10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________________________________________ 

FORM 10-Q

_________________________________________________________________________________ 

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number 001-34652

_________________________________________________________________________________ 

SENSATA TECHNOLOGIES HOLDING PLC

(Exact name of registrant as specified in its charter)

_________________________________________________________________________________ 

England and Wales	98-1386780
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

529 Pleasant Street

Attleboro, Massachusetts, 02703, United States

(Address of principal executive offices, including zip code)

+1 (508) 236 3800

(Registrant's telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

_____________________________________ 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of exchange on which registered
Ordinary Shares - nominal value €0.01 per share	ST	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 15, 2022, 155,251,755 ordinary shares were outstanding.

TABLE OF CONTENTS

PART I
	Item 1.	Financial Statements (unaudited):
		Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021	3
		Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021	4
		Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2022 and 2021	5
		Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021	6
		Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and Six Months Ended June 30, 2022 and 2021	7
		Notes to Condensed Consolidated Financial Statements	8
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
	Item 4.	Controls and Procedures	34
PART II
	Item 1.	Legal Proceedings	35
	Item 1A.	Risk Factors	35
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
	Item 3.	Defaults Upon Senior Securities	35
	Item 6.	Exhibits	36
		Signatures	37

2

PART I—FINANCIAL INFORMATION

Item 1.Financial Statements.

SENSATA TECHNOLOGIES HOLDING PLC

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

(unaudited)

	June 30, 2022		December 31, 2021
Assets
Current assets:
Cash and cash equivalents	$	1,558,578	$	1,708,955
Accounts receivable, net of allowances of $26,448 and $17,003 as of June 30, 2022 and December 31, 2021, respectively	743,048		653,438
Inventories	656,736		588,231
Prepaid expenses and other current assets	161,367		126,370
Total current assets	3,119,729		3,076,994
Property, plant and equipment, net	825,862		820,933
Goodwill	3,534,438		3,502,063
Other intangible assets, net of accumulated amortization of $2,351,560 and $2,277,393 as of June 30, 2022 and December 31, 2021, respectively	904,929		946,731
Deferred income tax assets	101,899		105,028
Other assets	119,820		162,017
Total assets	$	8,606,677	$	8,613,766
Liabilities and shareholders' equity
Current liabilities:
Current portion of long-term debt, finance lease and other financing obligations	$	6,566	$	6,833
Accounts payable	537,261		459,093
Income taxes payable	15,309		26,517
Accrued expenses and other current liabilities	327,993		343,816
Total current liabilities	887,129		836,259
Deferred income tax liabilities	341,383		339,273
Pension and other post-retirement benefit obligations	37,863		38,758
Finance lease and other financing obligations, less current portion	25,623		26,564
Long-term debt, net	4,213,512		4,214,946
Other long-term liabilities	77,583		63,232
Total liabilities	5,583,093		5,519,032
Commitments and contingencies (Note 12)
Shareholders’ equity:
Ordinary shares, €0.01 nominal value per share, 177,069 shares authorized, and 174,924 and 174,287 shares issued as of June 30, 2022 and December 31, 2021, respectively	2,239		2,232
Treasury shares, at cost, 19,269 and 16,438 shares as of June 30, 2022 and December 31, 2021, respectively	(978,595)		(832,439)
Additional paid-in capital	1,841,925		1,812,244
Retained earnings	2,164,734		2,132,257
Accumulated other comprehensive loss	(6,719)		(19,560)
Total shareholders' equity	3,023,584		3,094,734
Total liabilities and shareholders' equity	$	8,606,677	$	8,613,766

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

SENSATA TECHNOLOGIES HOLDING PLC

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(unaudited)

	For the three months ended				For the six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net revenue	$	1,020,548	$	992,660	$	1,996,318	$	1,935,188
Operating costs and expenses:
Cost of revenue	686,603		658,285		1,343,683		1,293,634
Research and development	47,971		42,913		93,951		78,869
Selling, general and administrative	97,329		86,821		193,009		163,944
Amortization of intangible assets	36,805		34,857		74,172		66,921
Restructuring and other charges, net	12,897		5,029		26,630		9,611
Total operating costs and expenses	881,605		827,905		1,731,445		1,612,979
Operating income	138,943		164,755		264,873		322,209
Interest expense, net	(44,842)		(45,213)		(90,287)		(89,256)
Other, net	(39,240)		1,012		(89,696)		(38,385)
Income before taxes	54,861		120,554		84,890		194,568
Provision for income taxes	20,020		7,638		27,608		27,919
Net income	$	34,841	$	112,916	$	57,282	$	166,649
Basic net income per share	$	0.22	$	0.71	$	0.36	$	1.05
Diluted net income per share	$	0.22	$	0.71	$	0.36	$	1.05

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

SENSATA TECHNOLOGIES HOLDING PLC

Condensed Consolidated Statements of Comprehensive Income

(In thousands)

(unaudited)

	For the three months ended				For the six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net income	$	34,841	$	112,916	$	57,282	$	166,649
Other comprehensive income:
Cash flow hedges	9,183		1,398		12,033		15,676
Defined benefit and retiree healthcare plans	380		1,672		808		3,384
Other comprehensive income	9,563		3,070		12,841		19,060
Comprehensive income	$	44,404	$	115,986	$	70,123	$	185,709

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

SENSATA TECHNOLOGIES HOLDING PLC

Condensed Consolidated Statements of Cash Flows

(In thousands)

(unaudited)

	For the six months ended
	June 30, 2022		June 30, 2021
Cash flows from operating activities:
Net income	$	57,282	$	166,649
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	62,882		62,833
Amortization of debt issuance costs	3,433		3,426
Share-based compensation	15,739		11,475
Loss on debt financing	—		30,066
Amortization of intangible assets	74,172		66,921
Deferred income taxes	(5,211)		(7,070)
Acquisition-related compensation payments	(15,000)		—
Mark-to-market loss on equity investments, net	71,100		—
Unrealized loss on derivative instruments and other	20,669		12,700
Changes in operating assets and liabilities, net of the effects of acquisitions:
Accounts receivable, net	(102,845)		(97,906)
Inventories	(69,379)		(45,664)
Prepaid expenses and other current assets	(17,762)		(8,280)
Accounts payable and accrued expenses	56,767		68,764
Income taxes payable	(11,384)		6,448
Other	1,425		(2,431)
Net cash provided by operating activities	141,888		267,931
Cash flows from investing activities:
Acquisitions, net of cash received	(48,989)		(421,951)
Additions to property, plant and equipment and capitalized software	(74,069)		(63,572)
Investment in debt and equity securities	(6,878)		(6,444)
Other	152		2,862
Net cash used in investing activities	(129,784)		(489,105)
Cash flows from financing activities:
Proceeds from exercise of stock options and issuance of ordinary shares	14,577		17,957
Payment of employee restricted stock tax withholdings	(7,577)		(7,948)
Proceeds from borrowings on debt	—		1,001,875
Payments on debt	(5,664)		(757,889)
Dividends paid	(17,225)		—
Payments to repurchase ordinary shares	(144,279)		—
Payments of debt financing costs	(2,313)		(33,032)
Net cash (used in)/provided by financing activities	(162,481)		220,963
Net change in cash and cash equivalents	(150,377)		(211)
Cash and cash equivalents, beginning of year	1,708,955		1,861,980
Cash and cash equivalents, end of period	$	1,558,578	$	1,861,769

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

SENSATA TECHNOLOGIES HOLDING PLC

Condensed Consolidated Statements of Changes in Shareholders' Equity

(In thousands)

(unaudited) 

	Ordinary Shares			Treasury Shares			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders' Equity
	Number	Amount		Number	Amount
Balance as of March 31, 2022	174,583	$	2,236	(17,576)	$	(899,697)	$	1,831,497	$	2,154,563	$	(16,282)	$	3,072,317
Surrender of shares for tax withholding	—	—		(148)	(7,442)		—		—		—		(7,442)
Stock options exercised	39	—		—	—		1,229		—		—		1,229
Vesting of restricted securities	450	5		—	—		—		(5)		—		—
Cash dividends paid	—	—		—	—		—		(17,225)		—		(17,225)
Repurchase of ordinary shares	—	—		(1,693)	(78,898)		—		—		—		(78,898)
Retirement of ordinary shares	(148)	(2)		148	7,442		—		(7,440)		—		—
Share-based compensation	—	—		—	—		9,199		—		—		9,199
Net income	—	—		—	—		—		34,841		—		34,841
Other comprehensive income	—	—		—	—		—		—		9,563		9,563
Balance as of June 30, 2022	174,924	$	2,239	(19,269)	$	(978,595)	$	1,841,925	$	2,164,734	$	(6,719)	$	3,023,584

	Ordinary Shares			Treasury Shares			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders' Equity
	Number	Amount		Number	Amount
Balance as of December 31, 2021	174,287	$	2,232	(16,438)	$	(832,439)	$	1,812,244	$	2,132,257	$	(19,560)	$	3,094,734
Surrender of shares for tax withholding	—	—		(151)	(7,577)		—		—		—		(7,577)
Stock options exercised	329	4		—	—		13,942		—		—		13,946
Vesting of restricted securities	459	5		—	—		—		(5)		—		—
Cash dividends paid	—	—		—	—		—		(17,225)		—		(17,225)
Repurchase of ordinary shares	—	—		(2,831)	(146,156)		—		—		—		(146,156)
Retirement of ordinary shares	(151)	(2)		151	7,577		—		(7,575)		—		—
Share-based compensation	—	—		—	—		15,739		—		—		15,739
Net income	—	—		—	—		—		57,282		—		57,282
Other comprehensive income	—	—		—	—		—		—		12,841		12,841
Balance as of June 30, 2022	174,924	$	2,239	(19,269)	$	(978,595)	$	1,841,925	$	2,164,734	$	(6,719)	$	3,023,584

	Ordinary Shares			Treasury Shares			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders' Equity
	Number	Amount		Number	Amount
Balance as of March 31, 2021	173,533	$	2,223	(15,631)	$	(784,596)	$	1,775,320	$	1,831,241	$	(33,545)	$	2,790,643
Surrender of shares for tax withholding	—	—		(132)	(7,727)		—		—		—		(7,727)
Stock options exercised	208	3		—	—		8,167		—		—		8,170
Vesting of restricted securities	396	5		—	—		—		(5)		—		—
Retirement of ordinary shares	(132)	(2)		132	7,727		—		(7,725)		—		—
Share-based compensation	—	—		—	—		6,376		—		—		6,376
Net income	—	—		—	—		—		112,916		—		112,916
Other comprehensive income	—	—		—	—		—		—		3,070		3,070
Balance as of June 30, 2021	174,005	$	2,229	(15,631)	$	(784,596)	$	1,789,863	$	1,936,427	$	(30,475)	$	2,913,448

	Ordinary Shares			Treasury Shares			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders' Equity
	Number	Amount		Number	Amount
Balance as of December 31, 2020	173,266	$	2,220	(15,631)	$	(784,596)	$	1,759,668	$	1,777,729	$	(49,535)	$	2,705,486
Surrender of shares for tax withholding	—	—		(136)	(7,948)		—		—		—		(7,948)
Stock options exercised	467	6		—	—		18,720		—		—		18,726
Vesting of restricted securities	408	5		—	—		—		(5)		—		—
Retirement of ordinary shares	(136)	(2)		136	7,948		—		(7,946)		—		—
Share-based compensation	—	—		—	—		11,475		—		—		11,475
Net income	—	—		—	—		—		166,649		—		166,649
Other comprehensive income	—	—		—	—		—		—		19,060		19,060
Balance as of June 30, 2021	174,005	$	2,229	(15,631)	$	(784,596)	$	1,789,863	$	1,936,427	$	(30,475)	$	2,913,448

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

SENSATA TECHNOLOGIES HOLDING PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements reflect the financial position, results of operations, comprehensive income, cash flows, and changes in shareholders' equity of Sensata Technologies Holding plc, a public limited company incorporated under the laws of England and Wales, and its consolidated subsidiaries, collectively referred to as the "Company," "Sensata," "we," "our," or "us."

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q. Accordingly, these interim financial statements do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. The accompanying financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the interim period results. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (the "SEC") on February 10, 2022 (the "2021 Annual Report").

All U.S. dollar ("USD") and share amounts presented, except per share amounts, are stated in thousands, unless otherwise indicated.

2. New Accounting Standards

There are no recently issued accounting standards that have been adopted in the current period or will be adopted in future periods that have had or are expected to have a material impact on our consolidated financial position or results of operations.

3. Revenue Recognition

The following table presents net revenue disaggregated by segment and end market for the three and six months ended June 30, 2022 and 2021:

	For the three months ended June 30, 2022						For the three months ended June 30, 2021
	Performance Sensing		Sensing Solutions		Total		Performance Sensing		Sensing Solutions		Total
Automotive	$	506,232	$	9,932	$	516,164	$	518,367	$	12,052	$	530,419
HVOR (1)	240,650		—		240,650		223,485		—		223,485
Industrial	—		122,094		122,094		—		105,474		105,474
Appliance and HVAC (2)	—		57,675		57,675		—		63,187		63,187
Aerospace	—		38,558		38,558		—		32,793		32,793
Other	—		45,407		45,407		—		37,302		37,302
Total	$	746,882	$	273,666	$	1,020,548	$	741,852	$	250,808	$	992,660

___________________________________

(1)    Heavy vehicle and off-road

(2)    Heating, ventilation and air conditioning

	For the six months ended June 30, 2022						For the six months ended June 30, 2021
	Performance Sensing		Sensing Solutions		Total		Performance Sensing		Sensing Solutions		Total
Automotive	$	1,008,594	$	19,217	$	1,027,811	$	1,055,080	$	23,552	$	1,078,632
HVOR	455,985		—		455,985		401,284		—		401,284
Industrial	—		236,713		236,713		—		195,949		195,949
Appliance and HVAC	—		116,500		116,500		—		123,103		123,103
Aerospace	—		71,828		71,828		—		65,470		65,470
Other	—		87,481		87,481		—		70,750		70,750
Total	$	1,464,579	$	531,739	$	1,996,318	$	1,456,364	$	478,824	$	1,935,188

8

4. Share-Based Payment Plans

The following table presents the components of non-cash compensation expense related to our equity awards for the three and six months ended June 30, 2022 and 2021:

	For the three months ended				For the six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Stock options	$	2	$	305	$	309	$	765
Restricted securities	9,197		6,071		15,430		10,710
Share-based compensation expense	$	9,199	$	6,376	$	15,739	$	11,475

Equity Awards

We granted the following restricted stock units ("RSUs" and each, an "RSU") and performance-based restricted stock units ("PRSUs" and each, a "PRSU") under the Sensata Technologies Holding plc 2021 Equity Incentive Plan during the six months ended June 30, 2022:

Awards Granted To:	Type of Award	Number of Units Granted (in thousands)	Percentage of PRSUs Awarded that May Vest	Weighted Average Grant Date Fair Value
Directors	RSU (1)	29	N/A	$	46.30
Various executives and employees	RSU (2)	518	N/A	$	50.72
Various executives and employees	PRSU (3)	349	0.0% - 200.0%	$	50.52

____________________________________

(1)    These RSUs cliff vest one year from the grant date (May 2023).

(2)    These RSUs vest ratably over three years, one-third per year beginning on the first anniversary of the grant date. These RSUs will fully vest on various dates between January 2025 and June 2025.

(3)    These PRSUs vest on various dates between April 2025 and June 2025. The number of units that ultimately vest is dependent on the achievement of certain performance criteria.

5. Restructuring and Other Charges, Net

The following table presents the components of restructuring and other charges, net for the three and six months ended June 30, 2022 and 2021:

	For the three months ended				For the six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Q2 2020 Global Restructure Program charges	$	—	$	3,830	$	—	$	5,654
Other restructuring and other charges, net
Severance costs, net	—		407		587		593
Facility and other exit costs	1,241		625		2,289		1,291
Other (1)	11,656		167		23,754		2,073
Restructuring and other charges, net	$	12,897	$	5,029	$	26,630	$	9,611

___________________________________

(1)    Primarily includes expenses related to compensation arrangements entered into concurrent with the closing of acquisitions, partially offset by gains relating to changes in the fair value of acquisition-related contingent consideration amounts. Refer to Note 16: Acquisitions and Divestitures for additional information.

9

The following table presents a rollforward of the severance portion of our restructuring obligations for the six months ended June 30, 2022.

	Q2 2020 Global Restructure Program		Other		Total
Balance as of December 31, 2021	$	3,853	$	3,380	$	7,233
Charges, net of reversals	—		587		587
Payments	(3,018)		(1,383)		(4,401)
Foreign currency remeasurement	(14)		(159)		(173)
Balance as of June 30, 2022	$	821	$	2,425	$	3,246

The severance liability as of June 30, 2022 was entirely recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet.

6. Other, Net

The following table presents the components of other, net for the three and six months ended June 30, 2022 and 2021:

	For the three months ended				For the six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Currency remeasurement (loss)/gain on net monetary assets	$	(14,090)	$	1,988	$	(14,157)	$	511
Gain/(loss) on foreign currency forward contracts	3,165		(1,419)		1,922		(2,377)
(Loss)/gain on commodity forward contracts	(18,254)		1,186		(8,830)		33
Loss on debt financing	—		—		—		(30,066)
Mark-to-market loss on investments, net	(11,821)		—		(71,100)		—
Net periodic benefit cost, excluding service cost	(639)		(2,268)		(1,394)		(4,678)
Other	2,399		1,525		3,863		(1,808)
Other, net	$	(39,240)	$	1,012	$	(89,696)	$	(38,385)

7. Income Taxes

The following table presents the provision for income taxes for the three and six months ended June 30, 2022 and 2021:

	For the three months ended				For the six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Provision for income taxes	$	20,020	$	7,638	$	27,608	$	27,919

The provision for income taxes consists of (1) current tax expense, which relates primarily to our profitable operations in tax jurisdictions with limited or no net operating loss carryforwards and withholding taxes related to management fees, royalties, and the repatriation of foreign earnings; and (2) deferred tax expense (or benefit), which represents adjustments in book-to-tax basis differences primarily related to (a) book versus tax basis in intangible assets, (b) changes in net operating loss carryforwards, and (c) changes in withholding taxes on unremitted earnings. Other items impacting deferred tax expense include changes in tax rates and changes in our assessment of the realizability of our deferred tax assets.

