a $658.8 million increase to the existing common stock share repurchase program to provide for a remaining aggregate repurchase authorization of $1.0 billion and extended the term of the program to December 31, 2019. In the first quarter of 2017, the Company repurchased, in aggregate, $127.5 million of its outstanding common stock (896,965 shares at an average purchase price of $142.10 per share, excluding commissions), of which $115.6 million was paid in cash with the remaining amount to be paid in the second quarter of 2017. As of the end of the first quarter of 2017, the Company has a remaining repurchase authorization of $872.5 million under its ongoing common stock share repurchase program. The Company may implement these 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 will repurchase its outstanding common stock and the timing of such repurchases will depend upon its financial condition, prevailing market conditions, alternative uses of capital and other factors. In addition, the Company’s Credit Agreement places certain limitations on the Company’s ability to repurchase its common stock.

Since the first quarter of 2011, the Company's Board of Directors has authorized $4.1 billion in share repurchases under its common stock share repurchase program. As of the end of the first quarter of 2017, the Company has repurchased, in aggregate, $3.2 billion of its outstanding common stock, at an average price of $75.96 per share, excluding commissions and related fees.

In addition to shares repurchased under the Company’s common stock share repurchase program described in the preceding paragraphs, the Company classified shares withheld from the settlement of the Company’s restricted stock unit and performance share awards to cover minimum tax withholding requirements as common stock held in treasury in the accompanying condensed consolidated balance sheets as of April 1, 2017 and December 31, 2016.

Quarterly Dividend

In the first quarters of 2017 and 2016, the Company’s Board of Directors declared quarterly cash dividends of $0.50 and $0.30 per share of common stock, respectively. In the first quarter of 2017, declared dividends totaled $35.7 million, and dividends paid totaled $36.7 million. In the first quarter of 2016, declared dividends totaled $23.1 million, and dividends paid totaled $25.3 million. Dividends payable on common shares to be distributed under the Company’s stock-based compensation program and common shares contemplated as part of the Company’s emergence from Chapter 11 bankruptcy proceedings will be paid when such common shares are distributed.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies Disclosure [Abstract]

Legal and Other Contingencies

3 Months Ended

Apr. 01, 2017

Legal and Other Contingencies

As of April 1, 2017 and December 31, 2016, the Company had recorded reserves for pending legal disputes, including commercial disputes and other matters, of $8.7 million and $11.0 million, respectively. Such reserves reflect amounts recognized in accordance with GAAP and exclude the cost of legal representation. Product liability and warranty reserves are recorded separately from legal reserves, as described below.

Commercial Disputes

The Company is involved from time to time in legal proceedings and claims, including, without limitation, commercial or contractual disputes with its customers, suppliers and competitors. These disputes vary in nature and are usually resolved by negotiations between the parties.

Product Liability and Warranty Matters

In the event that use of the Company’s products results in, or is alleged to result in, bodily injury and/or property damage or other losses, the Company may be subject to product liability lawsuits and other claims. Such lawsuits generally seek compensatory damages, punitive damages and attorneys’ fees and costs. In addition, if any of the Company’s products are, or are alleged to be, defective, the Company may be required or requested by its customers to participate in a recall or other corrective action involving such products. Certain of the Company’s customers have asserted claims against the Company for costs related to recalls or other corrective actions involving its products. The Company can provide no assurances that it will not experience material claims in the future or that it will not incur significant costs to defend such claims.

To a lesser extent, the Company is a party to agreements with certain of its customers, whereby these customers may pursue claims against the Company for contribution of all or a portion of the amounts sought in connection with product liability and warranty claims.

In certain instances, allegedly defective products may be supplied by Tier 2 suppliers. The Company may seek recovery from its suppliers of materials or services included within the Company’s products that are associated with product liability and warranty claims. The Company carries insurance for certain legal matters, including product liability claims, but such coverage may be limited. The Company does not maintain insurance for product warranty or recall matters. Future dispositions with respect to the Company’s product liability claims that were subject to compromise under the Chapter 11 bankruptcy proceedings will be satisfied out of a common stock and warrant reserve established for that purpose.

The Company records product warranty reserves when liability is probable and related amounts are reasonably estimable.

A summary of the changes in reserves for product liability and warranty claims for the three months ended April 1, 2017 is shown below (in millions):



Balance at January 1, 2017	$	49.1
Expense, net (including changes in estimates)	7.8
Settlements	(2.9		)
Foreign currency translation and other	0.7
Balance at April 1, 2017	$	54.7

Environmental Matters

The Company is subject to local, state, federal and foreign laws, regulations and ordinances which govern activities or operations that may have adverse environmental effects and which impose liability for clean-up costs resulting from past spills, disposals or other releases of hazardous wastes and environmental compliance. The Company’s policy is to comply with all applicable environmental laws and to maintain an environmental management program based on ISO 14001 to ensure compliance with this standard. However, the Company currently is, has been and in the future may become the subject of formal or informal enforcement actions or procedures.

As of April 1, 2017 and December 31, 2016, the Company had recorded environmental reserves of $9.0 million. The Company does not believe that the environmental liabilities associated with its current and former properties will have a material adverse impact on its business, financial condition, results of operations or cash flows; however, no assurances can be given in this regard.

Other Matters

The Company is involved from time to time in various other legal proceedings and claims, including, without limitation, intellectual property matters, tax claims and employment matters. Although the outcome of any legal matter cannot be predicted with certainty, the Company does not believe that any of the other legal proceedings or claims in which the Company is currently involved, either individually or in the aggregate, will have a material adverse impact on its business, financial condition, results of operations or cash flows. However, no assurances can be given in this regard.

Although the Company records reserves for legal disputes, product liability and warranty claims and environmental and other matters in accordance with GAAP, the ultimate outcomes of these matters are inherently uncertain. Actual results may differ significantly from current estimates.

Segment Reporting

3 Months Ended

Apr. 01, 2017

Segment Reporting [Abstract]

Segment Reporting

The Company has two reportable operating segments: seating, which includes complete seat systems and all major seat components, including seat covers and surface materials such as leather and fabric, seat structures and mechanisms, seat foam and headrests, and E-Systems, which includes complete electrical distribution systems, electronic control modules and associated software and wireless communication modules. Key components in the electrical distribution system include wiring harnesses, terminals and connectors and junction boxes, including components for high power and hybrid electric systems. The other category includes unallocated costs related to corporate headquarters, regional headquarters and the elimination of intercompany activities, none of which meets the requirements for being classified as an operating segment.

The Company evaluates the performance of its operating segments based primarily on (i) revenues from external customers, (ii) pretax income before equity in net income of affiliates, interest expense and other expense, net, ("segment earnings") and (iii) cash flows, being defined as segment earnings less capital expenditures plus depreciation and amortization.

A summary of revenues from external customers and other financial information by reportable operating segment is shown below (in millions):



	Three Months Ended April 1, 2017
	Seating		E-Systems		Other			Consolidated
Revenues from external customers	$	3,868.0	$	1,130.5	$	—		$	4,998.5
Segment earnings ⁽¹⁾	320.3		164.9		(68.5		)	416.7
Depreciation and amortization	65.0		28.3		3.6			96.9
Capital expenditures	82.7		29.5		8.6			120.8
Total assets	6,824.5		1,835.7		1,940.3			10,600.5



	Three Months Ended April 2, 2016
	Seating		E-Systems		Other			Consolidated
Revenues from external customers	$	3,602.0	$	1,060.9	$	—		$	4,662.9
Segment earnings ⁽¹⁾	291.6		149.8		(67.9		)	373.5
Depreciation and amortization	61.3		26.1		2.8			90.2
Capital expenditures	62.4		20.2		5.5			88.1
Total assets	6,241.5		1,745.9		1,972.1			9,959.5


⁽¹⁾	See definition above.

For the three months ended April 1, 2017, segment earnings include restructuring charges of $6.7 million, $1.7 million and $0.1 million in the seating and E-Systems segments and in the other category, respectively. For the three months ended April 2, 2016, segment earnings include restructuring charges of $5.7 million, $2.9 million and $1.6 million in the seating and E-Systems segments and in the other category, respectively (Note 3, "Restructuring").

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):



	Three Months Ended
	April 1, 2017		April 2, 2016
Segment earnings	$	416.7	$	373.5
Interest expense	20.8		21.1
Other expense, net	3.7		8.5
Consolidated income before provision for income taxes and equity in net income of affiliates	$	392.2	$	343.9

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Section 50
-Paragraph 41
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-SubTopic 10
-Section 50
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Accounting Changes and Error Corrections [Abstract]

Financial Instruments

3 Months Ended

Apr. 01, 2017

Fair Value Disclosures [Abstract]

Financial Instruments

Debt Instruments

The carrying values of the Company’s debt instruments vary from their fair values. The fair values were determined by reference to the quoted market prices of these securities (Level 2 input based on the GAAP fair value hierarchy). The estimated fair value, as well as the carrying value, of the Company's debt instruments are shown below (in millions):



	April 1, 2017		December 31, 2016
Estimated aggregate fair value	$	2,007.0	$	2,004.8
Aggregate carrying value ⁽¹⁾	1,937.5		1,943.7

⁽¹⁾ Credit agreement and senior notes, excluding the impact of unamortized debt issuance costs.

Accounts Receivable Factoring

One of the Company's European subsidiaries has an uncommitted factoring agreement, which provides for aggregate purchases of specified customer accounts of up to €200 million. As of April 1, 2017, there were no factored receivables outstanding. The Company cannot provide any assurances that this factoring facility will be available or utilized in the future.

Marketable Equity Securities

Included in other current assets in the accompanying condensed consolidated balance sheets as of April 1, 2017 and December 31, 2016, are $35.6 million and $30.2 million, respectively, of marketable equity securities, which the Company accounts for under the fair value option. Accordingly, unrealized gains and losses arising from changes in the fair value of the marketable equity securities are recognized in the accompanying condensed consolidated statement of income as a component of other expense, net. The fair value of the marketable equity securities is determined by reference to quoted market prices in active markets (Level 1 input based on the GAAP fair value hierarchy).

Derivative Instruments and Hedging Activities

The Company has used derivative financial instruments, including forwards, futures, options, swaps and other derivative contracts to reduce the effects of fluctuations in foreign exchange rates and interest rates and the resulting variability of the Company’s operating results. The Company is not a party to leveraged derivatives. The Company’s derivative financial instruments are subject to master netting arrangements that provide for the net settlement of contracts, by counterparty, in the event of default or termination. On the date that a derivative contract for a hedging instrument is entered into, the Company designates the derivative as either (1) a hedge of the exposure to changes in the fair value of a recognized asset or liability or of an unrecognized firm commitment (a fair value hedge), (2) a hedge of the exposure of a forecasted transaction or of the variability in the cash flows of a recognized asset or liability (a cash flow hedge), (3) a hedge of a net investment in a foreign operation (a net investment hedge) or (4) a contract not designated as a hedging instrument.

For a fair value hedge, both the effective and ineffective portions of the change in the fair value of the derivative are recorded in earnings and reflected in the condensed consolidated statement of income on the same line as the gain or loss on the hedged item attributable to the hedged risk. For a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in accumulated other comprehensive loss in the condensed consolidated balance sheet. When the underlying hedged transaction is realized, the gain or loss included in accumulated other comprehensive loss is recorded in earnings and reflected in the condensed consolidated statement of income on the same line as the gain or loss on the hedged item attributable to the hedged risk. For a net investment hedge, the effective portion of the change in the fair value of the derivative is recorded in cumulative translation adjustment, which is a component of accumulated other comprehensive loss in the condensed consolidated balance sheet. In addition, changes in the fair value of contracts not designated as hedging instruments and the ineffective portion of both cash flow and net investment hedges are recorded in earnings and reflected in the condensed consolidated statement of income as other expense, net.

Foreign Exchange

The Company uses forwards, swaps and other derivative contracts to reduce the effects of fluctuations in foreign exchange rates on known foreign currency exposures. Gains and losses on the derivative instruments are intended to offset gains and losses on the hedged transaction in an effort to reduce exposure to fluctuations in foreign exchange rates. The principal currencies hedged by the Company include the Mexican peso, various European currencies, the Thai baht, the Chinese renminbi, the Japanese yen and the Canadian dollar.

The notional amount, estimated fair value and related balance sheet classification of the Company's foreign currency derivative contracts are shown below (in millions, except for maturities):



	April 1, 2017			December 31, 2016
Fair value of contracts designated as cash flow hedges:
Other current assets	$	20.0		$	11.2
Other long-term assets	9.2			0.5
Other current liabilities	(15.2		)	(58.3		)
Other long-term liabilities	(0.6		)	(9.9		)
	13.4			(56.5		)

Notional amount	$	1,152.4		$	1,275.0
Outstanding maturities in months, not to exceed	24			24
Fair value of contracts not designated as hedging instruments:
Other current assets	13.0			5.9
Other current liabilities	(7.6		)	(3.8		)
	5.4			2.1

Notional amount	$	1,452.4		$	681.2
Outstanding maturities in months, not to exceed	9			12

Total fair value	$	18.8		$	(54.4	)
Total notional amount	$	2,604.8		$	1,956.2

Foreign currency derivative contracts not designated as hedging instruments consist principally of hedges of cash transactions, intercompany loans and certain other balance sheet exposures.

