0000842162-19-000023 | 10-Q | XBRL Viewer

1,240.3

1,196.8

Property, plant and equipment, net

759.3

710.2

Total current assets

6,736.3

6,280.5

LONG-TERM ASSETS:

2,620.6

2,598.1

1,600.2

1,405.3

1,890.6

1,316.8

Total long-term assets

6,111.4

5,320.2

Accounts payable and drafts

12,847.7

11,600.7

CURRENT LIABILITIES:

Short-term borrowings

14.6

9.9

3,060.8

2,862.8

Accrued liabilities

1,936.9

1,615.0

Current portion of long-term debt

14.7

12.9

Total current liabilities

5,027.0

4,500.6

LONG-TERM LIABILITIES:

Long-term debt

2,300.1

1,941.0

Total long-term liabilities

966.1

640.4

3,266.2

2,581.4

Redeemable noncontrolling interest

155.0

158.1

EQUITY:

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

0.0

Common stock, $0.01 par value, 300,000,000 shares authorized; 64,563,291 shares issued as of June 29, 2019 and December 31, 2018

0.6

Additional paid-in capital

965.3

1,017.4

Common stock held in treasury, 3,326,172 and 1,623,678 shares as of June 29, 2019 and December 31, 2018, respectively, at cost

(466.6)

(225.1)

Retained earnings

4,435.3

4,113.6

Accumulated other comprehensive loss

(698.2)

(705.8)

Lear Corporation stockholders’ equity

4,236.4

4,200.7

Noncontrolling interests

163.1

159.9

Equity

4,399.5

4,360.6

Total liabilities and equity

$ 12,847.7

$ 11,600.7

[1]	Unaudited.

Condensed Consolidated Statements of Equity - USD ($)
$ in Millions

Total

Common Stock

Additional Paid-In Capital

Common Stock Held in Treasury

Retained Earnings

Accumulated Other Comprehensive Loss, Net of Tax

Lear Corporation Stockholders' Equity

Non-controlling Interests

Redeemable Non-controlling Interests

Balance at beginning of period at Dec. 31, 2017

$ 4,292.6

$ 0.7

$ 1,215.4

$ (724.1)

$ 4,171.9

$ (513.4)

$ 4,150.5

$ 142.1

721.9

685.1

36.8

(116.7)

(114.3)

(2.4)

605.2

685.1

(114.3)

570.8

34.4

Net issuance of shares held in treasury in settlement of stock-based compensation

27.1

(45.8)

(75.7)

29.9

(45.8)

Dividends declared to Lear Corporation stockholders

(295.7)

(94.7)

Dividends declared to non-controlling interest holders

(59.6)

$ (4.7)

Affiliate transaction

14.0

Acquisition of outstanding noncontrolling interest

(14.6)

(3.4)

Balance at end of period at Jun. 30, 2018

4,427.4

0.7

1,166.8

(989.9)

4,750.0

(627.7)

4,299.9

127.5

Balance at beginning of year at Dec. 31, 2017

153.4

7.3

(3.1)

Dividends declared to non-controlling interest holders

4.2

(59.6)

(4.7)

Balance at end of year at Jun. 30, 2018

14.6

167.5

Balance at beginning of period at Mar. 31, 2018

4,554.6

0.7

1,156.4

(851.7)

4,474.8

(380.8)

4,399.4

155.2

351.2

331.4

19.8

(254.5)

(246.9)

(7.6)

96.7

331.4

(246.9)

84.5

12.2

Net issuance of shares held in treasury in settlement of stock-based compensation

13.9

(1.4)

(3.5)

2.1

(1.4)

Dividends declared to Lear Corporation stockholders

(140.3)

(47.0)

Dividends declared to non-controlling interest holders

(39.9)

(4.7)

Balance at end of period at Jun. 30, 2018

(9.2)

4,427.4

0.7

1,166.8

(989.9)

4,750.0

(627.7)

4,299.9

127.5

Balance at beginning of year at Mar. 31, 2018

170.3

3.8

(11.1)

Dividends declared to non-controlling interest holders

(7.3)

(39.9)

(4.7)

Balance at end of year at Jun. 30, 2018

9.2

167.5

Balance at beginning of period at Dec. 31, 2018

4,360.6

0.6

1,017.4

(225.1)

4,113.6

(705.8)

4,200.7

159.9

445.8

411.7

34.1

8.1

7.6

0.5

453.9

411.7

7.6

419.3

34.6

Net issuance of shares held in treasury in settlement of stock-based compensation

14.3

(29.6)

(66.4)

38.0

(1.2)

(29.6)

Dividends declared to Lear Corporation stockholders

(279.5)

(94.6)

Dividends declared to non-controlling interest holders

(31.2)

Acquisition of outstanding noncontrolling interest

5.8

(0.2)

Balance at end of period at Jun. 29, 2019

4,399.5

^[1]

0.6

965.3

(466.6)

4,435.3

(698.2)

4,236.4

163.1

Balance at beginning of year at Dec. 31, 2018

158.1

2.3

0.4

Dividends declared to non-controlling interest holders

2.7

(31.2)

Balance at end of year at Jun. 29, 2019

(5.8)

155.0

^[1]

155.0

Balance at beginning of period at Mar. 30, 2019

4,393.7

0.6

961.5

(305.6)

4,300.3

(711.5)

4,245.3

148.4

200.9

182.8

18.1

10.0

13.3

(3.3)

210.9

182.8

13.3

196.1

14.8

Net issuance of shares held in treasury in settlement of stock-based compensation

4.8

(0.4)

(1.0)

0.6

(0.4)

Dividends declared to Lear Corporation stockholders

(161.6)

(46.9)

Dividends declared to non-controlling interest holders

0.1

Acquisition of outstanding noncontrolling interest

(0.9)

(0.2)

Balance at end of period at Jun. 29, 2019

4,399.5

^[1]

$ 0.6

$ 965.3

$ (466.6)

$ 4,435.3

$ (698.2)

$ 4,236.4

163.1

Balance at beginning of year at Mar. 30, 2019

156.6

1.1

(3.6)

Dividends declared to non-controlling interest holders

(2.5)

0.1

$ 0.1

Balance at end of year at Jun. 29, 2019

0.9

$ 155.0

^[1]

$ 155.0

[1]	Unaudited.

Pre-Production Costs Related to Long-Term Supply Agreements - Classification of Recoverable Customer E&D and Tooling Costs Related to Long-term Supply Agreements (Details) - USD ($) $ in Millions	Jun. 29, 2019	Dec. 31, 2018
Pre Production Costs Related to Long Term Supply Arrangements [Line Items]
Recoverable customer E&D and tooling	$ 299.7	$ 241.3
Current
Pre Production Costs Related to Long Term Supply Arrangements [Line Items]
Recoverable customer E&D and tooling	199.8	160.9
Long-term
Pre Production Costs Related to Long Term Supply Arrangements [Line Items]
Recoverable customer E&D and tooling	$ 99.9	$ 80.4

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 73.3	$ 97.7	$ 116.4	$ 175.4
Pretax income before equity in net income of affiliates	$ 266.9	$ 443.6	$ 553.8	$ 891.4
Effective tax rate	27.50%	22.00%	21.00%	19.70%

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 29, 2019
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 June 29, 2019.

Pension and Other Postretirement Benefit Plans - Components of Net Periodic Benefit (Credit) Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Pension \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Interest cost	4.7	4.9	9.3	9.9
Expected return on plan assets	(5.1)	(6.9)	(10.1)	(13.8)
Amortization of actuarial (gain) loss	0.4	0.5	0.9	1.0
Settlement loss	0.0	0.0	0.1	0.2
Net periodic benefit (credit) cost	0.0	(1.5)	0.2	(2.7)
Pension \| Foreign
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	1.6	1.8	3.2	3.5
Interest cost	3.6	3.7	7.3	7.5
Expected return on plan assets	(5.2)	(5.8)	(10.4)	(11.7)
Amortization of actuarial (gain) loss	1.9	1.5	3.9	3.1
Settlement loss	0.0	0.0	0.0	0.0
Net periodic benefit (credit) cost	1.9	1.2	4.0	2.4
Other postretirement \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.0	0.0	0.0	0.0
Interest cost	0.6	0.5	1.1	1.0
Amortization of actuarial (gain) loss	(0.5)	(0.5)	(1.1)	(1.1)
Amortization of prior service credit	(0.1)	(0.1)	(0.1)	(0.1)
Net periodic benefit (credit) cost	0.0	(0.1)	(0.1)	(0.2)
Other postretirement \| Foreign
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.0	0.1	0.1	0.2
Interest cost	0.4	0.3	0.7	0.7
Amortization of actuarial (gain) loss	0.0	0.1	0.0	0.1
Amortization of prior service credit	(0.1)	(0.1)	(0.1)	(0.2)
Net periodic benefit (credit) cost	$ 0.3	$ 0.4	$ 0.7	$ 0.8

Comprehensive Income and Equity - Narrative (Details) - USD ($)	3 Months Ended				6 Months Ended		102 Months Ended
	Jun. 29, 2019	Mar. 30, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Feb. 07, 2019
Equity [Abstract]
Foreign currency translation gains (losses) related to intercompany transactions, long-term gain (loss)			$ (600,000)		$ 100,000	$ (900,000)
Aggregate purchases authorized under common stock share repurchase program	$ 5,800,000,000				5,800,000,000		$ 5,800,000,000	$ 1,500,000,000
Aggregate repurchases	$ 161,600,000		$ 140,300,000		$ 279,500,000	$ 295,700,000	$ 4,500,000,000
Average price (in dollars per share)	$ 136.63		$ 195.35		$ 140.65	$ 191.09	$ 89.31
Cash dividends declared per share (in dollars per share)	$ 0.75	$ 0.75	$ 0.70	$ 0.70	$ 1.50	$ 1.40

Restructuring - Summary of Restructuring Activities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Restructuring Reserve [Roll Forward]
Accrual as of beginning of period	$ 108.7
2019 charges	91.0
Utilization cash	(47.9)
Utilization, non-cash	(3.6)
Accrual as of end of period	148.2
Employee termination benefits
Restructuring Reserve [Roll Forward]
Accrual as of beginning of period	103.3
2019 charges	81.4
Utilization cash	(41.3)
Utilization, non-cash	0.0
Accrual as of end of period	143.4
Asset impairment charges
Restructuring Reserve [Roll Forward]
Accrual as of beginning of period	0.0
2019 charges	3.6	$ 1.6
Utilization cash	0.0
Utilization, non-cash	(3.6)
Accrual as of end of period	0.0
Contract termination costs
Restructuring Reserve [Roll Forward]
Accrual as of beginning of period	5.4
2019 charges	2.0
Utilization cash	(2.6)
Utilization, non-cash	0.0
Accrual as of end of period	4.8
Other related costs
Restructuring Reserve [Roll Forward]
Accrual as of beginning of period	0.0
2019 charges	4.0
Utilization cash	(4.0)
Utilization, non-cash	0.0
Accrual as of end of period	$ 0.0

Debt

6 Months Ended

Jun. 29, 2019

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):



	June 29, 2019
Debt Instrument	Long-Term Debt		Unamortized Debt Issuance Costs			Unamortized Original Issue Discount			Long-Term Debt, Net			Weighted Average Interest Rate
Credit Agreement — Term Loan Facility	$	239.0	$	(1.2	)	$	—		$	237.8		3.62%
5.25% Senior Notes due 2025 (the "2025 Notes")	650.0		(4.6		)	—			645.4			5.25%
3.8% Senior Notes due 2027 (the "2027 Notes")	750.0		(5.0		)	(4.3		)	740.7			3.885%
4.25% Senior Notes due 2029 (the "2029 Notes")	375.0		(3.0		)	(1.2		)	370.8			4.288%
5.25% Senior Notes due 2049 (the "2049 Notes")	325.0		(3.3		)	(5.4		)	316.3			5.363%
Other	3.8		—			—			3.8			N/A
	$	2,342.8	$	(17.1	)	$	(10.9	)	2,314.8
Less — Current portion									(14.7		)
Long-term debt									$	2,300.1



	December 31, 2018
Debt Instrument	Long-Term Debt		Unamortized Debt Issuance Costs			Unamortized Original Issue Discount			Long-Term Debt, Net			Weighted Average Interest Rate
Credit Agreement — Term Loan Facility	$	242.2	$	(1.5	)	$	—		$	240.7		3.92%
5.375% Senior Notes due 2024 (the "2024 Notes")	325.0		(2.0		)	—			323.0			5.375%
2025 Notes	650.0		(5.0		)	—			645.0			5.25%
2027 Notes	750.0		(5.3		)	(4.6		)	740.1			3.885%
Other	5.1		—			—			5.1			N/A
	$	1,972.3	$	(13.8	)	$	(4.6	)	1,953.9
Less — Current portion									(12.9		)
Long-term debt									$	1,941.0

Senior Notes

The issuance date, maturity date and interest payment dates of the Company's senior unsecured 2025 Notes, 2027 Notes, 2029 Notes and 2049 Notes (together, the "Notes") are as shown below:



Note	Issuance Date	Maturity Date	Interest Payment Dates
2025 Notes	November 2014	January 15, 2025	January 15 and July 15
2027 Notes	August 2017	September 15, 2027	March 15 and September 15
2029 Notes	May 2019	May 15, 2029	May 15 and November 15
2049 Notes	May 2019	May 15, 2049	May 15 and November 15

In May 2019, the Company issued $375.0 million in aggregate principal amount at maturity of 2029 Notes and $325.0 million in aggregate principal amount at maturity of 2049 Notes. The 2029 Notes have a stated coupon rate of 4.25% and were priced at 99.691% of par, resulting in a yield to maturity of 4.288%. The 2049 Notes have a stated coupon rate of 5.25% and were priced at 98.32% of par, resulting in a yield to maturity of 5.363%.

