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Segment Reporting | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Reporting | Note 20 — Segment Reporting The Company is organized under two reportable segments: Automotive and Medical. The Automotive reporting segment is comprised of the results from our global automotive businesses, including the design, development, manufacturing and sales of automotive climate and comfort systems, cable systems, battery performance solutions, lumbar and massage comfort solutions, valve systems, and electronic and software systems. The Medical reporting segment is comprised of the results from our patient temperature management business in the medical industry. Patient temperature management includes temperature management systems across multiple product categories addressing the needs of hyper-hypothermia therapy in intensive care, normothermia in surgical procedures and additional warming/cooling therapies utilized in acute and chronic care departments and non-hospital facilities. The Corporate and other unallocated expenses category includes certain enterprise and governance activities resulting in unallocated corporate costs and other activity and net costs that the Company may choose not to allocate directly to its business segments. Segment information is used by management, specifically our chief operating decision maker ("CODM"), the President and Chief Executive Officer, for making operating decisions for the Company. Our CODM uses operating income or loss to evaluate the performance and allocate resources for each of the Company’s segments. Operating income or loss is used to monitor budget versus actual results and year-over-year actual results to inform the decisions of how to allocate capital and resources within the Company. The measure of assets has not been disclosed for each segment as it is not regularly reviewed by the CODM. The table below presents segment information about the reported product revenues, operating income (loss), and significant segment expenses of the Company for the years ended December 31, 2024, 2023 and 2022:
|  | Year Ended December 31, |
Product Revenues |  | 2024 |  |  | 2023 |  |  | 2022 |
Automotive |  | $ | 1,406,278 |  |  | $ | 1,422,952 |  |  | $ | 1,161,616 |
Medical |  |  | 49,846 |  |  |  | 46,124 |  |  |  | 43,040 |
Total |  |  | 1,456,124 |  |  |  | 1,469,076 |  |  |  | 1,204,656 |
Significant Segment Expenses and Operating Performance |  |  |  |  |  |  |  |  |
Automotive |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 1,058,989 |  |  |  | 1,090,941 |  |  |  | 898,260 |
Net research and development expenses |  |  | 68,787 |  |  |  | 70,778 |  |  |  | 75,137 |
Selling, general and administrative expenses |  |  | 65,924 |  |  |  | 72,090 |  |  |  | 62,858 |
Restructuring expenses, net |  |  | 12,238 |  |  |  | 3,187 |  |  |  | 637 |
Impairment of intangible assets and property and equipment |  |  | — |  |  |  | — |  |  |  | 6,291 |
Automotive operating income |  |  | 200,340 |  |  |  | 185,956 |  |  |  | 118,433 |
Medical |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 25,868 |  |  |  | 24,619 |  |  |  | 24,938 |
Other operating expenses |  |  | 21,836 |  |  |  | 24,230 |  |  |  | 22,131 |
Impairment of intangible assets and property and equipment |  |  | 2,501 |  |  |  | 19,509 |  |  |  | — |
Medical operating loss |  |  | (359 | ) |  |  | (22,234 | ) |  |  | (4,029 | )
Corporate and Other Unallocated Expenses |  |  |  |  |  |  |  |  |
Corporate and other unallocated expenses |  |  | (92,966 | ) |  |  | (86,283 | ) |  |  | (66,097 | )
