v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We present financial information for two reportable segments, Performance Sensing and Sensing Solutions. Our segments are businesses that we manage as components of an enterprise, for which separate financial information is evaluated regularly by our chief operating decision maker ("CODM"), who is our chief executive officer, in deciding how to allocate resources and assess performance.
A segment’s performance is primarily evaluated based on segment operating income, which excludes amortization of intangible assets, impairment of goodwill and other intangible assets, restructuring charges, and certain corporate costs or credits not associated with the operations of the segment. Corporate and other costs excluded from a segment’s performance are separately stated below and include costs that are related to functional areas such as finance, information technology, legal, and human resources. The CODM uses operating income primarily in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis for operating income when making decisions about the allocation of operating and capital resources to each segment. Significant expenses are reviewed by the CODM on a consolidated basis and not at the operating segment level. We believe that segment operating income, as defined above, is an appropriate measure for evaluating the operating performance of our segments. However, this measure should be considered in addition to, and not as a substitute for, or superior to, operating income or other measures of financial performance prepared in accordance with U.S. GAAP. The accounting policies of each of our operating and reportable segments are materially consistent with those described in Note 2: Significant Accounting Policies of the audited consolidated financial statements and notes thereto included in our 2024 Annual Report.
The Performance Sensing segment serves the automotive and HVOR industries through the development and manufacture of sensors, high-voltage solutions (i.e., electrical protection components), and other solutions that are used in mission-critical systems and applications. Examples include those used in subsystems of automobiles, on-road trucks, and off-road equipment, such as tire pressure monitoring, thermal management, electrical protection, regenerative braking, powertrain (engine/transmission), and exhaust management. These products are used in subsystems that, among other things, improve operating performance and efficiency and contribute to environmentally sustainable and safe solutions.

The Sensing Solutions segment primarily serves the industrial and aerospace industries through the development and manufacture of a broad portfolio of application-specific sensor and electrical protection products used in a diverse range of industrial markets, including the appliance, HVAC, water management, operator controls, charging infrastructure, renewable
energy generation, green hydrogen production, and microgrid applications and markets, as well as the aerospace market, including commercial aircraft, defense, and aftermarket markets.

Some of the products and solutions sold by the Sensing Solutions segment include pressure, temperature, and position sensors, motor and compressor protectors, high-voltage contactors, solid state relays, bimetal electromechanical controls, power inverters, charge controllers, battery management systems, operator controls, and power conversion systems. Sensing Solutions products perform many functions, including prevention of damage from excess heat or electrical current, optimization of system performance, low-power circuit control, renewable energy generation, and power conversion from direct current power to alternating current power.
The following table presents net revenue, segment and non-segment operating expenses, and segment and non-segment operating income for the reportable segments and other operating results not allocated to our reportable segments for the three and six months ended June 30, 2025 and 2024:
 For the three months endedFor the six months ended
 June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Net revenue:
Performance Sensing
$652,225 $723,921 $1,302,641 $1,437,239 
Sensing Solutions
291,159 268,071 551,998 525,910 
Other
— 43,543 — 79,095 
Total net revenue$943,384 $1,035,535 $1,854,639 $2,042,244 
Segment and non-segment operating expenses(1):
Performance Sensing$505,349 $562,513 $1,012,889 $1,106,863 
Sensing Solutions203,123 188,396 387,896 373,941 
Other— 34,339 — 63,110 
Total segment and non-segment operating expenses$708,472 $785,248 $1,400,785 $1,543,914 
Segment and non-segment operating income (as defined above):
Performance Sensing (1)
$146,876 $161,408 $289,752 $330,376 
Sensing Solutions (1)
88,036 79,675 164,102 151,969 
Other (1)
— 9,204 — 15,985 
Total segment and non-segment operating income
234,912 250,287 453,854 498,330 
Corporate and other(69,054)(77,764)(138,243)(141,718)
Amortization of intangible assets(21,184)(39,085)(41,761)(77,600)
Restructuring and other charges, net(6,612)(3,491)(13,592)(4,273)
Operating income138,062 129,947 260,258 274,739 
Interest expense(37,679)(40,863)(75,652)(79,258)
Interest income4,467 5,802 8,757 9,540 
Other, net930 4,097 3,058 (7,447)
Income before taxes$105,780 $98,983 $196,421 $197,574 
___________________________________
(1)    Other segment and non-segment expenses include associated cost of revenue, research and development, and selling, general and administrative expenses.
The following table presents depreciation and amortization expense for our reportable segments and corporate and other for the three and six months ended June 30, 2025 and 2024:
 For the three months endedFor the six months ended
 June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Depreciation and amortization:
Performance Sensing$24,097 $24,242 $49,079 $48,202 
Sensing Solutions3,986 3,779 7,876 7,903 
Corporate and other (1)
26,439 44,557 59,106 88,511 
Total depreciation and amortization$54,522 $72,578 $116,061 $144,616 
__________________________
(1)Included within corporate and other is amortization of intangible assets, accelerated depreciation recognized in connection with restructuring actions, and depreciation of certain assets. We do not allocate these amounts to our segments. This treatment is consistent with the financial information reviewed by our chief operating decision maker.
The following table presents additions to PP&E and capitalized software for our reportable segments and corporate and other for the three and six months ended June 30, 2025 and 2024:
 For the three months endedFor the six months ended
 June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Additions to property, plant and equipment and capitalized software:
Performance Sensing$18,555 $27,243 $41,605 $58,256 
Sensing Solutions2,719 5,557 5,782 8,820 
Corporate and other4,111 4,961 10,573 12,815 
Total additions to property, plant and equipment and capitalized software$25,385 $37,761 $57,960 $79,891 
Geographic Area Information
The following tables present net revenue by geographic area and by significant country for the three and six months ended June 30, 2025 and 2024. In these tables, net revenue is aggregated according to the location of our subsidiaries.
 For the three months endedFor the six months ended
 June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Net revenue:
Americas$380,015 $459,149 $752,465 $888,257 
Europe265,236 276,939 517,699 561,676 
Asia and rest of world298,133 299,447 584,475 592,311 
Net revenue$943,384 $1,035,535 $1,854,639 $2,042,244 
 For the three months endedFor the six months ended
 June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Net revenue:
United States$370,514 $424,230 $715,504 $819,630 
China182,951 184,323 357,545 363,731 
The Netherlands226,123 237,575 443,897 484,186 
United Kingdom30,039 30,941 56,960 59,840 
All other133,757 158,466 280,733 314,857 
Net revenue$943,384 $1,035,535 $1,854,639 $2,042,244 
The following tables present PP&E, net, by geographic area and by significant country as of June 30, 2025 and 2024. In these tables, PP&E, net is aggregated based on the location of our subsidiaries.
 June 30,
2025		December 31,
2024
Property, plant and equipment, net:
Americas$291,147 $301,900 
Europe137,469 141,396 
Asia and rest of world377,387 378,357 
Property, plant and equipment, net$806,003 $821,653 
 June 30,
2025		December 31,
2024
Property, plant and equipment, net:
United States$113,552 $121,783 
China255,658 266,104 
Mexico177,463 179,980 
Bulgaria100,891 108,093 
United Kingdom24,830 21,147 
Malaysia117,503 108,118 
All other16,106 16,428 
Property, plant and equipment, net$806,003 $821,653