Lear Corp Files Q3 2024 10-Q

TL;DR

LEAR Q3 2024 10-Q filed. Financials updated.

AI Summary

Lear Corporation filed a 10-Q for the period ending September 28, 2024. The filing details financial information for the third quarter of 2024, including balance sheet items and debt obligations. The company's fiscal year ends on December 31st.

Why It Matters

This filing provides investors with an update on Lear Corporation's financial health and performance for the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 2024-09-28 — Reporting Date (End of the reporting period for this 10-Q.)
• 2023-12-31 — Prior Year End (End of the previous fiscal year, used for comparative financial analysis.)

Key Players & Entities

• LEAR CORP (company) — Filer
• 20240928 (date) — Period of Report
• 20241024 (date) — Filing Date
• 21557 TELEGRAPH ROAD (address) — Business Address
• SOUTHFIELD, MI (location) — Business Address City/State

FAQ

Key Financial Figures

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

Filing Documents

• lear-20240928.htm (10-Q) — 1791KB
• lear-2024sep28_exx101.htm (EX-10.1) — 75KB
• lear-2024sep28_exx102.htm (EX-10.2) — 75KB
• lear-2024sep28_ex311.htm (EX-31.1) — 10KB
• lear-2024sep28_ex312.htm (EX-31.2) — 10KB
• lear-2024sep28_ex321.htm (EX-32.1) — 6KB
• lear-2024sep28_ex322.htm (EX-32.2) — 6KB
• lear-20240928_g1.jpg (GRAPHIC) — 8KB
• learcorporationlogo1a.jpg (GRAPHIC) — 14KB
• learcorporationlogoa.jpg (GRAPHIC) — 14KB
• 0000842162-24-000062.txt ( ) — 10210KB
• lear-20240928.xsd (EX-101.SCH) — 60KB
• lear-20240928_cal.xml (EX-101.CAL) — 98KB
• lear-20240928_def.xml (EX-101.DEF) — 275KB
• lear-20240928_lab.xml (EX-101.LAB) — 717KB
• lear-20240928_pre.xml (EX-101.PRE) — 533KB
• lear-20240928_htm.xml (XML) — 1817KB

– 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 - September 28, 2024 (Unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - Three and Nine Months Ended September 28, 2024 and September 30, 2023 3 Condensed Consolidated Statements of Equity (Unaudited) - Three and Nine Months Ended September 28, 2024 and September 30, 2023 4 Condensed Consolidated Statements of Cash Flows (Unaudited) - Nine Months Ended September 28, 2024 and September 30, 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 32

– Quantitative and Qualitative Disclosures about Market Risk

Item 3 – Quantitative and Qualitative Disclosures about Market Risk 46

– Controls and Procedures

Item 4 – Controls and Procedures 47

– Other Information

Part II – Other Information

– Legal Proceedings

Item 1 – Legal Proceedings 48

– Risk Factors

Item 1A – Risk Factors 48

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 48

– Other Information

Item 5 – Other Information 48

– Exhibits

Item 6 – Exhibits 49

Signatures

Signatures 50 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) September 28, 2024 (1) December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 763.9 $ 1,196.3 Accounts receivable 4,289.4 3,681.2 Inventories 1,768.1 1,758.0 Other 987.1 1,001.4 Total current assets 7,808.5 7,636.9 LONG-TERM ASSETS: Property, plant and equipment, net 2,912.2 2,977.4 Goodwill 1,754.4 1,737.9 Other 2,343.0 2,343.3 Total long-term assets 7,009.6 7,058.6 Total assets $ 14,818.1 $ 14,695.5 LIABILITIES AND EQUITY CURRENT LIABILITIES: Short-term borrowings $ 27.8 $ 27.5 Accounts payable and drafts 3,493.7 3,434.2 Accrued liabilities 2,368.9 2,205.2 Current portion of long-term debt 2.3

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View this 10-Q filing on SEC EDGAR