(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||||||
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Exhibit Number | Exhibit Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Lear Corporation | ||||||||||||||||||||
August 6, 2021 | By: | /s/ Jason M. Cardew | ||||||||||||||||||
Name: | Jason M. Cardew | |||||||||||||||||||
Title: | Senior Vice President and Chief Financial Officer |
2021 | 2020 | ||||||||||
Reported | |||||||||||
Sales | $ | 4,760.7 | $ | 2,444.5 | |||||||
Net income/(loss) | $ | 175.2 | $ | (293.9) | |||||||
Earnings/(loss) per share | $ | 2.89 | $ | (4.89) | |||||||
Adjusted(1) | |||||||||||
Core operating earnings | $ | 233.2 | $ | (248.3) | |||||||
Adjusted net income/(loss) | $ | 148.3 | $ | (248.6) | |||||||
Adjusted earnings/(loss) per share | $ | 2.45 | $ | (4.14) |
Full Year 2021 Outlook | ||||||||
Net Sales | $19,700 - $20,500 million | |||||||
Core Operating Earnings | $920 - $1,100 million | |||||||
Adjusted EBITDA | $1,480 - $1,670 million | |||||||
Restructuring Costs | ≈$100 million | |||||||
Capital Spending | ≈$625 million | |||||||
Free Cash Flow | $350 - $500 million |
Three Months Ended | ||||||||||||||
July 3, 2021 | July 4, 2020 | |||||||||||||
Net sales | $ | 4,760.7 | $ | 2,444.5 | ||||||||||
Cost of sales | 4,359.3 | 2,571.9 | ||||||||||||
Selling, general and administrative expenses | 170.8 | 150.9 | ||||||||||||
Amortization of intangible assets | 25.1 | 16.0 | ||||||||||||
Interest expense | 22.3 | 27.2 | ||||||||||||
Other income, net | (46.1) | (3.2) | ||||||||||||
Consolidated income (loss) before income taxes and equity in net income of affiliates | 229.3 | (318.3) | ||||||||||||
Income taxes | 39.3 | (41.0) | ||||||||||||
Equity in net income of affiliates | (4.9) | (7.8) | ||||||||||||
Consolidated net income (loss) | 194.9 | (269.5) | ||||||||||||
Net income attributable to noncontrolling interests | 19.7 | 24.4 | ||||||||||||
Net income (loss) attributable to Lear | $ | 175.2 | $ | (293.9) | ||||||||||
Diluted net income (loss) per share available to Lear common stockholders | $ | 2.89 | $ | (4.89) | ||||||||||
Weighted average number of diluted shares outstanding | 60.6 | 60.1 |
Six Months Ended | ||||||||||||||
July 3, 2021 | July 4, 2020 | |||||||||||||
Net sales | $ | 10,115.1 | $ | 6,902.2 | ||||||||||
Cost of sales | 9,220.9 | 6,695.4 | ||||||||||||
Selling, general and administrative expenses | 339.7 | 294.6 | ||||||||||||
Amortization of intangible assets | 41.6 | 33.1 | ||||||||||||
Interest expense | 44.6 | 51.6 | ||||||||||||
Other (income) expense, net | (39.8) | 37.3 | ||||||||||||
Consolidated income (loss) before income taxes and equity in net income of affiliates | 508.1 | (209.8) | ||||||||||||
Income taxes | 98.2 | (14.5) | ||||||||||||
Equity in net income of affiliates | (10.8) | (9.4) | ||||||||||||
Consolidated net income (loss) | 420.7 | (185.9) | ||||||||||||
Net income attributable to noncontrolling interests | 41.8 | 31.6 | ||||||||||||
Net income (loss) attributable to Lear | $ | 378.9 | $ | (217.5) | ||||||||||
Diluted net income (loss) per share available to Lear common stockholders | $ | 6.25 | $ | (3.61) | ||||||||||
Weighted average number of diluted shares outstanding | 60.6 | 60.3 |
July 3, 2021 | December 31, 2020 | |||||||||||||
(Unaudited) | (Audited) | |||||||||||||
ASSETS | ||||||||||||||
Current: | ||||||||||||||
Cash and cash equivalents | $ | 1,401.7 | $ | 1,306.7 | ||||||||||
Accounts receivable | 2,965.0 | 3,269.2 | ||||||||||||
Inventories | 1,590.3 | 1,401.1 | ||||||||||||
