As filed with the Commission on June 29, 2005
SECURITIES AND EXCHANGE COMMISSION
FORM 11-K
(Mark One)
For the fiscal year ended December 31, 2004.
OR
o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from __________ to ___________.
Commission File No: 1-11311
A. Full title of the plans and the address of the plans, if different from that of the issuer named below:
Lear Corporation Salaried Retirement Savings Plan
Lear Corporation Hourly Retirement Savings Plan
Lear Corporation Hourly 401(k) Savings Plan
B. Name of issuer of the securities held pursuant to the plans and the address of its principal executive office:
LEAR CORPORATION
SUMMARY TABLE OF CONTENTS
Lear Corporation Salaried Retirement Savings Plan | ||||||||
Audited Financial Statements as of December 31, 2004 and 2003 | ||||||||
Lear Corporation Hourly Retirement Savings Plan | ||||||||
Audited Financial Statements as of December 31, 2004 and 2003 | ||||||||
Lear Corporation Hourly 401(k) Savings Plan | ||||||||
Audited Financial Statements as of December 31, 2004 and 2003 | ||||||||
Exhibit 23.1 Consents of Ernst & Young LLP |
REQUIRED INFORMATION
The Lear Corporation Salaried Retirement Savings Plan, the Lear Corporation Hourly Retirement Savings Plan and the Lear Corporation Hourly 401(k) Savings Plan, collectively hereinafter referred to as the Plans, are subject to the Employee Retirement Income Security Act of 1974 (ERISA). Therefore, in lieu of the requirements of Items 1-3 of Form 11-K, the financial statements and schedules of the Plans for the two fiscal years ended December 31, 2004 and 2003, which have been prepared in accordance with the financial reporting requirements of ERISA, are attached hereto as Appendix numbers 1 through 3, as listed in the Summary Table of Contents and incorporated herein by this reference. The consents of Ernst & Young LLP attached hereto as an Exhibit are a part hereof.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized in the City of Southfield, Michigan on June 29, 2005.
Lear Corporation Salaried Retirement Savings Plan
Lear Corporation Hourly Retirement Savings Plan
Lear Corporation Hourly 401(k) Savings Plan
By: Lear Corporation, as Plan Administrator | ||||||
By: | /s/ Roger A. Jackson | |||||
Name: | Roger A. Jackson | |||||
Title: | Senior Vice President Human Resources |
Appendix 1
Audited Financial Statements and
Supplemental Schedules
Lear Corporation Salaried Retirement Savings Plan
December 31, 2004 and 2003, and Year Ended December 31, 2004
With Report of Independent Registered Public Accounting Firm
Lear Corporation Salaried Retirement Savings Plan
Audited Financial Statements and Supplemental Schedules
December 31, 2004 and 2003, and
Year Ended December 31, 2004
Contents
1 | ||
Audited Financial Statements |
||
2 | ||
3 | ||
4 | ||
Supplemental Schedules |
||
12 | ||
13 |
Report of Independent Registered Public Accounting Firm
The Plan Administrator
Lear Corporation Salaried Retirement Savings Plan
We have audited the accompanying statements of net assets available for benefits of Lear Corporation Salaried Retirement Savings Plan as of December 31, 2004 and 2003, and the related statement of changes in net assets available for benefits for the year ended December 31, 2004. These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plans internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plans internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2004 and 2003, and the changes in its net assets available for benefits for the year ended December 31, 2004, in conformity with U.S. generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedules of assets (held at end of year), as of December 31, 2004, and reportable transactions for the year then ended, are presented for purposes of additional analysis and are not a required part of the financial statements but are supplementary information required by the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plans management. The supplemental schedules have been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, are fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/ Ernst & Young LLP
June 7, 2005
1
Lear Corporation Salaried Retirement Savings Plan
Statements of Net Assets Available for Benefits
December 31 | ||||||||
2004 | 2003 | |||||||
Assets |
||||||||
Cash equivalents |
$ | 1,004,514 | $ | 1,948,253 | ||||
Investment, at fair value: |
||||||||
Mutual and money market funds |
282,821,848 | 238,117,214 | ||||||
Lear Corporation Stock Fund |
74,413,405 | 70,736,656 | ||||||
Participant loans |
9,625,037 | 7,998,101 | ||||||
Total investments |
366,860,290 | 316,851,971 | ||||||
Receivables: |
||||||||
Employer contributions |
347,106 | 355,291 | ||||||
Accrued income |
| 3,182 | ||||||
Transfer from Lear Corporation Hourly Plan |
25,253 | | ||||||
Total receivables |
372,359 | 358,473 | ||||||
Total assets |
368,237,163 | 319,158,697 | ||||||
Liabilities |
||||||||
Accrued expenses |
122,865 | 178,708 | ||||||
Total liabilities |
122,865 | 178,708 | ||||||
Net assets available for benefits |
$ | 368,114,298 | $ | 318,979,989 | ||||
See accompanying notes.
2
Lear Corporation Salaried Retirement Savings Plan
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2004
Additions |
||||
Interest and dividend income |
$ | 1,948,827 | ||
Employee contributions |
38,225,437 | |||
Employer contributions |
7,589,024 | |||
Transfers in from other plans |
300,093 | |||
Total additions |
48,063,381 | |||
Deductions
|
||||
Benefits paid to participants |
22,650,437 | |||
Administrative expenses |
738,760 | |||
Total deductions |
23,389,197 | |||
Net appreciation in fair value of investments |
24,460,125 | |||
Net increase |
49,134,309 | |||
Net assets available for benefits: |
||||
Beginning of year |
318,979,989 | |||
End of year |
$ | 368,114,298 | ||
See accompanying notes.
