Lear (LEA) 10-Q27 Apr 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Apr. 01, 2023	Apr. 24, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 01, 2023
Document Transition Report	false
Entity File Number	001-11311
Entity Registrant Name	LEAR CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3386776
Entity Address, Address Line One	21557 Telegraph Road
Entity Address, City or Town	Southfield
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48033
City Area Code	248
Local Phone Number	447-1500
Title of 12(b) Security	Common stock, par value $0.01
Trading Symbol	LEA
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		59,022,540
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000842162
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Apr. 01, 2023	[1]	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 898.5		$ 1,114.9
Accounts receivable	4,143.1		3,451.9
Inventories	1,676.2		1,573.6
Other	860.8		853.7
Total current assets	7,578.6		6,994.1
LONG-TERM ASSETS:
Property, plant and equipment, net	2,840.9		2,854
Goodwill	1,666.7		1,660.6
Other	2,318		2,254.3
Total long-term assets	6,825.6		6,768.9
Total assets	14,404.2		13,763
CURRENT LIABILITIES:
Short-term borrowings	16.6		9.9
Accounts payable and drafts	3,578.9		3,206.1
Accrued liabilities	1,997		1,961.5
Current portion of long-term debt	5.1		10.8
Total current liabilities	5,597.6		5,188.3
LONG-TERM LIABILITIES:
Long-term debt	2,591.6		2,591.2
Other	1,185.6		1,153.2
Total long-term liabilities	3,777.2		3,744.4
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 1, 2023 and December 31, 2022	0.6		0.6
Additional paid-in capital	1,013.4		1,023.1
Common stock held in treasury, 5,550,447 and 5,493,211 shares as of April 1, 2023 and December 31, 2022, respectively, at cost	(761.5)		(753.9)
Retained earnings	5,310		5,214.1
Accumulated other comprehensive loss	(704.8)		(805.1)
Lear Corporation stockholders' equity	4,857.7		4,678.8
Noncontrolling interests	171.7		151.5
Equity	5,029.4		4,830.3
Total liabilities and equity	$ 14,404.2		$ 13,763

[1]Unaudited

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 01, 2023	Dec. 31, 2022
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)	5,550,447	5,493,211
Series A convertible preferred stock
Preferred stock, shares authorized (in shares)	10,896,250	10,896,250

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Income Statement [Abstract]
Net sales	$ 5,845.5	$ 5,208.4
Cost of sales	5,415.5	4,886.9
Selling, general and administrative expenses	176.8	177.3
Amortization of intangible assets	15.9	15.7
Interest expense	24.2	24.9
Other expense, net	13.7	27.3
Consolidated income before provision for income taxes and equity in net income of affiliates	199.4	76.3
Provision for income taxes	45.6	20.4
Equity in net income of affiliates	(9.6)	(10.7)
Consolidated net income	163.4	66.6
Less: Net income attributable to noncontrolling interests	19.8	17.2
Net income attributable to Lear	$ 143.6	$ 49.4
Basic net income per share attributable to Lear (in dollars per share)	$ 2.42	$ 0.82
Diluted net income per share attributable to Lear (in dollars per share)	2.41	0.82
Cash dividends declared per share (in dollars per share)	$ 0.77	$ 0.77
Average common shares outstanding (in shares)	59,316,555	59,932,030
Average diluted shares outstanding (in shares)	59,558,966	60,210,979
Consolidated comprehensive income (Condensed Consolidated Statements of Equity)	$ 264.1	$ 74
Less: Comprehensive income attributable to noncontrolling interests	20.2	17
Comprehensive income attributable to Lear	$ 243.9	$ 57

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total		Lear Corporation Stockholders' Equity	Common Stock	Additional Paid-In Capital	Common Stock Held in Treasury	Retained Earnings	Accumulated Other Comprehensive Loss, Net of Tax	Non-controlling Interests
Balance at beginning of period at Dec. 31, 2021	$ 4,808.4		$ 4,643.4	$ 0.6	$ 1,019.4	$ (679.2)	$ 5,072.8	$ (770.2)	$ 165
Comprehensive income:
Net income	66.6		49.4				49.4		17.2
Other comprehensive income (loss)	7.4		7.6					7.6	(0.2)
Total comprehensive income (loss)	74		57				49.4	7.6	17
Stock-based compensation	13.9		13.9		13.9
Net issuance of shares held in treasury in settlement of stock-based compensation	(17.5)		(17.5)		(32.9)	15.4
Dividends declared to Lear Corporation stockholders	(46.8)		(46.8)				(46.8)
Dividends declared to noncontrolling interest holders	(6.7)								(6.7)
Change in noncontrolling interests	0.6		0		0				0.6
Balance at end of period at Apr. 02, 2022	4,825.9		4,650	0.6	1,000.4	(663.8)	5,075.4	(762.6)	175.9
Balance at beginning of period at Dec. 31, 2022	4,830.3		4,678.8	0.6	1,023.1	(753.9)	5,214.1	(805.1)	151.5
Comprehensive income:
Net income	163.4		143.6				143.6		19.8
Other comprehensive income (loss)	100.7		100.3					100.3	0.4
Total comprehensive income (loss)	264.1		243.9				143.6	100.3	20.2
Stock-based compensation	17.9		17.9		18.9		(1)
Net issuance of shares held in treasury in settlement of stock-based compensation	(11.1)		(11.1)		(28.6)	17.5
Repurchase of shares of common stock	(25.1)		(25.1)			(25.1)
Dividends declared to Lear Corporation stockholders	(46.7)		(46.7)				(46.7)
Balance at end of period at Apr. 01, 2023	$ 5,029.4	[1]	$ 4,857.7	$ 0.6	$ 1,013.4	$ (761.5)	$ 5,310	$ (704.8)	$ 171.7

[1]Unaudited

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Statement of Stockholders' Equity [Abstract]
Net issuances of shares held in treasury in settlement of stock-based compensation (in shares)	125,666	140,712
Number of shares repurchased (in shares)	182,902
Average Price per Share (in dollars per share)	$ 137.24

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Cash Flows from Operating Activities:
Consolidated net income	$ 163.4	$ 66.6
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	147.2	143.4
Net change in recoverable customer engineering, development and tooling	(34.6)	(36.1)
Net change in working capital items	(311.6)	38.1
Other, net	0	8.7
Net cash provided by (used in) operating activities	(35.6)	220.7
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(111.8)	(130.3)
Acquisition of Kongsberg ICS, net of cash acquired	0	(184.2)
Other, net	2.3	11.9
Net cash used in investing activities	(109.5)	(302.6)
Cash Flows from Financing Activities:
Repurchase of common stock	(25.1)	0
Dividends paid to Lear Corporation stockholders	(46.8)	(47.4)
Other, net	(10.6)	(23.8)
Net cash used in financing activities	(82.5)	(71.2)
Effect of foreign currency translation	11	(3.4)
Net Change in Cash, Cash Equivalents and Restricted Cash	(216.6)	(156.5)
Cash, Cash Equivalents and Restricted Cash as of Beginning of Period	1,117.4	1,321.3
Cash, Cash Equivalents and Restricted Cash as of End of Period	900.8	1,164.8
Changes in Working Capital Items:
Accounts receivable	(671.2)	(219.1)
Inventories	(93.5)	(49)
Accounts payable	352.6	276.9
Accrued liabilities and other	100.5	29.3
Net change in working capital items	(311.6)	38.1
Supplementary Disclosure:
Cash paid for interest	22	9.6
Cash paid for income taxes, net of refunds received	$ 45.5	$ 49.9

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Apr. 01, 2023
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

Current Operating Environment	3 Months Ended
Current Operating Environment	Apr. 01, 2023
Unusual or Infrequent Items, or Both [Abstract]
Current Operating Environment	Current Operating Environment Since 2020, the automotive industry has experienced a decline in global production volumes. Alth ough industry production has recovered modestly, production remains well below recent historic levels. Further, the global economy, as well as the automotive industry, have been influenced directly and indirectly by macroeconomic events resulting in unfavorable conditions, including shortages of semiconductor chips and other components, elevated inflation levels, higher interest rates, and labor and energy shortages in certain markets. These factors, amongst others, continue to impact consumer demand as well as the ability of automotive manufactures to produce vehicles to meet demand. The accompanying condensed consolidated financial statements reflect estimates and assumptions made by management as of April 1, 2023, and for the three months then ended. Such estimates and assumptions affect, among other things, the Company's goodwill; long-lived 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 1, 2023, will be reflected in management's estimates and assumptions in future periods.

Acquisitions

Acquisitions	3 Months Ended
Acquisitions	Apr. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Kongsberg ICS On February 28, 2022, the Company completed the acquisition of substantially all of Kongsberg Automotive's Interior Comfort Systems business unit ("Kongsberg ICS"). 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 sheets. 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. For further information related to the acquisition of Kongsberg ICS, see Note 4, "Acquisition of Kongsberg ICS," to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. I.G. Bauerhin On April 26, 2023, the Company completed the acquisition of I.G. Bauerhin ("IGB"), a privately held supplier of automotive seat heating, ventilation, active cooling, steering wheel heating, seat sensors and electronic control modules, headquartered in Gruendau-Rothenbergen, Germany. IGB has more than 4,600 employees at nine manufacturing plants in seven countries. The acquisition of IGB furthers the Company's comprehensive strategy to develop and integrate a complete portfolio of thermal comfort systems for automotive seating. The transaction is valued at approximately €140 million, on a cash and debt free basis. On April 26, 2023, the Company provided irrevocable notice to borrow $150 million under its delayed-draw term loan facility to finance the acquisition (see Note 9, "Debt"). The acquisition of IGB will be accounted for as a business combination, and accordingly, the assets acquired and liabilities assumed will be recognized at fair value as of the acquisition date. The operating results and cash flows of IGB will be included in the consolidated financial statements from the date of acquisition in the Company's Seating segment.

Restructuring

Restructuring	3 Months Ended
Restructuring	Apr. 01, 2023
Restructuring and Related Activities [Abstract]
Restructuring	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, communicated and/or implemented. A summary of the changes in the Company's restructuring reserves is shown below (in millions): Balance at January 1, 2023 $ 82.9 Provision for employee termination benefits 11.7 Payments, utilizations and foreign currency (18.3) Balance at April 1, 2023 $ 76.3 Charges recorded in connection with the Company's restructuring actions are shown below (in millions): Three Months Ended April 1, April 2, Employee termination benefits $ 11.7 $ 27.3 Property, plant and equipment impairments 0.1 0.5 Contract termination costs 0.8 1.0 Other related costs 2.0 1.1 $ 14.6 $ 29.9 Restructuring charges by income statement line item are shown below (in millions): Three Months Ended April 1, April 2, Cost of sales $ 12.9 $ 29.5 Selling, general and administrative expenses 1.7 0.4 $ 14.6 $ 29.9 Restructuring charges by operating segment are shown below (in millions): Three Months Ended April 1, April 2, Seating $ 12.0 $ 16.6 E-Systems 2.3 13.3 Other 0.3 — $ 14.6 $ 29.9 The Company expects to incur approximately $16 million and approximately $3 million of additional restructuring costs in its Seating and E-Systems segments, respectively, related to activities initiated as of April 1, 2023, and expects that the components of such costs will be consistent with its historical experience.