Pretax amounts related to foreign currency derivative contracts designated as cash flow hedges that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions):



	Three Months Ended
	April 1, 2017		April 2, 2016
Gains (losses) recognized in accumulated other comprehensive loss	$	58.1	$	(15.7	)

Losses reclassified from accumulated other comprehensive loss to:
Net sales	0.1		0.3
Cost of sales	11.7		18.2
	11.8		18.5
Comprehensive income	$	69.9	$	2.8

Accumulated Other Comprehensive Loss - Derivative Instruments and Hedging

As of April 1, 2017 and December 31, 2016, pretax net gains (losses) of approximately $13.4 million and ($56.5) million, respectively, related to the Company’s derivative instruments and hedging activities were recorded in accumulated other comprehensive loss. During the next twelve month period, the Company expects to reclassify into earnings net gains of approximately $4.7 million recorded in accumulated other comprehensive loss as of April 1, 2017. Such gains will be reclassified at the time that the underlying hedged transactions are realized.

During the three months ended April 1, 2017 and April 2, 2016, amounts recognized in the accompanying condensed consolidated statements of comprehensive income related to changes in the fair value of cash flow and fair value hedges excluded from the Company’s effectiveness assessments and the ineffective portion of changes in the fair value of cash flow and fair value hedges were not material.

Fair Value Measurements

GAAP provides that fair value is an exit price, defined as a market-based measurement that represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value measurements are based on one or more of the following three valuation techniques:



Market:		This approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

Income:		This approach uses valuation techniques to convert future amounts to a single present value amount based on current market expectations.

Cost:		This approach is based on the amount that would be required to replace the service capacity of an asset (replacement cost).

Further, GAAP prioritizes the inputs and assumptions used in the valuation techniques described above into a three-tier fair value hierarchy as follows:



Level 1:		Observable inputs, such as quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date.

Level 2:		Inputs, other than quoted market prices included in Level 1, that are observable either directly or indirectly for the asset or liability.

Level 3:		Unobservable inputs that reflect the entity’s own assumptions about the exit price of the asset or liability. Unobservable inputs may be used if there is little or no market data for the asset or liability at the measurement date.

The Company discloses fair value measurements and the related valuation techniques and fair value hierarchy level for its assets and liabilities that are measured or disclosed at fair value.

Items Measured at Fair Value on a Recurring Basis

Fair value measurements and the related valuation techniques and fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis as of April 1, 2017 and December 31, 2016, are shown below (in millions):



	April 1, 2017
	Frequency	Asset (Liability)		Valuation Technique	Level 1		Level 2		Level 3
Foreign currency derivative contracts, net	Recurring	$	18.8	Market/ Income	$	—	$	18.8	$	—
Marketable equity securities	Recurring	$	35.6	Market	$	35.6	$	—	$	—



	December 31, 2016
	Frequency	Asset (Liability)			Valuation Technique	Level 1		Level 2			Level 3
Foreign currency derivative contracts, net	Recurring	$	(54.4	)	Market/ Income	$	—	$	(54.4	)	$	—
Marketable equity securities	Recurring	$	30.2		Market	$	30.2	$	—		$	—

The Company determines the fair value of its derivative contracts using quoted market prices to calculate the forward values and then discounts such forward values to the present value. The discount rates used are based on quoted bank deposit or swap interest rates. If a derivative contract is in a net liability position, the Company adjusts these discount rates, if required, by an estimate of the credit spread that would be applied by market participants purchasing these contracts from the Company’s counterparties. If an estimate of the credit spread is required, the Company uses significant assumptions and factors other than quoted market rates, which would result in the classification of its derivative liabilities within Level 3 of the fair value hierarchy. As of April 1, 2017 and December 31, 2016, there were no derivative contracts that were classified within Level 3 of the fair value hierarchy. In addition, there were no transfers in or out of Level 3 of the fair value hierarchy in 2017.

Items Measured at Fair Value on a Non-Recurring Basis

The Company measures certain assets and liabilities at fair value on a non-recurring basis, which are not included in the table above. As these non-recurring fair value measurements are generally determined using unobservable inputs, these fair value measurements are classified within Level 3 of the fair value hierarchy.

As a result of the 2016 acquisition of AccuMED, Level 3 fair value estimates of $12.7 million and $13.9 million related to property, plant and equipment are recorded in the accompanying condensed consolidated balance sheets as of April 1, 2017 and December 31, 2016, respectively. Level 3 fair value estimates of $53.0 million related to intangible assets are recorded in the accompanying condensed consolidated balance sheets as of April 1, 2017 and December 31, 2016.

Fair value estimates of property, plant and equipment were based on independent appraisals, giving consideration to the highest and best use of the assets. Key assumptions used in the appraisals were based on a combination of market and cost approaches, as appropriate. Fair value estimates of customer-based intangible assets were based on the present value of future earnings attributable to the asset group after recognition of required returns to other contributory assets.

For further information on assets and liabilities measured at fair value on a non-recurring basis, see Note 2, “Acquisitions.”

As of April 1, 2017, there were no additional significant assets or liabilities measured at fair value on a non-recurring basis.

Accounting Pronouncements

3 Months Ended

Apr. 01, 2017

Accounting Pronouncements

The Company has considered the ASUs issued by the Financial Accounting Standards Board ("FASB") summarized below, which could significantly impact its financial statements:



Standards Pending Adoption	Description	Effective Date	Anticipated Impact
ASU 2014-09, Revenue from Contracts with Customers ⁽¹⁾	The standard replaces existing revenue recognition guidance and requires additional financial statement disclosures. The provisions of these updates may be applied through either a full retrospective or a modified retrospective approach.	January 1, 2018	The Company is continuing to assess the potential effects of the standard. The Company’s current analysis indicates that the new standard may impact the Company's accounting for contractually guaranteed reimbursement of pre-production engineering and development and tooling costs related to products produced for its customers under long-term supply agreements. Under current guidance, such reimbursement is recorded as a cost offset. Under the new standard, the Company may recognize such reimbursements as revenues. While the Company continues to assess the potential effects of the standard, the Company does not currently expect the adoption of the new standard to have a material impact on consolidated net income or the consolidated balance sheet. The Company has not yet selected a transition method and plans to adopt the new standard effective January 1, 2018.
ASU 2016-02, Leases	The standard requires that a lessee recognize on its balance sheet right-of-use assets and corresponding liabilities resulting from leasing transactions, as well as additional financial statement disclosures. Currently, GAAP only requires balance sheet recognition for leases classified as capital leases. The provisions of this update apply to substantially all leased assets, with certain permitted exceptions, and must be adopted using a modified retrospective approach.	January 1, 2019	The Company is currently evaluating the impact of this update. For additional information on the Company’s operating lease commitments, see Note 11, "Commitments and Contingencies," to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost	The standard was issued to address the net presentation of the components of net benefit cost. It requires the classification of service cost in the same line item as other current employee compensation costs. It also requires the presentation of the remaining components of net benefit cost in a separate line item outside any subtotal for income from operations.	January 1, 2018	The update will result in the retrospective reclassification of the non-service cost components of net benefit cost from cost of sales and selling, general and administrative expenses to other expense, net. There will be no impact on consolidated net income.

⁽¹⁾ Along with four subsequent ASUs amending and clarifying ASU 2014-09:

ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date"

ASU 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)"

ASU 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing"

ASU 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients"

In addition to the adoption of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting," discussed in Note 11, "Income Taxes," the Company adopted the ASUs summarized below in 2017. The effects of adopting the ASUs listed below did not significantly impact the Company's financial statements:



Standard	Description	Effective Date
ASU 2015-11, Simplifying the Measurement of Inventory	The standard requires the measurement of inventory at the lower of cost or net realizable value rather than at the lower of cost or market.	January 1, 2017
ASU 2016-05, Effects of Derivative Contract Novations on Existing Hedge Accounting Relationships and ASU 2016-06, Contingent Put and Call Options in Debt Instruments.	The standards provide clarification when there is a change in a counterparty to a derivative hedging instrument and the steps required when assessing the economic characteristics of embedded put or call options.	January 1, 2017
ASU 2016-07, Simplifying the Transition to Equity Method of Accounting	The standard eliminates the requirement to retroactively apply the equity method of accounting as a result of an increase in the level of ownership or degree of influence.	January 1, 2017
ASU 2016-17, Interests Held through Related Parties that Are under Common Control	The standard changes the evaluation of whether a reporting entity is the primary beneficiary of a variable interest entity in certain instances involving entities under common control.	January 1, 2017

The Company has considered the recent ASUs summarized below, none of which are expected to significantly impact its financial statements:



Standard	Description	Effective Date
ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities	The standard requires equity investments and other ownership interests in unconsolidated entities (other than those accounted for using the equity method of accounting) to be measured at fair value through earnings. A practicability exception exists for equity investments without readily determinable fair values.	January 1, 2018
ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments	The standard addresses the classification of cash flows related to various transactions, including debt prepayment and extinguishment costs, contingent consideration and proceeds from insurance claims.	January 1, 2018
ASU 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other than Inventory	The standard requires the recognition of the income tax effects of intercompany sales and transfers (other than inventory) when the sales and transfers occur.	January 1, 2018
ASU 2016-18, Restricted Cash	The standard provides guidance on the presentation of restricted cash on the statement of cash flows.	January 1, 2018
ASU 2017-01, Clarifying the Definition of a Business	The standard provides a new framework to use when determining if a set of assets and activities is a business.	January 1, 2018
ASU 2017-05, Gains and Losses from the Derecognition of Nonfinancial Assets	The standard provides guidance for recognizing gains and losses on nonfinancial assets (including land, buildings and intangible assets) to noncustomers. Adoption must coincide with ASU 2014-09.	January 1, 2018
ASU 2016-13, Measurement of Credit Losses on Financial Instruments	The standard changes the impairment model for most financial instruments to an "expected loss" model. The new model will generally result in earlier recognition of credit losses.	January 1, 2020
ASU 2017-04, Simplifying the Test for Goodwill Impairment	The standard simplifies the accounting for goodwill impairments and allows a goodwill impairment charge to be based on the amount of a reporting unit's carrying value in excess of its fair value. This eliminates the requirement to calculate the implied fair value of goodwill or what is known as "Step 2" under the current guidance.	January 1, 2020

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=66092750

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Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Supplemental Guarantor Condensed Consolidating Financial Statements

3 Months Ended

Apr. 01, 2017

Supplemental Guarantor Condensed Consolidating Financial Statements



	April 1, 2017
	Lear		Guarantors		Non- guarantors		Eliminations			Consolidated
	(Unaudited; in millions)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	250.4		$	0.3	$	959.0	$	—		$	1,209.7
Accounts receivable	423.2		292.2		2,593.4		—			3,308.8
Inventories	66.3		385.4		616.1		—			1,067.8
Intercompany accounts	76.5		156.5		—		(233.0		)	—
Other	134.1		12.7		495.8		—			642.6
Total current assets	950.5		847.1		4,664.3		(233.0		)	6,228.9
LONG-TERM ASSETS:
Property, plant and equipment, net	313.0		329.4		1,428.3		—			2,070.7
Goodwill	172.1		519.9		437.4		—			1,129.4
Investments in subsidiaries	4,269.9		1,546.3		—		(5,816.2		)	—
Intercompany loans receivable	1,068.3		1,167.7		118.2		(2,354.2		)	—
Other	513.4		134.7		542.8		(19.4		)	1,171.5
Total long-term assets	6,336.7		3,698.0		2,526.7		(8,189.8		)	4,371.6
Total assets	$	7,287.2	$	4,545.1	$	7,191.0	$	(8,422.8	)	$	10,600.5
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term borrowings	$	—	$	—	$	10.2	$	—		$	10.2
Accounts payable and drafts	392.6		559.6		2,090.8		—			3,043.0
Accrued liabilities	251.3		157.2		1,130.2		—			1,538.7
Intercompany accounts	—		—		233.0		(233.0		)	—
Current portion of long-term debt	37.5		—		1.3		—			38.8
Total current liabilities	681.4		716.8		3,465.5		(233.0		)	4,630.7
LONG-TERM LIABILITIES:
Long-term debt	1,884.8		—		4.2		—			1,889.0
Intercompany loans payable	1,124.9		54.5		1,174.8		(2,354.2		)	—
Other	265.1		5.8		365.8		(19.4		)	617.3
Total long-term liabilities	3,274.8		60.3		1,544.8		(2,373.6		)	2,506.3
EQUITY:
Lear Corporation stockholders’ equity	3,331.0		3,768.0		2,048.2		(5,816.2		)	3,331.0
Noncontrolling interests	—		—		132.5		—			132.5
Equity	3,331.0		3,768.0		2,180.7		(5,816.2		)	3,463.5
Total liabilities and equity	$	7,287.2	$	4,545.1	$	7,191.0	$	(8,422.8	)	$	10,600.5



