0000842162-22-000020 | 10-Q | XBRL Viewer

1,642.1

1,571.9

Property, plant and equipment, net

888.3

833.5

Total current assets

6,928.5

6,765.2

LONG-TERM ASSETS:

2,826.7

2,720.1

1,675.3

1,657.9

2,296.8

2,209.2

Total long-term assets

6,798.8

6,587.2

Accounts payable and drafts

13,727.3

13,352.4

CURRENT LIABILITIES:

3,209.8

2,952.4

Accrued liabilities

1,876.5

1,806.7

Current portion of long-term debt

0.8

Total current liabilities

5,087.1

4,759.9

LONG-TERM LIABILITIES:

Long-term debt

2,595.8

2,595.2

Total long-term liabilities

1,218.5

1,188.9

3,814.3

3,784.1

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; 64,571,405 shares issued as of April 2, 2022 and December 31, 2021

0.6

Additional paid-in capital

1,000.4

1,019.4

Common stock held in treasury, 4,805,135 and 4,945,847 shares as of April 2, 2022 and December 31, 2021, respectively, at cost

(663.8)

(679.2)

Retained earnings

5,075.4

5,072.8

Accumulated other comprehensive loss

(762.6)

(770.2)

Lear Corporation stockholders' equity

4,650.0

4,643.4

Noncontrolling interests

175.9

165.0

Equity

4,825.9

4,808.4

Total liabilities and equity

$ 13,727.3

$ 13,352.4

[1]	Unaudited.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 02, 2022	Dec. 31, 2021
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)	64,571,405	64,571,405
Common stock held in treasury (in shares)	4,805,135	4,945,847
Series A convertible preferred stock
Preferred stock, shares authorized (in shares)	10,896,250	10,896,250

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Income Statement [Abstract]
Net sales	$ 5,208.4	$ 5,354.4
Cost of sales	4,886.9	4,861.6
Selling, general and administrative expenses	177.3	168.9
Amortization of intangible assets	15.7	16.5
Interest expense	24.9	22.3
Other expense, net	27.3	6.3
Consolidated income before provision for income taxes and equity in net income of affiliates	76.3	278.8
Provision for income taxes	20.4	58.9
Equity in net income of affiliates	(10.7)	(5.9)
Consolidated net income	66.6	225.8
Less: Net income attributable to noncontrolling interests	17.2	22.1
Net income attributable to Lear	$ 49.4	$ 203.7
Basic net income per share available to Lear common stockholders (in dollars per share)	$ 0.82	$ 3.38
Diluted net income per share available to Lear common stockholders (in dollars per share)	0.82	3.36
Cash dividends declared per share (in dollars per share)	$ 0.77	$ 0.25
Average common shares outstanding (in shares)	59,932,030	60,312,573
Average diluted shares outstanding (in shares)	60,210,979	60,560,859
Consolidated comprehensive income (Condensed Consolidated Statements of Equity)	$ 74.0	$ 139.4
Less: Comprehensive income attributable to noncontrolling interests	17.0	21.0
Comprehensive income attributable to Lear	$ 57.0	$ 118.4

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

Balance at beginning of period at Dec. 31, 2020

$ 4,614.9

$ 0.6

$ 963.6

$ (598.6)

$ 4,806.8

$ (705.1)

$ 4,467.3

$ 147.6

Comprehensive income (loss):

Net income

225.8

203.7

22.1

Other comprehensive income (loss)

(86.4)

(85.3)

(1.1)

Total comprehensive income (loss)

139.4

203.7

(85.3)

118.4

21.0

Stock-based compensation

17.7

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

(8.0)

(17.0)

9.0

(8.0)

Dividends declared to Lear Corporation stockholders

(15.3)

Balance at end of period at Apr. 03, 2021

4,748.7

0.6

964.3

(589.6)

4,995.2

(790.4)

4,580.1

168.6

Balance at beginning of period at Dec. 31, 2021

4,808.4

0.6

1,019.4

(679.2)

5,072.8

(770.2)

4,643.4

165.0

Comprehensive income (loss):

Net income

66.6

49.4

17.2

Other comprehensive income (loss)

7.4

7.6

(0.2)

Total comprehensive income (loss)

74.0

49.4

7.6

57.0

17.0

Stock-based compensation

13.9

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

(17.5)

(32.9)

15.4

(17.5)

Dividends declared to Lear Corporation stockholders

(46.8)

Dividends declared to noncontrolling interest holders

(6.7)

0.0

(6.7)

Change in noncontrolling interests

0.6

Balance at end of period at Apr. 02, 2022

$ 4,825.9

^[1]

$ 0.6

$ 1,000.4

$ (663.8)

$ 5,075.4

$ (762.6)

$ 4,650.0

$ 175.9

[1]	Unaudited.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - shares	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Statement of Stockholders' Equity [Abstract]
Net issuances of shares held in treasury in settlement of stock-based compensation (in shares)	140,712	78,171

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Cash Flows from Operating Activities:
Consolidated net income	$ 66.6	$ 225.8
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	143.4	140.8
Net change in recoverable customer engineering, development and tooling	(36.1)	(24.1)
Net change in working capital items (see below)	38.1	(102.4)
Other, net	8.7	7.4
Net cash provided by operating activities	220.7	247.5
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(130.3)	(112.9)
Acquisition	(184.2)	0.0
Other, net	11.9	(30.0)
Net cash used in investing activities	(302.6)	(142.9)
Cash Flows from Financing Activities:
Term loan repayments	0.0	(4.7)
Dividends paid to Lear Corporation stockholders	(47.4)	(15.7)
Other, net	(23.8)	(9.3)
Net cash used in financing activities	(71.2)	(29.7)
Effect of foreign currency translation	(3.4)	(10.9)
Net Change in Cash, Cash Equivalents and Restricted Cash	(156.5)	64.0
Cash, Cash Equivalents and Restricted Cash as of Beginning of Period	1,321.3	1,314.5
Cash, Cash Equivalents and Restricted Cash as of End of Period	1,164.8	1,378.5
Changes in Working Capital Items:
Accounts receivable	(219.1)	(227.3)
Inventories	(49.0)	(87.4)
Accounts payable	276.9	42.6
Accrued liabilities and other	29.3	169.7
Net change in working capital items	38.1	(102.4)
Supplementary Disclosure:
Cash paid for interest	9.6	14.6
Cash paid for income taxes, net of refunds received	$ 49.9	$ 31.0

Basis of Presentation	3 Months Ended
Basis of Presentation	Apr. 02, 2022
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.

Current Operating Environment	3 Months Ended
Current Operating Environment	Apr. 02, 2022
Unusual or Infrequent Items, or Both [Abstract]
Current Operating Environment	Current Operating Environment Due to the overall global economic conditions in 2020, largely as a result of the COVID-19 pandemic, the automotive industry experienced a decline in global customer sales and production volumes. Production disruptions continued in 2021 and are continuing in 2022, again largely due to the ongoing impact of the COVID-19 pandemic, particularly through supply shortages and, to a lesser extent, the resurgence of the virus in certain regions, as well as the Russia-Ukraine conflict. The most significant supply shortage relates to semiconductor chips, which is impacting global vehicle production and resulting in reductions and cancellations of planned production. In addition, the Company is experiencing increased costs related to labor shortages and inefficiencies and ongoing costs related to personal protective equipment, all of which are likely to continue for a period of time. Increases in certain commodity costs, as well as transportation and logistics costs, are also impacting, and will continue to impact, the Company's operating results for the foreseeable future. Further, a resurgence of the COVID-19 virus or its variants in other regions, including corresponding "stay at home" or similar government orders impacting industry production, could impact the Company's financial results. In March 2022, as the Company's customers began to suspend their Russian operations as a result of Russia's invasion of Ukraine, the Company similarly suspended its Russian operations. Although the Company's net sales and total assets in Russia represent less than 1% of consolidated net sales and total assets, the Russia-Ukraine conflict and sanctions imposed on Russia globally have resulted in economic and supply chain disruptions affecting the overall industry, the ultimate financial impact of which cannot be reasonably estimated. Further, although the Company does not have operations in Ukraine, the Ukrainian operations of certain of the Company's suppliers and suppliers of its customers have been and will continue to be disrupted by the Russia-Ukraine conflict. The accompanying condensed consolidated financial statements reflect estimates and assumptions made by management as of April 2, 2022, and for the three months then ended. Such estimates and assumptions affect, among other things, the Company's goodwill; long-lived asset and indefinite-lived intangible asset valuations; inventory valuations; valuations of deferred income taxes and income tax contingencies; and credit losses related to the Company's financial instruments. Events and circumstances arising after April 2, 2022, including those resulting from the impact of the COVID-19 pandemic, will be reflected in management's estimates and assumptions in future periods.

Acquisition

3 Months Ended

Apr. 02, 2022

Business Combination and Asset Acquisition [Abstract]

Restructuring and Related Activities [Abstract]

On February 28, 2022, the Company completed the acquisition of substantially all of Kongsberg Automotive's Interior Comfort Systems business unit ("Kongsberg ICS"). Kongsberg ICS specializes in comfort seating solutions, including massage, lumber, seat heat and ventilation, with annual sales of approximately $300 million, of which approximately 20% are intercompany.

The acquisition of Kongsberg ICS was 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 April 2, 2022. The operating results and cash flows of Kongsberg ICS are included in the condensed consolidated financial statements from the date of acquisition in the Company's Seating segment.

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


	April 2, 2022
Preliminary purchase price, net of acquired cash	$	184.2

Property, plant and equipment	121.8
Other assets purchased and liabilities assumed, net	28.0
Goodwill	23.3
Intangible assets	11.1
Preliminary purchase price allocation	$	184.2

Goodwill recognized in this transaction is primarily attributable to the assembled workforce and expected synergies related to future growth.

Intangible assets consist of amounts recognized for the fair value of developed technology based on an independent appraisal. It is currently estimated that the developed technology will have a weighted average useful life of approximately seventeen years.

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

The Company incurred transaction costs of $10.0 million in the three months ended April 2, 2022, which have been expensed as incurred and are recorded in selling, general and administrative expenses.

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 19, "Financial Instruments."

Restructuring

3 Months Ended

Apr. 02, 2022

Restructuring

Restructuring costs include employee termination benefits, asset impairment charges and contract termination costs, as well as other incremental costs resulting from the restructuring actions. Employee termination benefits are recorded based on existing union and employee contracts, statutory requirements, completed negotiations and Company policy. Other 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 when restructuring actions are approved and/or implemented.