Inventories

Inventories	3 Months Ended
Inventories	Apr. 01, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories 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 1, December 31, Raw materials $ 1,252.7 $ 1,216.8 Work-in-process 138.7 126.6 Finished goods 446.6 391.9 Reserves (161.8) (161.7) Inventories $ 1,676.2 $ 1,573.6

Pre-Production Costs Related to

Pre-Production Costs Related to Long-Term Supply Agreements	3 Months Ended
Pre-Production Costs Related to Long-Term Supply Agreements	Apr. 01, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Pre-Production Costs Related to Long-Term Supply Agreements	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 2023 and 2022, the Company capitalized $60.1 million and $63.2 million, respectively, of pre-production E&D costs for which reimbursement is contractually guaranteed by the customer. During the first three months of 2023 and 2022, the Company also capitalized $56.3 million and $46.4 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 2023 and 2022, the Company collected $80.2 million and $72.9 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 1, December 31, Current $ 204.3 $ 175.7 Long-term 170.1 161.3 Recoverable customer E&D and tooling $ 374.4 $ 337.0

Long-Lived Assets

Long-Lived Assets	3 Months Ended
Long-Lived Assets	Apr. 01, 2023
Property, Plant and Equipment [Abstract]
Long-Lived Assets	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 1, December 31, Land $ 104.8 $ 104.6 Buildings and improvements 876.5 868.6 Machinery and equipment 4,996.0 4,871.5 Construction in progress 352.7 378.0 Total property, plant and equipment 6,330.0 6,222.7 Less – accumulated depreciation (3,489.1) (3,368.7) Property, plant and equipment, net $ 2,840.9 $ 2,854.0 Depreciation expense was $131.3 million and $127.7 million in the three months ended April 1, 2023 and April 2, 2022, respectively. The Company monitors its long-lived assets for impairment indicators on an ongoing basis in accordance with GAAP. If impairment indicators exist, the Company performs the required impairment analysis by comparing the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. The Company will continue to assess the impact of significant industry and other events on the realization of its long-lived assets. In the first three months of 2023 and 2022, the Company recognized property, plant and equipment impairment charges of $0.1 million and $0.5 million, respectively, in conjunction with its restructuring actions (Note 4, "Restructuring"). In the first three months of 2023 and 2022, the Company recognized additional property, plant and equipment impairment charges of $2.2 million and $1.1 million, respectively. The impairment charges are included in cost of sales in the accompanying condensed consolidated statements of comprehensive income. Definite-Lived Intangible Assets In the first three months of 2023, the Company recognized an impairment charge of $0.9 million related to an intangible asset of its E-Systems segment resulting from a change in the intended use of such asset. The impairment charge is included in amortization of intangible assets in the accompanying condensed consolidated statement of comprehensive income for the three months ended April 1, 2023.

Goodwill

Goodwill	3 Months Ended
Goodwill	Apr. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill A summary of the changes in the carrying amount of goodwill, by operating segment, in the three months ended April 1, 2023, is shown below (in millions): Seating E-Systems Total Balance at January 1, 2023 $ 1,261.1 $ 399.5 $ 1,660.6 Foreign currency translation and other 5.7 0.4 6.1 Balance at April 1, 2023 $ 1,266.8 $ 399.9 $ 1,666.7 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 2023 and 2022. The Company will, however, continue to assess the impact of significant industry and other events on its recorded goodwill.

Debt

Debt	3 Months Ended
Debt	Apr. 01, 2023
Debt Disclosure [Abstract]
Debt	Debt Short-Term Borrowings The Company utilizes uncommitted lines of credit as needed for its short-term working capital fluctuations. As of April 1, 2023 and December 31, 2022, the Company had lines of credit from banks totaling $300.9 million and $298.2 million, respectively. As of April 1, 2023 and December 31, 2022, the Company had short-term debt balances outstanding related to draws on the lines of credit of $16.6 million and $9.9 million, respectively. Long-Term 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 1, 2023 Debt Instrument Long-Term Debt Unamortized Debt Issuance Costs Unamortized Original Issue Premium (Discount) Long-Term Weighted 3.8% Senior Notes due 2027 (the "2027 Notes") $ 550.0 $ (2.0) $ (1.7) $ 546.3 3.885% 4.25% Senior Notes due 2029 (the "2029 Notes") 375.0 (1.9) (0.7) 372.4 4.288% 3.5% Senior Notes due 2030 (the "2030 Notes") 350.0 (1.9) (0.6) 347.5 3.525% 2.6% Senior Notes due 2032 (the "2032 Notes") 350.0 (2.7) (0.7) 346.6 2.624% 5.25% Senior Notes due 2049 (the "2049 Notes") 625.0 (5.8) 13.0 632.2 5.103% 3.55% Senior Notes due 2052 (the "2052 Notes") 350.0 (3.8) (0.5) 345.7 3.558% Other 6.0 — — 6.0 N/A $ 2,606.0 $ (18.1) $ 8.8 $ 2,596.7 Less — Current portion (5.1) Long-term debt $ 2,591.6 December 31, 2022 Debt Instrument Long-Term Debt Unamortized Debt Issuance Costs Unamortized Original Issue Premium (Discount) Long-Term Weighted 2027 Notes $ 550.0 $ (2.1) $ (1.8) $ 546.1 3.885% 2029 Notes 375.0 (2.0) (0.7) 372.3 4.288% 2030 Notes 350.0 (2.0) (0.6) 347.4 3.525% 2032 Notes 350.0 (2.8) (0.7) 346.5 2.624% 2049 Notes 625.0 (6.0) 13.2 632.2 5.103% 2052 Notes 350.0 (3.8) (0.5) 345.7 3.558% Other 11.8 — — 11.8 N/A $ 2,611.8 $ (18.7) $ 8.9 2,602.0 Less — Current portion (10.8) Long-term debt $ 2,591.2 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 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 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 1, 2023, the Company was in compliance with all covenants under the indentures governing the Notes. Credit Agreement The Company's $2.0 billion amended and restated unsecured revolving credit agreement ("Credit Agreement") expires on October 28, 2026. A s of April 1, 2023 and December 31, 2022, there were no borrowings outstanding under the Credit Agreement. Advances under the Credit Agreement 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 1, 2023, the ranges and rates are as follows (in percentages): Eurocurrency Rate Base Rate Rate as of Rate as of Minimum Maximum April 1, 2023 Minimum Maximum April 1, 2023 Credit Agreement 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 Credit Agreement, 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 1, 2023, the Company was in compliance with all covenants under the Credit Agreement. Delayed-Draw Term Loan Facility In December 2022, the Company entered into an unsecured $150 million committed delayed-draw term loan facility (the "Delayed-Draw Facility") that matures three years after the funding date. The Delayed-Draw Facility will be used to finance the acquisition of IGB. Advances under the Delayed-Draw Facility generally bear interest based on the Daily or Term Secured Overnight Financing Rate ("SOFR"), as defined in the Delayed-Draw Facility agreement, plus a margin determined in accordance with a pricing grid that ranges from 1.00% to 1.525%. As of April 1, 2023, there were no amounts drawn under the Delayed-Draw Facility. On April 26, 2023, the Company provided irrevocable notice to borrow $150 million under its Delayed-Draw Facility to finance the acquisition of IGB (see Note 3, "Acquisitions"). Covenants The Delayed-Draw Facility contains the same covenants as the Credit Agreement. As of April 1, 2023, the Company was in compliance with all covenants under the Delayed-Draw Facility. Other Long-Term Debt As of April 1, 2023 and December 31, 2022, 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, 2022.

Leases

Leases	3 Months Ended
Leases	Apr. 01, 2023
Leases [Abstract]
Leases	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 1, December 31, 2022 Right-of-use assets under operating leases: Other long-term assets $ 724.3 $ 701.8 Lease obligations under operating leases: Accrued liabilities $ 144.8 $ 136.8 Other long-term liabilities 609.2 595.1 $ 754.0 $ 731.9 Maturities of lease obligations as of April 1, 2023, are shown below (in millions): April 1, 2023 2023 (1) $ 127.6 2024 151.9 2025 129.8 2026 107.6 2027 88.7 Thereafter 238.3 Total undiscounted cash flows 843.9 Less: Imputed interest (89.9) Lease obligations under operating leases $ 754.0 (1) For the remaining nine months Cash flow information related to operating leases is shown below (in millions): Three Months Ended April 1, April 2, Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 64.8 $ 62.5 Operating cash flows: Cash paid related to operating lease obligations $ 44.3 $ 40.4 Lease expense included in the accompanying condensed consolidated statements of comprehensive income is shown below (in millions): Three Months Ended April 1, April 2, Operating lease expense $ 44.2 $ 41.4 Short-term lease expense 5.1 5.4 Variable lease expense 2.6 2.0 Total lease expense $ 51.9 $ 48.8 The weighted average lease term and discount rate for operating leases are shown below: April 1, Weighted average remaining lease term Seven years Weighted average discount rate 3.6 % 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, 2022.

Pension and Other Postretiremen

Pension and Other Postretirement Benefit Plans	3 Months Ended
Pension and Other Postretirement Benefit Plans	Apr. 01, 2023
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefit Plans	Pension and Other Postretirement Benefit Plans 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 1, 2023 April 2, 2022 U.S. Foreign U.S. Foreign Service cost $ — $ 0.8 $ — $ 1.0 Interest cost 5.2 4.1 3.9 2.9 Expected return on plan assets (5.0) (4.0) (6.0) (4.4) Amortization of actuarial loss 0.2 0.5 0.5 1.1 Settlement (gain) loss (0.1) — 0.4 — Net periodic benefit (credit) cost $ 0.3 $ 1.4 $ (1.2) $ 0.6 The components of the Company's net periodic other postretirement benefit (credit) cost are shown below (in millions): Three Months Ended April 1, 2023 April 2, 2022 U.S. Foreign U.S. Foreign Interest cost $ 0.4 $ 0.2 $ 0.4 $ 0.2 Amortization of actuarial gain (0.9) — (0.3) — Net periodic benefit (credit) cost $ (0.5) $ 0.2 $ 0.1 $ 0.2 Contributions

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Apr. 01, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	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 2023 and 2022, 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 1, 2023 and December 31, 2022, there were no significant contract liabilities recorded. Further, in the first three months of 2023 and 2022, 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 1, 2023 April 2, 2022 Seating E-Systems Total Seating E-Systems Total North America $ 2,011.9 $ 368.1 $ 2,380.0 $ 1,841.9 $ 355.9 $ 2,197.8 Europe and Africa 1,596.7 634.3 2,231.0 1,269.5 521.7 1,791.2 Asia 688.3 331.2 1,019.5 662.6 367.5 1,030.1 South America 156.1 58.9 215.0 138.5 50.8 189.3 $ 4,453.0 $ 1,392.5 $ 5,845.5 $ 3,912.5 $ 1,295.9 $ 5,208.4

