LEAR CORP - Quarter Report: 2025 June (Form 10-Q)

Repurchases of common stock()()Dividends paid to Lear Corporation shareholders()()Dividends paid to noncontrolling interests()()Other, net ()Net cash used in financing activities()()Effect of foreign currency translation ()Net Change in Cash, Cash Equivalents and Restricted Cash()()Cash, Cash Equivalents and Restricted Cash as of Beginning of Period Cash, Cash Equivalents and Restricted Cash as of End of Period$ $ Changes in Working Capital Items:Accounts receivable$()$()Inventories Accounts payable Accrued liabilities and other()()Net change in working capital items$()$()Supplementary Disclosure:Cash paid for interest$ $ Cash paid for income taxes, net of refunds received$ $

The accompanying notes are an integral part of these condensed consolidated statements.

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(1)

(2)

Provision for employee termination benefits Payments, utilizations and foreign currency()Balance at June 28, 2025$

Charges recorded in connection with the Company's restructuring actions are shown below (in millions):


	Six Months Ended
	June 28, 2025	June 29, 2024
Employee termination benefits	$	$
Asset impairments:
Property, plant and equipment
Right-of-use assets
Contract termination costs
Other related costs
	$	$

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(Continued)

$ Selling, general and administrative expenses Other expense, net()()$ $

Restructuring charges by operating segment are shown below (in millions):

Three Months Ended

Six Months Ended

June 28,
2025

June 29,
2024

June 28,
2025

June 29,
2024

Seating

E-Systems

Other

The Company expects to incur approximately $ million and approximately $ million of additional restructuring charges in its Seating and E-Systems segments, respectively, related to activities initiated as of June 28, 2025, and expects that the components of such costs will be consistent with its historical experience.

(3)

$ Work-in-process Finished goods Reserves()()Inventories$ $

(4)

During the first six months of 2025 and 2024, the Company capitalized $ million and $ million, respectively, of pre-production E&D costs for which reimbursement is contractually guaranteed by the customer. During the first six months of 2025 and 2024, the Company also capitalized $ million and $ million, respectively, of pre-production tooling costs related to customer-owned tools for which reimbursement is contractually guaranteed by the customer or for which the Company has a non-cancelable right to use the tooling. These amounts are included in other current and long-term assets in the accompanying condensed consolidated balance sheets.

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(Continued)

million and $ million, respectively, of cash related to E&D and tooling costs. $ Long-term Recoverable customer E&D and tooling$ $

(5)

$ Buildings and improvements Machinery and equipment Construction in progress Total property, plant and equipment Less – accumulated depreciation()()Property, plant and equipment, net$ $

Depreciation expense was $ million and $ million in the three months ended June 28, 2025 and June 29, 2024, respectively, and $ million and $ million in the six months ended June 28, 2025 and June 29, 2024, respectively.

In the first six months of 2025 and 2024, the Company recognized property, plant and equipment impairment charges of $ million and $ million, respectively, in conjunction with its restructuring actions (Note 2, "Restructuring"). In the first six months of 2024, the Company recognized additional property, plant and equipment impairment charges of $ million. The impairment charges are included in cost of sales in the accompanying condensed consolidated statements of comprehensive income (loss).

Assets Held for Sale

As of June 28, 2025 and December 31, 2024, the Company has assets classified as held for sale of $ million and $ million, respectively. The criteria for classification as held for sale have been met, as management is committed to a plan to sell the assets, the assets are available for immediate sale in their present condition, an active program to locate a buyer has been

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(Continued)

million of the assets held for sale were in connection with the then-pending disposal of a non-core business in the Company's Seating segment. The sale was completed in the first quarter of 2025. Accordingly, the assets classified as held from sale have been removed from the balance sheet as of June 28, 2025.

In the six months ended June 28, 2025, an incremental loss of $ million on the disposal of the non-core business was recognized to reflect adjustments to the carrying values of the assets and transaction expenses. The loss is included in other expense, net in the accompanying condensed consolidated statement of comprehensive income (loss) for the six months ended June 28, 2025. Proceeds from the sale of $ million are included in cash flows from investing activities in the accompanying condensed consolidated statement of cash flows.

The remaining assets held for sale as of June 28, 2025 and December 31, 2024, are primarily buildings and improvements.

$ Accrued liabilities ()Net assets held for sale$ $

(6)

$ $ Foreign currency translation and other Balance at June 28, 2025$ $ $

There was impairment of goodwill in the first six months of 2025 and 2024. The Company will, however, continue to assess the impact of significant industry and other events on its recorded goodwill.

(7)

million and $ million, respectively. As of June 28, 2025 and December 31, 2024, the Company had short-term debt balances outstanding related to draws on its lines of credit of $ million and $ million, respectively.

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(Continued)

$()$ $ %

% Senior Notes due 2027 (the "2027 Notes")

()() %

% Senior Notes due 2029 (the "2029 Notes")

()() %

% Senior Notes due 2030 (the "2030 Notes")

()() %

% Senior Notes due 2032 (the "2032 Notes")

()() %

% Senior Notes due 2049 (the "2049 Notes")

() %

% Senior Notes due 2052 (the "2052 Notes")

()() %Other — — N/A$ $()$ Less — Current portion()Long-term debt$

December 31, 2024

Debt Instrument

Long-Term Debt

Unamortized Debt Issuance Costs

Unamortized Original Issue Premium (Discount)

Long-Term
Debt, Net

Weighted
Average
Interest
Rate

Term Loan

()

2027 Notes

()

2029 Notes

()

2030 Notes

()

2032 Notes

()

2049 Notes

()

2052 Notes

()

Other

—

N/A

()

Less — Current portion

()

Long-term debt

Senior Notes

The issuance, maturity and interest payment dates of the Company's senior unsecured 2027 Notes, 2029 Notes, 2030 Notes, 2032 Notes, 2049 Notes and 2052 Notes (collectively, the "Notes") are shown below:

Note

Issuance Date(s)

Maturity Date

Interest Payment Dates

2027 Notes

August 2017

September 15, 2027

March 15 and September 15

2029 Notes

May 2019

May 15, 2029

May 15 and November 15

2030 Notes

February 2020

May 30, 2030

May 30 and November 30

2032 Notes

November 2021

January 15, 2032

January 15 and July 15

2049 Notes

May 2019 and February 2020

May 15, 2049

May 15 and November 15

2052 Notes

November 2021

January 15, 2052

January 15 and July 15

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(Continued)

billion amended and restated unsecured revolving credit agreement (the "Credit Agreement") expires on October 28, 2027.

As of June 28, 2025 and December 31, 2024, there were borrowings outstanding under the Credit Agreement.

Advances under the Credit Agreement generally bear interest based on (i) Term Benchmark, Central Bank Rate and Risk Free Rate ("RFR") (in each case, as defined in the Credit Agreement) or (ii) Alternate Base Rate ("ABR") and Canadian Prime Rate (in each case, as defined in the Credit Agreement).

% % % % % %

A facility fee, which ranges from % to % of the total amount committed under the Credit Agreement, is payable quarterly.

The Credit Agreement contains various customary representations, warranties and covenants by the Company, including, without limitation, (i) covenants regarding maximum leverage, (ii) limitations on fundamental changes involving the Company or its subsidiaries and (iii) limitations on indebtedness and liens.

As of June 28, 2025, the Company was in compliance with all covenants under the Credit Agreement.

Subsequent Event -

On July 24, 2025, the Company amended and restated its Credit Agreement to extend the maturity date to July 24, 2030.

Term Loan

As of June 28, 2025, the Company had $ million outstanding under its unsecured delayed-draw term loan facility (the "Term Loan"). On June 27, 2025, the Company amended the Term Loan to extend the maturity date to September 30, 2027, and reduce the pricing across the grid. In connection with this transaction, the Company recognized a loss on the extinguishment of debt and incurred related issuance costs totaling $ million, which is reflected in other expense, net in the accompanying condensed consolidated statements of comprehensive income (loss) for the three and six months ended June 28, 2025.

Advances under the Term Loan generally bear interest based on the Daily or Term SOFR (as defined in the Term Loan agreement) plus a margin determined in accordance with a pricing grid that ranges from % to %. As of June 28, 2025, the interest rate was %. The Term Loan contains the same covenants as the Credit Agreement.

As of June 28, 2025, the Company was in compliance with all covenants under the Term Loan.

Other

As of June 28, 2025 and December 31, 2024, other long-term debt, including the current portion, consisted of amounts outstanding under an unsecured working capital loan and finance lease agreements.

For further information related to the Company's debt, see Note 6, "Debt," to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

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(Continued)

(8)

$ Lease obligations under operating leases:Accrued liabilities$ $ Other long-term liabilities $ $ 2026 2027 2028 2029 Thereafter Total undiscounted cash flows Less: Imputed interest()Lease obligations under operating leases$

(1) For the remaining six months

$ Operating cash flows:Cash paid related to operating lease obligations$ $

Lease expense included in the accompanying condensed consolidated statements of comprehensive income (loss) is shown below (in millions):

Three Months Ended

Six Months Ended

June 28,
2025

June 29,
2024

June 28,
2025

June 29,
2024

Operating lease expense

Short-term lease expense

Variable lease expense

Total lease expense

In the three and six months ended June 28, 2025, the Company incurred $ million and $ million, respectively, related to usage-based employee transportation costs.

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(Continued)

million related to its right-of-use assets in conjunction with its restructuring actions (Note 2, "Restructuring"). In the six months ended June 29, 2024, the Company recognized impairment charges of $ million related to its right-of-use assets. The impairment charges are included in cost of sales in the accompanying condensed consolidated statements of comprehensive income (loss).Weighted average discount rate %

The Company is party to finance lease agreements, which are not material to the accompanying condensed consolidated financial statements (Note 7, "Debt").

For further information related to the Company's leases, see Note 7, "Leases," to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

(9)

$ $ $ $ $ $ $ Interest cost Expected return on plan assets()()()()()()()()Amortization of actuarial loss Settlement gain () () Net periodic benefit cost (credit)$ $ $()$ $ $ $()$

The components of the Company's net periodic other postretirement benefit (credit) cost are shown below (in millions):

Three Months Ended

Six Months Ended

June 28, 2025

June 29, 2024

June 28, 2025

June 29, 2024

U.S.

Foreign

U.S.

Foreign

U.S.

Foreign

U.S.

Foreign

Interest cost

Amortization of actuarial gain

()

Amortization of prior service credit

()

Net periodic benefit cost (credit)

()

For further information related to the Company's pension and other postretirement benefit plans, see Note 9, "Pension and Other Postretirement Benefit Plans," to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

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(Continued)

(10)

% of consolidated net sales. The Company's customers pay for products received in accordance with payment terms that are customary within the industry. The Company's contracts with its customers do not have significant financing components.

The Company records a contract liability for advances received from its customers. As of June 28, 2025 and December 31, 2024, there were significant contract liabilities recorded. Further, in the first six months of 2025 and 2024, there were significant contract liabilities recognized in revenue.

Amounts billed to customers related to shipping and handling costs are included in net sales in the condensed consolidated statements of comprehensive income (loss). Shipping and handling costs are accounted for as fulfillment costs and are included in cost of sales in the condensed consolidated statements of comprehensive income (loss).