In the first three months of 2022, the Company recorded charges of $29.9 million in connection with its restructuring actions. These charges consist of $29.5 million recorded as cost of sales and $0.4 million recorded as selling, general and administrative expenses. The restructuring charges consist of employee termination costs of $27.3 million, asset impairment charges of $0.5 million and contract termination costs of $1.0 million, as well as other related costs of $1.1 million. Employee termination benefits were recorded based on existing union and employee contracts, statutory requirements, completed negotiations and Company policy. Asset impairment charges relate to the disposal of buildings, leasehold improvements and/or machinery and equipment with carrying values of $0.5 million in excess of related estimated fair values.

The Company expects to incur approximately $26 million of additional restructuring costs related to activities initiated as of April 2, 2022, and expects that the components of such costs will be consistent with its historical experience. Any future restructuring actions will depend upon market conditions, customer actions and other factors.

A summary of 2022 activity is shown below (in millions):


	Accrual at January 1, 2022		2022		Utilization				Accrual at April 2, 2022
			Charges		Cash		Non-cash
Employee termination benefits	$	126.1	$	27.3	$	(11.5)	$	—	$	141.9
Asset impairment charges	—		0.5		—		(0.5)		—
Contract termination costs	3.3		1.0		(0.2)		—		4.1
Other related costs	—		1.1		(1.1)		—		—
Total	$	129.4	$	29.9	$	(12.8)	$	(0.5)	$	146.0

Inventories

3 Months Ended

Apr. 02, 2022

Inventory Disclosure [Abstract]

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [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):


	April 2, 2022		December 31, 2021
Raw materials	$	1,251.4	$	1,171.0
Work-in-process	135.7		119.9
Finished goods	425.8		453.4
Reserves	(170.8)		(172.4)
Inventories	$	1,642.1	$	1,571.9

Pre-Production Costs Related to Long-Term Supply Agreements

3 Months Ended

Apr. 02, 2022

Pre-Production Costs Related to Long-Term Supply Agreements

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

During the first three months of 2022 and 2021, the Company capitalized $63.2 million and $66.7 million, respectively, of pre-production E&D costs for which reimbursement is contractually guaranteed by the customer. During the first three months of 2022 and 2021, the Company also capitalized $46.4 million and $31.4 million, respectively, of pre-production tooling costs related to customer-owned tools for which reimbursement is contractually guaranteed by the customer or for which the Company has a non-cancelable right to use the tooling. These amounts are included in other current and long-term assets in the accompanying condensed consolidated balance sheets.

During the first three months of 2022 and 2021, the Company collected $72.9 million and $77.0 million, respectively, of cash related to E&D and tooling costs.

The classification of recoverable customer E&D and tooling costs related to long-term supply agreements included in the accompanying condensed consolidated balance sheets is shown below (in millions):


	April 2, 2022		December 31, 2021
Current	$	232.2	$	207.4
Long-term	155.4		143.5
Recoverable customer E&D and tooling	$	387.6	$	350.9

Long-Lived Assets

3 Months Ended

Apr. 02, 2022

Property, Plant and Equipment [Abstract]

Long-Lived Assets

Property, Plant and Equipment

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

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


	April 2, 2022		December 31, 2021
Land	$	106.9	$	108.7
Buildings and improvements	860.5		850.3
Machinery and equipment	4,672.2		4,497.7
Construction in progress	349.2		345.6
Total property, plant and equipment	5,988.8		5,802.3
Less – accumulated depreciation	(3,162.1)		(3,082.2)
Property, plant and equipment, net	$	2,826.7	$	2,720.1

Depreciation expense was $127.7 million and $124.3 million in the three months ended April 2, 2022 and April 3, 2021, respectively.

Impairment of Long-Lived Assets

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.

In the first three months of 2022 and 2021, the Company recognized fixed asset impairment charges of $0.5 million and $0.2 million, respectively, in conjunction with its restructuring actions (Note 4, "Restructuring"). In the first three months of 2022, the Company recognized additional asset impairment charges of $1.1 million.

The Company will continue to assess the impact of significant industry and other events on the realization of its long-lived assets.

Goodwill

3 Months Ended

Apr. 02, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

A summary of the changes in the carrying amount of goodwill, by operating segment, in the three months ended April 2, 2022, is shown below (in millions):


	Seating		E-Systems		Total
Balance at January 1, 2022	$	1,249.3	$	408.6	$	1,657.9
Acquisition	23.3		—		23.3
Foreign currency translation and other	(6.2)		0.3		(5.9)
Balance at April 2, 2022	$	1,266.4	$	408.9	$	1,675.3

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 annual goodwill impairment assessment is completed as of the first day of the Company's fourth quarter.

There was no impairment of goodwill in the first three months of 2022 and 2021. The Company will, however, continue to assess the impact of significant industry and other events on its recorded goodwill.

For further information related to the acquisition, see Note 3, "Acquisition."

Debt

3 Months Ended

Apr. 02, 2022

Debt Disclosure [Abstract]

Debt

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


	April 2, 2022
Debt Instrument	Long-Term Debt		Unamortized Debt Issuance Costs		Unamortized Original Issue Premium (Discount)		Long-Term Debt, Net		Weighted Average Interest Rate
3.8% Senior Notes due 2027 (the "2027 Notes")	$	550.0	$	(2.5)	$	(2.1)	$	545.4	3.885%
4.25% Senior Notes due 2029 (the "2029 Notes")	375.0		(2.2)		(0.8)		372.0		4.288%
3.5% Senior Notes due 2030 (the "2030 Notes")	350.0		(2.2)		(0.7)		347.1		3.525%
2.6% Senior Notes due 2032 (the "2032 Notes")	350.0		(3.0)		(0.6)		346.4		2.624%
5.25% Senior Notes due 2049 (the "2049 Notes")	625.0		(6.0)		13.5		632.5		5.103%
3.55% Senior Notes due 2052 (the "2052 Notes")	350.0		(3.9)		(0.4)		345.7		3.558%
Other	7.5		—		—		7.5		N/A
	$	2,607.5	$	(19.8)	$	8.9	$	2,596.6
Less — Current portion							(0.8)
Long-term debt							$	2,595.8


	December 31, 2021
Debt Instrument	Long-Term Debt		Unamortized Debt Issuance Costs		Unamortized Original Issue Premium (Discount)		Long-Term Debt, Net		Weighted Average Interest Rate
2027 Notes	$	550.0	$	(2.5)	$	(2.2)	$	545.3	3.885%
2029 Notes	375.0		(2.3)		(0.9)		371.8		4.288%
2030 Notes	350.0		(2.3)		(0.7)		347.0		3.525%
2032 Notes	350.0		(3.1)		(0.8)		346.1		2.624%
2049 Notes	625.0		(6.1)		13.7		632.6		5.103%
2052 Notes	350.0		(3.8)		(0.5)		345.7		3.558%
Other	7.5		—		—		7.5		N/A
	$	2,607.5	$	(20.1)	$	8.6	2,596.0
Less — Current portion							(0.8)
Long-term debt							$	2,595.2

Senior Notes

The issuance, maturity and interest payment dates of the Company's senior unsecured 2027 Notes, 2029 Notes, 2030 Notes, 2032 Notes, 2049 Notes and 2052 Notes (collectively, the "Notes") are shown below:

Note

Issuance Date(s)

Maturity Date

Interest Payment Dates

2027 Notes

August 2017

September 15, 2027

March 15 and September 15

2029 Notes

May 2019

May 15, 2029

May 15 and November 15

2030 Notes

February 2020

May 30, 2030

May 30 and November 30

2032 Notes

November 2021

January 15, 2032

January 15 and July 15 (1)

2049 Notes

May 2019 and February 2020

May 15, 2049

May 15 and November 15

2052 Notes

November 2021

January 15, 2052

January 15 and July 15 (1)

(1) Commencing July 15, 2022.

Covenants

Subject to certain exceptions, the indentures governing the Notes contain certain 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 April 2, 2022, the Company was in compliance with all covenants under the indentures governing the Notes.

Credit Agreement

The Company's amended and restated unsecured credit agreement ("Credit Agreement") consists of a $2.0 billion revolving credit facility (the "Revolving Credit Facility"), which expires on October 28, 2026, and a $250 million term loan facility, which was repaid in full in 2021.

As of April 2, 2022 and December 31, 2021, there were no borrowings outstanding under the Revolving Credit Facility.

Advances under the Revolving Credit 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. As of April 2, 2022, the ranges and rates are as follows (in percentages):


	Eurocurrency Rate						Base Rate
					Rate as of						Rate as of
	Minimum		Maximum		April 2, 2022		Minimum		Maximum		April 2, 2022
Revolving Credit Facility	0.925	%	1.450	%	1.125	%	0.000	%	0.450	%	0.125	%

A facility fee, which ranges from 0.075% to 0.20% 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 April 2, 2022, the Company was in compliance with all covenants under the Credit Agreement.

Other

As of April 2, 2022 and December 31, 2021, other long-term debt, including the current portion, consists of amounts outstanding under an unsecured working capital loan and a finance lease agreement.

For further information related to the Company's debt, see Note 7, "Debt," to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1I
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1C
-Subparagraph (b)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1C
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Pension and Other Postretirement Benefit Plans

Leases

3 Months Ended

Apr. 02, 2022

Leases [Abstract]

Leases

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 sheets are shown below (in millions):


	April 2, 2022		December 31, 2021
Right-of-use assets under operating leases:
Other long-term assets	$	677.2	$	627.9
Lease obligations under operating leases:
Accrued liabilities	$	130.5	$	125.6
Other long-term liabilities	569.1		523.6
	$	699.6	$	649.2

Maturities of lease obligations as of April 2, 2022, are shown below (in millions):


	April 2, 2022
2022 (1)	$	115.2
2023	130.3
2024	110.8
2025	95.5
2026	84.9
Thereafter	237.7
Total undiscounted cash flows	774.4
Less: Imputed interest	(74.8)
Lease obligations under operating leases	$	699.6

(1) For the remaining nine months

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


	Three Months Ended
	April 2, 2022		April 3, 2021
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	62.5	$	63.8
Operating cash flows:
Cash paid related to operating lease obligations	$	40.4	$	40.4

In addition to the right-of-use assets obtained in exchange for operating lease obligations shown above, in the three months ended April 2, 2022, the Company acquired $34.1 million of right-of-use assets and related lease liabilities in connection with its acquisition of Kongsberg ICS. See Note 3, "Acquisition."

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


	Three Months Ended
	April 2, 2022		April 3, 2021
Operating lease expense	$	41.4	$	39.0
Short-term lease expense	5.4		4.2
Variable lease expense	2.0		2.2
Total lease expense	$	48.8	$	45.4

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


	April 2, 2022
Weighted average remaining lease term	Seven years
Weighted average discount rate	2.9	%

The Company is party to a finance lease agreement, which is not material to the accompanying condensed consolidated financial statements (Note 9, "Debt").