The net proceeds from the offering were $693.3 million after original issue discount. The proceeds were used to redeem the $325.0 million in aggregate principal amount of the 2024 Notes at a redemption price equal to equal to 102.688% of the principal amount of such 2024 Notes, plus accrued interest, as well as to finance the acquisition of Xevo (Note 2, “Acquisition”) and for general corporate purposes.

In connection with these transactions, the Company recognized a loss of $10.6 million on the extinguishment of debt in the three and six months ended June 29, 2019, and paid related issuance costs of $6.3 million.

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, merge or sell all or substantially all of the Company’s assets. The indentures governing the Notes also provide for customary events of default.

As of June 29, 2019, the Company was in compliance with all covenants under the indentures governing the Notes.

Credit Agreement

The Company's unsecured credit agreement (the "Credit Agreement"), dated August 8, 2017, consists of a $1.75 billion revolving credit facility (the "Revolving Credit Facility") and a $250.0 million term loan facility (the "Term Loan Facility"). The maturity date of the Revolving Credit Facility is August 8, 2023, and the maturity date of the Term Loan Facility is August 8, 2022.

As of June 29, 2019 and December 31, 2018, there were no borrowings outstanding under the Revolving Credit Facility and $239.0 million and $242.2 million, respectively, of borrowings outstanding under the Term Loan Facility. In the first six months of 2019, the Company made required principal payments of $3.1 million under the Term Loan Facility.

Advances under the Revolving Credit Facility and the Term Loan Facility generally bear interest based on (i) the Eurocurrency Rate (as defined in the Credit Agreement) or (ii) the Base Rate (as defined in the Credit Agreement) plus a margin, determined in accordance with a pricing grid. The range and the rate as of June 29, 2019, are shown below (in percentages):



	Eurocurrency Rate						Base Rate
					Rate as of						Rate as of
	Minimum		Maximum		June 29, 2019		Minimum		Maximum		June 29, 2019
Revolving Credit Facility	1.00	%	1.60	%	1.10	%	0.00	%	0.60	%	0.10	%
Term Loan Facility	1.125	%	1.90	%	1.25	%	0.125	%	0.90	%	0.25	%

A facility fee, which ranges from 0.125% to 0.30% of the total amount committed under the Revolving Credit Facility, is payable quarterly.

Covenants

The Credit Agreement contains various customary representations, warranties and covenants by the Company, including, without limitation, (i) covenants regarding maximum leverage, (ii) limitations on fundamental changes involving the Company or its subsidiaries and (iii) limitations on indebtedness and liens.

As of June 29, 2019, the Company was in compliance with all covenants under the Credit Agreement.

Other

As of June 29, 2019, other long-term debt consists of amounts outstanding under finance leases.

For further information related to the Company's debt, 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, 2018.

Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Millions	Jun. 29, 2019	Jun. 29, 2019
Leases [Abstract]
Operating lease expense	$ 35.0	$ 67.5
Short-term lease expense	4.6	9.0
Variable lease expense	1.2	1.8
Total lease expense	$ 40.8	$ 78.3

Segment Reporting - Summary of Revenues from External Customers and Other Financial Information by Reportable Operating Segment (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 29, 2019

Jun. 30, 2018

Jun. 29, 2019

Jun. 30, 2018

Dec. 31, 2018

$ 5,007.6

$ 5,580.8

$ 10,167.7

$ 11,314.5

305.2

468.2

617.4

931.1

128.3

121.8

251.9

242.0

136.5

169.4

259.3

332.2

12,847.7

^[1]

12,282.4

12,847.7

^[1]

12,282.4

$ 11,600.7

Seating

3,839.4

4,274.7

7,753.1

8,604.6

E-Systems

Operating segments | Seating

1,168.2

1,306.1

2,414.6

2,709.9

3,839.4

4,274.7

7,753.1

8,604.6

283.2

348.3

535.5

687.8

83.4

81.4

166.3

161.4

80.0

113.7

160.2

226.0

Operating segments | E-Systems

7,714.0

7,508.2

7,714.0

7,508.2

1,168.2

1,306.1

2,414.6

2,709.9

84.7

175.1

213.0

365.9

40.9

36.9

77.7

73.5

52.5

52.4

91.6

100.6

3,093.2

2,530.3

3,093.2

2,530.3

0.0

(62.7)

(55.2)

(131.1)

(122.6)

4.0

3.5

7.9

7.1

4.0

3.3

7.5

5.6

Property, Plant and Equipment [Abstract]

$ 2,040.5

$ 2,243.9

$ 2,040.5

$ 2,243.9

[1]	Unaudited.

Financial Instruments - Narrative (Details) - USD ($)	6 Months Ended
Financial Instruments - Narrative (Details) - USD ($)	Jun. 29, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Investments in equity securities without readily determinable fair values	$ 20,200,000	$ 12,700,000
Derivative [Line Items]
Derivative contracts classified within Level 3 of fair value hierarchy	0	0
Derivative contracts transfers in to Level 3 fair value hierarchy	0
Xevo \| Level 3 \| Estimated aggregate fair value
Derivative [Line Items]
Fair value estimates related to intangible assets	122,200,000
Foreign currency contracts
Derivative [Line Items]
Notional amount	2,715,400,000	2,153,000,000.0
Foreign currency contracts \| Derivative instruments and hedging \| Designated as hedging instrument
Derivative [Line Items]
Pretax gains (losses) related to derivative instruments and hedging activities in accumulated other comprehensive loss	9,600,000	(1,700,000)
Cash flow hedge \| Interest rate swap contracts \| Designated as hedging instrument
Derivative [Line Items]
Other current liabilities		14,700,000
Notional amount		500,000,000.0
Cash flow hedge \| Foreign currency contracts \| Designated as hedging instrument
Derivative [Line Items]
Other current liabilities	3,800,000	8,400,000
Notional amount	$ 1,281,100,000	$ 1,499,000,000.0

Legal and Other Contingencies - Narrative (Details) - USD ($) $ in Millions	Jun. 29, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Reserves for pending legal disputes, including commercial disputes and other matters	$ 14.1	$ 11.0
Environmental reserves	$ 8.9	$ 9.0

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

Jun. 29, 2019

Dec. 31, 2018

Land

$ 115.7

$ 116.8

Buildings and improvements

822.3

809.3

Machinery and equipment

3,693.3

3,463.3

Construction in progress

347.3

389.3

Total property, plant and equipment

4,978.6

4,778.7

Less – accumulated depreciation

(2,358.0)

(2,180.6)

Property, plant and equipment, net

$ 2,620.6

^[1]

$ 2,598.1

[1]	Unaudited.

Revenue Recognition - Narrative (Details)	6 Months Ended
Revenue Recognition - Narrative (Details)	Jun. 29, 2019 USD ($)
Revenue from Contract with Customer [Abstract]
Significant contract liabilities recorded	$ 0
Significant contract liabilities recognized in revenue	$ 0

Segment Reporting

6 Months Ended

Jun. 29, 2019

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, as well as sophisticated electronic control modules, electrification products, connectivity products and software solutions for the cloud, cars and mobile devices.

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. Corporate and regional headquarters costs include various support functions, such as information technology, corporate finance, legal, executive administration and human resources, as well as advanced engineering expenses.

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 (income) 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 June 29, 2019
	Seating		E-Systems		Other			Consolidated
Revenues from external customers	$	3,839.4	$	1,168.2	$	—		$	5,007.6
Segment earnings ⁽¹⁾	283.2		84.7		(62.7		)	305.2
Depreciation and amortization	83.4		40.9		4.0			128.3
Capital expenditures	80.0		52.5		4.0			136.5
Total assets	7,714.0		3,093.2		2,040.5			12,847.7



	Three Months Ended June 30, 2018
	Seating		E-Systems		Other			Consolidated
Revenues from external customers	$	4,274.7	$	1,306.1	$	—		$	5,580.8
Segment earnings ⁽¹⁾	348.3		175.1		(55.2		)	468.2
Depreciation and amortization	81.4		36.9		3.5			121.8
Capital expenditures	113.7		52.4		3.3			169.4
Total assets	7,508.2		2,530.3		2,243.9			12,282.4



	Six Months Ended June 29, 2019
	Seating		E-Systems		Other			Consolidated
Revenues from external customers	$	7,753.1	$	2,414.6	$	—		$	10,167.7
Segment earnings ⁽¹⁾	535.5		213.0		(131.1		)	617.4
Depreciation and amortization	166.3		77.7		7.9			251.9
Capital expenditures	160.2		91.6		7.5			259.3



	Six Months Ended June 30, 2018
	Seating		E-Systems		Other			Consolidated
Revenues from external customers	$	8,604.6	$	2,709.9	$	—		$	11,314.5
Segment earnings ⁽¹⁾	687.8		365.9		(122.6		)	931.1
Depreciation and amortization	161.4		73.5		7.1			242.0
Capital expenditures	226.0		100.6		5.6			332.2

⁽¹⁾See definition above

For the three months ended June 29, 2019, segment earnings include restructuring charges of $28.3 million, $8.3 million and $0.1 million in the Seating and E-Systems segments and in the other category, respectively. For the six months ended June 29, 2019, segment earnings include restructuring charges of $73.5 million, $17.2 million and $0.3 million in the Seating and E-Systems segments and in the other category, respectively.

For the three months ended June 30, 2018, segment earnings include restructuring charges of $5.9 million, $3.6 million and $0.5 million in the Seating and E-Systems segments and in the other category, respectively. For the six months ended June 30, 2018, segment earnings include restructuring charges of $20.3 million, $5.5 million and $2.6 million in the Seating and E-Systems segments and in the other category, respectively.