8. Net Income per Share

Basic and diluted net income per share are calculated by dividing net income by the number of basic and diluted weighted-average ordinary shares outstanding during the period. For the three and six months ended June 30, 2022 and 2021 the weighted-average ordinary shares outstanding used to calculate basic and diluted net income per share were as follows:

	For the three months ended		For the six months ended
	June 30, 2022	June 30, 2021	June 30, 2022	June 30, 2021
Basic weighted-average ordinary shares outstanding	156,477	158,208	156,950	157,986
Dilutive effect of stock options	190	670	331	689
Dilutive effect of unvested restricted securities	327	466	531	612
Diluted weighted-average ordinary shares outstanding	156,994	159,344	157,812	159,287

10

Certain potential ordinary shares were excluded from our calculation of diluted weighted-average ordinary shares outstanding because either they would have had an anti-dilutive effect on net income per share or they related to equity awards that were contingently issuable for which the contingency had not been satisfied. These potential ordinary shares were as follows:

	For the three months ended		For the six months ended
	June 30, 2022	June 30, 2021	June 30, 2022	June 30, 2021
Anti-dilutive shares excluded	1,426	8	715	7
Contingently issuable shares excluded	1,383	1,089	1,192	1,020

9. Inventories

The following table presents the components of inventories as of June 30, 2022 and December 31, 2021:

	June 30, 2022		December 31, 2021
Finished goods	$	223,919	$	201,424
Work-in-process	114,277		101,558
Raw materials	318,540		285,249
Inventories	$	656,736	$	588,231

10. Pension and Other Post-Retirement Benefits

The following table presents the components of net periodic benefit cost/(credit) associated with our defined benefit and retiree healthcare plans for the three months ended June 30, 2022 and 2021:

	U.S. Plans								Non-U.S. Plans
	Defined Benefit				Retiree Healthcare				Defined Benefit				Total
	2022		2021		2022		2021		2022		2021		2022		2021
Service cost	$	—	$	—	$	2	$	2	$	982	$	1,325	$	984	$	1,327
Interest cost	113		120		18		21		426		401		557		542
Expected return on plan assets	(195)		(226)		—		—		(242)		(179)		(437)		(405)
Amortization of net loss/(gain)	226		401		(43)		—		330		462		513		863
Amortization of prior service (credit)/cost	—		—		(100)		(159)		3		13		(97)		(146)
Loss on settlement	103		1,414		—		—		—		—		103		1,414
Net periodic benefit cost/(credit)	$	247	$	1,709	$	(123)	$	(136)	$	1,499	$	2,022	$	1,623	$	3,595

The following table presents the components of net periodic benefit cost/(credit) associated with our defined benefit and retiree healthcare plans for the six months ended June 30, 2022 and 2021:

	U.S. Plans								Non-U.S. Plans
	Defined Benefit				Retiree Healthcare				Defined Benefit				Total
	2022		2021		2022		2021		2022		2021		2022		2021
Service cost	$	—	$	—	$	4	$	4	$	1,938	$	2,303	$	1,942	$	2,307
Interest cost	226		240		64		42		850		805		1,140		1,087
Expected return on plan assets	(390)		(452)		—		—		(486)		(357)		(876)		(809)
Amortization of net loss/(gain)	367		802		(43)		—		608		921		932		1,723
Amortization of prior service (credit)/cost	—		—		(200)		(318)		5		16		(195)		(302)
Loss on settlement	393		2,979		—		—		—		—		393		2,979
Net periodic benefit cost/(credit)	$	596	$	3,569	$	(175)	$	(272)	$	2,915	$	3,688	$	3,336	$	6,985

Components of net periodic benefit cost/(credit) other than service cost are presented in other, net in the condensed consolidated statements of operations. Refer to Note 6: Other, Net.

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11. Debt

The following table presents the components of long-term debt, finance lease and other financing obligations as of June 30, 2022 and December 31, 2021:

	Maturity Date	June 30, 2022		December 31, 2021
Term Loan	September 20, 2026	$	449,150	$	451,465
4.875% Senior Notes	October 15, 2023	500,000		500,000
5.625% Senior Notes	November 1, 2024	400,000		400,000
5.0% Senior Notes	October 1, 2025	700,000		700,000
4.375% Senior Notes	February 15, 2030	450,000		450,000
3.75% Senior Notes	February 15, 2031	750,000		750,000
4.0% Senior Notes	April 15, 2029	1,000,000		1,000,000
Less: debt discount, net of premium		(4,317)		(5,207)
Less: deferred financing costs		(26,691)		(26,682)
Less: current portion		(4,630)		(4,630)
Long-term debt, net		$	4,213,512	$	4,214,946
Finance lease and other financing obligations		$	27,559	$	28,767
Less: current portion		(1,936)		(2,203)
Finance lease and other financing obligations, less current portion		$	25,623	$	26,564

Our debt consists of secured credit facilities and various tranches of senior unsecured notes. Refer to Note 14: Debt of our 2021 Annual Report for additional information related to our existing indebtedness.

Secured Credit Facilities

On June 23, 2022, certain of our indirect, wholly-owned subsidiaries, including Sensata Technologies, Inc. ("STI"), Sensata Technologies Intermediate Holding B.V. ("STIHBV"), and Sensata Technologies B.V. (“STBV”), entered into an amendment (the “Eleventh Amendment”) to (i) the credit agreement, dated as of May 12, 2011 (as amended, supplemented, waived, or otherwise modified, the “Credit Agreement”), and (ii) the Foreign Guaranty, dated as of May 12, 2011.

Among other changes to the Credit Agreement, the Eleventh Amendment (i) increased the aggregate principal amount of the revolving credit facility under the Credit Agreement (the "Revolving Credit Facility") to $750.0 million; (ii) extended the maturity date of the Revolving Credit Facility to June 23, 2027 (which could be accelerated to June 22, 2026 if, prior to June 22, 2026, the term loan under the Credit Agreement (the "Term Loan") is not refinanced with a maturity date that is on or after June 23, 2027); (iii) released the Foreign Guarantors (as defined in the Credit Agreement), excluding STBV, from their obligations to guarantee the obligations of STI and the other Loan Parties (as defined in the Credit Agreement) relating to the Revolving Credit Facility and certain related obligations, subject to an obligation to reinstate such guaranties under certain conditions; (iv) replaced the LIBOR-based interest rates referenced by the Credit Agreement regarding revolving credit loans to (a) for revolving credit loans denominated in U.S. dollars, an interest rate based on the secured overnight financing rate ("SOFR") published by the Federal Reserve Bank of New York and (b) for revolving credit loans denominated in pounds sterling, an interest rate based on the Sterling Overnight Index Average ("SONIA"); and (v) certain of the operational and restrictive covenants and other terms and conditions of the Credit Agreement were modified to provide STI and its affiliates increased flexibility and permissions thereunder.

As of June 30, 2022, we had $746.1 million available under our $750.0 million Revolving Credit Facility, net of $3.9 million of obligations in respect of outstanding letters of credit issued thereunder. Outstanding letters of credit are issued primarily for the benefit of certain operating activities. As of June 30, 2022, no amounts had been drawn against these outstanding letters of credit.

Accounting for Debt Financing Transactions

In the six months ended June 30, 2022, in connection with the entry into the Eleventh Amendment, we recognized $2.6 million of deferred financing costs, which are presented as a reduction of long-term debt on our condensed consolidated balance sheets.

12

In the six months ended June 30, 2021, in connection with the redemption of $750.0 million aggregate principal amount of 6.25% senior notes due 2026 (the "6.25% Senior Notes"), we recognized a loss of $30.1 million, which included $23.4 million in premiums paid, with the remaining loss representing write-off of debt discounts and deferred financing costs.

Accrued Interest

Accrued interest associated with our outstanding debt is included as a component of accrued expenses and other current liabilities in the condensed consolidated balance sheets. As of June 30, 2022 and December 31, 2021, accrued interest totaled $44.5 million and $45.1 million, respectively.

12. Commitments and Contingencies

We are regularly involved in a number of claims and litigation matters that arise in the ordinary course of business. Although it is not feasible to predict the outcome of these matters, based upon our experience and current information known to us, we do not expect the outcome of these matters, either individually or in the aggregate, to have a material adverse effect on our results of operations, financial condition, and/or cash flows.

13. Shareholders' Equity

Cash Dividends

On May 25, 2022, we paid a cash dividend of $0.11 per share, or $17.2 million in aggregate, to shareholders of record as of May 11, 2022.

Treasury Shares

From time to time, our Board of Directors has authorized various share repurchase programs, which may be modified or terminated by the Board at any time. On January 20, 2022, we announced that our Board of Directors had authorized a new $500.0 million ordinary share repurchase program (the “January 2022 Program”), which replaced the previous $500.0 million program approved in July 2019, which had availability of $254.5 million as of December 31, 2021. As of June 30, 2022, $370.6 million remained available for repurchase under the January 2022 Program.

Accumulated Other Comprehensive Loss

The following table presents the components of accumulated other comprehensive loss for the six months ended June 30, 2022:

	Cash Flow Hedges		Defined Benefit and Retiree Healthcare Plans		Accumulated Other Comprehensive Loss
Balance as of December 31, 2021	$	16,831	$	(36,391)	$	(19,560)
Other comprehensive income before reclassifications, net of tax	26,111		—		26,111
Reclassifications from accumulated other comprehensive loss, net of tax	(14,078)		808		(13,270)
Other comprehensive income	12,033		808		12,841
Balance as of June 30, 2022	$	28,864	$	(35,583)	$	(6,719)

13

The following table presents the amounts reclassified from accumulated other comprehensive loss for the three and six months ended June 30, 2022 and 2021:

	For the three months ended June 30,				For the six months ended June 30,				Affected Line in Condensed Consolidated Statements of Operations
Component	2022		2021		2022		2021
Derivative instruments designated and qualifying as cash flow hedges:
Foreign currency forward contracts	$	(9,476)	$	3,433	$	(13,740)	$	7,840	Net revenue (1)
Foreign currency forward contracts	(2,603)		(2,024)		(5,232)		(2,767)		Cost of revenue (1)
Total, before taxes	(12,079)		1,409		(18,972)		5,073		Income before taxes
Income tax effect	3,116		(352)		4,894		(1,268)		Provision for income taxes
Total, net of taxes	$	(8,963)	$	1,057	$	(14,078)	$	3,805	Net income
Defined benefit and retiree healthcare plans	$	519	$	2,131	$	1,130	$	4,400	Other, net (2)
Income tax effect	(139)		(459)		(322)		(1,016)		Provision for income taxes
Total, net of taxes	$	380	$	1,672	$	808	$	3,384	Net income

___________________________________

(1)    Refer to Note 15: Derivative Instruments and Hedging Activities for additional information on amounts to be reclassified from accumulated other comprehensive loss in future periods.

(2)    Refer to Note 10: Pension and Other Post-Retirement Benefits for additional information on net periodic benefit cost/(credit).

14. Fair Value Measures

Measured on a Recurring Basis

The fair values of our derivative assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 are shown in the below table. All fair value measures presented are categorized in Level 2 of the fair value hierarchy.

	June 30, 2022		December 31, 2021
Assets
Foreign currency forward contracts	$	45,074	$	25,112
Commodity forward contracts	616		2,979
Total	$	45,690	$	28,091
Liabilities
Foreign currency forward contracts	$	6,270	$	3,073
Commodity forward contracts	12,047		4,492
Total	$	18,317	$	7,565

Refer to Note 15: Derivative Instruments and Hedging Activities for additional information related to our forward contracts.

Quanergy

As of December 31, 2021, we held a $50.0 million investment in Quanergy Systems, Inc. ("Quanergy") Series B Preferred Stock (the "Series B Investment"). The Series B Investment did not have a readily determinable fair value and was held using the measurement alternative prescribed in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 321, Investments - Equity Securities. Such investments are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer.

On June 22, 2021, Quanergy announced that it had entered into a definitive business combination agreement (the "Merger Agreement") with CITIC Capital Acquisition Corp ("CITIC") (NYSE: CCAC). On July 16, 2021, CITIC filed a Registration Statement on Form S-4 (together with subsequent amendments, the "SPAC Form S-4") with the SEC, the effectiveness of which was a condition to closing of the business combination (the "SPAC Merger"). At December 31, 2021, we assessed our investment in Quanergy based on the proposed terms of the Merger Agreement and concluded that there were no indicators of impairment.

14

On January 6, 2022, the SPAC Form S-4 was declared effective by the SEC. An extraordinary general meeting of shareholders of CITIC was held on January 31, 2022, at which time the SPAC Merger was approved. The SPAC Merger closed on February 8, 2022. Beginning on February 9, 2022, the combined company, which retained the name "Quanergy Systems, Inc.," was listed on the New York Stock Exchange (the "NYSE") under the ticker symbol QNGY.

Upon closing of the SPAC Merger, our investment in Quanergy comprised the following:

•5.0 million common shares, which represented the conversion of the $50.0 million Series B Investment (at a $10.00 per common share implied valuation);

•750 thousand common shares, purchased in exchange for a $7.5 million contribution as part of a private investment in public equity ("PIPE") subscription agreement; and

•2.5 million warrants (the "Warrants"), each of which represent the right to purchase one common share at a price of $0.01 per share, received from Quanergy as up-front consideration for a four-year technical and marketing support agreement (the "Support Agreement").

The 5.75 million common share investment in Quanergy (including the investment in the PIPE) has a historical cost basis of $57.5 million. The fair value of the Warrants was determined to be equal to their intrinsic value at closing of the SPAC Merger in accordance with the guidance in FASB ASC Topic 815, Derivatives and Hedging. At closing of the SPAC Merger, the common shares underlying the Warrants were valued at $7.05 per share (the closing market price on February 8, 2022). The intrinsic value of the Warrants, reflecting the $0.01 exercise price, was $17.6 million, which was recorded as deferred income.

A summary of our investment in Quanergy is presented in the table below, as of June 30, 2022 (at $0.41 per share), March 31, 2022 (at $1.84 per share), February 8, 2022 (at $7.05 per share), and December 31, 2021. Our investment in Quanergy is presented in other assets on our condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021.

	June 30, 2022		March 31, 2022		February 8, 2022		December 31, 2021
Series B Investment	$	—	$	—	$	—	$	50,000
Common shares (1)	3,075		9,200		50,000		—
PIPE investment	308		1,380		7,500		—
Warrants (1)	—		4,575		17,600		—
Total equity investment in Quanergy	$	3,383	$	15,155	$	75,100	$	50,000

___________________________________

(1)    In the three months ended June 30, 2022, we converted the Warrants into common shares. Accordingly, as of June 30, 2022, we had 7.5 million common shares outstanding (excluding the PIPE investment), compared to 5.0 million common shares outstanding as of March 31, 2022.

For the three and six months ended June 30, 2022, we recorded losses (presented in in other, net on our condensed consolidated statements of operations) to adjust the carrying value of our aggregate investment in Quanergy to its fair value at June 30, 2022 as follows:

	For the three months ended June 30, 2022		For the six months ended June 30, 2022
Mark-to-market loss	$	(11,772)	$	(71,717)

As noted above, in exchange for the Warrants, we entered into the Support Agreement, whereby we agreed to provide technical and business development services to Quanergy for a term of four years from the effective date of February 8, 2022. This transaction is an exchange of noncash consideration for services and was accounted for under FASB ASC Topic 845, Nonmonetary Transactions, using the fair value of the Warrants at February 8, 2022 ($17.6 million) as the measure of compensation received. We have deferred this consideration and are recognizing it in earnings on a straight-line basis over the term of the agreement (48 months).

Measured on a Nonrecurring Basis

We evaluated our goodwill and other indefinite-lived intangible assets for impairment as of October 1, 2021 and determined that they were not impaired. No events or changes in circumstances occurred in the six months ended June 30, 2022 that would have triggered the need for an additional impairment review of our goodwill and other indefinite-lived intangible assets.

15

Financial Instruments Not Recorded at Fair Value

The following table presents the carrying values and fair values of financial instruments not recorded at fair value in the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021. All fair value measures presented are categorized in Level 2 of the fair value hierarchy.

	June 30, 2022				December 31, 2021
	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Liabilities
Term Loan	$	449,150	$	443,535	$	451,465	$	450,901
4.875% Senior Notes	$	500,000	$	491,250	$	500,000	$	526,250
5.625% Senior Notes	$	400,000	$	395,000	$	400,000	$	438,000
5.0% Senior Notes	$	700,000	$	672,000	$	700,000	$	759,500
4.375% Senior Notes	$	450,000	$	383,625	$	450,000	$	479,250
3.75% Senior Notes	$	750,000	$	601,875	$	750,000	$	747,188
4.0% Senior Notes	$	1,000,000	$	850,000	$	1,000,000	$	1,022,500

___________________________________

(1)    Excluding any related debt discounts, premiums, and deferred financing costs.

Cash and cash equivalents are carried at cost, which approximates fair value because of their short-term nature.

In addition to the above, we hold certain equity investments that do not have readily determinable fair values for which we use the measurement alternative prescribed in FASB ASC Topic 321. There were no impairments or changes resulting from observable transactions for any of these investments and no adjustments were made to their carrying values.

Refer to the table below for the carrying values of equity investments using the measurement alternative, which are presented as a component of other assets in the condensed consolidated balance sheets.

	June 30, 2022		December 31, 2021
Quanergy Systems, Inc. (1)	$	—	$	50,000
Other	15,000		15,000
Total	$	15,000	$	65,000

___________________________________

(1)    As of June 30, 2022, Quanergy is no longer classified as an equity investment without a readily determinable fair value. See additional discussion under the heading Quanergy elsewhere in this Note.

15. Derivative Instruments and Hedging Activities

Hedges of Foreign Currency Risk

For the three and six months ended June 30, 2022 and 2021, amounts excluded from the assessment of effectiveness of our foreign currency forward contracts that are designated as cash flow hedges were not material. As of June 30, 2022, we estimated that $34.8 million of net gains will be reclassified from accumulated other comprehensive loss to earnings during the twelve-month period ending June 30, 2023.

16

As of June 30, 2022, we had the following outstanding foreign currency forward contracts:

Notional (in millions)	Effective Date(s)	Maturity Date(s)	Index (Exchange Rates)	Weighted-Average Strike Rate	Hedge Designation (1)
21.0 EUR	June 28, 2022	July 29, 2022	Euro ("EUR") to USD	1.05 USD	Not designated
358.9 EUR	Various from August 2020 to June 2022	Various from July 2022 to June 2024	EUR to USD	1.17 USD	Cash flow hedge
388.0 CNY	June 27, 2022	July 29, 2022	USD to Chinese Renminbi ("CNY")	6.70 CNY	Not designated
756.2 CNY	Various from October 2021 to March 2022	Various from July 2022 to December 2022	USD to CNY	6.46 CNY	Cash flow hedge
60.0 JPY	June 28, 2022	July 29, 2022	USD to Japanese Yen ("JPY")	135.93 JPY	Not designated
24,760.0 KRW	Various from August 2020 to June 2022	Various from July 2022 to May 2024	USD to Korean Won ("KRW")	1,191.72 KRW	Cash flow hedge
22.0 MYR	June 27, 2022	July 29, 2022	USD to Malaysian Ringgit ("MYR")	4.40 MYR	Not designated
70.0 MXN	June 28, 2022	July 29, 2022	USD to Mexican Peso ("MXN")	20.13 MXN	Not designated
3,458.7 MXN	Various from August 2020 to June 2022	Various from July 2022 to June 2024	USD to MXN	22.15 MXN	Cash flow hedge
10.0 GBP	June 28, 2022	July 29, 2022	British Pound Sterling ("GBP") to USD	1.22 USD	Not Designated
60.0 GBP	Various from August 2020 to June 2022	Various from July 2022 to June 2024	GBP to USD	1.33 USD	Cash flow hedge

___________________________________

(1)    Derivative financial instruments not designated as hedges are used to manage our exposure to currency exchange rate risk. They are intended to preserve economic value, and they are not used for trading or speculative purposes.

Hedges of Commodity Risk

As of June 30, 2022, we had the following outstanding commodity forward contracts, none of which were designated for hedge accounting treatment in accordance with FASB ASC Topic 815:

Commodity	Notional	Remaining Contracted Periods	Weighted-Average Strike Price Per Unit
Silver	1,092,999 troy oz.	July 2022 - May 2024	$24.58
Gold	8,443 troy oz.	July 2022 - May 2024	$1,862.15
Nickel	273,088 pounds	July 2022 - May 2024	$9.94
Aluminum	4,353,117 pounds	July 2022 - May 2024	$1.23
Copper	8,450,120 pounds	July 2022 - May 2024	$4.32
Platinum	12,141 troy oz.	July 2022 - May 2024	$1,023.00
Palladium	1,429 troy oz.	July 2022 - May 2024	$2,344.77

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Financial Instrument Presentation

The following table presents the fair values of our derivative financial instruments and their classification in the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021:

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	June 30, 2022		December 31, 2021		Balance Sheet Location	June 30, 2022		December 31, 2021
Derivatives designated as hedging instruments
Foreign currency forward contracts	Prepaid expenses and other current assets	$	38,849	$	20,562	Accrued expenses and other current liabilities	$	4,991	$	1,981
Foreign currency forward contracts	Other assets	6,152		4,391		Other long-term liabilities	1,238		904
Total		$	45,001	$	24,953		$	6,229	$	2,885
Derivatives not designated as hedging instruments
Commodity forward contracts	Prepaid expenses and other current assets	$	482	$	2,583	Accrued expenses and other current liabilities	$	7,778	$	3,422
Commodity forward contracts	Other assets	134		396		Other long-term liabilities	4,269		1,070
Foreign currency forward contracts	Prepaid expenses and other current assets	73		159		Accrued expenses and other current liabilities	41		188
Total		$	689	$	3,138		$	12,088	$	4,680

These fair value measurements were all categorized within Level 2 of the fair value hierarchy.