For further information related to the Company's leases, see Note 8, "Leases," to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

Pension and Other Postretirement Benefit Plans

3 Months Ended

Apr. 02, 2022

Retirement Benefits [Abstract]

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

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
	April 2, 2022				April 3, 2021
	U.S.		Foreign		U.S.		Foreign
Service cost	$	—	$	1.0	$	—	$	1.3
Interest cost	3.9		2.9		3.6		2.6
Expected return on plan assets	(6.0)		(4.4)		(5.9)		(4.8)
Amortization of actuarial loss	0.5		1.1		1.0		1.5


Settlement loss	0.4		—		0.4		—
Net periodic benefit (credit) cost	$	(1.2)	$	0.6	$	(0.9)	$	0.6

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


	Three Months Ended
	April 2, 2022				April 3, 2021
	U.S.		Foreign		U.S.		Foreign

Interest cost	$	0.4	$	0.2	$	0.3	$	0.2
Amortization of actuarial gain	(0.3)		—		(0.3)		—



Net periodic benefit cost	$	0.1	$	0.2	$	—	$	0.2

Contributions

In the three months ended April 2, 2022, employer contributions to the Company's domestic and foreign defined benefit pension plans were $4.4 million. The Company expects contributions to its funded pension plans and benefit payments related to its unfunded pension plans to be $5 million to $10 million in 2022.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Topic 715
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-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
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-Paragraph 3
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-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
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-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Revenue from Contract with Customer [Abstract]

Revenue Recognition

3 Months Ended

Apr. 02, 2022

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 infrequent. 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.

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 current purchase orders, annual price reductions and ongoing price adjustments. In the first three months of 2022 and 2021, revenue recognized related to prior years represented less than 2% of consolidated net sales. 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 April 2, 2022 and December 31, 2021, there were no significant contract liabilities recorded. Further, in the first three months of 2022 and 2021, there were no significant contract liabilities recognized in revenue.

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
	April 2, 2022						April 3, 2021
	Seating		E-Systems		Total		Seating		E-Systems		Total
North America	$	1,841.9	$	355.9	$	2,197.8	$	1,668.6	$	342.6	$	2,011.2
Europe and Africa	1,269.5		521.7		1,791.2		1,474.7		602.3		2,077.0
Asia	662.6		367.5		1,030.1		716.7		368.8		1,085.5
South America	138.5		50.8		189.3		136.0		44.7		180.7
	$	3,912.5	$	1,295.9	$	5,208.4	$	3,996.0	$	1,358.4	$	5,354.4

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Other Income and Expenses [Abstract]

Other Expense, Net

3 Months Ended

Apr. 02, 2022

Other Expense, Net

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

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


	Three Months Ended
	April 2, 2022		April 3, 2021
Other expense	$	30.2	$	9.9
Other income	(2.9)		(3.6)
Other expense, net	$	27.3	$	6.3

In the three months ended April 2, 2022, other expense includes net foreign currency transaction losses of $20.0 million, including $11.4 million related to foreign exchange rate volatility in Russia following the invasion of Ukraine. In the three months ended April 3, 2021, other expense includes net foreign currency transaction losses of $4.2 million.

Income Taxes

3 Months Ended

Apr. 02, 2022

Income Tax Disclosure [Abstract]

Income Taxes

A summary of the provision for income taxes and the corresponding effective tax rate for the three months ended April 2, 2022 and April 3, 2021, is shown below (in millions, except effective tax rates):


	Three Months Ended
	April 2, 2022			April 3, 2021
Provision for income taxes	$	20.4		$	58.9
Pretax income before equity in net income of affiliates	$	76.3		$	278.8
Effective tax rate	26.7		%	21.1		%

The Company's provision for income taxes is impacted by the level and mix of earnings among tax jurisdictions. In addition, the Company recognized discrete tax benefits on the significant items shown below (in millions):


	Three Months Ended
	April 2, 2022		April 3, 2021
Restructuring charges and various other items	$	10.3	$	5.2
Valuation allowances on deferred tax assets	0.5		0.2
Share-based compensation	1.2		0.1
	$	12.0	$	5.5

Excluding the items above, the effective tax rate for the first three months of 2022 and 2021 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.

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 9, "Income Taxes," to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Net Income Per Share Attributable to Lear

Net Income Per Share Attributable to Lear

3 Months Ended

Apr. 02, 2022

Earnings Per Share [Abstract]

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

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

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


	Three Months Ended
	April 2, 2022		April 3, 2021
Net income attributable to Lear	$	49.4	$	203.7

Average common shares outstanding	59,932,030		60,312,573
Dilutive effect of common stock equivalents	278,949		248,286
Average diluted shares outstanding	60,210,979		60,560,859

Basic net income per share attributable to Lear	$	0.82	$	3.38

Diluted net income per share attributable to Lear	$	0.82	$	3.36

Comprehensive Income and Equity

3 Months Ended

Apr. 02, 2022

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 months ended April 2, 2022, is shown below (in millions):


	Three Months Ended April 2, 2022
Defined benefit plans:
Balance at beginning of period	$	(199.4)
Reclassification adjustments (net of tax expense of $0.3 million)	1.4
Other comprehensive loss recognized during the period (net of tax impact of $— million)	(0.5)
Balance at end of period	$	(198.5)
Derivative instruments and hedging:
Balance at beginning of period	$	(18.6)
Reclassification adjustments (net of tax benefit of $1.4 million)	(6.6)
Other comprehensive gain recognized during the period (net of tax expense of $7.9 million)	31.6
Balance at end of period	$	6.4
Foreign currency translation:
Balance at beginning of period	$	(552.2)
Other comprehensive loss recognized during the period (net of tax expense of $0.4 million)	(18.3)
Balance at end of period	$	(570.5)

Total accumulated other comprehensive loss	$	(762.6)

In the three months ended April 2, 2022, foreign currency translation adjustments are primarily related to the weakening of the Euro, offset by the strengthening of the Brazilian real, relative to the U.S. dollar, and include pretax losses of $0.5 million related to intercompany transactions for which settlement is not planned or anticipated in the foreseeable future.

In the three months ended April 2, 2022, foreign currency translation adjustments also include derivative net investment hedge gains of $0.3 million.

A summary of changes, net of tax, in accumulated other comprehensive loss for the three months ended April 3, 2021, is shown below (in millions):


	Three Months Ended April 3, 2021
Defined benefit plans:
Balance at beginning of period	$	(276.9)
Reclassification adjustments (net of tax expense of $0.4 million)	2.2
Other comprehensive loss recognized during the period (net of tax impact of $— million)	(0.9)
Balance at end of period	$	(275.6)
Derivative instruments and hedging:
Balance at beginning of period	$	12.6
Reclassification adjustments (net of tax benefit of $1.4 million)	(5.3)
Other comprehensive income recognized during the period (net of tax expense of $0.7 million)	2.3
Balance at end of period	$	9.6
Foreign currency translation:
Balance at beginning of period	$	(440.8)
Other comprehensive loss recognized during the period (net of tax expense of $2.1 million)	(83.6)
Balance at end of period	$	(524.4)

Total accumulated other comprehensive loss	$	(790.4)

In the three months ended April 3, 2021, foreign currency translation adjustments are primarily related to the weakening of the Euro, and to a lesser extent the Brazilian real, relative to the U.S. dollar, and include pretax losses of $0.1 million related to intercompany transactions for which settlement is not planned or anticipated in the foreseeable future.

In the three months ended April 3, 2021, foreign currency translation adjustments also include derivative net investment hedge gains of $9.9 million.

For further information regarding reclassification adjustments related to the Company's defined benefit plans, see Note 11, "Pension and Other Postretirement Benefit Plans." For further information regarding reclassification adjustments related to the Company's derivative and hedging activities, see Note 19, "Financial Instruments."

Lear Corporation Stockholders' Equity

Common Stock Share Repurchase Program

The Company may implement share repurchases through a variety of methods, including, but not limited to, open market purchases, accelerated stock repurchase programs and structured repurchase transactions. The extent to which the Company may repurchase its outstanding common stock and the timing of such repurchases will depend upon its financial condition, results of operations, capital requirements, prevailing market conditions, alternative uses of capital and other factors.

The Company has a common stock share repurchase program (the "Repurchase Program") which permits the discretionary repurchase of its common stock. Since its inception in the first quarter of 2011, the Company's Board of Directors has authorized $6.1 billion in share repurchases under the Repurchase Program, and the Company has repurchased, in aggregate, $4.8 billion of its outstanding common stock, at an average price of $90.97 per share, excluding commissions and related fees. As of April 2, 2022, the Company has a remaining repurchase authorization of $1.3 billion under the Repurchase Program, which expires on December 31, 2022.

In addition to shares repurchased under the Repurchase Program described above, the Company classifies shares withheld from the settlement of the Company's restricted stock unit and performance share awards to cover tax withholding requirements as common stock held in treasury in the condensed consolidated balance sheets.

Quarterly Dividend

In the first three months of 2022 and 2021, the Company's Board of Directors declared quarterly cash dividends of $0.77 and $0.25 per share of common stock, respectively.

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


	Three Months Ended
	April 2, 2022		April 3, 2021
Dividends declared	$	46.8	$	15.3
Dividends paid	47.4		15.7

Dividends payable on common shares to be distributed under the Company's stock-based compensation program will be paid when such common shares are distributed.

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

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Commitments and Contingencies Disclosure [Abstract]

Legal and Other Contingencies

3 Months Ended

Apr. 02, 2022

Legal and Other Contingencies

As of April 2, 2022 and December 31, 2021, the Company had recorded reserves for pending legal disputes, including commercial disputes, and other legal matters of $21.1 million and $19.5 million, respectively. Such reserves reflect amounts recognized in accordance with GAAP and typically 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 related to 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.

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

A summary of the changes in reserves for product liability and warranty claims for the three months ended April 2, 2022, is shown below (in millions):


Balance at January 1, 2022	$	46.0
Expense, net (including changes in estimates)	3.4
Settlements	(6.6)
Foreign currency translation and other	(0.7)
Balance at April 2, 2022	$	42.1

Environmental Matters

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

As of April 2, 2022 and December 31, 2021, the Company had recorded environmental reserves of $8.0 million. The Company does not believe that the environmental liabilities associated with its current and former properties will have a material adverse impact on its business, financial condition, results of operations or cash flows; however, no assurances can be given in this regard.

