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Segment Reporting (Tables)
12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information about Reported Product Revenues,Depreciation and Amortization and Operating Income (Loss)

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

 

 

Segment Information About Reported Segment Product Revenues by Product Category

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).
Product Revenues Information by Geographic Area

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

 

Schedule of Property and Equipment, Net by Geographic Area

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