The following tables present the effect of our derivative financial instruments on the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income for the three months ended June 30, 2022 and 2021:

Derivatives designated as hedging instruments	Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive Income				Location of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income	Amount of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income
	2022		2021			2022		2021
Foreign currency forward contracts	$	28,192	$	(6,353)	Net revenue	$	9,476	$	(3,433)
Foreign currency forward contracts	$	(3,765)	$	6,808	Cost of revenue	$	2,603	$	2,024

Derivatives not designated as hedging instruments	Amount of (Loss)/Gain Recognized in Net Income				Location of (Loss)/Gain Recognized in Net Income
	2022		2021
Commodity forward contracts	$	(18,254)	$	1,186	Other, net
Foreign currency forward contracts	$	3,165	$	(1,419)	Other, net

The following tables present the effect of our derivative financial instruments on the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income for the six months ended June 30, 2022 and 2021:

Derivatives designated as hedging instruments	Amount of Deferred Gain Recognized in Other Comprehensive Income				Location of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income	Amount of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income
	2022		2021			2022		2021
Foreign currency forward contracts	$	33,778	$	12,446	Net revenue	$	13,740	$	(7,840)
Foreign currency forward contracts	$	1,380	$	3,383	Cost of revenue	$	5,232	$	2,767

18

Derivatives not designated as hedging instruments	Amount of (Loss)/Gain Recognized in Net Income				Location of (Loss)/Gain Recognized in Net Income
	2022		2021
Commodity forward contracts	$	(8,830)	$	33	Other, net
Foreign currency forward contracts	$	1,922	$	(2,377)	Other, net

Credit Risk Related Contingent Features

We have agreements with our derivative counterparties that contain a provision whereby if we default on our indebtedness and repayment of the indebtedness has been accelerated by the lender, then we could also be declared in default on our derivative obligations.

As of June 30, 2022, the termination value of outstanding derivatives in a liability position, excluding any adjustment for non-performance risk, was $18.6 million. As of June 30, 2022, we had not posted any cash collateral related to these agreements. If we breach any of the default provisions on any of our indebtedness as described above, we could be required to settle our obligations under the derivative agreements at their termination values.

16. Acquisitions and Divestitures

Acquisitions

Spear Power Systems

On November 19, 2021, we acquired all of the equity interests of Spear Power Systems ("Spear"), a leader in electrification solutions that supports our newly-established Clean Energy Solutions business unit, for an aggregate purchase price of $113.7 million, subject to certain post-closing items, including a contingent consideration arrangement whereby we may be required to pay up to an additional $30.0 million to the selling shareholders. Using a present value technique, we estimated the acquisition-date fair value of the contingent consideration arrangement to be $8.6 million, which is reflected in the aggregate purchase price. As of June 30, 2022, having evaluated updated financial forecasts, we determined that the fair value of the contingent consideration arrangement was $0.0 million. Changes to the fair value of this contingent consideration arrangement, subsequent to its acquisition-date fair value, are recognized in earnings and presented in restructuring and other charges, net. We are integrating Spear into the Sensing Solutions reportable segment.

As of June 30, 2022, the allocation of purchase price of Spear is preliminary and is based on management’s judgments after evaluating several factors, including preliminary valuation assessments of tangible and intangible assets. The final allocation of the purchase price to the assets acquired will be completed when the final valuations are completed. Refer to Note 21: Acquisitions of the audited consolidated financial statements and notes thereto included in our 2021 Annual Report for detailed information regarding the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed as of December 31, 2021.

SmartWitness Holdings, Inc.

On November 19, 2021, we acquired all of the equity interests of SmartWitness Holdings, Inc. ("SmartWitness"), a privately held innovator of video telematics technology for heavy- and light-duty fleets, for an aggregate purchase price of $206.4 million, including $204.2 million of cash paid at closing, subject to certain post-closing items. In addition to the aggregate purchase price, we paid $8.6 million of cash at closing related to an employee retention arrangement. We are integrating SmartWitness into the Performance Sensing reportable segment.

As of June 30, 2022, the allocation of purchase price of SmartWitness is preliminary and is based on management’s judgments after evaluating several factors, including preliminary valuation assessments of tangible and intangible assets. The final allocation of the purchase price to the assets acquired will be completed when the final valuations are completed. Refer to Note 21: Acquisitions of the audited consolidated financial statements and notes thereto included in our 2021 Annual Report for detailed information regarding the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed as of December 31, 2021.

Elastic M2M Inc.

On February 11, 2022, we acquired all of the equity interests of Elastic M2M Inc. ("Elastic M2M") for an aggregate cash purchase price of $51.4 million, subject to certain post-closing items. In addition to the aggregate cash purchase price, the previous shareholders of Elastic M2M are entitled to up to $30.0 million of additional acquisition-related incentive compensation, pending the completion of certain technical milestones in fiscal year 2022 and achievement of financial targets

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in fiscal years 2022 and 2023. In three and six months ended June 30, 2022, we recognized $3.4 million and $18.4 million, respectively, of that acquisition-related incentive compensation. This incentive compensation is recorded in restructuring and other charges, net. We paid $15.0 million of this acquisition-related incentive compensation in the six months ended June 30, 2022, which is reflected as an operating cash outflow on our condensed consolidated statement of cash flows for the six months ended June 30, 2022.

Elastic M2M is a privately-held innovator of connected intelligence for operational assets across heavy-duty transport, warehouse, supply chain and logistics, industrial, light-duty passenger car, and a variety of other industry segments. Elastic M2M primarily serves telematics service providers and resellers, enabling them to leverage Elastic M2M’s cloud platform and analytics capabilities to deliver sensor-based operational insights to their end users. This acquisition augments our cloud capabilities critical to delivering actionable sensor-based insights, an increasingly important capability in this fast-growing industry segment. We are integrating Elastic M2M into the Performance Sensing reportable segment.

The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed:

Net working capital, excluding cash	$	(156)
Goodwill	24,708
Other intangible assets	33,500
Deferred income tax liabilities	(8,222)
Fair value of net assets acquired, excluding cash and cash equivalents	49,830
Cash and cash equivalents	1,597
Fair value of net assets acquired	$	51,427

The following table presents the acquired intangible assets, their preliminary estimated fair values, and weighted-average lives:

	Acquisition Date Fair Value		Weighted-Average Lives (years)
Acquired definite-lived intangible assets
Customer relationships	$	23,300	13
Completed technologies	10,200		10
Total definite-lived intangible assets acquired	$	33,500	12

The definite-lived intangible assets were valued using the income approach. We primarily used the relief-from-royalty method to value completed technologies, and we used the multi-period excess earnings method to value customer relationships. These valuation methods incorporate assumptions including expected discounted future net cash flows resulting from either the future estimated after-tax royalty payments avoided as a result of owning the completed technologies or the future earnings related to existing customer relationships.

The allocation of purchase price of Elastic M2M is preliminary and is based on management’s judgments after evaluating several factors, including preliminary valuation assessments of intangible assets. The final allocation of the purchase price to the assets acquired will be completed when the final valuations are completed. The preliminary goodwill of $24.7 million recognized as a result of this acquisition represents future economic benefits expected to arise from synergies from combining operations and the extension of existing customer relationships. The goodwill recognized in this acquisition will not be deductible for tax purposes.

Dynapower Company, LLC

On April 22, 2022, we entered into a stock purchase agreement (the "SPA") to acquire all of the outstanding equity interests of Dynapower Company, LLC ("Dynapower"), a leader in power conversion systems including inverters, converters, and rectifiers for renewable energy generation, green hydrogen production, electric vehicle charging stations, and microgrid applications, as well as industrial and defense applications. Dynapower also provides aftermarket sales and service to maintain its equipment in the field. Dynapower will be a foundational addition to our Clean Energy Solutions strategy and will complement our recent acquisitions of GIGAVAC, Lithium Balance, and Spear.

We expect to integrate Dynapower into our Sensing Solutions reportable segment. The transaction contemplated by the SPA closed on July 12, 2022 for an aggregate purchase price of $580 million of cash consideration, subject to certain post-closing

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items. Due to the recent closing of this acquisition, the initial accounting for this acquisition is incomplete, and we are not able to provide the disclosures otherwise required by FASB ASC Topic 805, Business Combinations.

Divestiture - Qinex Business

On May 27, 2022, we entered into an asset purchase agreement with Boyd Corporation to sell our semiconductor test and thermal business (the "Qinex Business") for total consideration of approximately $219.0 million, subject to working capital and other adjustments. The transaction closed in July 2022.

The assets and liabilities of the Qinex Business constitute a disposal group that meets the held for sale criteria described in FASB ASC Topic 360, Property, Plant and Equipment as of June 30, 2022. However, total assets held for sale of approximately $70 million (including allocated goodwill of approximately $45 million based on preliminary valuation assessments) and total liabilities held for sale of approximately $2 million were not deemed material for separate presentation on our condensed consolidated balance sheet as of June 30, 2022. The final allocation of goodwill will be completed when the final valuations are completed. We have not finalized the calculation of gain on the transaction but preliminarily expect it to be between approximately $125 million and $150 million.

The Qinex Business manufactures semiconductor burn-in test sockets and thermal control solutions and was formed through the combination of Sensata’s semiconductor interconnect business with Wells-CTI in 2012. The Qinex Business is included in our Sensing Solutions segment (and Industrial Solutions reporting unit). We allocated goodwill to the Qinex Business based on its fair value relative to the fair value of the remaining Industrial Solutions reporting unit. We determined that the fair value of the Qinex Business, less costs to sell, exceeded the carrying amount of the related disposal group.

17. Segment Reporting

We present financial information for two reportable segments, Performance Sensing and Sensing Solutions. The Performance Sensing reportable segment consists of two operating segments, Automotive and HVOR, which meet the criteria for aggregation in FASB ASC Topic 280, Segment Reporting. The Sensing Solutions reportable segment is also an operating segment.

Our operating 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 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, restructuring and other charges, net, certain costs associated with our strategic megatrend initiatives, and certain corporate costs or credits not associated with the operations of the segment, including share-based compensation expense and a portion of depreciation expense associated with assets recognized in connection with acquisitions. Corporate and other costs excluded from an operating (and reportable) segment’s performance are separately stated below and also include costs that are related to functional areas such as finance, information technology, legal, and human resources. 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 2021 Annual Report.

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The following table presents net revenue and segment operating income for our reportable segments and other operating results not allocated to our reportable segments for the three and six months ended June 30, 2022 and 2021:

	For the three months ended				For the six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net revenue:
Performance Sensing	$	746,882	$	741,852	$	1,464,579	$	1,456,364
Sensing Solutions	273,666		250,808		531,739		478,824
Total net revenue	$	1,020,548	$	992,660	$	1,996,318	$	1,935,188
Segment operating income (as defined above):
Performance Sensing	$	185,519	$	202,064	$	366,157	$	397,908
Sensing Solutions	79,488		76,549		152,003		143,443
Total segment operating income	265,007		278,613		518,160		541,351
Corporate and other	(76,362)		(73,972)		(152,485)		(142,610)
Amortization of intangible assets	(36,805)		(34,857)		(74,172)		(66,921)
Restructuring and other charges, net	(12,897)		(5,029)		(26,630)		(9,611)
Operating income	138,943		164,755		264,873		322,209
Interest expense, net	(44,842)		(45,213)		(90,287)		(89,256)
Other, net	(39,240)		1,012		(89,696)		(38,385)
Income before taxes	$	54,861	$	120,554	$	84,890	$	194,568

18. Subsequent Events

In July 2022, we completed the sale of the Qinex Business and the acquisition of Dynapower. Refer to Note 16: Acquisitions and Divestitures for additional information on these transactions.

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Cautionary Statements Concerning Forward-Looking Statements

This Quarterly Report on Form 10-Q includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terminology such as "may," "will," "could," "should," "expect," "anticipate," "believe," "estimate," "predict," "project," "forecast," "continue," "intend," "plan," "potential," "opportunity," "guidance," and similar terms or phrases. Forward-looking statements involve, among other things, expectations, projections, and assumptions about future financial and operating results, objectives, business and market outlook, megatrends, priorities, growth, shareholder value, capital expenditures, cash flows, demand for products and services, share repurchases, and Sensata’s strategic initiatives, including those relating to acquisitions and dispositions and the impact of such transactions on our strategic and operational plans and financial results. These statements are subject to risks, uncertainties, and other important factors relating to our operations and business environment, and we can give no assurances that these forward-looking statements will prove to be correct.

A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements, including, but not limited to, risks related to public health crises, instability and changes in the global markets, supplier interruption or non-performance, the acquisition or disposition of businesses, adverse conditions or competition in the industries upon which we are dependent, intellectual property, product liability, warranty and recall claims, market acceptance of new product introductions and product innovations, labor disruptions or increased labor costs, and changes in existing environmental or safety laws, regulations, and programs.

Investors and others should carefully consider the foregoing factors and other uncertainties, risks, and potential events including, but not limited to, those described in Item 1A: Risk Factors included in our 2021 Annual Report and as may be updated from time to time in Item 1A: Risk Factors included in our quarterly reports on Form 10-Q or other subsequent filings with the SEC. All such forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update these statements other than as required by law.

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition and results of operations supplements, and should be read in conjunction with, the discussion in Item 7: Management's Discussion and Analysis of Financial Condition and Results of Operations included in our 2021 Annual Report. The following discussion should also be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q. Amounts and percentages in the following discussions have been calculated based on unrounded numbers. Accordingly, certain amounts may not appear to recalculate due to the effect of rounding.

Overview

For the three and six months ended June 30, 2022, net revenue increased 2.8% and 3.2%, respectively, from the corresponding periods of fiscal year 2021. This revenue growth was primarily driven by outgrowth to market and revenue from recent acquisitions. In addition, we continued to drive new business wins, with a significant portion coming in areas representing our megatrend initiatives of Electrification and Insights, and which will help drive future revenue growth.

For the three and six months ended June 30, 2022, operating income decreased 15.7% and 17.8%, respectively, to $138.9 million (13.6% of net revenue) and $264.9 million (13.3% of net revenue), respectively, compared to $164.8 million (16.6% of net revenue) and $322.2 million (16.7% of net revenue), respectively, in the corresponding periods of fiscal year 2021. For the three and six months ended June 30, 2022, income before taxes decreased to $54.9 million and $84.9 million, respectively, compared to $120.6 million and $194.6 million, respectively, in the corresponding periods of fiscal year 2021.

Refer to discussion of the drivers of these changes under the heading Results of Operations included elsewhere in this Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A").

Acquisitions and Dispositions

In the first quarter of 2022, we completed the strategic acquisition of Elastic M2M for $51.4 million. Elastic M2M is a privately-held innovator of connected intelligence for operational assets across heavy-duty transport, warehouse, supply chain and logistics, industrial, light-duty passenger car, and a variety of other industry segments. Elastic M2M primarily serves telematics service providers and resellers, enabling them to leverage Elastic M2M’s cloud platform and analytics capabilities to deliver sensor-based operational insights to their end users. This acquisition augments our cloud capabilities critical to delivering actionable sensor-based insights, an increasingly important capability in this fast-growing industry segment.

On July 12, 2022, we completed the acquisition of Dynapower, a leading provider of high-voltage power conversion solutions for clean energy segments, for an aggregate cash purchase price of $580 million, subject to working capital and other

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adjustments. Dynapower is a leader in power conversion systems including inverters, converters, and rectifiers for renewable energy generation, green hydrogen production, electric vehicle charging stations, and microgrid applications, as well as industrial and defense applications. Dynapower also provides aftermarket sales and service to maintain its equipment in the field. We acquired Dynapower as a foundational addition to our Clean Energy Solutions strategy and complement to our recent acquisitions of GIGAVAC, Lithium Balance, and Spear. Dynapower's revenue is expected to exceed $100 million on an annualized basis in 2022 with projected revenue growth in excess of 30% over the next several years.

In July 2022, we sold the Qinex Business to Boyd Corporation for total consideration of approximately $219.0 million, subject to working capital and other adjustments. The Qinex Business manufactures semiconductor burn-in test sockets and thermal control solutions and was formed through the combination of Sensata’s semiconductor interconnect business with Wells-CTI in 2012. The Qinex Business is included in our Sensing Solutions segment (and Industrial Solutions reporting unit). We have not finalized the calculation of gain on the transaction but preliminarily expect it to be between approximately $125 million and $150 million.

Results of Operations

The table below presents our historical results of operations, in millions of dollars and as a percentage of net revenue, for the three and six months ended June 30, 2022 compared to the three and six months ended June 30, 2021. We have derived the results of operations from the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. Amounts and percentages in the table below have been calculated based on unrounded numbers. Accordingly, certain amounts may not appear to recalculate due to the effect of rounding.

	For the three months ended								For the six months ended
	June 30, 2022				June 30, 2021				June 30, 2022				June 30, 2021
	Amount		Margin*		Amount		Margin*		Amount		Margin*		Amount		Margin*
Net revenue:
Performance Sensing	$	746.9	73.2	%	$	741.9	74.7	%	$	1,464.6	73.4	%	$	1,456.4	75.3	%
Sensing Solutions	273.7		26.8		250.8		25.3		531.7		26.6		478.8		24.7
Net revenue	1,020.5		100.0		992.7		100.0		1,996.3		100.0		1,935.2		100.0
Operating costs and expenses	881.6		86.4		827.9		83.4		1,731.4		86.7		1,613.0		83.3
Operating income	138.9		13.6		164.8		16.6		264.9		13.3		322.2		16.7
Interest expense, net	(44.8)		(4.4)		(45.2)		(4.6)		(90.3)		(4.5)		(89.3)		(4.6)
Other, net	(39.2)		(3.8)		1.0		0.1		(89.7)		(4.5)		(38.4)		(2.0)
Income before taxes	54.9		5.4		120.6		12.1		84.9		4.3		194.6		10.1
Provision for income taxes	20.0		2.0		7.6		0.8		27.6		1.4		27.9		1.4
Net income	$	34.8	3.4	%	$	112.9	11.4	%	$	57.3	2.9	%	$	166.6	8.6	%

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*     Represents the amount presented divided by total net revenue.

Net Revenue

Net revenue for the three months ended June 30, 2022 increased 2.8% compared to the three months ended June 30, 2021. Excluding a decrease of 2.2% attributed to changes in foreign currency exchange rates and an increase of 2.8% due to the effect of acquisitions, net revenue for the three months ended June 30, 2022 increased 2.2% on an organic basis, representing market outgrowth of 650 basis points.

Net revenue for the six months ended June 30, 2022 increased 3.2% compared to the six months ended June 30, 2021. Excluding a decrease of 1.3% attributed to changes in foreign currency exchange rates and an increase of 3.4% due to the effect of acquisitions, net revenue for the six months ended June 30, 2022 increased 1.1% on an organic basis, representing market outgrowth of 720 basis points.

Organic revenue growth (or decline), discussed throughout this MD&A, is a financial measure not presented in accordance with U.S. GAAP. Refer to the section entitled Non-GAAP Financial Measures below for additional information related to our use of organic revenue growth (or decline).

Performance Sensing

Performance Sensing net revenue for the three months ended June 30, 2022 increased 0.7% compared to the three months ended June 30, 2021. Excluding a decrease of 2.2% attributed to changes in foreign currency exchange rates and an increase of

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3.0% due to the effect of acquisitions, Performance Sensing net revenue for the three months ended June 30, 2022 was flat on an organic basis. Both automotive and HVOR contributed to these results as discussed below.

Automotive net revenue for the three months ended June 30, 2022 declined 2.3% compared to the three months ended June 30, 2021. Excluding a decline of 2.4% attributed to changes in foreign currency exchange rates, Automotive net revenue for the three months ended June 30, 2022 grew 0.1% on an organic basis. HVOR net revenue for the three months ended June 30, 2022 grew 7.7% compared to the three months ended June 30, 2021. Excluding a decline of 1.7% attributed to changes in foreign currency exchange rates and an increase of 10.0% due to the effect of acquisitions, HVOR net revenue for the three months ended June 30, 2022 declined 0.6% on an organic basis.