For further information, see 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				Six Months Ended
	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Segment earnings	$	305.2	$	468.2	$	617.4	$	931.1
Interest expense	24.5		20.9		45.4		41.6
Other (income) expense, net	13.8		3.7		18.2		(1.9		)
Consolidated income before provision for income taxes and equity in net income of affiliates	$	266.9	$	443.6	$	553.8	$	891.4

Financial Instruments (Tables)

6 Months Ended

Jun. 29, 2019

Fair Value Disclosures [Abstract]

Estimated Aggregate Fair Value and Carrying 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):



	June 29, 2019		December 31, 2018
Estimated aggregate fair value⁽¹⁾	$	2,353.2	$	1,921.6
Aggregate carrying value ^{(1) (2)}	2,339.0		1,967.2

⁽¹⁾ Term Loan Facility and Notes (excludes "other" debt)

⁽²⁾ Excludes the impact of unamortized original issue discount and debt issuance costs

Reconciliation of Cash, Cash Equivalents

A reconciliation of cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets to cash, cash equivalents and restricted cash reported on the condensed consolidated statements of cash flows is shown below (in millions):



	June 29, 2019		June 30, 2018
Balance sheet - cash and cash equivalents	$	1,269.0	$	1,327.9
Restricted cash included in other current assets	15.5		21.2
Restricted cash included in other long-term assets	6.4		17.7
Statement of cash flows - cash, cash equivalents and restricted cash	$	1,290.9	$	1,366.8

Reconciliation of Restricted Cash



	June 29, 2019		June 30, 2018
Balance sheet - cash and cash equivalents	$	1,269.0	$	1,327.9
Restricted cash included in other current assets	15.5		21.2
Restricted cash included in other long-term assets	6.4		17.7
Statement of cash flows - cash, cash equivalents and restricted cash	$	1,290.9	$	1,366.8

Marketable Equity Securities

Marketable equity securities, which the Company accounts for under the fair value option, are included in the accompanying condensed consolidated balance sheets as shown below (in millions):



	June 29, 2019		December 31, 2018
Current assets	$	15.7	$	4.8
Other long-term assets	38.2		42.5
	$	53.9	$	47.3

Notional Amount, Estimated Aggregate Fair Value and Related Balance Sheet Classification of Foreign Currency Derivative Contracts

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



	June 29, 2019			December 31, 2018
Fair value of foreign currency contracts designated as cash flow hedges:
Other current assets	$	32.3		$	20.6
Other long-term assets	5.6			2.8
Other current liabilities	(3.8		)	(8.4		)
Other long-term liabilities	(0.6		)	(2.0		)
	33.5			13.0
Notional amount	$	1,281.1		$	1,499.0
Outstanding maturities in months, not to exceed	24			24
Fair value of foreign currency contracts not designated as hedging instruments:
Other current assets	$	4.0		$	6.1
Other current liabilities	(8.7		)	(4.8		)
	(4.7		)	1.3
Notional amount	$	1,434.3		$	654.0
Outstanding maturities in months, not to exceed	12			12
Total fair value	$	28.8		$	14.3
Total notional amount	$	2,715.4		$	2,153.0

Pretax Amounts Recognized in and Reclassified from Accumulated Other Comprehensive Loss and Net Gains (Losses) Expected to be Reclassified into Earnings

During the next twelve month period, net gains (losses) expected to be reclassified into earnings are shown below (in millions):



Net gains related to foreign currency contracts	$	28.5
Net losses related to interest rate swap contracts	(2.3		)
Total	$	26.2

Pretax amounts related to foreign currency and interest rate swap 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						Six Months Ended
	June 29, 2019			June 30, 2018			June 29, 2019			June 30, 2018
Gains (losses) recognized in accumulated other comprehensive loss:
Foreign currency contracts	$	17.6		$	(38.1	)	$	42.4		$	12.7
Interest rate swap contracts	5.2			(2.9		)	(9.5		)	(2.9		)
	22.8			(41.0		)	32.9			9.8
(Gains) losses reclassified from accumulated other comprehensive loss to:
Net sales	0.5			1.1			1.0			2.8
Cost of sales	(13.2		)	(2.4		)	(22.9		)	(7.2		)
Interest expense	0.3			—			0.3			—
	(12.4		)	(1.3		)	(21.6		)	(4.4		)
Comprehensive income (loss)	$	10.4		$	(42.3	)	$	11.3		$	5.4

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

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 June 29, 2019 and December 31, 2018, are shown below (in millions):



	June 29, 2019
	Frequency	Asset (Liability)		Valuation Technique	Level 1		Level 2		Level 3
Foreign currency contracts, net	Recurring	$	28.8	Market/ Income	$	—	$	28.8	$	—
Marketable equity securities	Recurring	$	53.9	Market	$	53.9	$	—	$	—



	December 31, 2018
	Frequency	Asset (Liability)			Valuation Technique	Level 1		Level 2			Level 3
Foreign currency contracts, net	Recurring	$	14.3		Market/ Income	$	—	$	14.3		$	—
Interest rate swap contracts	Recurring	$	(14.7	)	Market/ Income	$	—	$	(14.7	)	$	—
Marketable equity securities	Recurring	$	47.3		Market	$	47.3	$	—		$	—

Leases - Weighted Average Lease Term and Discount Rate (Details)	Jun. 29, 2019
Leases [Abstract]
Weighted average remaining lease term (in years)	6 years 7 months 6 days
Weighted average discount rate	3.80%

Legal and Other Contingencies

6 Months Ended

Jun. 29, 2019

Commitments and Contingencies Disclosure [Abstract]

Legal and Other Contingencies

As of June 29, 2019 and December 31, 2018, the Company had recorded reserves for pending legal disputes, including commercial disputes and other matters, of $14.1 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 six months ended June 29, 2019, is shown below (in millions):



Balance at January 1, 2019	$	28.5
Expense, net (including changes in estimates)	6.7
Settlements	(8.6		)
Foreign currency translation and other	0.2
Balance at June 29, 2019	$	26.8

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 June 29, 2019 and December 31, 2018, the Company had recorded environmental reserves of $8.9 million and $9.0 million, respectively. 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.

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

Jun. 29, 2019

Dec. 31, 2018

Inventory Disclosure [Abstract]

Raw materials

$ 912.6

$ 859.4

Work-in-process

111.3

104.6

Finished goods

336.9

346.0

Reserves

(120.5)

(113.2)

Balance at January 1, 2019

$ 1,240.3

^[1]

$ 1,196.8

[1]	Unaudited.

Goodwill - Summary of Changes in Carrying Amount of Goodwill (Details)
$ in Millions

6 Months Ended

Jun. 29, 2019

USD ($)

Goodwill [Roll Forward]

$ 1,405.3

Foreign currency translation and other

197.5

(2.6)

Balance at June 29, 2019

1,600.2

^[1]

Seating

Goodwill [Roll Forward]

Balance at January 1, 2019

1,244.3

Foreign currency translation and other

0.0

(2.4)

Balance at June 29, 2019

1,241.9

E-Systems

Goodwill [Roll Forward]

Balance at January 1, 2019

161.0

Foreign currency translation and other

197.5

(0.2)

Balance at June 29, 2019

$ 358.3

[1]	Unaudited.

Goodwill - Narrative (Details) - USD ($)	6 Months Ended
Goodwill - Narrative (Details) - USD ($)	Jun. 29, 2019	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0	$ 0

Restructuring - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
Restructuring - Narrative (Details) - USD ($) $ in Millions	Jun. 29, 2019	Jun. 30, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 91.0
Carrying values in excess of estimated fair values	3.6
Expected restructuring costs	65.0
Employee termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	81.4
Fixed asset impairment charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3.6	$ 1.6
Contract termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2.0
Other related costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4.0
Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	83.2
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 7.8

Leases - Right-of-Use Assets and Lease Obligations (Details) $ in Millions	Jun. 29, 2019 USD ($)
Right-of-use assets under operating leases:
Other long-term assets	$ 447.6
Lease obligations under operating leases:
Accrued liabilities	108.3
Other long-term liabilities	347.2
Lease obligations under operating leases	$ 455.5

Other (Income) Expense, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Other Income and Expenses [Abstract]
Net foreign currency transaction losses	$ 1.4	$ 1.6	$ 7.2	$ 2.4
Loss on extinguishment of debt	$ 10.6		$ 10.6	0.0
Gain related to gaining control of an affiliate				$ 10.0

Revenue Recognition

6 Months Ended

Jun. 29, 2019

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The Company enters into contracts with its customers to provide production parts generally at the beginning of a vehicle’s life cycle. Typically, these contracts do not provide for a specified quantity of products, but once entered into, the Company is often expected to fulfill its customers’ purchasing requirements for the production life of the vehicle. Many of these contracts may be terminated by the Company’s customers at any time. Historically, terminations of these contracts have been minimal. The Company receives purchase orders from its customers, which provide the commercial terms for a particular production part, including price (but not quantities). Contracts may also provide for annual price reductions over the production life of the vehicle, and prices may be adjusted on an ongoing basis to reflect changes in product content/cost and other commercial factors.

The principal activity from which the Company generates its revenue is the manufacturing of production parts for major automotive manufacturers. Revenue is recognized at a point in time when control of the product is transferred to the customer under standard commercial terms, as the Company does not have an enforceable right to payment prior to such transfer. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to in exchange for those products based on the annual purchase orders, annual price reductions and ongoing price adjustments (some of which is accounted for as variable consideration). The Company does not believe that there will be significant changes to its estimates of variable consideration.

The Company's customers pay for products received in accordance with payment terms that are customary within the industry. The Company's contracts with its customers do not have significant financing components.

The Company records a contract liability for advances received from its customers. As of June 29, 2019, there were no significant contract liabilities recorded. Further, there were no significant contract liabilities recognized in revenue during the first six months of 2019.

Amounts billed to customers related to shipping and handling costs are included in net sales in the condensed consolidated statements of comprehensive income. Shipping and handling costs are accounted for as fulfillment costs and are included in cost of sales in the condensed consolidated statements of comprehensive income.

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction that are collected by the Company from a customer are excluded from revenue.

A summary of the Company’s revenue by reportable operating segment and geography is shown below (in millions):



	Three Months Ended
	June 29, 2019						June 30, 2018
	Seating		E-Systems		Total		Seating		E-Systems		Total
North America	$	1,597.9	$	274.5	$	1,872.4	$	1,711.1	$	272.7	$	1,983.8
Europe and Africa	1,461.5		537.9		1,999.4		1,738.1		640.4		2,378.5
Asia	659.2		306.6		965.8		668.4		351.1		1,019.5
South America	120.8		49.2		170.0		157.1		41.9		199.0
	$	3,839.4	$	1,168.2	$	5,007.6	$	4,274.7	$	1,306.1	$	5,580.8



	Six Months Ended
	June 29, 2019						June 30, 2018
	Seating		E-Systems		Total		Seating		E-Systems		Total
North America	$	3,189.0	$	559.5	$	3,748.5	$	3,451.2	$	587.7	$	4,038.9
Europe and Africa	3,015.8		1,155.0		4,170.8		3,490.3		1,331.4		4,821.7
Asia	1,310.6		610.9		1,921.5		1,354.5		709.1		2,063.6
South America	237.7		89.2		326.9		308.6		81.7		390.3
	$	7,753.1	$	2,414.6	$	10,167.7	$	8,604.6	$	2,709.9	$	11,314.5

Legal and Other Contingencies - Summary of Product Liability and Warranty Claims (Details) $ in Millions	6 Months Ended
	Jun. 29, 2019 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at January 1, 2019	$ 28.5
Expense, net (including changes in estimates)	6.7
Settlements	(8.6)
Foreign currency translation and other	0.2
Balance at June 29, 2019	$ 26.8

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 2,300,000
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	2,300,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 2,300,000

Acquisition - Purchase Price and Preliminary Allocation (Details) - USD ($)
$ in Millions

Apr. 17, 2019

Jun. 29, 2019

^[1]

Dec. 31, 2018

Business Acquisition [Line Items]

Other assets purchased and liabilities assumed, net

$ 1,600.2

$ 1,405.3

Xevo

Business Acquisition [Line Items]

Net purchase price

$ 320.9

1.2

Preliminary purchase price allocation

197.5

Intangible assets

122.2

$ 320.9

[1]	Unaudited.

Financial Instruments - Estimated Aggregate Fair Value and Carrying Value of Debt Instruments (Details) - USD ($) $ in Millions	Jun. 29, 2019	Dec. 31, 2018
Estimated aggregate fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	$ 2,353.2	$ 1,921.6
Aggregate carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instruments	$ 2,339.0	$ 1,967.2

Financial Instruments - Fair Value Measurements and Related Valuation Techniques and Fair Value Hierarchy Level (Details) - USD ($) $ in Millions	Jun. 29, 2019	Dec. 31, 2018
Foreign currency contracts, net
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset (Liability)	$ 28.8	$ 14.3
Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Marketable equity securities	53.9	47.3
Recurring \| Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Marketable equity securities	53.9	47.3
Recurring \| Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Marketable equity securities	0.0	0.0
Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Marketable equity securities	0.0	0.0
Recurring \| Foreign currency contracts, net
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset (Liability)	28.8	14.3
Recurring \| Foreign currency contracts, net \| Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset (Liability)	0.0	0.0
Recurring \| Foreign currency contracts, net \| Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset (Liability)	28.8	14.3
Recurring \| Foreign currency contracts, net \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset (Liability)	$ 0.0	0.0
Recurring \| Interest rate swap contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset (Liability)		(14.7)
Recurring \| Interest rate swap contracts \| Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset (Liability)		0.0
Recurring \| Interest rate swap contracts \| Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset (Liability)		(14.7)
Recurring \| Interest rate swap contracts \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset (Liability)		$ 0.0

Long-Term Assets

6 Months Ended

Jun. 29, 2019

Property, Plant and Equipment [Abstract]

Long-Term Assets

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):



	June 29, 2019			December 31, 2018
Land	$	115.7		$	116.8
Buildings and improvements	822.3			809.3
Machinery and equipment	3,693.3			3,463.3
Construction in progress	347.3			389.3
Total property, plant and equipment	4,978.6			4,778.7
Less – accumulated depreciation	(2,358.0		)	(2,180.6		)
Property, plant and equipment, net	$	2,620.6		$	2,598.1

Depreciation expense was $112.4 million and $108.7 million in the three months ended June 29, 2019 and June 30, 2018, respectively, and $223.3 million and $215.8 million in the six months ended June 29, 2019 and June 30, 2018, 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 June 29, 2019. 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 six months of 2019 and 2018, the Company recognized fixed asset impairment charges of $3.6 million and $1.6 million, respectively, in conjunction with its restructuring actions (Note 3, "Restructuring").