	December 31, 2016
	Lear		Guarantors		Non- guarantors		Eliminations			Consolidated
	(In millions)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	480.4	$	0.3	$	790.9	$	—		$	1,271.6
Accounts receivable	314.0		238.7		2,193.8		—			2,746.5
Inventories	67.9		364.7		588.0		—			1,020.6
Intercompany accounts	87.0		94.3		—		(181.3		)	—
Other	119.4		15.3		475.9		—			610.6
Total current assets	1,068.7		713.3		4,048.6		(181.3		)	5,649.3
LONG-TERM ASSETS:
Property, plant and equipment, net	309.4		313.4		1,396.5		—			2,019.3
Goodwill	172.1		519.9		429.3		—			1,121.3
Investments in subsidiaries	4,002.3		917.5		—		(4,919.8		)	—
Intercompany loans receivable	308.9		1,206.9		91.1		(1,606.9		)	—
Other	456.6		146.8		525.1		(17.8		)	1,110.7
Total long-term assets	5,249.3		3,104.5		2,442.0		(6,544.5		)	4,251.3
Total assets	$	6,318.0	$	3,817.8	$	6,490.6	$	(6,725.8	)	$	9,900.6
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term borrowings	$	—	$	—	$	8.6	$	—		$	8.6
Accounts payable and drafts	328.8		460.1		1,851.6		—			2,640.5
Accrued liabilities	228.6		197.5		1,071.5		—			1,497.6
Intercompany accounts	—		—		181.3		(181.3		)	—
Current portion of long-term debt	34.4		—		1.2		—			35.6
Total current liabilities	591.8		657.6		3,114.2		(181.3		)	4,182.3
LONG-TERM LIABILITIES:
Long-term debt	1,893.5		—		4.5		—			1,898.0
Intercompany loans payable	504.9		48.7		1,053.3		(1,606.9		)	—
Other	270.6		13.2		361.4		(17.8		)	627.4
Total long-term liabilities	2,669.0		61.9		1,419.2		(1,624.7		)	2,525.4
EQUITY:
Lear Corporation stockholders’ equity	3,057.2		3,098.3		1,821.5		(4,919.8		)	3,057.2
Noncontrolling interests	—		—		135.7		—			135.7
Equity	3,057.2		3,098.3		1,957.2		(4,919.8		)	3,192.9
Total liabilities and equity	$	6,318.0	$	3,817.8	$	6,490.6	$	(6,725.8	)	$	9,900.6



	Three Months Ended April 1, 2017
	Lear			Guarantors			Non- guarantors			Eliminations			Consolidated
	(Unaudited; in millions)
Net sales	$	912.3		$	1,279.8		$	4,254.9		$	(1,448.5	)	$	4,998.5
Cost of sales	914.5			1,082.2			3,867.8			(1,448.5		)	4,416.0
Selling, general and administrative expenses	73.4			7.9			74.4			—			155.7
Intercompany operating (income) expense, net	(114.6		)	71.4			43.2			—			—
Amortization of intangible assets	1.9			4.0			4.2			—			10.1
Interest expense	23.5			(1.2		)	(1.5		)	—			20.8
Other expense, net	(6.2		)	(2.8		)	12.7			—			3.7
Consolidated income before income taxes and equity in net income of affiliates and subsidiaries	19.8			118.3			254.1			—			392.2
Provision for income taxes	(6.3		)	38.4			57.0			—			89.1
Equity in net income of affiliates	(0.6		)	—			(14.8		)	—			(15.4		)
Equity in net income of subsidiaries	(279.1		)	(148.6		)	—			427.7			—
Consolidated net income	305.8			228.5			211.9			(427.7		)	318.5
Less: Net income attributable to noncontrolling interests	—			—			12.7			—			12.7
Net income attributable to Lear	$	305.8		$	228.5		$	199.2		$	(427.7	)	$	305.8

Consolidated comprehensive income	$	408.3		$	276.2		$	267.6		$	(530.0	)	$	422.1
Less: Comprehensive income attributable to noncontrolling interests	—			—			13.8			—			13.8
Comprehensive income attributable to Lear	$	408.3		$	276.2		$	253.8		$	(530.0	)	$	408.3



	Three Months Ended April 2, 2016
	Lear			Guarantors			Non- guarantors			Eliminations			Consolidated
	(Unaudited; in millions)
Net sales	$	926.6		$	1,217.4		$	3,841.2		$	(1,322.3	)	$	4,662.9
Cost of sales	922.5			1,033.5			3,493.5			(1,322.3		)	4,127.2
Selling, general and administrative expenses	76.4			2.4			70.2			—			149.0
Intercompany operating (income) expense, net	(115.8		)	60.4			55.4			—			—
Amortization of intangible assets	1.9			4.0			7.3			—			13.2
Interest expense	23.0			(0.8		)	(1.1		)	—			21.1
Other expense, net	10.5			(0.6		)	(1.4		)	—			8.5
Consolidated income before income taxes and equity in net income of affiliates and subsidiaries	8.1			118.5			217.3			—			343.9
Provision for income taxes	3.5			47.7			47.0			—			98.2
Equity in net income of affiliates	(0.4		)	—			(16.4		)	—			(16.8		)
Equity in net income of subsidiaries	(243.4		)	(136.7		)	—			380.1			—
Consolidated net income	248.4			207.5			186.7			(380.1		)	262.5
Less: Net income attributable to noncontrolling interests	—			—			14.1			—			14.1
Net income attributable to Lear	$	248.4		$	207.5		$	172.6		$	(380.1	)	$	248.4

Consolidated comprehensive income	$	317.9		$	215.2		$	250.0		$	(450.9	)	$	332.2
Less: Comprehensive income attributable to noncontrolling interests	—			—			14.3			—			14.3
Comprehensive income attributable to Lear	$	317.9		$	215.2		$	235.7		$	(450.9	)	$	317.9



	Three Months Ended April 1, 2017
	Lear			Guarantors			Non- guarantors			Eliminations			Consolidated
	(Unaudited; in millions)
Net Cash Provided by Operating Activities	$	56.0		$	73.4		$	190.2		$	(40.7	)	$	278.9
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(16.8		)	(34.0		)	(70.0		)	—			(120.8		)
Intercompany transactions	(759.4		)	39.2			(27.1		)	747.3			—
Other, net	(3.9		)	0.2			(4.2		)				(7.9		)
Net cash provided by (used in) investing activities	(780.1		)	5.4			(101.3		)	747.3			(128.7		)
Cash Flows from Financing Activities:
Credit agreement repayments	(6.2		)	—			—			—			(6.2		)
Short-term borrowings, net	—			—			1.4			—			1.4
Repurchase of common stock	(115.6		)	—			—			—			(115.6		)
Dividends paid to Lear Corporation stockholders	(36.7		)	—			—			—			(36.7		)
Dividends paid to noncontrolling interests	—			—			(26.5		)	—			(26.5		)
Intercompany transactions	694.4			(78.8		)	91.0			(706.6		)	—
Other, net	(41.8		)	—			0.1			—			(41.7		)
Net cash provided by (used in) financing activities	494.1			(78.8		)	66.0			(706.6		)	(225.3		)

Effect of foreign currency translation	—			—			13.2			—			13.2
Net Change in Cash and Cash Equivalents	(230.0		)	—			168.1			—			(61.9		)
Cash and Cash Equivalents as of Beginning of Period	480.4			0.3			790.9			—			1,271.6
Cash and Cash Equivalents as of End of Period	$	250.4		$	0.3		$	959.0		$	—		$	1,209.7



	Three Months Ended April 2, 2016
	Lear			Guarantors			Non- guarantors			Eliminations			Consolidated
	(Unaudited; in millions)
Net Cash Provided by Operating Activities	$	(7.4	)	$	100.5		$	195.5		$	—		$	288.6
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(14.5		)	(21.2		)	(52.4		)	—			(88.1		)
Intercompany transactions	(24.4		)	14.9			0.4			9.1			—
Other, net	(3.2		)	0.1			1.3			—			(1.8		)
Net cash used in investing activities	(42.1		)	(6.2		)	(50.7		)	9.1			(89.9		)
Cash Flows from Financing Activities:
Credit agreement repayments	(3.1		)	—			—			—			(3.1		)
Short-term borrowings, net	—			—			2.6			—			2.6
Repurchase of common stock	(154.7		)	—			—			—			(154.7		)
Dividends paid to Lear Corporation stockholders	(25.3		)	—			—			—			(25.3		)
Intercompany transactions	253.2			(94.6		)	(149.5		)	(9.1		)	—
Other, net	(50.6		)	—			(0.4		)	—			(51.0		)
Net cash provided by (used in) financing activities	19.5			(94.6		)	(147.3		)	(9.1		)	(231.5		)

Effect of foreign currency translation	—			—			10.3			—			10.3
Net Change in Cash and Cash Equivalents	(30.0		)	(0.3		)	7.8			—			(22.5		)
Cash and Cash Equivalents as of Beginning of Period	526.4			0.3			669.9			—			1,196.6
Cash and Cash Equivalents as of End of Period	$	496.4		$	—		$	677.7		$	—		$	1,174.1

Certain of the Company’s domestic 100% owned subsidiaries (the "Guarantors") have fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis, the performance and the full and punctual payment when due, whether at stated maturity, by acceleration or otherwise, of the Company’s obligations under the Credit Agreement and the indentures governing the Notes, including the Company’s obligations to pay principal, premium, if any, and interest with respect to the Notes. The Notes consist of $500.0 million in aggregate principal amount of 4.75% senior unsecured notes due 2023, $325.0 million in aggregate principal amount of 5.375% senior unsecured notes due 2024 and $650.0 million in aggregate principal amount 5.25% senior unsecured notes due 2025.

The Guarantors include Lear Corporation EEDS and Interiors and Lear Mexican Seating Corporation. In 2016, Guilford Mills, LLC and Lear Operations Corporation (previously guarantors) merged into Lear, and Eagle Ottawa North America, LLC was released as a guarantor. In lieu of providing separate financial statements for the Guarantors, the Company has included the supplemental guarantor consolidating financial statements above. These financial statements reflect the Guarantors listed above for all periods presented. Management does not believe that separate financial statements of the Guarantors are material to investors. Therefore, separate financial statements and other disclosures concerning the Guarantors are not presented.

The 2016 supplemental guarantor condensed consolidating financial statements have been restated to reflect changes in the Guarantor entities, as well as certain changes to the equity investments of the Guarantors.

Distributions

There are no significant restrictions on the ability of the Guarantors to make distributions to the Company.

Selling, General and Administrative Expenses

Corporate and division selling, general and administrative expenses are allocated to the operating subsidiaries based on various factors, which estimate usage of particular corporate and division functions, and in certain instances, other relevant factors, such as the revenues or the number of employees of the Company’s subsidiaries. During the three months ended April 1, 2017 and April 2, 2016, $22.2 million and $20.6 million, respectively, of selling, general and administrative expenses were allocated from Lear.

Long-Term Debt of Lear and the Guarantors

A summary of long-term debt of Lear and the Guarantors on a combined basis is shown below (in millions):



	April 1, 2017			December 31, 2016
Credit agreement	$	461.0		$	467.1
Senior notes	1,461.3			1,460.8
	1,922.3			1,927.9
Less — Current portion	(37.5		)	(34.4		)
Long-term debt	$	1,884.8		$	1,893.5

Basis of Presentation (Policies)

3 Months Ended

Apr. 01, 2017

Accounting Policies [Abstract]

Consolidation

The accompanying condensed consolidated financial statements include the accounts of Lear, a Delaware corporation, and the wholly owned and less than wholly owned subsidiaries controlled by Lear. In addition, Lear consolidates all entities, including variable interest entities, in which it has a controlling financial interest. Investments in affiliates in which Lear does not have control, but does have the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method.

Fiscal period reporting

The Company’s annual financial results are reported on a calendar year basis, and quarterly interim results are reported using a thirteen week reporting calendar.

Reclassifications

Certain amounts in the prior period’s financial statements have been reclassified to conform to the presentation used in the quarter ended April 1, 2017.

Cost of sales

Cost of sales includes material, labor and overhead costs associated with the manufacture and distribution of the Company’s products. Distribution costs include inbound freight costs, purchasing and receiving costs, inspection costs, warehousing costs and other costs of the Company’s distribution network.

Selling, general and administrative expenses

Selling, general and administrative expenses include selling, engineering and development and administrative costs not directly associated with the manufacture and distribution of the Company’s products.

Restructuring costs

Pre-production costs related to long-term supply arrangement

Property, plant and equipment

Impairment of long-lived assets

Impairment of goodwill

Net income per share attributable to Lear

Marketable equity securities

Derivative instruments and hedging activities

Fair value of financial instruments

New accounting pronouncements

The Company has considered the ASUs issued by the Financial Accounting Standards Board ("FASB") summarized below, which could significantly impact its financial statements:



Standards Pending Adoption	Description	Effective Date	Anticipated Impact
ASU 2014-09, Revenue from Contracts with Customers ⁽¹⁾	The standard replaces existing revenue recognition guidance and requires additional financial statement disclosures. The provisions of these updates may be applied through either a full retrospective or a modified retrospective approach.	January 1, 2018	The Company is continuing to assess the potential effects of the standard. The Company’s current analysis indicates that the new standard may impact the Company's accounting for contractually guaranteed reimbursement of pre-production engineering and development and tooling costs related to products produced for its customers under long-term supply agreements. Under current guidance, such reimbursement is recorded as a cost offset. Under the new standard, the Company may recognize such reimbursements as revenues. While the Company continues to assess the potential effects of the standard, the Company does not currently expect the adoption of the new standard to have a material impact on consolidated net income or the consolidated balance sheet. The Company has not yet selected a transition method and plans to adopt the new standard effective January 1, 2018.
ASU 2016-02, Leases	The standard requires that a lessee recognize on its balance sheet right-of-use assets and corresponding liabilities resulting from leasing transactions, as well as additional financial statement disclosures. Currently, GAAP only requires balance sheet recognition for leases classified as capital leases. The provisions of this update apply to substantially all leased assets, with certain permitted exceptions, and must be adopted using a modified retrospective approach.	January 1, 2019	The Company is currently evaluating the impact of this update. For additional information on the Company’s operating lease commitments, see Note 11, "Commitments and Contingencies," to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost	The standard was issued to address the net presentation of the components of net benefit cost. It requires the classification of service cost in the same line item as other current employee compensation costs. It also requires the presentation of the remaining components of net benefit cost in a separate line item outside any subtotal for income from operations.	January 1, 2018	The update will result in the retrospective reclassification of the non-service cost components of net benefit cost from cost of sales and selling, general and administrative expenses to other expense, net. There will be no impact on consolidated net income.

