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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 segment 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