Segment Reporting

9 Months Ended

Sep. 27, 2014

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company has two reportable operating segments: seating, which includes seats and related components, such as seat structures and mechanisms, seat covers, seat foam and headrests, and electrical, which includes electrical distribution systems for both traditional powertrain vehicles, as well as high-power for hybrid and electric vehicles. Key components of the Company’s electrical business include wiring harnesses, terminals and connectors, junction boxes, electronic control modules and wireless control devices. The other category includes unallocated costs related to corporate headquarters, regional headquarters and the elimination of intercompany activities, none of which meets the requirements for being classified as an operating segment.

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, (“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 September 27, 2014
	Seating		Electrical		Other			Consolidated
Revenues from external customers	$	3,188.4	$	1,044.3	$	—		$	4,232.7
Segment earnings (1)	154.9		136.7		(67.1		)	224.5
Depreciation and amortization	50.8		27.1		2.0			79.9
Capital expenditures	63.3		24.8		3.6			91.7
Total assets	5,223.9		1,702.9		1,764.4			8,691.2

	Three Months Ended September 28, 2013
	Seating		Electrical		Other			Consolidated
Revenues from external customers	$	2,891.7	$	1,026.0	$	—		$	3,917.7
Segment earnings (1)	142.8		111.6		(61.4		)	193.0
Depreciation and amortization	46.7		24.1		2.1			72.9
Capital expenditures	67.3		33.9		1.6			102.8
Total assets	4,862.5		1,728.9		1,872.8			8,464.2

	Nine Months Ended September 27, 2014
	Seating		Electrical		Other			Consolidated
Revenues from external customers	$	9,857.9	$	3,319.7	$	—		$	13,177.6
Segment earnings (1)	471.3		413.3		(212.0		)	672.6
Depreciation and amortization	148.7		78.0		5.9			232.6
Capital expenditures	192.8		82.2		5.8			280.8
Total assets	5,223.9		1,702.9		1,764.4			8,691.2

	Nine Months Ended September 28, 2013
	Seating		Electrical		Other			Consolidated
Revenues from external customers	$	8,872.6	$	3,105.3	$	—		$	11,977.9
Segment earnings (1)	450.7		295.5		(177.8		)	568.4
Depreciation and amortization	133.4		69.2		5.7			208.3
Capital expenditures	214.8		107.4		7.0			329.2
Total assets	4,862.5		1,728.9		1,872.8			8,464.2

⁽¹⁾  See definition above.

For the three months ended September 27, 2014, segment earnings include restructuring charges of $17.0 million, $2.5 million and $1.5 million in the seating and electrical segments and in the other category, respectively. For the nine months endedSeptember 27, 2014, segment earnings include restructuring charges of $68.8 million, $7.3 million and $10.5 million in the seating and electrical segments and in the other category, respectively. For the three months ended September 28, 2013, segment earnings include restructuring charges of $10.9 million, $0.6 million and $0.2 million in the seating and electrical segments and in the other category, respectively. For the nine months endedSeptember 28, 2013, segment earnings include restructuring charges of $29.8 million, $7.8 million and $5.3 million in the seating and electrical segments and in the other category, respectively. See Note 3, “Restructuring.”

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

	Three Months Ended				Nine Months Ended
	September 27, 2014		September 28, 2013		September 27, 2014		September 28, 2013
Segment earnings	$	224.5	$	193.0	$	672.6	$	568.4
Interest expense	15.7		17.5		47.1		51.6
Other expense, net	11.1		16.8		57.1		37.8
Consolidated income before provision for income taxes and equity in net income of affiliates	$	197.7	$	158.7	$	568.4	$	479.0