⁽¹⁾ Along with four subsequent ASUs amending and clarifying ASU 2014-09:

ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date"

ASU 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)"

ASU 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing"

ASU 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients"



Standard	Description	Effective Date
ASU 2015-11, Simplifying the Measurement of Inventory	The standard requires the measurement of inventory at the lower of cost or net realizable value rather than at the lower of cost or market.	January 1, 2017
ASU 2016-05, Effects of Derivative Contract Novations on Existing Hedge Accounting Relationships and ASU 2016-06, Contingent Put and Call Options in Debt Instruments.	The standards provide clarification when there is a change in a counterparty to a derivative hedging instrument and the steps required when assessing the economic characteristics of embedded put or call options.	January 1, 2017
ASU 2016-07, Simplifying the Transition to Equity Method of Accounting	The standard eliminates the requirement to retroactively apply the equity method of accounting as a result of an increase in the level of ownership or degree of influence.	January 1, 2017
ASU 2016-17, Interests Held through Related Parties that Are under Common Control	The standard changes the evaluation of whether a reporting entity is the primary beneficiary of a variable interest entity in certain instances involving entities under common control.	January 1, 2017

The Company has considered the recent ASUs summarized below, none of which are expected to significantly impact its financial statements:



Standard	Description	Effective Date
ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities	The standard requires equity investments and other ownership interests in unconsolidated entities (other than those accounted for using the equity method of accounting) to be measured at fair value through earnings. A practicability exception exists for equity investments without readily determinable fair values.	January 1, 2018
ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments	The standard addresses the classification of cash flows related to various transactions, including debt prepayment and extinguishment costs, contingent consideration and proceeds from insurance claims.	January 1, 2018
ASU 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other than Inventory	The standard requires the recognition of the income tax effects of intercompany sales and transfers (other than inventory) when the sales and transfers occur.	January 1, 2018
ASU 2016-18, Restricted Cash	The standard provides guidance on the presentation of restricted cash on the statement of cash flows.	January 1, 2018
ASU 2017-01, Clarifying the Definition of a Business	The standard provides a new framework to use when determining if a set of assets and activities is a business.	January 1, 2018
ASU 2017-05, Gains and Losses from the Derecognition of Nonfinancial Assets	The standard provides guidance for recognizing gains and losses on nonfinancial assets (including land, buildings and intangible assets) to noncustomers. Adoption must coincide with ASU 2014-09.	January 1, 2018
ASU 2016-13, Measurement of Credit Losses on Financial Instruments	The standard changes the impairment model for most financial instruments to an "expected loss" model. The new model will generally result in earlier recognition of credit losses.	January 1, 2020
ASU 2017-04, Simplifying the Test for Goodwill Impairment	The standard simplifies the accounting for goodwill impairments and allows a goodwill impairment charge to be based on the amount of a reporting unit's carrying value in excess of its fair value. This eliminates the requirement to calculate the implied fair value of goodwill or what is known as "Step 2" under the current guidance.	January 1, 2020

Acquisitions (Tables)

3 Months Ended

Apr. 01, 2017

Business Combinations [Abstract]

Purchase Price and Related Allocation

The purchase price and preliminary allocation are shown below (in millions):



Purchase price paid, net of cash acquired	$	148.5

Property, plant and equipment	$	12.7
Other assets purchased and liabilities assumed, net	9.9
Goodwill	72.9
Intangible assets	53.0
Preliminary purchase price allocation	$	148.5

Restructuring (Tables)

3 Months Ended

Apr. 01, 2017

Restructuring and Related Activities [Abstract]

Summary of Restructuring Activity

A summary of 2017 activity, excluding the pension benefit plan settlement loss of $0.8 million, is shown below (in millions):



	Accrual as of		2017		Utilization						Accrual as of
	January 1, 2017		Charges		Cash			Non-cash			April 1, 2017
Employee termination benefits	$	69.4	$	6.1	$	(6.2	)	$	—		$	69.3
Asset impairment charges	—		0.1		—			(0.1		)	—
Contract termination costs	4.6		0.3		(0.3		)	—			4.6
Other related costs	—		1.2		(1.2		)	—			—
Total	$	74.0	$	7.7	$	(7.7	)	$	(0.1	)	$	73.9

Inventories (Tables)

3 Months Ended

Apr. 01, 2017

Inventory Disclosure [Abstract]

Summary of Inventories

A summary of inventories is shown below (in millions):



	April 1, 2017		December 31, 2016
Raw materials	$	768.5	$	746.3
Work-in-process	118.3		106.4
Finished goods	181.0		167.9
Inventories	$	1,067.8	$	1,020.6

Pre-Production Costs Related to Long-Term Supply Agreements (Tables)

3 Months Ended

Apr. 01, 2017

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Classification of Recoverable Customer Engineering, Development and Tooling Costs Related to Long-term Supply Agreements

The classification of recoverable customer E&D and tooling costs related to long-term supply agreements is shown below (in millions):



	April 1, 2017		December 31, 2016
Current	$	182.8	$	185.9
Long-term	41.6		43.4
Recoverable customer E&D and tooling	$	224.4	$	229.3

Long-Term Assets (Tables)

3 Months Ended

Apr. 01, 2017

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

A summary of property, plant and equipment is shown below (in millions):



	April 1, 2017			December 31, 2016
Land	$	102.7		$	101.7
Buildings and improvements	681.4			648.1
Machinery and equipment	2,554.0			2,459.6
Construction in progress	299.8			296.4
Total property, plant and equipment	3,637.9			3,505.8
Less – accumulated depreciation	(1,567.2		)	(1,486.5		)
Property, plant and equipment, net	$	2,070.7		$	2,019.3

Goodwill (Tables)

3 Months Ended

Apr. 01, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Carrying Amount of Goodwill

A summary of the changes in the carrying amount of goodwill, by operating segment, in the three months ended April 1, 2017, is shown below (in millions):



	Seating		E-Systems		Total
Balance at January 1, 2017	$	1,091.2	$	30.1	$	1,121.3
Foreign currency translation and other	8.1		—		8.1
Balance at April 1, 2017	$	1,099.3	$	30.1	$	1,129.4

Debt (Tables)

3 Months Ended

Apr. 01, 2017

Debt Disclosure [Abstract]

Summary of Long-Term Debt

A summary of long-term debt, net of unamortized debt issuance costs and the related weighted average interest rates is shown below (in millions):



	April 1, 2017									December 31, 2016
Debt Instrument	Long-Term Debt		Debt Issuance Costs ⁽¹⁾			Long-Term Debt, Net			Weighted Average Interest Rate	Long-Term Debt		Debt Issuance Costs⁽¹⁾			Long-Term Debt, Net			Weighted Average Interest Rate
Credit Agreement — Term Loan Facility	$	462.5	$	(1.5	)	$	461.0		2.325%	$	468.7	$	(1.6	)	$	467.1		2.105%
4.75% Senior Notes due 2023 ("2023 Notes")	500.0		(4.6		)	495.4			4.75%	500.0		(4.8		)	495.2			4.75%
5.375% Senior Notes due 2024 ("2024 Notes")	325.0		(2.7		)	322.3			5.375%	325.0		(2.8		)	322.2			5.375%
5.25% Senior Notes due 2025 ("2025 Notes")	650.0		(6.4		)	643.6			5.25%	650.0		(6.6		)	643.4			5.25%
Other	5.5		—			5.5			N/A	5.7		—			5.7			N/A
	$	1,943.0	$	(15.2	)	1,927.8				$	1,949.4	$	(15.8	)	1,933.6
Less — Current portion						(38.8		)							(35.6		)
Long-term debt						$	1,889.0								$	1,898.0

⁽¹⁾ Unamortized portion

The issuance date, maturity date and interest payable dates of the Company's senior unsecured 2023 Notes, 2024 Notes and 2025 Notes (together, the "Notes") are as shown below:



Note	Issuance Date	Maturity Date	Interest Payable Dates
2023 Notes	January 2013	January 15, 2023	January 15 and July 15
2024 Notes	March 2014	March 15, 2024	March 15 and September 15
2025 Notes	November 2014	January 15, 2025	January 15 and July 15

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Pension plans, defined benefit

Pension and Other Postretirement Benefit Plans (Tables)

3 Months Ended

Apr. 01, 2017

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Components of Net Periodic Benefit Cost

The components of the Company’s net periodic pension benefit cost are shown below (in millions):



	Three Months Ended
	April 1, 2017						April 2, 2016
	U.S.			Foreign			U.S.			Foreign
Service cost	$	1.3		$	1.7		$	1.4		$	1.5
Interest cost	5.4			3.8			7.4			3.9
Expected return on plan assets	(7.2		)	(5.6		)	(9.5		)	(5.6		)
Amortization of actuarial loss	0.6			1.2			0.7			0.7
Settlement loss	0.2			0.8			0.2			—
Net periodic benefit cost	$	0.3		$	1.9		$	0.2		$	0.5

Other postretirement benefit plan

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Components of Net Periodic Benefit Cost

The components of the Company’s net periodic other postretirement benefit cost are shown below (in millions):



	Three Months Ended
	April 1, 2017						April 2, 2016
	U.S.			Foreign			U.S.			Foreign
Service cost	$	—		$	0.1		$	—		$	0.1
Interest cost	0.6			0.4			0.8			0.4
Amortization of actuarial (gain) loss	(0.6		)	0.1			(0.3		)	0.1
Amortization of prior service credit	—			(0.1		)	—			(0.1		)
Net periodic benefit cost	$	—		$	0.5		$	0.5		$	0.5

Other Expense, Net (Tables)

3 Months Ended

Apr. 01, 2017

Other Income and Expenses [Abstract]

Summary of Other Expense, Net

A summary of other expense, net is shown below (in millions):



	Three Months Ended
	April 1, 2017			April 2, 2016
Other expense	$	8.0		$	9.3
Other income	(4.3		)	(0.8		)
Other expense, net	$	3.7		$	8.5

Income Taxes (Tables)

3 Months Ended

Apr. 01, 2017

Income Tax Disclosure [Abstract]

Provision for Income Taxes and Corresponding Effective Tax Rate



	Three Months Ended
	April 1, 2017			April 2, 2016
Provision for income taxes	$	89.1		$	98.2
Pretax income before equity in net income of affiliates	$	392.2		$	343.9
Effective tax rate	22.7		%	28.6		%

Net Income Per Share Attributable to Lear (Tables)

3 Months Ended

Apr. 01, 2017

Earnings Per Share [Abstract]

Summary of Information Used to Compute Basic and Diluted Net Income Per Share

A summary of information used to compute basic and diluted net income per share attributable to Lear is shown below (in millions, except share and per share data):



	Three Months Ended
	April 1, 2017		April 2, 2016
Net income attributable to Lear	$	305.8	$	248.4

Average common shares outstanding	69,658,368		74,689,475
Dilutive effect of common stock equivalents	668,980		784,864
Average diluted shares outstanding	70,327,348		75,474,339

Basic net income per share attributable to Lear	$	4.39	$	3.33

Diluted net income per share attributable to Lear	$	4.35	$	3.29

Comprehensive Income and Equity (Tables)

3 Months Ended

Apr. 01, 2017

Equity [Abstract]

Summary of Comprehensive Income and Reconciliations of Equity



	Three Months Ended April 1, 2017
	Equity			Lear Corporation Stockholders' Equity			Non- controlling Interests
Beginning equity balance	$	3,192.9		$	3,057.2		$	135.7
Stock-based compensation transactions	(25.8		)	(25.8		)	—
Repurchase of common stock	(127.5		)	(127.5		)	—
Dividends declared to Lear Corporation stockholders	(35.7		)	(35.7		)	—
Dividends declared to noncontrolling interest holders	(17.0		)	—			(17.0		)
Adoption of ASU 2016-09 (Note 11, "Taxes")	54.5			54.5			—
Comprehensive income:
Net income	318.5			305.8			12.7
Other comprehensive income, net of tax:
Defined benefit plan adjustments	0.7			0.7			—
Derivative instruments and hedging activities	52.1			52.1			—
Foreign currency translation adjustments	50.8			49.7			1.1
Other comprehensive income	103.6			102.5			1.1
Comprehensive income	422.1			408.3			13.8
Ending equity balance	$	3,463.5		$	3,331.0		$	132.5



