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Comprehensive Income and Equity (Tables)
9 Months Ended
Sep. 28, 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 nine months ended September 28, 2013 and September 29, 2012, are shown below (in millions):

 

     Three Months Ended September 28, 2013     Nine Months Ended September 28, 2013  
     Equity     Attributable
to Lear
Corporation
Stockholders
    Non-
controlling
Interests
    Equity     Attributable
to Lear
Corporation
Stockholders
    Non-
controlling
Interests
 

Beginning equity balance

   $ 2,790.3      $ 2,669.3      $ 121.0      $ 3,612.2      $ 3,487.1      $ 125.1   

Stock-based compensation transactions

     14.2        14.2        —          36.0        36.0        —     

Repurchase of common stock

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

Dividends declared to Lear Corporation stockholders

     (14.2     (14.2     —          (44.8     (44.8     —     

Dividends paid to noncontrolling interests

     (18.6     —          (18.6     (33.4     —          (33.4

Acquisition of noncontrolling interest

     —          —          —          (6.6     (3.2     (3.4

Comprehensive income:

            

Net income

     116.7        112.8        3.9        375.9        358.6        17.3   

Other comprehensive income (loss), net of tax:

            

Defined benefit plan adjustments (1)

     1.8        1.8        —          5.5        5.5        —     

Derivative instruments and hedging activities (2)

     (5.3     (5.3     —          (14.1     (14.1     —     

Foreign currency translation adjustments

     35.1        34.9        0.2        (10.6     (11.5     0.9   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss)

     31.6        31.4        0.2        (19.2     (20.1     0.9   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income

     148.3        144.2        4.1        356.7        338.5        18.2   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ending equity balance

   $ 2,920.0      $ 2,813.5      $ 106.5      $ 2,920.0      $ 2,813.5      $ 106.5   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Includes comprehensive income of $2.6 million and $7.8 million for the three and nine months ended September 28, 2013, respectively, reclassified from accumulated other comprehensive loss. See Note 8, “Pension and Other Postretirement Benefit Plans.”
(2) Includes comprehensive loss of $8.3 million and $27.1 million for the three and nine months ended September 28, 2013, respectively, reclassified from accumulated other comprehensive loss. See Note 15, “Financial Instruments.”

 

     Three Months Ended September 29, 2012     Nine Months Ended September 29, 2012  
     Equity     Attributable
to Lear
Corporation
Stockholders
    Non-
controlling
Interests
    Equity     Attributable
to Lear
Corporation
Stockholders
    Non-
controlling
Interests
 

Beginning equity balance

   $ 2,700.5      $ 2,565.5      $ 135.0      $ 2,561.1      $ 2,436.4      $ 124.7   

Stock-based compensation transactions

     8.8        8.8        —          22.8        22.8        —     

Repurchase of common stock

     (50.1     (50.1     —          (172.6     (172.6     —     

Dividends declared to Lear Corporation stockholders

     (13.9     (13.9     —          (42.3     (42.3     —     

Dividends paid to noncontrolling interests

     —          —          —          (4.3     —          (4.3

Acquisition of noncontrolling interests

     (17.4     (9.3     (8.1     (23.6     (11.5     (12.1

Comprehensive income:

            

Net income

     128.1        121.4        6.7        427.1        400.9        26.2   

Other comprehensive income (loss), net of tax:

            

Defined benefit plan adjustments (3)

     2.6        2.6        —          0.8        0.8        —     

Derivative instruments and hedging activities (4)

     18.0        18.0        —          54.0        54.0        —     

Foreign currency translation adjustments

     25.6        24.4        1.2        (20.8     (21.1     0.3   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income

     46.2        45.0        1.2        34.0        33.7        0.3   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income

     174.3        166.4        7.9        461.1        434.6        26.5   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ending equity balance

   $ 2,802.2      $ 2,667.4      $ 134.8      $ 2,802.2      $ 2,667.4      $ 134.8   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(3) Includes comprehensive income of $2.5 million and $8.1 million for the three and nine months ended September 29, 2012, respectively, reclassified from accumulated other comprehensive loss. See Note 8, “Pension and Other Postretirement Benefit Plans.”
(4) Includes comprehensive income (loss) of ($0.3) million and $5.8 million for the three and nine months ended September 29, 2012, respectively, reclassified from accumulated other comprehensive loss. See Note 15, “Financial Instruments.”