3
Lear Corporation Salaried Retirement Savings Plan
Notes to Financial Statements
December 31, 2004 and 2003, and
Year Ended December 31, 2004
1. Plan Description
The following description of the Lear Corporation Salaried Retirement Savings Plan (the Plan) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plans provisions.
General
The Plan is a defined contribution plan established to encourage and facilitate systematic savings and investment by eligible employees of Lear Corporation (the Company). The Plan includes provisions for voting shares of the Companys stock. It is subject to certain provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended, applicable to defined contribution pension plans.
Eligibility
All full-time, nonunion U.S. salaried employees of the Company and all full-time, nonunion Lear Technologies, L.L.C. (Lear Tech) employees who have completed one month of service and all part-time, nonunion U.S. salaried employees of the Company who have completed 1,000 hours of service in one year are eligible to participate in the Plan effective the first day of the month following completion of the Plans eligibility requirements.
Contributions
Participants may elect to contribute up to 25% of their annual compensation, subject to certain limitations. The Companys matching contributions are generally either 25% or 50%, up to the first 5% of compensation contributed to the Plan, subject to certain limitations, and are generally invested in the Lear Corporation Stock Fund. The matching contribution formula is based on the number of years of service of the employee. For Lear Tech employees, the Companys matching contributions are 25%, up to the first 4% of compensation. In addition, Lear Tech employees receive a primary contribution based on the number of hours worked by the employee.
4
Lear Corporation Salaried Retirement Savings Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Contributions (continued)
Company matching contributions are initially invested in the Lear Corporation Stock Fund and are available for transfer to any other investment fund on February 1 following the calendar yearend.
Participant Accounts
Each participants account is credited with (a) the participants contributions, (b) Company contributions, (c) withdrawals and distributions, (d) allocation of Plan earnings, and (e) allocation of administrative expenses. Allocations are based on participant account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participants vested account.
Vesting of Benefits
Participants are immediately vested in their contributions and actual earnings thereon regardless of length of service. A participant becomes vested in the Companys contributions and earnings thereon at a rate of 20% per year and is 100% vested after completion of five years of credited service or upon retirement, total and permanent disability, or death.
Plan Forfeitures
In the event that a participant terminates employment, any nonvested amounts shall be forfeited. Forfeited amounts are retained in the Plan and used to reduce future employer contributions. In 2004, employer contributions included prior forfeitures of $1,500,000. There is $166,239 and $1,338,278 of unallocated forfeitures included in the Plan assets as of December 31, 2004 and 2003, respectively.
5
Lear Corporation Salaried Retirement Savings Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Distributions of Benefits
Distribution of benefits is made upon the occurrence of any one of the following:
| Normal retirement of the participant at age 65 participant may defer to age 70-1/2; | |||
| Deferred retirement of the participant beyond age 65; | |||
| Total and permanent disability of the participant; | |||
| Death of the participant; or | |||
| Termination of employment |
Benefits due upon death are generally paid in a lump sum and are based on vested amounts in the participants accounts. Benefits due upon termination, retirement, or disability are paid in a lump sum or through installments for up to twenty years and are based on vested amounts in the participants accounts. In addition, terminated participants with benefits due in excess of $5,000 may defer such benefits until age 70-1/2.
Plan Termination
Although it has not expressed the intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of complete discontinuance of employer contributions or total or partial termination of the Plan, the accounts of the participants affected by such actions shall become 100% vested and nonforfeitable.
Participant Loans
Participants may borrow from the Plan a minimum of $1,000 up to a maximum not to exceed the lesser of (a) $50,000 reduced by the highest outstanding balance of all other loans from the Plan to the participant during the one-year period ending on the day before the date such loan was made or (b) 50% of their vested account balance. Interest is payable based on the annual prime rate as published by the Wall Street Journal plus one percentage point. Repayment of any loan is made through employee payroll deductions, generally over a period of five years or less.
6
Lear Corporation Salaried Retirement Savings Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Hardship Withdrawals
No amounts may be withdrawn from a deferral account before a participant terminates employment with the Company or attains age 59-1/2, except by reason of financial hardship as defined by the Plan.
2. Summary of Significant Accounting Policies
Investment Valuation and Income Recognition
The fair values of the participation units owned by the Plan in mutual and money market funds are based on the net asset values on the last business day of the Plan year. The fair value of investments in the Companys common stock is based on the last reported sales price on the last business day of the Plan year as traded on the New York Stock Exchange. The participant loans are valued at their outstanding balances, which approximate fair value. Purchases and sales of securities are recorded on the trade date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
Expenses
Although not obligated to do so, the Company pays certain administrative expenses on behalf of the Plan.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.
7
Lear Corporation Salaried Retirement Savings Plan
Notes to Financial Statements (continued)
3. Investments
During 2004, the Plans investments (including investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows:
Mutual and money market funds |
$ | 24,795,119 | ||
Lear Corporation Stock Fund* |
(334,994 | ) | ||
$ | 24,460,125 | |||
Investments that represent 5% or more of the fair value of the Plans net assets are as follows:
December 31 | ||||||||
2004 | 2003 | |||||||
Lear Corporation Stock Fund* |
$ | 74,413,405 | $ | 70,736,656 | ||||
Dodge & Cox Balanced Fund |
50,144,436 | 41,074,387 | ||||||
Northern Trust Money Market Fund |
47,773,791 | 49,731,859 | ||||||
SSGA
S&P 500 Index Fund |
43,072,338 | 35,540,516 | ||||||
Growth Fund of America |
41,479,033 | 22,489,860 | ||||||
Davis New York Venture Fund |
37,364,187 | 30,893,660 | ||||||
EuroPacific Growth Fund |
25,194,447 | 16,853,894 |
* | Includes nonparticipant directed investments |
8
Lear Corporation Salaried Retirement Savings Plan
Notes to Financial Statements (continued)
4. Nonparticipant-Directed Investments
The Lear Corporation Stock Fund includes both participant and nonparticipant directed investments, which are commingled. Company matching contributions are made to the Lear Corporation Stock Fund. These contributions and associated appreciation, income and dividends are nonparticipant directed until amounts are available for transfer as described in the Plan agreement. Information about the net assets available for benefits and the significant components of the changes in net assets available for benefits is as follows:
December 31 | ||||||||
2004 | 2003 | |||||||
Investment, at fair value: |
||||||||
Lear Corporation Stock Fund |
$ | 74,413,405 | $ | 70,736,656 | ||||
Year Ended | ||||
December 31, | ||||
2004 | ||||
Changes in net assets: |
||||
Net depreciation in fair value of investment |
$ | (334,994 | ) | |
Interest and dividend income |
936,284 | |||
Employee contributions |
3,466,138 | |||
Employer contributions |
7,802,631 | |||
Loan repayment |
571,676 | |||
Net transfers and rollovers |
(4,654,037 | ) | ||
Expenses |
(429 | ) | ||
Distributions to participants |
(4,110,520 | ) | ||
Increase in net assets |
$ | 3,676,749 | ||
9
Lear Corporation Salaried Retirement Savings Plan
Notes to Financial Statements (continued)
5. Differences Between Financial Statements and Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
December 31, | ||||
2004 | ||||
Net assets available for benefits per the financial statements |
$ | 368,114,298 | ||
Amounts allocated to withdrawing participants |
(560,778 | ) | ||
Net assets available for benefits per the Form 5500 |
$ | 367,553,520 | ||
The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500:
Year Ended | ||||
December 31, | ||||
2004 | ||||
Benefits paid to participants per the financial statements |
$ | 22,650,437 | ||
Add amounts allocated to withdrawing participants as
of December 31, 2004 |
560,778 | |||
Less amounts allocated to withdrawing participants as
of December 31, 2003 |
(183,688 | ) | ||
Benefits paid to participants per the Form 5500 |
$ | 23,027,527 | ||
6. Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and such changes could materially affect participants account balances and the amounts reported in the statement of net assets available for benefits.
10
Lear Corporation Salaried Retirement Savings Plan
Notes to Financial Statements (continued)
7. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service dated March 13, 2002, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the Code), and therefore, the related trust is exempt from taxation. Subsequent to this determination by the Internal Revenue Service, the Plan was amended and restated. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and therefore, believes that the Plan, as amended and restated, is qualified and the related trust is tax exempt.
11
Supplemental Schedules
Lear Corporation Salaried Retirement Savings Plan
EIN #13-3386776 Plan #002
Schedule H, Line 4i Schedule of Assets
(Held at End of Year)
December 31, 2004
Description of Investment Including | ||||||||
Identity of Issue, Borrower | Maturity Date, Rate of Interest, | Current | ||||||
Lessor, or Similar Party | Collateral, Par, or Maturity Value | Cost | Value | |||||
* Lear Corporation |
Lear Corporation Stock Fund 1,183,027 units | $49,817,220 | $ | 74,413,405 | ||||
* The Northern Trust Company |
Money Market Fund 47,759,536 shares | ** | 47,773,791 | |||||
SSGA S&P 500 Index Fund 2,156,852 shares | ** | 43,072,338 | ||||||
Davis New York Venture Fund 1,217,471 shares | ** | 37,364,187 | ||||||
Dodge & Cox Balanced Fund 631,940 shares | ** | 50,144,436 | ||||||
Growth Fund of America Fund 1,514,939 shares | ** | 41,479,033 | ||||||
EuroPacific Growth Fund 707,113 shares | ** | 25,194,447 | ||||||
Bond Fund of America 918,619 shares | ** | 12,539,144 | ||||||
Vanguard Long-Term U.S. Treasury Portfolio Fund 708,764 shares | ** | 8,191,249 | ||||||
Franklin Templeton Conservative Growth Fund - 160,465 shares | ** | 2,002,609 | ||||||
Franklin Templeton Moderate Growth Fund 248,061 shares | ** | 3,147,894 | ||||||
Franklin Templeton Growth Fund 377,632 shares | ** | 4,973,413 | ||||||
Schwab |
Schwab Personal Choice Retirement Account | ** | 6,939,307 | |||||
* Participant loans |
Interest rate ranging from 5.0 to 11.9% | | 9,625,037 | |||||
$ | 366,860,290 | |||||||
* | Party in interest | |
** | Disclosure of historical cost information is not required for participant-directed investments. |
12
Lear Corporation Salaried Retirement Savings Plan
EIN #13-3386776 Plan #002
Schedule H, Line 4j Schedule of Reportable Transactions
Year Ended December 31, 2004
Description of Asset | Expense | Current Value | ||||||||||||||||||||||||||||||
(Including Interest | Incurred | of Asset on | ||||||||||||||||||||||||||||||
Identity of | Rate and Maturity in | Purchase | Selling | Lease | With | Cost of | Transaction | Net Gain | ||||||||||||||||||||||||
Party Involved | Case of a Loan) | Price | Price | Rental | Transaction* | Asset | Date | (Loss) | ||||||||||||||||||||||||
Category (iii) A series of transactions involving securities of the same issue which, when aggregated, involve
an amount in excess of 5% of the current value of plan assets. |
||||||||||||||||||||||||||||||||
Lear Corporation |
Common Stock: | |||||||||||||||||||||||||||||||
26 purchases | $ | 13,575,077 | $ | 13,575,077 | $ | 13,575,077 | ||||||||||||||||||||||||||
32 sales | $ | 9,584,670 | 6,210,821 | 9,584,670 | $ | 3,373,849 |
* | The commissions and fees related to purchases and sales of investments are included in the cost of investments or proceeds from the sales and are not separately identified by the Trustee. |
There were no category (i), (ii), or (iv) reportable transactions.