Other Expense, Net

Other Expense, Net	3 Months Ended
Other Expense, Net	Apr. 01, 2023
Other Income and Expenses [Abstract]
Other Expense, Net	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 1, April 2, Other expense $ 17.1 $ 30.2 Other income (3.4) (2.9) Other expense, net $ 13.7 $ 27.3 In the three months ended April 1, 2023, other expense includes net foreign currency transaction losses of $4.7 million, including gains of $1.0 million related to foreign exchange rate volatility in Russia, and a loss of $5.0 million related to the impairment of an affiliate.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Apr. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes A summary of the provision for income taxes and the corresponding effective tax rate for the three months ended April 1, 2023 and April 2, 2022, is shown below (in millions, except effective tax rates): Three Months Ended April 1, April 2, Provision for income taxes $ 45.6 $ 20.4 Pretax income before equity in net income of affiliates $ 199.4 $ 76.3 Effective tax rate 22.9 % 26.7 % 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 (expense) on the significant items shown below (in millions): Three Months Ended April 1, April 2, Restructuring charges and various other items $ 3.7 $ 10.3 Valuation allowances on deferred tax assets — 0.5 Share-based compensation (0.5) 1.2 $ 3.2 $ 12.0 Excluding the items above, the effective tax rate for the first three months of 2023 and 2022 approximated the U.S. federal statutory income tax rate of 21%, adjusted for income taxes on foreign earnings, losses and remittances, valuation allowances, tax credits, income tax incentives and other permanent items. The Company's current and future provision for income taxes is impacted by the initial recognition of and changes in valuation allowances in certain countries. The Company intends to maintain these allowances until it is more likely than not that the deferred tax assets will be realized. The Company's future provision for income taxes will include no tax benefit with respect to losses incurred and, except for certain jurisdictions, no tax expense with respect to income generated in these countries until the respective valuation allowances are eliminated. Accordingly, income taxes are impacted by changes in valuation allowances and the mix of earnings among jurisdictions. The Company evaluates the realizability of its deferred tax assets on a quarterly basis. In completing this evaluation, the Company considers all available evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets is necessary. Such evidence includes historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. If, based on the weight of the evidence, it is more likely than not that all or a portion of the Company's deferred tax assets will not be realized, a valuation allowance is recorded. If operating results improve or decline on a continual basis in a particular jurisdiction, the Company's decision regarding the need for a valuation allowance could change, resulting in either the initial recognition or reversal of a valuation allowance in that jurisdiction, which could have a significant impact on income tax expense in the period recognized and subsequent periods. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments, which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities. On August 16, 2022, the Inflation Reduction Act of 2022 ("IRA") was signed into law. The IRA contains a number of revisions to the Internal Revenue Code, including a 15% corporate minimum tax and a 1% excise tax on share repurchases, which are effective for tax years beginning after December 31, 2022. The tax-related provisions of the IRA did not have a material impact on the Company's consolidated financial statements.

Net Income Per Share Attributab

Net Income Per Share Attributable to Lear	3 Months Ended
Net Income Per Share Attributable to Lear	Apr. 01, 2023
Earnings Per Share [Abstract]
Net Income Per Share Attributable to Lear	Net Income Per Share Attributable to Lear Basic net income per share attributable to Lear is computed by dividing net income attributable to Lear by the average number of common shares outstanding during the period. Common shares issuable upon the satisfaction of certain conditions pursuant to a contractual agreement are considered common shares outstanding and are included in the computation of basic net income per share attributable to Lear. Diluted net income per share attributable to Lear is computed using the treasury stock method by dividing net income attributable to Lear by the average number of common shares outstanding, including the dilutive effect of common stock equivalents using the average share price during the period. A summary of information used to compute basic and diluted net income per share attributable to Lear is shown below (in millions, except share and per share data): Three Months Ended April 1, April 2, Net income attributable to Lear $ 143.6 $ 49.4 Average common shares outstanding 59,316,555 59,932,030 Dilutive effect of common stock equivalents 242,411 278,949 Average diluted shares outstanding 59,558,966 60,210,979 Basic net income per share attributable to Lear $ 2.42 $ 0.82 Diluted net income per share attributable to Lear $ 2.41 $ 0.82

Comprehensive Income and Equity

Comprehensive Income and Equity	3 Months Ended
Comprehensive Income and Equity	Apr. 01, 2023
Equity [Abstract]
Comprehensive Income and Equity	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 1, 2023, is shown below (in millions): Three Months Ended April 1, 2023 Defined benefit plans: Balance at beginning of period $ (95.7) Reclassification adjustments (0.3) Other comprehensive income recognized during the period 0.3 Balance at end of period $ (95.7) Derivative instruments and hedging: Balance at beginning of period $ 33.4 Reclassification adjustments (net of tax benefit of $4.6 million) (17.8) Other comprehensive income recognized during the period (net of tax expense of $19.5 million) 76.2 Balance at end of period $ 91.8 Foreign currency translation: Balance at beginning of period $ (742.8) Other comprehensive income recognized during the period (net of tax benefit of $0.2 million) 41.9 Balance at end of period $ (700.9) Total accumulated other comprehensive loss $ (704.8) In the three months ended April 1, 2023, foreign currency translation adjustments are primarily related to the strengthening of the Euro, and to a lesser extent the Brazilian real, relative to the U.S. dollar, and include pretax gains of $0.1 million related to intercompany transactions for which settlement is not planned or anticipated in the foreseeable future. In the three months ended April 1, 2023, foreign currency translation adjustments also include derivative net investment hedge losses of $0.8 million. 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 (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 income 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. 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 (the "Board") has authorized $6.1 billion in share repurchases under the Repurchase Program, and the Company has repurchased, in aggregate, $4.9 billion of its outstanding common stock, at an average price of $91.71 per share, excluding commissions and related fees. As of April 1, 2023, the Company had a remaining purchase authorization of $1.2 billion under the Repurchase Program, which expires on December 31, 2024. Share repurchases in the first three months of 2023 and the remaining purchase authorization as of April 1, 2023, are shown below (in millions, except for share and per share amounts): Three Months Ended April 1, 2023 As of April 1, 2023 Aggregate Repurchases Cash Paid for Repurchases Number of Shares Average Price per Share (1) Remaining Purchase Authorization $ 25.1 $ 25.1 182,902 $ 137.24 $ 1,204.3 (1) Excludes commissions 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 The Board declared quarterly cash dividends of $0.77 per share of common stock in the first three months of 2023 and 2022. Dividends declared and paid are shown below (in millions): Three Months Ended April 1, April 2, Dividends declared $ 46.7 $ 46.8 Dividends paid 46.8 47.4 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.

Legal and Other Contingencies

Legal and Other Contingencies	3 Months Ended
Legal and Other Contingencies	Apr. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal and Other Contingencies	Legal and Other Contingencies As of April 1, 2023 and December 31, 2022, the Company had recorded reserves for pending legal disputes, including commercial disputes, product liability claims and other legal matters, of $18.8 million and $15.9 million, respectively. Such reserves reflect amounts recognized in accordance with GAAP and typically exclude the cost of legal representation. Product warranty and recall reserves are recorded separately from legal reserves, as described below. Commercial Disputes The Company is involved from time to time in legal proceedings and claims, including, without limitation, commercial or contractual disputes with its customers, suppliers and competitors. These disputes vary in nature and are usually resolved by negotiations between the parties. Product Warranty and Recall 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 warranty and recall matters. In certain instances, allegedly defective products may be supplied by the Company's 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 claims or product warranty or recall matters. 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 reserves for product warranty and recall matters when liability is probable and related amounts are reasonably estimable. A summary of the changes in reserves for product warranty and recall matters for the three months ended April 1, 2023, is shown below (in millions): Balance at January 1, 2023 $ 30.4 Expense, net (including changes in estimates) 3.2 Settlements (5.3) Foreign currency translation and other 0.2 Balance at April 1, 2023 $ 28.5 Environmental Matters The Company is subject to local, state, federal and foreign laws, regulations and ordinances which govern activities or operations that may have adverse environmental effects and which impose liability for clean-up costs resulting from past spills, disposals or other releases of hazardous wastes and environmental compliance. The Company's policy is to comply with all applicable environmental laws and to maintain an environmental management program based on ISO 14001 to ensure compliance with this standard. However, the Company currently is, has been and in the future may become the subject of formal or informal enforcement actions or procedures. As of April 1, 2023 and December 31, 2022, the Company had recorded environmental reserves of $8.1 million and $7.9 million, respectively. The Company does not believe that the environmental liabilities associated with its current and former properties will have a material adverse impact on its business, financial condition, results of operations or cash flows; however, no assurances can be given in this regard. Other Matters The Company is involved from time to time in various other legal proceedings and claims, including, without limitation, intellectual property matters, tax claims and employment matters. Although the outcome of any legal matter cannot be predicted with certainty, the Company does not believe that any of the other legal proceedings or claims in which the Company is currently involved, either individually or in the aggregate, will have a material adverse impact on its business, financial condition, results of operations or cash flows. However, no assurances can be given in this regard.

Segment Reporting

Segment Reporting	3 Months Ended
Segment Reporting	Apr. 01, 2023
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 and key seat components, and E-Systems, which consists of the design, development, engineering and manufacture of complete electrical distribution and connection systems, battery disconnect units and other electronic products. Key components of the Company's complete seat systems and components are advanced comfort solutions, including thermal, safety and wellness products, as well as configurable seating product technologies. All of these products are compatible with traditional internal combustion engine ("ICE") architectures and electrified powertrains, including the full range of hybrid, plug-in hybrid and battery electric architectures. Key seat component product offerings include seat trim covers; surface materials such as leather and fabric; seat mechanisms; seat foam; thermal comfort systems such as seat massage, lumbar, heat, ventilation and active cooling products; and headrests. Key components of the Company's electrical distribution and connection systems portfolio include wire harnesses, terminals and connectors, high voltage battery connection systems and engineered components for both ICE architectures and electrified powertrains that require management of higher voltage and power. High voltage battery connection systems include intercell connect boards, bus bars and main battery connection systems. Key components of the other electronic products portfolio include zone control modules, body domain control modules and low voltage and high voltage power distribution modules. The Company's software offerings include embedded control, cybersecurity software and software to control hardware devices. The Company's customers traditionally have sourced its electronic hardware together with the software that the Company embeds in it. 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 1, 2023 Seating E-Systems Other Consolidated Revenues from external customers $ 4,453.0 $ 1,392.5 $ — $ 5,845.5 Segment earnings (1) 285.8 42.3 (90.8) 237.3 Depreciation and amortization 95.9 46.2 5.1 147.2 Capital expenditures 63.6 43.6 4.6 111.8 Total assets 8,549.8 3,981.5 1,872.9 14,404.2 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 (1) See definition above A reconciliation of segment earnings to consolidated income before provision for income taxes and equity in net income of affiliates is shown below (in millions): Three Months Ended April 1, April 2, Segment earnings $ 237.3 $ 128.5 Interest expense 24.2 24.9 Other expense, net 13.7 27.3 Consolidated income before provision for income taxes and equity in net income of affiliates $ 199.4 $ 76.3

