Segment Reporting (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Segment Reporting [Abstract] |
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| Segment Information about Reported Product Revenues,Depreciation and Amortization and Operating Income (Loss) |
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 and six months ended June 30, 2025 and 2024.
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Product Revenues |
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Automotive |
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$ |
363,852 |
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$ |
364,002 |
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$ |
705,726 |
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$ |
708,640 |
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Medical |
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11,238 |
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11,681 |
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23,218 |
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23,058 |
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Total |
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375,090 |
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375,683 |
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728,944 |
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731,698 |
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Significant Segment Expenses and Operating Performance |
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Automotive |
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Cost of sales |
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278,424 |
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272,093 |
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538,651 |
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532,382 |
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Net research and development expenses |
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17,818 |
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17,012 |
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37,202 |
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34,436 |
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Selling, general and administrative expenses |
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16,814 |
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17,037 |
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32,533 |
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33,638 |
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Restructuring expenses, net |
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1,924 |
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1,694 |
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6,438 |
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8,808 |
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Loss on sale of land and building, net |
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— |
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— |
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2,196 |
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— |
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Automotive operating income |
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48,872 |
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56,166 |
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88,706 |
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99,376 |
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Medical |
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Cost of sales |
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5,729 |
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6,101 |
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12,005 |
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12,014 |
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Other operating expenses |
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5,846 |
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5,302 |
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11,155 |
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10,719 |
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Impairment of intangible assets |
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— |
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— |
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— |
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530 |
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Medical operating (loss) income |
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(337 |
) |
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278 |
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58 |
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(205 |
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Corporate and Other Unallocated Expenses |
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Corporate and other unallocated expenses |
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24,526 |
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23,456 |
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47,694 |
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48,134 |
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Total consolidated operating income |
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$ |
24,009 |
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$ |
32,988 |
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$ |
41,070 |
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$ |
51,037 |
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Other Segment Disclosures |
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Depreciation and Amortization |
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Automotive |
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$ |
11,796 |
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$ |
11,817 |
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$ |
23,398 |
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$ |
24,225 |
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Medical |
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851 |
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869 |
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1,706 |
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1,752 |
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Corporate and other unallocated expenses |
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511 |
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229 |
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985 |
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756 |
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Total |
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$ |
13,158 |
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$ |
12,915 |
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$ |
26,089 |
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$ |
26,733 |
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| Segment Information About Reported Segment Product Revenues by Product Category |
Automotive and Medical segment product revenues by product category for the three and six months ended June 30, 2025 and 2024 were as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Climate Control Seats (a) |
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$ |
200,020 |
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$ |
199,766 |
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$ |
391,173 |
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$ |
391,815 |
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Lumbar and Massage Comfort Solutions |
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52,530 |
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45,869 |
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97,843 |
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84,120 |
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Climate Control Interiors (a) |
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49,585 |
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47,031 |
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94,926 |
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91,429 |
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Climate and Comfort Electronics (a) |
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5,906 |
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4,157 |
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13,621 |
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8,383 |
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Automotive Climate and Comfort Solutions |
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308,041 |
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296,823 |
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597,563 |
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575,747 |
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Valve Systems |
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25,143 |
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29,267 |
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48,316 |
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55,892 |
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Other Automotive (a) |
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30,668 |
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37,912 |
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59,847 |
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77,001 |
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Subtotal Automotive segment |
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363,852 |
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364,002 |
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705,726 |
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708,640 |
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Medical segment |
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11,238 |
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11,681 |
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23,218 |
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23,058 |
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Total Company |
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$ |
375,090 |
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$ |
375,683 |
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$ |
728,944 |
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$ |
731,698 |
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(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).
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| Product Revenues Information by Geographic Area |
Revenue (based on shipment destination) by geographic area for the three and six months ended June 30, 2025 and 2024 is as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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United States |
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$ |
126,745 |
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$ |
127,359 |
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$ |
251,671 |
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$ |
252,812 |
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China |
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54,600 |
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53,209 |
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103,535 |
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107,685 |
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Germany |
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29,181 |
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31,628 |
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55,738 |
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55,241 |
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South Korea |
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24,082 |
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27,670 |
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47,866 |
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55,854 |
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Czech Republic |
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23,692 |
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20,106 |
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44,676 |
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39,690 |
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Mexico |
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17,760 |
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11,823 |
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33,432 |
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21,838 |
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Slovakia |
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14,571 |
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14,722 |
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28,293 |
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27,900 |
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Romania |
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14,566 |
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13,008 |
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27,523 |
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27,230 |
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Japan |
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11,679 |
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14,737 |
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23,778 |
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27,192 |
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United Kingdom |
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9,775 |
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10,482 |
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19,151 |
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21,806 |
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Other |
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48,439 |
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50,939 |
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93,281 |
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94,450 |
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Total Non-U.S. |
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248,345 |
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248,324 |
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477,273 |
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478,886 |
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Total Company |
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$ |
375,090 |
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$ |
375,683 |
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$ |
728,944 |
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$ |
731,698 |
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| 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 June 30, 2025 and December 31, 2024 is as follows:
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June 30, 2025 |
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December 31, 2024 |
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Property and equipment, net |
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Germany |
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$ |
49,688 |
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$ |
42,457 |
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Mexico |
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49,654 |
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47,814 |
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China |
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44,499 |
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44,767 |
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United States |
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38,847 |
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42,928 |
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North Macedonia |
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28,130 |
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25,374 |
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Vietnam |
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19,665 |
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20,920 |
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Czech Republic |
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9,916 |
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9,440 |
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Hungary |
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8,747 |
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7,994 |
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Ukraine |
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4,799 |
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5,174 |
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Other |
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8,474 |
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6,102 |
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Total |
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$ |
262,419 |
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$ |
252,970 |
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