Performance Sensing net revenue for the six months ended June 30, 2022 increased 0.6% compared to the six months ended June 30, 2021. Excluding a decrease of 1.4% attributed to changes in foreign currency exchange rates and an increase of 3.9% due to the effect of acquisitions, Performance Sensing net revenue for the six months ended June 30, 2022 decreased 1.9% on an organic basis. Both automotive and HVOR contributed to these results as discussed below.

Automotive net revenue for the six months ended June 30, 2022 declined 4.4% compared to the six months ended June 30, 2021. Excluding a decrease of 1.5% attributed to changes in foreign currency exchange rates, automotive net revenue for the six months ended June 30, 2022 declined 2.9% on an organic basis, primarily as a result of the impacts of original equipment manufacturer efforts to replenish inventory channels in 2021. HVOR net revenue for the six months ended June 30, 2022 grew 13.6% compared to the six months ended June 30, 2021. Excluding a decrease of 1.2% attributed to changes in foreign currency exchange rates and an increase of 14.0% due to the effect of acquisitions, HVOR net revenue for the six months ended June 30, 2022 grew 0.8% on an organic basis.

Sensing Solutions

Sensing Solutions net revenue for the three months ended June 30, 2022 increased 9.1% compared to the three months ended June 30, 2021. Excluding a decline of 1.9% attributed to changes in foreign currency exchange rates and an increase of 2.0% due to the effect of acquisitions, Sensing Solutions net revenue for the three months ended June 30, 2022 grew 9.0% on an organic basis. The organic revenue growth primarily reflects the launch of new industrial electrification applications, partially offset by declines in the Industrial market.

Sensing Solutions net revenue for the six months ended June 30, 2022 increased 11.1% compared to the six months ended June 30, 2021. Excluding a decline of 1.2% attributed to changes in foreign currency exchange rates and an increase of 2.0% due to the effect of acquisitions, Sensing Solutions net revenue for the six months ended June 30, 2022 grew 10.3% on an organic basis. The organic revenue growth primarily reflects the launch of new industrial electrification applications, partially offset by declines in the Aerospace market.

Operating costs and expenses

Operating costs and expenses for the three and six months ended June 30, 2022 and 2021 are presented, in millions of dollars and as a percentage of net revenue, in the following table. Amounts and percentages in the table below have been calculated based on unrounded numbers. Accordingly, certain amounts may not appear to recalculate due to the effect of rounding.

	For the three months ended								For the six months ended
	June 30, 2022				June 30, 2021				June 30, 2022				June 30, 2021
	Amount		Margin*		Amount		Margin*		Amount		Margin*		Amount		Margin*
Operating costs and expenses:
Cost of revenue	$	686.6	67.3	%	$	658.3	66.3	%	$	1,343.7	67.3	%	$	1,293.6	66.8	%
Research and development	48.0		4.7		42.9		4.3		94.0		4.7		78.9		4.1
Selling, general and administrative	97.3		9.5		86.8		8.7		193.0		9.7		163.9		8.5
Amortization of intangible assets	36.8		3.6		34.9		3.5		74.2		3.7		66.9		3.5
Restructuring and other charges, net	12.9		1.3		5.0		0.5		26.6		1.3		9.6		0.5
Total operating costs and expenses	$	881.6	86.4	%	$	827.9	83.4	%	$	1,731.4	86.7	%	$	1,613.0	83.3	%

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*     Represents the amount presented divided by total net revenue.

Cost of revenue

For the three months ended June 30, 2022, cost of revenue as a percentage of net revenue increased from the three months ended June 30, 2021, primarily due to the impacts of inflation on material and logistics costs.

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For the six months ended June 30, 2022, cost of revenue as a percentage of net revenue increased from the six months ended June 30, 2021, primarily due to the impacts of inflation on material and logistics costs, partially offset by the favorable effect of changes in foreign currency exchange rates.

Research and development expense

For the three and six months ended June 30, 2022, research and development ("R&D") expense increased from the three and six months ended June 30, 2021, primarily as a result of higher spend to support megatrend growth initiatives and incremental R&D expense related to acquired businesses, partially offset by the favorable effect of foreign currency exchange rates.

R&D expense related to megatrends during the three and six months ended June 30, 2022 was $17.6 million and $34.0 million, respectively, increases of $5.0 million and $10.1 million, respectively, from the three and six months ended June 30, 2021.

Selling, general and administrative expense

For the three and six months ended June 30, 2022, selling, general and administrative ("SG&A") expense increased from the three and six months ended June 30, 2021, primarily as a result of (1) incremental SG&A expense related to acquired businesses, including related transaction costs, (2) higher selling costs to support growth and our ability to execute for our customers, and (3) higher share-based compensation, partially offset by the favorable effect of changes in foreign currency exchange rates. Refer to Note 4: Share-Based Payment Plans of our condensed consolidated financial statements, included elsewhere in this Quarterly Report on Form 10-Q, for additional information related to our share-based compensation.

Amortization of intangible assets

For the three and six months ended June 30, 2022, amortization expense increased from the three and six months ended June 30, 2021, primarily due to increased intangibles from recent acquisitions partially offset by the effect of the economic benefit amortization method. Refer to Note 16: Acquisitions and Divestitures of our condensed consolidated financial statements, included elsewhere in this Quarterly Report on Form 10-Q, for additional information related to recent acquisitions.

Restructuring and other charges, net

For the three and six months ended June 30, 2022, restructuring and other charges, net increased from the three and six months ended June 30, 2021, primarily due to acquisition-related incentive compensation partially offset by a gain resulting from reduction of the liability for contingent consideration for Spear. In addition, we did not incur restructuring charges related to the Q2 2020 Global Restructure Program in the three and six months ended June 30, 2022, compared to $3.8 million and $5.7 million in the three and six months ended June 30, 2021, respectively. Refer to Note 5: Restructuring and Other Charges, Net of our condensed consolidated financial statements, included elsewhere in this Quarterly Report on Form 10-Q, for additional information on the components of restructuring and other charges, net.

Operating income

For the three months ended June 30, 2022, operating income decreased compared to the three months ended June 30, 2021, primarily due to (1) increased acquisition-related incentive compensation, (2) higher spend to support our megatrends initiatives, (3) the impacts of lower volume, (4) increased transaction-related costs, (5) higher amortization due to acquired intangibles, (6) higher selling costs to support growth and our ability to execute for our customers, and (7) higher share-based compensation, partially offset by (1) a reduction in restructuring charges related to the Q2 2020 Global Restructure Program and (2) a gain recorded as a result of a reduction in the liability for contingent consideration due to Spear.

For the six months ended June 30, 2022, operating income decreased compared to the six months ended June 30, 2021, primarily due to (1) increased acquisition-related incentive compensation, (2) higher amortization due to acquired intangibles, (3) the impacts of inflation, (4) higher spend to support our megatrends initiatives, (5) the impacts of lower volume, (6) higher selling costs to support growth and our ability to execute for our customers, (7) increased transaction-related costs, and (8) higher share-based compensation, partially offset by (1) a gain recorded as a result of a reduction in the liability for contingent consideration due to Spear, (2) a reduction in restructuring charges related to the Q2 2020 Global Restructure Program, and (3) the favorable effect of changes in foreign currency exchange rates.

Interest expense, net

For the three months ended June 30, 2022, interest expense, net decreased $0.4 million from the three months ended June 30, 2021, as increased interest rates impacted interest income earned on our cash equivalents balances slightly more than interest expense on our variable rate debt (the Term Loan).

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For the six months ended June 30, 2022, interest expense, net increased $1.0 million from the six months ended June 30, 2021, primarily as a result of (1) a full six months of interest expense on the 4.0% Senior Notes in the six months ended June 30, 2022, which were issued on March 29, 2021 and April 8, 2021, and (2) increased interest expense on our variable rate debt resulting from higher interest rates in the period, partially offset by (1) reduced interest expense resulting from our March 5, 2021 redemption of the 6.25% Senior Notes and (2) increased interest income earned on our cash equivalents balances.

Other, net

Other, net primarily includes currency remeasurement gains and losses on net monetary assets, gains and losses on foreign currency and commodity forward contracts not designated as hedging instruments, mark-to-market gains and losses on investments, losses related to debt refinancing, and the portion of our net periodic benefit cost excluding service cost. Refer to Note 6: Other, Net of our condensed consolidated financial statements, included elsewhere in this Quarterly Report on Form 10-Q, for more details related to the components of other, net.

For the three months ended June 30, 2022, other, net represented a net loss of $39.2 million, an unfavorable impact on earnings of $40.3 million compared to a net gain of $1.0 million in the three months ended June 30, 2021. This was primarily due to (1) increased losses on commodity forward contracts, (2) increased currency remeasurement losses on net monetary assets, primarily related to CNY, and (3) $11.8 million in mark-to-market losses on equity investments, primarily related to Quanergy. Refer to Note 14: Fair Value Measures of our condensed consolidated financial statements, included elsewhere in this Quarterly Report on Form 10-Q, for detailed information on our investment in Quanergy.

For the six months ended June 30, 2022, other, net represented a net loss of $89.7 million, an unfavorable impact on earnings of $51.3 million compared to a net loss of $38.4 million in the six months ended June 30, 2021. This was largely due to (1) $71.1 million in mark-to-market losses on equity investments, primarily related to Quanergy, (2) increased losses on net monetary assets, primarily related to CNY, and (3) increased losses on commodity forward contracts, partially offset by the non-recurrence of a $30.1 million loss on debt financing related to the redemption of our 6.25% Senior Notes on March 5, 2021.

Provision for income taxes

For the three months ended June 30, 2022, the provision for income taxes increased $12.4 million from the three months ended June 30, 2021, predominantly related to the jurisdictional mix of profits, the impacts of nondeductible earnout and compensation expenses resulting from recent acquisitions, and the inability to benefit the mark-to market loss on our investment in Quanergy.

For the six months ended June 30, 2022, the provision for income taxes decreased $0.3 million from the six months ended June 30, 2021, predominantly related to the overall decrease in income before tax as impacted by the mix of profits in the various jurisdictions in which we operate, offset by the impacts of nondeductible expenses resulting from our recent acquisitions and the inability to benefit the mark-to-market loss on our investment in Quanergy.

The provision for income taxes consists of (1) current tax expense, which relates primarily to our profitable operations in tax jurisdictions with limited or no net operating loss carryforwards and withholding taxes related to management fees, royalties, and the repatriation of foreign earnings; and (2) deferred tax expense (or benefit), which represents adjustments in book-to-tax basis differences primarily related to (a) book versus tax basis in intangible assets, (b) changes in net operating loss carryforwards, and (c) changes in withholding taxes on unremitted earnings. Other items impacting deferred tax expense include changes in tax rates and changes in our assessment of the realizability of our deferred tax assets.

Non-GAAP Financial Measures

This section provides additional information regarding certain non-GAAP financial measures, including organic revenue growth (or decline), adjusted operating income, adjusted operating margin, adjusted net income, adjusted earnings per share ("EPS"), free cash flow, net leverage ratio, and adjusted earnings before interest, taxes, depreciation, and amortization ("EBITDA"), which are used by our management, Board of Directors, and investors. We use these non-GAAP financial measures internally to make operating and strategic decisions, including the preparation of our annual operating plan, evaluation of our overall business performance, and as a factor in determining compensation for certain employees. 

The use of our non-GAAP financial measures has limitations. They should be considered as supplemental in nature and are not intended to be considered in isolation from, or as an alternative to, reported net revenue growth (or decline), operating income, operating margin, net income, diluted EPS, net cash provided by operating activities, total debt, finance lease and other financing obligations, respectively, calculated in accordance with U.S. GAAP. In addition, our measures of organic revenue growth (or decline), adjusted operating income, adjusted operating margin, adjusted net income, adjusted EPS, free cash flow,

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net leverage ratio, and adjusted EBITDA may not be the same as, or comparable to, similar non-GAAP financial measures presented by other companies.

Organic revenue growth (or decline)

Organic revenue growth (or decline) is defined as the reported percentage change in net revenue, calculated in accordance with U.S. GAAP, excluding the period-over-period impact of foreign currency exchange rate differences as well as the net impact of material acquisitions and divestitures for the 12-month period following the respective transaction date(s).

We believe that organic revenue growth (or decline) provides investors with helpful information with respect to our operating performance, and we use organic revenue growth (or decline) to evaluate our ongoing operations as well as for internal planning and forecasting purposes. We believe that organic revenue growth (or decline) provides useful information in evaluating the results of our business because it excludes items that we believe are not indicative of ongoing performance or that we believe impact comparability with the prior-year period.

Adjusted operating income, adjusted operating margin, adjusted net income, and adjusted EPS

We define adjusted operating income as operating income, determined in accordance with U.S. GAAP, excluding certain non-GAAP adjustments which are described below. Adjusted operating margin is calculated by dividing adjusted operating income by net revenue determined in accordance with U.S. GAAP. We define adjusted net income as follows: net income (or loss) determined in accordance with U.S. GAAP, excluding certain non-GAAP adjustments which are described in Non-GAAP Adjustments below. Adjusted EPS is calculated by dividing adjusted net income by the number of diluted weighted-average ordinary shares outstanding in the period.

Management uses adjusted operating income, adjusted operating margin, adjusted net income, and adjusted EPS as measures of operating performance, for planning purposes (including the preparation of our annual operating budget), to allocate resources to enhance the financial performance of our business, to evaluate the effectiveness of our business strategies, in communications with our Board of Directors and investors concerning our financial performance, and as factors in determining compensation for certain employees. We believe investors and securities analysts also use these non-GAAP financial measures in their evaluation of our performance and the performance of other similar companies. These non-GAAP financial measures are not measures of liquidity.

Free cash flow

Free cash flow is defined as net cash provided by operating activities less additions to property, plant and equipment and capitalized software. We believe free cash flow is useful to management and investors as a measure of cash generated by business operations that will be used to repay scheduled debt maturities and can be used to, among other things, fund acquisitions, repurchase ordinary shares, and (or) accelerate the repayment of debt obligations.

Adjusted EBITDA

Adjusted EBITDA is defined as net income (or loss), determined in accordance with U.S. GAAP, excluding interest expense, net, provision for (or benefit from) income taxes, depreciation expense, amortization of intangible assets, and the following non-GAAP adjustments, if applicable: (1) restructuring related and other, (2) financing and other transaction costs, (3) deferred gain or loss on derivative instruments, and (4) step-up inventory amortization. Refer to Non-GAAP Adjustments below for additional discussion of these adjustments.

Net leverage ratio

Net leverage ratio represents net debt (total debt, finance lease and other financing obligations less cash and cash equivalents) divided by last twelve months ("LTM") adjusted EBITDA. We believe that the net leverage ratio is a useful measure to management and investors in understanding trends in our overall financial condition.

Non-GAAP adjustments

Many of our non-GAAP adjustments relate to a series of strategic initiatives developed by our management aimed at better positioning us for future revenue growth and an improved cost structure. These initiatives have been modified from time to time to reflect changes in overall market conditions and the competitive environment facing our business. These initiatives include, among other items, acquisitions, divestitures, restructurings of certain business, supply chain, or corporate activities, and

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various financing transactions. We describe these adjustments in more detail below, each of which is net of current tax impacts, as applicable.

•Restructuring related and other: includes charges, net related to certain restructuring and other exit activities as well as other costs (or income) that we believe are either unique or unusual to the identified reporting period, and that we believe impact comparisons to prior period operating results. Such costs include charges related to optimization of our manufacturing processes to increase productivity. This type of activity occurs periodically, however each action is unique, discrete, and driven by various facts and circumstances. Such amounts are excluded from internal financial statements and analyses that management uses in connection with financial planning, and in its review and assessment of our operating and financial performance, including the performance of our segments.

•Financing and other transaction costs: includes losses or gains related to debt financing transactions, losses or gains related to the divestiture of a business, costs incurred, including for legal, accounting, and other professional services, that are directly related to an acquisition, divestiture, or equity financing transaction, mark-to-market losses or gains on our equity investments, expenses related to compensation arrangements entered into concurrent with the closing of an acquisition, and gains related to changes in the fair value of acquisition-related contingent consideration amounts.

•Deferred loss or gain on derivative instruments: includes unrealized losses or gains on derivative instruments that do not qualify for hedge accounting as well as the impact of commodity prices on our raw material costs relative to the strike price on our commodity forward contracts.

•Step-up depreciation and amortization: includes depreciation and amortization expense associated with the step-up in fair value of assets acquired in connection with a business combination (e.g., property, plant and equipment, definite-lived intangible assets, and inventories).

•Deferred taxes and other tax related: includes adjustments for book-to-tax basis differences due primarily to the step-up in fair value of fixed and intangible assets and goodwill, the utilization of net operating losses, and adjustments to our valuation allowance in connection with certain acquisitions and tax law changes. Other tax related items include certain adjustments to unrecognized tax benefits and withholding tax on repatriation of foreign earnings.

•Amortization of debt issuance costs: represents interest expense related to the amortization of deferred financing costs as well as debt discounts, net of premiums.

•Where applicable, the current income tax effect of non-GAAP adjustments.

Our definition of adjusted net income excludes the deferred provision for (or benefit from) income taxes and other tax related items described above. As we treat deferred income taxes as an adjustment to compute adjusted net income, the deferred income tax effect associated with the reconciling items presented below would not change adjusted net income for any period presented.

Non-GAAP reconciliations

The following tables present reconciliations of certain financial measures calculated in accordance with U.S. GAAP to the related non-GAAP financial measures for the periods presented. Refer to Non-GAAP adjustments section above for additional information related to these adjustments. Amounts and percentages in the tables below have been calculated based on unrounded numbers, accordingly, certain amounts may not appear to recalculate due to the effect of rounding.

	For the three months ended June 30, 2022								For the three months ended June 30, 2021
(Dollars in millions, except per share amounts)	Operating Income		Operating Margin		Net Income		Diluted EPS		Operating Income		Operating Margin		Net Income		Diluted EPS
Reported (GAAP)	$	138.9	13.6	%	$	34.8	$	0.22	$	164.8	16.6	%	$	112.9	$	0.71
Non-GAAP adjustments:
Restructuring related and other	3.9		0.4		4.3		0.03		5.7		0.6		6.9		0.04
Financing and other transaction costs	14.4		1.4		28.3		0.18		2.5		0.3		1.3		0.01
Step-up depreciation and amortization	35.3		3.5		35.3		0.22		33.7		3.4		33.7		0.21
Deferred loss on derivative instruments	1.2		0.1		15.4		0.10		2.6		0.3		1.1		0.01
Amortization of debt issuance costs	—		—		1.7		0.01		—		—		1.7		0.01
Deferred taxes and other tax related	—		—		9.7		0.06		—		—		(6.2)		(0.04)
Total adjustments	54.8		5.4		94.7		0.60		44.6		4.5		38.4		0.24
Adjusted (non-GAAP)	$	193.8	19.0	%	$	129.5	$	0.83	$	209.3	21.1	%	$	151.4	$	0.95

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	For the six months ended June 30, 2022								For the six months ended June 30, 2021
(Dollars in millions, except per share amounts)	Operating Income		Operating Margin		Net Income		Diluted EPS		Operating Income		Operating Margin		Net Income		Diluted EPS
Reported (GAAP)	$	264.9	13.3	%	$	57.3	$	0.36	$	322.2	16.7	%	$	166.6	$	1.05
Non-GAAP adjustments:
Restructuring related and other	8.0		0.4		8.3		0.05		10.3		0.5		14.2		0.09
Financing and other transaction costs	30.3		1.5		102.8		0.65		7.1		0.4		34.1		0.21
Step-up depreciation and amortization	71.3		3.6		71.3		0.45		63.4		3.3		63.4		0.40
Deferred loss on derivative instruments	1.8		0.1		8.5		0.05		4.4		0.2		3.3		0.02
Amortization of debt issuance costs	—		—		3.4		0.02		—		—		3.4		0.02
Deferred taxes and other tax related	—		—		1.3		0.01		—		—		3.9		0.02
Total adjustments	111.4		5.6		195.7		1.24		85.2		4.4		122.3		0.77
Adjusted (non-GAAP)	$	376.3	18.8	%	$	253.0	$	1.60	$	407.4	21.1	%	$	289.0	$	1.81

The following table provides a reconciliation of net cash provided by operating activities in accordance with U.S. GAAP to free cash flow.