Other | 897.3 | 799.7 | ||||||||||||
6,854.3 | 6,776.7 | |||||||||||||
Long-Term: | ||||||||||||||
PP&E, net | 2,695.0 | 2,736.2 | ||||||||||||
Goodwill | 1,667.4 | 1,655.8 | ||||||||||||
Other | 2,047.0 | 2,029.9 | ||||||||||||
6,409.4 | 6,421.9 | |||||||||||||
Total Assets | $ | 13,263.7 | $ | 13,198.6 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current: | ||||||||||||||
Accounts payable and drafts | $ | 2,886.5 | $ | 3,141.6 | ||||||||||
Accrued liabilities | 1,984.1 | 1,920.9 | ||||||||||||
Current portion of long-term debt | 4.8 | 14.2 | ||||||||||||
4,875.4 | 5,076.7 | |||||||||||||
Long-Term: | ||||||||||||||
Long-term debt | 2,301.3 | 2,300.3 | ||||||||||||
Other | 1,194.9 | 1,206.7 | ||||||||||||
3,496.2 | 3,507.0 | |||||||||||||
Equity | 4,892.1 | 4,614.9 | ||||||||||||
Total Liabilities and Equity | $ | 13,263.7 | $ | 13,198.6 |
Three Months Ended | ||||||||||||||
July 3, 2021 | July 4, 2020 | |||||||||||||
Net Sales | ||||||||||||||
North America | $ | 1,857.0 | $ | 739.9 | ||||||||||
Europe and Africa | 1,727.0 | 823.6 | ||||||||||||
Asia | 997.2 | 840.9 | ||||||||||||
South America | 179.5 | 40.1 | ||||||||||||
Total | $ | 4,760.7 | $ | 2,444.5 | ||||||||||
Content per Vehicle 1 | ||||||||||||||
North America | $ | 571 | $ | 506 | ||||||||||
Europe and Africa | $ | 393 | $ | 337 | ||||||||||
Free Cash Flow 2 | ||||||||||||||
Net cash provided by (used in) operating activities | $ | 260.1 | $ | (524.5) | ||||||||||
Capital expenditures | (140.0) | (86.1) | ||||||||||||
Free cash flow | $ | 120.1 | $ | (610.6) | ||||||||||
Estimated Impact of COVID-19 Pandemic 3 | ||||||||||||||
Sales | $ | (1,120) | $ | (2,600) | ||||||||||
Core operating earnings | (270) | (600) | ||||||||||||
Core Operating Earnings 2 | ||||||||||||||
Net income (loss) attributable to Lear | $ | 175.2 | $ | (293.9) | ||||||||||
Interest expense | 22.3 | 27.2 | ||||||||||||
Other income, net | (46.1) | (3.2) | ||||||||||||
Income taxes | 39.3 | (41.0) | ||||||||||||
Equity in net income of affiliates | (4.9) | (7.8) | ||||||||||||
Net income attributable to noncontrolling interests | 19.7 | 24.4 | ||||||||||||
Restructuring costs and other special items - | ||||||||||||||
Costs related to restructuring actions | 14.8 | 36.2 | ||||||||||||
Intangible asset impairment | 8.5 | — | ||||||||||||
Other | 4.4 | 9.8 | ||||||||||||
Core operating earnings | $ | 233.2 | $ | (248.3) |
Three Months Ended | ||||||||||||||
July 3, 2021 | July 4, 2020 | |||||||||||||
Adjusted Net Income (Loss) Attributable to Lear 2 | ||||||||||||||
Net income (loss) attributable to Lear | $ | 175.2 | $ | (293.9) | ||||||||||
Restructuring costs and other special items - | ||||||||||||||
Costs related to restructuring actions | 14.8 | 38.9 | ||||||||||||
Intangible asset impairment | 8.5 | — | ||||||||||||
Favorable indirect tax ruling in a foreign jurisdiction | (47.0) | — | ||||||||||||
Loss related to affiliate | 1.0 | — | ||||||||||||
Other | 0.9 | 4.7 | ||||||||||||
Tax impact of special items and other net tax adjustments 4 | (5.1) | 1.7 | ||||||||||||
Adjusted net income (loss) attributable to Lear | $ | 148.3 | $ | (248.6) | ||||||||||
Weighted average number of diluted shares outstanding | 60.6 | 60.1 | ||||||||||||
Diluted net income (loss) per share available to Lear common stockholders | $ | 2.89 | $ | (4.89) | ||||||||||
Adjusted earnings per share | $ | 2.45 | $ | (4.14) | ||||||||||
Adjusted Depreciation and Amortization 2 | ||||||||||||||
Depreciation and amortization | $ | 150.2 | $ | 130.3 | ||||||||||