Financial Instruments

Financial Instruments	3 Months Ended
Financial Instruments	Apr. 01, 2023
Fair Value Disclosures [Abstract]
Financial Instruments	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 1, December 31, Estimated aggregate fair value (1) $ 2,238.9 $ 2,142.3 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 and cash equivalents reported on the accompanying condensed consolidated balance sheets to cash, cash equivalents and restricted cash reported on the accompanying condensed consolidated statements of cash flows is shown below (in millions): April 1, April 2, Balance sheet: Cash and cash equivalents $ 898.5 $ 1,162.0 Restricted cash included in other current assets 0.6 — Restricted cash included in other long-term assets 1.7 2.8 Statement of cash flows: Cash, cash equivalents and restricted cash $ 900.8 $ 1,164.8 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 1, 2023 and December 31, 2022, accounts receivable are reflected net of reserves of $33.6 million and $35.3 million, respectively. Changes in expected credit losses were not significant in the first three months of 2023. 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 1, December 31, Current assets $ 1.1 $ 3.6 Other long-term assets 59.7 53.6 $ 60.8 $ 57.2 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 1, 2023 and December 31, 2022, investments in equity securities without readily determinable fair values of $13.2 million and $18.2 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 $15.0 million and $10.0 million as of April 1, 2023 and December 31, 2022, respectively. During the three months ended April 1, 2023, the Company recognized a loss of $5.0 million related to the impairment of an investment in equity securities without a readily determinable fair value. 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 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 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 Philippine peso and the Japanese yen. 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 1, 2023 and April 2, 2022, contra interest expense on net investment hedges of $0.6 million and $1.6 million, respectively, 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 1, December 31, Fair value of foreign currency contracts designated as cash flow hedges: Other current assets $ 121.6 $ 63.4 Other long-term assets 20.9 10.3 Other current liabilities (1.9) (6.7) Other long-term liabilities (1.1) (0.2) 139.5 66.8 Notional amount $ 1,513.9 $ 1,546.9 Outstanding maturities in months, not to exceed 24 24 Fair value of derivatives designated as net investment hedges: Other long-term assets $ 4.0 $ 4.8 Notional amount $ 150.0 $ 150.0 Outstanding maturities in months, not to exceed 36 39 Fair value of foreign currency contracts not designated as hedging instruments: Other current assets $ 3.9 $ 9.5 Other current liabilities (1.0) (13.4) 2.9 (3.9) Notional amount $ 514.2 $ 758.6 Outstanding maturities in months, not to exceed 4 7 Total fair value $ 146.4 $ 67.7 Total notional amount $ 2,178.1 $ 2,455.5 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 1, April 2, Gains (losses) recognized in accumulated other comprehensive loss: Foreign currency contracts $ 95.7 $ 39.5 Net investment hedge contracts (0.8) 0.3 94.9 39.8 (Gains) losses reclassified from accumulated other comprehensive loss to: Net sales 0.7 (1.6) Cost of sales (24.1) (7.0) Interest expense 0.6 0.6 Other expense, net 0.4 — (22.4) (8.0) Comprehensive income $ 72.5 $ 31.8 As of April 1, 2023 and December 31, 2022, pretax net gains of $144.3 million and $71.8 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 $ 119.7 Interest rate swap contracts (2.4) Total $ 117.3 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 1, 2023 and December 31, 2022, are shown below (in millions): April 1, 2023 Frequency Asset Valuation Level 1 Level 2 Level 3 Foreign currency contracts, net Recurring $ 142.4 Market/ Income $ — $ 142.4 $ — Net investment hedges Recurring 4.0 Market/ Income — 4.0 — Marketable equity securities Recurring 60.8 Market 60.8 — — December 31, 2022 Frequency Asset Valuation Level 1 Level 2 Level 3 Foreign currency contracts, net Recurring $ 62.9 Market/ Income $ — $ 62.9 $ — Net investment hedges Recurring 4.8 Market/ Income — 4.8 — Marketable equity securities Recurring 57.2 Market 57.2 — — The Company determines the fair value of its derivative contracts using quoted market prices to calculate the forward values and then discounts such forward values to the present value. The discount rates used are based on quoted bank deposit or swap interest rates. If a derivative contract is in a net liability position, the Company adjusts these discount rates, if required, by an estimate of the credit spread that would be applied by market participants purchasing these contracts from the Company's counterparties. If an estimate of the credit spread is required, the Company uses significant assumptions and factors other than quoted market rates, which would result in the classification of its derivative liabilities within Level 3 of the fair value hierarchy. As of April 1, 2023 and December 31, 2022, 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 2023. 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. In the three months ended April 1, 2023, the Company completed an impairment assessment related to certain of its intangible assets resulting from a change in the intended use of such asset and recorded an impairment charge of $0.9 million. The fair value estimate of the related asset group was based on management's estimates using a discounted cash flow method. As of April 1, 2023, there were no additional significant assets or liabilities measured at fair value on a non-recurring basis.

Accounting Pronouncements

Accounting Pronouncements	3 Months Ended
Accounting Pronouncements	Apr. 01, 2023
Accounting Changes and Error Corrections [Abstract]
Accounting Pronouncements	Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board. ASUs effective in 2023 and ASUs effective in subsequent years that have been issued but not yet adopted were assessed and determined to be either not applicable or are not expected to have a significant impact on the Company's consolidated financial statements.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Apr. 01, 2023
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	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, communicated and/or implemented.
Inventories	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.
Pre-Production Costs Related to Long-Term Supply Agreements	The Company incurs pre-production engineering and development ("E&D") and tooling costs related to the products produced for its customers under long-term supply agreements. The Company expenses all pre-production E&D costs for which reimbursement is not contractually guaranteed by the customer. In addition, the Company expenses all pre-production tooling costs related to customer-owned tools for which reimbursement is not contractually guaranteed by the customer or for which the Company does not have a non-cancelable right to use the tooling.
Property, Plant and Equipment	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.
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. The Company will continue to assess the impact of significant industry and other events on the realization of its long-lived assets.
Goodwill	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.
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 2023 and 2022, 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 1, 2023 and December 31, 2022, there were no significant contract liabilities recorded. Further, in the first three months of 2023 and 2022, 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.
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. On August 16, 2022, the Inflation Reduction Act of 2022 ("IRA") was signed into law. The IRA contains a number of revisions to the Internal Revenue Code, including a 15% corporate minimum tax and a 1% excise tax on share repurchases, which are effective for tax years beginning after December 31, 2022. The tax-related provisions of the IRA did not have a material impact on the Company's consolidated financial statements.
Net Income Per Share Attributable to Lear	Basic net income per share attributable to Lear is computed by dividing net income attributable to Lear by the average number of common shares outstanding during the period. Common shares issuable upon the satisfaction of certain conditions pursuant to a contractual agreement are considered common shares outstanding and are included in the computation of basic net income per share attributable to Lear. Diluted net income per share attributable to Lear is computed using the treasury stock method by dividing net income attributable to Lear by the average number of common shares outstanding, including the dilutive effect of common stock equivalents using the average share price during the period.
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 and key seat components, and E-Systems, which consists of the design, development, engineering and manufacture of complete electrical distribution and connection systems, battery disconnect units and other electronic products. Key components of the Company's complete seat systems and components are advanced comfort solutions, including thermal, safety and wellness products, as well as configurable seating product technologies. All of these products are compatible with traditional internal combustion engine ("ICE") architectures and electrified powertrains, including the full range of hybrid, plug-in hybrid and battery electric architectures. Key seat component product offerings include seat trim covers; surface materials such as leather and fabric; seat mechanisms; seat foam; thermal comfort systems such as seat massage, lumbar, heat, ventilation and active cooling products; and headrests. Key components of the Company's electrical distribution and connection systems portfolio include wire harnesses, terminals and connectors, high voltage battery connection systems and engineered components for both ICE architectures and electrified powertrains that require management of higher voltage and power. High voltage battery connection systems include intercell connect boards, bus bars and main battery connection systems. Key components of the other electronic products portfolio include zone control modules, body domain control modules and low voltage and high voltage power distribution modules. The Company's software offerings include embedded control, cybersecurity software and software to control hardware devices. The Company's customers traditionally have sourced its electronic hardware together with the software that the Company embeds in it. 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.
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.
Marketable Equity Securities	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).
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 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.
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.
Accounting Pronouncements	The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board. ASUs effective in 2023 and ASUs effective in subsequent years that have been issued but not yet adopted were assessed and determined to be either not applicable or are not expected to have a significant impact on the Company's consolidated financial statements.

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
Restructuring (Tables)	Apr. 01, 2023
Restructuring and Related Activities [Abstract]
Summary of Restructuring Activity	A summary of the changes in the Company's restructuring reserves is shown below (in millions): Balance at January 1, 2023 $ 82.9 Provision for employee termination benefits 11.7 Payments, utilizations and foreign currency (18.3) Balance at April 1, 2023 $ 76.3 Charges recorded in connection with the Company's restructuring actions are shown below (in millions): Three Months Ended April 1, April 2, Employee termination benefits $ 11.7 $ 27.3 Property, plant and equipment impairments 0.1 0.5 Contract termination costs 0.8 1.0 Other related costs 2.0 1.1 $ 14.6 $ 29.9 Restructuring charges by income statement line item are shown below (in millions): Three Months Ended April 1, April 2, Cost of sales $ 12.9 $ 29.5 Selling, general and administrative expenses 1.7 0.4 $ 14.6 $ 29.9 Restructuring charges by operating segment are shown below (in millions): Three Months Ended April 1, April 2, Seating $ 12.0 $ 16.6 E-Systems 2.3 13.3 Other 0.3 — $ 14.6 $ 29.9

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Apr. 01, 2023
Inventory Disclosure [Abstract]
Summary of Inventories	A summary of inventories is shown below (in millions): April 1, December 31, Raw materials $ 1,252.7 $ 1,216.8 Work-in-process 138.7 126.6 Finished goods 446.6 391.9 Reserves (161.8) (161.7) Inventories $ 1,676.2 $ 1,573.6

Pre-Production Costs Related _2

Pre-Production Costs Related to Long-Term Supply Agreements (Tables)	3 Months Ended
	Apr. 01, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Classification of Recoverable Customer Engineering, Development and Tooling Costs Related to Long-term Supply Agreements	The classification of recoverable customer E&D and tooling costs related to long-term supply agreements included in the accompanying condensed consolidated balance sheets is shown below (in millions): April 1, December 31, Current $ 204.3 $ 175.7 Long-term 170.1 161.3 Recoverable customer E&D and tooling $ 374.4 $ 337.0

Long-Lived Assets (Tables)

Long-Lived Assets (Tables)	3 Months Ended
Long-Lived Assets (Tables)	Apr. 01, 2023
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	A summary of property, plant and equipment is shown below (in millions): April 1, December 31, Land $ 104.8 $ 104.6 Buildings and improvements 876.5 868.6 Machinery and equipment 4,996.0 4,871.5 Construction in progress 352.7 378.0 Total property, plant and equipment 6,330.0 6,222.7 Less – accumulated depreciation (3,489.1) (3,368.7) Property, plant and equipment, net $ 2,840.9 $ 2,854.0