Other Matters

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

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

Segment Reporting

3 Months Ended

Apr. 02, 2022

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting The Company is organized under two reportable operating segments: Seating, which consists of the design, development, engineering and manufacture of complete seat systems, seat subsystems and key seat components, and E-Systems, which consists of the design, development, engineering and manufacture of complete electrical distribution and connection systems and electronic systems. Key components in the Company's complete seat system and subsystem solutions are advanced comfort, wellness and safety offerings (including massage, lumbar, seat heat and ventilation), as well as configurable seating product technologies. All of these products are compatible with traditional internal combustion engine ("ICE") architectures and the full range of hybrid, plug-in hybrid and battery electric architectures (collectively, "electrified powertrains"). Key seat component product offerings include seat trim covers, surface materials such as leather and fabric, seat mechanisms, seat foam and headrests. Key components in the Company's electrical distribution and connection systems portfolio include wire harnesses, terminals and connectors, and engineered components for both ICE architectures and electrified powertrains that require management of higher voltage and power. Key components in the Company's electronic systems portfolio include body domain control modules and products specific to electrification and connectivity. Electrification products include on-board battery chargers, power conversion modules, high voltage battery management systems and high voltage power distribution systems. Connectivity products include telematics control units ("TCU") and gateway modules to manage both wired and wireless networks and data in vehicles. In addition to electronic modules, the Company offers software that includes cybersecurity, advanced vehicle positioning for automated and autonomous driving applications and full capabilities in both dedicated short-range communication and cellular protocols for vehicle connectivity. The Company's software offerings include embedded control software and cloud and mobile device-based software and services. 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, advanced research and development, corporate finance, legal, executive administration and human resources.

Each of the Company's operating segments reports its results from operations and makes its requests for capital expenditures directly to the chief operating decision maker. The economic performance of each operating segment is driven primarily by automotive production volumes in the geographic regions in which it operates, as well as by the success of the vehicle platforms for which it supplies products. Also, each operating segment operates in the competitive Tier 1 automotive supplier environment and is continually working with its customers to manage costs and improve quality. The Company's production processes generally make use of hourly labor, dedicated facilities, sequential manufacturing and assembly processes and commodity raw materials.

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

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


	Three Months Ended April 2, 2022
	Seating		E-Systems		Other		Consolidated
Revenues from external customers	$	3,912.5	$	1,295.9	$	—	$	5,208.4
Segment earnings (1)	200.1		15.9		(87.5)		128.5
Depreciation and amortization	92.8		46.2		4.4		143.4
Capital expenditures	77.1		46.1		7.1		130.3
Total assets	7,975.0		3,631.7		2,120.6		13,727.3


	Three Months Ended April 3, 2021
	Seating		E-Systems		Other		Consolidated
Revenues from external customers	$	3,996.0	$	1,358.4	$	—	$	5,354.4
Segment earnings (1)	292.0		89.3		(73.9)		307.4
Depreciation and amortization	90.4		46.6		3.8		140.8
Capital expenditures	63.0		43.2		6.7		112.9
Total assets	7,761.2		3,493.6		2,167.7		13,422.5

(1) See definition above

For the three months ended April 2, 2022, segment earnings include restructuring charges of $16.6 million and $13.3 million in the Seating and E-Systems segments, respectively. The Company expects to incur approximately $11 million and $15 million of additional restructuring costs in the Seating and E-Systems segments, respectively, related to activities initiated as of April 2, 2022, and expects that the components of such costs will be consistent with its historical experience.

For the three months ended April 3, 2021, segment earnings include restructuring charges of $12.8 million, $4.7 million and $4.2 million in the Seating and E-Systems segments and in the other category, respectively.

For further information, see Note 4, "Restructuring."

A reconciliation of segment earnings to consolidated income before provision for income taxes and equity in net income of affiliates is shown below (in millions):


	Three Months Ended
	April 2, 2022		April 3, 2021
Segment earnings	$	128.5	$	307.4
Interest expense	24.9		22.3
Other expense, net	27.3		6.3
Consolidated income before provision for income taxes and equity in net income of affiliates	$	76.3	$	278.8

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Financial Instruments

3 Months Ended

Apr. 02, 2022

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


	April 2, 2022		December 31, 2021
Estimated aggregate fair value (1)	$	2,530.1	$	2,868.6
Aggregate carrying value (1) (2)	2,600.0		2,600.0

(1) Excludes "other" debt.

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

Cash, Cash Equivalents and Restricted Cash

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


	April 2, 2022		April 3, 2021
Balance sheet:
Cash and cash equivalents	$	1,162.0	$	1,375.4
Restricted cash included in other current assets	—		1.5
Restricted cash included in other long-term assets	2.8		1.6
Statement of cash flows:
Cash, cash equivalents and restricted cash	$	1,164.8	$	1,378.5

Accounts Receivable

The Company's allowance for credit losses on financial assets measured at amortized cost, primarily accounts receivable, reflects management's estimate of credit losses over the remaining expected life of such assets, measured primarily using historical experience, as well as current conditions and forecasts that affect the collectability of the reported amount. Expected credit losses for newly recognized financial assets, as well as changes to expected credit losses during the period, are recognized in earnings. The Company also considers geographic and segment specific risk factors in the development of expected credit losses. As of April 2, 2022 and December 31, 2021, accounts receivable are reflected net of reserves of $32.7 million and $35.5 million, respectively. Changes in expected credit losses were not significant in the first three months of 2022.

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):


	April 2, 2022		December 31, 2021
Current assets	$	1.8	$	3.5
Other long-term assets	56.5		58.8
	$	58.3	$	62.3

Unrealized gains and losses arising from changes in the fair value of the marketable equity securities are recognized in other expense, net in the condensed consolidated statements of comprehensive income. 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

As of April 2, 2022 and December 31, 2021, investments in equity securities without readily determinable fair values of $18.2 million and $15.4 million, respectively, are included in other long-term assets in the accompanying condensed consolidated balance sheets. Such investments are valued at cost, less cumulative impairments of $10.0 million.

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 hedge 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 hedge 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 statements 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 sheets. 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 statements 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 sheets. When the related currency translation adjustment is required to be reclassified, usually upon the sale or liquidation of the investment, the gain or loss included in accumulated other comprehensive loss is recorded in earnings and reflected in other expense, net in the condensed consolidated statements of comprehensive income. Changes in the fair value of contracts not designated as hedge instruments are recorded in earnings and reflected in other expense, net in the condensed consolidated statements of comprehensive income. 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. Upon settlement, cash flows attributable to derivatives designated as net investment hedges are classified as investing activities 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 condensed consolidated balance sheets. 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

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

Net Investment Hedges

The Company uses cross-currency interest rate swaps, which are designated as net investment hedges of the foreign currency rate exposure of its investment in certain Euro-denominated subsidiaries. In the three months ended April 2, 2022 and April 3,

2021, contra interest expense on net investment hedges of $1.6 million is included in interest expense in the accompanying condensed consolidated statements of comprehensive income.

Balance Sheet Classification

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


	April 2, 2022		December 31, 2021
Fair value of foreign currency contracts designated as cash flow hedges:
Other current assets	$	37.3	$	19.4
Other long-term assets	8.1		0.1
Other current liabilities	(6.8)		(10.1)
Other long-term liabilities	(1.1)		(2.8)
	37.5		6.6
Notional amount	$	1,146.1	$	1,077.6
Outstanding maturities in months, not to exceed	24		23
Fair value of derivatives designated as net investment hedges:


Other current liabilities	$	—	$	(3.2)
Other long-term liabilities	(4.4)		(1.6)
	(4.4)		(4.8)
Notional amount	$	300.0	$	300.0
Outstanding maturities in months, not to exceed	48		33
Fair value of foreign currency contracts not designated as hedging instruments:
Other current assets	$	1.1	$	2.2
Other current liabilities	(4.1)		(3.3)
	(3.0)		(1.1)
Notional amount	$	559.7	$	445.5
Outstanding maturities in months, not to exceed	9		12
Total fair value	$	30.1	$	0.7
Total notional amount	$	2,005.8	$	1,823.1

Accumulated Other Comprehensive Loss — Derivative Instruments and Hedging

Pretax amounts related to foreign currency and net investment hedge contracts that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions):


	Three Months Ended
	April 2, 2022		April 3, 2021
Gains recognized in accumulated other comprehensive loss:
Foreign currency contracts	$	39.5	$	3.0
Net investment hedge contracts	0.3		9.9
	39.8		12.9
(Gains) losses reclassified from accumulated other comprehensive loss to:
Net sales	(1.6)		0.2
Cost of sales	(7.0)		(7.5)
Interest expense	0.6		0.6

	(8.0)		(6.7)
Comprehensive income	$	31.8	$	6.2

As of April 2, 2022 and December 31, 2021, pretax net gains (losses) of $15.7 million and ($16.1) 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):


Foreign currency contracts	$	30.5
Interest rate swap contracts	(2.4)

Total	$	28.1

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

Fair value measurements and the related valuation techniques and fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of April 2, 2022 and December 31, 2021, are shown below (in millions):


	April 2, 2022
	Frequency	Asset (Liability)		Valuation Technique	Level 1		Level 2		Level 3
Foreign currency contracts, net	Recurring	$	34.5	Market/ Income	$	—	$	34.5	$	—
Net investment hedges	Recurring	(4.4)		Market/ Income	—		(4.4)		—
Marketable equity securities	Recurring	58.3		Market	58.3		—		—


	December 31, 2021
	Frequency	Asset (Liability)		Valuation Technique	Level 1		Level 2		Level 3
Foreign currency contracts, net	Recurring	$	5.5	Market/ Income	$	—	$	5.5	$	—
Net investment hedges	Recurring	(4.8)		Market/ Income	—		(4.8)		—
Marketable equity securities	Recurring	62.3		Market	62.3		—		—

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 April 2, 2022 and December 31, 2021, 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 the first three months of 2022.

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 Kongsberg ICS (Note 3, "Acquisition"), Level 3 fair value estimates related to property, plant and equipment of $121.8 million and developed technology intangible assets of $11.1 million are recorded in the accompanying condensed consolidated balance sheet as of April 2, 2022. Fair value estimates of property, plant and equipment were based on independent appraisals, giving consideration to the highest and best use of the assets. Key assumptions used in the appraisals were based on a combination of market and cost approaches, as appropriate. Fair value estimates of developed technology intangible assets were based on management's estimates using a discounted cash flow method.

As of April 2, 2022, there were no additional significant assets or liabilities measured at fair value on a non-recurring basis.

