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Segment Reporting
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting

Note 15 – 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, lumbar and massage comfort solutions, fuel management valves and other valves for brake and engine systems, 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 nine months ended September 30, 2024 and 2023.

Three Months Ended September 30,

 

Automotive

 

 

Medical

 

 

Corporate

 

 

Total

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

Product revenues

 

$

358,804

 

 

$

12,708

 

 

$

—

 

 

$

371,512

 

Depreciation and amortization

 

 

12,118

 

 

 

870

 

 

 

364

 

 

 

13,352

 

Operating income (loss)

 

 

54,520

 

 

 

479

 

 

 

(22,662

)

 

 

32,337

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Product revenues

 

$

354,782

 

 

$

11,413

 

 

$

—

 

 

$

366,195

 

Depreciation and amortization

 

 

11,399

 

 

 

882

 

 

 

173

 

 

 

12,454

 

Operating income (loss)

 

 

41,690

 

 

 

(805

)

 

 

(17,144

)

 

 

23,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

Automotive

 

 

Medical

 

 

Corporate

 

 

Total

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

Product revenues

 

$

1,067,444

 

 

$

35,766

 

 

$

—

 

 

$

1,103,210

 

Depreciation and amortization

 

 

36,343

 

 

 

2,622

 

 

 

1,120

 

 

 

40,085

 

Operating income (loss)

 

 

153,894

 

 

 

274

 

 

 

(70,794

)

 

 

83,374

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Product revenues

 

$

1,069,007

 

 

$

33,136

 

 

$

—

 

 

$

1,102,143

 

Depreciation and amortization

 

 

34,910

 

 

 

2,756

 

 

 

865

 

 

 

38,531

 

Operating income (loss)

 

 

126,630

 

 

 

(21,838

)

 

 

(59,056

)

 

 

45,736

 

Automotive and Medical segment product revenues by product category for the three and nine months ended September 30, 2024 and 2023 were as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Climate Control Seat

 

$

115,498

 

 

$

124,905

 

 

$

352,789

 

 

$

360,868

 

Seat Heaters

 

 

72,982

 

 

 

77,238

 

 

 

227,114

 

 

 

231,132

 

Lumbar and Massage Comfort Solutions

 

 

48,970

 

 

 

33,260

 

 

 

133,090

 

 

 

109,602

 

Steering Wheel Heaters

 

 

44,711

 

 

 

39,861

 

 

 

126,939

 

 

 

115,166

 

Valve Systems

 

 

26,082

 

 

 

27,830

 

 

 

81,974

 

 

 

82,516

 

Automotive Cables

 

 

16,834

 

 

 

19,668

 

 

 

57,185

 

 

 

60,131

 

Battery Performance Solutions

 

 

16,869

 

 

 

17,242

 

 

 

46,540

 

 

 

57,138

 

Electronics

 

 

10,862

 

 

 

10,163

 

 

 

26,218

 

 

 

30,456

 

Other Automotive

 

 

5,996

 

 

 

4,615

 

 

 

15,595

 

 

 

21,998

 

Subtotal Automotive segment

 

 

358,804

 

 

 

354,782

 

 

 

1,067,444

 

 

 

1,069,007

 

Medical segment

 

 

12,708

 

 

 

11,413

 

 

 

35,766

 

 

 

33,136

 

Total Company

 

$

371,512

 

 

$

366,195

 

 

$

1,103,210

 

 

$

1,102,143

 

 

Total product revenues information by geographic area for the three and nine months ended September 30, 2024 and 2023 is as follows (based on shipment destination):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

United States

 

$

127,869

 

 

$

134,588

 

 

$

380,681

 

 

$

414,359

 

China

 

 

54,791

 

 

 

61,004

 

 

 

162,476

 

 

 

161,530

 

Germany

 

 

26,394

 

 

 

24,456

 

 

 

81,635

 

 

 

77,007

 

South Korea

 

 

22,487

 

 

 

27,369

 

 

 

78,341

 

 

 

86,102

 

Czech Republic

 

 

20,830

 

 

 

16,684

 

 

 

60,520

 

 

 

51,706

 

Slovakia

 

 

13,970

 

 

 

13,828

 

 

 

41,870

 

 

 

39,797

 

Japan

 

 

13,370

 

 

 

10,946

 

 

 

40,562

 

 

 

35,254

 

Romania

 

 

13,069

 

 

 

16,906

 

 

 

40,299

 

 

 

44,995

 

Mexico

 

 

10,783

 

 

 

8,286

 

 

 

32,621

 

 

 

29,558

 

United Kingdom

 

 

9,674

 

 

 

15,251

 

 

 

31,480

 

 

 

34,701

 

Other

 

 

58,275

 

 

 

36,877

 

 

 

152,725

 

 

 

127,134

 

Total Non-U.S.

 

 

243,643

 

 

 

231,607

 

 

 

722,529

 

 

 

687,784

 

Total Company

 

$

371,512

 

 

$

366,195

 

 

$

1,103,210

 

 

$

1,102,143