Financial Instruments - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions

Jun. 29, 2019

Dec. 31, 2018

Jun. 30, 2018

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Balance sheet - cash and cash equivalents

$ 1,269.0

^[1]

$ 1,493.2

$ 1,327.9

Restricted cash included in other current assets

15.5

21.2

Restricted cash included in other long-term assets

6.4

17.7

Statement of cash flows - cash, cash equivalents and restricted cash

$ 1,290.9

$ 1,519.8

$ 1,366.8

$ 1,500.4

[1]	Unaudited.

Comprehensive Income and Equity - Dividends Declared and Paid (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Equity [Abstract]
Dividends declared	$ 46.9	$ 47.0	$ 94.6	$ 94.7
Dividends paid			$ 95.6	$ 96.7

Net Income Per Share Attributable to Lear

6 Months Ended

Jun. 29, 2019

Earnings Per Share [Abstract]

Net Income Per Share Attributable to Lear

Basic net income per share available to Lear common stockholders is computed using the two-class method by dividing net income attributable to Lear, after deducting the redemption adjustment related to the redeemable noncontrolling interest, 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 available to Lear common stockholders.

Diluted net income per share available to Lear common stockholders is computed using the two-class method by dividing net income attributable to Lear, after deducting the redemption adjustment related to the redeemable noncontrolling interest, by the average number of common shares outstanding, including the dilutive effect of common stock equivalents computed using the treasury stock method and the average share price during the period.

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



	Three Months Ended						Six Months Ended
	June 29, 2019			June 30, 2018			June 29, 2019		June 30, 2018
Net income attributable to Lear	$	182.8		$	331.4		$	411.7	$	685.1
Redeemable noncontrolling interest adjustment	(0.9		)	(9.2		)	5.8		(14.6		)
Net income available to Lear common stockholders	$	181.9		$	322.2		$	417.5	$	670.5

Average common shares outstanding	62,191,022			66,320,362			62,501,419		66,701,228
Dilutive effect of common stock equivalents	163,312			387,678			233,075		431,658
Average diluted shares outstanding	62,354,334			66,708,040			62,734,494		67,132,886

Basic net income per share available to Lear common stockholders	$	2.92		$	4.86		$	6.68	$	10.05

Diluted net income per share available to Lear common stockholders	$	2.92		$	4.83		$	6.66	$	9.99

For further information related to the redeemable noncontrolling interest adjustment, see Note 15, "Comprehensive Income and Equity."

Financial Instruments - Notional Amount, Estimated Aggregate Fair Value and Related Balance Sheet Classification of Foreign Currency Derivative Contracts (Details) - Foreign currency contracts - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 29, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Total fair value	$ 28.8	$ 14.3
Notional amount	2,715.4	2,153.0
Designated as hedging instrument \| Cash flow hedge
Derivatives, Fair Value [Line Items]
Other current assets	32.3	20.6
Other long-term assets	5.6	2.8
Other current liabilities	(3.8)	(8.4)
Other long-term liabilities	(0.6)	(2.0)
Total fair value	33.5	13.0
Notional amount	$ 1,281.1	$ 1,499.0
Designated as hedging instrument \| Cash flow hedge \| Maximum
Derivatives, Fair Value [Line Items]
Outstanding maturities in months, not to exceed	24 months	24 months
Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Other current assets	$ 4.0	$ 6.1
Other current liabilities	(8.7)	(4.8)
Total fair value	(4.7)	1.3
Notional amount	$ 1,434.3	$ 654.0
Not designated as hedging instrument \| Maximum
Derivatives, Fair Value [Line Items]
Outstanding maturities in months, not to exceed	12 months	12 months

Goodwill

6 Months Ended

Jun. 29, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

A summary of the changes in the carrying amount of goodwill, by operating segment, in the six months ended June 29, 2019, is shown below (in millions):



	Seating			E-Systems			Total
Balance at January 1, 2019	$	1,244.3		$	161.0		$	1,405.3
Acquisition	—			197.5			197.5
Foreign currency translation and other	(2.4		)	(0.2		)	(2.6		)
Balance at June 29, 2019	$	1,241.9		$	358.3		$	1,600.2

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.

There was no impairment of goodwill in the first six months of 2019 and 2018. The Company will, however, continue to assess the impact of significant events or circumstances on its recorded goodwill.

Net Income Per Share Attributable to Lear (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Net income attributable to Lear	$ 182.8	$ 331.4	$ 411.7	$ 685.1
Redeemable noncontrolling interest adjustment	(0.9)	(9.2)	5.8	(14.6)
Net income available to Lear common stockholders	$ 181.9	$ 322.2	$ 417.5	$ 670.5
Average common shares outstanding (in shares)	62,191,022	66,320,362	62,501,419	66,701,228
Dilutive effect of common stock equivalents (in shares)	163,312	387,678	233,075	431,658
Average diluted shares outstanding (in shares)	62,354,334	66,708,040	62,734,494	67,132,886
Basic net income per share available to Lear common stockholders (in dollars per share)	$ 2.92	$ 4.86	$ 6.68	$ 10.05
Diluted net income per share available to Lear common stockholders (in dollars per share)	$ 2.92	$ 4.83	$ 6.66	$ 9.99

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Provision for Income Taxes and Corresponding Effective Tax Rate

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Long-Term Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 112.4	$ 108.7	$ 223.3	$ 215.8
Restructuring Cost and Reserve [Line Items]
Restructuring charges			91.0
Asset impairment charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 3.6	$ 1.6

Income Taxes (Tables)

6 Months Ended

Jun. 29, 2019

Income Tax Disclosure [Abstract]

A summary of the provision for income taxes and the corresponding effective tax rate for the three and six months ended June 29, 2019 and June 30, 2018, is shown below (in millions, except effective tax rates):



	Three Months Ended						Six Months Ended
	June 29, 2019			June 30, 2018			June 29, 2019			June 30, 2018
Provision for income taxes	$	73.3		$	97.7		$	116.4		$	175.4
Pretax income before equity in net income of affiliates	$	266.9		$	443.6		$	553.8		$	891.4
Effective tax rate	27.5		%	22.0		%	21.0		%	19.7		%

Schedule of Tax Benefits (Expense)

In addition, the Company recognized tax benefits (expense) related to the significant, discrete items shown below (in millions):



	Six Months Ended
	June 29, 2019			June 30, 2018
Restructuring charges and various other items	$	26.6		$	6.5
Valuation allowances on deferred tax assets of a foreign subsidiary	(10.4		)	35.1
Share-based compensation	3.2			10.4
Increase in foreign withholding tax on certain undistributed foreign earnings	—			(22.0		)
Change in tax status of certain affiliates	18.4			—
	$	37.8		$	30.0

Debt (Tables)

6 Months Ended

Jun. 29, 2019

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):



	June 29, 2019
Debt Instrument	Long-Term Debt		Unamortized Debt Issuance Costs			Unamortized Original Issue Discount			Long-Term Debt, Net			Weighted Average Interest Rate
Credit Agreement — Term Loan Facility	$	239.0	$	(1.2	)	$	—		$	237.8		3.62%
5.25% Senior Notes due 2025 (the "2025 Notes")	650.0		(4.6		)	—			645.4			5.25%
3.8% Senior Notes due 2027 (the "2027 Notes")	750.0		(5.0		)	(4.3		)	740.7			3.885%
4.25% Senior Notes due 2029 (the "2029 Notes")	375.0		(3.0		)	(1.2		)	370.8			4.288%
5.25% Senior Notes due 2049 (the "2049 Notes")	325.0		(3.3		)	(5.4		)	316.3			5.363%
Other	3.8		—			—			3.8			N/A
	$	2,342.8	$	(17.1	)	$	(10.9	)	2,314.8
Less — Current portion									(14.7		)
Long-term debt									$	2,300.1



	December 31, 2018
Debt Instrument	Long-Term Debt		Unamortized Debt Issuance Costs			Unamortized Original Issue Discount			Long-Term Debt, Net			Weighted Average Interest Rate
Credit Agreement — Term Loan Facility	$	242.2	$	(1.5	)	$	—		$	240.7		3.92%
5.375% Senior Notes due 2024 (the "2024 Notes")	325.0		(2.0		)	—			323.0			5.375%
2025 Notes	650.0		(5.0		)	—			645.0			5.25%
2027 Notes	750.0		(5.3		)	(4.6		)	740.1			3.885%
Other	5.1		—			—			5.1			N/A
	$	1,972.3	$	(13.8	)	$	(4.6	)	1,953.9
Less — Current portion									(12.9		)
Long-term debt									$	1,941.0

Senior Notes

The issuance date, maturity date and interest payment dates of the Company's senior unsecured 2025 Notes, 2027 Notes, 2029 Notes and 2049 Notes (together, the "Notes") are as shown below:



Note	Issuance Date	Maturity Date	Interest Payment Dates
2025 Notes	November 2014	January 15, 2025	January 15 and July 15
2027 Notes	August 2017	September 15, 2027	March 15 and September 15
2029 Notes	May 2019	May 15, 2029	May 15 and November 15
2049 Notes	May 2019	May 15, 2049	May 15 and November 15

Credit Agreement Interest Rate Ranges

The range and the rate as of June 29, 2019, are shown below (in percentages):



	Eurocurrency Rate						Base Rate
					Rate as of						Rate as of
	Minimum		Maximum		June 29, 2019		Minimum		Maximum		June 29, 2019
Revolving Credit Facility	1.00	%	1.60	%	1.10	%	0.00	%	0.60	%	0.10	%
Term Loan Facility	1.125	%	1.90	%	1.25	%	0.125	%	0.90	%	0.25	%

Summary of Changes, Net of Tax, in Accumulated Other Comprehensive Loss

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.

