XML 30 R23.htm IDEA: XBRL DOCUMENT
v3.25.3

Segment Reporting | 9 Months Ended
--- | ---
Sep. 30, 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 se gment information about the reported product revenues, significant segment expenses, operating income and depreciation and amortization of the Company for the three and nine months ended September 30, 2025 and 2024.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Product Revenues |  |  |  |  |  |  |  |  |  |  |  |
Automotive |  | $ | 374,211 |  |  | $ | 358,804 |  |  | $ | 1,079,937 |  |  | $ | 1,067,444 |
Medical |  |  | 12,659 |  |  |  | 12,708 |  |  |  | 35,877 |  |  |  | 35,766 |
Total |  |  | 386,870 |  |  |  | 371,512 |  |  |  | 1,115,814 |  |  |  | 1,103,210 |
Significant Segment Expenses and Operating Performance |  |  |  |  |  |  |  |  |  |  |  |
Automotive |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 283,663 |  |  |  | 267,671 |  |  |  | 822,314 |  |  |  | 800,053 |
Net research and development expenses |  |  | 18,629 |  |  |  | 17,788 |  |  |  | 55,831 |  |  |  | 52,224 |
Selling, general and administrative expenses |  |  | 17,013 |  |  |  | 16,127 |  |  |  | 49,546 |  |  |  | 49,765 |
Restructuring expenses, net |  |  | 3,972 |  |  |  | 2,662 |  |  |  | 10,410 |  |  |  | 11,470 |
Loss on sale of land and building, net |  |  | — |  |  |  | — |  |  |  | 2,196 |  |  |  | — |
Automotive operating income |  |  | 50,934 |  |  |  | 54,556 |  |  |  | 139,640 |  |  |  | 153,932 |
Medical |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 6,691 |  |  |  | 6,814 |  |  |  | 18,696 |  |  |  | 18,828 |
Other operating expenses |  |  | 5,982 |  |  |  | 5,415 |  |  |  | 17,137 |  |  |  | 16,134 |
Impairment of intangible assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 530 |
Medical operating (loss) income |  |  | (14 | ) |  |  | 479 |  |  |  | 44 |  |  |  | 274 |
Corporate and Other Unallocated Expenses |  |  |  |  |  |  |  |  |  |  |  |
Corporate and other unallocated expenses |  |  | 27,062 |  |  |  | 22,698 |  |  |  | 74,756 |  |  |  | 70,832 |
Total consolidated operating income |  | $ | 23,858 |  |  | $ | 32,337 |  |  | $ | 64,928 |  |  | $ | 83,374 |
Other Segment Disclosures |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and Amortization |  |  |  |  |  |  |  |  |  |  |  |
Automotive |  | $ | 11,990 |  |  | $ | 12,118 |  |  | $ | 35,388 |  |  | $ | 36,343 |
Medical |  |  | 849 |  |  |  | 870 |  |  |  | 2,555 |  |  |  | 2,622 |
Corporate and other unallocated expenses |  |  | 550 |  |  |  | 364 |  |  |  | 1,535 |  |  |  | 1,120 |
Total |  | $ | 13,389 |  |  | $ | 13,352 |  |  | $ | 39,478 |  |  | $ | 40,085 |
Automotive and Medical segment product revenues by product category for the three and nine months ended September 30, 2025 and 2024 were as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Climate Control Seats (a) |  | $ | 201,275 |  |  | $ | 189,898 |  |  | $ | 592,448 |  |  | $ | 581,713 |
Lumbar and Massage Comfort Solutions |  |  | 55,799 |  |  |  | 48,970 |  |  |  | 153,642 |  |  |  | 133,090 |
Climate Control Interiors (a) |  |  | 52,638 |  |  |  | 49,283 |  |  |  | 147,564 |  |  |  | 140,712 |
Climate and Comfort Electronics (a) |  |  | 8,599 |  |  |  | 4,883 |  |  |  | 22,220 |  |  |  | 13,266 |
Automotive Climate and Comfort Solutions |  |  | 318,311 |  |  |  | 293,034 |  |  |  | 915,874 |  |  |  | 868,781 |
Valve Systems |  |  | 24,487 |  |  |  | 26,082 |  |  |  | 72,803 |  |  |  | 81,974 |
Other Automotive (a) |  |  | 31,413 |  |  |  | 39,688 |  |  |  | 91,260 |  |  |  | 116,689 |
Subtotal Automotive segment |  |  | 374,211 |  |  |  | 358,804 |  |  |  | 1,079,937 |  |  |  | 1,067,444 |
Medical segment |  |  | 12,659 |  |  |  | 12,708 |  |  |  | 35,877 |  |  |  | 35,766 |
Total Company |  | $ | 386,870 |  |  | $ | 371,512 |  |  | $ | 1,115,814 |  |  | $ | 1,103,210 |
(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 and nine months ended September 30, 2025 and 2024 is as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
United States |  | $ | 139,991 |  |  | $ | 127,869 |  |  | $ | 391,662 |  |  | $ | 380,681 |
China |  |  | 63,679 |  |  |  | 54,791 |  |  |  | 167,214 |  |  |  | 162,476 |
Germany |  |  | 30,300 |  |  |  | 26,394 |  |  |  | 86,038 |  |  |  | 81,635 |
South Korea |  |  | 20,422 |  |  |  | 22,487 |  |  |  | 68,288 |  |  |  | 78,341 |
Czech Republic |  |  | 21,437 |  |  |  | 20,830 |  |  |  | 66,113 |  |  |  | 60,520 |
Mexico |  |  | 18,272 |  |  |  | 10,783 |  |  |  | 51,704 |  |  |  | 32,621 |
Slovakia |  |  | 12,828 |  |  |  | 13,970 |  |  |  | 41,121 |  |  |  | 41,870 |
Romania |  |  | 13,533 |  |  |  | 13,069 |  |  |  | 41,056 |  |  |  | 40,299 |
Japan |  |  | 12,027 |  |  |  | 13,370 |  |  |  | 35,805 |  |  |  | 40,562 |
United Kingdom |  |  | 6,387 |  |  |  | 9,674 |  |  |  | 25,538 |  |  |  | 31,480 |
Other |  |  | 47,994 |  |  |  | 58,275 |  |  |  | 141,275 |  |  |  | 152,725 |
Total Non-U.S. |  |  | 246,879 |  |  |  | 243,643 |  |  |  | 724,152 |  |  |  | 722,529 |
Total Company |  | $ | 386,870 |  |  | $ | 371,512 |  |  | $ | 1,115,814 |  |  | $ | 1,103,210 |
Property and equipment, net, for each of the geographic areas in which the Company operates as of September 30, 2025 and December 31, 2024 is as follows:
|  | September 30, 2025 |  |  | December 31, 2024 |
Property and equipment, net |  |  |  |  |  |
Germany |  | $ | 49,591 |  |  | $ | 42,457 |
Mexico |  |  | 49,222 |  |  |  | 47,814 |
China |  |  | 45,195 |  |  |  | 44,767 |
United States |  |  | 38,158 |  |  |  | 42,928 |
North Macedonia |  |  | 26,736 |  |  |  | 25,374 |
Vietnam |  |  | 19,348 |  |  |  | 20,920 |
Czech Republic |  |  | 10,232 |  |  |  | 9,440 |
Hungary |  |  | 8,583 |  |  |  | 7,994 |
Ukraine |  |  | 4,792 |  |  |  | 5,174 |
Other |  |  | 5,091 |  |  |  | 6,102 |
Total |  | $ | 256,948 |  |  | $ | 252,970 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration