Lear Corp Files 10-Q for Q2 2024

TL;DR

LEAR 10-Q filed. Financials for Q2 2024 out.

AI Summary

Lear Corporation filed its 10-Q for the period ending June 29, 2024. The filing details the company's financial performance and position. Key financial data points and disclosures are presented within this report.

Why It Matters

This filing provides investors and analysts with a detailed look at Lear Corporation's financial health and operational performance during the second quarter of 2024.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the specific financial details within can reveal risks or opportunities.

Key Players & Entities

• LEAR CORP (company) — Filer of the 10-Q
• 20240629 (date) — End of the reporting period
• 20240725 (date) — Date of filing

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 LEA New York Stock Exchange Indicate

Filing Documents

• lear-20240629.htm (10-Q) — 1781KB
• lear-2024jun29_ex311.htm (EX-31.1) — 10KB
• lear-2024jun29_ex312.htm (EX-31.2) — 10KB
• lear-2024jun29_ex321.htm (EX-32.1) — 6KB
• lear-2024jun29_ex322.htm (EX-32.2) — 6KB
• lear-20240629_g1.jpg (GRAPHIC) — 8KB
• 0000842162-24-000049.txt ( ) — 9997KB
• lear-20240629.xsd (EX-101.SCH) — 60KB
• lear-20240629_cal.xml (EX-101.CAL) — 97KB
• lear-20240629_def.xml (EX-101.DEF) — 277KB
• lear-20240629_lab.xml (EX-101.LAB) — 720KB
• lear-20240629_pre.xml (EX-101.PRE) — 537KB
• lear-20240629_htm.xml (XML) — 1819KB

– Financial Information

Part I – Financial Information

- Condensed Consolidated Financial Statements

Item 1 - Condensed Consolidated Financial Statements 1 Introduction to the Condensed Consolidated Financial Statements 1 Condensed Consolidated Balance Sheets - June 29, 2024 (Unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - Three and Six Months Ended June 29, 2024 and July 1, 2023 3 Condensed Consolidated Statements of Equity (Unaudited) - Three and Six Months Ended June 29, 2024 and July 1, 2023 4 Condensed Consolidated Statements of Cash Flows (Unaudited) - Six Months Ended June 29, 2024 and July 1, 2023 8 Notes to the Condensed Consolidated Financial Statements (Unaudited) 9

– Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 31

– Quantitative and Qualitative Disclosures about Market Risk

Item 3 – Quantitative and Qualitative Disclosures about Market Risk 45

– Controls and Procedures

Item 4 – Controls and Procedures 46

– Other Information

Part II – Other Information

– Legal Proceedings

Item 1 – Legal Proceedings 47

– Risk Factors

Item 1A – Risk Factors 47

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 47

– Other Information

Item 5 – Other Information 47

– Exhibits

Item 6 – Exhibits 48

Signatures

Signatures 49 2 Table of Contents LEAR CORPORATION AND SUBSIDIARIES

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

— CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1 — CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INTRODUCTION TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS We have prepared the unaudited condensed consolidated financial statements of Lear Corporation and subsidiaries pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("GAAP") have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures are adequate to make the information presented not misleading when read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, for the year ended December 31, 2023. The financial information presented reflects all adjustments (consisting of normal recurring adjustments) which are, in our opinion, necessary for a fair presentation of the results of operations, cash flows and financial position for the interim periods presented. These results are not necessarily indicative of a full year's results of operations. 1 Table of Contents LEAR CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) June 29, 2024 (1) December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 950.3 $ 1,196.3 Accounts receivable 4,158.8 3,681.2 Inventories 1,702.4 1,758.0 Other 969.3 1,001.4 Total current assets 7,780.8 7,636.9 LONG-TERM ASSETS: Property, plant and equipment, net 2,864.7 2,977.4 Goodwill 1,720.4 1,737.9 Other 2,316.0 2,343.3 Total long-term assets 6,901.1 7,058.6 Total assets $ 14,681.9 $ 14,695.5 LIABILITIES AND EQUITY CURRENT LIABILITIES: Short-term borrowings $ 26.8 $ 27.5 Accounts payable and drafts 3,552.2 3,434.2 Accrued liabilities 2,238.5 2,205.2 Current portion of long-term debt 0.3 0.3

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View this 10-Q filing on SEC EDGAR