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+ Details

Segment Reporting - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
Segment Reporting - Narrative (Details) $ in Millions	Jun. 29, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 29, 2019 USD ($) segment	Jun. 30, 2018 USD ($)
Segment Reporting Information [Line Items]
Reportable operating segments \| segment			2
Restructuring charges			$ 91.0
Operating segments \| Seating
Segment Reporting Information [Line Items]
Restructuring charges	$ 28.3	$ 5.9	73.5	$ 20.3
Operating segments \| E-Systems
Segment Reporting Information [Line Items]
Restructuring charges	8.3	3.6	17.2	5.5
Other
Segment Reporting Information [Line Items]
Restructuring charges	$ 0.1	$ 0.5	$ 0.3	$ 2.6

Comprehensive Income and Equity (Tables)

6 Months Ended

Jun. 29, 2019

Equity [Abstract]

A summary of changes, net of tax, in accumulated other comprehensive loss for the three and six months ended June 29, 2019, is shown below (in millions):



	Three Months Ended			Six Months Ended
	June 29, 2019			June 29, 2019
Defined benefit plans:
Balance at beginning of period	$	(172.5	)	$	(172.8	)
Reclassification adjustments (net of tax expense of $— million and $0.4 million in the three and six months ended June 29, 2019, respectively)	1.6			3.2
Other comprehensive loss recognized during the period (net of tax impact of $— million in the three and six months ended June 29, 2019)	(3.0		)	(4.3		)
Balance at end of period	$	(173.9	)	$	(173.9	)
Derivative instruments and hedging:
Balance at beginning of period	$	(9.0	)	$	(9.7	)
Reclassification adjustments (net of tax benefit of $2.7 million and $4.8 million in the three and six months ended June 29, 2019, respectively)	(10.0		)	(17.1		)
Other comprehensive income recognized during the period (net of tax expense of $5.0 million and $7.3 million in the three and six months ended June 29, 2019, respectively)	17.8			25.6
Balance at end of period	$	(1.2	)	$	(1.2	)
Foreign currency translation:
Balance at beginning of period	$	(530.0	)	$	(523.3	)
Other comprehensive income recognized during the period (net of tax impact of $— million in the three and six months ended June 29, 2019)	6.9			0.2
Balance at end of period	$	(523.1	)	$	(523.1	)

Total accumulated other comprehensive loss	$	(698.2	)	$	(698.2	)

A summary of changes, net of tax, in accumulated other comprehensive loss for the three and six months ended June 30, 2018, is shown below (in millions):



	Three Months Ended			Six Months Ended
	June 30, 2018			June 30, 2018
Defined benefit plans:
Balance at beginning of period	$	(181.7	)	$	(184.0	)
Reclassification adjustments (net of tax expense of $0.3 million and $0.6 million in the three and six months ended June 30, 2018, respectively)	1.1			2.4
Other comprehensive income recognized during the period (net of tax impact of $— million in the three and six months ended June 30, 2018)	2.2			3.2
Balance at end of period	$	(178.4	)	$	(178.4	)
Derivative instruments and hedging:
Balance at beginning of period	$	14.5		$	(22.9	)
Reclassification adjustments (net of tax benefit of $0.2 million and $0.9 million in the three and six months ended June 30, 2018, respectively)	(1.1		)	(3.5		)
Other comprehensive income (loss) recognized during the period (net of tax (benefit) expense of ($8.9) million and $2.1 million in the three and six months ended June 30, 2018, respectively)	(32.1		)	7.7
Balance at end of period	$	(18.7	)	$	(18.7	)
Foreign currency translation:
Balance at beginning of period	$	(213.6	)	$	(306.5	)
Other comprehensive loss recognized during the period (net of tax impact of $— million in the three and six months ended June 30, 2018)	(217.0		)	(124.1		)
Balance at end of period	$	(430.6	)	$	(430.6	)

Total accumulated other comprehensive loss	$	(627.7	)	$	(627.7	)

Common Stock Repurchase Program

Share repurchases in the first six months of 2019 are shown below (in millions except for shares and per share amounts):



Six Months Ended							As of
June 29, 2019							June 29, 2019
Aggregate Repurchases ⁽¹⁾		Cash paid for Repurchases		Number of Shares	Average Price per Share ⁽²⁾		Remaining Purchase Authorization
$	279.5	$	276.5	1,987,246	$	140.65	$	1,303.5

⁽¹⁾Includes $83.0 million of repurchases made prior to the increased authorization

⁽²⁾ Excludes commissions

Dividends Declared and Paid

Dividends declared and paid are shown below (in millions):



	Six Months Ended
	June 29, 2019		June 30, 2018
Dividends declared	$	94.6	$	94.7
Dividends paid	95.6		96.7

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 29, 2019	Jul. 23, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 2019
Document Transition Report	false
Entity File Number	001-11311
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3386776
Entity Address, Address Line One	21557 Telegraph Road
Entity Address, City or Town	Southfield
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48033
City Area Code	248
Local Phone Number	447-1500
Title of 12(b) Security	Common stock, par value $0.01
Trading Symbol	LEA
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		61,047,143
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	LEAR CORP
Entity Central Index Key	0000842162
Current Fiscal Year End Date	--12-31

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

6 Months Ended

Jun. 29, 2019

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

Classification of Recoverable Customer E&D 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):



	June 29, 2019		December 31, 2018
Current	$	199.8	$	160.9
Long-term	99.9		80.4
Recoverable customer E&D and tooling	$	299.7	$	241.3

Income Taxes

6 Months Ended

Jun. 29, 2019

Income Tax Disclosure [Abstract]

Income Taxes



	Three Months Ended						Six Months Ended
	June 29, 2019			June 30, 2018			June 29, 2019			June 30, 2018
Provision for income taxes	$	73.3		$	97.7		$	116.4		$	175.4
Pretax income before equity in net income of affiliates	$	266.9		$	443.6		$	553.8		$	891.4
Effective tax rate	27.5		%	22.0		%	21.0		%	19.7		%

In the first six months of 2019 and 2018, the provision for income taxes was primarily impacted by the level and mix of earnings among tax jurisdictions. In addition, the Company recognized tax benefits (expense) related to the significant, discrete items shown below (in millions):



	Six Months Ended
	June 29, 2019			June 30, 2018
Restructuring charges and various other items	$	26.6		$	6.5
Valuation allowances on deferred tax assets of a foreign subsidiary	(10.4		)	35.1
Share-based compensation	3.2			10.4
Increase in foreign withholding tax on certain undistributed foreign earnings	—			(22.0		)
Change in tax status of certain affiliates	18.4			—
	$	37.8		$	30.0

In addition, in the first six months of 2018, the Company recognized a gain of $10.0 million related to obtaining control of an affiliate, for which no tax expense was provided.

Excluding the items above, the effective tax rate for the first six months of 2019 and 2018 approximated the U.S. federal statutory income tax rate of 21%, 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. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments, which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities.

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, 2018. For further information related to obtaining control of an affiliate, see Note 5, "Investments in Affiliates and Other Related Party Transactions," to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018.

Comprehensive Income and Equity - Summary of Changes, Net of Tax, in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 29, 2019

Jun. 30, 2018

Jun. 29, 2019

Jun. 30, 2018

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

$ 4,393.7

$ 4,554.6

$ 4,360.6

$ 4,292.6

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

4,399.5

^[1]

4,427.4

4,399.5

^[1]

4,427.4

Defined benefit plans

Reclassification adjustments

(172.5)

(181.7)

(172.8)

(184.0)

1.6

1.1

3.2

2.4

Other comprehensive income (loss) recognized during the period

(3.0)

2.2

(4.3)

3.2

Reclassification adjustments, tax expense (benefit)

(173.9)

(178.4)

(173.9)

(178.4)

0.0

0.3

0.4

0.6

Other comprehensive income (loss) recognized during the period, tax expense (benefit)

0.0

Derivative instruments and hedging

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Reclassification adjustments

(9.0)

14.5

(9.7)

(22.9)

(10.0)

(1.1)

(17.1)

(3.5)

Other comprehensive income (loss) recognized during the period

17.8

(32.1)

25.6

7.7

Reclassification adjustments, tax expense (benefit)

(1.2)

(18.7)

(1.2)

(18.7)

(2.7)

(0.2)

(4.8)

(0.9)

Other comprehensive income (loss) recognized during the period, tax expense (benefit)

5.0

(8.9)

7.3

2.1

Foreign currency translation

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other comprehensive income (loss) recognized during the period

(530.0)

(213.6)

(523.3)

(306.5)

6.9

(217.0)

0.2

(124.1)

Other comprehensive income (loss) recognized during the period, tax expense (benefit)

(523.1)

(430.6)

(523.1)

(430.6)

0.0

Total accumulated other comprehensive loss

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other Income and Expenses [Abstract]

$ (698.2)

$ (627.7)

$ (698.2)

$ (627.7)

[1]	Unaudited.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 29, 2019	Dec. 31, 2018
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	64,563,291	64,563,291
Common stock held in treasury, shares (in shares)	3,326,172	1,623,678
Series A convertible preferred stock
Preferred stock, shares authorized (in shares)	10,896,250	10,896,250

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Cash Flows from Operating Activities:
Consolidated net income	$ 448.1	$ 729.2
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	251.9	242.0
Net change in recoverable customer engineering, development and tooling	(59.5)	(3.8)
Loss on extinguishment of debt	(10.6)	0.0
Net change in working capital items (see below)	(192.8)	(190.2)
Other, net	(2.4)	(23.5)
Net cash provided by operating activities	455.9	753.7
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(259.3)	(332.2)
Acquisition, net of acquired cash	(320.9)	0.0
Other, net	0.1	(25.1)
Net cash used in investing activities	(580.1)	(357.3)
Cash Flows from Financing Activities:
Credit agreement repayments	(3.1)	(3.1)
Short-term borrowings, net	4.7	0.0
Proceeds from the issuance of senior notes	693.3	0.0
Repurchase of senior notes	(333.7)	0.0
Payment of debt issuance and other financing costs	(6.3)	0.0
Repurchase of common stock	(276.5)	(284.7)
Dividends paid to Lear Corporation stockholders	(95.6)	(96.7)
Dividends paid to noncontrolling interests	(31.2)	(64.3)
Other, net	(56.9)	(58.3)
Net cash used in financing activities	(105.3)	(507.1)
Effect of foreign currency translation	0.6	(22.9)
Net Change in Cash, Cash Equivalents and Restricted Cash	(228.9)	(133.6)
Cash, Cash Equivalents and Restricted Cash as of Beginning of Period	1,519.8	1,500.4
Cash, Cash Equivalents and Restricted Cash as of End of Period	1,290.9	1,366.8
Changes in Working Capital Items:
Accounts receivable	(544.2)	(264.4)
Inventories	(42.3)	(69.2)
Accounts payable	196.3	153.1
Accrued liabilities and other	197.4	(9.7)
Net change in working capital items	(192.8)	(190.2)
Supplementary Disclosure:
Cash paid for interest	50.8	50.2
Cash paid for income taxes, net of refunds received	$ 109.2	$ 159.0

Other (Income) Expense, Net (Tables)

6 Months Ended

Jun. 29, 2019

Summary of Other (Income) Expense, Net

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



	Three Months Ended						Six Months Ended
	June 29, 2019			June 30, 2018			June 29, 2019			June 30, 2018
Other expense	$	16.7		$	6.5		$	27.3		$	10.8
Other income	(2.9		)	(2.8		)	(9.1		)	(12.7		)
Other (income) expense, net	$	13.8		$	3.7		$	18.2		$	(1.9	)

Financial Instruments

6 Months Ended

Jun. 29, 2019

Fair Value Disclosures [Abstract]

Financial Instruments

Debt Instruments

The carrying values of the Notes vary from their fair values. The fair values of the Notes were determined by reference to the quoted market prices of these securities (Level 2 input based on the GAAP fair value hierarchy). The carrying value of the Company’s Term Loan Facility approximates its fair value (Level 3 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):



	June 29, 2019		December 31, 2018
Estimated aggregate fair value⁽¹⁾	$	2,353.2	$	1,921.6
Aggregate carrying value ^{(1) (2)}	2,339.0		1,967.2

⁽¹⁾ Term Loan Facility and Notes (excludes "other" debt)

⁽²⁾ Excludes the impact of unamortized original issue discount and debt issuance costs

Cash, Cash Equivalents and Restricted Cash

The Company has on deposit, cash that is legally restricted as to use or withdrawal. A reconciliation of cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets to cash, cash equivalents and restricted cash reported on the condensed consolidated statements of cash flows is shown below (in millions):



	June 29, 2019		June 30, 2018
Balance sheet - cash and cash equivalents	$	1,269.0	$	1,327.9
Restricted cash included in other current assets	15.5		21.2
Restricted cash included in other long-term assets	6.4		17.7
Statement of cash flows - cash, cash equivalents and restricted cash	$	1,290.9	$	1,366.8

Marketable Equity Securities

Marketable equity securities, which the Company accounts for under the fair value option, are included in the accompanying condensed consolidated balance sheets as shown below (in millions):



	June 29, 2019		December 31, 2018
Current assets	$	15.7	$	4.8
Other long-term assets	38.2		42.5
	$	53.9	$	47.3

Unrealized gains and losses arising from changes in the fair value of the marketable equity securities are recognized in the accompanying condensed consolidated statements of comprehensive income as a component of other (income) 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).

Equity Securities Without Readily Determinable Fair Values

Included in other long-term assets in the accompanying condensed consolidated balance sheets as of June 29, 2019 and December 31, 2018, are $20.2 million and $12.7 million, respectively, of investments in equity securities without readily determinable fair values. Such investments are valued at cost, less any impairment, and adjusted for changes resulting from observable, orderly transactions for identical or similar securities.

