Lear Corp Files 2024 10-K

TL;DR

LEAR filed its 2024 10-K. Full financials out.

AI Summary

Lear Corporation filed its 2024 10-K on February 14, 2025, detailing its financial performance for the fiscal year ending December 31, 2024. The company, headquartered in Southfield, Michigan, operates in the motor vehicle parts and accessories industry. The filing provides comprehensive financial data and business operations information for the reporting period.

Why It Matters

This 10-K filing provides investors and analysts with a detailed overview of Lear Corporation's financial health, operational performance, and strategic positioning for the fiscal year 2024.

Risk Assessment

Risk Level: medium — This is a standard annual financial filing with no immediate red flags or significant new information presented in the header.

Key Players & Entities

• LEAR CORP (company) — Filer
• Southfield, MI (location) — Business Address
• 2024-12-31 (date) — Fiscal Year End
• 20250214 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share LEA New York Stock Exchange
• $114.21 — ted on the New York Stock Exchange, was $114.21 per share. As of February 12, 2025, th
• $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. Our acquisition furthers our comprehen

Filing Documents

• lear-20241231.htm (10-K) — 3415KB
• lear-2024dec31_exx1021.htm (EX-10.21) — 49KB
• lear-2024dec31_ex19.htm (EX-19) — 57KB
• lear-2024dec31_exx211subsi.htm (EX-21.1) — 51KB
• lear-2024dec31_exx231eycon.htm (EX-23.1) — 5KB
• lear-2024dec31_exx311.htm (EX-31.1) — 10KB
• lear-2024dec31_exx312.htm (EX-31.2) — 10KB
• lear-2024dec31_exx321.htm (EX-32.1) — 6KB
• lear-2024dec31_exx322.htm (EX-32.2) — 6KB
• lear-20241231_g1.jpg (GRAPHIC) — 51KB
• lear-20241231_g2.jpg (GRAPHIC) — 37KB
• learlogo.jpg (GRAPHIC) — 5KB
• 0000842162-25-000010.txt ( ) — 19145KB
• lear-20241231.xsd (EX-101.SCH) — 100KB
• lear-20241231_cal.xml (EX-101.CAL) — 142KB
• lear-20241231_def.xml (EX-101.DEF) — 667KB
• lear-20241231_lab.xml (EX-101.LAB) — 1217KB
• lear-20241231_pre.xml (EX-101.PRE) — 1005KB
• lear-20241231_htm.xml (XML) — 3789KB

Risk factors

ITEM 1A. Risk factors 20

Unresolved staff comments

ITEM 1B. Unresolved staff comments 28 ITEM 1C. Cybersecurity 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 106

Controls and procedures

ITEM 9A. Controls and procedures 106

Other information

ITEM 9B. Other information 106

Disclosure regarding foreign jurisdictions that prevent inspections

ITEM 9C. Disclosure regarding foreign jurisdictions that prevent inspections 106

Directors, executive officers and corporate governance (2)

ITEM 10. Directors, executive officers and corporate governance (2) 107

Executive compensation (3)

ITEM 11. Executive compensation (3) 107

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) 108

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

ITEM 13. Certain relationships and related transactions, and director independence (5) 108

Principal accounting fees and services (6)

ITEM 14. Principal accounting fees and services (6) 108 PART IV

Exhibits and financial statement schedule

ITEM 15. Exhibits and financial statement schedule 109

Form 10-K summary

ITEM 16. Form 10-K summary 109 ________________________ (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 Shareholders to be held in May 2025 (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 and electronic controllers 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 255 manufacturing, engineering and administrative locations in 37 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 excellence, and engineering and prog

View Full Filing

View this 10-K filing on SEC EDGAR