	For the six months ended June 30,
(in millions)	2022		2021
Net cash provided by operating activities (GAAP)	$	141.9	$	267.9
Additions to property, plant and equipment and capitalized software	(74.1)		(63.6)
Free cash flow (non-GAAP)	$	67.8	$	204.4

The following table provides a reconciliation of net income in accordance with U.S. GAAP to Adjusted EBITDA.

			For the three months ended June 30,				For the six months ended June 30,
(in millions)	LTM (1)		2022		2021		2022		2021
Net income	$	254.2	$	34.8	$	112.9	$	57.3	$	166.6
Interest expense, net	180.3		44.8		45.2		90.3		89.3
Provision for income taxes	50.0		20.0		7.6		27.6		27.9
Depreciation expense	125.0		31.4		31.6		62.9		62.8
Amortization of intangible assets	141.4		36.8		34.9		74.2		66.9
EBITDA	750.9		167.9		232.3		312.2		413.6
Non-GAAP adjustments
Restructuring related and other	17.7		4.3		7.0		8.5		14.4
Financing and other transaction costs	107.3		28.7		1.7		103.8		37.6
Deferred loss on derivative instruments	17.6		19.4		1.4		10.7		4.4
Adjusted EBITDA	$	893.5	$	220.4	$	242.4	$	435.2	$	470.0

___________________________________

(1)    Last twelve months

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The following table provides a reconciliation of total debt, finance lease and other financing obligations in accordance with U.S. GAAP to net leverage ratio.

(Dollars in millions)	June 30, 2022		December 31, 2021
Current portion of long-term debt, finance lease and other financing obligations	$	6.6	$	6.8
Finance lease and other financing obligations, less current portion	25.6		26.6
Long-term debt, net	4,213.5		4,214.9
Total debt, finance lease and other financing obligations	4,245.7		4,248.3
Less: discount, net of premium	(4.3)		(5.2)
Less: deferred financing costs	(26.7)		(26.7)
Total gross indebtedness	4,276.7		4,280.2
Less: cash and cash equivalents	1,558.6		1,709.0
Net debt	$	2,718.1	$	2,571.3
Adjusted EBITDA (LTM)	$	893.5	$	928.3
Net leverage ratio	3.0		2.8

Liquidity and Capital Resources

As of June 30, 2022 and December 31, 2021, we held cash and cash equivalents in the following regions (amounts have been calculated based on unrounded numbers; accordingly, certain amounts may not appear to recalculate due to the effect of rounding):

(In millions)	June 30, 2022		December 31, 2021
United Kingdom	$	23.9	$	20.4
United States	598.8		25.0
The Netherlands	607.1		1,304.3
China	261.6		293.8
Other	67.2		65.5
Total	$	1,558.6	$	1,709.0

The amount of cash and cash equivalents held in these geographic regions fluctuates throughout the year due to a variety of factors, such as our use of intercompany loans and dividends and the timing of cash receipts and disbursements in the normal course of business. Our earnings are not considered to be permanently reinvested in certain jurisdictions in which they were earned. We recognize a deferred tax liability on these unremitted earnings to the extent the remittance of such earnings cannot be recovered in a tax-free manner.

In certain jurisdictions, our cash balances are subject to withholding taxes immediately upon withdrawal of funds to a different jurisdiction. In addition, in order to take advantage of incentive programs offered by various jurisdictions, including tax incentives, we are required to maintain minimum cash balances in these jurisdictions. The transfer of cash from these jurisdictions could result in loss of incentives or higher cash tax expense, but those impacts are not expected to be material.

Our cash and cash equivalent balances are held in the following significant currencies:

	As of June 30, 2022
(In millions)	USD		EUR		GBP		CNY		Other
United Kingdom	$	(0.6)	€	0.0	£	15.5	¥	—
United States	598.8		0.0		—		—
The Netherlands	588.1		17.8		—		—
China	147.2		—		—		766.2
Other	44.9		3.1		—		—
Total	$	1,378.4	€	20.9	£	15.5	¥	766.2
USD Equivalent			$	22.0	$	18.9	$	114.5	$	24.8

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	As of December 31, 2021
(In millions)	USD		EUR		GBP		CNY		Other
United Kingdom	$	1.8	€	0.0	£	13.2	¥	—
United States	25.0		—		—		—
The Netherlands	1,294.2		8.9		—		—
China	50.8		—		—		1,549.4
Other	51.0		1.7		—		—
Total	$	1,422.8	€	10.6	£	13.2	¥	1,549.4
USD Equivalent			$	12.0	$	17.8	$	243.1	$	13.3

Cash Flows:

The table below summarizes our primary sources and uses of cash for the six months ended June 30, 2022 and 2021. We have derived this summarized statements of cash flows from the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. Amounts in the table below have been calculated based on unrounded numbers. Accordingly, certain amounts may not appear to recalculate due to the effect of rounding.

	For the six months ended
(In millions)	June 30, 2022		June 30, 2021
Net cash provided by/(used in):
Operating activities:
Net income adjusted for non-cash items	$	285.1	$	347.0
Changes in operating assets and liabilities, net	(143.2)		(79.1)
Operating activities	141.9		267.9
Investing activities	(129.8)		(489.1)
Financing activities	(162.5)		221.0
Net change	$	(150.4)	$	(0.2)

Operating activities. Net cash provided by operating activities for the six months ended June 30, 2022 decreased compared to the corresponding period of the prior year, primarily due to increased raw material purchases in order to maximize production flexibility given widespread parts shortages in our supply chain and in anticipation of volume increases later in the year, a cash payment of $15.0 million for earned acquisition-related incentive compensation related to Elastic M2M, and timing of supplier payments and customer receipts.

Investing activities. Net cash used in investing activities for the six months ended June 30, 2022 decreased compared to the corresponding period of the prior year, primarily due to lower cash paid for acquisitions, which included Elastic M2M in the six months ended June 30, 2022 and Xirgo Technologies, LLC in the six months ended June 30, 2021. This impact was partially offset by higher capital expenditures. For fiscal year 2022, we anticipate capital expenditures of approximately $135.0 million to $145.0 million, which we expect to fund with cash on hand.

Financing activities. In the six months ended June 30, 2022, net cash used in financing activities was primarily driven by $144.3 million cash paid for share repurchases and $17.2 million paid for cash dividends, each of which did not have a comparable payment in the prior year. In the six months ended June 30, 2021, cash provided by financing activities was primarily the result of the issuance of $1.0 billion of the 4.0% Senior Notes, partially offset by the redemption of $750.0 million of the 6.25% Senior Notes. In addition, in fiscal year 2021 we used $33.0 million in cash related to debt financing transactions.

Indebtedness and Liquidity

As of June 30, 2022, we had $4.3 billion in gross indebtedness, which includes finance lease and other financing obligations and excludes debt discounts, premiums, and deferred financing costs.

Capital Resources

Senior Secured Credit Facilities

The Credit Agreement provides for senior secured credit facilities consisting of the Term Loan, the Revolving Credit Facility, and incremental availability (the "Accordion") under which additional secured credit facilities could be issued under certain circumstances.

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On June 23, 2022, certain of our indirect, wholly-owned subsidiaries, including STI, STIHBV, and STBV, entered into the Eleventh Amendment to the Credit Agreement and the Foreign Guaranty, dated as of May 12, 2011. Among other changes to the Credit Agreement, the Eleventh Amendment (i) increased the aggregate principal amount of the Revolving Credit Facility to $750.0 million; (ii) extended the maturity date of the Revolving Credit Facility to June 23, 2027 (which could be accelerated to June 22, 2026 if, prior to June 22, 2026, the Term Loan is not refinanced with a maturity date that is on or after June 23, 2027); (iii) released the Foreign Guarantors (as defined in the Credit Agreement), excluding STBV, from their obligations to guarantee the obligations of STI and the other Loan Parties (as defined in the Credit Agreement) relating to the Revolving Credit Facility and certain related obligations, subject to an obligation to reinstate such guaranties under certain conditions; (iv) replaced the LIBOR-based interest rates referenced by the Credit Agreement regarding revolving credit loans to (a) for revolving credit loans denominated in U.S. dollars, an interest rate based on the SOFR published by the Federal Reserve Bank of New York and (b) for revolving credit loans denominated in pounds sterling, an interest rate based on the SONIA; and (v) certain of the operational and restrictive covenants and other terms and conditions of the Credit Agreement were modified to provide STI and its affiliates increased flexibility and permissions thereunder.

Sources of liquidity

Our sources of liquidity include cash on hand, cash flows from operations, and available capacity under the Revolving Credit Facility. As of June 30, 2022, we had $746.1 million available under the Revolving Credit Facility, net of $3.9 million of obligations in respect of outstanding letters of credit issued thereunder. Outstanding letters of credit are issued primarily for the benefit of certain operating activities. As of June 30, 2022, no amounts had been drawn against these outstanding letters of credit. Availability under the Accordion varies each period based on our attainment of certain financial metrics as set forth in the terms of the Credit Agreement and the indentures under which our senior notes were issued (the "Senior Notes Indentures"). As of June 30, 2022, availability under the Accordion was approximately $0.6 billion.

We believe, based on our current level of operations and taking into consideration the restrictions and covenants included in the Credit Agreement and Senior Notes Indentures, that the sources of liquidity described above will be sufficient to fund our operations, capital expenditures, dividend payments, ordinary share repurchases, and debt service for at least the next twelve months. However, we cannot make assurances that our business will generate sufficient cash flows from operations or that future borrowings will be available to us in an amount sufficient to enable us to pay our indebtedness or to fund our other liquidity needs. Further, our highly-leveraged nature may limit our ability to procure additional financing in the future.

Our ability to raise additional financing, and our borrowing costs, may be impacted by short- and long-term debt ratings assigned by independent rating agencies, which are based, in significant part, on our performance as measured by certain credit metrics such as interest coverage and leverage ratios. As of July 20, 2022, Moody’s Investors Service’s corporate credit rating for STBV was Ba2 with a stable outlook, and Standard & Poor’s corporate credit rating for STBV was BB+ with a stable outlook. Any future downgrades to STBV's credit ratings may increase our future borrowing costs but will not reduce availability under the Credit Agreement.

Restrictions and Covenants

The Credit Agreement provides that if our senior secured net leverage ratio exceeds a specified level we are required to use a portion of our excess cash flow, as defined in the Credit Agreement, generated by operating, investing, or financing activities to prepay some or all of the outstanding borrowings under our senior secured credit facilities. The Credit Agreement also requires mandatory prepayments of the outstanding borrowings under our senior secured credit facilities upon certain asset dispositions and casualty events, in each case subject to certain reinvestment rights, and upon the incurrence of certain indebtedness (excluding any permitted indebtedness). These provisions were not triggered during the six months ended June 30, 2022. We do not expect that the sale of the Qinex Business, which occurred subsequent to June 30, 2022, will trigger these provisions.

The Credit Agreement and the Senior Notes Indentures contain restrictions and covenants that limit the ability of our wholly-owned subsidiary, STBV, and certain of its subsidiaries to, among other things, incur subsequent indebtedness, sell assets, pay dividends, and make other restricted payments. For a full discussion of these restrictions and covenants, refer to Part II, Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations—Capital Resources included in our 2021 Annual Report. These restrictions and covenants, which are subject to important exceptions and qualifications set forth in the Credit Agreement and Senior Notes Indentures, were taken into consideration when we established our share repurchase programs and will be evaluated periodically with respect to future potential funding of those programs. As of June 30, 2022, we believe we were in compliance with all covenants and default provisions under our credit arrangements.

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Share repurchase programs

From time to time, our Board of Directors has authorized various share repurchase programs, which may be modified or terminated by our Board at any time. We currently have an authorized $500.0 million share repurchase program (the "January 2022 Program") under which approximately $370.6 million remained available as of June 30, 2022.

Dividends

On May 25, 2022, we paid a cash dividend of $0.11 per share, or $17.2 million in aggregate, to shareholders of record as of May 11, 2022. On July 21, 2022, we announced that our Board had declared a quarterly dividend of $0.11 per share, payable on August 24, 2022 to shareholders of record as of August 10, 2022.

Recently Issued Accounting Pronouncements

There are no recently issued accounting standards that have been adopted in the current period or will be adopted in future periods that have had or are expected to have a material impact on our consolidated financial position or results of operations.

Critical Accounting Policies and Estimates

For a discussion of the critical accounting policies that require the use of significant judgments and estimates by management, refer to Part II, Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates included in our 2021 Annual Report.

Item 3.Quantitative and Qualitative Disclosures About Market Risk.

No significant changes to our market risk have occurred since December 31, 2021. For a discussion of market risks affecting us, refer to Part II, Item 7A: Quantitative and Qualitative Disclosures About Market Risk included in our 2021 Annual Report.

Item 4.Controls and Procedures.

The required certifications of our Chief Executive Officer, Chief Financial Officer, and Chief Accounting Officer are included as exhibits to this Quarterly Report on Form 10-Q. The disclosures set forth in this Item 4 contain information concerning the evaluation of our disclosure controls and procedures and changes in internal control over financial reporting referred to in these certifications. These certifications should be read in conjunction with this Item 4 for a more complete understanding of the matters covered by the certifications.

Evaluation of Disclosure Controls and Procedures

With the participation of our Chief Executive Officer, Chief Financial Officer, and Chief Accounting Officer, we have evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2022. The term "disclosure controls and procedures," as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the U.S. Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of June 30, 2022, our Chief Executive Officer, Chief Financial Officer, and Chief Accounting Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the three months ended June 30, 2022 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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Inherent Limitations on Effectiveness of Controls

There are inherent limitations to the effectiveness of any system of internal control over financial reporting. Accordingly, even an effective system of internal control over financial reporting can only provide reasonable assurance with respect to financial statement preparation and presentation in accordance with U.S. GAAP. Our internal controls over financial reporting are subject to various inherent limitations, including cost limitations, judgments used in decision making, assumptions about the likelihood of future events, the soundness of our systems, the possibility of human error, and the risk of fraud. Moreover, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may be inadequate because of changes in conditions and the risk that the degree of compliance with policies or procedures may deteriorate over time.

PART II—OTHER INFORMATION

Item 1.Legal Proceedings.

We are regularly involved in a number of claims and litigation matters that arise in the ordinary course of business. Although it is not feasible to predict the outcome of these matters, based upon our experience and current information known to us, we do not expect the outcome of these matters, either individually or in the aggregate, to have a material adverse effect on our results of operations, financial condition, and/or cash flows.

Item 1A.Risk Factors.

Information regarding risk factors appears in Part I, Item 1A: Risk Factors, included in our 2021 Annual Report. There have been no material changes to the risk factors disclosed therein.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.

Issuer Purchases of Equity Securities

Period	Total Number of Shares Purchased (in shares) (1)	Weighted-Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plan or Programs (2)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan or Programs (in millions)
April 1 through April 30, 2022	481,503	$	49.10	344,829	$	432.8
May 1 through May 31, 2022	766,864	$	46.12	759,564	$	397.8
June 1 through June 30, 2022	592,213	$	46.16	587,947	$	370.6
Quarter total	1,840,580	$	46.91	1,692,340	$	370.6

___________________________________

(1)     The number of ordinary shares presented includes ordinary shares that were withheld upon the vesting of restricted securities to cover payment of employee withholding tax. These withholdings took place outside of a publicly announced repurchase plan. There were 136,674 ordinary shares withheld in April 2022, 7,300 ordinary shares withheld in May 2022, and 4,266 ordinary shares withheld in June 2022, representing a total aggregate fair value of $7.4 million based on the closing price of our ordinary shares on the date of withholdings.

(2)     All purchases during the three months ended June 30, 2022 were conducted pursuant to a $500.0 million share repurchase program authorized by our Board of Directors and publicly announced on January 20, 2022 (the “January 2022 Program”). The January 2022 Program does not have an established expiration date.

Item 3.Defaults Upon Senior Securities.

None.

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Table of Contents

Item 6.Exhibits.

Exhibit No.	Description
3.1	Articles of Association of Sensata Technologies Holding plc (incorporated by reference to Exhibit 3.1 of the Registrant's Current Report on Form 8-K filed on March 28, 2018).
10.1	Second Amended and Restated Employment Agreement between George Verras and Sensata Technologies, Inc., dated May 1, 2022. *†
10.2	Amendment No. 11 to Credit Agreement and Amendment No. 2 to Foreign Guaranty, dated as of June 23, 2022, by and among Sensata Technologies, Inc., Sensata Technologies Intermediate Holding B.V., the other Guarantors party thereto, Morgan Stanley Senior Funding, Inc., as the Administrative Agent, an L/C Issuer and the Swing Line Lender, and the Revolving Credit Lenders and other L/C Issuers party thereto (incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K filed on June 29, 2022).
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.3	Certification of Chief Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification of Chief Executive Officer, Chief Financial Officer, and Chief Accounting Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document. *
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document. *
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document. *
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document. *
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document. *
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

___________________________________

*    Filed herewith

†    Indicates management contract or compensatory plan, contract, or arrangement

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Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: August 1, 2022

SENSATA TECHNOLOGIES HOLDING PLC

/s/ Jeffrey Cote

(Jeffrey Cote)

Chief Executive Officer and President

(Principal Executive Officer)

/s/ Paul Vasington

(Paul Vasington)

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

/s/ Maria Freve

(Maria Freve)

Vice President and Chief Accounting Officer

(Principal Accounting Officer)

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EX-10.1

SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT

THIS SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is hereby executed by and between Sensata Technologies, Inc., a Delaware corporation (the “Company”), and George Verras (“Executive”), to be effective as of May 1, 2022 (the “Effective Date”).

WHEREAS, the Company and Executive executed the Amended and Restated Employment Agreement dated December 1, 2021 (the “Prior Employment Agreement”); and

WHEREAS, the Company and Executive desire to amend and restate the Prior Employment Agreement in accordance with the terms and conditions set forth below.

NOW, THEREFORE, in consideration of the mutual covenants contained herein, continued employment of Executive by the Company and other good and valuable consideration, the receipt and sufficiency of which are expressly hereby acknowledged, the parties hereto agree as follows:

1.Employment. The Company shall employ Executive, and Executive hereby accepts employment with the Company, upon the terms and conditions set forth in this Agreement for the period beginning on the Effective Date and ending as provided in Section 4 hereof (the “Employment Period”). The parties agree that for purposes of calculating years of service, Executive’s employment with the Company commenced as of July 25, 1994.

2.Position and Duties.

(a)During the Employment Period, Executive shall serve as Executive Vice President, Chief Technology Officer (“CTO”) of the Company and shall have the normal duties, responsibilities, functions and authority that are normally associated with the position of Executive Vice President, CTO. Executive’s duties shall be subject to the power and authority of the Company’s Board of Directors (the “Company Board”) and the Board of Directors (the “Board”) of Sensata Technologies Holding plc, a public limited company formed under the laws of England and Wales (“Parent”), in consultation with Executive’s Reporting Manager (defined below) and/or Chief Executive Officer (the “Chief Executive Officer”), to expand or limit such duties, responsibilities, functions and authority and to overrule actions of officers of the Company. During the Employment Period, Executive shall render to Parent and its Subsidiaries (as defined herein) administrative, financial and other executive and managerial services that are consistent with Executive’s position as the Board or Executive’s Reporting Manager may from time to time direct.

(b)Executive shall report to the Chief Executive Officer and President of the Company (“Executive’s Reporting Manager”). Executive shall devote his full business time and attention (except for vacation periods consistent with past practice and reasonable periods of illness or other incapacity) to the business and affairs of Parent and its Subsidiaries. In performing his duties and exercising his authority under this Agreement, Executive shall support and implement the business and strategic plans approved from time to time by the Board and shall support and cooperate with Parent’s and its Subsidiaries’ efforts to expand their businesses and operate profitably and in conformity with the business and strategic plans approved by the Board. As long as Executive is employed by the Company, Executive shall not, without the prior written consent of Executive’s Reporting Manager, perform other services for compensation. Unless otherwise agreed by Executive, Executive’s place of work shall be in the greater Attleboro, Massachusetts metropolitan area, except for travel reasonably required for Company business.

