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Segment Reporting | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting We present financial information for two reportable segments, Performance Sensing and Sensing Solutions. In the three months ended March 31, 2025, we realigned the definition of segment operating income to include megatrend costs, which were previously excluded from segment operating income and included in corporate and other costs. Refer to Note 1: Basis of Presentation for additional information. Our operating segments are businesses that we manage as components of an enterprise, for which separate financial information is evaluated regularly by our chief operating decision maker ("CODM"), who is our chief executive officer, in deciding how to allocate resources and assess performance. An operating segment’s performance is primarily evaluated based on segment operating income, which excludes amortization of intangible assets, impairment of goodwill and other intangible assets, restructuring charges, and certain corporate costs or credits not associated with the operations of the segment, such as share-based compensation expense. Corporate and other costs excluded from an operating (and reportable) segment’s performance are separately stated below and also include costs that are related to functional areas such as finance, information technology, legal, and human resources. The CODM uses operating income primarily in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis for operating income when making decisions about the allocation of operating and capital resources to each segment. Significant expenses are reviewed by the CODM on a consolidated basis and not at the operating segment level. We believe that segment operating income, as defined above, is an appropriate measure for evaluating the operating performance of our segments. However, this measure should be considered in addition to, and not as a substitute for, or superior to, operating income or other measures of financial performance prepared in accordance with U.S. GAAP. The accounting policies of each of our operating and reportable segments are materially consistent with those described in Note 2: Significant Accounting Policies of the audited consolidated financial statements and notes thereto included in our 2024 Annual Report. The Performance Sensing segment serves the automotive and HVOR industries through the development and manufacture of sensors, high-voltage solutions (i.e., electrical protection components), and other solutions that are used in mission-critical systems and applications. Examples include those used in subsystems of automobiles, on-road trucks, and off-road equipment, such as tire pressure monitoring, thermal management, electrical protection, regenerative braking, powertrain (engine/transmission), and exhaust management. These products are used in subsystems that, among other things, improve operating performance and efficiency and contribute to environmentally sustainable and safe solutions. The Sensing Solutions segment primarily serves the industrial and aerospace industries through the development and manufacture of a broad portfolio of application-specific sensor and electrical protection products used in a diverse range of industrial markets, including the appliance, HVAC, water management, operator controls, charging infrastructure, renewable energy generation, green hydrogen production, and microgrid applications and markets, as well as the aerospace market, including commercial aircraft, defense, and aftermarket markets. Some of the products and solutions sold by the Sensing Solutions segment include pressure, temperature, and position sensors, motor and compressor protectors, high-voltage contactors, solid state relays, bimetal electromechanical controls, power inverters, charge controllers, battery management systems, operator controls, and power conversion systems. Sensing Solutions products perform many functions, including prevention of damage from excess heat or electrical current, optimization of system performance, low-power circuit control, renewable energy generation, and power conversion from direct current power to alternating current power. The following table presents net revenue, segment and non-segment operating expenses, and segment and non-segment operating income for the reportable segments and other operating results not allocated to our reportable segments for the three months ended March 31, 2025 and 2024:
| For the three months ended
| March 31, 2025 |  | March 31, 2024
Net revenue: |  |  |