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
Goodwill (Tables)	Apr. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Carrying Amount of Goodwill	A summary of the changes in the carrying amount of goodwill, by operating segment, in the three months ended April 1, 2023, is shown below (in millions): Seating E-Systems Total Balance at January 1, 2023 $ 1,261.1 $ 399.5 $ 1,660.6 Foreign currency translation and other 5.7 0.4 6.1 Balance at April 1, 2023 $ 1,266.8 $ 399.9 $ 1,666.7

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Apr. 01, 2023
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 1, 2023 Debt Instrument Long-Term Debt Unamortized Debt Issuance Costs Unamortized Original Issue Premium (Discount) Long-Term Weighted 3.8% Senior Notes due 2027 (the "2027 Notes") $ 550.0 $ (2.0) $ (1.7) $ 546.3 3.885% 4.25% Senior Notes due 2029 (the "2029 Notes") 375.0 (1.9) (0.7) 372.4 4.288% 3.5% Senior Notes due 2030 (the "2030 Notes") 350.0 (1.9) (0.6) 347.5 3.525% 2.6% Senior Notes due 2032 (the "2032 Notes") 350.0 (2.7) (0.7) 346.6 2.624% 5.25% Senior Notes due 2049 (the "2049 Notes") 625.0 (5.8) 13.0 632.2 5.103% 3.55% Senior Notes due 2052 (the "2052 Notes") 350.0 (3.8) (0.5) 345.7 3.558% Other 6.0 — — 6.0 N/A $ 2,606.0 $ (18.1) $ 8.8 $ 2,596.7 Less — Current portion (5.1) Long-term debt $ 2,591.6 December 31, 2022 Debt Instrument Long-Term Debt Unamortized Debt Issuance Costs Unamortized Original Issue Premium (Discount) Long-Term Weighted 2027 Notes $ 550.0 $ (2.1) $ (1.8) $ 546.1 3.885% 2029 Notes 375.0 (2.0) (0.7) 372.3 4.288% 2030 Notes 350.0 (2.0) (0.6) 347.4 3.525% 2032 Notes 350.0 (2.8) (0.7) 346.5 2.624% 2049 Notes 625.0 (6.0) 13.2 632.2 5.103% 2052 Notes 350.0 (3.8) (0.5) 345.7 3.558% Other 11.8 — — 11.8 N/A $ 2,611.8 $ (18.7) $ 8.9 2,602.0 Less — Current portion (10.8) Long-term debt $ 2,591.2 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 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
Credit Agreement Interest Rate Ranges	As of April 1, 2023, the ranges and rates are as follows (in percentages): Eurocurrency Rate Base Rate Rate as of Rate as of Minimum Maximum April 1, 2023 Minimum Maximum April 1, 2023 Credit Agreement 0.925 % 1.450 % 1.125 % 0.000 % 0.450 % 0.125 %

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Apr. 01, 2023
Leases [Abstract]
Right-of-Use Assets and Lease Obligations	Operating lease assets and obligations included in the accompanying condensed consolidated balance sheets are shown below (in millions): April 1, December 31, 2022 Right-of-use assets under operating leases: Other long-term assets $ 724.3 $ 701.8 Lease obligations under operating leases: Accrued liabilities $ 144.8 $ 136.8 Other long-term liabilities 609.2 595.1 $ 754.0 $ 731.9
Maturity of Lease Obligations	Maturities of lease obligations as of April 1, 2023, are shown below (in millions): April 1, 2023 2023 (1) $ 127.6 2024 151.9 2025 129.8 2026 107.6 2027 88.7 Thereafter 238.3 Total undiscounted cash flows 843.9 Less: Imputed interest (89.9) Lease obligations under operating leases $ 754.0 (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 1, April 2, Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 64.8 $ 62.5 Operating cash flows: Cash paid related to operating lease obligations $ 44.3 $ 40.4 Lease expense included in the accompanying condensed consolidated statements of comprehensive income is shown below (in millions): Three Months Ended April 1, April 2, Operating lease expense $ 44.2 $ 41.4 Short-term lease expense 5.1 5.4 Variable lease expense 2.6 2.0 Total lease expense $ 51.9 $ 48.8 The weighted average lease term and discount rate for operating leases are shown below: April 1, Weighted average remaining lease term Seven years Weighted average discount rate 3.6 %

Pension and Other Postretirem_2

Pension and Other Postretirement Benefit Plans (Tables)	3 Months Ended
Pension and Other Postretirement Benefit Plans (Tables)	Apr. 01, 2023
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 1, 2023 April 2, 2022 U.S. Foreign U.S. Foreign Service cost $ — $ 0.8 $ — $ 1.0 Interest cost 5.2 4.1 3.9 2.9 Expected return on plan assets (5.0) (4.0) (6.0) (4.4) Amortization of actuarial loss 0.2 0.5 0.5 1.1 Settlement (gain) loss (0.1) — 0.4 — Net periodic benefit (credit) cost $ 0.3 $ 1.4 $ (1.2) $ 0.6 The components of the Company's net periodic other postretirement benefit (credit) cost are shown below (in millions): Three Months Ended April 1, 2023 April 2, 2022 U.S. Foreign U.S. Foreign Interest cost $ 0.4 $ 0.2 $ 0.4 $ 0.2 Amortization of actuarial gain (0.9) — (0.3) — Net periodic benefit (credit) cost $ (0.5) $ 0.2 $ 0.1 $ 0.2

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Apr. 01, 2023
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 1, 2023 April 2, 2022 Seating E-Systems Total Seating E-Systems Total North America $ 2,011.9 $ 368.1 $ 2,380.0 $ 1,841.9 $ 355.9 $ 2,197.8 Europe and Africa 1,596.7 634.3 2,231.0 1,269.5 521.7 1,791.2 Asia 688.3 331.2 1,019.5 662.6 367.5 1,030.1 South America 156.1 58.9 215.0 138.5 50.8 189.3 $ 4,453.0 $ 1,392.5 $ 5,845.5 $ 3,912.5 $ 1,295.9 $ 5,208.4

Other Expense, Net (Tables)

Other Expense, Net (Tables)	3 Months Ended
Other Expense, Net (Tables)	Apr. 01, 2023
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 1, April 2, Other expense $ 17.1 $ 30.2 Other income (3.4) (2.9) Other expense, net $ 13.7 $ 27.3

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Apr. 01, 2023
Income Tax Disclosure [Abstract]
Provision for Income Taxes and Corresponding Effective Tax Rate	A summary of the provision for income taxes and the corresponding effective tax rate for the three months ended April 1, 2023 and April 2, 2022, is shown below (in millions, except effective tax rates): Three Months Ended April 1, April 2, Provision for income taxes $ 45.6 $ 20.4 Pretax income before equity in net income of affiliates $ 199.4 $ 76.3 Effective tax rate 22.9 % 26.7 %
Schedule of Tax Benefits (Expense)	In addition, the Company recognized discrete tax benefits (expense) on the significant items shown below (in millions): Three Months Ended April 1, April 2, Restructuring charges and various other items $ 3.7 $ 10.3 Valuation allowances on deferred tax assets — 0.5 Share-based compensation (0.5) 1.2 $ 3.2 $ 12.0

Net Income Per Share Attribut_2

Net Income Per Share Attributable to Lear (Tables)	3 Months Ended
Net Income Per Share Attributable to Lear (Tables)	Apr. 01, 2023
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 1, April 2, Net income attributable to Lear $ 143.6 $ 49.4 Average common shares outstanding 59,316,555 59,932,030 Dilutive effect of common stock equivalents 242,411 278,949 Average diluted shares outstanding 59,558,966 60,210,979 Basic net income per share attributable to Lear $ 2.42 $ 0.82 Diluted net income per share attributable to Lear $ 2.41 $ 0.82

Comprehensive Income and Equi_2

Comprehensive Income and Equity (Tables)	3 Months Ended
Comprehensive Income and Equity (Tables)	Apr. 01, 2023
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 1, 2023, is shown below (in millions): Three Months Ended April 1, 2023 Defined benefit plans: Balance at beginning of period $ (95.7) Reclassification adjustments (0.3) Other comprehensive income recognized during the period 0.3 Balance at end of period $ (95.7) Derivative instruments and hedging: Balance at beginning of period $ 33.4 Reclassification adjustments (net of tax benefit of $4.6 million) (17.8) Other comprehensive income recognized during the period (net of tax expense of $19.5 million) 76.2 Balance at end of period $ 91.8 Foreign currency translation: Balance at beginning of period $ (742.8) Other comprehensive income recognized during the period (net of tax benefit of $0.2 million) 41.9 Balance at end of period $ (700.9) Total accumulated other comprehensive loss $ (704.8) 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 (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 income 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)
Schedule of Common Stock Repurchase Program	Share repurchases in the first three months of 2023 and the remaining purchase authorization as of April 1, 2023, are shown below (in millions, except for share and per share amounts): Three Months Ended April 1, 2023 As of April 1, 2023 Aggregate Repurchases Cash Paid for Repurchases Number of Shares Average Price per Share (1) Remaining Purchase Authorization $ 25.1 $ 25.1 182,902 $ 137.24 $ 1,204.3 (1) Excludes commissions
Schedule of Dividends Declared and Paid	Dividends declared and paid are shown below (in millions): Three Months Ended April 1, April 2, Dividends declared $ 46.7 $ 46.8 Dividends paid 46.8 47.4

Legal and Other Contingencies (

Legal and Other Contingencies (Tables)	3 Months Ended
Legal and Other Contingencies (Tables)	Apr. 01, 2023
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 warranty and recall matters for the three months ended April 1, 2023, is shown below (in millions): Balance at January 1, 2023 $ 30.4 Expense, net (including changes in estimates) 3.2 Settlements (5.3) Foreign currency translation and other 0.2 Balance at April 1, 2023 $ 28.5

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
Segment Reporting (Tables)	Apr. 01, 2023
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 1, 2023 Seating E-Systems Other Consolidated Revenues from external customers $ 4,453.0 $ 1,392.5 $ — $ 5,845.5 Segment earnings (1) 285.8 42.3 (90.8) 237.3 Depreciation and amortization 95.9 46.2 5.1 147.2 Capital expenditures 63.6 43.6 4.6 111.8 Total assets 8,549.8 3,981.5 1,872.9 14,404.2 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 (1) See definition above
Reconciliation of Segment Earnings to Consolidated Income Before Provision 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 1, April 2, Segment earnings $ 237.3 $ 128.5 Interest expense 24.2 24.9 Other expense, net 13.7 27.3 Consolidated income before provision for income taxes and equity in net income of affiliates $ 199.4 $ 76.3