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(c)For purposes of this Agreement, “Subsidiaries” shall mean any corporation or other entity of which the securities or other ownership interests having the voting power to elect a majority of the board of directors or other governing body are, at the time of determination, owned by Parent, directly or through one or more Subsidiaries.

(d)For purposes of this Agreement, “Affiliate” shall mean with respect to Parent and its Subsidiaries, any other Person controlling, controlled by or under common control with Parent or any of its Subsidiaries and, in the case of a Person that is a partnership, any partner of the Person.

(e)For purposes of this Agreement, “Person” shall mean an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

3.Compensation and Benefits.

(a)During the Employment Period, Executive’s base salary shall be equal to the amount determined by the Board or the Compensation Committee of the Board, after consultation with the Chief Executive Officer, on an annual basis (as adjusted from time to time, the “Base Salary”), which salary shall be payable by the Company in regular installments in accordance with the Company’s general payroll practices (in effect from time to time). In addition, during the Employment Period, Executive shall be entitled to participate in all of the Company’s employee benefit programs for which senior executive employees of Parent and its Subsidiaries are generally eligible (assuming Executive and/or his family meet the eligibility requirements of those benefit programs) (the “Senior Executive Benefits”).

(b)During the Employment Period, Executive shall be reimbursed by the Company for all reasonable business expenses incurred by him in the course of performing his duties and responsibilities under this Agreement, which business expenses are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses. Reimbursement of the costs and expenses set forth in this Section 3(b) are subject to the Company’s requirements with respect to reporting and documentation of such costs and expenses.

(c)In addition to the Base Salary, Executive shall be eligible to earn an annual bonus (“Annual Bonus”) in an amount as determined by the Board or the Compensation Committee of the Board equal to a certain percentage of the Base Salary then in effect, with such other terms and based upon Executive’s individual performance and/or the achievement by Parent and its Subsidiaries of financial and other objectives, in each case as established for each fiscal year by the Board or the Compensation Committee of the Board. Executive will become entitled to receive an Annual Bonus, if any, only if Executive continues to be employed by Parent or any of its Subsidiaries through April 1st of the fiscal year following the fiscal year to which such Annual Bonus relates and such Annual Bonus, if any, will be paid to Executive by the Company on or before April 15th of the fiscal year following the fiscal year to which such Annual Bonus relates.

4.Term.

(a)The Employment Period shall end on the first anniversary of this Agreement, but shall automatically be renewed on the same terms and conditions set forth herein (as may be modified from time to time in accordance with the terms of this Agreement) for additional one-

2

year periods beginning on the first anniversary of the date hereof and on each successive anniversary date, unless the Company or Executive gives the other party written notice of the election not to renew the Employment Period at least 90 days prior to any such renewal date; provided that, the Employment Period shall terminate prior to such date immediately upon Executive’s resignation (with or without Good Reason, as defined below), death or Disability (as defined below) or upon the Company’s termination of Executive’s employment (whether with Cause (as defined below) or without Cause).

(b)If the Employment Period is terminated (1) by the Company without Cause (other than as a result of Executive’s Disability) or (2) upon Executive’s resignation with Good Reason, Executive shall be entitled to (i) his Base Salary through the date of termination; (ii) any Annual Bonus amounts to which Executive is entitled for years that ended on or prior to the date of termination as set forth in Section 3(c) (including that Executive has been employed by the Parent or its Subsidiaries through April 1 of the fiscal year following the fiscal year to which such Annual Bonus relates); (iii) an amount equal to one year of Executive’s then current Base Salary plus an amount equal to the average of the Annual Bonuses paid to Executive for the two completed fiscal years immediately preceding the date of termination of Executive’s employment; and (iv) running concurrently with (and counting toward) his COBRA period, continued participation throughout the Severance Period (as defined below) in all health and dental benefit plans in which Executive was entitled to participate immediately prior to the termination of Executive’s employment (or the Company shall arrange to make available to Executive benefits substantially similar to those which Executive would otherwise have been entitled to receive over such period if Executive’s employment had not been terminated) on the same terms and conditions (including employee contributions toward premium payments) under which Executive was entitled to participate immediately prior to his termination. Any stock options, RSUs or other restricted equity awards granted to Executive shall be subject to the terms and conditions of the applicable Management Equity Plans and such awards. The amounts and benefits described in clauses (iii) and (iv) of this Section 4(b) will be paid if and only if Executive has executed and delivered to the Company a separation agreement with a general release to be provided by the Company in connection with Executive’s termination, and such release has become effective and no longer subject to revocation not later than sixty (60) days following the date of termination (the “General Release”) and only if Executive does not breach the provisions of Sections 5 through 7 hereof. The amounts payable pursuant to clause (iii) of this Section 4(b) shall be payable in regular installments over the twelve (12)-month period following the date of termination (the “Severance Period”) in accordance with the Company’s general payroll practices as in effect on the date of termination, but in no event less frequently than monthly; provided that no amounts shall be paid until the first scheduled payment date following the date the General Release is executed and no longer subject to revocation, with the first such payment being in an amount equal to the total amount to which Executive would otherwise have been entitled during the period following the date of termination through such payment date if such deferral had not been required. The amounts and benefits described in clauses (i) and (ii) of this Section 4(b) shall be paid to Executive in a lump sum in cash within thirty (30) days of the applicable date of termination in accordance with the terms set forth in Section 3(c) (including the requirement that Executive remain employed by the Parent or its Subsidiaries through April 1 of the fiscal year following the fiscal year to which such Annual Bonus relates). The amounts and benefits described in clauses (i) and (ii) of this Section 4(c) shall be paid to Executive or, in the event of death, Executive’s estate or beneficiaries, in a lump sum in cash within thirty (30) days of the applicable date of termination.

(c)If the Employment Period is terminated (1) by the Company with Cause, (2) due to Executive’s death or Disability or (3) by Executive’s resignation without Good Reason, Executive shall be entitled to receive (i) his Base Salary through the date of termination and (ii) any Annual Bonus amounts to which Executive is entitled determined by reference to years that ended on or prior to the date of termination.

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(d)Except as otherwise expressly provided herein, Executive shall not be entitled to any other salary, bonuses, employee benefits or compensation from the Company or its Subsidiaries after the termination of the Employment Period and all of Executive’s rights to salary, bonuses, employee benefits and other compensation hereunder which would have accrued or become payable after the termination of the Employment Period (other than vested retirement benefits accrued on or prior to the termination of the Employment Period in accordance with the terms of the applicable retirement plan or other amounts owing hereunder as of the date of such termination that have not yet been paid) shall cease upon such termination, other than those expressly required under applicable law (such as COBRA) or as provided under an applicable Management Equity Plan.

(e)Executive is under no obligation to mitigate damages or the amount of any payment provided for hereunder by seeking other employment or otherwise, and the Company shall have no right of offset for any amounts received by Executive from other employment; provided that, notwithstanding anything to the contrary herein, Executive’s coverage under the Company’s health and dental benefit plans will terminate when Executive becomes eligible under any employee benefit plan made available by another employer covering health and dental benefits. Executive shall notify the Company within thirty (30) days after becoming eligible for any such benefits.

(f)Subject to applicable law, the Company may offset any amounts Executive owes Parent and its Subsidiaries against any amounts Parent and its Subsidiaries owe Executive hereunder.

(g)For purposes of this Agreement, “Cause” shall mean, with respect to Executive, one or more of the following: (1) the indictment for a felony or other crime involving moral turpitude or the commission of any other act or any omission to act involving fraud with respect to Parent or any of its Subsidiaries or any of their customers or suppliers; (2) any act or any omission to act involving dishonesty or disloyalty which causes, or in the good faith judgment of the Board would be reasonably likely to cause, material harm (including reputational harm) to Parent or any of its Subsidiaries or any of their customers or suppliers; (3) any (i) repeated abuse of alcohol or (ii) abuse of controlled substances, in either case, that adversely affects Executive’s work performance (and, in the case of clause (i), continues to occur at any time more than thirty (30) days after Executive has been given written notice thereof) or brings Parent or its Subsidiaries into public disgrace or disrepute; (4) the failure by Executive to substantially perform duties as reasonably directed by the Board or Executive’s supervisor(s), which non- performance remains uncured for ten (10) days after written notice thereof is given to Executive; (5) willful misconduct with respect to Parent or any of its Subsidiaries, which misconducts causes, or in the good faith judgment of the Board would be reasonably likely to cause, material harm (including reputational harm) to Parent or any of its Subsidiaries; (6) the failure of Executive to cooperate in any audit or investigation of the business or financial practices of the Parent or any of its Subsidiaries; or (7) any breach by Executive of Sections 5 through 7 of this Agreement or any other material breach of this Agreement or the Management Equity Plans (as defined below).

(h)Executive will be “Disabled” only if, as a result of his incapacity due to physical or mental illness, Executive is considered disabled under the Company’s long-term disability insurance plans.

(i)For purposes of this Agreement, “Good Reason” shall mean if Executive resigns from employment with the Company and, if applicable, its Subsidiaries prior to the end of the Employment Period as a result of one or more of the following reasons: (1) any reduction in

4

Executive’s Base Salary or Annual Bonus opportunity, without Executive’s prior consent, in either case other than any reduction which (i) is generally applicable to senior leadership team executives of the Company and (ii) does not exceed 15% of Executive’s Base Salary and Annual Bonus opportunity in the aggregate; (2) any material breach by Parent or any of its Subsidiaries of any agreement between such Persons and Executive; or (3) a change in Executive’s principal office without Executive’s prior consent to a location that is more than fifty (50) miles from Executive’s principal office on the date hereof; provided that, in order for Executive’s resignation with Good Reason to be effective hereunder, Executive must provide written notice to the Company of the event constituting Good Reason within thirty (30) days of the initial occurrence of such event, the Company shall have thirty (30) days after delivery of such written notice to cure such event to Executive’s reasonable satisfaction, and Executive’s resignation with Good Reason must be effective within thirty (30) days following the end of the Company’s cure period.

(j)For purposes of this Agreement, “Management Equity Plans” shall mean the 2021 Equity Incentive Plan of Parent, including any amendments thereto, together with any other incentive equity plan of Parent or any of its Subsidiaries under which Executive may have in the past received, or may in the future receive any equity or equity-based award, along with any Award Agreements (as defined therein) and any attachments thereto, as amended from time to time.

5.Confidential Information.

(a)Executive acknowledges that the continued success of Parent and its Subsidiaries and Affiliates, depends upon the use and protection of a large body of confidential and proprietary information. All of such confidential and proprietary information now existing or to be developed in the future will be referred to in this Agreement as “Confidential Information”. Confidential Information will be interpreted as broadly as possible to include all information of any sort (whether merely remembered or embodied in a tangible or intangible form) that is (1) related to Parent’s or its Subsidiaries’ or Affiliates’ current or potential business and (2) is not generally or publicly known. Confidential Information includes, without specific limitation, the information, observations and data obtained by Executive during the course of his performance under this Agreement concerning the business and affairs of Parent and its Subsidiaries and Affiliates, information concerning acquisition opportunities in or reasonably related to the Parent’s or its Subsidiaries’ or Affiliates’ business or industry of which Executive has become or becomes aware during his employment , the persons or entities that are current, former or prospective suppliers or customers of any one or more of them during Executive’s course of performance under this Agreement, as well as development, transition and transformation plans, methodologies and methods of doing business, strategic, marketing and expansion plans, including plans regarding planned and potential sales, financial and business plans, employee lists and telephone numbers, locations of sales representatives, new and existing programs and services, prices and terms, customer service, integration processes, requirements and costs of providing service, support and equipment. Therefore, Executive agrees that during his employment and thereafter, he shall not disclose to any unauthorized person or use for his own account any of such Confidential Information without the Board’s prior written consent, unless and to the extent that any Confidential Information (i) becomes generally known to and available for use by the public other than as a result of Executive’s acts or omissions to act; or (ii) is required to be disclosed pursuant to any applicable law or court order. Executive agrees to deliver to the Company at the end of the Employment Period, or at any other time the Company may request in writing, all memoranda, notes, plans, records, reports and other documents (and copies thereof) relating to the business of Parent or its Subsidiaries or Affiliates (including, without limitation, all Confidential Information) that he may then possess or have under his control.

5

(b)During the Employment Period, Executive shall not use or disclose any confidential information, including trade secrets, if any, of any former employers or any other person to whom Executive has an obligation of confidentiality, and shall not bring onto the premises of Parent or its Subsidiaries or Affiliates any unpublished documents or any property belonging to any former employer or any other Person to whom Executive has an obligation of confidentiality unless consented to in writing by the former employer or Person. Executive shall use in the performance of his duties only information that is (1) generally known and used by persons with training and experience comparable to Executive’s and that is (i) common knowledge in the industry or (ii) is otherwise legally in the public domain; (2) otherwise provided or developed by Parent or its Subsidiaries or Affiliates; or (3) in the case of materials, property or information belonging to any former employer or other Person to whom Executive has an obligation of confidentiality, approved for such use in writing by such former employer or Person. If at any time during the Employment Period, Executive believes he is being asked to engage in work that will, or will be likely to, jeopardize any confidentiality or other obligations Executive may have to former employers, Executive shall immediately advise the Board so that Executive’s duties can be modified appropriately.

(c)Executive represents and warrants to the Parent and its Subsidiaries that Executive took nothing with him that belonged to any former employer when Executive left his position(s) with such employer(s) that Executive was not authorized to take and that Executive has nothing that contains any confidential information that belongs to any former employer. If at any time Executive discovers that this representation is incorrect, Executive shall promptly return any such materials to Executive’s former employer(s). Parent and its Subsidiaries do not want any such materials, and Executive shall not be permitted to use or refer to any such materials in the performance of Executive’s duties hereunder.

(d)Executive understands that Parent and its Subsidiaries and Affiliates will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on Parent’s and its Subsidiaries’ and Affiliates’ part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the Employment Period and thereafter, and without in any way limiting the provisions of Section 5(a) above, Executive will hold Third Party Information in the strictest confidence and will not disclose to anyone (other than personnel of Parent or its Subsidiaries and Affiliates who need to know such information in connection with their work for Parent or such Subsidiaries and Affiliates) or use, except in connection with his work for Parent or its Subsidiaries and Affiliates, Third Party Information unless expressly authorized by a member of the Board in writing.

(e)Under the federal Defend Trade Secrets Act of 2016, Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (1) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made to Executive’s attorney in relation to a lawsuit for retaliation against the Company for reporting a suspected violation of law; or (3) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Further, nothing in this Agreement prevents Executive from providing, without prior notice to the Company or its Affiliates, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations.

6.Intellectual Property, Inventions and Patents. Executive acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports, patent applications, copyrightable work and mask work

6

(whether or not including any confidential information) and all registrations or applications related thereto, all other proprietary information and all similar or related information (whether or not patentable) that relate to Parent’s or any of its Subsidiaries’ actual or anticipated business, research and development or existing or future products or services and which are conceived, developed or made by Executive (whether alone or jointly with others) while employed by the Company and its Subsidiaries, whether before or after the date of this Agreement (“Work Product”), belong to Parent, the Company or such Subsidiary. At the Company’s expense, Executive shall perform all actions reasonably requested by the Board (whether during or after the Employment Period) to establish and confirm such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments).

7.Non-Compete; Non-Solicitation.

(a)In further consideration of the increased compensation and benefits to be paid to Executive hereunder, Executive acknowledges that during the course of his employment with the Company and its Subsidiaries, he has and shall become familiar with Parent’s and its Subsidiaries’ and Affiliates’ corporate strategy, pricing and other market information, know-how, trade secrets and valuable customer, supplier and employee relationships, and with other Confidential Information concerning Parent and its Subsidiaries and Affiliates, and that his services have been and shall be of special, unique and extraordinary value to Parent and its Subsidiaries and Affiliates. Accordingly, and in consideration for receiving the salary increase in connection with this Agreement and the potential severance benefits set forth in Section 4(b) above, Executive agrees that, during the Employment Period and for one (1) year thereafter (the “Non-compete Period”), if the termination of Executive’s employment is voluntary or for “Cause” (as defined above), he shall not, directly or indirectly, without the prior written consent of the Company, in a capacity similar to the position(s) held by Executive with the Company in the last two (2) years of Executive’s employment by the Company, and in a geographic area to which Executive was assigned, in which Executive provided services or had a material presence or influence, or for which Executive was directly or indirectly responsible, during the last two (2) years of his employment by the Company, own any interest in, manage, control, participate in, consult with, render services for, or in any manner engage in any Competing Business that conducts operations or sales in such U.S. states, or such countries outside the United States, as Parent and its Subsidiaries conduct sales or operations as of the date of termination of the Employment Period. Nothing herein shall prohibit Executive from being a passive owner of not more than 2% of the outstanding stock of any class of a publicly-traded corporation, so long as Executive has no active participation in the business of such corporation. For purpose of this Agreement, “Competing Business” shall mean any business engaged (whether directly or indirectly) in the design, manufacture, marketing, or sale of products or services competitive with those designed, manufactured, marketed or sold by the Parent or its Subsidiaries or Affiliates. Executive acknowledges and agrees that Executive has received sufficient mutually agreed-upon consideration for agreeing to be bound by the obligations in this Section, specifically the salary increase and the potential to receive severance set forth in Section 4(b) above. The restrictions in this Section do not become effective until the 11th business day after this Agreement is executed by Executive.

(b)During the Non-compete Period, Executive shall not directly or indirectly through another person or entity (1) induce or attempt to induce any employee of Parent or any Subsidiary to leave the employ of Parent or such Subsidiary, or in any way interfere with the relationship between Parent or any Subsidiary and any employee thereof; (2) knowingly hire any person who was an employee of Parent or any Subsidiary at any time during the twelve (12) months prior to the termination of Executive’s employment; or (3) induce or encourage, or attempt to induce, encourage or solicit, any customer, supplier, licensee, licensor or other

7

business relation of Parent or any Subsidiary to cease doing business with Parent or such Subsidiary, or in any way interfere with the relationship between any such customer, supplier, licensee, licensor or business relation and Parent or any Subsidiary (including, without limitation, making any negative or disparaging statements or communications regarding Parent or its Subsidiaries); provided that, in each case, this Section 7(b) shall only apply if Executive shall have done business with, or had direct or indirect supervisory or other responsibility for, the employee, customer, supplier, licensee, licensor, or business relation to which the applicable clause of this Section 7(b) applies.

(c)If, at the time of enforcement of this Section 7, a court shall hold that the duration, scope or area restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope or area reasonable under such circumstances shall be substituted for the stated duration, scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and area permitted by law. Executive acknowledges that the restrictions contained in this Section 7 are reasonable and that he has reviewed the provisions of this Agreement with his legal counsel.

(d)Executive acknowledges that any breach or threatened breach of the provisions of this Section 7 would cause Parent and its Subsidiaries irreparable harm. Accordingly, in addition to other rights and remedies existing in its favor, the Company shall be entitled to specific performance and/or injunctive or other equitable relief from a court of competent jurisdiction in order to enforce or prevent any violations of the provisions hereof (without posting a bond or other security). Further, in the event of an alleged breach or violation by Executive of this Section 7, the Non-compete Period shall be tolled until such breach or violation has been duly cured.

8.Executive’s Representations. Executive hereby represents and warrants to the Company that (a) the execution, delivery and performance of this Agreement by Executive do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which he is bound, Executive is not a party to or bound by any employment agreement, non-compete agreement or confidentiality agreement with any other person or entity and (c) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms. Executive hereby acknowledges and represents that he has consulted with independent legal counsel regarding his rights and obligations under this Agreement and that he fully understands the terms and conditions contained herein.