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction that are collected by the Company from a customer are excluded from revenue.

$ $ $ $ $ Europe and Africa Asia South America $ $ $ $ $ $

Six Months Ended

June 28, 2025

June 29, 2024

Seating

E-Systems

Total

Seating

E-Systems

Total

North America

Europe and Africa

Asia

South America

(11)

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(Continued)

$ $ $ Other income()()()()Other expense, net$ $ $ $

In the three and six months ended June 28, 2025, other expense includes net foreign currency transaction losses of $ million and $ million, respectively, including losses of $ million and $ million, respectively, related to the hyper-inflationary environment in Argentina. In the six months ended June 28, 2025, other expense also includes a loss of $ million related to the disposal of a non-core business.

million and $ million, respectively, including losses of $ million and $ million, respectively, related to the hyper-inflationary environment in Argentina.

(12)

$ $ $ Pretax income before equity in net income of affiliates$ $ $ $ Effective tax rate % % % %

The Company's provision for income taxes is impacted by the level and mix of earnings among tax jurisdictions.

$ Tax reserves and audit settlements Share-based compensation()()Valuation allowances on deferred tax assets() $ $

Excluding the items above, the effective tax rate for the first six months of 2025 and 2024 approximated the U.S. federal statutory income tax rate of 21%, adjusted for income taxes on foreign earnings, losses and remittances, valuation allowances, tax credits, income tax incentives and other permanent items.

The Company's current and future provision for income taxes is impacted by the initial recognition of and changes in valuation allowances in certain countries. The Company intends to maintain these allowances until it is more likely than not that the deferred tax assets will be realized. The Company's future provision for income taxes will include no tax benefit with respect to losses incurred and, except for certain jurisdictions, no tax expense with respect to income generated in these countries until the respective valuation allowances are eliminated. Accordingly, income taxes are impacted by changes in valuation allowances and the mix of earnings among jurisdictions. The Company evaluates the realizability of its deferred tax assets on a quarterly basis. In completing this evaluation, the Company considers all available evidence in order to determine whether, based on the weight of the evidence, a valuation allowance for its deferred tax assets is necessary. Such evidence includes historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. If,

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(Continued)

(13)

$ $ $ Average common shares outstanding Dilutive effect of common stock equivalents Average diluted shares outstanding Basic net income per share attributable to Lear$ $ $ $ Diluted net income per share attributable to Lear$ $ $ $

(14)

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(Continued)

)$()

Reclassification adjustments (net of tax benefit of $ million and $ million in the three and six months ended June 28, 2025, respectively)

Other comprehensive loss recognized during the period()()Balance at end of period$()$()Derivative instruments and hedging:Balance at beginning of period$()$()

Reclassification adjustments (net of tax expense of $ million and $ million in the three and six months ended June 28, 2025, respectively)

Other comprehensive income recognized during the period (net of tax expense of $ million and $ million in the three and six months ended June 28, 2025, respectively)

Balance at end of period$ $ Foreign currency translation:Balance at beginning of period$()$()

Other comprehensive income recognized during the period (net of tax benefit of $ million and $ million in the three and six months ended June 28, 2025, respectively)

Balance at end of period$()$()Total accumulated other comprehensive loss$()$()

In the three and six months ended June 28, 2025, foreign currency translation adjustments are primarily related to the strengthening of the Euro and, to a lesser extent, the Brazilian real and the Chinese renminbi relative to the U.S. dollar.

In the three and six months ended June 28, 2025, foreign currency translation adjustments also include net investment hedge losses of $ million and $ million, respectively.

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(Continued)

)$()

Reclassification adjustments (net of tax benefit of $ million in the three and six months ended June 29, 2024)

()()

Other comprehensive income recognized during the period (net of tax benefit (expense) of ($) million and $ million in the three and six months ended June 29, 2024, respectively)

Balance at end of period$()$()Derivative instruments and hedging:Balance at beginning of period$ $

Reclassification adjustments (net of tax benefit of $ million and $ million in the three and six months ended June 29, 2024, respectively)

()()

Other comprehensive loss recognized during the period (net of tax benefit of $ million and $ million in the three and six months ended June 29, 2024, respectively)

()()Balance at end of period$()$()Foreign currency translation:Balance at beginning of period$()$()

Other comprehensive loss recognized during the period (net of tax expense of $ million and $ million in the three and six months ended June 29, 2024, respectively)

()()Balance at end of period$()$()Total accumulated other comprehensive loss$()$()

In the three months ended June 29, 2024, foreign currency translation adjustments are primarily related to the weakening of the Brazilian real, the Euro and, to a lesser extent, the Chinese renminbi relative to the U.S. dollar.

In the six months ended June 29, 2024, foreign currency translation adjustments are primarily related to the weakening of the Euro, the Brazilian real and the Chinese renminbi relative to the U.S. dollar.

In the three and six months ended June 29, 2024, foreign currency translation adjustments also include net investment hedge gains of $ million and $ million, respectively.

For further information regarding reclassification adjustments related to the Company's defined benefit plans, see Note 9, "Pension and Other Postretirement Benefit Plans." For further information regarding reclassification adjustments related to the Company's derivative and hedging activities, see Note 17, "Financial Instruments."

Lear Corporation Shareholders' Equity

Common Stock Share Repurchase Program

The Company may implement share repurchases through a variety of methods, including, but not limited to, open market purchases, accelerated stock repurchase programs and structured repurchase transactions. The extent to which the Company may repurchase its outstanding common stock and the timing of such repurchases will depend upon its financial condition, results of operations, capital requirements, prevailing market conditions, alternative uses of capital and other factors.

The Company has a common stock share repurchase program (the "Repurchase Program") which permits the discretionary repurchase of its common stock. Since the inception of the Repurchase Program in the first quarter of 2011, the Company's Board of Directors (the "Board") has authorized $ billion in share repurchases. As of June 28, 2025, the Company has repurchased, in aggregate, $ billion of its outstanding common stock, at an average price of $ per share, excluding

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(Continued)

billion, which expires on December 31, 2026. $ $ $

(1) Excludes excise tax and commissions

(2) Excludes $ million of second quarter 2025 share repurchases to be paid for in the third quarter of 2025

In addition to shares repurchased under the Repurchase Program described above, the Company classifies shares withheld from the settlement of the Company's restricted stock unit and performance share awards to cover tax withholding requirements as common stock held in treasury in the condensed consolidated balance sheets.

Quarterly Dividend

The Board declared quarterly cash dividends of $ per share of common stock in the first and second quarters of 2025 and 2024.

$ Dividends paid

Dividends payable on shares of common stock to be distributed under the Company's stock-based compensation program will be paid when such shares are distributed.

(15)

million and $ million, respectively. Such reserves reflect amounts recognized in accordance with GAAP and typically exclude the cost of legal representation. Reserves for warranty and recall matters are recorded separately from legal reserves, as described below.

Commercial Disputes

The Company is involved from time to time in legal proceedings and claims, including, without limitation, commercial or contractual disputes with its customers, suppliers and competitors. These disputes vary in nature and are usually resolved by negotiations between the parties.

Product Liability, Warranty and Recall Matters

In the event that use of the Company's products results in, or is alleged to result in, bodily injury and/or property damage or other losses, the Company may be subject to product liability lawsuits and other claims. Such lawsuits generally seek compensatory damages, punitive damages and attorneys' fees and costs. In addition, if any of the Company's products are, or are alleged to be, defective, the Company may be required or requested by its customers to support warranty costs or to participate in a recall or other corrective action involving such products. The Company is party to agreements with certain of its customers, whereby these customers may pursue claims against the Company for contribution of all or a portion of the amounts sought in connection with warranty and recall matters, and certain of the Company's customers have asserted such claims against the Company. The Company can provide no assurances that it will not experience material claims in the future or that it will not incur significant costs to defend such claims.

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(Continued)

Expense, net (including changes in estimates) Settlements()Foreign currency translation and other Balance at June 28, 2025$

Environmental Matters

The Company is subject to local, state, federal and foreign laws, regulations and ordinances which govern activities or operations that may have or have had adverse environmental effects. These regulations impose liability for clean-up costs resulting from past spills, disposals or other releases of hazardous wastes and environmental compliance. The Company's policy is to comply with all applicable environmental laws and to maintain an environmental management program based on ISO 14001 to ensure compliance with this standard. However, the Company currently is, has been and in the future may become, the subject of formal or informal enforcement actions or procedures.

As of June 28, 2025 and December 31, 2024, the Company had recorded environmental reserves of $ million. The Company does not believe that the environmental liabilities associated with its current and former properties will have a material adverse impact on its business, financial condition, results of operations or cash flows; however, no assurances can be given in this regard.

Other Matters

The Company is involved from time to time in various other legal proceedings and claims, including, without limitation, intellectual property matters, tax claims and employment matters. Although the outcome of any legal matter cannot be predicted with certainty, the Company does not believe that any of the other legal proceedings or claims in which the Company is currently involved, either individually or in the aggregate, will have a material adverse impact on its business, financial condition, results of operations or cash flows. However, no assurances can be given in this regard.

Although the Company records reserves for legal disputes, warranty and recall matters, and environmental and other matters in accordance with GAAP, the ultimate outcomes of these matters are inherently uncertain. Actual results may differ significantly from current estimates.

(16)

reportable operating segments: Seating and E-Systems. Each of these segments has a varied product and technology portfolio across a number of component categories. Further, the Company continuously evaluates this portfolio, aligning it with industry trends while balancing risk-adjusted returns, which allows the Company to offer value-added solutions to its customers.

Our Seating segment consists of the design, development, engineering and manufacture of complete seat systems and key seat components. The Company's capabilities in operations and supply chain management enable synchronized assembly and just-in-time delivery of complex complete seat systems at high volumes to its customers. Key seat components include seat trim covers; surface materials such as leather and fabric; seat mechanisms; seat foam; headrests; and thermal comfort systems such as seat heating, ventilation, active cooling, pneumatic lumbar and massage products. All of these products are compatible with

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(Continued)

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(Continued)

$ $ $

Intersegment revenues (1)

()—

Less (2):

Cost of sales () Gross margin () Selling, general and administrative Amortization of intangibles Intersegment support activities ()

Segment earnings (3)

$ $ $() Reconciliation of segment earnings:Interest expense, net Other expense, net Consolidated income before provision for income taxes and equity in net income of affiliates$

Three Months Ended June 29, 2024

Seating

E-Systems

Other

Consolidated

Revenues from external customers

Intersegment revenues (1)

()

—

Less (2):

Cost of sales

()

Gross margin

()

Selling, general and administrative

Amortization of intangibles

Intersegment support activities

()

Segment earnings (3)

()

Reconciliation of segment earnings:

Interest expense, net

Other expense, net

Consolidated income before provision for income taxes and equity in net income of affiliates

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(Continued)

$ $ $

Intersegment revenues (1)

()—

Less (2):

Cost of sales () Gross margin () Selling, general and administrative Amortization of intangibles Intersegment support activities ()

Segment earnings (3)

$ $ $() Reconciliation of segment earnings:Interest expense, net Other expense, net Consolidated income before provision for income taxes and equity in net income of affiliates$

Six Months Ended June 29, 2024

Seating

E-Systems

Other

Consolidated

Revenues from external customers

Intersegment revenues (1)

()

—

Less (2):

Cost of sales

()

Gross margin

()

Selling, general and administrative

Amortization of intangibles

Intersegment support activities

()

Segment earnings (3)

()

Reconciliation of segment earnings:

Interest expense, net

Other expense, net

Consolidated income before provision for income taxes and equity in net income of affiliates

(1) Intersegment transactions are accounted for at values comparable to unaffiliated third-party transactions.

(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.

(3) See definition above.

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(Continued)

$ $ $ Capital expenditures

Three Months Ended June 29, 2024

Seating

E-Systems

Other

Consolidated

Depreciation

Capital expenditures

Six Months Ended June 28, 2025

Seating

E-Systems

Other

Consolidated

Depreciation

Capital expenditures

Inventories

Total assets

Six Months Ended June 29, 2024

Seating

E-Systems

Other

Consolidated

Depreciation

Capital expenditures

Inventories

Total assets

(17)

Aggregate carrying value (1) (2)

(1) Excludes "other" debt

(2) Excludes the impact of unamortized debt issuance costs and unamortized original issue premium (discount)

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(Continued)

$ Restricted cash included in other current assets Restricted cash included in other long-term assets Statement of cash flows:Cash, cash equivalents and restricted cash$ $

Accounts Receivable

As of June 28, 2025 and December 31, 2024, accounts receivable are reflected net of reserves of $ million and $ million, respectively. Changes in expected credit losses were not significant in the first six months of 2025.

Marketable Equity Securities

$ Other long-term assets $ $

Equity Securities Without Readily Determinable Fair Values

As of June 28, 2025 and December 31, 2024, investments in equity securities without readily determinable fair values of $ million are included in other long-term assets in the accompanying condensed consolidated balance sheets. Such investments are valued at cost, less cumulative impairments of $ million.

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(Continued)

Foreign Exchange

Foreign currency derivative contracts not designated as hedging instruments consist principally of hedges of cash transactions, intercompany loans and certain other balance sheet exposures.

Net Investment Hedges

The Company uses cross-currency interest rate swaps, which are designated as net investment hedges of the foreign currency rate exposure of its investment in certain Euro-denominated subsidiaries. In the six months ended June 28, 2025 and June 29, 2024, contra interest expense on net investment hedges of $ million and $ million, respectively, is included in interest expense, net in the accompanying condensed consolidated statements of comprehensive income (loss).

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(Continued)

$ Other long-term assets Other current liabilities()()Other long-term liabilities()() ()Notional amount$ $ Outstanding maturities in months, not to exceedFair value of derivatives designated as net investment hedges:Other long-term assets$ $ Other current liabilities() Other long-term liabilities$()$ () Notional amount$ $ Outstanding maturities in months, not to exceedFair value of foreign currency contracts not designated as hedging instruments:Other current assets$ $ Other current liabilities()() ()Notional amount$ $ Outstanding maturities in months, not to exceedTotal fair value$ $()Total notional amount$ $

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(Continued)

$()$ $()Net investment hedge contracts() () () ()(Gains) losses reclassified from accumulated other comprehensive loss to:Net sales ()()()Cost of sales () ()Interest expense, net Total$

Such gains (losses) will be reclassified at the time that the underlying hedged transactions are realized.

Fair Value Measurements

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Continued)

Items Measured at Fair Value on a Recurring Basis

Market/ Income$ $ $ Net investment hedge contractsRecurring()Market/ Income () Marketable equity securitiesRecurring Market

December 31, 2024

Frequency

Asset
(Liability)

Valuation
Technique

Level 1

Level 2

Level 3

Foreign currency contracts, net

Recurring

()

Market/ Income

()

Net investment hedge contracts

Recurring

Market/ Income

Marketable equity securities

Recurring

Market

As of June 28, 2025 and December 31, 2024, there were no derivative contracts that were classified within Level 3 of the fair value hierarchy. In addition, there were no transfers in or out of Level 3 of the fair value hierarchy in the first six months of 2025.

Items Measured at Fair Value on a Non-Recurring Basis

The Company measures certain assets and liabilities at fair value on a non-recurring basis, which are not included in the table above. As these non-recurring fair value measurements are generally determined using unobservable inputs, these fair value measurements are classified within Level 3 of the fair value hierarchy.

In the six months ended June 28, 2025 and June 29, 2024, the Company completed impairment assessments and recorded related impairment charges of $ million and $ million, respectively, related to its property, plant and equipment and $ million and $ million, respectively, related to its right-of-use assets. The fair value estimates of the related assets were based on management's estimates using a discounted cash flow method.

As of June 28, 2025, there were no additional significant assets or liabilities measured at fair value on a non-recurring basis.

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Continued)

(18)

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ITEM 2 — MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS

EXECUTIVE OVERVIEW

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 to all of the world's major automotive manufacturers.

Lear is built on a foundation and strong culture of innovation, operational excellence, and engineering and program management capabilities. We use our product and process design and technological expertise, as well as our global reach and competitive manufacturing footprint, to achieve our financial goals and objectives. These include continuing to deliver profitable growth while balancing risks and returns, investing in product and process innovations to drive business growth and profitability, maintaining a strong balance sheet with investment grade credit metrics, and consistently returning capital to our shareholders. Further, we have aligned our strategy with key trends affecting our business. At Lear, we are Making every drive betterTM by providing technology for safer, smarter and more comfortable journeys, while adhering to our values — Be Inclusive. Be Inventive. Get Results the Right Way.

Our business is organized under two reporting segments: Seating and E-Systems. Each of these segments has a varied product and technology portfolio across a number of component categories. Further, we continuously evaluate this portfolio, aligning it with industry trends while balancing risk-adjusted returns, which allows us to offer value-added solutions to our customers.

Our Seating business consists of the design, development, engineering and manufacture of complete seat systems and key seat components. Our capabilities in operations and supply chain management enable synchronized assembly and just-in-time delivery of complex complete seat systems at high volumes to our customers. As the most vertically integrated global seat supplier, our key seat component product offerings include seat trim covers; surface materials such as leather and fabric; seat mechanisms; seat foam; headrests; and thermal comfort systems such as seat heating, ventilation, active cooling, pneumatic lumbar and massage products. All of these products are compatible with traditional internal combustion engine ("ICE") architectures and electrified powertrains, including the full range of hybrid, plug-in hybrid and battery electric architectures. Our thermal comfort systems are facilitated by our seat system, component and integration capabilities, together with our competencies in electronics, sensors, software and algorithms.

Our E-Systems business consists of the design, development, engineering and manufacture of complete electrical distribution and connection systems; high-voltage power distribution products, including BDUs; and low-voltage power distribution products and electronic controllers. These capabilities enable us to provide our customers with customizable solutions with optimized designs at competitive costs for both low-voltage and high-voltage vehicle architectures.

•Electrical distribution and connection systems utilize low-voltage and high-voltage wire, high-speed data cables and flat wiring to connect networks and electrical signals and manage electrical power within the vehicle for all types of powertrains – from traditional ICE architectures to the full range of electrified powertrains that require management of higher voltage and power. Key components of our electrical distribution and connection systems portfolio include wire harnesses, terminals and connectors, high-voltage battery connection systems and engineered components.

•High-voltage battery connection systems include intercell connect boards, bus bars and main battery connection systems. High-voltage power distribution products control the flow and distribution of high-voltage power throughout electrified vehicles and include BDUs which control all electrical energy flowing into and out of high-voltage batteries in electrified vehicles.

•Low-voltage power distribution products and electronic controllers facilitate signal, data and/or power management within the vehicle and include the associated software required to facilitate these functions. Key components of this portfolio include zonal controllers, body domain control modules and low-voltage and high-voltage power distribution modules. Our software offerings include embedded control, cybersecurity software and software to control hardware devices. Our customers traditionally have sourced our electronic hardware together with the software that we integrate and embed in it.

We serve all of the world's major automotive manufacturers through both our Seating and E-Systems businesses, and we have automotive content on more than 480 vehicle nameplates worldwide. It is common for us to have both seating and electrical and/or electronic content on the same vehicle platform.

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Our businesses benefit globally from leveraging common operating standards and disciplines, including world-class product development and manufacturing processes, as well as common customer support and regional infrastructures, all of which contribute to our reputation for operational excellence. Our core capabilities are shared across component categories and include high-precision manufacturing and assembly with short lead times, complex, global supply chain management, global engineering and program management, the agility to establish and/or transfer production between facilities quickly, and a unique, customer-focused culture. In select instances, we are able to manufacture both Seating and E-Systems components in the same facility. Our businesses also utilize proprietary, industry-specific processes and standards, leverage common low-cost engineering centers and share centralized operating support functions. These functions include health and safety, logistics, quality, supply chain management and all major administrative functions, such as corporate finance, executive administration, human resources, information technology and legal. We continue to build on our reputation for operational excellence through organic and inorganic investments in automation and other advanced manufacturing technologies and the digital transformation of both our operations and administrative functions. It involves the integration of new technologies, such as Industrial Internet of Things (IIoT), cloud computing, artificial intelligence (AI), machine learning and advanced automation, into production facilities and business operations. These technologies enable smart and automated machines and smart factories to communicate, analyze and optimize products and processes, resulting in higher efficiency, quality and responsiveness to customers.

Through our products, processes, technology and strategic initiatives, we are well-positioned to capitalize on business growth opportunities. We are focused on profitably growing our businesses and have implemented a strategy designed to deliver industry-leading, long-term financial returns. This strategy is based on the following four pillars designed to drive growth and profitability in both of our business segments:

•Extend our market leadership position in Seating with priceable features, including modularity and thermal comfort systems;

•Transform our E-Systems business through accelerated growth in connection systems and vehicle architecture evolution and electrification;

•Build on our reputation for operational excellence through organic and inorganic investments in automation and digital technologies; and

•Prioritize people and the planet through our sustainability initiatives to drive business growth, cost reductions and improved employee retention.

IDEA by Lear - Innovative. Digital. Engineered. Automated. - supports our strategy to drive growth and improve profitability. IDEA reflects our commitment to continue to strengthen our competitive position in both of our business segments through the development of innovative products and the utilization of advanced technologies and process automation that improve our profitability through increased efficiency and extend our leadership position in operational excellence. Our investments in these technologies and the digital transformation of both our operations and administrative functions aim to improve profitability through process improvements and further efficiency gains.

For further information related to our strategy, see Item 1, "Business," in our Annual Report on Form 10-K for the year ended December 31, 2024.

Industry Overview

We supply all vehicle segments of the automotive light vehicle original equipment market in every major automotive producing region in the world. Our sales are driven by the number of vehicles produced by the automotive manufacturers and our content per vehicle. Due to the interconnectedness of the global economy, policy changes in one area of the world can have an immediate and material impact on markets around the world.

Since his inauguration in January 2025, U.S. President Donald J. Trump has announced various tariffs that impact industries around the world, including the automotive industry. As of the date of this Report, the tariffs announced by the current U.S. administration that could adversely impact our business include:

•25% tariff on imports of automobiles and certain automobile parts into the United States from all countries (with respect to automotive parts, the "Automobile Parts Tariff"). Automobile parts that meet specific rules of origin under the United States-Mexico-Canada Agreement ("USMCA" and "USMCA-qualifying") are currently exempt from the Automobile Parts Tariff; however, this exemption could be modified in the future to include only the U.S. content of USMCA-qualifying automobile parts. The U.S. administration has been negotiating agreements with several countries. It has reached an agreement with the United Kingdom and announced an agreement with Japan that include reductions in the Automobile Parts Tariff to 10% and 15%, respectively.