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
Financial Instruments (Tables)	Apr. 01, 2023
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 1, December 31, Estimated aggregate fair value (1) $ 2,238.9 $ 2,142.3 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 and cash equivalents reported on the accompanying condensed consolidated balance sheets to cash, cash equivalents and restricted cash reported on the accompanying condensed consolidated statements of cash flows is shown below (in millions): April 1, April 2, Balance sheet: Cash and cash equivalents $ 898.5 $ 1,162.0 Restricted cash included in other current assets 0.6 — Restricted cash included in other long-term assets 1.7 2.8 Statement of cash flows: Cash, cash equivalents and restricted cash $ 900.8 $ 1,164.8
Reconciliation of Restricted Cash	A reconciliation of cash and cash equivalents reported on the accompanying condensed consolidated balance sheets to cash, cash equivalents and restricted cash reported on the accompanying condensed consolidated statements of cash flows is shown below (in millions): April 1, April 2, Balance sheet: Cash and cash equivalents $ 898.5 $ 1,162.0 Restricted cash included in other current assets 0.6 — Restricted cash included in other long-term assets 1.7 2.8 Statement of cash flows: Cash, cash equivalents and restricted cash $ 900.8 $ 1,164.8
Marketable Equity Securities	Marketable equity securities, which the Company accounts for under the fair value option, are included in the accompanying condensed consolidated balance sheets as shown below (in millions): April 1, December 31, Current assets $ 1.1 $ 3.6 Other long-term assets 59.7 53.6 $ 60.8 $ 57.2
Notional Amount, Estimated Aggregate Fair Value and Related Balance Sheet Classification of Foreign Currency Derivative Contracts	The notional amount, estimated aggregate fair value and related balance sheet classification of the Company's foreign currency and net investment hedge contracts are shown below (in millions, except for maturities): April 1, December 31, Fair value of foreign currency contracts designated as cash flow hedges: Other current assets $ 121.6 $ 63.4 Other long-term assets 20.9 10.3 Other current liabilities (1.9) (6.7) Other long-term liabilities (1.1) (0.2) 139.5 66.8 Notional amount $ 1,513.9 $ 1,546.9 Outstanding maturities in months, not to exceed 24 24 Fair value of derivatives designated as net investment hedges: Other long-term assets $ 4.0 $ 4.8 Notional amount $ 150.0 $ 150.0 Outstanding maturities in months, not to exceed 36 39 Fair value of foreign currency contracts not designated as hedging instruments: Other current assets $ 3.9 $ 9.5 Other current liabilities (1.0) (13.4) 2.9 (3.9) Notional amount $ 514.2 $ 758.6 Outstanding maturities in months, not to exceed 4 7 Total fair value $ 146.4 $ 67.7 Total notional amount $ 2,178.1 $ 2,455.5
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 1, April 2, Gains (losses) recognized in accumulated other comprehensive loss: Foreign currency contracts $ 95.7 $ 39.5 Net investment hedge contracts (0.8) 0.3 94.9 39.8 (Gains) losses reclassified from accumulated other comprehensive loss to: Net sales 0.7 (1.6) Cost of sales (24.1) (7.0) Interest expense 0.6 0.6 Other expense, net 0.4 — (22.4) (8.0) Comprehensive income $ 72.5 $ 31.8 During the next twelve-month period, net gains (losses) expected to be reclassified into earnings are shown below (in millions): Foreign currency contracts $ 119.7 Interest rate swap contracts (2.4) Total $ 117.3
Fair Value Measurements and Related Valuation Techniques and Fair Value Hierarchy Level	Fair value measurements and the related valuation techniques and fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of April 1, 2023 and December 31, 2022, are shown below (in millions): April 1, 2023 Frequency Asset Valuation Level 1 Level 2 Level 3 Foreign currency contracts, net Recurring $ 142.4 Market/ Income $ — $ 142.4 $ — Net investment hedges Recurring 4.0 Market/ Income — 4.0 — Marketable equity securities Recurring 60.8 Market 60.8 — — December 31, 2022 Frequency Asset Valuation Level 1 Level 2 Level 3 Foreign currency contracts, net Recurring $ 62.9 Market/ Income $ — $ 62.9 $ — Net investment hedges Recurring 4.8 Market/ Income — 4.8 — Marketable equity securities Recurring 57.2 Market 57.2 — —

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) € in Millions	Apr. 26, 2023 EUR (€)	Apr. 26, 2023 USD ($) plant employee segment	Dec. 31, 2022 USD ($)
Delayed Draw Term Loan Facility
Business Acquisition
Line of credit facility, maximum borrowing capacity			$ 150,000,000
I.G. Bauerhin \| Subsequent Event
Business Acquisition
Number of employees (more than) \| employee		4,600
Number of manufacturing plants \| plant		9
Number of countries operated \| segment		7
Cash paid to acquire business \| €	€ 140
I.G. Bauerhin \| Subsequent Event \| Delayed Draw Term Loan Facility
Business Acquisition
Line of credit facility, maximum borrowing capacity		$ 150,000,000

Restructuring - Schedule of Res

Restructuring - Schedule of Restructuring Reserves (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Restructuring Reserve
Accrual as of beginning of period	$ 82.9
Provision for employee termination benefits	11.7	$ 27.3
Payments, utilizations and foreign currency	(18.3)
Accrual as of end of period	$ 76.3

Restructuring - Summary of Rest

Restructuring - Summary of Restructuring Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Restructuring Cost and Reserve
Employee termination benefits	$ 11.7	$ 27.3
Asset impairment charges	2.2	1.1
Contract termination costs	0.8	1
Other related costs	2	1.1
Restructuring costs and asset impairment charges	14.6	29.9
Property, plant and equipment impairments
Restructuring Cost and Reserve
Asset impairment charges	$ 0.1	$ 0.5

Restructuring - Schedule of Inc

Restructuring - Schedule of Income Statement Location (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Restructuring Cost and Reserve
Restructuring costs and asset impairment charges	$ 14.6	$ 29.9
Cost of sales
Restructuring Cost and Reserve
Restructuring costs and asset impairment charges	12.9	29.5
Selling, general and administrative expenses
Restructuring Cost and Reserve
Restructuring costs and asset impairment charges	$ 1.7	$ 0.4

Restructuring - Segment Locatio

Restructuring - Segment Location (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Restructuring Cost and Reserve
Restructuring costs and asset impairment charges	$ 14.6	$ 29.9
Operating segments \| Seating
Restructuring Cost and Reserve
Restructuring costs and asset impairment charges	12	16.6
Operating segments \| E-Systems
Restructuring Cost and Reserve
Restructuring costs and asset impairment charges	2.3	13.3
Other
Restructuring Cost and Reserve
Restructuring costs and asset impairment charges	$ 0.3	$ 0

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) $ in Millions	Apr. 01, 2023 USD ($)
Seating
Restructuring Cost and Reserve
Expected restructuring costs	$ 16
E-Systems
Restructuring Cost and Reserve
Expected restructuring costs	$ 3

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Apr. 01, 2023		Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 1,252.7		$ 1,216.8
Work-in-process	138.7		126.6
Finished goods	446.6		391.9
Reserves	(161.8)		(161.7)
Inventories	$ 1,676.2	[1]	$ 1,573.6

[1]Unaudited

Pre-Production Costs Related _3

Pre-Production Costs Related to Long-Term Supply Agreements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized pre-production E&D costs	$ 60.1	$ 63.2
Capitalized pre-production tooling costs related to customer-owned tools	56.3	46.4
Cash collected related to E&D and tooling costs	$ 80.2	$ 72.9

Pre-Production Costs Related _4

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. 01, 2023	Dec. 31, 2022
Pre Production Costs Related to Long Term Supply Arrangements
Recoverable customer E&D and tooling	$ 374.4	$ 337
Current
Pre Production Costs Related to Long Term Supply Arrangements
Recoverable customer E&D and tooling	204.3	175.7
Long-term
Pre Production Costs Related to Long Term Supply Arrangements
Recoverable customer E&D and tooling	$ 170.1	$ 161.3

Long-Lived Assets - Property, P

Long-Lived Assets - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Apr. 01, 2023		Dec. 31, 2022
Property, Plant and Equipment
Total property, plant and equipment	$ 6,330		$ 6,222.7
Less – accumulated depreciation	(3,489.1)		(3,368.7)
Property, plant and equipment, net	2,840.9	[1]	2,854
Land
Property, Plant and Equipment
Total property, plant and equipment	104.8		104.6
Buildings and improvements
Property, Plant and Equipment
Total property, plant and equipment	876.5		868.6
Machinery and equipment
Property, Plant and Equipment
Total property, plant and equipment	4,996		4,871.5
Construction in progress
Property, Plant and Equipment
Total property, plant and equipment	$ 352.7		$ 378

[1]Unaudited

Long-Lived Assets - Narrative (

Long-Lived Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Property, Plant and Equipment
Depreciation expense	$ 131.3	$ 127.7
Asset impairment charges	2.2	1.1
Property, plant and equipment impairments
Property, Plant and Equipment
Asset impairment charges	0.1	$ 0.5
E-Systems
Property, Plant and Equipment
Impairment of intangible assets, finite lived	$ 0.9

Goodwill - Summary of Changes i

Goodwill - Summary of Changes in Carrying Amount of Goodwill (Details) $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($)
Goodwill
Balance at January 1, 2023	$ 1,660.6
Foreign currency translation and other	6.1
Balance at April 1, 2023	1,666.7	[1]
Seating
Goodwill
Balance at January 1, 2023	1,261.1
Foreign currency translation and other	5.7
Balance at April 1, 2023	1,266.8
E-Systems
Goodwill
Balance at January 1, 2023	399.5
Foreign currency translation and other	0.4
Balance at April 1, 2023	$ 399.9

[1]Unaudited

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) - USD ($)	3 Months Ended
Goodwill - Narrative (Details) - USD ($)	Apr. 01, 2023	Apr. 02, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment	$ 0	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended
Debt - Narrative (Details) - USD ($)	Dec. 31, 2022	Nov. 30, 2022	Apr. 01, 2023		Apr. 26, 2023
Debt Instrument
Short-term borrowings	$ 9,900,000		$ 16,600,000	[1]
Delayed Draw Term Loan Facility
Debt Instrument
Line of credit facility, maximum borrowing capacity	$ 150,000,000
Borrowings outstanding under revolving credit facility			0
Delayed Draw Term Loan Facility \| I.G. Bauerhin \| Subsequent Event
Debt Instrument
Line of credit facility, maximum borrowing capacity					$ 150,000,000
Delayed Draw Term Loan Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument
Basis spread on variable rate	1.525%	1%
Line of Credit
Debt Instrument
Line of credit facility, maximum borrowing capacity	$ 298,200,000		$ 300,900,000
Credit Agreement \| Minimum
Debt Instrument
Line of credit facility, facility fee			0.075%
Credit Agreement \| Maximum
Debt Instrument
Line of credit facility, facility fee			0.20%
Credit Agreement \| Credit Agreement — Revolving Credit Facility
Debt Instrument
Line of credit facility, maximum borrowing capacity			$ 2,000,000,000
Borrowings outstanding under revolving credit facility	$ 0		$ 0