Less - Intangible asset impairment | 8.5 | — | ||||||||||||
Adjusted depreciation and amortization | $ | 141.7 | $ | 130.3 | ||||||||||
1 Content per Vehicle for 2020 has been updated to reflect actual production levels. | ||||||||||||||
2 See "Non-GAAP Financial Information" included in this press release. | ||||||||||||||
3 Represents the volume-driven sales reduction, calculated using our pre-COVID sales forecast as a baseline and standard variable margins, and incremental costs, partially offset by our cost reduction actions. | ||||||||||||||
4 Represents the tax effect of restructuring costs and other special items, as well as several discrete tax items. The identification of these tax items is judgmental in nature, and their calculation is based on various assumptions and estimates. |
Six Months Ended | ||||||||||||||
July 3, 2021 | July 4, 2020 | |||||||||||||
Net Sales | ||||||||||||||
North America | $ | 3,868.2 | $ | 2,621.1 | ||||||||||
Europe and Africa | 3,804.0 | 2,576.2 | ||||||||||||
Asia | 2,082.7 | 1,517.2 | ||||||||||||
South America | 360.2 | 187.7 | ||||||||||||
Total | $ | 10,115.1 | $ | 6,902.2 | ||||||||||
Content per Vehicle 1 | ||||||||||||||
North America | $ | 559 | $ | 500 | ||||||||||
Europe and Africa | $ | 407 | $ | 355 | ||||||||||
Free Cash Flow 2 | ||||||||||||||
Net cash provided by (used in) operating activities | $ | 507.6 | $ | (302.2) | ||||||||||
Capital expenditures | (252.9) | (195.2) | ||||||||||||
Free cash flow | $ | 254.7 | $ | (497.4) | ||||||||||
Estimated Impact of COVID-19 Pandemic 3 | ||||||||||||||
Sales | $ | (1,790) | $ | (3,500) | ||||||||||
Core operating earnings | (440) | (800) | ||||||||||||
Core Operating Earnings 2 | ||||||||||||||
Net income (loss) attributable to Lear | $ | 378.9 | $ | (217.5) | ||||||||||
Interest expense | 44.6 | 51.6 | ||||||||||||
Other (income) expense, net | (39.8) | 37.3 | ||||||||||||
Income taxes | 98.2 | (14.5) | ||||||||||||
Equity in net income of affiliates | (10.8) | (9.4) | ||||||||||||
Net income attributable to noncontrolling interests | 41.8 | 31.6 | ||||||||||||
Restructuring costs and other special items - | ||||||||||||||
Costs related to restructuring actions | 39.2 | 70.2 | ||||||||||||
Intangible asset impairment | 8.5 | — | ||||||||||||
Other | 8.8 | 7.3 | ||||||||||||
Core operating earnings | $ | 569.4 | $ | (43.4) |
Six Months Ended | ||||||||||||||
July 3, 2021 | July 4, 2020 | |||||||||||||
Adjusted Net Income (Loss) Attributable to Lear 2 | ||||||||||||||
Net income (loss) attributable to Lear | $ | 378.9 | $ | (217.5) | ||||||||||
Restructuring costs and other special items - | ||||||||||||||
Costs related to restructuring actions | 39.2 | 72.9 | ||||||||||||
Intangible asset impairment | 8.5 | — | ||||||||||||
Favorable indirect tax ruling in a foreign jurisdiction | (47.0) | — | ||||||||||||
Loss related to affiliate | 1.0 | — | ||||||||||||
Loss on extinguishment of debt | — | 21.1 | ||||||||||||
Other | 4.2 | 7.9 | ||||||||||||
Tax impact of special items and other net tax adjustments 4 | (10.6) | (8.9) | ||||||||||||
Adjusted net income (loss) attributable to Lear | $ | 374.2 | $ | (124.5) | ||||||||||
Weighted average number of diluted shares outstanding | 60.6 | 60.3 | ||||||||||||
Diluted net income (loss) per share available to Lear common stockholders | $ | 6.25 | $ | (3.61) | ||||||||||
Adjusted earnings per share | $ | 6.18 | $ | (2.06) | ||||||||||
Adjusted Depreciation and Amortization 2 | ||||||||||||||