Accounting Pronouncements	3 Months Ended
Accounting Pronouncements	Apr. 02, 2022
Accounting Changes and Error Corrections [Abstract]
Accounting Pronouncements	Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates ("ASU") issued by the Financial Accounting Standards Board ("FASB") as summarized below. Pronouncements adopted in 2022: Government Assistance The FASB issued ASU 2021-10, "Disclosures by Business Entities about Government Assistance." The guidance, effective January 1, 2022, requires disclosures about certain government assistance transactions. The adoption of this guidance did not have a significant impact on the Company's financial statements.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Basis of Presentation (Policies)

3 Months Ended

Apr. 02, 2022

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.

Restructuring

Pre-Production Costs Related to Long-Term Supply Agreements

Long-Term Assets

Impairment of Long-Lived Assets

Net Income Per Share Attributable to Lear

Revenue Recognition

Income Taxes

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.

Segment Reporting

The Company is organized under two reportable operating segments: Seating, which consists of the design, development, engineering and manufacture of complete seat systems, seat subsystems and key seat components, and E-Systems, which consists of the design, development, engineering and manufacture of complete electrical distribution and connection systems and electronic systems. Key components in the Company's complete seat system and subsystem solutions are advanced comfort, wellness and safety offerings (including massage, lumbar, seat heat and ventilation), as well as configurable seating product technologies. All of these products are compatible with traditional internal combustion engine ("ICE") architectures and the full range of hybrid, plug-in hybrid and battery electric architectures (collectively, "electrified powertrains"). Key seat component product offerings include seat trim covers, surface materials such as leather and fabric, seat mechanisms, seat foam and headrests. Key components in the Company's electrical distribution and connection systems portfolio include wire harnesses, terminals and connectors, and engineered components for both ICE architectures and electrified powertrains that require management of higher voltage and power. Key components in the Company's electronic systems portfolio include body domain control modules and products specific to electrification and connectivity. Electrification products include on-board battery chargers, power conversion modules, high voltage battery management systems and high voltage power distribution systems. Connectivity products include telematics control units ("TCU") and gateway modules to manage both wired and wireless networks and data in vehicles. In addition to electronic modules, the Company offers software that includes cybersecurity, advanced vehicle positioning for automated and autonomous driving applications and full capabilities in both dedicated short-range communication and cellular protocols for vehicle connectivity. The Company's software offerings include embedded control software and cloud and mobile device-based software and services. The other category includes unallocated costs related to corporate headquarters, regional headquarters and the elimination of intercompany activities, none of which

Accounts Receivable

Marketable Equity Securities

Derivative Instruments and Hedging Activities

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 Chinese renminbi, the Japanese yen, the Philippine peso and the Thai baht.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.

Fair Value Measurements


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.

Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates ("ASU") issued by the Financial Accounting Standards Board ("FASB") as summarized below.

Pronouncements adopted in 2022:

Government Assistance

The FASB issued ASU 2021-10, "Disclosures by Business Entities about Government Assistance." The guidance, effective January 1, 2022, requires disclosures about certain government assistance transactions. The adoption of this guidance did not have a significant impact on the Company's financial statements.

Acquisition (Tables)

3 Months Ended

Apr. 02, 2022

Business Combination and Asset Acquisition [Abstract]

Purchase Price and Related Allocation

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


	April 2, 2022
Preliminary purchase price, net of acquired cash	$	184.2

Property, plant and equipment	121.8
Other assets purchased and liabilities assumed, net	28.0
Goodwill	23.3
Intangible assets	11.1
Preliminary purchase price allocation	$	184.2

Restructuring (Tables)

3 Months Ended

Apr. 02, 2022

Restructuring and Related Activities [Abstract]

Summary of Restructuring Activity

A summary of 2022 activity is shown below (in millions):


	Accrual at January 1, 2022		2022		Utilization				Accrual at April 2, 2022
			Charges		Cash		Non-cash
Employee termination benefits	$	126.1	$	27.3	$	(11.5)	$	—	$	141.9
Asset impairment charges	—		0.5		—		(0.5)		—
Contract termination costs	3.3		1.0		(0.2)		—		4.1
Other related costs	—		1.1		(1.1)		—		—
Total	$	129.4	$	29.9	$	(12.8)	$	(0.5)	$	146.0

Inventories (Tables)

3 Months Ended

Apr. 02, 2022

Inventory Disclosure [Abstract]

Summary of Inventories

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


	April 2, 2022		December 31, 2021
Raw materials	$	1,251.4	$	1,171.0
Work-in-process	135.7		119.9
Finished goods	425.8		453.4
Reserves	(170.8)		(172.4)
Inventories	$	1,642.1	$	1,571.9

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

3 Months Ended

Apr. 02, 2022

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

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


	April 2, 2022		December 31, 2021
Current	$	232.2	$	207.4
Long-term	155.4		143.5
Recoverable customer E&D and tooling	$	387.6	$	350.9

Long-Lived Assets (Tables)

3 Months Ended

Apr. 02, 2022

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

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


	April 2, 2022		December 31, 2021
Land	$	106.9	$	108.7
Buildings and improvements	860.5		850.3
Machinery and equipment	4,672.2		4,497.7
Construction in progress	349.2		345.6
Total property, plant and equipment	5,988.8		5,802.3
Less – accumulated depreciation	(3,162.1)		(3,082.2)
Property, plant and equipment, net	$	2,826.7	$	2,720.1

Goodwill (Tables)

3 Months Ended

Apr. 02, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Carrying Amount of Goodwill

A summary of the changes in the carrying amount of goodwill, by operating segment, in the three months ended April 2, 2022, is shown below (in millions):


	Seating		E-Systems		Total
Balance at January 1, 2022	$	1,249.3	$	408.6	$	1,657.9
Acquisition	23.3		—		23.3
Foreign currency translation and other	(6.2)		0.3		(5.9)
Balance at April 2, 2022	$	1,266.4	$	408.9	$	1,675.3

Debt (Tables)

3 Months Ended

Apr. 02, 2022

Debt Disclosure [Abstract]

Summary of Long-Term Debt and Related Weighted Average Interest Rates

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


	April 2, 2022
Debt Instrument	Long-Term Debt		Unamortized Debt Issuance Costs		Unamortized Original Issue Premium (Discount)		Long-Term Debt, Net		Weighted Average Interest Rate
3.8% Senior Notes due 2027 (the "2027 Notes")	$	550.0	$	(2.5)	$	(2.1)	$	545.4	3.885%
4.25% Senior Notes due 2029 (the "2029 Notes")	375.0		(2.2)		(0.8)		372.0		4.288%
3.5% Senior Notes due 2030 (the "2030 Notes")	350.0		(2.2)		(0.7)		347.1		3.525%
2.6% Senior Notes due 2032 (the "2032 Notes")	350.0		(3.0)		(0.6)		346.4		2.624%
5.25% Senior Notes due 2049 (the "2049 Notes")	625.0		(6.0)		13.5		632.5		5.103%
3.55% Senior Notes due 2052 (the "2052 Notes")	350.0		(3.9)		(0.4)		345.7		3.558%
Other	7.5		—		—		7.5		N/A
	$	2,607.5	$	(19.8)	$	8.9	$	2,596.6
Less — Current portion							(0.8)
Long-term debt							$	2,595.8


	December 31, 2021
Debt Instrument	Long-Term Debt		Unamortized Debt Issuance Costs		Unamortized Original Issue Premium (Discount)		Long-Term Debt, Net		Weighted Average Interest Rate
2027 Notes	$	550.0	$	(2.5)	$	(2.2)	$	545.3	3.885%
2029 Notes	375.0		(2.3)		(0.9)		371.8		4.288%
2030 Notes	350.0		(2.3)		(0.7)		347.0		3.525%
2032 Notes	350.0		(3.1)		(0.8)		346.1		2.624%
2049 Notes	625.0		(6.1)		13.7		632.6		5.103%
2052 Notes	350.0		(3.8)		(0.5)		345.7		3.558%
Other	7.5		—		—		7.5		N/A
	$	2,607.5	$	(20.1)	$	8.6	2,596.0
Less — Current portion							(0.8)
Long-term debt							$	2,595.2

Senior Notes

Note

Issuance Date(s)

Maturity Date

Interest Payment Dates

2027 Notes

August 2017

September 15, 2027

March 15 and September 15

2029 Notes

May 2019

May 15, 2029

May 15 and November 15

2030 Notes

February 2020

May 30, 2030

May 30 and November 30

2032 Notes

November 2021

January 15, 2032

January 15 and July 15 (1)

2049 Notes

May 2019 and February 2020

May 15, 2049

May 15 and November 15

2052 Notes

November 2021

January 15, 2052

January 15 and July 15 (1)

(1) Commencing July 15, 2022.

Credit Agreement Interest Rate Ranges

As of April 2, 2022, the ranges and rates are as follows (in percentages):


	Eurocurrency Rate						Base Rate
					Rate as of						Rate as of
	Minimum		Maximum		April 2, 2022		Minimum		Maximum		April 2, 2022
Revolving Credit Facility	0.925	%	1.450	%	1.125	%	0.000	%	0.450	%	0.125	%

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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Right-of-Use Assets and Lease Obligations

Leases (Tables)

3 Months Ended

Apr. 02, 2022

Leases [Abstract]

Operating lease assets and obligations included in the accompanying condensed consolidated balance sheets are shown below (in millions):


	April 2, 2022		December 31, 2021
Right-of-use assets under operating leases:
Other long-term assets	$	677.2	$	627.9
Lease obligations under operating leases:
Accrued liabilities	$	130.5	$	125.6
Other long-term liabilities	569.1		523.6
	$	699.6	$	649.2

Maturity of Lease Obligations

Maturities of lease obligations as of April 2, 2022, are shown below (in millions):


	April 2, 2022
2022 (1)	$	115.2
2023	130.3
2024	110.8
2025	95.5
2026	84.9
Thereafter	237.7
Total undiscounted cash flows	774.4
Less: Imputed interest	(74.8)
Lease obligations under operating leases	$	699.6

(1) For the remaining nine months

Cash Flow Information, Lease Expense, Weighted Average Lease Term and Discount Rate

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


	Three Months Ended
	April 2, 2022		April 3, 2021
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	62.5	$	63.8
Operating cash flows:
Cash paid related to operating lease obligations	$	40.4	$	40.4

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


	Three Months Ended
	April 2, 2022		April 3, 2021
Operating lease expense	$	41.4	$	39.0
Short-term lease expense	5.4		4.2
Variable lease expense	2.0		2.2
Total lease expense	$	48.8	$	45.4

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


	April 2, 2022
Weighted average remaining lease term	Seven years
Weighted average discount rate	2.9	%