	Three Months Ended April 2, 2016
	Equity			Lear Corporation Stockholders' Equity			Non- controlling Interests
Beginning equity balance	$	3,017.7		$	2,927.4		$	90.3
Stock-based compensation transactions	(27.7		)	(27.7		)	—
Repurchase of common stock	(154.7		)	(154.7		)	—
Dividends declared to Lear Corporation stockholders	(23.1		)	(23.1		)	—
Non-controlling interests — other	—			(2.2		)	2.2
Comprehensive income:
Net income	262.5			248.4			14.1
Other comprehensive income (loss), net of tax:
Defined benefit plan adjustments	(2.8		)	(2.8		)	—
Derivative instruments and hedging activities	2.0			2.0			—
Foreign currency translation adjustments	70.5			70.3			0.2
Other comprehensive income	69.7			69.5			0.2
Comprehensive income	332.2			317.9			14.3
Ending equity balance	$	3,144.4		$	3,037.6		$	106.8

Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax

A summary of changes, net of tax, in accumulated other comprehensive loss for the three months ended April 1, 2017, is shown below (in millions):



	Three Months Ended April 1, 2017
Defined benefit plans:
Balance at beginning of period	$	(192.8	)
Reclassification adjustments (net of tax expense of $0.5 million)	1.7
Other comprehensive loss recognized during the period (net of tax impact of $— million)	(1.0		)
Balance at end of period	$	(192.1	)

Derivative instruments and hedging:
Balance at beginning of period	$	(45.1	)
Reclassification adjustments (net of tax expense of $3.0 million)	8.8
Other comprehensive income recognized during the period (net of tax expense of $14.7 million)	43.3
Balance at end of period	$	7.0

Foreign currency translation:
Balance at beginning of period	$	(597.7	)
Other comprehensive income recognized during the period (net of tax impact of $— million)	49.7
Balance at end of period	$	(548.0	)

A summary of changes, net of tax, in accumulated other comprehensive loss for the three months ended April 2, 2016, is shown below (in millions):



	Three Months Ended April 2, 2016
Defined benefit plans:
Balance at beginning of period	$	(194.6	)
Reclassification adjustments (net of tax expense of $0.2 million)	1.1
Other comprehensive loss recognized during the period (net of tax impact of $— million)	(3.9		)
Balance at end of period	$	(197.4	)

Derivative instruments and hedging:
Balance at beginning of period	$	(38.7	)
Reclassification adjustments (net of tax expense of $4.9 million)	13.6
Other comprehensive loss recognized during the period (net of tax benefit of $4.2 million)	(11.6		)
Balance at end of period	$	(36.7	)

Foreign currency translation:
Balance at beginning of period	$	(496.8	)
Other comprehensive income recognized during the period (net of tax impact of $— million)	70.3
Balance at end of period	$	(426.5	)

Legal and Other Contingencies (Tables)

3 Months Ended

Apr. 01, 2017

Commitments and Contingencies Disclosure [Abstract]

Summary of Changes in Reserves for Product Liability and Warranty Claims

A summary of the changes in reserves for product liability and warranty claims for the three months ended April 1, 2017 is shown below (in millions):



Balance at January 1, 2017	$	49.1
Expense, net (including changes in estimates)	7.8
Settlements	(2.9		)
Foreign currency translation and other	0.7
Balance at April 1, 2017	$	54.7

Segment Reporting (Tables)

3 Months Ended

Apr. 01, 2017

Segment Reporting [Abstract]

Summary of Segment Financial Information

A summary of revenues from external customers and other financial information by reportable operating segment is shown below (in millions):



	Three Months Ended April 1, 2017
	Seating		E-Systems		Other			Consolidated
Revenues from external customers	$	3,868.0	$	1,130.5	$	—		$	4,998.5
Segment earnings ⁽¹⁾	320.3		164.9		(68.5		)	416.7
Depreciation and amortization	65.0		28.3		3.6			96.9
Capital expenditures	82.7		29.5		8.6			120.8
Total assets	6,824.5		1,835.7		1,940.3			10,600.5



	Three Months Ended April 2, 2016
	Seating		E-Systems		Other			Consolidated
Revenues from external customers	$	3,602.0	$	1,060.9	$	—		$	4,662.9
Segment earnings ⁽¹⁾	291.6		149.8		(67.9		)	373.5
Depreciation and amortization	61.3		26.1		2.8			90.2
Capital expenditures	62.4		20.2		5.5			88.1
Total assets	6,241.5		1,745.9		1,972.1			9,959.5


⁽¹⁾	See definition above.

Reconciliation of Consolidated Segment Earnings to Consolidated Income Before Provision for Income Taxes

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):



	Three Months Ended
	April 1, 2017		April 2, 2016
Segment earnings	$	416.7	$	373.5
Interest expense	20.8		21.1
Other expense, net	3.7		8.5
Consolidated income before provision for income taxes and equity in net income of affiliates	$	392.2	$	343.9

Financial Instruments (Tables)

3 Months Ended

Apr. 01, 2017

Fair Value Disclosures [Abstract]

Estimated Aggregate Fair Value of Debt Instruments

The estimated fair value, as well as the carrying value, of the Company's debt instruments are shown below (in millions):



	April 1, 2017		December 31, 2016
Estimated aggregate fair value	$	2,007.0	$	2,004.8
Aggregate carrying value ⁽¹⁾	1,937.5		1,943.7

⁽¹⁾ Credit agreement and senior notes, excluding the impact of unamortized debt issuance costs.

Fair Value of Outstanding Foreign Currency Derivative Contracts and Related Classification

The notional amount, estimated fair value and related balance sheet classification of the Company's foreign currency derivative contracts are shown below (in millions, except for maturities):



	April 1, 2017			December 31, 2016
Fair value of contracts designated as cash flow hedges:
Other current assets	$	20.0		$	11.2
Other long-term assets	9.2			0.5
Other current liabilities	(15.2		)	(58.3		)
Other long-term liabilities	(0.6		)	(9.9		)
	13.4			(56.5		)

Notional amount	$	1,152.4		$	1,275.0
Outstanding maturities in months, not to exceed	24			24
Fair value of contracts not designated as hedging instruments:
Other current assets	13.0			5.9
Other current liabilities	(7.6		)	(3.8		)
	5.4			2.1

Notional amount	$	1,452.4		$	681.2
Outstanding maturities in months, not to exceed	9			12

Total fair value	$	18.8		$	(54.4	)
Total notional amount	$	2,604.8		$	1,956.2

Pretax Amounts Related to Derivative Contracts



	Three Months Ended
	April 1, 2017		April 2, 2016
Gains (losses) recognized in accumulated other comprehensive loss	$	58.1	$	(15.7	)

Losses reclassified from accumulated other comprehensive loss to:
Net sales	0.1		0.3
Cost of sales	11.7		18.2
	11.8		18.5
Comprehensive income	$	69.9	$	2.8

Fair Value Measurements and Related Valuation Techniques and Fair Value Hierarchy Level



	April 1, 2017
	Frequency	Asset (Liability)		Valuation Technique	Level 1		Level 2		Level 3
Foreign currency derivative contracts, net	Recurring	$	18.8	Market/ Income	$	—	$	18.8	$	—
Marketable equity securities	Recurring	$	35.6	Market	$	35.6	$	—	$	—



	December 31, 2016
	Frequency	Asset (Liability)			Valuation Technique	Level 1		Level 2			Level 3
Foreign currency derivative contracts, net	Recurring	$	(54.4	)	Market/ Income	$	—	$	(54.4	)	$	—
Marketable equity securities	Recurring	$	30.2		Market	$	30.2	$	—		$	—

Accounting Pronouncements (Tables)

3 Months Ended

Apr. 01, 2017

Accounting Changes and Error Corrections [Abstract]

Schedule of Recent Accounting Standards Updates

The Company has considered the ASUs issued by the Financial Accounting Standards Board ("FASB") summarized below, which could significantly impact its financial statements:



Standards Pending Adoption	Description	Effective Date	Anticipated Impact
ASU 2014-09, Revenue from Contracts with Customers ⁽¹⁾	The standard replaces existing revenue recognition guidance and requires additional financial statement disclosures. The provisions of these updates may be applied through either a full retrospective or a modified retrospective approach.	January 1, 2018	The Company is continuing to assess the potential effects of the standard. The Company’s current analysis indicates that the new standard may impact the Company's accounting for contractually guaranteed reimbursement of pre-production engineering and development and tooling costs related to products produced for its customers under long-term supply agreements. Under current guidance, such reimbursement is recorded as a cost offset. Under the new standard, the Company may recognize such reimbursements as revenues. While the Company continues to assess the potential effects of the standard, the Company does not currently expect the adoption of the new standard to have a material impact on consolidated net income or the consolidated balance sheet. The Company has not yet selected a transition method and plans to adopt the new standard effective January 1, 2018.
ASU 2016-02, Leases	The standard requires that a lessee recognize on its balance sheet right-of-use assets and corresponding liabilities resulting from leasing transactions, as well as additional financial statement disclosures. Currently, GAAP only requires balance sheet recognition for leases classified as capital leases. The provisions of this update apply to substantially all leased assets, with certain permitted exceptions, and must be adopted using a modified retrospective approach.	January 1, 2019	The Company is currently evaluating the impact of this update. For additional information on the Company’s operating lease commitments, see Note 11, "Commitments and Contingencies," to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost	The standard was issued to address the net presentation of the components of net benefit cost. It requires the classification of service cost in the same line item as other current employee compensation costs. It also requires the presentation of the remaining components of net benefit cost in a separate line item outside any subtotal for income from operations.	January 1, 2018	The update will result in the retrospective reclassification of the non-service cost components of net benefit cost from cost of sales and selling, general and administrative expenses to other expense, net. There will be no impact on consolidated net income.

⁽¹⁾ Along with four subsequent ASUs amending and clarifying ASU 2014-09:

ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date"

ASU 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)"

ASU 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing"

ASU 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients"



Standard	Description	Effective Date
ASU 2015-11, Simplifying the Measurement of Inventory	The standard requires the measurement of inventory at the lower of cost or net realizable value rather than at the lower of cost or market.	January 1, 2017
ASU 2016-05, Effects of Derivative Contract Novations on Existing Hedge Accounting Relationships and ASU 2016-06, Contingent Put and Call Options in Debt Instruments.	The standards provide clarification when there is a change in a counterparty to a derivative hedging instrument and the steps required when assessing the economic characteristics of embedded put or call options.	January 1, 2017
ASU 2016-07, Simplifying the Transition to Equity Method of Accounting	The standard eliminates the requirement to retroactively apply the equity method of accounting as a result of an increase in the level of ownership or degree of influence.	January 1, 2017
ASU 2016-17, Interests Held through Related Parties that Are under Common Control	The standard changes the evaluation of whether a reporting entity is the primary beneficiary of a variable interest entity in certain instances involving entities under common control.	January 1, 2017

The Company has considered the recent ASUs summarized below, none of which are expected to significantly impact its financial statements:



Standard	Description	Effective Date
ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities	The standard requires equity investments and other ownership interests in unconsolidated entities (other than those accounted for using the equity method of accounting) to be measured at fair value through earnings. A practicability exception exists for equity investments without readily determinable fair values.	January 1, 2018
ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments	The standard addresses the classification of cash flows related to various transactions, including debt prepayment and extinguishment costs, contingent consideration and proceeds from insurance claims.	January 1, 2018
ASU 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other than Inventory	The standard requires the recognition of the income tax effects of intercompany sales and transfers (other than inventory) when the sales and transfers occur.	January 1, 2018
ASU 2016-18, Restricted Cash	The standard provides guidance on the presentation of restricted cash on the statement of cash flows.	January 1, 2018
ASU 2017-01, Clarifying the Definition of a Business	The standard provides a new framework to use when determining if a set of assets and activities is a business.	January 1, 2018
ASU 2017-05, Gains and Losses from the Derecognition of Nonfinancial Assets	The standard provides guidance for recognizing gains and losses on nonfinancial assets (including land, buildings and intangible assets) to noncustomers. Adoption must coincide with ASU 2014-09.	January 1, 2018
ASU 2016-13, Measurement of Credit Losses on Financial Instruments	The standard changes the impairment model for most financial instruments to an "expected loss" model. The new model will generally result in earlier recognition of credit losses.	January 1, 2020
ASU 2017-04, Simplifying the Test for Goodwill Impairment	The standard simplifies the accounting for goodwill impairments and allows a goodwill impairment charge to be based on the amount of a reporting unit's carrying value in excess of its fair value. This eliminates the requirement to calculate the implied fair value of goodwill or what is known as "Step 2" under the current guidance.	January 1, 2020

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=66092750

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Supplemental Guarantor Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Apr. 01, 2017