Depreciation and amortization | $ | 291.0 | $ | 260.8 | ||||||||||
Less - Intangible asset impairment | 8.5 | — | ||||||||||||
Adjusted depreciation and amortization | $ | 282.5 | $ | 260.8 | ||||||||||
Diluted Shares Outstanding at End of Quarter 5 | 60,476,183 | 60,264,271 | ||||||||||||
1 Content per Vehicle for 2020 has been updated to reflect actual production levels. | ||||||||||||||
2 See "Non-GAAP Financial Information" included in this press release. | ||||||||||||||
3 Represents the volume-driven sales reduction, calculated using our pre-COVID sales forecast as a baseline and standard variable margins, and incremental costs, partially offset by our cost reduction actions. | ||||||||||||||
4 Represents the tax effect of restructuring costs and other special items, as well as several discrete tax items. The identification of these tax items is judgmental in nature, and their calculation is based on various assumptions and estimates. | ||||||||||||||
5 Calculated using stock price at end of quarter. |
Three Months Ended | ||||||||||||||
July 3, 2021 | July 4, 2020 | |||||||||||||
Adjusted Segment Earnings | ||||||||||||||
Seating | ||||||||||||||
Net sales | $ | 3,608.2 | $ | 1,754.9 | ||||||||||
Segment earnings | $ | 252.2 | $ | (116.4) | ||||||||||
Costs related to restructuring actions | 9.7 | 14.4 | ||||||||||||
Other | 0.3 | (0.1) | ||||||||||||
Adjusted segment earnings | $ | 262.2 | $ | (102.1) | ||||||||||
Adjusted segment margins | 7.3 | % | (5.8) | % | ||||||||||
E-Systems | ||||||||||||||
Net sales | $ | 1,152.5 | $ | 689.6 | ||||||||||
Segment earnings | $ | 26.6 | $ | (113.4) | ||||||||||
Costs related to restructuring actions | 5.1 | 21.2 | ||||||||||||
Intangible asset impairment | 8.5 | — | ||||||||||||
Other | 0.3 | 1.2 | ||||||||||||
Adjusted segment earnings | $ | 40.5 | $ | (91.0) | ||||||||||
Adjusted segment margins | 3.5 | % | (13.2) | % |
Six Months Ended | ||||||||||||||
July 3, 2021 | July 4, 2020 | |||||||||||||
Adjusted Segment Earnings | ||||||||||||||
Seating | ||||||||||||||
Net sales | $ | 7,604.2 | $ | 5,121.5 | ||||||||||
Segment earnings | $ | 544.2 | $ | 69.7 | ||||||||||
Costs related to restructuring actions | 24.4 | 27.7 | ||||||||||||
Other | 0.7 | 1.8 | ||||||||||||
Adjusted segment earnings | $ | 569.3 | $ | 99.2 | ||||||||||
Adjusted segment margins | 7.5 | % | 1.9 | % | ||||||||||
E-Systems | ||||||||||||||
Net sales | $ | 2,510.9 | $ | 1,780.7 | ||||||||||
Segment earnings | $ | 115.9 | $ | (81.0) | ||||||||||
Costs related to restructuring actions | 10.6 | 41.9 | ||||||||||||
Intangible asset impairment | 8.5 | — | ||||||||||||
Other | 0.8 | 0.8 | ||||||||||||
Adjusted segment earnings | $ | 135.8 | $ | (38.3) | ||||||||||
Adjusted segment margins | 5.4 | % | (2.2) | % |
Cover Page Document |
Aug. 06, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 06, 2021 |
Entity Central Index Key | 0000842162 |
Title of 12(b) Security | Common stock, par value $0.01 |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-11311 |
Entity Tax Identification Number | 13-3386776 |
Trading Symbol | LEA |
Security Exchange Name | NYSE |
Amendment Flag | false |
Entity Registrant Name | LEAR CORPORATION |
Entity Address, Address Line One | 21557 Telegraph Road |
Entity Address, City or Town | Southfield |
Entity Address, State or Province | MI |
Entity Address, Postal Zip Code | 48033 |
City Area Code | 248 |
Local Phone Number | 447-1500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
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