9.Recoupment Policy. Notwithstanding anything in this Agreement to the contrary, Executive acknowledges and agrees that this Agreement and any compensation described herein are subject to the terms and conditions of the Company's recoupment policy (if any) as may be in effect from time to time, including specifically to implement Section 10D of the Securities Exchange Act of 1934, as amended, and any applicable rules or regulations promulgated thereunder (including applicable rules and regulations of any national securities exchange on which the shares of the Company’s common stock may be traded) (the “Claw-back Policy”), and that applicable sections of this Agreement and any related documents shall be deemed superseded by and subject to the terms and conditions of the Claw-back Policy from and after the effective date thereof.

10.Survival. Sections 4 through 23 (other than Section 21) shall survive and continue in full force in accordance with their terms notwithstanding the termination of the Employment Period.

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11.Notices. Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, sent by reputable overnight courier service or mailed by first class mail, return receipt requested, to the recipient at the address below indicated:

Notices to Executive:

Executive’s last residence shown on the records of the Company.

Notices to the Company:

Sensata Technologies, Inc.

529 Pleasant Street

Attleboro, MA 02703 Attention: Chief Legal Officer

or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party. Any notice under this Agreement shall be deemed to have been given when so delivered, sent or mailed.

12.Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or any action in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

13.Complete Agreement. This Agreement, those documents expressly referred to herein, and other documents of even date herewith embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way.

14.No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party.

15.Counterparts. This Agreement may be executed in separate counterparts (including by means of facsimile), each of which is deemed to be an original and all of which taken together constitute one and the same agreement.

16.Successors and Assigns. This Agreement will be binding upon and inure to the benefit of the Company and any successor to the Company, including, without limitation, any Persons acquiring directly or indirectly all or substantially all of the business or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor shall thereafter be deemed the “Company” for the purposes of this Agreement), but will not otherwise be assignable, transferable or delegable by the Company other than to Parent or any of its Subsidiaries. This Agreement will inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees and legatees, but otherwise will not otherwise be assignable, transferable or delegable by Executive. This Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign, transfer or delegate this Agreement or any rights or obligations hereunder except as otherwise expressly provided in this Section 15.

9

17.Choice of Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

18.Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the Company (as approved by the Board or the Compensation Committee of the Board as appropriate) and Executive, and no course of conduct or course of dealing or failure or delay by any party hereto in enforcing or exercising any of the provisions of this Agreement (including, without limitation, the Company’s right to terminate the Employment Period with Cause or, except as otherwise stated herein, Executive’s right to terminate the Employment Agreement with Good Reason) shall affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this Agreement.

19.Insurance. The Company may, at its discretion, apply for and procure in its own name and for its own benefit life and/or disability insurance on Executive in any amount or amounts considered advisable. Executive agrees to cooperate in any medical or other examination, supply any information and execute and deliver any applications or other instruments in writing as may be reasonably necessary to obtain and constitute such insurance.

20.Tax Matters; Code Section 409A.

(a)The Company and its respective Subsidiaries shall be entitled to deduct or withhold from any amounts owing from the Company or any of its Subsidiaries to Executive any federal, state, local or foreign withholding taxes, excise tax, or employment taxes (“Taxes”) imposed with respect to Executive’s compensation or other payments from the Company or any of its Subsidiaries or Executive’s ownership interest in Parent (including, without limitation, wages, bonuses, dividends, the receipt or exercise of equity options and/or the receipt or vesting of restricted equity). In the event the Company or any of its Subsidiaries does not make such deductions or withholdings, Executive shall indemnify the Company and its Subsidiaries for any amounts paid with respect to any such Taxes, together (if such failure to withhold was at the written direction of Executive) with any interest, penalties and related expenses thereto. The Company does not guarantee any particular tax result to Executive with respect to any payments or benefits provided hereunder.

(b)The intent of the parties is that payments and benefits under this Agreement comply with Code Section 409A of the Internal Revenue Code of 1986, as amended (“Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. In no event whatsoever shall the Company, or Parent or any of their Subsidiaries be liable for any additional tax, interest or penalty that may be imposed on Executive by Code Section 409A or damages for failing to comply with Code Section 409A.

(c)A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” Notwithstanding anything to the contrary in this Agreement, if Executive is deemed on the date of termination to be a “specified employee” within the

10

meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered “nonqualified deferred compensation” under Code Section 409A payable on account of a “separation from service,” such payment or benefit shall not be made or provided until the date which is the earlier of (1) the first business day following the expiration of the six-month period measured from the date of such “separation from service” of Executive, and (2) the date of Executive’s death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Section 19(c) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

(d)To the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation” for purposes of Code Section 409A, (1) all such expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by Executive; (2) any right to such reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit; and (3) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

(e)For purposes of Code Section 409A, Executive’s right to receive any payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments.

(f)Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

21.Waiver of Jury Trial. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

22.Corporate Opportunity. During the Employment Period, Executive shall submit to the Board all business, commercial and investment opportunities or offers presented to Executive, or of which Executive becomes aware, at any time during the Employment Period, which opportunities relate to the business of designing, manufacturing, marketing, or selling products or services competitive with those designed, manufactured, marketed or sold by the Parent or its Subsidiaries or Affiliates (“Corporate Opportunities”). During the Employment Period, unless approved by the Board, Executive shall not accept or pursue, directly or indirectly, any Corporate Opportunities on Executive’s own behalf.

23.Executive’s Cooperation. During the Employment Period and thereafter, Executive shall reasonably cooperate with Parent and its Subsidiaries in any internal investigation or administrative, regulatory or judicial proceeding as reasonably requested by Parent or any Subsidiary (including, without limitation, Executive being available to Parent and its Subsidiaries upon reasonable notice for interviews and factual investigations, appearing at

11

Parent’s or any Subsidiary’s request to give truthful and accurate testimony without requiring service of a subpoena or other legal process, volunteering to Parent and its Subsidiaries all pertinent information and turning over to Parent and its Subsidiaries all relevant documents which are or may come into Executive’s possession, all at times and on schedules that are reasonably consistent with Executive’s other permitted activities and commitments). In the event Parent or any Subsidiary requires Executive’s cooperation in accordance with this Section 23, Parent shall pay Executive a per diem reasonably determined by the Board or the Compensation Committee and reimburse Executive for reasonable expenses incurred in connection therewith (including lodging and meals, upon submission of receipts).

24.Nondisparagement. Executive agrees not to, except as may be required by law, directly or indirectly, publicly or privately, make, publish or solicit, or encourage others to make, publish or solicit, any disparaging statements, comments, announcements, or remarks concerning Parent or its Affiliates, or any of their respective past and present directors, officers or employees. Parent and its Affiliates agree not to, except as may be required by law, directly or indirectly, publicly or privately, make, publish or solicit, or encourage others to make, publish or solicit, any disparaging statements, comments, announcements or remarks concerning Executive or his employment with the Company or any of its Subsidiaries.

25.Acknowledgement. Executive acknowledges that he had the opportunity to consult with counsel regarding this Agreement.

*    *    *    *    *

12

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date set forth above.

SENSATA TECHNOLOGIES, INC.

/s/ Jeff Cote

Jeff Cote

Chief Executive Officer and President

EXECUTIVE

/s/George Verras

George Verras

Executive Vice President, CTO

13

EX-31.1

Exhibit 31.1

Certification

I, Jeff Cote, certify that:

1.I have reviewed the quarterly report on Form 10-Q of Sensata Technologies Holding plc;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 1, 2022
		/s/ Jeff Cote
		Jeff Cote
		Chief Executive Officer and President

EX-31.2

Exhibit 31.2

Certification

I, Paul Vasington, certify that:

1.I have reviewed the quarterly report on Form 10-Q of Sensata Technologies Holding plc;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 1, 2022
		/s/ PAUL VASINGTON
		Paul Vasington
		Executive Vice President and Chief Financial Officer

EX-31.3

Exhibit 31.3

Certification

I, Maria Freve, certify that:

1.I have reviewed the quarterly report on Form 10-Q of Sensata Technologies Holding plc;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 1, 2022
		/s/ MARIA FREVE
		Maria Freve
		Vice President and Chief Accounting Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Sensata Technologies Holding plc (the “Company”) for the quarter ended June 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned chief executive officer, chief financial officer, and chief accounting officer of the Company, certifies, to the best knowledge and belief of the signatory, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ JEFF COTE
	Jeff Cote
	Chief Executive Officer and President
Date:	August 1, 2022
	/s/ PAUL VASINGTON
	Paul Vasington
	Executive Vice President and Chief Financial Officer
Date:	August 1, 2022
	/s/ MARIA FREVE
	Maria Freve
	Vice President and Chief Accounting Officer
Date:	August 1, 2022

XML

Cover - shares	6 Months Ended
	Jun. 30, 2022	Jul. 15, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-34652
Entity Registrant Name	SENSATA TECHNOLOGIES HOLDING PLC
Entity Incorporation, State or Country Code	X0
Entity Tax Identification Number	98-1386780
Entity Address, Address Line One	529 Pleasant Street
Entity Address, City or Town	Attleboro
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02703
Entity Address, Country	US
City Area Code	+1 (508)
Local Phone Number	236 3800
Title of 12(b) Security	Ordinary Shares - nominal value €0.01 per share
Trading Symbol	ST
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		155,251,755
Entity Central Index Key	0001477294
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,558,578	$ 1,708,955
Accounts receivable, net of allowances of $26,448 and $17,003 as of June 30, 2022 and December 31, 2021, respectively	743,048	653,438
Inventories	656,736	588,231
Prepaid expenses and other current assets	161,367	126,370
Total current assets	3,119,729	3,076,994
Property, plant and equipment, net	825,862	820,933
Goodwill	3,534,438	3,502,063
Other intangible assets, net of accumulated amortization of $2,351,560 and $2,277,393 as of June 30, 2022 and December 31, 2021, respectively	904,929	946,731
Deferred income tax assets	101,899	105,028
Other assets	119,820	162,017
Total assets	8,606,677	8,613,766
Current liabilities:
Current portion of long-term debt, finance lease and other financing obligations	6,566	6,833
Accounts payable	537,261	459,093
Income taxes payable	15,309	26,517
Accrued expenses and other current liabilities	327,993	343,816
Total current liabilities	887,129	836,259
Deferred income tax liabilities	341,383	339,273
Pension and other post-retirement benefit obligations	37,863	38,758
Finance lease and other financing obligations, less current portion	25,623	26,564
Long-term debt, net	4,213,512	4,214,946
Other long-term liabilities	77,583	63,232
Total liabilities	5,583,093	5,519,032
Commitments and contingencies (Note 12)
Shareholders’ equity:
Ordinary shares, €0.01 nominal value per share, 177,069 shares authorized, and 174,924 and 174,287 shares issued as of June 30, 2022 and December 31, 2021, respectively	2,239	2,232
Treasury shares, at cost, 19,269 and 16,438 shares as of June 30, 2022 and December 31, 2021, respectively	(978,595)	(832,439)
Additional paid-in capital	1,841,925	1,812,244
Retained earnings	2,164,734	2,132,257
Accumulated other comprehensive loss	(6,719)	(19,560)
Total shareholders' equity	3,023,584	3,094,734
Total liabilities and shareholders' equity	$ 8,606,677	$ 8,613,766

XML

Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands	Jun. 30, 2022 USD ($) shares	Jun. 30, 2022 € / shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2021 € / shares
Statement of Financial Position [Abstract]
Accounts receivable, allowances | $	$ 26,448		$ 17,003
Accumulated amortization | $	$ 2,351,560		$ 2,277,393
Ordinary shares, nominal value per share (in euros per share) | € / shares		€ 0.01		€ 0.01
Ordinary shares authorized (in shares)	177,069,000		177,069,000
Ordinary shares issued (in shares)	174,924,000		174,287,000
Treasury shares (in shares)	19,269,000		16,438,000

XML

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net revenue	$ 1,020,548	$ 992,660	$ 1,996,318	$ 1,935,188
Operating costs and expenses:
Cost of revenue	686,603	658,285	1,343,683	1,293,634
Research and development	47,971	42,913	93,951	78,869
Selling, general and administrative	97,329	86,821	193,009	163,944
Amortization of intangible assets	36,805	34,857	74,172	66,921
Restructuring and other charges, net	12,897	5,029	26,630	9,611
Total operating costs and expenses	881,605	827,905	1,731,445	1,612,979
Operating income	138,943	164,755	264,873	322,209
Interest expense, net	(44,842)	(45,213)	(90,287)	(89,256)
Other, net	(39,240)	1,012	(89,696)	(38,385)
Income before taxes	54,861	120,554	84,890	194,568
Provision for income taxes	20,020	7,638	27,608	27,919
Net income	$ 34,841	$ 112,916	$ 57,282	$ 166,649
Basic net income per share (in dollars per share)	$ 0.22	$ 0.71	$ 0.36	$ 1.05
Diluted net income per share (in dollars per share)	$ 0.22	$ 0.71	$ 0.36	$ 1.05

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 34,841	$ 112,916	$ 57,282	$ 166,649
Other comprehensive income:
Cash flow hedges	9,183	1,398	12,033	15,676
Defined benefit and retiree healthcare plans	380	1,672	808	3,384
Other comprehensive income	9,563	3,070	12,841	19,060
Comprehensive income	$ 44,404	$ 115,986	$ 70,123	$ 185,709

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 57,282	$ 166,649
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	62,882	62,833
Amortization of debt issuance costs	3,433	3,426
Share-based compensation	15,739	11,475
Loss on debt financing	0	30,066
Amortization of intangible assets	74,172	66,921
Deferred income taxes	(5,211)	(7,070)
Acquisition-related compensation payments	(15,000)	0
Mark-to-market loss on equity investments, net	71,100	0
Unrealized loss on derivative instruments and other	20,669	12,700
Changes in operating assets and liabilities, net of the effects of acquisitions:
Accounts receivable, net	(102,845)	(97,906)
Inventories	(69,379)	(45,664)
Prepaid expenses and other current assets	(17,762)	(8,280)
Accounts payable and accrued expenses	56,767	68,764
Income taxes payable	(11,384)	6,448
Other	1,425	(2,431)
Net cash provided by operating activities	141,888	267,931
Cash flows from investing activities:
Acquisitions, net of cash received	(48,989)	(421,951)
Additions to property, plant and equipment and capitalized software	(74,069)	(63,572)
Investment in debt and equity securities	(6,878)	(6,444)
Other	152	2,862
Net cash used in investing activities	(129,784)	(489,105)
Cash flows from financing activities:
Proceeds from exercise of stock options and issuance of ordinary shares	14,577	17,957
Payment of employee restricted stock tax withholdings	(7,577)	(7,948)
Proceeds from borrowings on debt	0	1,001,875
Payments on debt	(5,664)	(757,889)
Dividends paid	(17,225)	0
Payments to repurchase ordinary shares	(144,279)	0
Payments of debt financing costs	(2,313)	(33,032)
Net cash (used in)/provided by financing activities	(162,481)	220,963
Net change in cash and cash equivalents	(150,377)	(211)
Cash and cash equivalents, beginning of year	1,708,955	1,861,980
Cash and cash equivalents, end of period	$ 1,558,578	$ 1,861,769

XML

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Ordinary Shares	Treasury Shares	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2020		173,266
Beginning balance (in shares) at Dec. 31, 2020			(15,631)
Beginning balance at Dec. 31, 2020	$ 2,705,486	$ 2,220	$ (784,596)	$ 1,759,668	$ 1,777,729	$ (49,535)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Surrender of shares for tax withholding (in shares)			(136)
Surrender of shares for tax withholding	(7,948)		$ (7,948)
Stock options exercised (in shares)		467
Stock options exercised	18,726	$ 6		18,720
Vesting of restricted securities (in shares)		408
Vesting of restricted securities	0	$ 5			(5)
Retirement of ordinary shares (in shares)		136	136
Retirement of ordinary shares	0	$ (2)	$ 7,948		(7,946)
Share-based compensation	11,475			11,475
Net income	166,649				166,649
Other comprehensive income	19,060					19,060
Ending balance (in shares) at Jun. 30, 2021		174,005
Ending balance (in shares) at Jun. 30, 2021			(15,631)
Ending balance at Jun. 30, 2021	2,913,448	$ 2,229	$ (784,596)	1,789,863	1,936,427	(30,475)
Beginning balance (in shares) at Mar. 31, 2021		173,533
Beginning balance (in shares) at Mar. 31, 2021			(15,631)
Beginning balance at Mar. 31, 2021	2,790,643	$ 2,223	$ (784,596)	1,775,320	1,831,241	(33,545)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Surrender of shares for tax withholding (in shares)			(132)
Surrender of shares for tax withholding	(7,727)		$ (7,727)
Stock options exercised (in shares)		208
Stock options exercised	8,170	$ 3		8,167
Vesting of restricted securities (in shares)		396
Vesting of restricted securities	0	$ 5			(5)
Retirement of ordinary shares (in shares)		132	132
Retirement of ordinary shares	0	$ (2)	$ 7,727		(7,725)
Share-based compensation	6,376			6,376
Net income	112,916				112,916
Other comprehensive income	3,070					3,070
Ending balance (in shares) at Jun. 30, 2021		174,005
Ending balance (in shares) at Jun. 30, 2021			(15,631)
Ending balance at Jun. 30, 2021	$ 2,913,448	$ 2,229	$ (784,596)	1,789,863	1,936,427	(30,475)
Beginning balance (in shares) at Dec. 31, 2021		174,287
Beginning balance (in shares) at Dec. 31, 2021	(16,438)		(16,438)
Beginning balance at Dec. 31, 2021	$ 3,094,734	$ 2,232	$ (832,439)	1,812,244	2,132,257	(19,560)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Surrender of shares for tax withholding (in shares)			(151)
Surrender of shares for tax withholding	(7,577)		$ (7,577)
Stock options exercised (in shares)		329
Stock options exercised	13,946	$ 4		13,942
Vesting of restricted securities (in shares)		459
Vesting of restricted securities	0	$ 5			(5)
Cash dividends paid	(17,225)				(17,225)
Repurchase of ordinary shares (in shares)			(2,831)
Repurchase of ordinary shares	(146,156)		$ (146,156)
Retirement of ordinary shares (in shares)		151	151
Retirement of ordinary shares	0	$ (2)	$ 7,577		(7,575)
Share-based compensation	15,739			15,739
Net income	57,282				57,282
Other comprehensive income	$ 12,841					12,841
Ending balance (in shares) at Jun. 30, 2022		174,924
Ending balance (in shares) at Jun. 30, 2022	(19,269)		(19,269)
Ending balance at Jun. 30, 2022	$ 3,023,584	$ 2,239	$ (978,595)	1,841,925	2,164,734	(6,719)
Beginning balance (in shares) at Mar. 31, 2022		174,583
Beginning balance (in shares) at Mar. 31, 2022			(17,576)
Beginning balance at Mar. 31, 2022	3,072,317	$ 2,236	$ (899,697)	1,831,497	2,154,563	(16,282)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Surrender of shares for tax withholding (in shares)			(148)
Surrender of shares for tax withholding	(7,442)		$ (7,442)
Stock options exercised (in shares)		39
Stock options exercised	1,229	$ 0		1,229
Vesting of restricted securities (in shares)		450
Vesting of restricted securities	0	$ 5			(5)
Cash dividends paid	(17,225)				(17,225)
Repurchase of ordinary shares (in shares)			(1,693)
Repurchase of ordinary shares	(78,898)		$ (78,898)
Retirement of ordinary shares (in shares)		148	148
Retirement of ordinary shares	0	$ (2)	$ 7,442		(7,440)
Share-based compensation	9,199			9,199
Net income	34,841				34,841
Other comprehensive income	$ 9,563					9,563
Ending balance (in shares) at Jun. 30, 2022		174,924
Ending balance (in shares) at Jun. 30, 2022	(19,269)		(19,269)
Ending balance at Jun. 30, 2022	$ 3,023,584	$ 2,239	$ (978,595)	$ 1,841,925	$ 2,164,734	$ (6,719)

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Basis of Presentation

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements reflect the financial position, results of operations, comprehensive income, cash flows, and changes in shareholders' equity of Sensata Technologies Holding plc, a public limited company incorporated under the laws of England and Wales, and its consolidated subsidiaries, collectively referred to as the "Company," "Sensata," "we," "our," or "us."