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•50% tariff on all steel and aluminum imports into the United States from all countries (the "Steel/Aluminum Tariff"). The Steel/Aluminum Tariff does not apply to goods subject to the Automobile Parts Tariff. This tariff was increased from 25% to 50% effective June 4, 2025.

•25% tariff on all imports into the United States from Mexico and Canada except for USMCA-qualifying goods (the "Mexico/Canada Tariff"). The Mexico/Canada Tariff does not apply to goods subject to the Automobile Parts Tariff or the Steel/Aluminum Tariff. On July 10, 2025, President Trump announced a 35% tariff on all imports into the United States from Canada effective August 1, 2025, and on July 12, 2025, announced a 30% tariff on all imports into the United States from Mexico. Although the exception for USMCA-qualifying goods is expected to remain in place, this has not yet been confirmed by the current U.S. administration.

•Incremental 20% tariff on all imports into the United States from China (the "China Tariff").

•10% tariff on all imports into the United States from all countries that are not subject to the Automobile Parts, Mexico/Canada or Steel/Aluminum Tariffs. Country-specific tariffs were to replace the 10% tariffs effective April 9, 2025, but are currently paused, with the exception of China, until August 1, 2025 (the "Reciprocal Tariffs"). The China Reciprocal Tariff of 125% was reduced to 10% effective May 14, 2025 through August 12, 2025, and is additive to the China Tariff discussed above. On July 12, 2025, President Trump announced a 30% tariff on all imports into the United States from the European Union effective August 1, 2025. In addition, various country-specific proposals and agreements have been or are being negotiated directly with the affected countries.

•50% tariff on copper imports into the United States effective August 1, 2025. The scope of this tariff has not yet been confirmed by the current U.S. administration (the "Copper Tariff").

Although U.S. tariffs did not have a material impact on our operating performance in the first six months of 2025, the impact of the tariffs noted above could adversely affect our future financial condition and operating results if implemented and absent recovery of such costs from our customers or success of other mitigating actions.

The vast majority of products in both our Seating and E-Systems businesses are USMCA-qualifying and therefore are currently exempt from the Mexico/Canada Tariff. Further, the vast majority of products in our Seating business are not currently subject to the Automobile Parts Tariff. However, the Automobile Parts Tariff does apply to the wire harnesses we assemble in our E-Systems business and import into the United States. While the wire harnesses we import from Mexico are USMCA-qualifying and currently exempt from the Automobile Parts Tariff, the wire harnesses we import from Honduras are subject to such tariff, which materially impacts cost of sales in our E-Systems business. Moreover, if the exemption under the Automobile Parts Tariff is modified to include only the U.S. content of USMCA-qualifying goods, this tariff also could materially impact cost of sales in our E-Systems business with respect to wire harnesses we import from Mexico. Although a less substantial impact than the Automobile Parts Tariff, the Mexico/Canada, Steel/Aluminum, China, Reciprocal and Copper Tariffs could impact our cost of sales relating to certain non-USMCA-qualifying goods imported from Mexico, small steel and aluminum parts imported globally, goods imported from China, goods subject to Reciprocal Tariffs and copper imports subject to the Copper Tariff. In addition to these impacts on our cost of sales, the aforementioned tariffs, separately or in the aggregate, could materially impact our net sales and other aspects of our financial performance, if they negatively impact vehicle production volumes or result in disruptions in the supply chain, including disruptions with respect to our customers or suppliers.

The actual impact of these tariffs on our business, financial condition and results of operations is subject to a number of factors that are not yet known or are subject to change, including the effect such tariffs may have on consumer demand and global automotive production volumes, the effective dates and duration of such tariffs, future changes in the amounts and scope of such tariffs, the potential withdrawal of such tariffs in whole or in part, the scope and effective date of any exemptions to such tariffs, any modification to existing exemptions to the tariffs, countermeasures that the target countries may take in response to such tariffs, and the impact such tariffs may have on our customers and our supply chain. We have entered into contractual agreements with our customers to recover substantially all tariff costs incurred to date and are implementing certain actions, and considering others, to counter the potential impact of such tariffs on our business, financial condition and results of operations, including, without limitation, participating in efforts to inform the U.S. and certain foreign administrations and legislatures of the impact of current trade and tariff policies on the automotive industry and evaluating our production footprint and alternatives in our supply chain. However, we can provide no assurance that we will continue to be successful in recovering such costs from our customers or that any of these mitigating actions will be successful or will not disrupt and deteriorate our business, operations and financial performance.

For risks related to tariffs, see Part II — Item 1A, "Risk Factors," included in this Report and Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2024.

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Although industry production returned to pre-pandemic levels in 2023, industry production in 2024 remained approximately 5% below 2017 peak levels, and 2024 industry production levels in North America and Europe, our two largest markets, remained approximately 9% and 23%, respectively, below prior peak levels. Industry production in 2025 is expected to be flat as compared to 2024 (based on July 2025 S&P Global Mobility projections). Since 2020, the global economy, as well as the automotive industry, have been influenced directly and indirectly by macroeconomic events resulting in unfavorable conditions, including increases in tariffs, shortages of semiconductor chips and other components, elevated inflation levels on commodities and labor, higher interest rates, and labor and energy shortages in certain markets. Certain of these factors, among others, continue to impact consumer demand. Our strategy to mitigate these impacts encompasses our comprehensive cost management process, including cost technology optimization, actions to further align our manufacturing capacity to the current industry production environment and investments in automation and other advanced manufacturing technologies, as well as commercial recovery mechanisms. This will allow us to enhance operational efficiencies, improve the utilization of existing facilities and equipment to reduce future expenditures, and streamline administrative functions.

For a description of related risks, see Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2024.

Global automotive industry production volumes in the first six months of 2025, as compared to the first six months of 2024, are shown below (in thousands of units):


	Six Months Ended
	June 28, 2025 (1)	June 29, 2024 (1) (2)	% Change
North America	7,731.4	8,064.9	(4)	%
Europe and Africa	9,000.7	9,339.0	(4)	%
Asia	25,223.2	23,413.2	8	%
South America	1,396.8	1,277.3	9	%
Other	840.8	819.4	3	%
Global light vehicle production	44,192.9	42,913.8	3	%

(1) Production data based on S&P Global Mobility

(2) Production data for 2024 has been updated from our second quarter 2024 Quarterly Report on Form 10-Q to reflect actual production levels

Automotive sales and production can also be affected by the age of the vehicle fleet and related scrappage rates, labor relations issues, labor shortages, fuel prices, regulatory requirements, government initiatives and incentives, trade agreements, tariffs and other non-tariff trade barriers (including recent U.S. tariffs imposed or threatened to be imposed on Mexico, Canada and China, as well as other countries and any retaliatory actions taken by such countries), the availability and cost of credit, the availability and cost of raw materials and critical components, and logistics issues, as well as vehicle affordability and consumer preferences regarding vehicle powertrains (including preferences regarding hybrid and electric vehicles), size, configuration and features, among other factors. The impact of potential tariffs on our business and financial condition, if any, is subject to a number of factors that are not yet known, including the effective date and duration of such tariffs, the scope and nature of any tariffs, the amount of any tariffs, any countermeasures that the target countries may take in response to such tariffs. In light of these uncertainties, we can provide no assurance that any mitigating actions that may become available to us, such as our ability to pass along some or all of the costs of any tariffs to some or all of our customers, will continue to be successful. Our sales and production may be further affected by new entrants to the industry, including domestic automakers in certain regions and non-traditional automakers, and the restructuring actions, including facility closures, of our customers and suppliers. Our operating results are also significantly impacted by the overall commercial success of the vehicle platforms for which we supply particular products, as well as the profitability of the products that we supply for these platforms, which is determined, in part, by the level of vertical integration. The loss of business with respect to any vehicle model for which we are a significant supplier, or a decrease in the production levels of any such models, could adversely affect our operating results. In addition, larger cars and light trucks, as well as vehicle platforms that offer more features and functionality, such as luxury, sport utility and crossover vehicles, typically have more content and, therefore, tend to have a more significant impact on our operating results.

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Our percentage of consolidated net sales by region in the first six months of 2025 and 2024 is shown below:


	Six Months Ended
	June 28, 2025		June 29, 2024
North America	41	%	42	%
Europe and Africa	37	%	37	%
Asia	19	%	18	%
South America	3	%	3	%
Total	100	%	100	%

Our ability to reduce the risks inherent in certain concentrations of our business, and thereby maintain our financial performance in the future, will depend, in part, on our ability to continue to diversify our sales on a customer, product, platform and geographic basis to better reflect the market overall.

The automotive industry, and our business, continue to be shaped by the broad trend of electrification. The adoption of electrified vehicles has been slower than anticipated in certain regions. Demand for, and regulatory developments related to, improved energy efficiency and sustainability (e.g., government mandates related to fuel economy and carbon emissions) could also have a significant impact on this trend.

Our material cost as a percentage of net sales was 63.7% in the first six months of 2025, as compared to 64.4% in the first six months of 2024. Raw material, energy, commodity and product component costs can be volatile, reflecting, among other things, changes in supply and demand, logistics issues, global trade and tariff policies (including recent U.S. tariffs imposed or threatened to be imposed on Mexico, Canada and China, as well as other countries and any retaliatory actions taken by such countries), and geopolitical issues. Our primary commodity cost exposures relate to steel, copper and leather. We have developed and implemented strategies to mitigate the impact of increases in such costs through the selective in-sourcing of components, the continued consolidation of our supply base, longer-term purchase commitments, commercial recovery mechanisms and the selective expansion of low-cost country sourcing and engineering, as well as value engineering and product benchmarking. Further, our exposure to changes in steel prices is primarily indirect, through purchased components, and a significant portion of our copper, leather and direct steel purchases are subject to price index agreements with our customers and suppliers. Certain of these strategies also may limit our opportunities in a declining price environment. In the current environment of elevated raw material, energy, commodity and product component costs, these strategies, together with commercial negotiations with our customers and suppliers, have offset a significant portion of the adverse impact. In addition, the availability of raw materials, energy, commodities and product components fluctuates from time to time due to factors outside of our control. If these costs increase or availability is restricted, it could have an adverse impact on our operating results in the foreseeable future. See "— Forward-Looking Statements" below and Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2024.

Our customers typically require us to reduce our prices over the life of a vehicle model and, at the same time, assume significant responsibility for the design, development and engineering of our products. Our financial performance is largely dependent on our ability to offset these price reductions with product cost reductions through product design enhancements, supply chain management, manufacturing efficiencies and restructuring actions. We also seek to enhance our financial performance by investing in product development, design capabilities and new product initiatives that respond to and anticipate the needs of our customers and consumers. We continually evaluate operational and strategic alternatives to improve our business structure and align our business with the changing needs of our customers and major industry trends affecting our business.

Financial Measures

In evaluating our financial condition and operating performance, we focus primarily on earnings, operating margins, cash flows and return on invested capital. Our strategy includes expanding our business with new and existing customers globally through new products.

