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Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

Note 15 – 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 our automotive climate and comfort solutions (including Climate Control Seats, Climate Control Interiors, lumbar and massage comfort solutions and electronic solutions for climate and comfort technologies), valve system solutions and other automotive products.

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.

A measure of assets has not been disclosed for each segment as it is not regularly reviewed by our chief operating decision maker.

The table below presents segment information about the reported product revenues, significant segment expenses, operating income (loss) and depreciation and amortization of the Company for the three months ended March 31, 2025 and 2024.

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Product Revenues

 

 

 

 

 

 

Automotive

 

$

341,874

 

 

$

344,638

 

Medical

 

 

11,980

 

 

 

11,377

 

Total

 

 

353,854

 

 

 

356,015

 

 

 

 

 

 

 

Significant Segment Expenses and Operating Performance

 

 

 

 

 

 

Automotive

 

 

 

 

 

 

Cost of sales

 

 

260,227

 

 

 

260,289

 

Net research and development expenses

 

 

19,384

 

 

 

17,424

 

Selling, general and administrative expenses

 

 

15,719

 

 

 

16,601

 

Restructuring expenses, net

 

 

4,514

 

 

 

7,114

 

Loss on sale of land and building, net

 

 

2,196

 

 

 

—

 

Automotive operating income

 

 

39,834

 

 

 

43,210

 

 

 

 

 

 

 

Medical

 

 

 

 

 

 

Cost of sales

 

 

6,276

 

 

 

5,913

 

Other operating expenses

 

 

5,309

 

 

 

5,417

 

Impairment of intangible assets and property and equipment

 

 

—

 

 

 

530

 

Medical operating income (loss)

 

 

395

 

 

 

(483

)

 

 

 

 

 

 

Corporate and Other Unallocated Expenses

 

 

 

 

 

 

Corporate and other unallocated expenses

 

 

23,168

 

 

 

24,678

 

Total consolidated operating income

 

$

17,061

 

 

$

18,049

 

 

 

 

 

 

 

Other Segment Disclosures

 

 

 

 

 

 

Depreciation and Amortization

 

 

 

 

 

 

Automotive

 

$

11,602

 

 

$

12,408

 

Medical

 

 

855

 

 

 

883

 

Corporate and other unallocated expenses

 

 

474

 

 

 

527

 

Total

 

$

12,931

 

 

$

13,818

 

 

Automotive and Medical segment product revenues by product category for the three months ended March 31, 2025 and 2024 were as follows:

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Climate Control Seats (a)

 

$

191,153

 

 

$

192,049

 

Climate Control Interiors (a)

 

 

45,341

 

 

 

44,398

 

Lumbar and Massage Comfort Solutions

 

 

45,313

 

 

 

38,251

 

Climate and Comfort Electronics (a)

 

 

7,715

 

 

 

4,226

 

Automotive Climate and Comfort Solutions

 

 

289,522

 

 

 

278,924

 

Valve Systems

 

 

23,173

 

 

 

26,625

 

Other Automotive (a)

 

 

29,179

 

 

 

39,089

 

Subtotal Automotive segment

 

 

341,874

 

 

 

344,638

 

Medical segment

 

 

11,980

 

 

 

11,377

 

Total Company

 

$

353,854

 

 

$

356,015

 
(a)
Product categories have been modified, and prior-period amounts have been recast to conform with the current period presentation. Climate Control Seats (CCS) includes CCS Heat (previously Seat Heaters), CCS Vent/CCS Active Cool (previously CCS) and CCS Neck Conditioners (previously included in Other Automotive). Climate Control Interiors (CCI) includes CCI Steering Wheel Heat and CCI Interior Heat (previously included in Other Automotive). Other Automotive includes Automotive Cables, Battery Performance Solutions, non-automotive electronics and contract manufacturing electronics (previously classified as Electronics).

Revenue (based on shipment destination) by geographic area for the three months ended March 31, 2025 and 2024 is as follows:

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

United States

 

$

124,926

 

 

$

125,453

 

China

 

 

48,935

 

 

 

54,476

 

Germany

 

 

26,557

 

 

 

23,613

 

South Korea

 

 

23,784

 

 

 

28,184

 

Czech Republic

 

 

20,984

 

 

 

19,584

 

Mexico

 

 

15,672

 

 

 

10,015

 

Slovakia

 

 

13,722

 

 

 

13,178

 

Romania

 

 

12,957

 

 

 

14,222

 

Japan

 

 

12,099

 

 

 

12,455

 

United Kingdom

 

 

9,376

 

 

 

11,324

 

Other

 

 

44,842

 

 

 

43,511

 

Total Non-U.S.

 

 

228,928

 

 

 

230,562

 

Total Company

 

$

353,854

 

 

$

356,015

 

Property and equipment, net, for each of the geographic areas in which the Company operates as of March 31, 2025 and December 31, 2024 is as follows:

 

 

March 31, 2025

 

 

December 31, 2024

 

Property and equipment, net

 

 

 

 

 

 

Mexico

 

$

49,032

 

 

$

47,814

 

Germany

 

 

45,793

 

 

 

42,457

 

China

 

 

43,566

 

 

 

44,767

 

United States

 

 

38,907

 

 

 

42,928

 

North Macedonia

 

 

25,589

 

 

 

25,374

 

Vietnam

 

 

20,294

 

 

 

20,920

 

Czech Republic

 

 

9,710

 

 

 

9,440

 

Hungary

 

 

7,871

 

 

 

7,994

 

Ukraine

 

 

5,062

 

 

 

5,174

 

Other

 

 

7,345

 

 

 

6,102

 

Total

 

$

253,169

 

 

$

252,970