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, the change in the fair value of the derivative is recorded in earnings and reflected in the condensed consolidated statement of comprehensive 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 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 comprehensive 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 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. Changes in the fair value of contracts not designated as hedging instruments are recorded in earnings and reflected in the condensed consolidated statement of comprehensive income as other (income) expense, net. Cash flows attributable to derivatives used to manage foreign currency risks are classified on the same line as the hedged item attributable to the hedged risk in the condensed consolidated statements of cash flows. Cash flows attributable to forward starting interest rate swaps are classified as financing activities in the condensed consolidated statements of cash flows.

The Company formally documents its hedge relationships, including the identification of the hedge instruments and the related hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction. Derivatives are recorded at fair value in other current and long-term assets and other current and long-term liabilities in the consolidated balance sheet. The Company also formally assesses whether a derivative used in a hedge transaction is highly effective in offsetting changes in either the fair value or the cash flows of the hedged item. When it is determined that a hedged transaction is no longer probable to occur, the Company discontinues hedge accounting.

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 Japanese yen, the Philippine peso and the Chinese renminbi.



	June 29, 2019			December 31, 2018
Fair value of foreign currency contracts designated as cash flow hedges:
Other current assets	$	32.3		$	20.6
Other long-term assets	5.6			2.8
Other current liabilities	(3.8		)	(8.4		)
Other long-term liabilities	(0.6		)	(2.0		)
	33.5			13.0
Notional amount	$	1,281.1		$	1,499.0
Outstanding maturities in months, not to exceed	24			24
Fair value of foreign currency contracts not designated as hedging instruments:
Other current assets	$	4.0		$	6.1
Other current liabilities	(8.7		)	(4.8		)
	(4.7		)	1.3
Notional amount	$	1,434.3		$	654.0
Outstanding maturities in months, not to exceed	12			12
Total fair value	$	28.8		$	14.3
Total notional amount	$	2,715.4		$	2,153.0

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

Interest Rate Swaps

Included in other current liabilities in the accompanying condensed consolidated balance sheet as of December 31, 2018, is $14.7 million related to the estimated fair value of forward starting interest rate swap contracts with a notional amount of $500.0 million.

Accumulated Other Comprehensive Loss - Derivative Instruments and Hedging



	Three Months Ended						Six Months Ended
	June 29, 2019			June 30, 2018			June 29, 2019			June 30, 2018
Gains (losses) recognized in accumulated other comprehensive loss:
Foreign currency contracts	$	17.6		$	(38.1	)	$	42.4		$	12.7
Interest rate swap contracts	5.2			(2.9		)	(9.5		)	(2.9		)
	22.8			(41.0		)	32.9			9.8
(Gains) losses reclassified from accumulated other comprehensive loss to:
Net sales	0.5			1.1			1.0			2.8
Cost of sales	(13.2		)	(2.4		)	(22.9		)	(7.2		)
Interest expense	0.3			—			0.3			—
	(12.4		)	(1.3		)	(21.6		)	(4.4		)
Comprehensive income (loss)	$	10.4		$	(42.3	)	$	11.3		$	5.4

As of June 29, 2019 and December 31, 2018, pretax net gains (losses) of approximately $9.6 million and ($1.7) 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, net gains (losses) expected to be reclassified into earnings are shown below (in millions):



Net gains related to foreign currency contracts	$	28.5
Net losses related to interest rate swap contracts	(2.3		)
Total	$	26.2

Such gains and losses will be reclassified at the time that the underlying hedged transactions are realized.

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



	June 29, 2019
	Frequency	Asset (Liability)		Valuation Technique	Level 1		Level 2		Level 3
Foreign currency contracts, net	Recurring	$	28.8	Market/ Income	$	—	$	28.8	$	—
Marketable equity securities	Recurring	$	53.9	Market	$	53.9	$	—	$	—



	December 31, 2018
	Frequency	Asset (Liability)			Valuation Technique	Level 1		Level 2			Level 3
Foreign currency contracts, net	Recurring	$	14.3		Market/ Income	$	—	$	14.3		$	—
Interest rate swap contracts	Recurring	$	(14.7	)	Market/ Income	$	—	$	(14.7	)	$	—
Marketable equity securities	Recurring	$	47.3		Market	$	47.3	$	—		$	—

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 June 29, 2019 and December 31, 2018, 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 2019.

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 acquisition of Xevo, Level 3 fair value estimates of $122.2 million related to intangible assets are recorded in the accompanying condensed consolidated balance sheet as of June 29, 2019. The estimated fair values of these assets were based on third-party valuations and management's estimates, generally utilizing the income and cost approaches.

For further information related to assets and liabilities measured at fair value on a non-recurring basis, see Note 2, "Acquisition."

As of June 29, 2019, there were no additional significant assets or liabilities measured at fair value on a non-recurring basis.

Goodwill (Tables)

6 Months Ended

Jun. 29, 2019

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 six months ended June 29, 2019, is shown below (in millions):



	Seating			E-Systems			Total
Balance at January 1, 2019	$	1,244.3		$	161.0		$	1,405.3
Acquisition	—			197.5			197.5
Foreign currency translation and other	(2.4		)	(0.2		)	(2.6		)
Balance at June 29, 2019	$	1,241.9		$	358.3		$	1,600.2

Pension and Other Postretirement Benefit Plans

6 Months Ended

Jun. 29, 2019

Retirement Benefits [Abstract]

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 (Credit) Cost

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



	Three Months Ended												Six Months Ended
	June 29, 2019						June 30, 2018						June 29, 2019						June 30, 2018
	U.S.			Foreign			U.S.			Foreign			U.S.			Foreign			U.S.			Foreign
Service cost	$	—		$	1.6		$	—		$	1.8		$	—		$	3.2		$	—		$	3.5
Interest cost	4.7			3.6			4.9			3.7			9.3			7.3			9.9			7.5
Expected return on plan assets	(5.1		)	(5.2		)	(6.9		)	(5.8		)	(10.1		)	(10.4		)	(13.8		)	(11.7		)
Amortization of actuarial loss	0.4			1.9			0.5			1.5			0.9			3.9			1.0			3.1
Settlement loss	—			—			—			—			0.1			—			0.2			—
Net periodic benefit (credit) cost	$	—		$	1.9		$	(1.5	)	$	1.2		$	0.2		$	4.0		$	(2.7	)	$	2.4

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



	Three Months Ended												Six Months Ended
	June 29, 2019						June 30, 2018						June 29, 2019						June 30, 2018
	U.S.			Foreign			U.S.			Foreign			U.S.			Foreign			U.S.			Foreign
Service cost	$	—		$	—		$	—		$	0.1		$	—		$	0.1		$	—		$	0.2
Interest cost	0.6			0.4			0.5			0.3			1.1			0.7			1.0			0.7
Amortization of actuarial (gain) loss	(0.5		)	—			(0.5		)	0.1			(1.1		)	—			(1.1		)	0.1
Amortization of prior service credit	(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.2		)
Net periodic benefit (credit) cost	$	—		$	0.3		$	(0.1	)	$	0.4		$	(0.1	)	$	0.7		$	(0.2	)	$	0.8

Contributions

In the six months ended June 29, 2019, employer contributions to the Company’s domestic and foreign defined benefit pension plans were $5.9 million.

The Company expects contributions to its domestic and foreign defined benefit pension plans to be approximately $5 million to $10 million in 2019. 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.

Accounting Pronouncements	6 Months Ended
Accounting Pronouncements	Jun. 29, 2019
Accounting Changes and Error Corrections [Abstract]
Accounting Pronouncements	Accounting Pronouncements The Company considers the applicability and impact of all ASUs issued by the Financial Accounting Standards Board ("FASB"). Leases In February 2016, the Financial Accounting Standards Board issued ASU 2016-02, "Leases," which requires lessees to record right-of-use assets and corresponding liabilities on the balance sheet, as well as disclose key information regarding leasing arrangements. On January 1, 2019, the Company adopted the standard by applying the modified retrospective method without the restatement of comparative financial information, as permitted by the transition guidance. See Note 9, "Leases." Tax Effects from Accumulated Other Comprehensive Income Effective January 1, 2019, ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" allows for the reclassification of "stranded" tax effects as a result of the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. The Company elected not to reclassify such amounts. The Company reclassifies taxes from accumulated other comprehensive loss to earnings as the items to which the tax effects relate are similarly reclassified. The Company considered the ASUs summarized below, effective after 2019: Measurement of Credit Losses on Financial Instruments Effective January 1, 2020, the standard changes the impairment model for most financial instruments to a current expected credit loss model. The guidance applies to all financial assets such as loans, accounts receivable (including long-term receivables), contract assets, net investments in sales-type and direct financing leases, held-to-maturity securities and certain financial guarantees. The new model will generally result in earlier recognition of credit losses. The Company does not expect the adoption of this standard to significantly impact the Company's consolidated financial statements. Simplifying the Test for Goodwill Impairment Effective January 1, 2020, 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 (i.e., "Step 2" under current guidance).

Leases

6 Months Ended

Jun. 29, 2019

Leases [Abstract]

Leases

On January 1, 2019, the Company adopted Accounting Standards Update ("ASU") 2016-02, "Leases," which requires lessees to record right-of-use assets and corresponding liabilities on the balance sheet, as well as disclose key information regarding leasing arrangements. Adoption of the standard resulted in the recognition of right-of-use assets of $438.1 million and related lease obligations of $445.8 million as of January 1, 2019. The standard did not have a significant impact on the Company's operating results or cash flows.

Transition

As permitted by the transition guidance, the Company adopted the standard by applying the modified retrospective method without the restatement of comparative periods. Accordingly, the Company has provided disclosures required by prior lease guidance for comparative periods.

The Company elected the package of practical expedients, which permits a lessee to not reassess under the new standard its prior conclusions regarding lease identification, lease classification and initial direct costs. The Company did not elect the practical expedient which permits the use of hindsight when determining the lease term and assessing right-of-use assets for impairment.

As permitted by the transition guidance, the Company used the remaining lease term as of the date of adoption of the standard to estimate discount rates. As permitted by the standard, the Company elected, for all asset classes, the short-term lease exemption. A short-term lease is a lease that, at the commencement date, has a term of twelve months or less and does not include an option to purchase the underlying asset.

Accounting Policy

The Company determines if an arrangement contains a lease at inception. The Company elected the practical expedient, for all asset classes, to account for each lease component of a contract and its associated non-lease components as a single lease component, rather than allocating a standalone value to each component of a lease.

For purposes of calculating operating lease obligations under the standard, the Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. The Company's leases do not contain material residual value guarantees or material restrictive covenants.

Operating lease expense is recognized on a straight-line basis over the lease terms.

Discount Rate

The discount rate used to measure a lease obligation should be the rate implicit in the lease; however, the Company’s operating leases generally do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate is an entity-specific rate which represents the rate of interest a lessee would pay to borrow on a collateralized basis over a similar term with similar payments.

Right-of-Use Assets and Lease Obligations

The Company has operating leases for production, office and warehouse facilities, manufacturing and office equipment and vehicles. Operating lease assets and obligations included in the accompanying condensed consolidated balance sheet are shown below (in millions):



	June 29, 2019
Right-of-use assets under operating leases:
Other long-term assets	$	447.6
Lease obligations under operating leases:
Accrued liabilities	$	108.3
Other long-term liabilities	347.2
	$	455.5

Maturities of lease obligations as of June 29, 2019, are shown below (in millions):



	June 29, 2019
2019⁽¹⁾	$	65.7
2020	110.4
2021	85.8
2022	63.0
2023	46.0
Thereafter	144.2
Total undiscounted cash flows	515.1
Less: Imputed interest	(59.6		)
Lease obligations under operating leases	$	455.5

⁽¹⁾For the remaining six months

The Company has entered into two lease contracts, of which, one is expected to commence in the third quarter of 2019 and the other is expected to commence in the third quarter of 2021. The aggregate related right-of-use assets and corresponding lease obligations are expected to be approximately $110 million. Both contracts have a lease term of approximately ten years.

Cash flow information related to operating leases is shown below (in millions):



	Six Months Ended
	June 29, 2019
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	66.1
Operating cash flows:
Cash paid related to operating lease obligations	$	66.5

Lease expense included in the accompanying condensed consolidated statements of comprehensive income is shown below (in millions):



	Three Months Ended		Six Months Ended
	June 29, 2019		June 29, 2019
Operating lease expense	$	35.0	$	67.5
Short-term lease expense	4.6		9.0
Variable lease expense	1.2		1.8
Total lease expense	$	40.8	$	78.3

The Company's short-term lease expense excludes leases with a duration of one month or less, as permitted by the standard.