Our success in generating cash flow will depend, in part, on our ability to manage working capital effectively. Working capital can be significantly impacted by the timing of cash flows from sales, purchases, and tariffs costs and recoveries. Historically, we generally have been successful in aligning our supplier payment terms with our customer payment terms. However, our ability to continue to do so may be impacted by adverse automotive industry conditions, including inconsistent production schedules due to supply shortages and lower consumer demand, changes to our customers' payment terms and the financial condition of our suppliers. In addition, our cash flow is impacted by our ability to manage our inventory and capital spending effectively. We utilize return on invested capital as a measure of the efficiency with which our assets generate earnings.

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Improvements in our return on invested capital will depend on our ability to maintain an appropriate asset base for our business and to increase productivity and operating efficiency.

Acquisition

In February 2025, we completed the acquisition of StoneShield Engineering ("StoneShield"), a privately held system integrator based in Castelo Branco, Portugal. StoneShield specializes in the design and development of automation technology for the wire harness industry with expertise in robotics, automated taping applications and high voltage harness assembly. Our acquisition of StoneShield will accelerate the automation of our production processes in our E-Systems business, further improving our efficiency and operational excellence.

Operational Restructuring

In the first six months of 2025, we incurred pretax restructuring costs of $118 million and related manufacturing inefficiency charges of approximately $2 million, as compared to pretax restructuring costs of $84 million and related manufacturing inefficiency charges of approximately $3 million in the first six months of 2024. None of the individual restructuring actions initiated in the first six months of 2025 were material. Further, there have been no changes in previously initiated restructuring actions that have resulted (or will result) in a material change to our restructuring costs.

Our restructuring actions include plant closures and workforce reductions and are initiated to maintain our competitive footprint or are in response to customer initiatives or changes in global and regional automotive markets. Our restructuring actions are designed to maintain or improve our operating results and profitability throughout the automotive industry cycles. Restructuring actions are generally funded within twelve months of initiation and are funded by cash flows from operating activities and existing cash balances. We expect to incur approximately $25 million of additional restructuring costs related to activities initiated as of June 28, 2025, all of which are expected to be incurred in the next twelve months. We plan to implement additional restructuring actions in order to align our manufacturing capacity and other costs with prevailing regional automotive production levels. Such future restructuring actions are dependent on market conditions, customer actions and other factors.

For further information, see Note 2, "Restructuring," to the condensed consolidated financial statements included in this Report.

Financial Transaction

In June 2025, we amended our unsecured delayed-draw term loan facility (the "Term Loan") to extend the maturity date to September 30, 2027, and reduce the pricing across the grid. As of June 28, 2025, we had $100 million outstanding under the Term Loan.

Subsequent Event

In July 2025, we amended and restated our unsecured revolving credit agreement ("the Credit Agreement") to extend the maturity date to July 24, 2030.

Common Stock Share Repurchase Program and Quarterly Cash Dividends

We may implement share repurchases through a variety of methods, including, but not limited to, open market purchases, accelerated stock repurchase programs and structured repurchase transactions. The extent to which we may repurchase our outstanding common stock and the timing of such repurchases will depend upon our financial condition, results of operations, capital requirements, prevailing market conditions, alternative uses of capital and other factors. See "— Forward-Looking Statements" below.

Since the first quarter of 2011, our Board of Directors (the "Board") has authorized $6.7 billion in share repurchases under our common stock share repurchase program (the "Repurchase Program"). As of June 28, 2025, we have repurchased, in aggregate, $5.6 billion of our outstanding common stock, at an average price of $94.53 per share, excluding commissions and related fees, and have a remaining repurchase authorization of $1.0 billion, which expires on December 31, 2026. In the first six months of 2025, we repurchased $50 million of our outstanding common stock.

Our Board declared a quarterly cash dividend of $0.77 per share of common stock in the first and second quarters of 2025.

For further information related to our common stock share repurchase program and our quarterly cash dividends, see "— Liquidity and Capital Resources — Capitalization" below and Note 14, "Comprehensive Income (Loss) and Equity," to the condensed consolidated financial statements included in this Report.

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Other Matters

In the three and six months ended June 28, 2025, we recognized net tax benefits of $16 million and $24 million, respectively, related to the release of tax reserves at foreign subsidiaries, restructuring charges and various other items.

In the three and six months ended June 29, 2024, we recognized net tax benefits of $10 million and $23 million, respectively, related to the release of tax reserves and audit settlements at foreign subsidiaries, restructuring charges and various other items.

Our results for the three and six months ended June 28, 2025 and June 29, 2024, reflect the following items (in millions):


	Three Months Ended				Six Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Costs related to restructuring actions, including manufacturing inefficiencies of ($2) million and $2 million in the three and six months ended June 28, 2025, respectively, and $2 million and $3 million in the three and six months ended June 29, 2024, respectively	$	32	$	32	$	120	$	86
Acquisition costs	—		—		—		1
Loss related to disposal of a non-core business	—		—		3		—
Disposal costs	—		—		1		—
Term loan refinancing	1		—		1		—
Impairments (recoveries) related to Fisker Inc. ("Fisker"), net	(1)		—		(1)		15
Impairments (recoveries) related to Russian operations, net	—		—		(2)		1
Foreign exchange losses due to foreign exchange volatility related to Russia	—		1		3		1
Loss related to affiliate	—		—		—		2
Tax benefit, net	(16)		(10)		(24)		(23)

For further information regarding these items, see Note 2, "Restructuring," Note 5, "Long-Lived Assets," Note 7, "Debt," and Note 12, "Income Taxes," to the condensed consolidated financial statements included in this Report.

This Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," includes forward-looking statements that are subject to risks and uncertainties. For further information regarding these and other factors that have had, or may have in the future, a significant impact on our business, financial condition or results of operations, see "— Forward-Looking Statements" below, Part II — Item 1A, "Risk Factors," included in this Report and Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2024.

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RESULTS OF OPERATIONS

A summary of our operating results in millions of dollars and as a percentage of net sales is shown below:


	Three Months Ended								Six Months Ended
	June 28, 2025				June 29, 2024				June 28, 2025				June 29, 2024
Net sales
Seating	$	4,473.9	74.2	%	$	4,447.0	74.0	%	$	8,625.0	74.4	%	$	8,924.6	74.3	%
E-Systems	1,556.5		25.8		1,565.4		26.0		2,965.7		25.6		3,082.4		25.7
Net sales	6,030.4		100.0		6,012.4		100.0		11,590.7		100.0		12,007.0		100.0
Cost of sales	5,591.3		92.7		5,563.6		92.5		10,792.4		93.1		11,160.1		92.9
Gross profit	439.1		7.3		448.8		7.5		798.3		6.9		846.9		7.1
Selling, general and administrative expenses	186.3		3.1		175.3		2.9		358.7		3.1		361.8		3.0
Amortization of intangible assets	4.7		0.1		12.7		0.2		9.9		0.1		27.8		0.2
Interest expense, net	25.4		0.4		26.9		0.4		51.2		0.4		53.0		0.5
Other expense, net	5.2		0.1		7.4		0.1		25.6		0.2		20.9		0.2
Provision for income taxes	41.6		0.7		46.2		0.8		86.8		0.8		86.7		0.7
Equity in net income of affiliates	(16.0)		(0.2)		(14.1)		(0.2)		(28.3)		(0.2)		(24.6)		(0.2)
Net income attributable to noncontrolling interests	26.7		0.4		21.3		0.4		48.5		0.4		38.6		0.3
Net income attributable to Lear	$	165.2	2.7	%	$	173.1	2.9	%	$	245.9	2.1	%	$	282.7	2.4	%

Three Months Ended June 28, 2025 vs. Three Months Ended June 29, 2024

Net sales in the second quarter of both 2025 and 2024 were $6.0 billion. New business in Asia and North and South America increased net sales by $135 million. The impact of foreign exchange rate fluctuations also benefited net sales by $79 million. These increases were offset by lower production volumes on Lear platforms in North America, Europe and Africa, and Asia and the winddown of certain business, which negatively impacted net sales by $266 million and $77 million, respectively. Commercial recoveries were partially offset by the impact of selling price reductions.


(in millions)	Cost of Sales
Second quarter 2024	$	5,563.6
Material cost	(19.4)
Labor cost	(54.3)
Depreciation	1.7
Other	99.7
Second quarter 2025	$	5,591.3

Cost of sales was $5.6 billion in the second quarter of both 2025 and 2024. New business and the impact of foreign exchange rate fluctuations increased cost of sales. These increases were offset by lower production volumes on Lear platforms and the winddown of certain business, which reduced cost of sales.

Gross profit and gross margin were $439 million and 7.3% of net sales, respectively, in the second quarter of 2025, as compared to $449 million and 7.5% of net sales, respectively, in the second quarter of 2024. Lower production volumes on Lear platforms, net of new business, reduced gross profit by $42 million. The impact of favorable operating performance, including the benefit of restructuring actions, was partially offset by selling price reductions. These factors had a corresponding impact on gross margin.

Selling, general and administrative expenses, including engineering and development expenses, were $186 million in the second quarter of 2025, as compared to $175 million in the second quarter of 2024, primarily reflecting higher compensation-related expenses. As a percentage of net sales, selling, general and administrative expenses were 3.1% in the second quarter of 2025 and 2.9% in the second quarter of 2024.

Amortization of intangible assets was $5 million in the second quarter of 2025, as compared to $13 million in the second quarter of 2024, as certain of our intangible assets became fully amortized in 2024.

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Interest expense, net was $25 million in the second quarter of 2025, as compared to $27 million in the second quarter of 2024.

Other expense, net, which includes non-income related taxes, foreign exchange gains and losses, gains and losses related to certain derivative instruments and hedging activities, gains and losses on certain disposals of assets, the non-service cost components of net periodic benefit cost and other miscellaneous income and expense, was $5 million in the second quarter of 2025, as compared to $7 million in the second quarter of 2024. In the second quarter of both 2025 and 2024, we recognized foreign exchange losses of $7 million, including losses of $3 million and $4 million, respectively, related to the hyper-inflationary environment and significant currency devaluation in Argentina.

In the second quarter of 2025, the provision for income taxes was $42 million, representing an effective tax rate of 19.1% on pretax income before equity in net income of affiliates of $218 million. In the second quarter of 2024, the provision for income taxes was $46 million, representing an effective tax rate of 20.4% on pretax income before equity in net income of affiliates of $227 million, for the reasons described below. For further information, see Note 12, "Income Taxes," to the condensed consolidated financial statements included in this Report.

In the second quarters of 2025 and 2024, the provision for income taxes was primarily impacted by the level and mix of earnings among tax jurisdictions. In the second quarter of 2025, we recognized net tax benefits of $16 million related to the release of tax reserves at foreign subsidiaries, restructuring charges and various other items. In the second quarter of 2024, we recognized net tax benefits of $10 million, related to the release of tax reserves and audit settlements at foreign subsidiaries, restructuring charges and various other items.

Excluding these items, the effective tax rate for the second quarters of 2025 and 2024 approximated the U.S. federal statutory income tax rate of 21%, adjusted for income taxes on foreign earnings, losses and remittances, valuation allowances, tax credits, income tax incentives and other permanent items.

Equity in net income of affiliates was $16 million in the second quarter of 2025, as compared to $14 million in the second quarter of 2024.