Performance Sensing | $ | 650,416 |  |  | $ | 713,318 |
Sensing Solutions | 260,839 |  |  | 257,839 |
Other | — |  |  | 35,552 |
Total net revenue | $ | 911,255 |  |  | $ | 1,006,709 |
Segment and non-segment operating expenses(1): |  |  |
Performance Sensing | $ | 507,540 |  |  | $ | 544,350 |
Sensing Solutions | 184,773 |  |  | 185,545 |
Other | — |  |  | 28,771 |
Total segment and non-segment operating expenses | $ | 692,313 |  |  | $ | 758,666 |
Segment and non-segment operating income (as defined above): |  |  |
Performance Sensing (1) | $ | 142,876 |  |  | $ | 168,968 |
Sensing Solutions (1) | 76,066 |  |  | 72,294 |
Other (1) | — |  |  | 6,781 |
Total segment and non-segment operating income | 218,942 |  |  | 248,043 |
Corporate and other | (69,189) |  |  | (63,954) |
Amortization of intangible assets | (20,577) |  |  | (38,515) |
Restructuring and other charges, net | (6,980) |  |  | (782) |
Operating income | 122,196 |  |  | 144,792 |
Interest expense | (37,973) |  |  | (38,395) |
Interest income | 4,290 |  |  | 3,738 |
Other, net | 2,128 |  |  | (11,544) |
Income before taxes | $ | 90,641 |  |  | $ | 98,591 |
___________________________________ (1) Other segment and non-segment expenses include associated cost of revenue, research and development, and selling, general and administrative expenses. The following table presents depreciation and amortization expense for our reportable segments and corporate and other for the three months ended March 31, 2025 and 2024:
| For the three months ended
| March 31, 2025 |  | March 31, 2024
Depreciation and amortization: |  |  |
Performance Sensing | $ | 24,982 |  |  | $ | 23,960 |
Sensing Solutions | 3,890 |  |  | 4,124 |
Corporate and other (1) | 32,667 |  |  | 43,954 |
Total depreciation and amortization | $ | 61,539 |  |  | $ | 72,038 |
__________________________ (1)Included within corporate and other is amortization of intangible assets, accelerated depreciation recognized in connection with restructuring actions, and depreciation of certain assets. We do not allocate these amounts to our segments. This treatment is consistent with the financial information reviewed by our chief operating decision maker. The following table presents additions to PP&E and capitalized software for our reportable segments and corporate and other for the three months ended March 31, 2025 and 2024:
| For the three months ended
| March 31, 2025 |  | March 31, 2024
Additions to property, plant and equipment and capitalized software: |  |  |
Performance Sensing | $ | 23,050 |  |  | $ | 31,013 |
Sensing Solutions | 3,063 |  |  | 3,263 |
Corporate and other | 6,462 |  |  | 7,854 |
Total additions to property, plant and equipment and capitalized software | $ | 32,575 |  |  | $ | 42,130 |
Geographic Area Information The following tables present net revenue by geographic area and by significant country for the three months ended March 31, 2025 and 2024. In these tables, net revenue is aggregated according to the location of our subsidiaries.
| For the three months ended
| March 31, 2025 |  | March 31, 2024
Net revenue: |  |  |
Americas | $ | 372,450 |  |  | $ | 429,108 |
Europe | 252,463 |  |  | 284,737 |
Asia and rest of world | 286,342 |  |  | 292,864 |
Net revenue | $ | 911,255 |  |  | $ | 1,006,709 |
| For the three months ended
| March 31, 2025 |  | March 31, 2024
Net revenue: |  |  |
United States | $ | 344,990 |  |  | $ | 395,400 |
China | 174,594 |  |  | 179,408 |
The Netherlands | 217,774 |  |  | 246,611 |
United Kingdom | 26,921 |  |  | 28,899 |
All other | 146,976 |  |  | 156,391 |
Net revenue | $ | 911,255 |  |  | $ | 1,006,709 |
The following tables present PP&E, net, by geographic area and by significant country as of March 31, 2025 and 2024. In these tables, PP&E, net is aggregated based on the location of our subsidiaries.
| March 31, 2025 |  | December 31, 2024
Property, plant and equipment, net: |  |  |
Americas | $ | 295,796 |  |  | $ | 301,900 |
Europe | 141,133 |  |  | 141,396 |
Asia and rest of world | 375,355 |  |  | 378,357 |
Property, plant and equipment, net | $ | 812,284 |  |  | $ | 821,653 |
| March 31, 2025 |  | December 31, 2024
Property, plant and equipment, net: |  |  |
United States | $ | 116,260 |  |  | $ | 121,783 |
China | 259,293 |  |  | 266,104 |
Mexico | 179,402 |  |  | 179,980 |
Bulgaria | 104,725 |  |  | 108,093 |
United Kingdom | 24,471 |  |  | 21,147 |
Malaysia | 111,565 |  |  | 108,118 |
All other | 16,568 |  |  | 16,428 |
Property, plant and equipment, net | $ | 812,284 |  |  | $ | 821,653 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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