Schedule of Condensed Balance Sheet



	April 1, 2017
	Lear		Guarantors		Non- guarantors		Eliminations			Consolidated
	(Unaudited; in millions)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	250.4		$	0.3	$	959.0	$	—		$	1,209.7
Accounts receivable	423.2		292.2		2,593.4		—			3,308.8
Inventories	66.3		385.4		616.1		—			1,067.8
Intercompany accounts	76.5		156.5		—		(233.0		)	—
Other	134.1		12.7		495.8		—			642.6
Total current assets	950.5		847.1		4,664.3		(233.0		)	6,228.9
LONG-TERM ASSETS:
Property, plant and equipment, net	313.0		329.4		1,428.3		—			2,070.7
Goodwill	172.1		519.9		437.4		—			1,129.4
Investments in subsidiaries	4,269.9		1,546.3		—		(5,816.2		)	—
Intercompany loans receivable	1,068.3		1,167.7		118.2		(2,354.2		)	—
Other	513.4		134.7		542.8		(19.4		)	1,171.5
Total long-term assets	6,336.7		3,698.0		2,526.7		(8,189.8		)	4,371.6
Total assets	$	7,287.2	$	4,545.1	$	7,191.0	$	(8,422.8	)	$	10,600.5
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term borrowings	$	—	$	—	$	10.2	$	—		$	10.2
Accounts payable and drafts	392.6		559.6		2,090.8		—			3,043.0
Accrued liabilities	251.3		157.2		1,130.2		—			1,538.7
Intercompany accounts	—		—		233.0		(233.0		)	—
Current portion of long-term debt	37.5		—		1.3		—			38.8
Total current liabilities	681.4		716.8		3,465.5		(233.0		)	4,630.7
LONG-TERM LIABILITIES:
Long-term debt	1,884.8		—		4.2		—			1,889.0
Intercompany loans payable	1,124.9		54.5		1,174.8		(2,354.2		)	—
Other	265.1		5.8		365.8		(19.4		)	617.3
Total long-term liabilities	3,274.8		60.3		1,544.8		(2,373.6		)	2,506.3
EQUITY:
Lear Corporation stockholders’ equity	3,331.0		3,768.0		2,048.2		(5,816.2		)	3,331.0
Noncontrolling interests	—		—		132.5		—			132.5
Equity	3,331.0		3,768.0		2,180.7		(5,816.2		)	3,463.5
Total liabilities and equity	$	7,287.2	$	4,545.1	$	7,191.0	$	(8,422.8	)	$	10,600.5



	December 31, 2016
	Lear		Guarantors		Non- guarantors		Eliminations			Consolidated
	(In millions)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	480.4	$	0.3	$	790.9	$	—		$	1,271.6
Accounts receivable	314.0		238.7		2,193.8		—			2,746.5
Inventories	67.9		364.7		588.0		—			1,020.6
Intercompany accounts	87.0		94.3		—		(181.3		)	—
Other	119.4		15.3		475.9		—			610.6
Total current assets	1,068.7		713.3		4,048.6		(181.3		)	5,649.3
LONG-TERM ASSETS:
Property, plant and equipment, net	309.4		313.4		1,396.5		—			2,019.3
Goodwill	172.1		519.9		429.3		—			1,121.3
Investments in subsidiaries	4,002.3		917.5		—		(4,919.8		)	—
Intercompany loans receivable	308.9		1,206.9		91.1		(1,606.9		)	—
Other	456.6		146.8		525.1		(17.8		)	1,110.7
Total long-term assets	5,249.3		3,104.5		2,442.0		(6,544.5		)	4,251.3
Total assets	$	6,318.0	$	3,817.8	$	6,490.6	$	(6,725.8	)	$	9,900.6
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term borrowings	$	—	$	—	$	8.6	$	—		$	8.6
Accounts payable and drafts	328.8		460.1		1,851.6		—			2,640.5
Accrued liabilities	228.6		197.5		1,071.5		—			1,497.6
Intercompany accounts	—		—		181.3		(181.3		)	—
Current portion of long-term debt	34.4		—		1.2		—			35.6
Total current liabilities	591.8		657.6		3,114.2		(181.3		)	4,182.3
LONG-TERM LIABILITIES:
Long-term debt	1,893.5		—		4.5		—			1,898.0
Intercompany loans payable	504.9		48.7		1,053.3		(1,606.9		)	—
Other	270.6		13.2		361.4		(17.8		)	627.4
Total long-term liabilities	2,669.0		61.9		1,419.2		(1,624.7		)	2,525.4
EQUITY:
Lear Corporation stockholders’ equity	3,057.2		3,098.3		1,821.5		(4,919.8		)	3,057.2
Noncontrolling interests	—		—		135.7		—			135.7
Equity	3,057.2		3,098.3		1,957.2		(4,919.8		)	3,192.9
Total liabilities and equity	$	6,318.0	$	3,817.8	$	6,490.6	$	(6,725.8	)	$	9,900.6

Schedule of Condensed Income Statement



	Three Months Ended April 1, 2017
	Lear			Guarantors			Non- guarantors			Eliminations			Consolidated
	(Unaudited; in millions)
Net sales	$	912.3		$	1,279.8		$	4,254.9		$	(1,448.5	)	$	4,998.5
Cost of sales	914.5			1,082.2			3,867.8			(1,448.5		)	4,416.0
Selling, general and administrative expenses	73.4			7.9			74.4			—			155.7
Intercompany operating (income) expense, net	(114.6		)	71.4			43.2			—			—
Amortization of intangible assets	1.9			4.0			4.2			—			10.1
Interest expense	23.5			(1.2		)	(1.5		)	—			20.8
Other expense, net	(6.2		)	(2.8		)	12.7			—			3.7
Consolidated income before income taxes and equity in net income of affiliates and subsidiaries	19.8			118.3			254.1			—			392.2
Provision for income taxes	(6.3		)	38.4			57.0			—			89.1
Equity in net income of affiliates	(0.6		)	—			(14.8		)	—			(15.4		)
Equity in net income of subsidiaries	(279.1		)	(148.6		)	—			427.7			—
Consolidated net income	305.8			228.5			211.9			(427.7		)	318.5
Less: Net income attributable to noncontrolling interests	—			—			12.7			—			12.7
Net income attributable to Lear	$	305.8		$	228.5		$	199.2		$	(427.7	)	$	305.8

Consolidated comprehensive income	$	408.3		$	276.2		$	267.6		$	(530.0	)	$	422.1
Less: Comprehensive income attributable to noncontrolling interests	—			—			13.8			—			13.8
Comprehensive income attributable to Lear	$	408.3		$	276.2		$	253.8		$	(530.0	)	$	408.3



	Three Months Ended April 2, 2016
	Lear			Guarantors			Non- guarantors			Eliminations			Consolidated
	(Unaudited; in millions)
Net sales	$	926.6		$	1,217.4		$	3,841.2		$	(1,322.3	)	$	4,662.9
Cost of sales	922.5			1,033.5			3,493.5			(1,322.3		)	4,127.2
Selling, general and administrative expenses	76.4			2.4			70.2			—			149.0
Intercompany operating (income) expense, net	(115.8		)	60.4			55.4			—			—
Amortization of intangible assets	1.9			4.0			7.3			—			13.2
Interest expense	23.0			(0.8		)	(1.1		)	—			21.1
Other expense, net	10.5			(0.6		)	(1.4		)	—			8.5
Consolidated income before income taxes and equity in net income of affiliates and subsidiaries	8.1			118.5			217.3			—			343.9
Provision for income taxes	3.5			47.7			47.0			—			98.2
Equity in net income of affiliates	(0.4		)	—			(16.4		)	—			(16.8		)
Equity in net income of subsidiaries	(243.4		)	(136.7		)	—			380.1			—
Consolidated net income	248.4			207.5			186.7			(380.1		)	262.5
Less: Net income attributable to noncontrolling interests	—			—			14.1			—			14.1
Net income attributable to Lear	$	248.4		$	207.5		$	172.6		$	(380.1	)	$	248.4

Consolidated comprehensive income	$	317.9		$	215.2		$	250.0		$	(450.9	)	$	332.2
Less: Comprehensive income attributable to noncontrolling interests	—			—			14.3			—			14.3
Comprehensive income attributable to Lear	$	317.9		$	215.2		$	235.7		$	(450.9	)	$	317.9

Schedule of Condensed Cash Flow Statement



	Three Months Ended April 1, 2017
	Lear			Guarantors			Non- guarantors			Eliminations			Consolidated
	(Unaudited; in millions)
Net Cash Provided by Operating Activities	$	56.0		$	73.4		$	190.2		$	(40.7	)	$	278.9
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(16.8		)	(34.0		)	(70.0		)	—			(120.8		)
Intercompany transactions	(759.4		)	39.2			(27.1		)	747.3			—
Other, net	(3.9		)	0.2			(4.2		)				(7.9		)
Net cash provided by (used in) investing activities	(780.1		)	5.4			(101.3		)	747.3			(128.7		)
Cash Flows from Financing Activities:
Credit agreement repayments	(6.2		)	—			—			—			(6.2		)
Short-term borrowings, net	—			—			1.4			—			1.4
Repurchase of common stock	(115.6		)	—			—			—			(115.6		)
Dividends paid to Lear Corporation stockholders	(36.7		)	—			—			—			(36.7		)
Dividends paid to noncontrolling interests	—			—			(26.5		)	—			(26.5		)
Intercompany transactions	694.4			(78.8		)	91.0			(706.6		)	—
Other, net	(41.8		)	—			0.1			—			(41.7		)
Net cash provided by (used in) financing activities	494.1			(78.8		)	66.0			(706.6		)	(225.3		)

Effect of foreign currency translation	—			—			13.2			—			13.2
Net Change in Cash and Cash Equivalents	(230.0		)	—			168.1			—			(61.9		)
Cash and Cash Equivalents as of Beginning of Period	480.4			0.3			790.9			—			1,271.6
Cash and Cash Equivalents as of End of Period	$	250.4		$	0.3		$	959.0		$	—		$	1,209.7



	Three Months Ended April 2, 2016
	Lear			Guarantors			Non- guarantors			Eliminations			Consolidated
	(Unaudited; in millions)
Net Cash Provided by Operating Activities	$	(7.4	)	$	100.5		$	195.5		$	—		$	288.6
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(14.5		)	(21.2		)	(52.4		)	—			(88.1		)
Intercompany transactions	(24.4		)	14.9			0.4			9.1			—
Other, net	(3.2		)	0.1			1.3			—			(1.8		)
Net cash used in investing activities	(42.1		)	(6.2		)	(50.7		)	9.1			(89.9		)
Cash Flows from Financing Activities:
Credit agreement repayments	(3.1		)	—			—			—			(3.1		)
Short-term borrowings, net	—			—			2.6			—			2.6
Repurchase of common stock	(154.7		)	—			—			—			(154.7		)
Dividends paid to Lear Corporation stockholders	(25.3		)	—			—			—			(25.3		)
Intercompany transactions	253.2			(94.6		)	(149.5		)	(9.1		)	—
Other, net	(50.6		)	—			(0.4		)	—			(51.0		)
Net cash provided by (used in) financing activities	19.5			(94.6		)	(147.3		)	(9.1		)	(231.5		)

Effect of foreign currency translation	—			—			10.3			—			10.3
Net Change in Cash and Cash Equivalents	(30.0		)	(0.3		)	7.8			—			(22.5		)
Cash and Cash Equivalents as of Beginning of Period	526.4			0.3			669.9			—			1,196.6
Cash and Cash Equivalents as of End of Period	$	496.4		$	—		$	677.7		$	—		$	1,174.1

Long-Term Debt

A summary of long-term debt of Lear and the Guarantors on a combined basis is shown below (in millions):



	April 1, 2017			December 31, 2016
Credit agreement	$	461.0		$	467.1
Senior notes	1,461.3			1,460.8
	1,922.3			1,927.9
Less — Current portion	(37.5		)	(34.4		)
Long-term debt	$	1,884.8		$	1,893.5

Acquisitions - Purchase Price and Related Allocation (Details) - USD ($)
$ in Millions

Dec. 21, 2016

Apr. 01, 2017

^[1]

Dec. 31, 2016

Business Acquisition [Line Items]

Purchase price paid, net of cash acquired

$ 1,129.4

$ 1,121.3

AccuMED

Business Acquisition [Line Items]

$ 148.5

Property, plant and equipment

12.7

Other assets purchased and liabilities assumed, net

9.9

Preliminary purchase price allocation

72.9

Intangible assets

53.0

$ 148.5

[1]	Unaudited.

Acquisitions - Additional Information (Details) € in Millions, $ in Millions		3 Months Ended				12 Months Ended
	Dec. 21, 2016 USD ($)	Jul. 01, 2017 USD ($)	Jul. 01, 2017 EUR (€)	Apr. 01, 2017 USD ($)	Apr. 02, 2016 USD ($)	Dec. 31, 2016 USD ($)	Feb. 06, 2017 country
Business Acquisition [Line Items]
Annual sales				$ 4,998.5	$ 4,662.9
AccuMED
Business Acquisition [Line Items]
Annual sales						$ 80.0
Antolin
Business Acquisition [Line Items]
Number of countries with operations \| country							5
AccuMED
Business Acquisition [Line Items]
Percentage of outstanding equity interests acquired	100.00%
Purchase consideration	$ 148.5
Forecast \| Antolin
Business Acquisition [Line Items]
Purchase consideration		$ 305.0	€ 286
Customer relationships \| AccuMED
Business Acquisition [Line Items]
Acquired intangible assets, weighted average useful life	15 years

Restructuring - Additional Information (Detail) $ in Millions	3 Months Ended
	Apr. 01, 2017 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and settlement charges	$ 8.5
Restructuring charges	7.7
Pension settlement loss	0.8
Carrying values in excess of estimated fair values	0.1
Expected restructuring cost	44.0
Employee termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	6.1
Asset impairment charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.1
Contract termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.3
Other related costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1.2
Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring and settlement charges	7.7
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and settlement charges	$ 0.8

Restructuring - Summary of Restructuring Activities (Detail) $ in Millions	3 Months Ended
	Apr. 01, 2017 USD ($)
Restructuring Reserve [Roll Forward]
Accrual as of beginning of period	$ 74.0
2017 Charges	7.7
Utilization cash	(7.7)
Utilization, Non-cash	(0.1)
Accrual as of end of period	73.9
Employee termination benefits
Restructuring Reserve [Roll Forward]
Accrual as of beginning of period	69.4
2017 Charges	6.1
Utilization cash	(6.2)
Utilization, Non-cash	0.0
Accrual as of end of period	69.3
Asset impairment charges
Restructuring Reserve [Roll Forward]
Accrual as of beginning of period	0.0
2017 Charges	0.1
Utilization cash	0.0
Utilization, Non-cash	(0.1)
Accrual as of end of period	0.0
Contract termination costs
Restructuring Reserve [Roll Forward]
Accrual as of beginning of period	4.6
2017 Charges	0.3
Utilization cash	(0.3)
Utilization, Non-cash	0.0
Accrual as of end of period	4.6
Other related costs
Restructuring Reserve [Roll Forward]
Accrual as of beginning of period	0.0
2017 Charges	1.2
Utilization cash	(1.2)
Utilization, Non-cash	0.0
Accrual as of end of period	$ 0.0

Inventories (Detail) - USD ($)
$ in Millions

Apr. 01, 2017

Dec. 31, 2016

Inventory Disclosure [Abstract]

Raw materials

$ 768.5

$ 746.3

Work-in-process

118.3

106.4

Finished goods

181.0

167.9

Property, Plant and Equipment [Abstract]

$ 1,067.8

^[1]

$ 1,020.6

[1]	Unaudited.