Variable lease expense includes payments based on performance or usage, as well as changes to index and rate-based lease payments. Additionally, the Company evaluated its supply contracts with its customers and concluded that variable lease expense in these arrangements is not material.

In the three and six months ended June 30, 2018, the Company recorded rent expense of $39.9 million and $81.3 million, respectively.

The weighted average lease term and discount rate for operating leases are shown below:



	June 29, 2019
Weighted average remaining lease term (in years)	6.6
Weighted average discount rate	3.8	%

The Company has entered into certain finance lease agreements which are not material to the condensed consolidated financial statements. See Note 8, "Debt," to the condensed consolidated financial statements included in this Report.

Leases

Transition

Accounting Policy

Operating lease expense is recognized on a straight-line basis over the lease terms.

Discount Rate

Right-of-Use Assets and Lease Obligations



	June 29, 2019
Right-of-use assets under operating leases:
Other long-term assets	$	447.6
Lease obligations under operating leases:
Accrued liabilities	$	108.3
Other long-term liabilities	347.2
	$	455.5

Maturities of lease obligations as of June 29, 2019, are shown below (in millions):



	June 29, 2019
2019⁽¹⁾	$	65.7
2020	110.4
2021	85.8
2022	63.0
2023	46.0
Thereafter	144.2
Total undiscounted cash flows	515.1
Less: Imputed interest	(59.6		)
Lease obligations under operating leases	$	455.5

⁽¹⁾For the remaining six months

Cash flow information related to operating leases is shown below (in millions):



	Six Months Ended
	June 29, 2019
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	66.1
Operating cash flows:
Cash paid related to operating lease obligations	$	66.5

Lease expense included in the accompanying condensed consolidated statements of comprehensive income is shown below (in millions):



	Three Months Ended		Six Months Ended
	June 29, 2019		June 29, 2019
Operating lease expense	$	35.0	$	67.5
Short-term lease expense	4.6		9.0
Variable lease expense	1.2		1.8
Total lease expense	$	40.8	$	78.3

The Company's short-term lease expense excludes leases with a duration of one month or less, as permitted by the standard.

In the three and six months ended June 30, 2018, the Company recorded rent expense of $39.9 million and $81.3 million, respectively.

The weighted average lease term and discount rate for operating leases are shown below:



	June 29, 2019
Weighted average remaining lease term (in years)	6.6
Weighted average discount rate	3.8	%

Comprehensive Income and Equity

6 Months Ended

Jun. 29, 2019

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.

Accumulated Other Comprehensive Loss

A summary of changes, net of tax, in accumulated other comprehensive loss for the three and six months ended June 29, 2019, is shown below (in millions):



	Three Months Ended			Six Months Ended
	June 29, 2019			June 29, 2019
Defined benefit plans:
Balance at beginning of period	$	(172.5	)	$	(172.8	)
Reclassification adjustments (net of tax expense of $— million and $0.4 million in the three and six months ended June 29, 2019, respectively)	1.6			3.2
Other comprehensive loss recognized during the period (net of tax impact of $— million in the three and six months ended June 29, 2019)	(3.0		)	(4.3		)
Balance at end of period	$	(173.9	)	$	(173.9	)
Derivative instruments and hedging:
Balance at beginning of period	$	(9.0	)	$	(9.7	)
Reclassification adjustments (net of tax benefit of $2.7 million and $4.8 million in the three and six months ended June 29, 2019, respectively)	(10.0		)	(17.1		)
Other comprehensive income recognized during the period (net of tax expense of $5.0 million and $7.3 million in the three and six months ended June 29, 2019, respectively)	17.8			25.6
Balance at end of period	$	(1.2	)	$	(1.2	)
Foreign currency translation:
Balance at beginning of period	$	(530.0	)	$	(523.3	)
Other comprehensive income recognized during the period (net of tax impact of $— million in the three and six months ended June 29, 2019)	6.9			0.2
Balance at end of period	$	(523.1	)	$	(523.1	)

Total accumulated other comprehensive loss	$	(698.2	)	$	(698.2	)

In the three months ended June 29, 2019, foreign currency translation adjustments are primarily related to the weakening of the Chinese renminbi relative to the U.S. dollar. In the six months ended June 29, 2019, foreign currency translation adjustments are primarily related to the weakening of the Euro relative to the U.S. dollar and include pretax gains of $0.1 million related to intercompany transactions for which settlement is not planned or anticipated in the foreseeable future.

A summary of changes, net of tax, in accumulated other comprehensive loss for the three and six months ended June 30, 2018, is shown below (in millions):



	Three Months Ended			Six Months Ended
	June 30, 2018			June 30, 2018
Defined benefit plans:
Balance at beginning of period	$	(181.7	)	$	(184.0	)
Reclassification adjustments (net of tax expense of $0.3 million and $0.6 million in the three and six months ended June 30, 2018, respectively)	1.1			2.4
Other comprehensive income recognized during the period (net of tax impact of $— million in the three and six months ended June 30, 2018)	2.2			3.2
Balance at end of period	$	(178.4	)	$	(178.4	)
Derivative instruments and hedging:
Balance at beginning of period	$	14.5		$	(22.9	)
Reclassification adjustments (net of tax benefit of $0.2 million and $0.9 million in the three and six months ended June 30, 2018, respectively)	(1.1		)	(3.5		)
Other comprehensive income (loss) recognized during the period (net of tax (benefit) expense of ($8.9) million and $2.1 million in the three and six months ended June 30, 2018, respectively)	(32.1		)	7.7
Balance at end of period	$	(18.7	)	$	(18.7	)
Foreign currency translation:
Balance at beginning of period	$	(213.6	)	$	(306.5	)
Other comprehensive loss recognized during the period (net of tax impact of $— million in the three and six months ended June 30, 2018)	(217.0		)	(124.1		)
Balance at end of period	$	(430.6	)	$	(430.6	)

Total accumulated other comprehensive loss	$	(627.7	)	$	(627.7	)

In the three and six months ended June 30, 2018, foreign currency translation adjustments are primarily related to weakening of the Euro, the Chinese renminbi and the Brazilian real relative to the U.S. dollar and include pretax losses of $0.6 million and $0.9 million, respectively, related to intercompany transactions for which settlement is not planned or anticipated in the foreseeable future.

For further information regarding reclassification adjustments related to the Company's defined benefit plans, see Note 10, "Pension and Other Postretirement Benefit Plans." For further information regarding reclassification adjustments related to the Company's derivative and hedging activities, see Note 18, "Financial Instruments."

Lear Corporation Stockholders’ Equity

Common Stock Share Repurchase Program

On February 7, 2019, the Company's Board of Directors authorized an increase to the existing common stock share repurchase program authorization to $1.5 billion and extended the term of the program to December 31, 2021.

Share repurchases in the first six months of 2019 are shown below (in millions except for shares and per share amounts):



Six Months Ended							As of
June 29, 2019							June 29, 2019
Aggregate Repurchases ⁽¹⁾		Cash paid for Repurchases		Number of Shares	Average Price per Share ⁽²⁾		Remaining Purchase Authorization
$	279.5	$	276.5	1,987,246	$	140.65	$	1,303.5

⁽¹⁾Includes $83.0 million of repurchases made prior to the increased authorization

⁽²⁾ Excludes commissions

Since the first quarter of 2011, the Company's Board of Directors has authorized $5.8 billion in share repurchases under the common stock share repurchase program. As of the end of the second quarter of 2019, the Company has repurchased, in aggregate, $4.5 billion of its outstanding common stock, at an average price of $89.31 per share, excluding commissions and related fees.

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 to shares repurchased under the Company’s common stock share repurchase program described above, the Company classified shares withheld from the settlement of the Company’s restricted stock unit and performance share awards to cover tax withholding requirements as common stock held in treasury in the accompanying condensed consolidated balance sheets as of June 29, 2019 and December 31, 2018.

Quarterly Dividend

In the first half of 2019 and 2018, the Company’s Board of Directors declared quarterly cash dividends of $0.75 and $0.70 per share of common stock, respectively. Dividends declared and paid are shown below (in millions):



	Six Months Ended
	June 29, 2019		June 30, 2018
Dividends declared	$	94.6	$	94.7
Dividends paid	95.6		96.7

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.

Redeemable Noncontrolling Interest

In accordance with GAAP, the Company records redeemable noncontrolling interests at the greater of (1) the initial carrying amount adjusted for the noncontrolling interest holder’s share of total comprehensive income or loss and dividends ("noncontrolling interest carrying value") or (2) the redemption value as of and based on conditions existing as of the reporting date. Required redeemable noncontrolling interest adjustments are recorded as an increase to redeemable noncontrolling interests, with an offsetting adjustment to retained earnings. The redeemable noncontrolling interest is classified in mezzanine equity in the accompanying condensed consolidated balance sheets as of June 29, 2019 and December 31, 2018.

For further information related to the redeemable noncontrolling interest adjustment, see Note 14, "Net Income Per Share Attributable to Lear," as well as Note 5, "Investments in Affiliates and Other Related Party Transactions," to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

Noncontrolling Interests

In the first six months of 2018, the Company gained control of an affiliate and acquired the outstanding non-controlling interest of another affiliate. For further information related to the affiliate transactions, see Note 5, "Investments in Affiliates and Other Related Party Transactions," to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018.

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Income Statement [Abstract]
Net sales	$ 5,007.6	$ 5,580.8	$ 10,167.7	$ 11,314.5
Cost of sales	4,529.4	4,942.7	9,216.3	10,045.0
Selling, general and administrative expenses	157.1	156.8	305.4	312.2
Amortization of intangible assets	15.9	13.1	28.6	26.2
Interest expense	24.5	20.9	45.4	41.6
Other (income) expense, net	13.8	3.7	18.2	(1.9)
Consolidated income before provision for income taxes and equity in net income of affiliates	266.9	443.6	553.8	891.4
Provision for income taxes	73.3	97.7	116.4	175.4
Equity in net income of affiliates	(8.4)	(9.1)	(10.7)	(13.2)
Consolidated net income	202.0	355.0	448.1	729.2
Less: Net income attributable to noncontrolling interests	19.2	23.6	36.4	44.1
Net income attributable to Lear	$ 182.8	$ 331.4	$ 411.7	$ 685.1
Basic net income per share available to Lear common stockholders (Note 14) (in dollars per share)	$ 2.92	$ 4.86	$ 6.68	$ 10.05
Diluted net income per share available to Lear common stockholders (Note 14) (in dollars per share)	2.92	4.83	6.66	9.99
Cash dividends declared per share (in dollars per share)	$ 0.75	$ 0.70	$ 1.50	$ 1.40
Average common shares outstanding (in shares)	62,191,022	66,320,362	62,501,419	66,701,228
Average diluted shares outstanding (in shares)	62,354,334	66,708,040	62,734,494	67,132,886
Consolidated comprehensive income (Condensed Consolidated Statements of Equity)	$ 208.4	$ 89.4	$ 456.6	$ 609.4
Less: Comprehensive income attributable to noncontrolling interests	12.3	4.9	37.3	38.6
Comprehensive income attributable to Lear	$ 196.1	$ 84.5	$ 419.3	$ 570.8

Debt - Senior Notes (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
Debt - Senior Notes (Details) - USD ($)	May 31, 2019	Jun. 29, 2019	Jun. 29, 2019	Jun. 30, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 10,600,000	$ 10,600,000	$ 0
Payments of related issuance costs			$ 6,300,000	$ 0
Senior notes
Debt Instrument [Line Items]
Proceeds from offering	$ 693,300,000
Senior notes \| 2029 Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 375,000,000.0
Stated coupon rate	4.25%	4.25%	4.25%
Redemption price	99.691%
Yield to maturity	4.288%	4.288%	4.288%
Long-term debt, gross		$ 375,000,000.0	$ 375,000,000.0
Loss on extinguishment of debt		10,600,000	10,600,000
Payments of related issuance costs		$ 6,300,000	$ 6,300,000
Senior notes \| 2049 Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 325,000,000.0
Stated coupon rate	5.25%	5.25%	5.25%
Redemption price	98.32%
Yield to maturity	5.363%	5.363%	5.363%
Long-term debt, gross		$ 325,000,000.0	$ 325,000,000.0
Senior notes \| 2024 Notes
Debt Instrument [Line Items]
Stated coupon rate					5.375%
Redemption price	102.688%
Long-term debt, gross					$ 325,000,000.0

