XML 32 R22.htm IDEA: XBRL DOCUMENT v3.23.2
Segment Reporting
 6 Months Ended
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 Product 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