[1]Unaudited

Debt - Summary of Long-Term Deb

Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Millions	Apr. 01, 2023		Dec. 31, 2022
Debt Instrument
Other	$ 6		$ 11.8
Debt and lease obligation, gross	2,606		2,611.8
Unamortized Debt Issuance Costs	(18.1)		(18.7)
Unamortized Original Issue Premium (Discount)	8.8		8.9
Debt and lease obligation	2,596.7		2,602
Less — Current portion	(5.1)	[1]	(10.8)
Long-term debt	$ 2,591.6	[1]	$ 2,591.2
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]			Long-term debt
Senior Notes \| 3.8% Senior Notes due 2027 (the "2027 Notes")
Debt Instrument
Stated interest rate	3.80%
Long-Term Debt	$ 550		$ 550
Unamortized Debt Issuance Costs	(2)		(2.1)
Unamortized Original Issue Premium (Discount)	(1.7)		(1.8)
Long-Term Debt, Net	$ 546.3		$ 546.1
Weighted Average Interest Rate	3.885%		3.885%
Senior Notes \| 4.25% Senior Notes due 2029 (the "2029 Notes")
Debt Instrument
Stated interest rate	4.25%
Long-Term Debt	$ 375		$ 375
Unamortized Debt Issuance Costs	(1.9)		(2)
Unamortized Original Issue Premium (Discount)	(0.7)		(0.7)
Long-Term Debt, Net	$ 372.4		$ 372.3
Weighted Average Interest Rate	4.288%		4.288%
Senior Notes \| 3.5% Senior Notes due 2030 (the "2030 Notes")
Debt Instrument
Stated interest rate	3.50%
Long-Term Debt	$ 350		$ 350
Unamortized Debt Issuance Costs	(1.9)		(2)
Unamortized Original Issue Premium (Discount)	(0.6)		(0.6)
Long-Term Debt, Net	$ 347.5		$ 347.4
Weighted Average Interest Rate	3.525%		3.525%
Senior Notes \| 2.6% Senior Notes due 2032 (the "2032 Notes")
Debt Instrument
Stated interest rate	2.60%
Long-Term Debt	$ 350		$ 350
Unamortized Debt Issuance Costs	(2.7)		(2.8)
Unamortized Original Issue Premium (Discount)	(0.7)		(0.7)
Long-Term Debt, Net	$ 346.6		$ 346.5
Weighted Average Interest Rate	2.624%		2.624%
Senior Notes \| 5.25% Senior Notes due 2049 (the "2049 Notes")
Debt Instrument
Stated interest rate	5.25%
Long-Term Debt	$ 625		$ 625
Unamortized Debt Issuance Costs	(5.8)		(6)
Unamortized Original Issue Premium (Discount)	13		13.2
Long-Term Debt, Net	$ 632.2		$ 632.2
Weighted Average Interest Rate	5.103%		5.103%
Senior Notes \| 3.55% Senior Notes due 2052 (the "2052 Notes")
Debt Instrument
Stated interest rate	3.55%
Long-Term Debt	$ 350		$ 350
Unamortized Debt Issuance Costs	(3.8)		(3.8)
Unamortized Original Issue Premium (Discount)	(0.5)		(0.5)
Long-Term Debt, Net	$ 345.7		$ 345.7
Weighted Average Interest Rate	3.558%		3.558%

[1]Unaudited

Debt - Credit Agreement Interes

Debt - Credit Agreement Interest Rate Ranges (Details) - Credit Agreement - Credit Agreement — Revolving Credit Facility	3 Months Ended
	Apr. 01, 2023
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%
Base Rate \| Maximum
Debt Instrument
Basis spread on variable rate	0.45%

Leases - Right-of-Use Assets an

Leases - Right-of-Use Assets and Lease Obligations (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Right-of-use assets under operating leases:
Other long-term assets	$ 724.3	$ 701.8
Lease obligations under operating leases:
Accrued liabilities	144.8	136.8
Other long-term liabilities	609.2	595.1
Lease obligations under operating leases	$ 754	$ 731.9
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 Obli

Leases - Maturity of Lease Obligations (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Leases [Abstract]
2023	$ 127.6
2024	151.9
2025	129.8
2026	107.6
2027	88.7
Thereafter	238.3
Total undiscounted cash flows	843.9
Less: Imputed interest	(89.9)
Lease obligations under operating leases	$ 754	$ 731.9

Leases - Cash Flow Information

Leases - Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$ 64.8	$ 62.5
Operating cash flows:
Cash paid related to operating lease obligations	$ 44.3	$ 40.4

Leases - Lease Expense (Details

Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Millions	Apr. 01, 2023	Apr. 02, 2022
Leases [Abstract]
Operating lease expense	$ 44.2	$ 41.4
Short-term lease expense	5.1	5.4
Variable lease expense	2.6	2
Total lease expense	$ 51.9	$ 48.8

Leases - Weighted Average Lease

Leases - Weighted Average Lease Term and Discount Rate (Details)	Apr. 01, 2023
Leases [Abstract]
Weighted average remaining lease term	7 years
Weighted average discount rate	3.60%

Pension and Other Postretirem_3

Pension and Other Postretirement Benefit Plans - Components of Net Periodic Benefit (Credit) Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Pension \| U.S.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)
Service cost	$ 0	$ 0
Interest cost	5.2	3.9
Expected return on plan assets	(5)	(6)
Amortization of actuarial loss	0.2	0.5
Settlement (gain) loss	(0.1)	0.4
Net periodic benefit (credit) cost	0.3	(1.2)
Pension \| Foreign
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)
Service cost	0.8	1
Interest cost	4.1	2.9
Expected return on plan assets	(4)	(4.4)
Amortization of actuarial loss	0.5	1.1
Settlement (gain) loss	0	0
Net periodic benefit (credit) cost	1.4	0.6
Other Postretirement \| U.S.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)
Interest cost	0.4	0.4
Amortization of actuarial loss	(0.9)	(0.3)
Net periodic benefit (credit) cost	(0.5)	0.1
Other Postretirement \| Foreign
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)
Interest cost	0.2	0.2
Amortization of actuarial loss	0	0
Net periodic benefit (credit) cost	$ 0.2	$ 0.2

Pension and Other Postretirem_4

Pension and Other Postretirement Benefit Plans - Narrative (Details) - Pension $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($)
Defined Benefit Plan Disclosure
Employer's contribution towards defined benefit plan	$ 3.9
Minimum
Defined Benefit Plan Disclosure
Estimated employer's contribution towards defined benefit plan in current year	5
Maximum
Defined Benefit Plan Disclosure
Estimated employer's contribution towards defined benefit plan in current year	$ 10

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended
Revenue Recognition - Narrative (Details) - USD ($)	Apr. 01, 2023	Apr. 02, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Percentage of net sales to prior years revenue (as a percent)	2%	2%
Significant contract liabilities recorded	$ 0		$ 0
Significant contract liabilities recognized in revenue	$ 0	$ 0

Revenue Recognition - Summary o

Revenue Recognition - Summary of Revenue by Reportable Operating Segment and Geography (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Disaggregation of Revenue
Revenues from external customers	$ 5,845.5	$ 5,208.4
North America
Disaggregation of Revenue
Revenues from external customers	2,380	2,197.8
Europe and Africa
Disaggregation of Revenue
Revenues from external customers	2,231	1,791.2
Asia
Disaggregation of Revenue
Revenues from external customers	1,019.5	1,030.1
South America
Disaggregation of Revenue
Revenues from external customers	215	189.3
Seating
Disaggregation of Revenue
Revenues from external customers	4,453	3,912.5
Seating \| North America
Disaggregation of Revenue
Revenues from external customers	2,011.9	1,841.9
Seating \| Europe and Africa
Disaggregation of Revenue
Revenues from external customers	1,596.7	1,269.5
Seating \| Asia
Disaggregation of Revenue
Revenues from external customers	688.3	662.6
Seating \| South America
Disaggregation of Revenue
Revenues from external customers	156.1	138.5
E-Systems
Disaggregation of Revenue
Revenues from external customers	1,392.5	1,295.9
E-Systems \| North America
Disaggregation of Revenue
Revenues from external customers	368.1	355.9
E-Systems \| Europe and Africa
Disaggregation of Revenue
Revenues from external customers	634.3	521.7
E-Systems \| Asia
Disaggregation of Revenue
Revenues from external customers	331.2	367.5
E-Systems \| South America
Disaggregation of Revenue
Revenues from external customers	$ 58.9	$ 50.8

Other Expense, Net - Summary of

Other Expense, Net - Summary of Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Other Income and Expenses [Abstract]
Other expense	$ 17.1	$ 30.2
Other income	(3.4)	(2.9)
Other expense, net	$ 13.7	$ 27.3

Other Expense, Net - Narrative

Other Expense, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Unusual or Infrequent Item, or Both
Foreign currency transaction gain (loss)	$ (4.7)	$ (20)
Impairment loss	5
RUSSIA
Unusual or Infrequent Item, or Both
Foreign currency transaction gain (loss)	$ 1	$ (11.4)

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 45.6	$ 20.4
Pretax income before equity in net income of affiliates	$ 199.4	$ 76.3
Effective tax rate (in percent)	22.90%	26.70%

Income Taxes - Tax Benefits (Ex

Income Taxes - Tax Benefits (Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Income Tax Disclosure [Abstract]
Restructuring charges and various other items	$ 3.7	$ 10.3
Valuation allowances on deferred tax assets	0	0.5
Share-based compensation	(0.5)	1.2
Income tax benefits (expense) related to significant discrete items	$ 3.2	$ 12

Net Income Per Share Attribut_3

Net Income Per Share Attributable to Lear (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Earnings Per Share [Abstract]
Net income attributable to Lear	$ 143.6	$ 49.4
Average common shares outstanding (in shares)	59,316,555	59,932,030
Dilutive effect of common stock equivalents (in shares)	242,411	278,949
Average diluted shares outstanding (in shares)	59,558,966	60,210,979
Basic net income per share attributable to Lear (in dollars per share)	$ 2.42	$ 0.82
Diluted net income per share attributable to Lear (in dollars per share)	$ 2.41	$ 0.82

Comprehensive Income and Equi_3

Comprehensive Income and Equity - Summary of Changes, Net of Tax, in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023		Apr. 02, 2022
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	$ 4,830.3		$ 4,808.4
Balance at end of period	5,029.4	[1]	4,825.9
Defined benefit plans:
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	(95.7)		(199.4)
Reclassification adjustments	(0.3)		1.4
Other comprehensive income (loss) recognized during the period	0.3		(0.5)
Balance at end of period	(95.7)		(198.5)
Reclassification adjustments, tax expense (benefit)			0.3
Derivative instruments and hedging:
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	33.4		(18.6)
Reclassification adjustments	(17.8)		(6.6)
Other comprehensive income (loss) recognized during the period	76.2		31.6
Balance at end of period	91.8		6.4
Reclassification adjustments, tax expense (benefit)	(4.6)		(1.4)
Other comprehensive income (loss) recognized during the period, tax expense (benefit)	19.5		7.9
Foreign currency translation:
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	(742.8)		(552.2)
Other comprehensive income (loss) recognized during the period	41.9		(18.3)
Balance at end of period	(700.9)		(570.5)
Other comprehensive income (loss) recognized during the period, tax expense (benefit)	(0.2)		0.4
Accumulated Other Comprehensive Loss, Net of Tax
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	(805.1)		(770.2)
Balance at end of period	$ (704.8)		$ (762.6)

