Supplemental Guarantor Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 30, 2013

Schedule of Condensed Balance Sheet

	March 30, 2013
	Lear			Guarantors		Non- guarantors		Eliminations			Consolidated
	(Unaudited; in millions)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	662.7		$	0.1	$	938.5	$	—		$	1,601.3
Accounts receivable		67.5			430.8		1,939.7		—			2,438.0
Inventories		5.3			273.9		514.2		—			793.4
Other		120.8			86.2		496.6		—			703.6
Total current assets		856.3			791.0		3,889.0		—			5,536.3
LONG-TERM ASSETS:
Property, plant and equipment, net		93.3			286.0		1,044.4		—			1,423.7
Goodwill		23.5			400.8		317.2		—			741.5
Investments in subsidiaries		1,590.2			1,294.1		—		(2,884.3	)		—
Other		721.0			85.1		316.6		—			1,122.7
Total long-term assets		2,428.0			2,066.0		1,678.2		(2,884.3	)		3,287.9
Total assets	$	3,284.3		$	2,857.0	$	5,567.2	$	(2,884.3	)	$	8,824.2
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable and drafts	$	116.8		$	620.4	$	1,753.9	$	—		$	2,491.1
Accrued liabilities		124.4			218.8		729.7		—			1,072.9
Total current liabilities		241.2			839.2		2,483.6		—			3,564.0
LONG-TERM LIABILITIES:
Long-term debt		1,056.8			—		—		—			1,056.8
Intercompany accounts, net		(1,554.7	)		441.2		1,113.5		—			—
Other		180.4			171.2		366.0		—			717.6
Total long-term liabilities		(317.5	)		612.4		1,479.5		—			1,774.4
EQUITY:
Lear Corporation stockholders’ equity		3,360.6			1,405.4		1,478.9		(2,884.3	)		3,360.6
Noncontrolling interests		—			—		125.2		—			125.2
Equity		3,360.6			1,405.4		1,604.1		(2,884.3	)		3,485.8
Total liabilities and equity	$	3,284.3		$	2,857.0	$	5,567.2	$	(2,884.3	)	$	8,824.2

	December 31, 2012
	Lear			Guarantors		Non- guarantors		Eliminations			Consolidated
	(In millions)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	481.4		$	0.1	$	920.7	$	—		$	1,402.2
Accounts receivable		47.7			358.4		1,634.6		—			2,040.7
Inventories		5.2			264.3		457.6		—			727.1
Other		162.9			70.2		470.4		—			703.5
Total current assets		697.2			693.0		3,483.3		—			4,873.5
LONG-TERM ASSETS:
Property, plant and equipment, net		91.5			273.3		1,038.3		—			1,403.1
Goodwill		23.5			400.8		322.2		—			746.5
Investments in subsidiaries		1,494.7			1,287.8		—		(2,782.5	)		—
Other		769.9			67.5		333.6		—			1,171.0
Total long-term assets		2,379.6			2,029.4		1,694.1		(2,782.5	)		3,320.6
Total assets	$	3,076.8		$	2,722.4	$	5,177.4	$	(2,782.5	)	$	8,194.1
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable and drafts	$	114.3		$	555.2	$	1,563.5	$	—		$	2,233.0
Accrued liabilities		124.7			192.8		666.4		—			983.9
Total current liabilities		239.0			748.0		2,229.9		—			3,216.9
LONG-TERM LIABILITIES:
Long-term debt		626.3			—		—		—			626.3
Intercompany accounts, net		(1,471.3	)		447.6		1,023.7		—			—
Other		195.7			179.5		363.5		—			738.7
Total long-term liabilities		(649.3	)		627.1		1,387.2		—			1,365.0
EQUITY:
Lear Corporation stockholders’ equity		3,487.1			1,347.3		1,435.2		(2,782.5	)		3,487.1
Noncontrolling interests		—			—		125.1		—			125.1
Equity		3,487.1			1,347.3		1,560.3		(2,782.5	)		3,612.2
Total liabilities and equity	$	3,076.8		$	2,722.4	$	5,177.4	$	(2,782.5	)	$	8,194.1

Schedule of Condensed Income Statement

	For the Three Months Ended March 30, 2013
	Lear			Guarantors			Non- guarantors			Eliminations			Consolidated
	(Unaudited; in millions)
Net sales	$	121.6		$	1,527.7		$	3,437.3		$	(1,139.5	)	$	3,947.1
Cost of sales		153.1			1,386.9			3,234.2			(1,139.5	)		3,634.7
Selling, general and administrative expenses		40.4			17.7			71.5			—			129.6
Amortization of intangible assets		0.4			1.2			7.0			—			8.6
Intercompany charges		0.4			0.1			(0.5	)		—			—
Interest expense		15.0			3.3			(1.6	)		—			16.7
Other intercompany (income) expense, net		(54.7	)		31.2			23.5			—			—
Other expense, net		4.4			0.5			5.8			—			10.7
Consolidated income before income taxes and equity in net income of affiliates and subsidiaries		(37.4	)		86.8			97.4			—			146.8
Provision for income taxes		(16.6	)		9.2			45.3			—			37.9
Equity in net income of affiliates		—			0.3			(8.3	)		—			(8.0	)
Equity in net income of subsidiaries		(129.3	)		(41.2	)		—			170.5			—
Consolidated net income		108.5			118.5			60.4			(170.5	)		116.9
Less: Net income attributable to noncontrolling interests		—			—			8.4			—			8.4
Net income attributable to Lear	$	108.5		$	118.5		$	52.0		$	(170.5	)	$	108.5
Consolidated comprehensive income	$	85.9		$	135.3		$	26.9		$	(153.4	)	$	94.7
Less: Comprehensive income attributable to noncontrolling interests		—			—			8.8			—			8.8
Comprehensive income attributable to Lear	$	85.9		$	135.3		$	18.1		$	(153.4	)	$	85.9