13
Appendix 2
Audited Financial Statements and
Supplemental Schedules
Lear Corporation Hourly Retirement Savings Plan
December 31, 2004 and 2003, and Year Ended December 31, 2004
With Report of Independent Registered Public Accounting Firm
Lear Corporation Hourly Retirement Savings Plan
Audited Financial Statements and Supplemental Schedules
December 31, 2004 and 2003, and
Year Ended December 31, 2004
Contents
1 | ||||
Audited Financial Statements |
||||
2 | ||||
3 | ||||
4 | ||||
Supplemental Schedules |
||||
12 | ||||
13 |
Report of Independent Registered Public Accounting Firm
The Plan Administrator
Lear Corporation Hourly Retirement Savings Plan
We have audited the accompanying statements of net assets available for benefits of Lear Corporation Hourly Retirement Savings Plan as of December 31, 2004 and 2003, and the related statement of changes in net assets available for benefits for the year ended December 31, 2004. These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plans internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plans internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2004 and 2003, and the changes in its net assets available for benefits for the year ended December 31, 2004, in conformity with U.S. generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedules of assets (held at end of year) as of December 31, 2004, and reportable transactions for the year then ended, are presented for purposes of additional analysis and are not a required part of the financial statements but are supplementary information required by the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plans management. The supplemental schedules have been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, are fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/ Ernst & Young LLP
June 7, 2005
1
Lear Corporation Hourly Retirement Savings Plan
Statements of Net Assets Available for Benefits
December 31 | ||||||||
2004 | 2003 | |||||||
Assets |
||||||||
Cash equivalents |
$ | 579,397 | $ | 621,434 | ||||
Investment, at fair value: |
||||||||
Mutual and money market funds |
166,255,139 | 150,103,244 | ||||||
Lear Corporation Stock Fund |
33,563,997 | 32,519,464 | ||||||
Participant loans |
14,695,974 | 11,955,891 | ||||||
Total investments |
214,515,110 | 194,578,599 | ||||||
Receivables: |
||||||||
Employer contributions |
1,079,310 | 1,013,988 | ||||||
Employee contributions |
1,276,668 | 1,126,917 | ||||||
Transfer from Lear Operations Corporation
Employees Money Purchase Plan |
| 314,225 | ||||||
Accrued income |
| 439 | ||||||
Total receivables |
2,355,978 | 2,455,569 | ||||||
Total assets |
217,450,485 | 197,655,602 | ||||||
Liabilities |
||||||||
Accrued expenses |
88,370 | 128,509 | ||||||
Excess contributions payable |
4,276 | 6,487 | ||||||
Transfers to Lear Corporation Salaried Plan |
25,253 | | ||||||
Total liabilities |
117,899 | 134,996 | ||||||
Net assets available for benefits |
$ | 217,332,586 | $ | 197,520,606 | ||||
See accompanying notes.
2
Lear Corporation Hourly Retirement Savings Plan
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2004
Additions |
||||
Interest and dividend income |
$ | 1,666,175 | ||
Employee contributions |
15,937,057 | |||
Employer contributions |
13,241,482 | |||
Total additions |
30,844,714 | |||
Deductions |
||||
Benefits paid to participants |
21,702,183 | |||
Excess contributions returned to participants |
4,276 | |||
Administrative expenses |
637,627 | |||
Transfers out to other plans |
63,481 | |||
Total deductions |
22,407,567 | |||
Net appreciation in fair value of investments |
11,374,833 | |||
Net increase |
19,811,980 | |||
Net assets available for benefits: |
||||
Beginning of year |
197,520,606 | |||
End of year |
$ | 217,332,586 | ||
See accompanying notes.
3
Lear Corporation Hourly Retirement Savings Plan
Notes to Financial Statements
December 31, 2004 and 2003, and
Year Ended December 31, 2004
1. Plan Description
The following description of the Lear Corporation Hourly Retirement Savings Plan (the Plan) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plans provisions.
General
The Plan is a defined contribution plan established to encourage and facilitate systematic savings and investment by eligible hourly employees of Lear Corporation (the Company). The Plan includes provisions for voting shares of the Companys stock. It is subject to certain provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended, applicable to defined contribution pension plans.
Eligibility
Generally, all U.S., full-time, hourly employees of the Company who have completed two months to one year of service, as defined in the Plan agreement, and all U.S., part-time, hourly employees who have completed 1,000 hours of service in one calendar year are eligible to participate in the Plan.
Contributions
In general, participants may elect to contribute up to 25% of their annual compensation, subject to certain limitations. The Companys matching contributions are generally 25%, up to the first 4% of compensation contributed to the Plan, subject to certain limitations, and are generally invested in the Lear Corporation Stock Fund. Primary contributions are based on the number of hours worked by the employee.
