Investments in Affiliates and Other Related Party Transactions

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in Affiliates and Other Related Party Transactions

The Company's beneficial ownership in affiliates accounted for under the equity method is shown below:


December 31,	2022	2021	2020
Beijing BHAP Lear Automotive Systems Co., Ltd. (China)	50%	50%	50%
Guangzhou Lear Automotive Components Co., Ltd. (China)	50	50	50
Jiangxi Jiangling Lear Interior Systems Co., Ltd. (China)	50	50	50
Lear Dongfeng Automotive Seating Co., Ltd. (China)	50	50	50
Beijing Lear Hyundai Transys Co., Ltd. (China)	50	40	40
Changchun Lear FAWSN Automotive Seat Systems Co., Ltd. (China)	49	49	49
Honduras Electrical Distribution Systems S. de R.L. de C.V. (Honduras)	49	49	49
Kyungshin-Lear Sales and Engineering LLC	49	49	49
Shenyang Jinbei Lear Automotive Seating Co. Ltd. (China)	49	49	—
Shenzen Shinry Lear Electric Control Technology Co., Ltd. (China)	49	—	—
Hyundai Transys Lear Automotive Private Limited (India)	35	35	35
Techstars Corporate Partner 2017 LLC	34	34	34
RevoLaze, LLC	20	20	20
Maniv Mobility II A, L.P.	7	7	9
Trucks Venture Fund 2, L.P.	7	5	3
Autotech Fund II, L.P.	3	4	4

Summarized group financial information for affiliates accounted for under the equity method as of December 31, 2022 and 2021, and for the years ended December 31, 2022, 2021 and 2020, is shown below (unaudited; in millions):


December 31,	2022		2021
Balance sheet data:
Current assets	$	1,335.9	$	1,217.5
Non-current assets	235.0		239.5
Current liabilities	1,009.2		921.7
Non-current liabilities	8.4		6.7


For the year ended December 31,	2022		2021		2020
Income statement data:
Net sales	$	2,447.6	$	1,833.6	$	1,597.5
Gross profit	106.1		50.1		83.0
Income before provision for income taxes	102.8		104.5		73.8
Net income attributable to affiliates	64.4		80.5		44.8

A summary of amounts recorded in the Company's consolidated balance sheets related to its affiliates is shown below (in millions):


December 31,	2022		2021
Aggregate investment in affiliates	$	196.7	$	184.7
Receivables due from affiliates (including notes and advances)	182.5		143.0
Payables due to affiliates	0.7		0.7

A summary of transactions with affiliates accounted for under the equity method and other related parties is shown below (in millions):


For the year ended December 31,	2022		2021		2020
Sales to affiliates	$	783.0	$	676.6	$	656.4
Purchases from affiliates	9.0		4.4		1.9
Management and other fees for services provided to affiliates	32.6		38.5		28.3
Dividends received from affiliates	21.1		26.8		24.6

The Company has certain investments with beneficial ownership interests of less than 20% that are accounted for under the equity method as the Company's beneficial ownership interests in these entities are similar to partnership interests.

2021

In 2021, the Company acquired a 49% interest in Shenyang Jinbei Lear Automotive Seating Co. Ltd. ("Shenyang Jinbei") for $41.3 million. The investment is accounted for under the equity method as the Company does not control Shenyang Jinbei but does have the ability to exercise significant influence over certain operating and financial policies of Shenyang Jinbei. The acquisition cost is classified within cash flows used in investing activities in the accompanying consolidated statement of cash flows for the year ended December 31, 2021.

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