LEAR CORP Files 2023 Annual Report on Form 10-K

TL;DR

<b>LEAR CORP has submitted its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

LEAR CORP (LEA) filed a Annual Report (10-K) with the SEC on February 8, 2024. LEAR CORP filed its 2023 Form 10-K on February 8, 2024. The report covers the fiscal year ending December 31, 2023. The company's principal business is in Motor Vehicle Parts & Accessories. LEAR CORP is incorporated in Delaware. The filing address is 21557 Telegraph Road, Southfield, MI 48033.

Why It Matters

For investors and stakeholders tracking LEAR CORP, this filing contains several important signals. The 10-K filing provides a comprehensive overview of LEAR CORP's financial health, operational performance, and strategic direction for investors and stakeholders. This annual report is crucial for understanding the company's position within the automotive parts industry and its outlook for the upcoming fiscal year.

Risk Assessment

Risk Level: — LEAR CORP shows moderate risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess LEAR CORP's performance and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-08 — Filing Date (FILED AS OF DATE)
• 3714 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• DE — State of Incorporation (STATE OF INCORPORATION)

Key Players & Entities

• LEAR CORP (company) — FILER
• 2023 (date) — CONFORMED PERIOD OF REPORT
• 20240208 (date) — FILED AS OF DATE
• 1231 (date) — FISCAL YEAR END
• DE (jurisdiction) — STATE OF INCORPORATION
• 21557 TELEGRAPH ROAD (address) — BUSINESS ADDRESS
• SOUTHFIELD (location) — BUSINESS ADDRESS
• MI (location) — BUSINESS ADDRESS

Forward-Looking Statements

• Lear Corp will continue to focus on managing its retained earnings and treasury stock to enhance shareholder value in 2024. (LEAR CORP) — medium confidence, target: 2024-12-31
• The company's financial performance in 2024 will be significantly influenced by trends in the broader automotive industry. (LEAR CORP) — high confidence, target: 2024-12-31

FAQ

Industry Context

LEAR CORP operates in the Motor Vehicle Parts & Accessories industry, a sector critical to the automotive supply chain.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information to investors.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and debt levels.
2. Review the risk factors section for potential challenges and uncertainties.
3. Compare key financial metrics to previous years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-08: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K, providing the latest annual financial and operational data for LEAR CORP.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share LEA New York Stock Exchange
• $143.55 — ted on the New York Stock Exchange, was $143.55 per share. As of February 5, 2024, the
• $900 million — rket with annual sales of approximately $900 million. We completed an initial public offerin
• $243 million — and interior fabric, for approximately $243 million. In January 2015, we acquired Everett
• $844 million — automotive industry, for approximately $844 million. 4 Table of Contents In April 2017
• $292 million — tive seating business for approximately $292 million. In March 2021, we acquired M&N Plasti
• $188 million — nit ("Kongsberg ICS") for approximately $188 million. Kongsberg ICS specializes in thermal c
• $175 million — othenbergen, Germany, for approximately $175 million. The acquisition furthers our comprehen

Filing Documents

• lear-20231231.htm (10-K) — 3353KB
• lear-2023dec31_exx32.htm (EX-3.2) — 95KB
• lear-2023dec31_exx1032.htm (EX-10.32) — 63KB
• lear-2023dec31_exx1033.htm (EX-10.33) — 68KB
• lear-2023dec31_exx1034.htm (EX-10.34) — 69KB
• lear-2023dec31_exx1035.htm (EX-10.35) — 50KB
• lear-2023dec31_exx1038.htm (EX-10.38) — 125KB
• lear-2023dec31_exx211subsi.htm (EX-21.1) — 52KB
• lear-2023dec31_exx231eycon.htm (EX-23.1) — 5KB
• lear-2023dec31_exx311.htm (EX-31.1) — 10KB
• lear-2023dec31_exx312.htm (EX-31.2) — 10KB
• lear-2023dec31_exx321.htm (EX-32.1) — 6KB
• lear-2023dec31_exx322.htm (EX-32.2) — 6KB
• lear-20231231_g1.jpg (GRAPHIC) — 51KB
• lear-20231231_g2.jpg (GRAPHIC) — 61KB
• 0000842162-24-000008.txt (&nbsp;) — 19224KB
• lear-20231231.xsd (EX-101.SCH) — 100KB
• lear-20231231_cal.xml (EX-101.CAL) — 136KB
• lear-20231231_def.xml (EX-101.DEF) — 665KB
• lear-20231231_lab.xml (EX-101.LAB) — 1312KB
• lear-20231231_pre.xml (EX-101.PRE) — 999KB
• lear-20231231_htm.xml (XML) — 3612KB