Net income attributable to Lear was $165 million, or $3.06 per diluted share, in the second quarter of 2025, as compared to $173 million, or $3.02 per diluted share, in the second quarter of 2024. Net income decreased for the reasons described above. The increase in net income per diluted share reflects the lower number of diluted shares outstanding in 2025.

Reportable Operating Segments

We have two reportable operating segments: Seating and E-Systems. For a description of our reportable operating segments, see "Executive Overview" above.

The financial information presented below is for our two reportable operating segments and our other category for the periods presented. The other category includes unallocated costs related to corporate headquarters, regional headquarters and the elimination of intercompany activities, none of which meets the requirements for being classified as an operating segment. Corporate and regional headquarters costs include various support functions, such as information technology, advanced research and development, corporate finance, legal, executive administration and human resources. Financial measures regarding each segment's pretax income before equity in net income of affiliates, interest expense, net and other expense, net ("segment earnings") and segment earnings divided by net sales ("margin") are not measures of performance under accounting principles generally accepted in the United States ("GAAP"). Segment earnings and the related margin are used by management to evaluate the performance of our reportable operating segments. Segment earnings should not be considered in isolation or as a substitute for net income attributable to Lear, net cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP or as measures of profitability or liquidity. In addition, segment earnings, as we determine it, may not be comparable to related or similarly titled measures reported by other companies.

For a reconciliation of consolidated segment earnings to consolidated income before provision for income taxes and equity in net income of affiliates, see Note 16, "Segment Reporting," to the condensed consolidated financial statements included in this Report.

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Seating

A summary of the financial measures for our Seating segment is shown below (dollar amounts in millions):


	Three Months Ended
	June 28, 2025			June 29, 2024
Net sales	$	4,473.9		$	4,447.0
Segment earnings (1)	284.5			276.0
Margin	6.4		%	6.2		%

(1) See definition above

Seating net sales were $4.5 billion in the second quarter of 2025, as compared to $4.4 billion in the second quarter of 2024, reflecting an increase of $27 million or 0.6%. New business and the impact of foreign exchange rate fluctuations increased net sales by $81 million and $53 million, respectively. These increases were offset by lower production volumes on Lear platforms, which negatively impacted net sales by $179 million. Commercial recoveries were partially offset by the impact of selling price reductions.

Segment earnings, including restructuring costs, and the related margin on net sales were $285 million and 6.4% in the second quarter of 2025, as compared to $276 million and 6.2% in the second quarter of 2024. Lower production volumes on Lear platforms, net of new business, reduced segment earnings by $28 million. The impact of favorable operating performance, including the benefit of operational restructuring actions, and lower restructuring costs was partially offset by selling price reductions.

E-Systems

A summary of financial measures for our E-Systems segment is shown below (dollar amounts in millions):


	Three Months Ended
	June 28, 2025			June 29, 2024
Net sales	$	1,556.5		$	1,565.4
Segment earnings (1)	55.2			69.5
Margin	3.5		%	4.4		%

(1) See definition above

E-Systems net sales in the second quarter of both 2025 and 2024 were $1.6 billion. Lower production volumes on Lear platforms and the winddown of certain business decreased net sales by $82 million and $41 million, respectively. These decreases were partially offset by new business and the impact of foreign exchange rate fluctuations, which favorably impacted net sales by $40 million and $26 million, respectively. Commercial recoveries were partially offset by the impact of selling price reductions.

Segment earnings, including restructuring costs, and the related margin on net sales were $55 million and 3.5% in the second quarter of 2025, as compared to $70 million and 4.4% in the second quarter of 2024. Lower production volumes on Lear platforms, net of new business, reduced segment earnings by $14 million. The impact of favorable operating performance, including the benefit of operational restructuring actions, was offset by selling price reductions, the winddown of certain business and higher restructuring costs.

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A summary of financial measures for our other category, which is not an operating segment, is shown below (dollar amounts in millions):


	Three Months Ended
	June 28, 2025		June 29, 2024
Net sales	$	—	$	—
Segment earnings (1)	(91.6)		(84.7)
Margin	N/A		N/A

(1) See definition above

Segment earnings related to our other category were ($92) million in the second quarter of 2025, as compared to ($85) million in the second quarter of 2024, primarily reflecting higher compensation-related expenses.

Six Months Ended June 28, 2025 vs. Six Months Ended June 29, 2024

Net sales for the six months ended June 28, 2025 were $11.6 billion, as compared to $12.0 billion for the six months ended June 29, 2024, a decrease of $416 million or 3.5%. Lower production volumes on Lear platforms in North America, Europe and Africa, and Asia reduced net sales by $638 million. The winddown and divestiture of certain business and the impact of foreign exchange rate fluctuations also reduced net sales by $200 million and $37 million, respectively. These decreases were offset by new business in Asia and North and South Americas, which favorably impacted net sales by $241 million. Commercial recoveries were partially offset by the impact of selling price reductions.


(in millions)	Cost of Sales
First six months of 2024	$	11,160.1
Material cost	(349.6)
Labor cost	(135.5)
Depreciation	4.2
Other	113.2
First six months of 2025	$	10,792.4

Cost of sales was $10.8 billion in the first six months of 2025, as compared to $11.2 billion in the first six months of 2024. Lower production volumes on Lear platforms, the winddown and divestiture of certain business and the impact of foreign exchange rate fluctuations reduced cost of sales. These decreases were partially offset by new business, which increased cost of sales.

Gross profit and gross margin were $798 million and 6.9% of net sales, respectively, in the six months ended June 28, 2025, as compared to $847 million and 7.1% of net sales, respectively, in the six months ended June 29, 2024. Lower production volumes on Lear platforms, net of new business, reduced gross profit by $117 million. The impact of favorable operating performance, including the benefit of restructuring actions, was partially offset by selling price reductions and higher restructuring costs. These factors had a corresponding impact on gross margin.

Selling, general and administrative expenses, including engineering and development expenses, were $359 million in the first six months of 2025, as compared to $362 million in the first six months of 2024. As a percentage of net sales, selling, general and administrative expenses were 3.1% in the first six months of 2025, as compared to 3.0% in the first six months of 2024.

Amortization of intangible assets was $10 million in the first six months of 2025, as compared to $28 million in the first six months of 2024, as certain of our intangible assets became fully amortized in 2024.

Interest expense, net was $51 million in the first six months of 2025, as compared to $53 million in the first six months of 2024.

Other expense, net, which includes non-income related taxes, foreign exchange gains and losses, gains and losses related to certain derivative instruments and hedging activities, gains and losses on certain disposals of assets, the non-service cost components of net periodic benefit cost and other miscellaneous income and expense, was $26 million in the six months ended June 28, 2025, as compared to $21 million in the six months ended June 29, 2024. In the first six months of 2025, we recognized a loss of $3 million on the disposal of a non-core business. In the first six months of 2025 and 2024, we recognized foreign exchange losses of $17 million and $18 million, respectively, including losses of $5 million and $10 million, respectively, related to the hyper-inflationary environment and significant currency devaluation in Argentina.

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For the six months ended June 28, 2025, the provision for income taxes was $87 million, representing an effective tax rate of 24.6% on pretax income before equity in net income of affiliates of $353 million. For the six months ended June 29, 2024, the provision for income taxes was $87 million, representing an effective tax rate of 22.6% on pretax income before equity in net income of affiliates of $383 million, for reasons described below. For further information, see Note 12, "Income Taxes," to the condensed consolidated financial statements included in this Report.

In the first six months of 2025 and 2024, the provision for income taxes was primarily impacted by the level and mix of earnings among tax jurisdictions. In the first six months of 2025, we recognized net tax benefits of $24 million related to the release of tax reserves at foreign subsidiaries, restructuring charges and various other items. In the first six months of 2024, we recognized net tax benefits of $23 million related to the release of tax reserves and audit settlements at foreign subsidiaries, restructuring charges and various other items.

Excluding these items, the effective tax rate for the first six months of 2025 and 2024 approximated the U.S. federal statutory income tax rate of 21%, adjusted for income taxes on foreign earnings, losses and remittances, valuation allowances, tax credits, income tax incentives and other permanent items.

Equity in net income of affiliates was $28 million in the first six months of 2025, as compared to $25 million in the first six months of 2024.

Net income attributable to Lear was $246 million, or $4.54 per diluted share, in the six months ended June 28, 2025, as compared to $283 million, or $4.92 per diluted share, in the six months ended June 29, 2024. Net income and diluted net income per share decreased for the reasons described above.

Reportable Operating Segments

We have two reportable operating segments: Seating and E-Systems. For a description of our reportable operating segments, see "Executive Overview" and "Three Months Ended June 28, 2025 vs. Three Months Ended June 29, 2024 — Reportable Operating Segments" above.

Seating

A summary of the financial measures for our Seating segment is shown below (dollar amounts in millions):


	Six Months Ended
	June 28, 2025			June 29, 2024
Net sales	$	8,625.0		$	8,924.6
Segment earnings (1)	500.2			517.6
Margin	5.8		%	5.8		%

(1) See definition above

Seating net sales were $8.6 billion the six months ended June 28, 2025, as compared to $8.9 billion for the six months ended June 29, 2024, reflecting a decrease of $300 million or 3.4%. Lower production volumes on Lear platforms reduced net sales by $467 million. This decrease was offset by new business, which favorably impacted net sales by $90 million. Commercial recoveries were partially offset by the impact of selling price reductions.

Segment earnings, including restructuring costs, and the related margin on net sales were $500 million and 5.8% in the six months ended June 28, 2025, as compared to $518 million and 5.8% in the six months ended June 29, 2024. Lower production volumes on Lear platforms, net of new business, reduced segment earnings by $94 million. The impact of favorable operating performance, including the benefit of operational restructuring actions, was partially offset by selling price reductions and higher restructuring costs.

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E-Systems

A summary of financial measures for our E-Systems segment is shown below (dollar amounts in millions):


	Six Months Ended
	June 28, 2025			June 29, 2024
Net sales	$	2,965.7		$	3,082.4
Segment earnings (1)	110.7			123.6
Margin	3.7		%	4.0		%

(1) See definition above

E-Systems net sales were $3.0 billion in the six months ended June 28, 2025, as compared to $3.1 billion in the six months ended June 29, 2024, a decrease of $117 million or 3.8%. Lower production volumes on Lear platforms and the winddown and divestiture of certain business reduced net sales by $140 million and $139 million, respectively. These decreases were partially offset by new business, which favorably impacted net sales by $79 million. Commercial recoveries were partially offset by the impact of selling price reductions.

Segment earnings, including restructuring costs, and the related margin on net sales were $111 million and 3.7% in the six months ended June 28, 2025, as compared to $124 million and 4.0% in the six months ended June 29, 2024. Lower production volumes on Lear platforms, net of new business, reduced segment earnings by $23 million. The impact of favorable operating performance, including the benefit of operational restructuring actions, was offset by selling price reductions, the winddown and divestiture of certain business, and higher restructuring costs.

Other

A summary of financial measures for our other category, which is not an operating segment, is shown below (dollar amounts in millions):


	Six Months Ended
	June 28, 2025		June 29, 2024
Net sales	$	—	$	—
Segment earnings (1)	(181.2)		(183.9)
Margin	N/A		N/A

(1) See definition above

Segment earnings related to our other category were ($181) million in the first six months of 2025, as compared to ($184) million in the first six months of 2024.