Company matching contributions are initially invested in the Lear Corporation Stock Fund and are available for transfer to any other investment fund on February 1 following the calendar year-end.
4
Lear Corporation Hourly Retirement Savings Plan
Notes to Financial Statements (continued)
1. Plan Description (continued)
Participant Accounts
Each participants account is credited with (a) the participants contributions, (b) the Companys contributions, (c) withdrawals and distributions, (d) allocation of Plan earnings, and (e) allocation of administrative expenses. Allocations are based on participant account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participants vested account.
Vesting of Benefits
Participants are immediately vested in their contributions and actual earnings thereon and are generally immediately vested in the Companys primary contributions and actual earnings thereon regardless of length of service. A participant generally becomes vested in the Companys matching contributions and earnings thereon at a rate of 20% per year and is 100% vested after completion of five years of credited service or upon retirement, total and permanent disability, or death.
Plan Forfeitures
In the event that a participant terminates employment, any nonvested amounts shall be forfeited. Forfeited amounts are retained in the Plan and used to reduce future employer contributions. In 2004, employer contributions included prior forfeitures of $253,252. There are $86,105 and $165,695 of unallocated forfeitures in the Plan assets as of December 31, 2004 and 2003, respectively.
Distributions of Benefits
Distribution of benefits is made upon the occurrence of any one of the following:
| Normal retirement of the participant at age 65 participant may defer to age 70-1/2; | |||
| Deferred retirement of the participant beyond age 65; | |||
| In-service withdrawal of the participant at age 59-1/2; | |||
| Total and permanent disability of the participant; | |||
| Death of the participant; or | |||
| Termination of employment. |
5
Lear Corporation Hourly Retirement Savings Plan
Notes to Financial Statements (continued)
1. Plan Description (continued)
Benefits due upon death are generally paid in a lump sum and are based on vested amounts in the participants accounts. Benefits due upon termination, retirement, withdrawal, or disability are paid in a lump sum or through installments for up to twenty years and are based on vested amounts in the participants accounts. In addition, terminated participants with benefits due in excess of $5,000 may defer such benefits until age 70-1/2.
Plan Termination
Subject to the provisions of related collective bargaining agreements, the Company may discontinue its contributions or terminate the Plan as provided by the provisions of ERISA. In the event of complete discontinuance of employer contributions or total or partial termination of the Plan, the accounts of the participants affected by such actions shall become 100% vested and nonforfeitable.
Participant Loans
Participants may borrow from the Plan a minimum of $1,000 up to a maximum not to exceed the lesser of (a) $50,000 reduced by the highest outstanding balance of all other loans from the Plan to the participant during the one-year period ending on the day before the date such loan was made or (b) 50% of their vested account balance. Interest is payable based on the annual prime rate as published by the Wall Street Journal plus one percentage point. Repayment of any loan is made through employee payroll deductions, generally over a period of five years or less.
Hardship Withdrawals
No amounts may be withdrawn from a deferral account before a participant terminates employment with the Company or attains age 59-1/2, except by reason of financial hardship as defined by the Plan.
6
Lear Corporation Hourly Retirement Savings Plan
Notes to Financial Statements (continued)
2. Summary of Significant Accounting Policies
Investment Valuation and Income Recognition
The fair values of the participation units owned by the Plan in mutual and money market funds are based on the net asset values on the last business day of the Plan year. The fair value of investments in the Companys common stock is based on the last reported sales price on the last business day of the Plan year as traded on the New York Stock Exchange. The participant loans are valued at their outstanding balances, which approximate fair value. Purchases and sales of securities are recorded on the trade date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
Expenses
Although not obligated to do so, the Company pays certain administrative expenses on behalf of the Plan.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.
7
Lear Corporation Hourly Retirement Savings Plan
Notes to Financial Statements (continued)
3. Investments
During 2004, the Plans investments (including investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows:
Mutual and money market funds |
$ | 11,503,152 | ||
Lear Corporation Stock Fund* |
(128,319 | ) | ||
$ | 11,374,833 | |||
Investments that represent 5% or more of the fair value of the Plans net assets are as follows:
December 31 | ||||||||
2004 | 2003 | |||||||
Northern Trust Money Market Fund |
$ | 57,515,105 | $ | 57,445,159 | ||||
Lear Corporation Stock Fund* |
33,563,997 | 32,519,464 | ||||||
Dodge & Cox Balanced Fund |
27,861,273 | 24,736,872 | ||||||
SSGA
S&P 500 Index Fund |
19,502,275 | 16,244,299 | ||||||
Davis New York Venture Fund |
18,420,043 | 14,927,281 | ||||||
Growth Fund of America |
16,084,609 | ** | ||||||
Participant Loans |
14,695,974 | 11,955,891 | ||||||
Bond Fund of America |
** | 10,308,094 |
* | Includes nonparticipant directed investment | |||
** | Does not meet threshold |
8
Lear Corporation Hourly Retirement Savings Plan
Notes to Financial Statements (continued)
4. Nonparticipant-Directed Investments
The Lear Corporation Stock Fund includes both participant and nonparticipant directed investments, which are commingled. Company matching contributions are made to the Lear Corporation Stock Fund. These contributions and associated appreciation, income, and dividends are nonparticipant directed until amounts are available for transfer as described in the Plan agreement. Information about the net assets available for benefits and the significant components of the changes in net assets available for benefits is as follows:
