v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We present financial information for three reportable segments, Automotive, Industrials, and Aerospace, Defense, and Commercial Equipment. In the last quarter of 2025, we realigned our segments as a result of organizational changes that better allocate our resources to support changes to our business strategy. Refer to Note 1: Basis of Presentation for additional information. Our operating segments are business segments 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.
An operating 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 resources to each segment. We believe that segment operating income, as defined above, is an appropriate measure for evaluating the operating performance of our segments. However, the 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 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 2025 Annual Report.
The Automotive segment primarily serves the Automotive OEM and aftermarket industries through the development and manufacturing of sensors, high-voltage solutions (i.e., electrical protection components), and other solutions that are used in mission-critical systems and applications.
Industrials primarily serves industrial customers through the development and manufacturing of a broad portfolio of application-specific sensor, power management, and electrical protection products used in a diverse range of industrial markets, including the appliance, HVAC, material handling, charging infrastructure, renewable energy generation, and microgrid applications and markets.
The Aerospace, Defense, and Commercial Equipment segment primarily serves the aerospace, including commercial aircraft, defense, and commercial equipment, which includes on-road truck, construction, and agriculture markets, through the development and manufacture of a variety of sensors, electrical protection products, operator controls, and other solutions that are used in mission-critical systems and applications.
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, 2026 and 2025:
 For the three months endedFor the six months ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Net revenue:
Automotive (1)
$544.8 $527.5 $1,074.1 $1,059.7 
Industrials (1)
212.1 206.3 387.4 384.6 
Aerospace, Defense, and Commercial Equipment (1)
233.7 209.7 464.0 410.3 
Total net revenue$990.6 $943.4 $1,925.4 $1,854.6 
Segment cost of revenue:
Automotive
$369.4 $366.3 $731.2 $738.1 
Industrials
130.6 125.7 236.2 234.7 
Aerospace, Defense, and Commercial Equipment
147.6 138.5 295.2 270.2 
Total segment cost of revenue
$647.6 $630.5 $1,262.7 $1,242.9 
Segment operating expenses(2):
Automotive (1)
$43.7 $40.1 $88.7 $81.9 
Industrials (1)
24.1 22.7 47.3 46.2 
Aerospace, Defense, and Commercial Equipment (1)
21.0 19.9 38.7 38.4 
Total segment operating expenses
$88.8 $82.7 $174.7 $166.5 
Segment operating income (as defined above):
Automotive (1)
$131.7 $121.1 $254.1 $239.7 
Industrials (1)
57.5 57.9 103.9 103.8 
Aerospace, Defense, and Commercial Equipment (1)
65.1 51.2 130.1 101.7 
Total segment operating income
254.2 230.2 488.1 445.2 
Corporate and other(1)
(74.8)(64.3)(147.6)(129.6)
Amortization of intangible assets(15.7)(21.2)(31.5)(41.8)
Restructuring and other charges, net1.7 (6.6)(2.0)(13.6)
Operating income165.4 138.1 307.0 260.3 
Interest expense(32.8)(37.7)(66.9)(75.7)
Interest income3.6 4.5 7.5 8.8 
Other, net(3.6)0.9 0.4 3.1 
Income before taxes$132.5 $105.8 $248.0 $196.4 
___________________________________
(1)    The amounts previously reported for the three and six months ended June 30, 2025 have been retrospectively recast to reflect the segment realignment as discussed in Note 1: Basis of Presentation.
(2)    Segment operating expenses include research, development, and engineering, and selling, general and administrative expenses associated with each segment.
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, 2026 and 2025:
 For the three months endedFor the six months ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Depreciation and amortization:
Automotive$19.8 $20.4 $39.7 $42.1 
Industrials2.5 3.0 5.2 5.9 
Aerospace, Defense, and Commercial Equipment3.8 4.7 8.0 9.0 
Corporate and other (1)
23.2 26.4 46.1 59.1 
Total depreciation and amortization$49.3 $54.5 $99.0 $116.1 
__________________________
(1)Included within corporate and other is depreciation expense, amortization of intangible assets, and accelerated depreciation recognized in connection with restructuring actions. 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 property, plant and equipment ("PP&E") and capitalized software for our reportable segments and corporate and other for the three and six months ended June 30, 2026 and 2025:
 For the three months endedFor the six months ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Additions to property, plant and equipment and capitalized software:
Automotive$17.7 $18.5 $30.6 $41.3 
Industrials1.7 1.9 4.6 5.0 
Aerospace, Defense, and Commercial Equipment0.8 0.8 1.1 0.8 
Corporate and other3.3 4.2 5.3 10.9 
Total additions to property, plant and equipment and capitalized software$23.6 $25.4 $41.5 $58.0 
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, 2026 and 2025. 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, 2026June 30, 2025June 30, 2026June 30, 2025
Net revenue:
Americas$404.6 $380.0 $780.4 $752.5 
Europe269.8 265.2 537.7 517.7 
Asia and rest of world316.2 298.1 607.4 584.5 
Net revenue$990.6 $943.4 $1,925.4 $1,854.6 
 For the three months endedFor the six months ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Net revenue:
United States$394.5 $370.5 $760.2 $715.5 
China182.8 183.0 351.1 357.5 
The Netherlands228.6 226.1 456.9 443.9 
United Kingdom30.0 30.0 60.1 57.0 
All other154.7 133.8 297.2 280.7 
Net revenue$990.6 $943.4 $1,925.4 $1,854.6 
The following tables present PP&E, net, by geographic area and by significant country as of June 30, 2026 and December 31, 2025. In these tables, PP&E, net is aggregated based on the location of our subsidiaries.
 June 30,
2026		December 31,
2025
Property, plant and equipment, net:
Americas$255.8 $262.3 
Europe125.4 135.4 
Asia and rest of world378.0 378.7 
Property, plant and equipment, net$759.2 $776.5 
 June 30,
2026		December 31,
2025
Property, plant and equipment, net:
United States$93.6 $99.4 
China256.2 254.3 
Mexico162.1 162.8 
Bulgaria93.4 99.4 
United Kingdom20.6 24.6 
Malaysia118.0 120.5 
All other15.3 15.5 
Property, plant and equipment, net$759.2 $776.5