Pension and Other Postretirement Benefit Plans (Tables)

3 Months Ended

Apr. 02, 2022

Retirement Benefits [Abstract]

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
	April 2, 2022				April 3, 2021
	U.S.		Foreign		U.S.		Foreign
Service cost	$	—	$	1.0	$	—	$	1.3
Interest cost	3.9		2.9		3.6		2.6
Expected return on plan assets	(6.0)		(4.4)		(5.9)		(4.8)
Amortization of actuarial loss	0.5		1.1		1.0		1.5


Settlement loss	0.4		—		0.4		—
Net periodic benefit (credit) cost	$	(1.2)	$	0.6	$	(0.9)	$	0.6

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


	Three Months Ended
	April 2, 2022				April 3, 2021
	U.S.		Foreign		U.S.		Foreign

Interest cost	$	0.4	$	0.2	$	0.3	$	0.2
Amortization of actuarial gain	(0.3)		—		(0.3)		—



Net periodic benefit cost	$	0.1	$	0.2	$	—	$	0.2

Revenue Recognition (Tables)

3 Months Ended

Apr. 02, 2022

Revenue from Contract with Customer [Abstract]

Summary of Revenue by Reportable Segment and Geography

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


	Three Months Ended
	April 2, 2022						April 3, 2021
	Seating		E-Systems		Total		Seating		E-Systems		Total
North America	$	1,841.9	$	355.9	$	2,197.8	$	1,668.6	$	342.6	$	2,011.2
Europe and Africa	1,269.5		521.7		1,791.2		1,474.7		602.3		2,077.0
Asia	662.6		367.5		1,030.1		716.7		368.8		1,085.5
South America	138.5		50.8		189.3		136.0		44.7		180.7
	$	3,912.5	$	1,295.9	$	5,208.4	$	3,996.0	$	1,358.4	$	5,354.4

Other Expense, Net (Tables)

3 Months Ended

Apr. 02, 2022

Other Income and Expenses [Abstract]

Summary of Other (Income) Expense, Net

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


	Three Months Ended
	April 2, 2022		April 3, 2021
Other expense	$	30.2	$	9.9
Other income	(2.9)		(3.6)
Other expense, net	$	27.3	$	6.3

Income Taxes (Tables)

3 Months Ended

Apr. 02, 2022

Income Tax Disclosure [Abstract]

Provision for Income Taxes and Corresponding Effective Tax Rate


	Three Months Ended
	April 2, 2022			April 3, 2021
Provision for income taxes	$	20.4		$	58.9
Pretax income before equity in net income of affiliates	$	76.3		$	278.8
Effective tax rate	26.7		%	21.1		%

Schedule of Tax Benefits (Expense)

the Company recognized discrete tax benefits on the significant items shown below (in millions):


	Three Months Ended
	April 2, 2022		April 3, 2021
Restructuring charges and various other items	$	10.3	$	5.2
Valuation allowances on deferred tax assets	0.5		0.2
Share-based compensation	1.2		0.1
	$	12.0	$	5.5

Net Income Per Share Attributable to Lear (Tables)

3 Months Ended

Apr. 02, 2022

Earnings Per Share [Abstract]

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

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


	Three Months Ended
	April 2, 2022		April 3, 2021
Net income attributable to Lear	$	49.4	$	203.7

Average common shares outstanding	59,932,030		60,312,573
Dilutive effect of common stock equivalents	278,949		248,286
Average diluted shares outstanding	60,210,979		60,560,859

Basic net income per share attributable to Lear	$	0.82	$	3.38

Diluted net income per share attributable to Lear	$	0.82	$	3.36

Comprehensive Income and Equity (Tables)

3 Months Ended

Apr. 02, 2022

Equity [Abstract]

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

A summary of changes, net of tax, in accumulated other comprehensive loss for the three months ended April 2, 2022, is shown below (in millions):


	Three Months Ended April 2, 2022
Defined benefit plans:
Balance at beginning of period	$	(199.4)
Reclassification adjustments (net of tax expense of $0.3 million)	1.4
Other comprehensive loss recognized during the period (net of tax impact of $— million)	(0.5)
Balance at end of period	$	(198.5)
Derivative instruments and hedging:
Balance at beginning of period	$	(18.6)
Reclassification adjustments (net of tax benefit of $1.4 million)	(6.6)
Other comprehensive gain recognized during the period (net of tax expense of $7.9 million)	31.6
Balance at end of period	$	6.4
Foreign currency translation:
Balance at beginning of period	$	(552.2)
Other comprehensive loss recognized during the period (net of tax expense of $0.4 million)	(18.3)
Balance at end of period	$	(570.5)

Total accumulated other comprehensive loss	$	(762.6)

A summary of changes, net of tax, in accumulated other comprehensive loss for the three months ended April 3, 2021, is shown below (in millions):


	Three Months Ended April 3, 2021
Defined benefit plans:
Balance at beginning of period	$	(276.9)
Reclassification adjustments (net of tax expense of $0.4 million)	2.2
Other comprehensive loss recognized during the period (net of tax impact of $— million)	(0.9)
Balance at end of period	$	(275.6)
Derivative instruments and hedging:
Balance at beginning of period	$	12.6
Reclassification adjustments (net of tax benefit of $1.4 million)	(5.3)
Other comprehensive income recognized during the period (net of tax expense of $0.7 million)	2.3
Balance at end of period	$	9.6
Foreign currency translation:
Balance at beginning of period	$	(440.8)
Other comprehensive loss recognized during the period (net of tax expense of $2.1 million)	(83.6)
Balance at end of period	$	(524.4)

Total accumulated other comprehensive loss	$	(790.4)

Schedule of Dividends Declared and Paid

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


	Three Months Ended
	April 2, 2022		April 3, 2021
Dividends declared	$	46.8	$	15.3
Dividends paid	47.4		15.7

Legal and Other Contingencies (Tables)

3 Months Ended

Apr. 02, 2022

Commitments and Contingencies Disclosure [Abstract]

Summary of Changes in Reserves for Product Liability and Warranty Claims

A summary of the changes in reserves for product liability and warranty claims for the three months ended April 2, 2022, is shown below (in millions):


Balance at January 1, 2022	$	46.0
Expense, net (including changes in estimates)	3.4
Settlements	(6.6)
Foreign currency translation and other	(0.7)
Balance at April 2, 2022	$	42.1

Segment Reporting (Tables)

3 Months Ended

Apr. 02, 2022

Segment Reporting [Abstract]

Summary of Revenues from External Customers and Other Financial Information by Reportable Operating Segment

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


	Three Months Ended April 2, 2022
	Seating		E-Systems		Other		Consolidated
Revenues from external customers	$	3,912.5	$	1,295.9	$	—	$	5,208.4
Segment earnings (1)	200.1		15.9		(87.5)		128.5
Depreciation and amortization	92.8		46.2		4.4		143.4
Capital expenditures	77.1		46.1		7.1		130.3
Total assets	7,975.0		3,631.7		2,120.6		13,727.3


	Three Months Ended April 3, 2021
	Seating		E-Systems		Other		Consolidated
Revenues from external customers	$	3,996.0	$	1,358.4	$	—	$	5,354.4
Segment earnings (1)	292.0		89.3		(73.9)		307.4
Depreciation and amortization	90.4		46.6		3.8		140.8
Capital expenditures	63.0		43.2		6.7		112.9
Total assets	7,761.2		3,493.6		2,167.7		13,422.5

(1) See definition above

Reconciliation of Segment Earnings to Consolidated Income (Loss) Before Provision (Benefit) for Income Taxes and Equity

A reconciliation of segment earnings to consolidated income before provision for income taxes and equity in net income of affiliates is shown below (in millions):


	Three Months Ended
	April 2, 2022		April 3, 2021
Segment earnings	$	128.5	$	307.4
Interest expense	24.9		22.3
Other expense, net	27.3		6.3
Consolidated income before provision for income taxes and equity in net income of affiliates	$	76.3	$	278.8

Financial Instruments (Tables)

3 Months Ended

Apr. 02, 2022

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):


	April 2, 2022		December 31, 2021
Estimated aggregate fair value (1)	$	2,530.1	$	2,868.6
Aggregate carrying value (1) (2)	2,600.0		2,600.0

(1) Excludes "other" debt.

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

Reconciliation of Cash, Cash Equivalents

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


	April 2, 2022		April 3, 2021
Balance sheet:
Cash and cash equivalents	$	1,162.0	$	1,375.4
Restricted cash included in other current assets	—		1.5
Restricted cash included in other long-term assets	2.8		1.6
Statement of cash flows:
Cash, cash equivalents and restricted cash	$	1,164.8	$	1,378.5

Reconciliation of Restricted Cash


	April 2, 2022		April 3, 2021
Balance sheet:
Cash and cash equivalents	$	1,162.0	$	1,375.4
Restricted cash included in other current assets	—		1.5
Restricted cash included in other long-term assets	2.8		1.6
Statement of cash flows:
Cash, cash equivalents and restricted cash	$	1,164.8	$	1,378.5

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):


	April 2, 2022		December 31, 2021
Current assets	$	1.8	$	3.5
Other long-term assets	56.5		58.8
	$	58.3	$	62.3

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


	April 2, 2022		December 31, 2021
Fair value of foreign currency contracts designated as cash flow hedges:
Other current assets	$	37.3	$	19.4
Other long-term assets	8.1		0.1
Other current liabilities	(6.8)		(10.1)
Other long-term liabilities	(1.1)		(2.8)
	37.5		6.6
Notional amount	$	1,146.1	$	1,077.6
Outstanding maturities in months, not to exceed	24		23
Fair value of derivatives designated as net investment hedges:


Other current liabilities	$	—	$	(3.2)
Other long-term liabilities	(4.4)		(1.6)
	(4.4)		(4.8)
Notional amount	$	300.0	$	300.0
Outstanding maturities in months, not to exceed	48		33
Fair value of foreign currency contracts not designated as hedging instruments:
Other current assets	$	1.1	$	2.2
Other current liabilities	(4.1)		(3.3)
	(3.0)		(1.1)
Notional amount	$	559.7	$	445.5
Outstanding maturities in months, not to exceed	9		12
Total fair value	$	30.1	$	0.7
Total notional amount	$	2,005.8	$	1,823.1

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

Pretax amounts related to foreign currency and net investment hedge contracts that were recognized in and reclassified from accumulated other comprehensive loss are shown below (in millions):