December 31 | ||||||||
2004 | 2003 | |||||||
Investment, at fair value: |
||||||||
Lear Corporation Stock Fund |
$ | 33,563,997 | $ | 32,519,464 | ||||
Year Ended | ||||
December 31, | ||||
2004 | ||||
Changes in net assets: |
||||
Net depreciation in fair value of investment |
$ | (128,319 | ) | |
Interest and dividend income |
435,295 | |||
Employee contributions |
2,007,854 | |||
Employer contributions |
3,993,064 | |||
Loan repayment |
661,741 | |||
Net transfers and rollovers |
(1,002,464 | ) | ||
Expenses |
(21,583 | ) | ||
Distributions to participants |
(4,901,055 | ) | ||
Increase in net assets |
$ | 1,044,533 | ||
9
Lear Corporation Hourly Retirement Savings Plan
Notes to Financial Statements (continued)
5. Differences Between Financial Statements and Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
December 31, | ||||
2004 | ||||
Net assets available for benefits per the financial statements |
$ | 217,332,586 | ||
Amounts allocated to withdrawing participants |
(269,306 | ) | ||
Net assets available for benefits per the Form 5500 |
$ | 217,063,280 | ||
The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500:
Year Ended | ||||
December 31, | ||||
2004 | ||||
Benefits paid to participants per the financial statements |
$ | 21,702,183 | ||
Add amounts allocated on Form 5500 to withdrawing
participants at December 31, 2004 |
269,306 | |||
Less amounts allocated on Form 5500 to withdrawing
participants at December 31, 2003 |
(229,966 | ) | ||
Benefits paid to participants per the Form 5500 |
$ | 21,741,523 | ||
6. Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and such changes could materially affect participants account balances and the amounts reported in the statement of net assets available for benefits.
10
Lear Corporation Hourly Retirement Savings Plan
Notes to Financial Statements (continued)
7. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service dated March 13, 2002, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the Code), and therefore, the related trust is exempt from taxation. Subsequent to this determination by the Internal Revenue Service, the Plan was amended and restated. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and therefore, believes that the Plan, as amended and restated, is qualified and the related trust is tax exempt.
8. Transfer in From Lear Operations Corporation Money Purchase Plan
On March 25, 2002, the Board of Directors of the Company decided to terminate the Lear Operations Corporation Money Purchase Plan effective July 1, 2002. As of December 31, 2003, $314,225 in assets were transferred to the Plan. Employees affected by the transfer of assets became Plan participants as of January 1, 2004.
9. Excess Contributions Payable
Employee contributions include excess contributions which will be refunded to participants subsequent to year-end as the contributions were determined to be in excess of maximum contribution levels for certain participants. A liability for excess contributions payable in the amount of $4,276 and $6,487 has been reflected in the accompanying statements of net assets available for benefits as of December 31, 2004 and 2003, respectively.
11
Supplemental Schedules
Lear Corporation Hourly Retirement Savings Plan
EIN #13-3386776 Plan # 020
Schedule H, Line 4i Schedule of Assets
(Held at End of Year)
December 31, 2004
Description of Investment Including | ||||||||
Identity of Issue, Borrower | Maturity Date, Rate of Interest, | Current | ||||||
Lessor, or Similar Party | Collateral, Par, or Maturity Value | Cost | Value | |||||
* Lear Corporation | Lear Corporation Stock Fund 535,791 units;
$875,388 common collective trust |
$22,909,373 | $ | 33,563,997 | ||||
*
The Northern Trust Company |
Money Market Fund - 57,515,105 shares |
** | 57,515,105 | |||||
SSGA S&P 500 Index Fund 976,579 shares |
** | 19,502,275 | ||||||
Davis New York Venture Fund 600,197 shares |
** | 18,420,043 | ||||||
Dodge & Cox Balanced Fund 351,119 shares |
** | 27,861,273 | ||||||
Bond Fund of America 738,964 shares |
** | 10,086,854 | ||||||
Growth Fund of America Fund 587,458 shares |
** | 16,084,609 | ||||||
EuroPacific Growth Fund 277,138 shares |
** | 9,874,437 | ||||||
Vanguard Long-Term U.S. Treasury Portfolio Fund 378,998 shares |
** | 4,380,663 | ||||||
Franklin Templeton Conservative Growth Fund 45,431 shares |
** | 566,982 | ||||||
Franklin Templeton Moderate Growth Fund 58,622 shares |
** | 743,913 | ||||||
Franklin Templeton Growth Fund 92,558 shares |
** | 1,218,985 | ||||||
* Participant loans | Interest rate ranging from 5.0 to 11.75% |
14,695,974 | ||||||
$ | 214,515,110 | |||||||
* | Party in interest | |||
** | Disclosure of historical cost information is not required for participant-directed investments. |
12
Lear Corporation Hourly Retirement Savings Plan
EIN #13-3386776 Plan #020
Schedule H, Line 4j Schedule of Reportable Transactions
Year Ended December 31, 2004
Description of Asset | Expense | Current Value | ||||||||||||||||||||||||||||||
(Including Interest Rate | Incurred | of Asset on | ||||||||||||||||||||||||||||||
Identity of | and Maturity in | Purchase | Selling | Lease | With | Cost of | Transaction | Net Gain | ||||||||||||||||||||||||
Party Involved | Case of a Loan) | Price | Price | Rental | Transaction* | Asset | Date | (Loss) | ||||||||||||||||||||||||
Category (iii) Series of
transactions involving securities of the same issue which, when
aggregated, involve an amount in excess of 5% of the current value of plan assets. |
||||||||||||||||||||||||||||||||
Lear Corporation |
Common Stock: | |||||||||||||||||||||||||||||||
33 purchases |
$ | 8,532,566 | $ | 8,532,566 | $ | 8,532,566 | ||||||||||||||||||||||||||
51 sales |
$ | 7,351,466 | 5,127,497 | 7,351,466 | $ | 2,223,969 |
* | The commissions and fees related to purchases and sales of investments are included in the cost of investments or proceeds from the sales and are not separately identified by the Trustee. |
There were no category (i), (ii), or (iv) reportable transactions.
