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Comprehensive Income and Equity (Tables)
6 Months Ended
Jun. 29, 2013
Summary of Comprehensive Income and Reconciliations of Equity

A summary of comprehensive income and reconciliations of equity, Lear Corporation stockholders’ equity and noncontrolling interests for the three and six months ended June 29, 2013 and June 30, 2012, are shown below (in millions):

 

     Three Months Ended June 29, 2013     Six Months Ended June 29, 2013  
     Equity     Attributable
to Lear
Corporation
Stockholders
    Non-
controlling
Interests
    Equity     Attributable
to Lear
Corporation
Stockholders
    Non-
controlling
Interests
 

Beginning equity balance

   $ 3,485.8      $ 3,360.6      $ 125.2      $ 3,612.2      $ 3,487.1      $ 125.1   

Stock-based compensation transactions

     14.4        14.4        —          21.8        21.8        —     

Repurchase of common stock

     (800.0     (800.0     —          (1,000.1     (1,000.1     —     

Dividends declared to Lear Corporation stockholders

     (14.1     (14.1     —          (30.6     (30.6     —     

Dividends paid to noncontrolling interests

     (9.5     —          (9.5     (14.8     —          (14.8

Acquisition of noncontrolling interest

     —          —          —          (6.6     (3.2     (3.4

Comprehensive income:

            

Net income

     142.3        137.3        5.0        259.2        245.8        13.4   

Other comprehensive income (loss), net of tax:

            

Defined benefit plan adjustments (1)

     1.8        1.8        —          3.7        3.7        —     

Derivative instruments and hedging activities (2)

     (16.1     (16.1     —          (8.8     (8.8     —     

Foreign currency translation adjustments

     (14.3     (14.6     0.3        (45.7     (46.4     0.7   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive loss

     (28.6     (28.9     0.3        (50.8     (51.5     0.7   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income

     113.7        108.4        5.3        208.4        194.3        14.1   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ending equity balance

   $ 2,790.3      $ 2,669.3      $ 121.0      $ 2,790.3      $ 2,669.3      $ 121.0   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Includes comprehensive income of $2.6 million and $5.2 million for the three and six months ended June 29, 2013, respectively, reclassified from accumulated other comprehensive loss. See Note 8, “Pension and Other Postretirement Benefit Plans.”
(2) Includes comprehensive loss of $10.6 million and $18.8 million for the three and six months ended June 29, 2013, respectively, reclassified from accumulated other comprehensive loss. See Note 15, “Financial Instruments.”

 

     Three Months Ended June 30, 2012     Six Months Ended June 30, 2012  
     Equity     Attributable
to Lear
Corporation
Stockholders
    Non-
controlling
Interests
    Equity     Attributable
to Lear
Corporation
Stockholders
    Non-
controlling
Interests
 

Beginning equity balance

   $ 2,705.4      $ 2,577.1      $ 128.3      $ 2,561.1      $ 2,436.4      $ 124.7   

Stock-based compensation transactions

     5.2        5.2        —          14.0        14.0        —     

Repurchase of common stock

     (70.0     (70.0     —          (122.5     (122.5     —     

Dividends declared to Lear Corporation stockholders

     (14.0     (14.0     —          (28.4     (28.4     —     

Dividends paid to noncontrolling interests

     (1.1     —          (1.1     (4.3     —          (4.3

Acquisition of noncontrolling interests

     —          —          —          (6.2     (2.2     (4.0

Comprehensive income:

            

Net income

     154.6        145.4        9.2        299.0        279.5        19.5   

Other comprehensive income (loss), net of tax:

            

Defined benefit plan adjustments (3)

     2.6        2.6        —          (1.8     (1.8     —     

Derivative instruments and hedging activities (4)

     (4.7     (4.7     —          36.0        36.0        —     

Foreign currency translation adjustments

     (77.5     (76.1     (1.4     (46.4     (45.5     (0.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income

     (79.6     (78.2     (1.4     (12.2     (11.3     (0.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income

     75.0        67.2        7.8        286.8        268.2        18.6   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ending equity balance

   $ 2,700.5      $ 2,565.5      $ 135.0      $ 2,700.5      $ 2,565.5      $ 135.0   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(3) Includes comprehensive income of $2.6 million and $5.7 million for the three and six months ended June 30, 2012, respectively, reclassified from accumulated other comprehensive loss. See Note 8, “Pension and Other Postretirement Benefit Plans.”
(4) Includes comprehensive income of $5.0 million and $6.1 million for the three and six months ended June 30, 2012, respectively, reclassified from accumulated other comprehensive loss. See Note 15, “Financial Instruments.”