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Segment Reporting | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Segment Reporting | Note 14 – 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, lumbar and massage comfort solutions, valve 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, Depreciation and amortization and Operating income (loss) of the Company for the three and six months ended June 30, 2023 and 2022.
Three Months Ended June 30, |  | Automotive |  |  | Medical |  |  | Corporate |  |  | Total |
2023 |  |  |  |  |  |  |  |  |  |  |  |
Product revenues |  | $ | 361,533 |  |  | $ | 10,790 |  |  | $ | — |  |  | $ | 372,323 |
Depreciation and amortization |  |  | 11,221 |  |  |  | 896 |  |  |  | 427 |  |  | $ | 12,544 |
Operating income (loss) |  |  | 46,561 |  |  |  | (20,540 | ) |  |  | (21,700 | ) |  | $ | 4,321 |
2022 |  |  |  |  |  |  |  |  |  |  |  |
Product revenues |  | $ | 249,152 |  |  | $ | 11,563 |  |  | $ | — |  |  | $ | 260,715 |
Depreciation and amortization |  |  | 8,197 |  |  |  | 558 |  |  |  | 305 |  |  | $ | 9,060 |
Operating income (loss) |  |  | 24,026 |  |  |  | (181 | ) |  |  | (16,110 | ) |  | $ | 7,735 |
Six Months Ended June 30, |  | Automotive |  |  | Medical |  |  | Corporate |  |  | Total |
2023 |  |  |  |  |  |  |  |  |  |  |  |
Product revenues |  | $ | 714,225 |  |  | $ | 21,723 |  |  | $ | — |  |  | $ | 735,948 |
Depreciation and amortization |  |  | 23,511 |  |  |  | 1,874 |  |  |  | 692 |  |  | $ | 26,077 |
Operating income (loss) |  |  | 84,940 |  |  |  | (21,033 | ) |  |  | (41,912 | ) |  | $ | 21,995 |
2022 |  |  |  |  |  |  |  |  |  |  |  |
Product revenues |  | $ | 507,016 |  |  | $ | 21,356 |  |  | $ | — |  |  | $ | 528,372 |
Depreciation and amortization |  |  | 16,863 |  |  |  | 1,162 |  |  |  | 610 |  |  | $ | 18,635 |
Operating income (loss) |  |  | 55,301 |  |  |  | (1,032 | ) |  |  | (32,344 | ) |  | $ | 21,925 |
Automotive and Medical segment Product revenues by product category for the three and six months ended June 30, 2023 and 2022 were as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Climate Control Seat |  | $ | 121,210 |  |  | $ | 96,488 |  |  | $ | 235,963 |  |  | $ | 199,222 |
Seat Heaters |  |  | 78,258 |  |  |  | 65,903 |  |  |  | 153,894 |  |  |  | 134,799 |
Steering Wheel Heaters |  |  | 38,958 |  |  |  | 28,951 |  |  |  | 75,305 |  |  |  | 57,687 |
Lumbar and Massage Comfort Solutions (a) |  |  | 37,604 |  |  |  | — |  |  |  | 76,342 |  |  |  | — |
Valve Systems (a) |  |  | 27,692 |  |  |  | — |  |  |  | 54,686 |  |  |  | — |
Automotive Cables |  |  | 20,243 |  |  |  | 19,280 |  |  |  | 40,463 |  |  |  | 41,325 |
Battery Performance Solutions |  |  | 19,587 |  |  |  | 17,451 |  |  |  | 39,896 |  |  |  | 35,064 |
Electronics |  |  | 9,323 |  |  |  | 10,278 |  |  |  | 20,293 |  |  |  | 21,106 |
Other Automotive |  |  | 8,658 |  |  |  | 10,801 |  |  |  | 17,383 |  |  |  | 17,813 |
Subtotal Automotive segment |  |  | 361,533 |  |  |  | 249,152 |  |  |  | 714,225 |  |  |  | 507,016 |
Medical segment (b) |  |  | 10,790 |  |  |  | 11,563 |  |  |  | 21,723 |  |  |  | 21,356 |
Total Company |  | $ | 372,323 |  |  | $ | 260,715 |  |  | $ | 735,948 |  |  | $ | 528,372 |
(a) Represents Product revenues from Alfmeier (acquired on August 1, 2022) - (see Note 2) (b) Includes Product revenues of $1,672 and $2,951 for the three and six months ended June 30, 2023 from Dacheng (acquired on July 13, 2022) - (see Note 2) Total P roduct revenues information by geographic area for the three and six months ended June 30, 2023 and 2022 is as follows (based on shipment destination):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
United States |  | $ | 138,319 |  |  | $ | 102,617 |  |  | $ | 279,771 |  |  | $ | 206,738 |
China |  |  | 53,872 |  |  |  | 31,391 |  |  |  | 100,526 |  |  |  | 69,744 |
South Korea |  |  | 29,995 |  |  |  | 23,706 |  |  |  | 58,733 |  |  |  | 44,881 |
Germany |  |  | 26,039 |  |  |  | 15,565 |  |  |  | 52,551 |  |  |  | 35,351 |
Czech Republic |  |  | 17,372 |  |  |  | 12,195 |  |  |  | 35,022 |  |  |  | 25,810 |
Japan |  |  | 12,867 |  |  |  | 12,886 |  |  |  | 28,089 |  |  |  | 24,702 |
Romania |  |  | 13,436 |  |  |  | 11,519 |  |  |  | 25,969 |  |  |  | 24,273 |
Slovakia |  |  | 12,712 |  |  |  | 8,987 |  |  |  | 24,308 |  |  |  | 17,360 |
Finland |  |  | 11,139 |  |  |  | 7,352 |  |  |  | 21,272 |  |  |  | 13,913 |
Mexico |  |  | 10,356 |  |  |  | 4,267 |  |  |  | 19,450 |  |  |  | 9,137 |
Other |  |  | 46,216 |  |  |  | 30,230 |  |  |  | 90,257 |  |  |  | 56,463 |
Total Non-U.S. |  |  | 234,004 |  |  |  | 158,098 |  |  |  | 456,177 |  |  |  | 321,634 |
Total Company |  | $ | 372,323 |  |  | $ | 260,715 |  |  | $ | 735,948 |  |  | $ | 528,372 |

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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/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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