Pre-Production Costs Related to Long-Term Supply Agreements (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016	Dec. 31, 2016
Pre Production Costs Related to Long Term Supply Arrangements [Line Items]
Pre-production E&D costs for which reimbursement is contractually guaranteed by the customer	$ 62.9	$ 47.1
Pre-production tooling costs related to customer-owned tools for which reimbursement is contractually guaranteed by the customer	33.6	24.2
Cash collected related to E&D and tooling costs	87.6	$ 71.5
Recoverable customer E&D and tooling	224.4		$ 229.3
Current
Pre Production Costs Related to Long Term Supply Arrangements [Line Items]
Recoverable customer E&D and tooling	182.8		185.9
Long-term
Pre Production Costs Related to Long Term Supply Arrangements [Line Items]
Recoverable customer E&D and tooling	$ 41.6		$ 43.4

Long-Term Assets - Property, Plant and Equipment (Detail) - USD ($)
$ in Millions

Apr. 01, 2017

Dec. 31, 2016

Land

$ 102.7

$ 101.7

Buildings and improvements

681.4

648.1

Machinery and equipment

2,554.0

2,459.6

Construction in progress

299.8

296.4

Total property, plant and equipment

3,637.9

3,505.8

Less – accumulated depreciation

(1,567.2)

(1,486.5)

Balance at January 1, 2017

$ 2,070.7

^[1]

$ 2,019.3

[1]	Unaudited.

Long-Term Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 86.8	$ 77.0
Restructuring charges	7.7
Asset impairment charges
Property, Plant and Equipment [Line Items]
Restructuring charges	$ 0.1

Goodwill (Detail)
$ in Millions

3 Months Ended

Apr. 01, 2017

USD ($)

Goodwill [Roll Forward]

$ 1,121.3

Foreign currency translation and other

8.1

Balance at April 1, 2017

1,129.4

^[1]

Operating segments | Seating

Goodwill [Roll Forward]

Balance at January 1, 2017

1,091.2

Foreign currency translation and other

8.1

Balance at April 1, 2017

1,099.3

Operating segments | E-Systems

Goodwill [Roll Forward]

Balance at January 1, 2017

30.1

Foreign currency translation and other

0.0

Balance at April 1, 2017

$ 30.1

[1]	Unaudited.

Debt - Summary of Long-Term Debt (Detail) - USD ($)
$ in Millions

Apr. 01, 2017

Dec. 31, 2016

Long-term debt and other, gross

$ 1,943.0

$ 1,949.4

(15.2)

(15.8)

Long-term debt and other, net

1,937.5

1,943.7

1,927.8

1,933.6

Less — Current portion

(38.8)

^[1]

(35.6)

1,889.0

^[1]

1,898.0

Credit Agreement — Term Loan Facility | Term Loan Facility

5.5

5.7

462.5

468.7

(1.5)

(1.6)

$ 461.0

$ 467.1

4.75% Senior Notes due 2023 | Senior notes

2.325%

2.105%

$ 500.0

(4.6)

(4.8)

$ 495.4

$ 495.2

5.375% Senior Notes due 2024 | Senior notes

4.75%

$ 325.0

(2.7)

(2.8)

$ 322.3

$ 322.2

5.25% Senior Notes due 2025 | Senior notes

5.375%

$ 650.0

(6.4)

(6.6)

$ 643.6

$ 643.4

Increase (Decrease) in Stockholders' Equity [Roll Forward]

5.25%

[1]	Unaudited.

Debt - Additional Information (Detail) - USD ($)	3 Months Ended
Debt - Additional Information (Detail) - USD ($)	Apr. 01, 2017	Apr. 02, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Percentage owned, domestic subsidiaries	100.00%
Credit agreement repayments	$ 6,200,000	$ 3,100,000
4.75% Senior Notes due 2023 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	500,000,000		$ 500,000,000
5.375% Senior Notes due 2024 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	325,000,000		325,000,000
5.25% Senior Notes due 2025 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	650,000,000		650,000,000
Credit Agreement — Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,250,000,000.00
Credit Agreement — Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Line of credit facility, facility fee	0.25%
Credit Agreement — Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Line of credit facility, facility fee	0.50%
Credit Agreement — Revolving Credit Facility \| Eurocurrency Rate
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end	1.25%
Credit Agreement — Revolving Credit Facility \| Adjusted Base Rate
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end	0.25%
Credit Agreement — Revolving Credit Facility \| Adjusted Base Rate \| Minimum
Debt Instrument [Line Items]
Long-term debt, stated coupon rate	0.00%
Credit Agreement — Revolving Credit Facility \| Adjusted Base Rate \| Maximum
Debt Instrument [Line Items]
Long-term debt, stated coupon rate	1.25%
Credit Agreement — Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings outstanding under revolving credit facility	$ 0		0
Credit Agreement — Revolving Credit Facility \| Revolving Credit Facility \| Eurocurrency Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.00%
Credit Agreement — Revolving Credit Facility \| Revolving Credit Facility \| Eurocurrency Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate	2.25%
Credit Agreement — Term Loan Facility \| Term Loan Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 500,000,000
Long-term debt, gross	462,500,000		$ 468,700,000
Credit agreement repayments	$ 6,200,000
Credit Agreement — Term Loan Facility \| Term Loan Facility \| Eurocurrency Rate
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end	1.375%
Credit Agreement — Term Loan Facility \| Term Loan Facility \| Eurocurrency Rate \| Minimum
Debt Instrument [Line Items]
Long-term debt, stated coupon rate	1.25%
Credit Agreement — Term Loan Facility \| Term Loan Facility \| Eurocurrency Rate \| Maximum
Debt Instrument [Line Items]
Long-term debt, stated coupon rate	2.25%
Credit Agreement — Term Loan Facility \| Term Loan Facility \| Adjusted Base Rate
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end	0.375%
Credit Agreement — Term Loan Facility \| Term Loan Facility \| Adjusted Base Rate \| Minimum
Debt Instrument [Line Items]
Long-term debt, stated coupon rate	0.25%
Credit Agreement — Term Loan Facility \| Term Loan Facility \| Adjusted Base Rate \| Maximum
Debt Instrument [Line Items]
Long-term debt, stated coupon rate	1.25%

Pension and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Costs (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Settlement loss	$ (0.8)
U.S. pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	1.3	$ 1.4
Interest cost	5.4	7.4
Expected return on plan assets	(7.2)	(9.5)
Amortization of actuarial loss	0.6	0.7
Settlement loss	0.2	0.2
Net periodic benefit cost	0.3	0.2
Foreign pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	1.7	1.5
Interest cost	3.8	3.9
Expected return on plan assets	(5.6)	(5.6)
Amortization of actuarial loss	1.2	0.7
Settlement loss	0.8	0.0
Net periodic benefit cost	1.9	0.5
U.S. other postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.0	0.0
Interest cost	0.6	0.8
Amortization of actuarial loss	(0.6)	(0.3)
Amortization of prior service credit	0.0	0.0
Net periodic benefit cost	0.0	0.5
Foreign other postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.1	0.1
Interest cost	0.4	0.4
Amortization of actuarial loss	0.1	0.1
Amortization of prior service credit	(0.1)	(0.1)
Net periodic benefit cost	$ 0.5	$ 0.5

Pension and Other Postretirement Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Defined Benefit Plan Disclosure [Line Items]
Settlement loss	$ (0.8)
Foreign pension
Defined Benefit Plan Disclosure [Line Items]
Settlement loss	0.8	$ 0.0
Pension plans, defined benefit
Defined Benefit Plan Disclosure [Line Items]
Employer's contribution towards defined benefit plan	3.5
Minimum \| Pension plans, defined benefit
Defined Benefit Plan Disclosure [Line Items]
Estimated employer's contribution towards defined benefit plan in current year	10.0
Maximum \| Pension plans, defined benefit
Defined Benefit Plan Disclosure [Line Items]
Estimated employer's contribution towards defined benefit plan in current year	$ 15.0

Other Expense, Net - Summary of Other (Income) Expense, Net (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Other Income and Expenses [Abstract]
Other expense	$ 8.0	$ 9.3
Other income	(4.3)	(0.8)
Other expense, net	$ 3.7	$ 8.5

Other Expense, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Other Income and Expenses [Abstract]
Net foreign currency transaction gains (losses)	$ 5.6	$ 0.4

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 89.1	$ 98.2
Pretax income before equity in net income of affiliates	$ 392.2	$ 343.9
Effective tax rate	22.70%	28.60%

Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Detail) - USD ($) $ in Millions	Apr. 01, 2017	Apr. 02, 2016	Jan. 01, 2017
Income Tax Contingency [Line Items]
Tax benefits	$ 19.1
Tax benefits, share-based compensation	15.5
Tax benefits, restructuring charges and various other items	$ 3.6	$ 5.0
U.S. federal statutory income tax rate	35.00%	35.00%
Accounting Standards Update 2016-09
Income Tax Contingency [Line Items]
Deferred tax asset recognized			$ 54.5

Net Income Per Share Attributable to Lear (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Earnings Per Share [Abstract]
Net income attributable to Lear	$ 305.8	$ 248.4
Average common shares outstanding (in shares)	69,658,368	74,689,475
Dilutive effect of common stock equivalents (in shares)	668,980	784,864
Average diluted shares outstanding (in shares)	70,327,348	75,474,339
Basic net income per share attributable to Lear (in dollars per share)	$ 4.39	$ 3.33
Diluted net income per share attributable to Lear (in dollars per share)	$ 4.35	$ 3.29

Comprehensive Income and Equity - Additional Information (Detail) - USD ($)	3 Months Ended		75 Months Ended
	Apr. 01, 2017	Apr. 02, 2016	Apr. 01, 2017	Feb. 28, 2017
Equity [Abstract]
Foreign currency translation gains (losses) related to intercompany transactions, long-term gain (loss)	$ (600,000)	$ 600,000
Increase in existing common stock share repurchase program				$ 658,800,000
Aggregate purchases authorized under common stock share repurchase program	4,100,000,000		$ 4,100,000,000	$ 1,000,000,000
Common stock repurchased	$ 127,500,000		$ 3,200,000,000
Common stock repurchased (in shares)	896,965
Common stock repurchased, average price per share (in dollars per share)	$ 142.10		$ 75.96
Cash paid for repurchase of common stock	$ 115,600,000	$ 154,700,000
Common stock, share repurchase program, remaining authorized amount	$ 872,500,000		$ 872,500,000
Cash dividends declared per share (in dollars per share)	$ 0.5	$ 0.30
Dividends declared	$ 35,700,000	$ 23,100,000
Dividends paid	$ 36,700,000	$ 25,300,000

Comprehensive Income and Equity - Summary of Comprehensive Income and Reconciliations of Equity (Detail) - USD ($)
$ in Millions

3 Months Ended

Apr. 01, 2017

Apr. 02, 2016

Dec. 31, 2016

Stock-based compensation transactions

$ 3,192.9

$ 3,017.7

(25.8)

(27.7)

Repurchase of common stock

(127.5)

(154.7)

Dividends declared to Lear Corporation stockholders

(35.7)

(23.1)

Dividends declared to noncontrolling interest holders

(17.0)

Adoption of ASU 2016-09 (Note 11, Taxes)

$ 54.5

Non-controlling interests — other

0.0

Comprehensive income:

Net income

318.5

262.5

Other comprehensive income, net of tax:

Defined benefit plan adjustments

0.7

(2.8)

Derivative instruments and hedging activities

52.1

2.0

Foreign currency translation adjustments

50.8

70.5

Other comprehensive income

103.6

69.7

Comprehensive income

422.1

332.2

Increase (Decrease) in Stockholders' Equity [Roll Forward]

3,463.5

^[1]

3,144.4

Parent

Stock-based compensation transactions

3,057.2

2,927.4

(25.8)

(27.7)

Repurchase of common stock

(127.5)

(154.7)

Dividends declared to Lear Corporation stockholders

(35.7)

(23.1)

Adoption of ASU 2016-09 (Note 11, Taxes)

$ 54.5

Non-controlling interests — other

(2.2)

Comprehensive income:

Net income

305.8

248.4

Other comprehensive income, net of tax:

Defined benefit plan adjustments

0.7

(2.8)

Derivative instruments and hedging activities

52.1

2.0

Foreign currency translation adjustments

49.7

70.3

Other comprehensive income

102.5

69.5

Comprehensive income

408.3

317.9

Increase (Decrease) in Stockholders' Equity [Roll Forward]

3,331.0

3,037.6

Noncontrolling Interests

Dividends declared to noncontrolling interest holders

135.7

90.3

(17.0)

Non-controlling interests — other

2.2

Comprehensive income:

Net income

12.7

14.1

Other comprehensive income, net of tax:

Foreign currency translation adjustments

1.1

0.2

Other comprehensive income

1.1

0.2

Comprehensive income

13.8

14.3

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

$ 132.5

$ 106.8

[1]	Unaudited.