	For the Three Months Ended March 31, 2012
	Lear			Guarantors			Non- guarantors			Eliminations			Consolidated
	(Unaudited; in millions)
Net sales	$	135.2		$	1,442.6		$	3,217.5		$	(1,151.3	)	$	3,644.0
Cost of sales		168.2			1,147.8			3,169.5			(1,151.3	)		3,334.2
Selling, general and administrative expenses		39.7			5.3			71.1			—			116.1
Amortization of intangible assets		0.4			—			6.5			—			6.9
Intercompany charges		2.3			0.4			(2.7	)		—			—
Interest expense		(0.5	)		6.0			7.0			—			12.5
Other intercompany (income) expense, net		(98.5	)		227.6			(129.1	)		—			—
Other expense, net		(1.0	)		(0.2	)		1.5			—			0.3
Consolidated income before income taxes and equity in net income of affiliates and subsidiaries		24.6			55.7			93.7			—			174.0
Provision for income taxes		2.7			0.7			35.9			—			39.3
Equity in net income of affiliates		(4.1	)		0.1			(5.7	)		—			(9.7	)
Equity in net income of subsidiaries		(123.6	)		(56.2	)		—			179.8			—
Consolidated net income		149.6			111.1			63.5			(179.8	)		144.4
Less: Net income attributable to noncontrolling interests		—			—			10.3			—			10.3
Net income attributable to Lear	$	149.6		$	111.1		$	53.2		$	(179.8	)	$	134.1
Consolidated comprehensive income	$	216.5		$	142.3		$	100.8		$	(247.8	)	$	211.8
Less: Comprehensive income attributable to noncontrolling interests		—			—			10.8			—			10.8
Comprehensive income attributable to Lear	$	216.5		$	142.3		$	90.0		$	(247.8	)	$	201.0

Schedule of Condensed Cash Flow Statement

	For the Three Months Ended March 30, 2013
	Lear			Guarantors			Non- guarantors			Eliminations		Consolidated
	(Unaudited; in millions)
Net cash provided by operating activities	$	12.6		$	69.8		$	(18.6	)	$	—	$	63.8
Cash Flows from Investing Activities:
Additions to property, plant and equipment		(5.4	)		(27.3	)		(66.0	)		—		(98.7	)
Insurance proceeds		—			—			7.1			—		7.1
Other, net		54.0			0.1			(2.8	)		—		51.3
Net cash used in investing activities		48.6			(27.2	)		(61.7	)		—		(40.3	)
Cash Flows from Financing Activities:
Proceeds from the issuance of senior notes		500.0			—			—			—		500.0
Repurchase of senior notes		(72.1	)		—			—			—		(72.1	)
Payment of debt issuance and other financing costs		(13.4	)		—			—			—		(13.4	)
Repurchase of common stock		(200.1	)		—			—			—		(200.1	)
Dividends paid to Lear Corporation stockholders		(16.2	)		—			—			—		(16.2	)
Dividends paid to noncontrolling interests		—			—			(3.9	)		—		(3.9	)
Other		(1.8	)		—			(3.3	)		—		(5.1	)
Change in intercompany accounts		(76.3	)		(42.6	)		118.9			—		—
Net cash provided by (used in) financing activities		120.1			(42.6	)		111.7			—		189.2
Effect of foreign currency translation		—			—			(13.6	)		—		(13.6	)
Net Change in Cash and Cash Equivalents		181.3			—			17.8			—		199.1
Cash and Cash Equivalents as of Beginning of Period		481.4			0.1			920.7			—		1,402.2
Cash and Cash Equivalents as of End of Period	$	662.7		$	0.1		$	938.5		$	—	$	1,601.3

	For the Three Months Ended March 31, 2012
	Lear			Guarantors			Non- guarantors			Eliminations		Consolidated
	(Unaudited; in millions)
Net cash provided by operating activities	$	1.0		$	107.7		$	(104.5	)	$	—	$	4.2
Cash Flows from Investing Activities:
Additions to property, plant and equipment		(3.0	)		(16.5	)		(50.8	)		—		(70.3	)
Insurance proceeds		—			—			1.0			—		1.0
Other, net		0.2			1.2			3.5			—		4.9
Net cash used in investing activities		(2.8	)		(15.3	)		(46.3	)		—		(64.4	)
Cash Flows from Financing Activities:
Repurchase of common stock		(52.5	)		—			—			—		(52.5	)
Dividends paid to Lear Corporation stockholders		(13.8	)		—			—			—		(13.8	)
Dividends paid to noncontrolling interests		—			—			(3.2	)		—		(3.2	)
Other		0.4			—			(3.6	)		—		(3.2	)
Change in intercompany accounts		51.0			(92.4	)		41.4			—		—
Net cash provided by (used in) financing activities		(14.9	)		(92.4	)		34.6			—		(72.7	)
Effect of foreign currency translation		—			—			9.5			—		9.5
Net Change in Cash and Cash Equivalents		(16.7	)		—			(106.7	)		—		(123.4	)
Cash and Cash Equivalents as of Beginning of Period		820.3			1.4			932.6			—		1,754.3
Cash and Cash Equivalents as of End of Period	$	803.6		$	1.4		$	825.9		$	—	$	1,630.9

Long-Term Debt of Lear and Guarantors

Long-Term Debt of Lear and the Guarantors — A summary of long-term debt of Lear and the Guarantors on a combined basis is shown below (in millions):

	March 30, 2013		December 31, 2012
Senior notes	$	1,056.8	$	626.3