李尔 2025年季度报告

For the quarterly period endedJune 28, 2025. TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF1934For the transition period fromto.Commission file number:001-11311 pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes x No☐Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. Non-accelerated filer☐Smallerreportingcompany☐ Part I – Financial InformationItem 1 - Condensed Consolidated Financial Statements Introduction to the Condensed Consolidated Financial StatementsCondensed Consolidated Balance Sheets - June 28, 2025 (Unaudited) and December31, 2024 June 28, 2025 and June 29, 2024Condensed Consolidated Statements of Equity (Unaudited) - Three and Six Months Ended June 28, 2025 and June 29, Item2 – Management's Discussion and Analysis of Financial Condition and Results of OperationsItem3 – Quantitative and Qualitative Disclosures about Market Risk Item1A – Risk FactorsItem2 – Unregistered Sales of Equity Securities and Use of Proceeds Item 5–Other Information ITEM1 — CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INTRODUCTION TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included infinancial statements prepared in accordance with accounting principles generally accepted in the United States ("GAAP") have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures are adequate to make the informationpresented not misleading when read in conjunction with the financial statements and the notes thereto included in our Annual Reporton Form 10-K, as filed with the Securities and Exchange Commission, for the year ended December31, 2024.The financial information presented reflects all adjustments (consisting of normal recurring adjustments) which are, in our opinion, Employee termination benefits Asset impairments:Property, plant and equipment3.9Right-of-use assets0.1 $117.8$ Restructuring charges by income statement line item are shown below (in millions):Six Months EndedJune 28,2025 Theclassification of recoverable customer E&D and tooling costs related to long-term supply agreements included in theaccompanying condensed consolidated balance sheets is shown below (in millions): Long-term Recoverable customer E&D and tooling$449.5$(5)Long-Lived Assets Buildings and improvementsMachinery and equipment Construction in progress367.6Total property, plant and equipment7,303.1Less – accumulated depreciation(4,384.3) Depreciation expense was $143.5million and $141.2million in the three months ended June28, 2025 and June29, 2024, respectively,and $286.0million and $281.4million in the six months ended June28, 2025 and June29, 2024, respectively.The Company monitors its long-lived assets for impairment indicators on an ongoing basis in accordance with GAAP. If impairment In the first six months of 2025 and 2024, the Company recognized property, plant and equipment impairment charges of $3.9million and $1.5million, respectively, in conjunction with its restructuring actions (Note 2, "Restructuring"). In the first six months of 2024, included in cost of sales in the accompanying condensed consolidated statements of comprehensive income (loss). Assets Held for SaleAs of June28, 2025 and December31, 2024, the Company has assets classified as held for sale of $5.9million and $47.4million, respectively. The criteria for classification as held for sale have been met, as management is committed to a plan to sell the assets, theassets are available for immediate sale in their present condition, an active program to locate a buyer has been held from sale have been removed from the balance sheet as of June28, 2025. 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 June28, 2025. Proceedsfrom the sale of $35.9million are included in cash flows from investing activities in the accompanying condensed consolidatedstatement of cash flows. Balance at January 1, 2025$1,305.9$393.3$Foreign currency translation and other55.16.8Balance at June 28, 2025$1,361.0$400.1$ Goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often thanannually if an event or circumstance indicates that an impairment is more likely than not to have occurred. In conducting its annualimpairment testing, the Company may first perform a qualitative assessment of whether it is more likely than not that a reporting unit'sfair v