LIQUIDITY AND CAPITAL RESOURCES

Our primary liquidity needs are to fund general business requirements, including working capital requirements, capital expenditures, operational restructuring actions and debt service requirements. Our principal sources of liquidity are cash flows from operating activities, borrowings under available credit facilities and our existing cash balance.

Cash Provided by Subsidiaries

A substantial portion of our operating income is generated by our subsidiaries. As a result, we are dependent on the earnings and cash flows of and the combination of dividends, royalties, intercompany loan repayments and other distributions and advances from our subsidiaries to provide the funds necessary to meet our obligations.

As of June 28, 2025 and December 31, 2024, cash and cash equivalents of $576 million and $705 million, respectively, were held in foreign subsidiaries and can be repatriated, primarily through the repayment of intercompany loans and the payment of dividends. There are no restrictions on the ability of our subsidiaries to pay dividends or make other distributions to Lear that would have a material impact on Lear.

For further information related to potential dividends from our non-U.S. subsidiaries, see Note 8, "Income Taxes," to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.

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Adequacy of Liquidity Sources

As of June 28, 2025, we had $888 million of cash and cash equivalents on hand and $2.0 billion in available borrowing capacity under our Credit Agreement. Together with cash provided by operating activities, we believe that this will enable us to meet our liquidity needs for the foreseeable future and to satisfy ordinary course business obligations. In addition, we expect to continue to pay quarterly cash dividends and repurchase shares of our common stock pursuant to our authorized Repurchase Program, although such actions are at the discretion of our Board and will depend upon our financial condition, results of operations, capital requirements, prevailing market conditions, alternative uses of capital and other factors that our Board may consider at its discretion.

Our future financial results and our ability to continue to meet our liquidity needs are subject to, and will be affected by, cash flows from operations, as well as restructuring activities, automotive industry conditions, the financial condition of our customers and suppliers, supply chain disruptions and other related factors. Additionally, an economic downturn or further reduction in production levels could negatively impact our financial condition.

For further discussion of the risks and uncertainties affecting our cash flows from operations and our overall liquidity, see "— Executive Overview" above, "— Forward-Looking Statements" below and Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2024.

Cash Flows

A summary of net cash used in operating activities is shown below (in millions):


	Six Months Ended
	June 28, 2025		June 29, 2024		Increase (Decrease) in Cash Flow
Consolidated net income and depreciation and amortization	$	590	$	631	$	(41)
Net change in working capital items:
Accounts receivable	(731)		(556)		(175)
Inventories	5		21		(16)
Accounts payable	325		186		139
Accrued liabilities and other	(44)		(16)		(28)
Net change in working capital items	(445)		(365)		(80)
Other	24		(9)		33
Net cash provided by operating activities	$	169	$	257	$	(88)

Net cash used in investing activities	$	(190)	$	(230)	$	40

Net cash used in financing activities	$	(159)	$	(251)	$	92

Operating Activities

Net cash provided by operating activities was $169 million in the first six months of 2025, as compared to $257 million in the first six months of 2024. The decrease in operating cash flow reflects lower earnings in the first six months of 2025, as compared to the first six months of 2024, and an incremental increase in working capital during the first half of 2025, as compared to the first half of 2024.

Investing Activities

Net cash used in investing activities was $190 million in the first six months of 2025, as compared to $230 million in the first six months of 2024. In the first six months of 2025, we received proceeds of $36 million related to the sale of a non-core business in the Company's Seating segment. Capital spending was $229 million in the first six months of 2025, as compared to $234 million in the first six months of 2024. Capital spending is estimated to be $590 million in 2025.

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Financing Activities

Net cash used in financing activities was $159 million in the first six months of 2025, as compared to $251 million in the first six months of 2024. In the first six months of 2025, we paid $48 million for repurchases of our common stock, $85 million in dividends to Lear shareholders and $45 million in dividends to noncontrolling interest holders. In the first six months of 2024, we paid $107 million for repurchases of our common stock, $89 million in dividends to Lear shareholders and $40 million in dividends to noncontrolling interest holders.

Capitalization

Short-Term Borrowings

We utilize uncommitted lines of credit as needed for our short-term working capital fluctuations. As of June 28, 2025 and December 31, 2024, we had lines of credit from banks totaling $381 million and $343 million, respectively. As of June 28, 2025 and December 31, 2024, we had short-term debt balances outstanding related to draws on our lines of credit of $27 million.

Term Loan

In June 2025, we amended our Term Loan to extend the maturity date to September 30, 2027, and reduce the pricing across the grid. In connection with this transaction, we recognized a loss on the extinguishment of debt and incurred related issuance costs totaling $1 million. As of June 28, 2025, we had $100 million outstanding under our Term Loan.

Senior Notes and Credit Agreement

For further information related to our senior notes and Credit Agreement, see Note 7, "Debt," to the condensed consolidated financial statements included in this Report and Note 6, "Debt," to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Subsequent Event

On July 24, 2025, we amended and restated our Credit Agreement to extend the maturity date to July 24, 2030.

Common Stock Share Repurchase Program and Quarterly Cash Dividends

For information related to our common stock share repurchase program and dividends, see "— Executive Overview — Share Repurchase Program and Quarterly Cash Dividends" above, Note 14, "Comprehensive Income (Loss) and Equity," to the condensed consolidated financial statements included in this Report and Note 11, "Capital Stock, Accumulated Other Comprehensive Loss and Equity," to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Commodity Prices

Raw material, energy and commodity costs can be volatile, reflecting, among other things, changes in supply and demand, logistics issues, global trade and tariff policies (including recent U.S. tariffs imposed or threatened to be imposed on Mexico, Canada and China, as well as other countries and any retaliatory actions taken by such countries), and geopolitical issues. We have commodity price risk with respect to purchases of certain raw materials, including steel, copper, diesel fuel, chemicals, resins and leather. Our primary commodity cost exposures relate to steel, copper and leather. We have developed and implemented strategies to mitigate the impact of increases in such costs through the selective in-sourcing of components, the continued consolidation of our supply base, longer-term purchase commitments, commercial recovery mechanisms and the selective expansion of low-cost country sourcing and engineering, as well as value engineering and product benchmarking. Further, the majority of the steel used in our products is comprised of fabricated components that are integrated into a seat system, such as seat frames, recliner mechanisms, seat tracks and other mechanical components. Therefore, our exposure to changes in steel prices is primarily indirect, through purchased components. Additionally, approximately 88% of our copper purchases and a significant portion of our leather and direct steel purchases are subject to price index agreements with our customers and suppliers. These agreements have historically mitigated this risk, but no assurance can be provided that the agreements will continue to do so in the future. Certain of these strategies also may limit our opportunities in a declining commodity price environment. In the current environment of elevated raw material, energy and commodity costs, these strategies, together with commercial negotiations with our customers and suppliers, have offset a significant portion of the adverse impact. If these costs increase, it could have an adverse impact on our operating results in the foreseeable future.

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See "— Forward-Looking Statements" below and Item 1A, "Risk Factors — Increases in the costs and restrictions on the availability of raw materials, energy, commodities, product components and labor could adversely affect our financial performance," in our Annual Report on Form 10-K for the year ended December 31, 2024.

For further information related to the financial instruments described above, see Note 17, "Financial Instruments," to the condensed consolidated financial statements included in this Report.

OTHER MATTERS

Legal and Environmental Matters

We are involved from time to time in various legal proceedings and claims, including, without limitation, commercial and contractual disputes, product liability claims, and environmental and other matters. As of June 28, 2025, we had recorded reserves for pending legal disputes, including commercial and contractual disputes, product liability claims and other legal matters of $14 million. In addition, as of June 28, 2025, we had recorded reserves for warranty and recall matters of $31 million and environmental matters of $5 million. We carry insurance for certain legal matters, including product liability claims, but such coverage may be limited. We do not maintain insurance for warranty and recall matters. Although these reserves were determined in accordance with GAAP, the ultimate outcomes of these matters are inherently uncertain, and actual results may differ significantly from current estimates. For a description of risks related to various legal proceedings and claims, see Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2024. For a more complete description of our outstanding material legal proceedings, see Note 15, "Legal and Other Contingencies," to the condensed consolidated financial statements included in this Report.

Critical Accounting Estimates

Certain of our accounting policies require management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on our historical experience, the terms of existing contracts, our evaluation of trends in the industry, information provided by our customers and suppliers and information available from other outside sources, as appropriate. However, these estimates and assumptions are subject to an inherent degree of uncertainty. Accordingly, actual results in these areas may differ significantly from our estimates.

For a discussion of our significant accounting policies and critical accounting estimates, see Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Other Matters — Critical Accounting Estimates," and Note 2, "Summary of Significant Accounting Policies," to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no significant changes in our significant accounting policies or critical accounting estimates during the first six months of 2025.

Recently Issued Accounting Pronouncements

For information on the impact of recently issued accounting pronouncements, see Note 18, "Accounting Pronouncements," to the condensed consolidated financial statements included in this Report.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by us or on our behalf. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. We also may provide forward-looking statements in oral statements or other written materials released to the public. All such forward-looking statements contained or incorporated in this Report or in any other public statements which address operating performance, events or developments that we expect or anticipate may occur in the future, including, without limitation, statements related to business opportunities, awarded sales contracts, sales backlog and ongoing commercial arrangements, or statements expressing views about future operating results, are forward-looking statements. Actual results may differ materially from any or all forward-looking statements made by us. Important factors, risks and uncertainties that may cause actual results to differ materially from anticipated results include, but are not limited to:

•general economic conditions in the markets in which we operate, including changes in interest rates or currency exchange rates;

•the impact of administrative policy, including trade policies and tariffs, in the United States and related actions by

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countries in which we do business;

•changes in actual industry vehicle production levels from our current estimates;

•fluctuations in the production of vehicles or the loss of business with respect to, or the lack of commercial success of, a vehicle model for which we are a significant supplier;

•the outcome of customer negotiations and the impact of customer-imposed price reductions;

•increases in the costs and restrictions on the availability of raw materials, energy, commodities, product components and labor and our ability to mitigate such costs and insufficient availability;

•disruptions in relationships with our customers and suppliers;

•the financial condition of and adverse developments affecting our customers and suppliers;

•risks associated with conducting business in foreign countries, including the risk of war or other geopolitical conflicts;

•currency controls and the ability to economically hedge currencies;

•global sovereign fiscal matters and creditworthiness, including potential defaults and the related impacts on economic activity, including the possible effects on credit markets, currency values, monetary unions, international treaties and fiscal policies;

•competitive conditions impacting us and our key customers and suppliers;

•labor disputes, including disruptions, involving us or our significant customers or suppliers or that otherwise affect us or our significant customers or suppliers;

•the consequences of violations of law by our employees, agents or business partners, including violations related to anti-bribery, competition, export and import, trade sanctions, data privacy, environmental, human rights and other laws;

•the operational and financial success of our joint ventures;

•our ability to attract, develop, engage and retain qualified employees;

•our ability to respond to the evolution of the global transportation industry;

•the outcome of an increased emphasis on global climate change and other sustainability matters by stakeholders;

•the impact of global climate change;

•the impact of pandemics, epidemics, disease outbreaks and other public health crises on our business;

•the impact and timing of program launch costs and our management of new program launches;

•the impact of delayed program launches due to customer planning decisions;

•changes in discount rates and the actual return on pension assets;

•impairment charges initiated by adverse industry or market developments;

•our ability to execute our strategic objectives;

•limitations imposed by our existing indebtedness and our ability to access capital markets on commercially reasonable terms;

•disruptions to our information technology systems, or those of our customers or suppliers, including those related to cybersecurity;

•increases in our warranty, product liability or recall costs;

•the outcome of legal or regulatory proceedings to which we are or may become a party;

•the impact of pending legislation and regulations or changes in existing federal, state, local or foreign laws or regulations;

•the impact of regulations on our foreign operations;

•costs associated with compliance with environmental laws and regulations;

•developments or assertions by or against us relating to intellectual property rights;

•the impact of changes in our effective tax rate, the adoption of new tax legislation or exposure to additional income tax liabilities on our profitability; and

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•other risks, described in Part II — Item 1A, "Risk Factors," included in this Report and Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2024, and in our other Securities and Exchange Commission filings.