Income Taxes - Narrative (Details) - USD ($)	6 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Jun. 29, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Gain related to gaining control of an affiliate		$ 10,000,000.0
Tax expense on gain		$ 0
U.S. federal statutory income tax rate	21.00%	21.00%

Revenue Recognition - Summary of Revenue by Reportable Operating Segment and Geography (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Revenues from external customers	$ 5,007.6	$ 5,580.8	$ 10,167.7	$ 11,314.5
North America
Disaggregation of Revenue [Line Items]
Revenues from external customers	1,872.4	1,983.8	3,748.5	4,038.9
Europe and Africa
Disaggregation of Revenue [Line Items]
Revenues from external customers	1,999.4	2,378.5	4,170.8	4,821.7
Asia
Disaggregation of Revenue [Line Items]
Revenues from external customers	965.8	1,019.5	1,921.5	2,063.6
South America
Disaggregation of Revenue [Line Items]
Revenues from external customers	170.0	199.0	326.9	390.3
Seating
Disaggregation of Revenue [Line Items]
Revenues from external customers	3,839.4	4,274.7	7,753.1	8,604.6
Seating \| North America
Disaggregation of Revenue [Line Items]
Revenues from external customers	1,597.9	1,711.1	3,189.0	3,451.2
Seating \| Europe and Africa
Disaggregation of Revenue [Line Items]
Revenues from external customers	1,461.5	1,738.1	3,015.8	3,490.3
Seating \| Asia
Disaggregation of Revenue [Line Items]
Revenues from external customers	659.2	668.4	1,310.6	1,354.5
Seating \| South America
Disaggregation of Revenue [Line Items]
Revenues from external customers	120.8	157.1	237.7	308.6
E-Systems
Disaggregation of Revenue [Line Items]
Revenues from external customers	1,168.2	1,306.1	2,414.6	2,709.9
E-Systems \| North America
Disaggregation of Revenue [Line Items]
Revenues from external customers	274.5	272.7	559.5	587.7
E-Systems \| Europe and Africa
Disaggregation of Revenue [Line Items]
Revenues from external customers	537.9	640.4	1,155.0	1,331.4
E-Systems \| Asia
Disaggregation of Revenue [Line Items]
Revenues from external customers	306.6	351.1	610.9	709.1
E-Systems \| South America
Disaggregation of Revenue [Line Items]
Revenues from external customers	$ 49.2	$ 41.9	$ 89.2	$ 81.7

Other (Income) Expense, Net

6 Months Ended

Jun. 29, 2019

Other Income and Expenses [Abstract]

Other (Income) Expense, Net

Other (income) expense, net includes non-income related taxes, foreign exchange gains and losses, gains and losses related to certain derivative instruments and hedging activities, losses on the extinguishment of debt, gains and losses on the disposal of fixed assets, the non-service cost components of net periodic benefit cost and other miscellaneous income and expense.

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



	Three Months Ended						Six Months Ended
	June 29, 2019			June 30, 2018			June 29, 2019			June 30, 2018
Other expense	$	16.7		$	6.5		$	27.3		$	10.8
Other income	(2.9		)	(2.8		)	(9.1		)	(12.7		)
Other (income) expense, net	$	13.8		$	3.7		$	18.2		$	(1.9	)

In the three and six months ended June 29, 2019, other expense includes net foreign currency transaction losses of $1.4 million and $7.2 million, respectively. In the three and six months ended June 29, 2019, other expense also includes a loss of $10.6 million on the extinguishment of debt (Note 8, "Debt").

In the three and six months ended June 30, 2018, other expense includes net foreign currency transaction losses $1.6 million and $2.4 million, respectively. In the six months ended June 30, 2018, other income includes a gain of $10.0 million related to gaining control of an affiliate. For further information related to obtaining control of an affiliate, see Note 5, "Investments in Affiliates and Other Related Party Transactions," to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018.

Debt - Credit Agreement Interest Rate Ranges (Details)	6 Months Ended
Debt - Credit Agreement Interest Rate Ranges (Details)	Jun. 29, 2019
Revolving Credit Facility \| Credit Agreement — Revolving Credit Facility \| Eurocurrency Rate
Debt Instrument [Line Items]
Interest rate as of period end	1.10%
Revolving Credit Facility \| Credit Agreement — Revolving Credit Facility \| Eurocurrency Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility \| Credit Agreement — Revolving Credit Facility \| Eurocurrency Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Revolving Credit Facility \| Credit Agreement — Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Interest rate as of period end	0.10%
Revolving Credit Facility \| Credit Agreement — Revolving Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Revolving Credit Facility \| Credit Agreement — Revolving Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.60%
Term Loan Facility \| Credit Agreement — Term Loan Facility \| Eurocurrency Rate
Debt Instrument [Line Items]
Interest rate as of period end	1.25%
Term Loan Facility \| Credit Agreement — Term Loan Facility \| Eurocurrency Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Term Loan Facility \| Credit Agreement — Term Loan Facility \| Eurocurrency Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.90%
Term Loan Facility \| Credit Agreement — Term Loan Facility \| Base Rate
Debt Instrument [Line Items]
Interest rate as of period end	0.25%
Term Loan Facility \| Credit Agreement — Term Loan Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.125%
Term Loan Facility \| Credit Agreement — Term Loan Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.90%

Acquisition (Tables)

6 Months Ended

Jun. 29, 2019

Business Combinations [Abstract]

Purchase Price and Preliminary Allocation

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



Net purchase price	$	320.9

Other assets purchased and liabilities assumed, net	$	1.2
Goodwill	197.5
Intangible assets	122.2
Preliminary purchase price allocation	$	320.9

Acquisition

6 Months Ended

Jun. 29, 2019

Business Combinations [Abstract]

On April 17, 2019, the Company completed the acquisition of Xevo Inc. (“Xevo”), a Seattle-based, global leader in connected car software, by acquiring all of Xevo's outstanding shares for $320.9 million, net of cash acquired. Xevo is a supplier of software solutions for the cloud, cars and mobile devices that are deployed in millions of vehicles worldwide with annual sales of approximately $75 million in 2018.

The acquisition of Xevo has been accounted for as a business combination, and accordingly, the assets acquired and liabilities assumed are included in the accompanying condensed consolidated balance sheet as of June 29, 2019. The operating results and cash flows of Xevo are included in the accompanying condensed consolidated financial statements from the date of acquisition and in the Company's E-Systems segment.

The net purchase price of $320.9 million is subject to adjustment and is net of cash acquired. In addition, the Company incurred transaction costs of $1.5 million in the six months ended June 29, 2019, which have been expensed as incurred and are recorded in selling, general and administrative expenses.

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



Net purchase price	$	320.9

Other assets purchased and liabilities assumed, net	$	1.2
Goodwill	197.5
Intangible assets	122.2
Preliminary purchase price allocation	$	320.9

Goodwill recognized in this transaction is primarily attributable to expected synergies related to future growth and commercialization opportunities and is not deductible for tax purposes.

Intangible assets consist primarily of provisional amounts recognized for the fair value of licensing agreements and developed technology and are based on independent appraisals. Licensing agreements represent the fair values of the underlying licensing agreements with Xevo customers with estimated useful lives of approximately five years. Developed technology represents the fair value of Xevo's technology with an estimated useful life of approximately nine 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 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 related to acquired assets measured at fair value, see Note 18 "Financial Instruments."

Inventories

6 Months Ended

Jun. 29, 2019

Inventory Disclosure [Abstract]

Restructuring and Related Activities [Abstract]

Inventories are stated at the lower of cost or net realizable value. 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):



	June 29, 2019			December 31, 2018
Raw materials	$	912.6		$	859.4
Work-in-process	111.3			104.6
Finished goods	336.9			346.0
Reserves	(120.5		)	(113.2		)
Inventories	$	1,240.3		$	1,196.8

Debt - Credit Agreement (Details) - USD ($)	6 Months Ended
Debt - Credit Agreement (Details) - USD ($)	Jun. 29, 2019	Jun. 30, 2018	Dec. 31, 2018	Aug. 08, 2017
Debt Instrument [Line Items]
Repayments of amounts outstanding	$ 3,100,000	$ 3,100,000
Credit Agreement — Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Facility fee	0.125%
Credit Agreement — Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Facility fee	0.30%
Credit agreement \| Credit Agreement — Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 1,750,000,000
Borrowings outstanding under Revolving Credit Facility	$ 0		$ 0
Credit agreement \| Credit Agreement — Term Loan Facility \| Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount				$ 250,000,000.0
Long-term debt, gross	239,000,000.0		$ 242,200,000
Repayments of amounts outstanding	$ 3,100,000

Financial Instruments - Net Gains (Losses) Expected to be Reclassified into Earnings (Details) $ in Millions	6 Months Ended
	Jun. 29, 2019 USD ($)
Fair Value Disclosures [Abstract]
Net gains related to foreign currency contracts	$ 28.5
Net losses related to interest rate swap contracts	(2.3)
Total	$ 26.2

Acquisition - Narrative (Details) - Xevo - USD ($) $ in Millions		6 Months Ended
	Apr. 17, 2019	Jun. 29, 2019
Business Acquisition [Line Items]
Net purchase price	$ 320.9
Annual sales		$ 75.0
Transaction costs		$ 1.5
Licensing agreements
Business Acquisition [Line Items]
Estimated useful life	5 years
Developed technology
Business Acquisition [Line Items]
Estimated useful life	9 years

Restructuring (Tables)

6 Months Ended

Jun. 29, 2019

Summary of Restructuring Activity

A summary of 2019 activity is shown below (in millions):



	Accrual as of		2019		Utilization						Accrual as of
	January 1, 2019		Charges		Cash			Non-cash			June 29, 2019
Employee termination benefits	$	103.3	$	81.4	$	(41.3	)	$	—		$	143.4
Asset impairment charges	—		3.6		—			(3.6		)	—
Contract termination costs	5.4		2.0		(2.6		)	—			4.8
Other related costs	—		4.0		(4.0		)	—			—
Total	$	108.7	$	91.0	$	(47.9	)	$	(3.6	)	$	148.2

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

Jun. 29, 2019

May 31, 2019

Dec. 31, 2018

Long-Term Debt and Other

$ 2,342.8

$ 1,972.3

(17.1)

(13.8)

Long-Term Debt and Other, Net

(10.9)

(4.6)

2,314.8

1,953.9

Less — Current portion

(14.7)

^[1]

(12.9)

Long-term debt

$ 2,300.1

^[1]

$ 1,941.0

Credit agreement | Term Loan Facility | Credit Agreement — Term Loan Facility

3.62%

3.92%

$ 239.0

$ 242.2

(1.2)

(1.5)

0.0

Senior notes | 5.375% Senior Notes due 2024 (the 2024 Notes)

$ 237.8

$ 240.7

5.375%

$ 325.0

(2.0)

0.0

Senior notes | 5.25% Senior Notes due 2025 (the 2025 Notes)

$ 323.0

5.25%

$ 650.0

(4.6)

(5.0)

0.0

Senior notes | 3.8% Senior Notes due 2027 (the 2027 Notes)

$ 645.4

$ 645.0

3.80%

$ 750.0

(5.0)

(5.3)

(4.3)

(4.6)

Weighted Average Interest Rate

$ 740.7

$ 740.1

3.885%

Senior notes | 4.25% Senior Notes due 2029 (the 2029 Notes)

4.25%

$ 375.0

(3.0)

(1.2)

Weighted Average Interest Rate

$ 370.8

4.288%

Senior notes | 5.25% Senior Notes due 2049 (the 2049 Notes)

5.25%

$ 325.0

(3.3)

(5.4)

Weighted Average Interest Rate

$ 316.3

5.363%

$ 3.8

$ 5.1

[1]	Unaudited.

Basis of Presentation (Policies)

6 Months Ended

Jun. 29, 2019

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 June 29, 2019.

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. In addition to restructuring costs, the Company 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 GAAP. Generally, charges are recorded as restructuring actions are approved and/or implemented.

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.

Property, Plant and Equipment

Impairment of Long-Lived Assets