	Three Months Ended
	April 2, 2022		April 3, 2021
Gains recognized in accumulated other comprehensive loss:
Foreign currency contracts	$	39.5	$	3.0
Net investment hedge contracts	0.3		9.9
	39.8		12.9
(Gains) losses reclassified from accumulated other comprehensive loss to:
Net sales	(1.6)		0.2
Cost of sales	(7.0)		(7.5)
Interest expense	0.6		0.6

	(8.0)		(6.7)
Comprehensive income	$	31.8	$	6.2

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


Foreign currency contracts	$	30.5
Interest rate swap contracts	(2.4)

Total	$	28.1

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


	April 2, 2022
	Frequency	Asset (Liability)		Valuation Technique	Level 1		Level 2		Level 3
Foreign currency contracts, net	Recurring	$	34.5	Market/ Income	$	—	$	34.5	$	—
Net investment hedges	Recurring	(4.4)		Market/ Income	—		(4.4)		—
Marketable equity securities	Recurring	58.3		Market	58.3		—		—


	December 31, 2021
	Frequency	Asset (Liability)		Valuation Technique	Level 1		Level 2		Level 3
Foreign currency contracts, net	Recurring	$	5.5	Market/ Income	$	—	$	5.5	$	—
Net investment hedges	Recurring	(4.8)		Market/ Income	—		(4.8)		—
Marketable equity securities	Recurring	62.3		Market	62.3		—		—

Current Operating Environment - Narrative (Details) - Geographic Concentration Risk - RUSSIA	3 Months Ended
	Apr. 02, 2022
Assets, Total
Unusual or Infrequent Item, or Both
Concentration risk, less than (percent)	1.00%
Revenue Benchmark
Unusual or Infrequent Item, or Both
Concentration risk, less than (percent)	1.00%

Acquisition - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
Acquisition - Narrative (Details) - USD ($) $ in Millions	Feb. 28, 2022	Apr. 02, 2022
Revenue Benchmark \| Customer Concentration Risk \| Intercompany \| Kongsberg ICS
Business Acquisition
Concentration risk (percent)	20.00%
Kongsberg ICS
Business Acquisition
Net purchase price	$ 300.0
Transaction costs		$ 10.0
Kongsberg ICS \| Developed Technology Rights
Business Acquisition
Weighted average useful life (years)		17 years

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

3 Months Ended

Apr. 02, 2022

Apr. 03, 2021

Dec. 31, 2021

Business Acquisition

Preliminary purchase price, net of acquired cash

$ 184.2

$ 0.0

Preliminary purchase price, net of acquired cash

1,675.3

^[1]

$ 1,657.9

Kongsberg ICS

Business Acquisition

184.2

Property, plant and equipment

121.8

Other assets purchased and liabilities assumed, net

28.0

Preliminary purchase price allocation

23.3

Intangible assets

11.1

$ 184.2

[1]	Unaudited.

Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Restructuring - Narrative (Details) - USD ($) $ in Millions	Apr. 02, 2022	Apr. 03, 2021
Restructuring Cost and Reserve
Restructuring charges	$ 29.9
Impairment of long-lived assets to be disposed of	0.5	$ 0.2
Expected restructuring costs	26.0
Employee Termination Costs
Restructuring Cost and Reserve
Restructuring charges	27.3
Fixed Asset Impairment Charges
Restructuring Cost and Reserve
Restructuring charges	0.5
Contract Termination Credits
Restructuring Cost and Reserve
Restructuring charges	1.0
Other Related Costs
Restructuring Cost and Reserve
Restructuring charges	1.1
Cost of Sales
Restructuring Cost and Reserve
Restructuring charges	29.5
Selling, General and Administrative Expenses
Restructuring Cost and Reserve
Restructuring charges	$ 0.4

Restructuring - Summary of Restructuring Activities (Details) $ in Millions	3 Months Ended
	Apr. 02, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Accrual as of beginning of period	$ 129.4
Charges	29.9
Utilization cash	(12.8)
Utilization, non-cash	(0.5)
Accrual as of end of period	146.0
Employee termination benefits
Restructuring Reserve [Roll Forward]
Accrual as of beginning of period	126.1
Charges	27.3
Utilization cash	(11.5)
Utilization, non-cash	0.0
Accrual as of end of period	141.9
Asset impairment charges
Restructuring Reserve [Roll Forward]
Accrual as of beginning of period	0.0
Charges	0.5
Utilization cash	0.0
Utilization, non-cash	(0.5)
Accrual as of end of period	0.0
Contract termination costs
Restructuring Reserve [Roll Forward]
Accrual as of beginning of period	3.3
Charges	1.0
Utilization cash	(0.2)
Utilization, non-cash	0.0
Accrual as of end of period	4.1
Other related costs
Restructuring Reserve [Roll Forward]
Accrual as of beginning of period	0.0
Charges	1.1
Utilization cash	(1.1)
Utilization, non-cash	0.0
Accrual as of end of period	$ 0.0

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

Apr. 02, 2022

Dec. 31, 2021

Inventory Disclosure [Abstract]

Raw materials

$ 1,251.4

$ 1,171.0

Work-in-process

135.7

119.9

Finished goods

425.8

453.4

Reserves

(170.8)

(172.4)

Property, Plant and Equipment [Abstract]

$ 1,642.1

^[1]

$ 1,571.9

[1]	Unaudited.

Pre-Production Costs Related to Long-Term Supply Agreements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized pre-production E&D costs	$ 63.2	$ 66.7
Capitalized pre-production tooling costs related to customer-owned tools	46.4	31.4
Cash collected related to E&D and tooling costs	$ 72.9	$ 77.0

Pre-Production Costs Related to Long-Term Supply Agreements - Classification of Recoverable Customer Engineering, Development and Tooling Costs related to Long-Term Supply Agreements (Details) - USD ($) $ in Millions	Apr. 02, 2022	Dec. 31, 2021
Pre Production Costs Related to Long Term Supply Arrangements [Line Items]
Recoverable customer E&D and tooling	$ 387.6	$ 350.9
Current
Pre Production Costs Related to Long Term Supply Arrangements [Line Items]
Recoverable customer E&D and tooling	232.2	207.4
Long-term
Pre Production Costs Related to Long Term Supply Arrangements [Line Items]
Recoverable customer E&D and tooling	$ 155.4	$ 143.5

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

Apr. 02, 2022

Dec. 31, 2021

Land

$ 106.9

$ 108.7

Buildings and improvements

860.5

850.3

Machinery and equipment

4,672.2

4,497.7

Construction in progress

349.2

345.6

Total property, plant and equipment

5,988.8

5,802.3

Less – accumulated depreciation

(3,162.1)

(3,082.2)

Property, plant and equipment, net

$ 2,826.7

^[1]

$ 2,720.1

[1]	Unaudited.

Long-Lived Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 127.7	$ 124.3
Impairment of long-lived assets to be disposed of	0.5	$ 0.2
Asset impairment charges	$ 1.1

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

3 Months Ended

Apr. 02, 2022

USD ($)

Goodwill [Roll Forward]

Balance at January 1, 2022

$ 1,657.9

Foreign currency translation and other

23.3

(5.9)

Balance at April 2, 2022

1,675.3

^[1]

Seating

Goodwill [Roll Forward]

Balance at January 1, 2022

1,249.3

Foreign currency translation and other

23.3

(6.2)

Balance at April 2, 2022

1,266.4

E-Systems

Goodwill [Roll Forward]

Balance at January 1, 2022

408.6

Foreign currency translation and other

0.0

0.3

Balance at April 2, 2022

$ 408.9

[1]	Unaudited.

Goodwill - Narrative (Details) - USD ($)	3 Months Ended
Goodwill - Narrative (Details) - USD ($)	Apr. 02, 2022	Apr. 03, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment	$ 0	$ 0

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

Apr. 02, 2022

Dec. 31, 2021

Debt and Lease Obligation, Gross

$ 7.5

2,607.5

(19.8)

(20.1)

Debt and lease obligation

8.9

8.6

2,596.6

2,596.0

Less — Current portion

(0.8)

^[1]

(0.8)

Long-term debt

2,595.8

^[1]

$ 2,595.2

Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]

Long-term debt

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

550.0

$ 550.0

(2.5)

(2.1)

(2.2)

$ 545.4

$ 545.3

3.885%

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

3.80%

$ 375.0

(2.2)

(2.3)

(0.8)

(0.9)

$ 372.0

$ 371.8

4.288%

Senior Notes | 3.5% Senior Notes due 2030 (the "2030 Notes")

4.25%

$ 350.0

(2.2)

(2.3)

(0.7)

$ 347.1

$ 347.0

3.525%

Senior Notes | 2.6% Senior Notes due 2032 (the "2032 Notes")

3.50%

$ 350.0

(3.0)

(3.1)

(0.6)

(0.8)

$ 346.4

$ 346.1

2.624%

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

2.60%

$ 625.0

(6.0)

(6.1)

13.5

13.7

$ 632.5

$ 632.6

5.103%

Senior Notes | 3.55% Senior Notes due 2052 (the "2052 Notes")

5.25%

$ 350.0

(3.9)

(3.8)

(0.4)

(0.5)

$ 345.7

3.558%

3.55%

[1]	Unaudited.