13
Appendix 3
Audited Financial Statements and
Supplemental Schedule
Lear Corporation Hourly 401(k) Savings Plan
December 31, 2004 and 2003, and Year Ended December 31, 2004
With Report of Independent Registered Public Accounting Firm
Lear Corporation Hourly 401(k) Savings Plan
Audited Financial Statements and Supplemental Schedule
December 31, 2004 and 2003, and
Year Ended December 31, 2004
Table of Contents
1 | ||||
Audited Financial Statements |
||||
2 | ||||
3 | ||||
4 | ||||
Supplemental Schedule |
||||
9 |
Report of Independent Registered Public Accounting Firm
The Plan Administrator
Lear Corporation Hourly 401(k) Savings Plan
We have audited the accompanying statements of net assets available for benefits of Lear Corporation Hourly 401(k) Savings Plan as of December 31, 2004 and 2003, and the related statement of changes in net assets available for benefits for the year ended December 31, 2004. These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plans internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plans internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2004 and 2003, and the changes in its net assets available for benefits for the year ended December 31, 2004, in conformity with U.S. generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2004, is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plans management. The supplemental schedule has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/ Ernst & Young LLP
June 7, 2005
1
Lear Corporation Hourly 401(k) Savings Plan
Statements of Net Assets Available for Benefits
December 31 | ||||||||
2004 | 2003 | |||||||
Assets |
||||||||
Investments, at fair value: |
||||||||
Mutual and money market funds |
$ | 7,221,731 | $ | 7,320,059 | ||||
Lear Corporation Stock Fund |
427,656 | 578,117 | ||||||
Participant loans |
601,587 | 543,768 | ||||||
Total investments |
8,250,974 | 8,441,944 | ||||||
Participant contributions receivable |
7,259 | 6,399 | ||||||
Total assets |
8,258,233 | 8,448,343 | ||||||
Net assets available for benefits |
$ | 8,258,233 | $ | 8,448,343 | ||||
See accompanying notes.
2
Lear Corporation Hourly 401(k) Savings Plan
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2004
Additions |
||||
Interest and dividend income |
$ | 177,408 | ||
Employee contributions |
1,036,223 | |||
Total additions |
1,213,631 | |||
Deductions |
||||
Benefits paid to participants |
1,799,507 | |||
Administrative expenses |
5,865 | |||
Total deductions |
1,805,372 | |||
Net appreciation in fair value of investments |
401,631 | |||
Net decrease |
(190,110 | ) | ||
Net assets available for benefits: |
||||
Beginning of year |
8,448,343 | |||
End of year |
$ | 8,258,233 | ||
See accompanying notes.
3
Lear Corporation Hourly 401(k) Savings Plan
Notes to Financial Statements
December 31, 2004 and 2003, and
Year Ended December 31, 2004
1. Plan Description
Effective September 1, 1998, Lear Corporation (the Company) adopted the Lear Corporation Personal Savings Plan for Delphi Hourly-Rate Employees (the Plan) for the benefit of eligible U.S. hourly employees employed at Delphi Operations in conjunction with the Companys acquisition of the seating business of Delphi Automotive Systems, a division of General Motors Corporation.
Effective April 28, 2000, the Plan was renamed the Lear Corporation Hourly 401(k) Savings Plan.
The following description of the Plan provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plans provisions.
Eligibility
All hourly employees at the Auburn Hills and Grand Rapids plants who are covered by a collective bargaining agreement that participates in the Plan are eligible to begin participation on or following completion of 90 days of service. In June 2004, the Auburn Hills plant was closed, therefore those participants no longer contribute to the Plan. The Auburn Hills participants are still eligible for benefit payments and loans.
Contributions
Participants may elect to contribute up to 25% of their annual compensation, subject to certain limitations. In addition, participants may elect to contribute up to 25% of their annual compensation on an after-tax basis. The amount of compensation participants elect to defer through payroll deductions is contributed to the Plan by the Company on their behalf. Participants eligible to receive payment from the Plan may elect to defer such payment until age 70-1/2. Plan provisions do not provide for Company contributions.
Participant Accounts
Each participants account is credited with (a) the participants contributions, (b) withdrawals and distributions, (c) allocation of Plan earnings, and (d) allocation of administrative expenses. Allocations are based on participant account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participants vested account.
4
Lear Corporation Hourly 401(k) Savings Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Vesting of Benefits
Participants are immediately 100% vested in their contributions and actual earnings thereon regardless of length of service, and no portion of such amounts is subject to forfeiture.
Distributions of Benefits
Benefits may be distributed at the request of the participant upon the occurrence of any one of the following:
| Attainment of age 59-1/2; | |||
| Total and permanent disability of the participant; | |||
| Death of the participant; or | |||
| Termination of employment. |
Benefits due upon total and permanent disability or death are paid in a lump sum. Benefits may be deferred until the later of attainment of age 70-1/2 or termination of employment. Benefits due upon attainment of age 59-1/2 or upon termination of employment are paid through installments, partial withdrawals, or lump sum. In addition, terminated participants may elect to defer payment up to April 1 of the year following the year the participant attains age 70-1/2. In any event, the Plan will make a lump sum payment to any participant if the amount owed is less than $5,000.