The forward-looking statements in this Report are made as of the date hereof, and we do not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date hereof.

ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

MARKET RISK SENSITIVITY

In the normal course of business, we are exposed to market risks associated with fluctuations in foreign exchange rates, interest rates and commodity prices. We manage a portion of these risks through the use of derivative financial instruments in accordance with our policies. We enter into all hedging transactions for periods consistent with the underlying exposures. We do not enter into derivative instruments for trading purposes.

Foreign Exchange

Operating results may be impacted by our buying, selling and financing in currencies other than the functional currency of our operating companies ("transactional exposure"). We may mitigate a portion of this risk by entering into forward foreign exchange, futures and option contracts. The foreign exchange contracts are executed with banks that we believe are creditworthy. Gains and losses related to foreign exchange contracts are deferred where appropriate and included in the measurement of the foreign currency transaction subject to the hedge. Gains and losses incurred related to foreign exchange contracts are generally offset by the direct effects of currency movements on the underlying transactions.

A summary of the notional amount and estimated aggregate fair value of our outstanding foreign exchange contracts is shown below (in millions):


	June 28, 2025		December 31, 2024
Notional amount (contract maturities < 36 months)	$	3,063	$	3,087
Fair value	100		(154)

Currently, our most significant foreign currency transactional exposures relate to the Mexican peso, various European currencies, the Moroccan dirham, the Honduran lempira and the Chinese renminbi.

A sensitivity analysis of our net transactional exposure is shown below (in millions):


		Potential Earnings Benefit (Adverse Earnings Impact)
	Hypothetical Strengthening % (1)	June 28, 2025		December 31, 2024
U.S. dollar	10%	$	36	$	19
Euro	10%	42		38

(1) Relative to all other currencies to which it is exposed for a twelve-month period

A sensitivity analysis related to the aggregate fair value of our outstanding foreign exchange contracts is shown below (in millions):


		Estimated Change in Fair Value
	Hypothetical Change % (2)	June 28, 2025		December 31, 2024
U.S. dollar	10%	$	203	$	187
Euro	10%	71		68

(2) Relative to all other currencies to which it is exposed for a twelve-month period

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There are certain shortcomings inherent in the sensitivity analyses above. The analyses assume that all currencies would uniformly strengthen or weaken relative to the U.S. dollar or Euro. In reality, some currencies may strengthen while others may weaken, causing the earnings impact to increase or decrease depending on the currency and the direction of the rate movement.

In addition to the transactional exposure described above, our operating results are impacted by the translation of our foreign operating income into U.S. dollars ("translational exposure"). In 2024, net sales outside of the United States accounted for 78% of our consolidated net sales, although certain non-U.S. sales are U.S. dollar denominated. We do not enter into foreign exchange contracts to mitigate our translational exposure.

Interest Rates

Our variable rate obligations are sensitive to changes in interest rates. As of June 28, 2025, we had $100 million outstanding under our Term Loan. Advances under the Term Loan generally bear interest based on the Daily or Term SOFR (as defined in the Term Loan agreement) plus a margin, determined in accordance with a pricing grid, that ranges from 0.875% to 1.375%. As of June 28, 2025, the interest rate was 5.320%.

A hypothetical 100 basis point increase in the interest rate on our Term Loan would increase annual interest expense and related cash interest payments by approximately $1 million.

ITEM 4 — CONTROLS AND PROCEDURES

(a)Disclosure Controls and Procedures

The Company has evaluated, under the supervision and with the participation of the Company's management, including the Company's President and Chief Executive Officer along with the Company's Senior Vice President and Chief Financial Officer, the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Report. The Company's disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. Based on the evaluation described above, the Company's President and Chief Executive Officer along with the Company's Senior Vice President and Chief Financial Officer have concluded that the Company's disclosure controls and procedures were effective to provide reasonable assurance that the desired control objectives were achieved as of the end of the period covered by this Report.

(b)Changes in Internal Control over Financial Reporting

There was no change in the Company's internal control over financial reporting that occurred during the fiscal quarter ended June 28, 2025, that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

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PART II — OTHER INFORMATION

ITEM 1 — LEGAL PROCEEDINGS

We are involved from time to time in various legal proceedings and claims, including, without limitation, commercial or contractual disputes, product liability claims, and environmental and other matters. For a description of risks related to various legal proceedings and claims, see Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2024. For a description of our outstanding material legal proceedings, see Note 15, "Legal and Other Contingencies," to the condensed consolidated financial statements included in this Report.

ITEM 1A — RISK FACTORS

There have been no material changes from the risk factors as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, except for the update of the risk factor set forth below:

•International trade policies, such as tariffs and sanctions, could adversely affect our financial performance.

Due to the interconnectedness of the global economy, policy changes in one area of the world can have an immediate and material adverse impact on markets around the world. Changes in international trade policies, including: (i) changes to existing trade agreements; (ii) greater restrictions on free trade generally; and (iii) significant increases in customs duties and tariffs imposed by any country, including those already imposed by the United States and retaliatory and other actions by other countries, can adversely affect our financial condition and operating results.

•Incremental 20% tariff on all imports into the United States from China (the "China Tariff").

•10% tariff on all imports into the United States from all countries that are not subject to the Automobile Parts, Mexico/Canada or Steel/Aluminum Tariffs. Country-specific tariffs were to replace the 10% tariffs effective April 9, 2025, but are currently paused, with the exception of China, until August 1, 2025 (the "Reciprocal Tariffs"). The China Reciprocal Tariff of 125% was reduced to 10% effective May 14, 2025 through August 12, 2025, and is additive to the China Tariff discussed above. On July 12, 2025, President Trump threatened a 30% tariff on all imports into the United States from the European Union effective August 1, 2025. In addition, various country-specific proposals and agreements have been or are being negotiated directly with the affected countries.

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•50% tariff on copper imports into the United States effective August 1, 2025. The scope of this tariff has not yet been confirmed by the current U.S. administration (the "Copper Tariff").

The actual impact of these tariffs on our business, financial condition and results of operations is subject to a number of factors that are not yet known or are subject to change, including the effect such tariffs may have on consumer demand and global automotive production volumes, the effective dates and duration of such tariffs, future changes in the amounts and scope of such tariffs, the potential withdrawal of such tariffs in whole or in part, the scope and effective date of any exemptions to such tariffs, any modification to existing exemptions to the tariffs, countermeasures that the target countries may take in response to such tariffs, and the impact such tariffs may have on our customers and our supply chain. We have entered into contractual agreements with our customers to recover substantially all tariff costs incurred to date and are implementing certain actions, and considering others, to counter the potential impact of such tariffs on our business, financial condition and results of operations, including, without limitation, participating in efforts to inform the U.S. and certain foreign administrations and legislatures of the impact of current trade and tariff policies on the automotive industry and evaluating our production footprint and alternatives in our supply chain. However, we can provide no assurance that we will continue to be successful in recovering such costs from our customers or that any of these mitigating actions will continue to be successful or will not disrupt and deteriorate our business, operations and financial performance.

In addition to potential increases in customs duties and tariffs in the United States and other countries, the USMCA is subject to renewal in 2026. There can be no assurance that the USMCA will be renewed or, if renewed, any newly negotiated terms in the USMCA will not adversely affect our business. Also, China presents unique risks to U.S. automotive manufacturers due to the strain in U.S.-China relations and the level of integration with key components in our global supply chain. It remains unclear what additional actions the current U.S. administration may take with respect to trade issues involving China and other countries.

Further, the U.S. and other governments could impose additional sanctions or export controls that could restrict us from doing business directly or indirectly in or with certain countries or parties, which could include affiliates (e.g., China has imposed tariffs and taken other retaliatory actions in recent months). The current trade environment could impact the status of other trade agreements between the United States and countries other than Canada and Mexico, including, without limitation, the Dominican Republic-Central America-United States Free Trade Agreement. Any of the above factors could impact our supply chain, as well as our operations, and adversely affect our financial condition and operating results.

ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

As discussed in Part I — Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Executive Overview — Share Repurchase Program and Quarterly Cash Dividends," and Note 14, "Comprehensive Income (Loss) and Equity," to the condensed consolidated financial statements included in this Report, we have a remaining repurchase authorization of $1,049.9 million under our ongoing common stock share repurchase program.

A summary of the shares of our common stock repurchased during the quarter ended June 28, 2025, is shown below:


Period	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet be Purchased Under the Program (in millions)
March 30, 2025 through April 26, 2025	—	$—	—	$	1,074.9
April 27, 2025 through May 24, 2025	—	$—	—	$	1,074.9
May 25, 2025 through June 28, 2025	271,117	$92.21	271,117	$	1,049.9
Total	271,117	$92.21	271,117	$	1,049.9

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ITEM 5 — OTHER INFORMATION

RULE 10b5-1 TRADING PLAN

During the three months ended June 28, 2025, no director or officer of the Company or a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6 — EXHIBITS

Exhibit Index


	Exhibit Number	Exhibit Name
*	10.1	Second Amended and Restated Credit Agreement, dated July 24, 2025, among the Company, the foreign subsidiary borrowers from time to time party thereto, the lenders from time to time party thereto, Bank of America, N.A., BNP Paribas Corp., Citibank, N.A. and HSBC Bank USA, National Association, as syndication agents, and JPMorgan Chase Bank, N.A., as administrative agent.
*	31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer.
*	31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer.
*	32.1	Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
*	32.2	Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
**	101.INS	XBRL Instance Document.
***	101.SCH	XBRL Taxonomy Extension Schema Document.
***	101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
***	101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
***	101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.
***	101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
**	104	Cover Page Interactive Data File.

*	Filed herewith.
**	The XBRL Instance Document and Cover Page Interactive Data File do not appear in the Interactive Data File because their XBRL tags are embedded within the Inline XBRL document.
***	Submitted electronically with the Report.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.


LEAR CORPORATION

Dated:	July 25, 2025	By:	/s/ Raymond E. Scott
			Raymond E. Scott
			President and Chief Executive Officer

		By:	/s/ Jason M. Cardew
			Jason M. Cardew
			Senior Vice President and Chief Financial Officer

LEAR CORP - Quarter Report: 2025 June (Form 10-Q)

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