XML 42 R26.htm IDEA: XBRL DOCUMENT v3.22.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment Reporting

Note 19 — Segment Reporting

Segment information is used by management for making operating decisions for the Company. Management evaluates the performance of the Company’s segments based primarily on operating income or loss.

The Company’s reportable segments are as follows:

 

•

Automotive — this segment represents the design, development, manufacturing and sales of automotive climate comfort systems, automotive cable systems, battery performance solutions, and automotive electronic and software systems.

 

•

Medical — this segment represents the results from our patient temperature management business within the medical industry.

The Corporate category includes unallocated costs related to our corporate headquarter activities, including selling, general and administrative costs and acquisition transaction costs, which do not meet the requirements for being classified as an operating segment.

The tables below present segment information about the reported product revenues and operating income of the Company for years ended December 31, 2021, 2020 and 2019. With the exception of goodwill, asset information by segment is not reported since the Company does not manage assets at a segment level.

 

 

 

Automotive

 

 

Medical

 

 

Corporate

 

 

Total

 

2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenues

 

$

1,004,633

 

 

$

41,517

 

 

$

—

 

 

$

1,046,150

 

Depreciation and amortization

 

 

35,389

 

 

 

2,460

 

 

 

931

 

 

 

38,780

 

Operating income (loss)

 

 

162,994

 

 

 

(1,829

)

 

 

(46,159

)

 

 

115,006

 

2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenues

 

$

869,998

 

 

$

43,100

 

 

$

—

 

 

$

913,098

 

Depreciation and amortization

 

 

37,662

 

 

 

2,366

 

 

 

1,086

 

 

 

41,114

 

Operating income (loss)

 

 

138,410

 

 

 

971

 

 

 

(50,164

)

 

 

89,217

 

2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenues

 

$

920,225

 

 

$

51,459

 

 

$

—

 

 

$

971,684

 

Depreciation and amortization

 

 

40,923

 

 

 

1,621

 

 

 

1,702

 

 

 

44,246

 

Operating income (loss)

 

 

141,206

 

 

 

(5,735

)

 

 

(51,211

)

 

 

84,260

 

 

 

Automotive and Medical segment product revenues by product category for each of the years ended December 31, 2021, 2020 and 2019 are as follows:

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Climate Control Seat

 

$

393,816

 

 

$

342,550

 

 

$

359,355

 

Seat Heaters

 

 

270,054

 

 

 

249,665

 

 

 

284,174

 

Steering Wheel Heaters

 

 

102,496

 

 

 

76,272

 

 

 

65,426

 

Automotive Cables

 

 

84,114

 

 

 

73,997

 

 

 

88,031

 

Battery Performance Solutions

 

 

69,594

 

 

 

50,901

 

 

 

41,498

 

Electronics

 

 

51,648

 

 

 

53,238

 

 

 

47,542

 

Other Automotive

 

 

32,911

 

 

 

23,375

 

 

 

34,199

 

Subtotal Automotive segment

 

 

1,004,633

 

 

 

869,998

 

 

 

920,225

 

Medical

 

 

41,517

 

 

 

43,100

 

 

 

36,860

 

GPT

 

 

—

 

 

 

—

 

 

 

11,181

 

CSZ-IC

 

 

—

 

 

 

—

 

 

 

3,418

 

Subtotal Medical segment

 

 

41,517

 

 

 

43,100

 

 

 

51,459

 

Total Company

 

$

1,046,150

 

 

$

913,098

 

 

$

971,684

 

 

 

 

Revenue (based on shipment destination) by geographic area for each of the years ended December 31, 2021, 2020 and 2019 is as follows:

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

United States

 

$

404,466

 

 

$

377,577

 

 

$

440,316

 

China

 

 

142,816

 

 

 

101,039

 

 

 

71,461

 

South Korea

 

 

93,516

 

 

 

88,745

 

 

 

63,339

 

Germany

 

 

66,929

 

 

 

58,536

 

 

 

81,315

 

Japan

 

 

63,527

 

 

 

57,785

 

 

 

76,197

 

Romania

 

 

51,367

 

 

 

33,147

 

 

 

26,213

 

Other

 

 

223,529

 

 

 

196,269

 

 

 

212,843

 

Total Non-U.S.

 

 

641,684

 

 

 

535,521

 

 

 

531,368

 

Total Company

 

$

1,046,150

 

 

$

913,098

 

 

$

971,684

 

 

The table below lists the percentage of total product revenues generated from sales to customers which contributed 10% or more to the Company’s total consolidated product revenue for the years ended December 31, 2021, 2020 and 2019:

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Lear

 

 

15

%

 

 

15

%

 

 

16

%

Adient

 

 

15

%

 

 

14

%

 

 

15

%

 

Property and equipment, net, for each of the geographic areas in which the Company operates as of December 31, 2021 and 2020 is as follows:

 

 

 

 

December 31,

 

Property and equipment, net

 

2021

 

 

2020

 

North Macedonia

 

$

32,682

 

 

$

36,925

 

China

 

 

25,411

 

 

 

20,375

 

Mexico

 

 

20,296

 

 

 

16,034

 

Vietnam

 

 

19,876

 

 

 

21,080

 

United States

 

 

19,222

 

 

 

19,011

 

Germany

 

 

16,174

 

 

 

15,641

 

Ukraine

 

 

9,539

 

 

 

9,034

 

Hungary

 

 

8,995

 

 

 

10,079

 

Other

 

 

3,075

 

 

 

4,402

 

Total

 

$

155,270

 

 

$

152,581