Risk factors

ITEM 1A. Risk factors 21

Unresolved staff comments

ITEM 1B. Unresolved staff comments 28 ITEM 1C. C ybersecurity 29

Properties

ITEM 2. Properties 30

Legal proceedings

ITEM 3. Legal proceedings 30

Mine safety disclosures

ITEM 4. Mine safety disclosures 30 SUPPLEMENTARY ITEM. Information about our executive officers 31 PART II

Market for the Company's common equity, related stockholder matters and issuer purchases of equity securities

ITEM 5. Market for the Company's common equity, related stockholder matters and issuer purchases of equity securities 33

Reserved

ITEM 6. Reserved 34

Management's discussion and analysis of financial condition and results of operations

ITEM 7. Management's discussion and analysis of financial condition and results of operations 35

Quantitative and qualitative disclosures about market risk

ITEM 7A. Quantitative and qualitative disclosures about market risk 51

Consolidated financial statements and supplementary data

ITEM 8. Consolidated financial statements and supplementary data 53

Changes in and disagreements with accountants on accounting and financial disclosure

ITEM 9. Changes in and disagreements with accountants on accounting and financial disclosure 104

Controls and procedures

ITEM 9A. Controls and procedures 104

Other information

ITEM 9B. Other information 105

Disclosure regarding foreign jurisdictions that prevent inspections

ITEM 9C. Disclosure regarding foreign jurisdictions that prevent inspections 105

Directors, executive officers and corporate governance (2)

ITEM 10. Directors, executive officers and corporate governance (2) 105

Executive compensation (3)

ITEM 11. Executive compensation (3) 105

Security ownership of certain beneficial owners and management and related stockholder matters (4)

ITEM 12. Security ownership of certain beneficial owners and management and related stockholder matters (4) 106

Certain relationships and related transactions, and director independence (5)

ITEM 13. Certain relationships and related transactions, and director independence (5) 106

Principal accounting fees and services (6)

ITEM 14. Principal accounting fees and services (6) 106 PART IV

Exhibits and financial statement schedule

ITEM 15. Exhibits and financial statement schedule 107

Form 10-K summary

ITEM 16. Form 10-K summary 107 ________________________ (1) Certain information is incorporated by reference, as indicated below, to the registrant's Definitive Proxy Statement on Schedule 14A for its Annual Meeting of Stockholders to be held in May 2024 (the "Proxy Statement"). (2) A portion of the information required is incorporated by reference to the Proxy Statement sections entitled "Election of Directors" and "Directors and Corporate Governance." (3) Incorporated by reference to the Proxy Statement sections entitled "Directors and Corporate Governance — Director Compensation," "Compensation Discussion and Analysis," "Executive Compensation," "Compensation Committee Interlocks and Insider Participation" and "Compensation Committee Report." (4) A portion of the information required is incorporated by reference to the Proxy Statement section entitled "Directors and Corporate Governance — Security Ownership of Certain Beneficial Owners, Directors and Management." (5) Incorporated by reference to the Proxy Statement sections entitled "Certain Relationships and Related Party Transactions" and "Directors and Corporate Governance — Independence of Directors." (6) Incorporated by reference to the Proxy Statement section entitled "Fees of Independent Accountants." Table of Contents PART I

– BUSINESS

ITEM 1 – BUSINESS In this Annual Report on Form 10-K (this "Report"), when we use the terms the "Company," "Lear," "we," "us" and "our," unless otherwise indicated or the context otherwise requires, we are referring to Lear Corporation and its consolidated subsidiaries. A substantial portion of the Company's operations are conducted through subsidiaries controlled by Lear Corporation. The Company is also a party to various joint venture arrangements. Certain disclosures included in this Report constitute forward-looking statements that are subject to risks and uncertainties. See Item 1A, "Risk Factors," and Part II — Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Forward-Looking Statements." BUSINESS OF THE COMPANY General Lear Corporation is a global automotive technology leader in Seating and E-Systems, enabling superior in-vehicle experiences for consumers around the world. We supply complete seat systems, key seat components, complete electrical distribution and connection systems, high-voltage power distribution products, including battery disconnect units ("BDUs"), low-voltage power distribution products, electronic controllers and other electronic products t o all of the world's major automotive manufacturers. At Lear, we are Making every drive better TM by providing technology for safer, smarter and more comfortable journeys, while adhering to our values — Be Inclusive. Be Inventive. Get Results the Right Way . We have 265 manufacturing, engineering and administrative locations in 38 countries. We continue to grow our business in every major automotive producing region of the world, both organically and through complementary acquisitions. We continue to restructure our manufacturing footprint to optimize our cost structure with 68% of our manufacturing facilities and 86% of our employees located in low-cost countries. Lear is built on a foundation and strong culture of innovation, operational excellenc

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View this 10-K filing on SEC EDGAR