Comprehensive Income and Equity - Changes in AOCI, Net of Tax (Detail) - USD ($)
$ in Millions

3 Months Ended

Apr. 01, 2017

Apr. 02, 2016

$ 3,192.9

$ 3,017.7

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

3,463.5

^[1]

3,144.4

Defined benefit plans

Reclassification adjustments

(192.8)

(194.6)

1.7

1.1

Other comprehensive income (loss) recognized during the period

(1.0)

(3.9)

Reclassification adjustments, tax expense (benefit)

(192.1)

(197.4)

Comprehensive income (loss), tax

0.5

0.2

Other comprehensive income (loss), tax expense (benefit)

0.0

Derivative instruments and hedging

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Reclassification adjustments

(45.1)

(38.7)

8.8

13.6

Other comprehensive income (loss) recognized during the period

43.3

(11.6)

Reclassification adjustments, tax expense (benefit)

7.0

(36.7)

Comprehensive income (loss), tax

3.0

4.9

Other comprehensive income (loss), tax expense (benefit)

14.7

(4.2)

Foreign currency translation

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other comprehensive income (loss) recognized during the period

(597.7)

(496.8)

49.7

70.3

Other comprehensive income (loss), tax expense (benefit)

(548.0)

(426.5)

Comprehensive income (loss), tax

$ 0.0

[1]	Unaudited.

Legal and Other Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Apr. 01, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Reserves for pending legal disputes, including commercial disputes and other matters	$ 8.7	$ 11.0
Environmental reserves	$ 9.0	$ 9.0

Legal and Other Contingencies - Summary of Product Liability and Warranty Claims (Detail) $ in Millions	3 Months Ended
	Apr. 01, 2017 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 49.1
Expense, net (including changes in estimates)	7.8
Settlements	(2.9)
Foreign currency translation and other	0.7
Ending balance	$ 54.7

Segment Reporting - Additional Information (Detail) $ in Millions	3 Months Ended
	Apr. 01, 2017 USD ($) Segment	Apr. 02, 2016 USD ($)
Segment Reporting Information [Line Items]
Reportable operating segments \| Segment	2
Restructuring charges	$ 7.7
Operating segments \| Seating
Segment Reporting Information [Line Items]
Restructuring charges	6.7	$ 5.7
Operating segments \| E-Systems
Segment Reporting Information [Line Items]
Restructuring charges	1.7	2.9
Other
Segment Reporting Information [Line Items]
Restructuring charges	$ 0.1	$ 1.6

Segment Reporting - Summary of Segment Financial Information (Detail) - USD ($)
$ in Millions

3 Months Ended

Apr. 01, 2017

Apr. 02, 2016

Dec. 31, 2016

$ 4,998.5

$ 4,662.9

416.7

373.5

96.9

90.2

120.8

88.1

Operating segments | Seating

10,600.5

^[1]

9,959.5

$ 9,900.6

3,868.0

3,602.0

320.3

291.6

65.0

61.3

82.7

62.4

Operating segments | E-Systems

6,824.5

6,241.5

1,130.5

1,060.9

164.9

149.8

28.3

26.1

29.5

20.2

1,835.7

1,745.9

0.0

(68.5)

(67.9)

3.6

2.8

8.6

5.5

$ 1,940.3

$ 1,972.1

[1]	Unaudited.

Segment Reporting - Reconciliation of Segment Earnings to Income Before Provision for Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Segment Reporting [Abstract]
Segment earnings	$ 416.7	$ 373.5
Interest expense	20.8	21.1
Other expense, net	3.7	8.5
Consolidated income before provision for income taxes and equity in net income of affiliates	$ 392.2	$ 343.9

Financial Instruments - Additional Information (Detail)	3 Months Ended
Financial Instruments - Additional Information (Detail)	Apr. 01, 2017 USD ($)	Apr. 01, 2017 EUR (€)	Dec. 31, 2016 USD ($)
Financial Instruments [Line Items]
Uncommitted factoring agreement, aggregate purchases of specified customer accounts (up to) \| €		€ 200,000,000
Factored receivables outstanding	$ 0
Gain (loss) expected to be reclassified into earnings from accumulated other comprehensive loss	4,700,000
Derivative contracts classified within Level 3 of fair value hierarchy	0		$ 0
Derivative contracts transfers in to Level 3 fair value hierarchy	0
Recurring \| Equity contract
Financial Instruments [Line Items]
Marketable equity securities	35,600,000		30,200,000
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest \| Foreign exchange contract \| Designated as hedging instrument
Financial Instruments [Line Items]
Pretax gains (losses) related to derivative instruments and hedging activities in accumulated other comprehensive loss	13,400,000		(56,500,000)
Level 1 \| Recurring
Financial Instruments [Line Items]
Marketable equity securities	35,600,000		30,200,000
Level 1 \| Recurring \| Equity contract
Financial Instruments [Line Items]
Marketable equity securities	35,600,000		30,200,000
Level 3 \| AccuMED
Financial Instruments [Line Items]
Property, plant and equipment, fair value	12,700,000		13,900,000
Intangible assets, fair value	53,000,000		53,000,000
Level 3 \| Recurring \| Equity contract
Financial Instruments [Line Items]
Marketable equity securities	$ 0		$ 0

Financial Instruments - Fair Value of Debt Instruments (Details) - USD ($) $ in Millions	Apr. 01, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Estimated aggregate fair value	$ 2,007.0	$ 2,004.8
Aggregate carrying value	$ 1,937.5	$ 1,943.7

Financial Instruments - Notional Amount, Estimated Fair Value and Related Classification of Derivatives (Detail) - Foreign exchange contract - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Apr. 01, 2017	Dec. 31, 2016
Contracts balance sheet classification:
Derivative, fair value, asset (liability), net	$ 18.8	$ (54.4)
Notional amount	2,604.8	1,956.2
Designated as hedging instrument
Contracts balance sheet classification:
Other current assets	20.0	11.2
Other long-term assets	9.2	0.5
Other current liabilities	(15.2)	(58.3)
Other long-term liabilities	(0.6)	(9.9)
Derivative, fair value, asset (liability), net	13.4	(56.5)
Not designated as hedging instrument
Contracts balance sheet classification:
Other current assets	13.0	5.9
Other current liabilities	(7.6)	(3.8)
Other derivatives not designated as hedging instruments at fair value, net	5.4	2.1
Notional amount	1,452.4	681.2
Cash flow hedging \| Designated as hedging instrument
Contracts balance sheet classification:
Notional amount	$ 1,152.4	$ 1,275.0
Maximum \| Not designated as hedging instrument
Contracts balance sheet classification:
Outstanding maturities in months, not to exceed	9 months	12 months
Maximum \| Cash flow hedging \| Designated as hedging instrument
Contracts balance sheet classification:
Outstanding maturities in months, not to exceed	24 months	24 months

Financial Instruments - Other Comprehensive Income (Loss) (Detail) - Foreign exchange contract - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2017	Apr. 02, 2016
Derivative [Line Items]
Gains (losses) recognized in accumulated other comprehensive loss	$ 58.1	$ (15.7)
Gains (losses) reclassified from accumulated other comprehensive loss	11.8	18.5
Comprehensive income	69.9	2.8
Net sales
Derivative [Line Items]
Gains (losses) reclassified from accumulated other comprehensive loss	0.1	0.3
Cost of sales
Derivative [Line Items]
Gains (losses) reclassified from accumulated other comprehensive loss	$ 11.7	$ 18.2

Financial Instruments - Valuation Techniques and Fair Value Hierarchy Level (Detail) - USD ($) $ in Millions	Apr. 01, 2017	Dec. 31, 2016
Foreign exchange contract
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Foreign currency derivative contracts, net	$ 18.8	$ (54.4)
Recurring \| Foreign exchange contract
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Foreign currency derivative contracts, net	18.8	(54.4)
Recurring \| Equity contract
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Marketable equity securities	35.6	30.2
Level 1 \| Recurring
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Marketable equity securities	35.6	30.2
Level 1 \| Recurring \| Foreign exchange contract
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Foreign currency derivative contracts, net	0.0	0.0
Level 1 \| Recurring \| Equity contract
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Marketable equity securities	35.6	30.2
Level 2 \| Recurring \| Foreign exchange contract
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Foreign currency derivative contracts, net	18.8	(54.4)
Level 2 \| Recurring \| Equity contract
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Marketable equity securities	0.0	0.0
Level 3 \| Recurring \| Foreign exchange contract
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Foreign currency derivative contracts, net	0.0	0.0
Level 3 \| Recurring \| Equity contract
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Marketable equity securities	$ 0.0	$ 0.0

Supplemental Guarantor Condensed Consolidating Financial Statements - Balance Sheets (Detail) - USD ($)
$ in Millions

Apr. 01, 2017

Dec. 31, 2016

Apr. 02, 2016

Dec. 31, 2015

$ 1,209.7

^[1]

$ 1,271.6

$ 1,174.1

$ 1,196.6

3,308.8

^[1]

2,746.5

1,067.8

^[1]

1,020.6

0.0

642.6

^[1]

610.6

6,228.9

^[1]

5,649.3

2,070.7

^[1]

2,019.3

1,129.4

^[1]

1,121.3

0.0

0.0

1,171.5

^[1]

1,110.7

4,371.6

^[1]

4,251.3

10,600.5

^[1]

9,900.6

9,959.5

10.2

^[1]

8.6

3,043.0

^[1]

2,640.5

1,538.7

^[1]

1,497.6

0.0

38.8

^[1]

35.6

4,630.7

^[1]

4,182.3

1,889.0

^[1]

1,898.0

0.0

617.3

^[1]

627.4

2,506.3

^[1]

2,525.4

EQUITY:

3,331.0

^[1]

3,057.2

132.5

^[1]

135.7

3,463.5

^[1]

3,192.9

3,144.4

3,017.7

10,600.5

^[1]

9,900.6

Eliminations

0.0

0.0

0.0

(233.0)

(181.3)

0.0

(233.0)

(181.3)

0.0

0.0

(5,816.2)

(4,919.8)

(2,354.2)

(1,606.9)

(19.4)

(17.8)

(8,189.8)

(6,544.5)

(8,422.8)

(6,725.8)

0.0

0.0

0.0

(233.0)

(181.3)

0.0

(233.0)

(181.3)

0.0

(2,354.2)

(1,606.9)

(19.4)

(17.8)

(2,373.6)

(1,624.7)

EQUITY:

(5,816.2)

(4,919.8)

0.0

(5,816.2)

(4,919.8)

(8,422.8)

(6,725.8)

Lear

250.4

480.4

496.4

526.4

423.2

314.0

66.3

67.9

76.5

87.0

134.1

119.4

950.5

1,068.7

313.0

309.4

172.1

4,269.9

4,002.3

1,068.3

308.9

513.4

456.6

6,336.7

5,249.3

7,287.2

6,318.0

0.0

392.6

328.8

251.3

228.6

0.0

37.5

34.4

681.4

591.8

1,884.8

1,893.5

1,124.9

504.9

265.1

270.6

3,274.8

2,669.0

EQUITY:

3,331.0

3,057.2

0.0

3,331.0

3,057.2

7,287.2

6,318.0

Guarantors

0.3

0.0

0.3

292.2

238.7

385.4

364.7

156.5

94.3

12.7

15.3

847.1

713.3

329.4

313.4

519.9

1,546.3

917.5

1,167.7

1,206.9

134.7

146.8

3,698.0

3,104.5

4,545.1

3,817.8

0.0

559.6

460.1

157.2

197.5

0.0

0.0

716.8

657.6

0.0

54.5

48.7

5.8

13.2

60.3

61.9

EQUITY:

3,768.0

3,098.3

0.0

3,768.0

3,098.3

4,545.1

3,817.8

Non- guarantors

959.0

790.9

$ 677.7

$ 669.9

2,593.4

2,193.8

616.1

588.0

0.0

495.8

475.9

4,664.3

4,048.6

1,428.3

1,396.5

437.4

429.3

0.0

118.2

91.1

542.8

525.1

2,526.7

2,442.0

7,191.0

6,490.6

10.2

8.6

2,090.8

1,851.6

1,130.2

1,071.5

233.0

181.3

1.3

1.2

3,465.5

3,114.2

4.2

4.5

1,174.8

1,053.3

365.8

361.4

1,544.8

1,419.2

EQUITY:

2,048.2

1,821.5

132.5

135.7

2,180.7

1,957.2