[1]Unaudited

Comprehensive Income and Equi_4

Comprehensive Income and Equity - Narrative (Details) - USD ($)	3 Months Ended			147 Months Ended
	Apr. 01, 2023	Dec. 31, 2022	Apr. 02, 2022	Apr. 01, 2023
Equity [Abstract]
Foreign currency translation adjustments related to intercompany transactions (losses) gains	$ 100,000		$ (500,000)
Foreign currency translation adjustments related to derivatives in net investment hedge	(800,000)		$ 300,000
Aggregate purchases authorized under common stock share repurchase program	6,100,000,000			$ 6,100,000,000
Aggregate repurchases	$ 25,100,000			$ 4,900,000,000
Average price (in dollars per share)	$ 137.24			$ 91.71
Remaining Purchase Authorization	$ 1,204,300,000			$ 1,204,300,000
Cash dividends declared per share (in dollars per share)	$ 0.77	$ 0.77	$ 0.77

Comprehensive Income and Equi_5

Comprehensive Income and Equity - Schedule of Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		147 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 01, 2023
Equity [Abstract]
Aggregate Repurchases	$ 25.1		$ 4,900
Cash Paid for Repurchases	$ 25.1	$ 0
Number of shares repurchased (in shares)	182,902
Average Price per Share (in dollars per share)	$ 137.24		$ 91.71
Remaining Purchase Authorization	$ 1,204.3		$ 1,204.3

Comprehensive Income and Equi_6

Comprehensive Income and Equity - Dividends Declared and Paid (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Equity [Abstract]
Dividends declared	$ 46.7	$ 46.8
Dividends paid	$ 46.8	$ 47.4

Legal and Other Contingencies -

Legal and Other Contingencies - Narrative (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Reserves for pending legal disputes, including commercial disputes and other matters	$ 18.8	$ 15.9
Environmental reserves	$ 8.1	$ 7.9

Legal and Other Contingencies_2

Legal and Other Contingencies - Summary of Product Liability and Warranty Claims (Details) $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($)
Movement in Standard Product Warranty Accrual
Balance at January 1, 2023	$ 30.4
Expense, net (including changes in estimates)	3.2
Settlements	(5.3)
Foreign currency translation and other	0.2
Balance at April 1, 2023	$ 28.5

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Apr. 01, 2023 segment
Segment Reporting [Abstract]
Reportable operating segments	2

Segment Reporting - Summary of

Segment Reporting - Summary of Revenues from External Customers and Other Financial Information by Reportable Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023		Apr. 02, 2022	Dec. 31, 2022
Segment Reporting Information
Revenues from external customers	$ 5,845.5		$ 5,208.4
Segment earnings	237.3		128.5
Depreciation and amortization	147.2		143.4
Capital expenditures	111.8		130.3
Total assets	14,404.2	[1]	13,727.3	$ 13,763
Other
Segment Reporting Information
Revenues from external customers	0		0
Segment earnings	(90.8)		(87.5)
Depreciation and amortization	5.1		4.4
Capital expenditures	4.6		7.1
Total assets	1,872.9		2,120.6
Seating
Segment Reporting Information
Revenues from external customers	4,453		3,912.5
Seating \| Operating segments
Segment Reporting Information
Revenues from external customers	4,453		3,912.5
Segment earnings	285.8		200.1
Depreciation and amortization	95.9		92.8
Capital expenditures	63.6		77.1
Total assets	8,549.8		7,975
E-Systems
Segment Reporting Information
Revenues from external customers	1,392.5		1,295.9
E-Systems \| Operating segments
Segment Reporting Information
Revenues from external customers	1,392.5		1,295.9
Segment earnings	42.3		15.9
Depreciation and amortization	46.2		46.2
Capital expenditures	43.6		46.1
Total assets	$ 3,981.5		$ 3,631.7

[1]Unaudited

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment Earnings to Consolidated Income Before Provision for Income Taxes and Equity (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Segment Reporting [Abstract]
Segment earnings	$ 237.3	$ 128.5
Interest expense	24.2	24.9
Other expense, net	13.7	27.3
Consolidated income before provision for income taxes and equity in net income of affiliates	$ 199.4	$ 76.3

Financial Instruments - Estimat

Financial Instruments - Estimated Aggregate Fair Value and Carrying Value of Debt Instruments (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Estimated aggregate fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instruments	$ 2,238.9	$ 2,142.3
Aggregate carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instruments	$ 2,600	$ 2,600

Financial Instruments - Reconci

Financial Instruments - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Apr. 01, 2023		Dec. 31, 2022	Apr. 02, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Cash and cash equivalents	$ 898.5	[1]	$ 1,114.9	$ 1,162
Restricted cash included in other current assets	0.6			0
Restricted cash included in other long-term assets	1.7			2.8
Cash, cash equivalents and restricted cash	$ 900.8		$ 1,117.4	$ 1,164.8	$ 1,321.3

[1]Unaudited

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended
Financial Instruments - Narrative (Details) - USD ($)	Apr. 01, 2023	Apr. 02, 2022	Dec. 31, 2022
Financial Instruments
Accounts receivable, reserves	$ 33,600,000		$ 35,300,000
Investments in equity securities without readily determinable fair values	13,200,000		18,200,000
Cumulative impairment	15,000,000		10,000,000
Impairment loss	5,000,000
Interest expense	24,200,000	$ 24,900,000
Derivative contracts classified within Level 3 of fair value hierarchy	0		0
Derivative contracts transfers in to Level 3 fair value hierarchy	0
E-Systems
Financial Instruments
Impairment of intangible assets, finite lived	900,000
Interest Rate Swap \| Net investment hedge contracts \| Designated as Hedging Instrument
Financial Instruments
Interest expense	600,000	$ 1,600,000
Foreign currency contracts \| Designated as Hedging Instrument \| Derivative Instruments and Hedging
Financial Instruments
Pretax gains (losses) related to derivative instruments and hedging activities in accumulated other comprehensive loss	$ 144,300,000		$ 71,800,000

Financial Instruments - Notiona

Financial Instruments - Notional Amount, Estimated Aggregate Fair Value and Related Balance Sheet Classification of Foreign Currency Derivative Contracts (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Apr. 01, 2023	Dec. 31, 2022
Derivatives, Fair Value
Total fair value	$ 146.4	$ 67.7
Notional amount	2,178.1	2,455.5
Designated as Hedging Instrument \| Net investment hedges
Derivatives, Fair Value
Notional amount	$ 150	$ 150
Designated as Hedging Instrument \| Net investment hedges \| Maximum
Derivatives, Fair Value
Outstanding maturities in months, not to exceed	36 months	39 months
Foreign currency contracts \| Designated as Hedging Instrument \| Cash Flow Hedge
Derivatives, Fair Value
Other current assets	$ 121.6	$ 63.4
Other long-term assets	20.9	10.3
Other current liabilities	(1.9)	(6.7)
Other long-term liabilities	(1.1)	(0.2)
Total fair value	139.5	66.8
Notional amount	$ 1,513.9	$ 1,546.9
Foreign currency contracts \| Designated as Hedging Instrument \| Cash Flow Hedge \| Maximum
Derivatives, Fair Value
Outstanding maturities in months, not to exceed	24 months	24 months
Foreign currency contracts \| Not Designated as Hedging Instrument
Derivatives, Fair Value
Other current assets	$ 3.9	$ 9.5
Other current liabilities	(1)	(13.4)
Total fair value	2.9	(3.9)
Notional amount	$ 514.2	$ 758.6
Foreign currency contracts \| Not Designated as Hedging Instrument \| Maximum
Derivatives, Fair Value
Outstanding maturities in months, not to exceed	4 months	7 months
Cross currency interest rate contract \| Designated as Hedging Instrument \| Net investment hedges
Derivatives, Fair Value
Other long-term assets	$ 4	$ 4.8

Financial Instruments - Marketa

Financial Instruments - Marketable Equity Securities (Details) - Marketable Equity Securities - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI
Current assets	$ 1.1	$ 3.6
Other long-term assets	59.7	53.6
Marketable equity securities	$ 60.8	$ 57.2

Financial Instruments - Pretax

Financial Instruments - Pretax Amounts Recognized in and Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Financial Instruments
Net investment hedge contracts	$ (0.8)	$ 0.3
Gains (losses) recognized in accumulated other comprehensive loss	94.9	39.8
(Gains) losses reclassified from accumulated other comprehensive loss	(22.4)	(8)
Comprehensive income	72.5	31.8
Net sales
Financial Instruments
(Gains) losses reclassified from accumulated other comprehensive loss	0.7	(1.6)
Cost of sales
Financial Instruments
(Gains) losses reclassified from accumulated other comprehensive loss	(24.1)	(7)
Interest expense
Financial Instruments
(Gains) losses reclassified from accumulated other comprehensive loss	0.6	0.6
Other expense, net
Financial Instruments
(Gains) losses reclassified from accumulated other comprehensive loss	0.4	0
Foreign currency contracts
Financial Instruments
Foreign currency contracts	95.7	39.5
Net investment hedge contracts
Financial Instruments
Net investment hedge contracts	$ (0.8)	$ 0.3

Financial Instruments - Net Gai

Financial Instruments - Net Gains (Losses) Expected to be Reclassified into Earnings (Details) $ in Millions	3 Months Ended
	Apr. 01, 2023 USD ($)
Fair Value Disclosures [Abstract]
Foreign currency contracts	$ 119.7
Interest rate swap contracts	(2.4)
Total	$ 117.3

Financial Instruments - Fair Va

Financial Instruments - Fair Value Measurements and Related Valuation Techniques and Fair Value Hierarchy Level (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques
Asset (Liability)	$ 146.4	$ 67.7
Recurring
Fair Value Measurement Inputs and Valuation Techniques
Marketable equity securities	60.8	57.2
Recurring \| Level 1
Fair Value Measurement Inputs and Valuation Techniques
Marketable equity securities	60.8	57.2
Recurring \| Level 2
Fair Value Measurement Inputs and Valuation Techniques
Marketable equity securities	0	0
Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Marketable equity securities	0	0
Recurring \| Foreign currency contracts, net
Fair Value Measurement Inputs and Valuation Techniques
Asset (Liability)	142.4	62.9
Recurring \| Foreign currency contracts, net \| Level 1
Fair Value Measurement Inputs and Valuation Techniques
Asset (Liability)	0	0
Recurring \| Foreign currency contracts, net \| Level 2
Fair Value Measurement Inputs and Valuation Techniques
Asset (Liability)	142.4	62.9
Recurring \| Foreign currency contracts, net \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Asset (Liability)	0	0
Recurring \| Net investment hedges
Fair Value Measurement Inputs and Valuation Techniques
Asset (Liability)	4	4.8
Recurring \| Net investment hedges \| Level 1
Fair Value Measurement Inputs and Valuation Techniques
Asset (Liability)	0	0
Recurring \| Net investment hedges \| Level 2
Fair Value Measurement Inputs and Valuation Techniques
Asset (Liability)	4	4.8
Recurring \| Net investment hedges \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Asset (Liability)	$ 0	$ 0