Debt - Credit Agreement (Details) - USD ($)	3 Months Ended		12 Months Ended
Debt - Credit Agreement (Details) - USD ($)	Apr. 02, 2022	Apr. 03, 2021	Dec. 31, 2021
Debt Instrument
Term loan repayments	$ 0	$ 4,700,000
Revolving Credit Facility \| Minimum
Debt Instrument
Line of credit facility, facility fee	0.075%
Revolving Credit Facility \| Maximum
Debt Instrument
Line of credit facility, facility fee	0.20%
Credit Agreement — Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument
Line of credit facility, maximum borrowing capacity	$ 2,000,000,000
Borrowings outstanding under revolving credit facility	$ 0		$ 0
Credit Agreement \| Term Loan Facility
Debt Instrument
Term loan repayments			$ 250,000,000

Debt - Credit Agreement Interest Rate Ranges (Details) - Revolving Credit Facility - Credit Agreement — Revolving Credit Facility	3 Months Ended
	Apr. 02, 2022
Eurocurrency Rate
Debt Instrument
Interest rate	1.125%
Eurocurrency Rate \| Minimum
Debt Instrument
Basis spread on variable rate	0.925%
Eurocurrency Rate \| Maximum
Debt Instrument
Basis spread on variable rate	1.45%
Base Rate
Debt Instrument
Interest rate	0.125%
Base Rate \| Minimum
Debt Instrument
Basis spread on variable rate	0.00%
Base Rate \| Maximum
Debt Instrument
Basis spread on variable rate	0.45%

Leases - Right-of-Use Assets and Lease Obligations (Details) - USD ($) $ in Millions	Apr. 02, 2022	Dec. 31, 2021
Right-of-use assets under operating leases:
Other long-term assets	$ 677.2	$ 627.9
Lease obligations under operating leases:
Accrued liabilities	130.5	125.6
Other long-term liabilities	569.1	523.6
Lease obligations under operating leases	$ 699.6	$ 649.2
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other	Other
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities	Accrued liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other	Other

Leases - Maturity of Lease Obligations (Details) - USD ($) $ in Millions	Apr. 02, 2022	Dec. 31, 2021
Leases [Abstract]
2022	$ 115.2
2023	130.3
2024	110.8
2025	95.5
2026	84.9
Thereafter	237.7
Total undiscounted cash flows	774.4
Less: Imputed interest	(74.8)
Lease obligations under operating leases	$ 699.6	$ 649.2

Leases - Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$ 62.5	$ 63.8
Operating cash flows:
Cash paid related to operating lease obligations	40.4	$ 40.4
Kongsberg ICS
Lessee, Lease, Description
Right of use asset	34.1
Lease liability	$ 34.1

Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Millions	Apr. 02, 2022	Apr. 03, 2021
Leases [Abstract]
Operating lease expense	$ 41.4	$ 39.0
Short-term lease expense	5.4	4.2
Variable lease expense	2.0	2.2
Total lease expense	$ 48.8	$ 45.4

Leases - Weighted Average Lease Term and Discount Rate (Details)	Apr. 02, 2022
Leases [Abstract]
Weighted average remaining lease term	7 years
Weighted average discount rate	2.90%

Pension and Other Postretirement Benefit Plans - Components of Net Periodic Benefit (Credit) Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Pension \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 0.0	$ 0.0
Interest cost	3.9	3.6
Expected return on plan assets	(6.0)	(5.9)
Amortization of actuarial gain (loss)	0.5	1.0
Settlement loss	0.4	0.4
Net periodic benefit cost	(1.2)	(0.9)
Pension \| Foreign
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	1.0	1.3
Interest cost	2.9	2.6
Expected return on plan assets	(4.4)	(4.8)
Amortization of actuarial gain (loss)	1.1	1.5
Settlement loss	0.0	0.0
Net periodic benefit cost	0.6	0.6
Other Postretirement \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	0.4	0.3
Amortization of actuarial gain (loss)	(0.3)	(0.3)
Net periodic benefit cost	0.1	0.0
Other Postretirement \| Foreign
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	0.2	0.2
Amortization of actuarial gain (loss)	0.0	0.0
Net periodic benefit cost	$ 0.2	$ 0.2

Pension and Other Postretirement Benefit Plans - Narrative (Details) - Pension $ in Millions	3 Months Ended
	Apr. 02, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Employer's contribution towards defined benefit plan	$ 4.4
Minimum
Defined Benefit Plan Disclosure [Line Items]
Estimated employer's contribution towards defined benefit plan in current year	5.0
Maximum
Defined Benefit Plan Disclosure [Line Items]
Estimated employer's contribution towards defined benefit plan in current year	$ 10.0

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Percentage of net sales to prior years revenue	2.00%	2.00%
Significant contract liabilities recorded	$ 0.0		$ 0.0
Significant contract liabilities recognized in revenue	$ 0.0	$ 0.0

Revenue Recognition - Summary of Revenue by Reportable Operating Segment and Geography (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Disaggregation of Revenue [Line Items]
Revenues from external customers	$ 5,208.4	$ 5,354.4
North America
Disaggregation of Revenue [Line Items]
Revenues from external customers	2,197.8	2,011.2
Europe and Africa
Disaggregation of Revenue [Line Items]
Revenues from external customers	1,791.2	2,077.0
Asia
Disaggregation of Revenue [Line Items]
Revenues from external customers	1,030.1	1,085.5
South America
Disaggregation of Revenue [Line Items]
Revenues from external customers	189.3	180.7
Seating
Disaggregation of Revenue [Line Items]
Revenues from external customers	3,912.5	3,996.0
Seating \| North America
Disaggregation of Revenue [Line Items]
Revenues from external customers	1,841.9	1,668.6
Seating \| Europe and Africa
Disaggregation of Revenue [Line Items]
Revenues from external customers	1,269.5	1,474.7
Seating \| Asia
Disaggregation of Revenue [Line Items]
Revenues from external customers	662.6	716.7
Seating \| South America
Disaggregation of Revenue [Line Items]
Revenues from external customers	138.5	136.0
E-Systems
Disaggregation of Revenue [Line Items]
Revenues from external customers	1,295.9	1,358.4
E-Systems \| North America
Disaggregation of Revenue [Line Items]
Revenues from external customers	355.9	342.6
E-Systems \| Europe and Africa
Disaggregation of Revenue [Line Items]
Revenues from external customers	521.7	602.3
E-Systems \| Asia
Disaggregation of Revenue [Line Items]
Revenues from external customers	367.5	368.8
E-Systems \| South America
Disaggregation of Revenue [Line Items]
Revenues from external customers	$ 50.8	$ 44.7

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Other Expense, Net - Summary of Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Other Income and Expenses [Abstract]
Other expense	$ 30.2	$ 9.9
Other income	(2.9)	(3.6)
Other expense, net	$ 27.3	$ 6.3

Other Expense, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Unusual or Infrequent Item, or Both
Foreign currency transaction loss	$ 20.0	$ 4.2
RUSSIA
Unusual or Infrequent Item, or Both
Foreign currency transaction loss	$ 11.4

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 20.4	$ 58.9
Pretax income before equity in net income of affiliates	$ 76.3	$ 278.8
Effective tax rate	26.70%	21.10%

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Tax Benefits (Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Income Tax Disclosure [Abstract]
Restructuring charges and various other items	$ 10.3	$ 5.2
Valuation allowances on deferred tax assets	0.5	0.2
Share-based compensation	1.2	0.1
Income tax benefits (expense) related to significant discrete items	$ 12.0	$ 5.5

Net Income Per Share Attributable to Lear (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Earnings Per Share [Abstract]
Net income attributable to Lear	$ 49.4	$ 203.7
Average common shares outstanding (in shares)	59,932,030	60,312,573
Dilutive effect of common stock equivalents (in shares)	278,949	248,286
Average diluted shares outstanding (in shares)	60,210,979	60,560,859
Basic net income per share attributable to Lear (in dollars per share)	$ 0.82	$ 3.38
Diluted net income per share attributable to Lear (in dollars per share)	$ 0.82	$ 3.36

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

3 Months Ended

Apr. 02, 2022

Apr. 03, 2021

$ 4,808.4

$ 4,614.9

4,825.9

^[1]

4,748.7

Defined benefit plans:

Reclassification adjustments

(199.4)

(276.9)

1.4

2.2

Other comprehensive income (loss) recognized during the period

(0.5)

(0.9)

Reclassification adjustments, tax expense (benefit)

(198.5)

(275.6)

0.3

0.4

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

0.0

Derivative instruments and hedging:

Reclassification adjustments

(18.6)

12.6

(6.6)

(5.3)

Other comprehensive income (loss) recognized during the period

31.6

2.3

Reclassification adjustments, tax expense (benefit)

6.4

9.6

(1.4)

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

7.9

0.7

Foreign currency translation:

Other comprehensive income (loss) recognized during the period

(552.2)

(440.8)

(18.3)

(83.6)

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

(570.5)

(524.4)

0.4

2.1

Accumulated Other Comprehensive Loss, Net of Tax

(770.2)

(705.1)

$ (762.6)

$ (790.4)

[1]	Unaudited.

Comprehensive Income and Equity - Narrative (Details) - USD ($)	3 Months Ended		135 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 02, 2011
Equity [Abstract]
Foreign currency translation adjustments related to intercompany transactions losses	$ 500,000	$ 100,000
Foreign currency translation adjustments related to derivatives in net investment hedge	300,000	$ 9,900,000
Aggregate purchases authorized under common stock share repurchase program				$ 6,100,000,000
Aggregate repurchases			$ 4,800,000,000
Average price (in dollars per share)			$ 90.97
Remaining repurchase authorization	$ 1,300,000,000		$ 1,300,000,000
Cash dividends declared per share (in dollars per share)	$ 0.77	$ 0.25

Comprehensive Income and Equity - Dividends Declared and Paid (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Equity [Abstract]
Dividends declared	$ 46.8	$ 15.3
Dividends paid	$ 47.4	$ 15.7

Legal and Other Contingencies - Narrative (Details) - USD ($) $ in Millions	Apr. 02, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Reserves for pending legal disputes, including commercial disputes and other matters	$ 21.1	$ 19.5
Environmental reserves	$ 8.0	$ 8.0

Legal and Other Contingencies - Summary of Product Liability and Warranty Claims (Details) $ in Millions	3 Months Ended
	Apr. 02, 2022 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at January 1, 2022	$ 46.0
Expense, net (including changes in estimates)	3.4
Settlements	(6.6)
Foreign currency translation and other	(0.7)
Balance at April 2, 2022	$ 42.1

Segment Reporting - Narrative (Details) $ in Millions	3 Months Ended
Segment Reporting - Narrative (Details) $ in Millions	Apr. 02, 2022 USD ($) segment	Apr. 03, 2021 USD ($)
Segment Reporting Information [Line Items]
Reportable operating segments \| segment	2
Restructuring charges	$ 29.9
Seating
Segment Reporting Information [Line Items]
Additional restructuring costs expected to occur	11.0
E-Systems
Segment Reporting Information [Line Items]
Additional restructuring costs expected to occur	15.0
Operating segments \| Seating
Segment Reporting Information [Line Items]
Restructuring charges	16.6	$ 12.8
Operating segments \| E-Systems
Segment Reporting Information [Line Items]
Restructuring charges	$ 13.3	4.7
Other
Segment Reporting Information [Line Items]
Restructuring charges		$ 4.2

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

3 Months Ended

Apr. 02, 2022

Apr. 03, 2021

Dec. 31, 2021

$ 5,208.4

$ 5,354.4

128.5

307.4

143.4

140.8

130.3

112.9

13,727.3

^[1]

13,422.5

$ 13,352.4

0.0

(87.5)

(73.9)

4.4

3.8

7.1

6.7

2,120.6

2,167.7

Seating

Seating | Operating segments

3,912.5

3,996.0

3,912.5

3,996.0

200.1

292.0

92.8

90.4

77.1

63.0

7,975.0

7,761.2

E-Systems

E-Systems | Operating segments

1,295.9

1,358.4

1,295.9

1,358.4

15.9

89.3

46.2

46.6

46.1

43.2