Total consolidated operating income |  | $ | 107,015 |  |  | $ | 77,439 |  |  | $ | 48,307 |
Other Segment Disclosures |  |  |  |  |  |  |  |  |
Depreciation and Amortization |  |  |  |  |  |  |  |  |
Automotive |  | $ | 47,752 |  |  | $ | 45,845 |  |  | $ | 39,815 |
Medical |  |  | 3,542 |  |  |  | 3,654 |  |  |  | 3,344 |
Corporate and other unallocated expenses |  |  | 1,681 |  |  |  | 1,449 |  |  |  | 1,235 |
Total |  | $ | 52,975 |  |  | $ | 50,948 |  |  | $ | 44,394 |
Automotive and Medical segment product revenues by product category for each of the years ended December 31, 2024, 2023 and 2022 are as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Climate Control Seat |  | $ | 468,820 |  |  | $ | 482,665 |  |  | $ | 426,046 |
Seat Heaters |  |  | 297,866 |  |  |  | 308,588 |  |  |  | 283,970 |
Lumbar and Massage Comfort Solutions (a) |  |  | 178,584 |  |  |  | 144,923 |  |  |  | 56,980 |
Steering Wheel Heaters |  |  | 169,763 |  |  |  | 153,943 |  |  |  | 120,949 |
Valve Systems (a) |  |  | 105,056 |  |  |  | 106,262 |  |  |  | 41,980 |
Automotive Cables |  |  | 73,091 |  |  |  | 79,993 |  |  |  | 76,962 |
Battery Performance Solutions |  |  | 58,183 |  |  |  | 75,484 |  |  |  | 71,907 |
Electronics |  |  | 33,065 |  |  |  | 40,387 |  |  |  | 44,106 |
Other Automotive |  |  | 21,850 |  |  |  | 30,707 |  |  |  | 38,716 |
Subtotal Automotive segment |  |  | 1,406,278 |  |  |  | 1,422,952 |  |  |  | 1,161,616 |
Medical segment (a) |  |  | 49,846 |  |  |  | 46,124 |  |  |  | 43,040 |
Total Company |  | $ | 1,456,124 |  |  | $ | 1,469,076 |  |  | $ | 1,204,656 |
(a) Includes product revenues from acquisitions since their respective acquisition dates (see Note 4). Revenue (based on shipment destination) by geographic area for each of the years ended December 31, 2024, 2023 and 2022 is as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
United States |  | $ | 504,444 |  |  | $ | 537,096 |  |  | $ | 472,468 |
China |  |  | 224,221 |  |  |  | 221,512 |  |  |  | 183,419 |
Germany |  |  | 105,927 |  |  |  | 102,383 |  |  |  | 75,367 |
South Korea |  |  | 104,120 |  |  |  | 115,854 |  |  |  | 94,937 |
Czech Republic |  |  | 78,785 |  |  |  | 69,714 |  |  |  | 49,293 |
Slovakia |  |  | 55,085 |  |  |  | 44,946 |  |  |  | 34,686 |
Japan |  |  | 53,730 |  |  |  | 60,879 |  |  |  | 57,718 |
Romania |  |  | 52,616 |  |  |  | 53,982 |  |  |  | 47,532 |
Mexico |  |  | 43,327 |  |  |  | 45,733 |  |  |  | 23,233 |
United Kingdom |  |  | 41,098 |  |  |  | 34,765 |  |  |  | 22,380 |
Other |  |  | 192,771 |  |  |  | 182,212 |  |  |  | 143,623 |
Total Non-U.S. |  |  | 951,680 |  |  |  | 931,980 |  |  |  | 732,188 |
Total Company |  | $ | 1,456,124 |  |  | $ | 1,469,076 |  |  | $ | 1,204,656 |
Property and equipment, net, for each of the geographic areas in which the Company operates as of December 31, 2024 and 2023 is as follows:
|  | December 31, |
Property and equipment, net |  | 2024 |  |  | 2023 |
Mexico |  | $ | 47,814 |  |  | $ | 39,943 |
China |  |  | 44,767 |  |  |  | 45,429 |
United States |  |  | 42,928 |  |  |  | 37,413 |
Germany |  |  | 42,457 |  |  |  | 46,586 |
North Macedonia |  |  | 25,374 |  |  |  | 27,675 |
Vietnam |  |  | 20,920 |  |  |  | 21,664 |
Czech Republic |  |  | 9,440 |  |  |  | 11,126 |
Hungary |  |  | 7,994 |  |  |  | 9,097 |
Ukraine |  |  | 5,174 |  |  |  | 5,986 |
Other |  |  | 6,102 |  |  |  | 315 |
Total |  | $ | 252,970 |  |  | $ | 245,234 |

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- Definition The entire disclosure for reporting segments including data and tables. 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