Plan Termination
Although it has not expressed intent to do so, the Company has the right under the Plan to terminate the Plan subject to the provisions of Employee Retirement Income Security Act of 1974.
Participant Loans
Participants may borrow from the Plan a minimum of $1,000 up to a maximum not to exceed the lesser of (a) $50,000 or (b) 50% of their vested account balance. Interest is payable based on the annual prime rate at the end of the preceding quarter. Repayment of any loan is made through employee payroll deductions, generally over a period of five years or less.
5
Lear Corporation Hourly 401(k) Savings Plan
Notes to Financial Statements (continued)
1. Description of the Plan (continued)
Hardship Withdrawals
No amounts may be withdrawn from a participants deferral account before a participant terminates employment with the Company or attains age 59-1/2, except by reason of financial hardship as defined by the Plan. Prior to receiving a hardship withdrawal, a participant must take all available asset distributions, withdrawals, and loans under all applicable plans maintained by the Company. All requests for hardship withdrawals require the consent of the Plan administrator.
2. Summary of Significant Accounting Policies
Investment Valuation and Income Recognition
The fair values of the participation units owned by the Plan in mutual and money market funds are based on the net asset values on the last business day of the Plan year. The fair value of investments in the Companys common stock is based on the last reported sales price on the last business day of the Plan year as traded on the New York Stock Exchange. The participant loans are valued at their outstanding balances, which approximate fair value. Purchases and sales of securities are recorded on the trade date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
Expenses
Although not obligated to do so, the Company pays certain administrative expenses on behalf of the Plan.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.
6
Lear Corporation Hourly 401(k) Savings Plan
Notes to Financial Statements (continued)
3. Investments
During 2004, the Plans investments (including investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows:
Mutual and money market funds |
$ | 409,418 | ||
Lear Corporation Stock Fund |
(7,787 | ) | ||
$ | 401,631 | |||
Investments that represent 5% or more of the fair value of the Plans net assets are as follows:
December 31 | ||||||||
2004 | 2003 | |||||||
MFS Money Market Fund |
$ | 1,687,167 | $ | 1,768,533 | ||||
MFS Core Growth Fund |
1,157,187 | 1,247,281 | ||||||
MFS Research Bond Fund |
999,443 | 1,131,162 | ||||||
MFS Total Return Fund |
914,947 | 882,911 | ||||||
Participant loans |
601,587 | 543,768 | ||||||
Lear Corporation Stock Fund |
427,656 | 578,117 | ||||||
Munder Index 500 Fund |
423,239 | * | ||||||
Growth Fund of America |
421,964 | * |
4. Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and such changes could materially affect participants account balances and the amounts reported in the statement of net assets available for benefits.
7
Lear Corporation Hourly 401(k) Savings Plan
Notes to Financial Statements (continued)
5. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service dated October 17, 2000, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the Code), and therefore, the related trust is exempt from taxation. Subsequent to this determination by the Internal Revenue Service, the Plan was amended and restated. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and therefore, believes that the Plan, as amended and restated, is qualified and the related trust is tax exempt.
8
Supplemental Schedule
Lear Corporation Hourly 401(k) Savings Plan
EIN #13-3386776 Plan #058
Schedule H, Line 4i Schedule of Assets
(Held at End of Year)
Identity of Issuer, Borrower, | Description of Investment Including Maturity Date, | Current | ||||||
Lessor, or Similar Party | Rate of Interest, Collateral, Par, or Maturity Value | Cost | Value | |||||
*
MFS Retirement Services |
MFS Global Equity Fund 1,677 shares |
** | $ | 42,220 | ||||
MFS Money Market Fund 1,684,545 shares |
** | 1,687,167 | ||||||
Massachusetts Investors Trust 10,964 shares |
** | 189,250 | ||||||
MFS Total Return Fund 57,030 shares |
** | 914,947 | ||||||
MFS Government Securities Fund 11,533 shares |
** | 112,366 | ||||||
MFS Utilities Fund 7,357 shares |
** | 80,923 | ||||||
MFS Mid Cap Growth Fund 27,186 shares |
** | 243,046 | ||||||
MFS New Discovery Fund 11,506 shares |
** | 188,697 | ||||||
MFS Value Fund 14,849 shares |
** | 343,599 | ||||||
MFS Research International Fund 13,063 shares |
** | 206,131 | ||||||
MFS Strategic Value Fund 4,134 shares |
** | 66,483 | ||||||
MFS Core Growth Fund 70,048 shares |
** | 1,157,187 | ||||||
MFS Research Bond Fund 95,149 shares |
** | 999,443 | ||||||
Munder Index 500 Fund 16,789 shares |
** | 423,239 | ||||||
Growth Fund of America 15,571 shares |
** | 421,964 | ||||||
Security Capital US Real Estate 7,348 shares |
** | 130,941 | ||||||
Domini Social Equity Fund 478 shares |
** | 14,128 | ||||||
* Lear Corporation | Lear Corporation Stock Fund 27,803 units |
** | 427,656 | |||||
* Participant loans | Interest rate ranging from 4.0% to 9.5% |
601,587 | ||||||
$ | 8,250,974 | |||||||
* | Party in interest | |||
** | Disclosure of historical cost information is not required for participant-directed investments. |
9