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q. Accordingly, these interim financial statements do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. The accompanying financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the interim period results. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (the "SEC") on February 10, 2022 (the "2021 Annual Report").

All U.S. dollar ("USD") and share amounts presented, except per share amounts, are stated in thousands, unless otherwise indicated.

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New Accounting Standards	6 Months Ended
	Jun. 30, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting StandardsThere are no recently issued accounting standards that have been adopted in the current period or will be adopted in future periods that have had or are expected to have a material impact on our consolidated financial position or results of operations.

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Revenue Recognition

6 Months Ended

Jun. 30, 2022

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

Revenue Recognition

The following table presents net revenue disaggregated by segment and end market for the three and six months ended June 30, 2022 and 2021:

	For the three months ended June 30, 2022						For the three months ended June 30, 2021
	Performance Sensing		Sensing Solutions		Total		Performance Sensing		Sensing Solutions		Total
Automotive	$	506,232	$	9,932	$	516,164	$	518,367	$	12,052	$	530,419
HVOR (1)	240,650		—		240,650		223,485		—		223,485
Industrial	—		122,094		122,094		—		105,474		105,474
Appliance and HVAC (2)	—		57,675		57,675		—		63,187		63,187
Aerospace	—		38,558		38,558		—		32,793		32,793
Other	—		45,407		45,407		—		37,302		37,302
Total	$	746,882	$	273,666	$	1,020,548	$	741,852	$	250,808	$	992,660

___________________________________

(1)    Heavy vehicle and off-road

(2)    Heating, ventilation and air conditioning

	For the six months ended June 30, 2022						For the six months ended June 30, 2021
	Performance Sensing		Sensing Solutions		Total		Performance Sensing		Sensing Solutions		Total
Automotive	$	1,008,594	$	19,217	$	1,027,811	$	1,055,080	$	23,552	$	1,078,632
HVOR	455,985		—		455,985		401,284		—		401,284
Industrial	—		236,713		236,713		—		195,949		195,949
Appliance and HVAC	—		116,500		116,500		—		123,103		123,103
Aerospace	—		71,828		71,828		—		65,470		65,470
Other	—		87,481		87,481		—		70,750		70,750
Total	$	1,464,579	$	531,739	$	1,996,318	$	1,456,364	$	478,824	$	1,935,188

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Share-Based Payment Plans

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Plans

Share-Based Payment Plans

The following table presents the components of non-cash compensation expense related to our equity awards for the three and six months ended June 30, 2022 and 2021:

	For the three months ended				For the six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Stock options	$	2	$	305	$	309	$	765
Restricted securities	9,197		6,071		15,430		10,710
Share-based compensation expense	$	9,199	$	6,376	$	15,739	$	11,475

Equity Awards

We granted the following restricted stock units ("RSUs" and each, an "RSU") and performance-based restricted stock units ("PRSUs" and each, a "PRSU") under the Sensata Technologies Holding plc 2021 Equity Incentive Plan during the six months ended June 30, 2022:

Awards Granted To:	Type of Award	Number of Units Granted (in thousands)	Percentage of PRSUs Awarded that May Vest	Weighted Average Grant Date Fair Value
Directors	RSU (1)	29	N/A	$	46.30
Various executives and employees	RSU (2)	518	N/A	$	50.72
Various executives and employees	PRSU (3)	349	0.0% - 200.0%	$	50.52

____________________________________

(1)    These RSUs cliff vest one year from the grant date (May 2023).

(2)    These RSUs vest ratably over three years, one-third per year beginning on the first anniversary of the grant date. These RSUs will fully vest on various dates between January 2025 and June 2025.

(3)    These PRSUs vest on various dates between April 2025 and June 2025. The number of units that ultimately vest is dependent on the achievement of certain performance criteria.

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Restructuring and Other Charges, Net

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges, Net

Restructuring and Other Charges, Net

The following table presents the components of restructuring and other charges, net for the three and six months ended June 30, 2022 and 2021:

	For the three months ended				For the six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Q2 2020 Global Restructure Program charges	$	—	$	3,830	$	—	$	5,654
Other restructuring and other charges, net
Severance costs, net	—		407		587		593
Facility and other exit costs	1,241		625		2,289		1,291
Other (1)	11,656		167		23,754		2,073
Restructuring and other charges, net	$	12,897	$	5,029	$	26,630	$	9,611

___________________________________

(1)    Primarily includes expenses related to compensation arrangements entered into concurrent with the closing of acquisitions, partially offset by gains relating to changes in the fair value of acquisition-related contingent consideration amounts. Refer to Note 16: Acquisitions and Divestitures for additional information.

The following table presents a rollforward of the severance portion of our restructuring obligations for the six months ended June 30, 2022.

	Q2 2020 Global Restructure Program		Other		Total
Balance as of December 31, 2021	$	3,853	$	3,380	$	7,233
Charges, net of reversals	—		587		587
Payments	(3,018)		(1,383)		(4,401)
Foreign currency remeasurement	(14)		(159)		(173)
Balance as of June 30, 2022	$	821	$	2,425	$	3,246

The severance liability as of June 30, 2022 was entirely recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet.

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Other, Net

6 Months Ended

Jun. 30, 2022

Other Income and Expenses [Abstract]

Other, Net

Other, Net

The following table presents the components of other, net for the three and six months ended June 30, 2022 and 2021:

	For the three months ended				For the six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Currency remeasurement (loss)/gain on net monetary assets	$	(14,090)	$	1,988	$	(14,157)	$	511
Gain/(loss) on foreign currency forward contracts	3,165		(1,419)		1,922		(2,377)
(Loss)/gain on commodity forward contracts	(18,254)		1,186		(8,830)		33
Loss on debt financing	—		—		—		(30,066)
Mark-to-market loss on investments, net	(11,821)		—		(71,100)		—
Net periodic benefit cost, excluding service cost	(639)		(2,268)		(1,394)		(4,678)
Other	2,399		1,525		3,863		(1,808)
Other, net	$	(39,240)	$	1,012	$	(89,696)	$	(38,385)

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Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table presents the provision for income taxes for the three and six months ended June 30, 2022 and 2021:

	For the three months ended				For the six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Provision for income taxes	$	20,020	$	7,638	$	27,608	$	27,919

The provision for income taxes consists of (1) current tax expense, which relates primarily to our profitable operations in tax jurisdictions with limited or no net operating loss carryforwards and withholding taxes related to management fees, royalties, and the repatriation of foreign earnings; and (2) deferred tax expense (or benefit), which represents adjustments in book-to-tax basis differences primarily related to (a) book versus tax basis in intangible assets, (b) changes in net operating loss carryforwards, and (c) changes in withholding taxes on unremitted earnings. Other items impacting deferred tax expense include changes in tax rates and changes in our assessment of the realizability of our deferred tax assets.

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Net Income per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Income per Share

Net Income per Share

Basic and diluted net income per share are calculated by dividing net income by the number of basic and diluted weighted-average ordinary shares outstanding during the period. For the three and six months ended June 30, 2022 and 2021 the weighted-average ordinary shares outstanding used to calculate basic and diluted net income per share were as follows:

	For the three months ended		For the six months ended
	June 30, 2022	June 30, 2021	June 30, 2022	June 30, 2021
Basic weighted-average ordinary shares outstanding	156,477	158,208	156,950	157,986
Dilutive effect of stock options	190	670	331	689
Dilutive effect of unvested restricted securities	327	466	531	612
Diluted weighted-average ordinary shares outstanding	156,994	159,344	157,812	159,287

Certain potential ordinary shares were excluded from our calculation of diluted weighted-average ordinary shares outstanding because either they would have had an anti-dilutive effect on net income per share or they related to equity awards that were contingently issuable for which the contingency had not been satisfied. These potential ordinary shares were as follows:

	For the three months ended		For the six months ended
	June 30, 2022	June 30, 2021	June 30, 2022	June 30, 2021
Anti-dilutive shares excluded	1,426	8	715	7
Contingently issuable shares excluded	1,383	1,089	1,192	1,020

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Inventories

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

The following table presents the components of inventories as of June 30, 2022 and December 31, 2021:

	June 30, 2022		December 31, 2021
Finished goods	$	223,919	$	201,424
Work-in-process	114,277		101,558
Raw materials	318,540		285,249
Inventories	$	656,736	$	588,231

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Pension and Other Post-Retirement Benefits

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Pension and Other Post-Retirement Benefits

Pension and Other Post-Retirement Benefits

The following table presents the components of net periodic benefit cost/(credit) associated with our defined benefit and retiree healthcare plans for the three months ended June 30, 2022 and 2021:

	U.S. Plans								Non-U.S. Plans
	Defined Benefit				Retiree Healthcare				Defined Benefit				Total
	2022		2021		2022		2021		2022		2021		2022		2021
Service cost	$	—	$	—	$	2	$	2	$	982	$	1,325	$	984	$	1,327
Interest cost	113		120		18		21		426		401		557		542
Expected return on plan assets	(195)		(226)		—		—		(242)		(179)		(437)		(405)
Amortization of net loss/(gain)	226		401		(43)		—		330		462		513		863
Amortization of prior service (credit)/cost	—		—		(100)		(159)		3		13		(97)		(146)
Loss on settlement	103		1,414		—		—		—		—		103		1,414
Net periodic benefit cost/(credit)	$	247	$	1,709	$	(123)	$	(136)	$	1,499	$	2,022	$	1,623	$	3,595

The following table presents the components of net periodic benefit cost/(credit) associated with our defined benefit and retiree healthcare plans for the six months ended June 30, 2022 and 2021:

	U.S. Plans								Non-U.S. Plans
	Defined Benefit				Retiree Healthcare				Defined Benefit				Total
	2022		2021		2022		2021		2022		2021		2022		2021
Service cost	$	—	$	—	$	4	$	4	$	1,938	$	2,303	$	1,942	$	2,307
Interest cost	226		240		64		42		850		805		1,140		1,087
Expected return on plan assets	(390)		(452)		—		—		(486)		(357)		(876)		(809)
Amortization of net loss/(gain)	367		802		(43)		—		608		921		932		1,723
Amortization of prior service (credit)/cost	—		—		(200)		(318)		5		16		(195)		(302)
Loss on settlement	393		2,979		—		—		—		—		393		2,979
Net periodic benefit cost/(credit)	$	596	$	3,569	$	(175)	$	(272)	$	2,915	$	3,688	$	3,336	$	6,985

Components of net periodic benefit cost/(credit) other than service cost are presented in other, net in the condensed consolidated statements of operations. Refer to Note 6: Other, Net.

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Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

Debt

The following table presents the components of long-term debt, finance lease and other financing obligations as of June 30, 2022 and December 31, 2021:

	Maturity Date	June 30, 2022		December 31, 2021
Term Loan	September 20, 2026	$	449,150	$	451,465
4.875% Senior Notes	October 15, 2023	500,000		500,000
5.625% Senior Notes	November 1, 2024	400,000		400,000
5.0% Senior Notes	October 1, 2025	700,000		700,000
4.375% Senior Notes	February 15, 2030	450,000		450,000
3.75% Senior Notes	February 15, 2031	750,000		750,000
4.0% Senior Notes	April 15, 2029	1,000,000		1,000,000
Less: debt discount, net of premium		(4,317)		(5,207)
Less: deferred financing costs		(26,691)		(26,682)
Less: current portion		(4,630)		(4,630)
Long-term debt, net		$	4,213,512	$	4,214,946
Finance lease and other financing obligations		$	27,559	$	28,767
Less: current portion		(1,936)		(2,203)
Finance lease and other financing obligations, less current portion		$	25,623	$	26,564

Our debt consists of secured credit facilities and various tranches of senior unsecured notes. Refer to Note 14: Debt of our 2021 Annual Report for additional information related to our existing indebtedness.

Secured Credit Facilities

On June 23, 2022, certain of our indirect, wholly-owned subsidiaries, including Sensata Technologies, Inc. ("STI"), Sensata Technologies Intermediate Holding B.V. ("STIHBV"), and Sensata Technologies B.V. (“STBV”), entered into an amendment (the “Eleventh Amendment”) to (i) the credit agreement, dated as of May 12, 2011 (as amended, supplemented, waived, or otherwise modified, the “Credit Agreement”), and (ii) the Foreign Guaranty, dated as of May 12, 2011.

Among other changes to the Credit Agreement, the Eleventh Amendment (i) increased the aggregate principal amount of the revolving credit facility under the Credit Agreement (the "Revolving Credit Facility") to $750.0 million; (ii) extended the maturity date of the Revolving Credit Facility to June 23, 2027 (which could be accelerated to June 22, 2026 if, prior to June 22, 2026, the term loan under the Credit Agreement (the "Term Loan") is not refinanced with a maturity date that is on or after June 23, 2027); (iii) released the Foreign Guarantors (as defined in the Credit Agreement), excluding STBV, from their obligations to guarantee the obligations of STI and the other Loan Parties (as defined in the Credit Agreement) relating to the Revolving Credit Facility and certain related obligations, subject to an obligation to reinstate such guaranties under certain conditions; (iv) replaced the LIBOR-based interest rates referenced by the Credit Agreement regarding revolving credit loans to (a) for revolving credit loans denominated in U.S. dollars, an interest rate based on the secured overnight financing rate ("SOFR") published by the Federal Reserve Bank of New York and (b) for revolving credit loans denominated in pounds sterling, an interest rate based on the Sterling Overnight Index Average ("SONIA"); and (v) certain of the operational and restrictive covenants and other terms and conditions of the Credit Agreement were modified to provide STI and its affiliates increased flexibility and permissions thereunder.

As of June 30, 2022, we had $746.1 million available under our $750.0 million Revolving Credit Facility, net of $3.9 million of obligations in respect of outstanding letters of credit issued thereunder. Outstanding letters of credit are issued primarily for the benefit of certain operating activities. As of June 30, 2022, no amounts had been drawn against these outstanding letters of credit.

Accounting for Debt Financing Transactions

In the six months ended June 30, 2022, in connection with the entry into the Eleventh Amendment, we recognized $2.6 million of deferred financing costs, which are presented as a reduction of long-term debt on our condensed consolidated balance sheets.

In the six months ended June 30, 2021, in connection with the redemption of $750.0 million aggregate principal amount of 6.25% senior notes due 2026 (the "6.25% Senior Notes"), we recognized a loss of $30.1 million, which included $23.4 million in premiums paid, with the remaining loss representing write-off of debt discounts and deferred financing costs.

Accrued Interest

Accrued interest associated with our outstanding debt is included as a component of accrued expenses and other current liabilities in the condensed consolidated balance sheets. As of June 30, 2022 and December 31, 2021, accrued interest totaled $44.5 million and $45.1 million, respectively.

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Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are regularly involved in a number of claims and litigation matters that arise in the ordinary course of business. Although it is not feasible to predict the outcome of these matters, based upon our experience and current information known to us, we do not expect the outcome of these matters, either individually or in the aggregate, to have a material adverse effect on our results of operations, financial condition, and/or cash flows.

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Shareholders' Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Shareholders' Equity

Shareholders' Equity

Cash Dividends

On May 25, 2022, we paid a cash dividend of $0.11 per share, or $17.2 million in aggregate, to shareholders of record as of May 11, 2022.

Treasury Shares

From time to time, our Board of Directors has authorized various share repurchase programs, which may be modified or terminated by the Board at any time. On January 20, 2022, we announced that our Board of Directors had authorized a new $500.0 million ordinary share repurchase program (the “January 2022 Program”), which replaced the previous $500.0 million program approved in July 2019, which had availability of $254.5 million as of December 31, 2021. As of June 30, 2022, $370.6 million remained available for repurchase under the January 2022 Program.

Accumulated Other Comprehensive Loss

The following table presents the components of accumulated other comprehensive loss for the six months ended June 30, 2022:

	Cash Flow Hedges		Defined Benefit and Retiree Healthcare Plans		Accumulated Other Comprehensive Loss
Balance as of December 31, 2021	$	16,831	$	(36,391)	$	(19,560)
Other comprehensive income before reclassifications, net of tax	26,111		—		26,111
Reclassifications from accumulated other comprehensive loss, net of tax	(14,078)		808		(13,270)
Other comprehensive income	12,033		808		12,841
Balance as of June 30, 2022	$	28,864	$	(35,583)	$	(6,719)

The following table presents the amounts reclassified from accumulated other comprehensive loss for the three and six months ended June 30, 2022 and 2021:

	For the three months ended June 30,				For the six months ended June 30,				Affected Line in Condensed Consolidated Statements of Operations
Component	2022		2021		2022		2021
Derivative instruments designated and qualifying as cash flow hedges:
Foreign currency forward contracts	$	(9,476)	$	3,433	$	(13,740)	$	7,840	Net revenue (1)
Foreign currency forward contracts	(2,603)		(2,024)		(5,232)		(2,767)		Cost of revenue (1)
Total, before taxes	(12,079)		1,409		(18,972)		5,073		Income before taxes
Income tax effect	3,116		(352)		4,894		(1,268)		Provision for income taxes
Total, net of taxes	$	(8,963)	$	1,057	$	(14,078)	$	3,805	Net income
Defined benefit and retiree healthcare plans	$	519	$	2,131	$	1,130	$	4,400	Other, net (2)
Income tax effect	(139)		(459)		(322)		(1,016)		Provision for income taxes
Total, net of taxes	$	380	$	1,672	$	808	$	3,384	Net income

___________________________________

(1)    Refer to Note 15: Derivative Instruments and Hedging Activities for additional information on amounts to be reclassified from accumulated other comprehensive loss in future periods.

(2)    Refer to Note 10: Pension and Other Post-Retirement Benefits for additional information on net periodic benefit cost/(credit).

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Fair Value Measures

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measures

Fair Value Measures

Measured on a Recurring Basis

The fair values of our derivative assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 are shown in the below table. All fair value measures presented are categorized in Level 2 of the fair value hierarchy.

	June 30, 2022		December 31, 2021
Assets
Foreign currency forward contracts	$	45,074	$	25,112
Commodity forward contracts	616		2,979
Total	$	45,690	$	28,091
Liabilities
Foreign currency forward contracts	$	6,270	$	3,073
Commodity forward contracts	12,047		4,492
Total	$	18,317	$	7,565

Refer to Note 15: Derivative Instruments and Hedging Activities for additional information related to our forward contracts.

Quanergy

As of December 31, 2021, we held a $50.0 million investment in Quanergy Systems, Inc. ("Quanergy") Series B Preferred Stock (the "Series B Investment"). The Series B Investment did not have a readily determinable fair value and was held using the measurement alternative prescribed in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 321, Investments - Equity Securities. Such investments are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer.

On June 22, 2021, Quanergy announced that it had entered into a definitive business combination agreement (the "Merger Agreement") with CITIC Capital Acquisition Corp ("CITIC") (NYSE: CCAC). On July 16, 2021, CITIC filed a Registration Statement on Form S-4 (together with subsequent amendments, the "SPAC Form S-4") with the SEC, the effectiveness of which was a condition to closing of the business combination (the "SPAC Merger"). At December 31, 2021, we assessed our investment in Quanergy based on the proposed terms of the Merger Agreement and concluded that there were no indicators of impairment.

On January 6, 2022, the SPAC Form S-4 was declared effective by the SEC. An extraordinary general meeting of shareholders of CITIC was held on January 31, 2022, at which time the SPAC Merger was approved. The SPAC Merger closed on February 8, 2022. Beginning on February 9, 2022, the combined company, which retained the name "Quanergy Systems, Inc.," was listed on the New York Stock Exchange (the "NYSE") under the ticker symbol QNGY.

Upon closing of the SPAC Merger, our investment in Quanergy comprised the following:

•5.0 million common shares, which represented the conversion of the $50.0 million Series B Investment (at a $10.00 per common share implied valuation);

•750 thousand common shares, purchased in exchange for a $7.5 million contribution as part of a private investment in public equity ("PIPE") subscription agreement; and

•2.5 million warrants (the "Warrants"), each of which represent the right to purchase one common share at a price of $0.01 per share, received from Quanergy as up-front consideration for a four-year technical and marketing support agreement (the "Support Agreement").

The 5.75 million common share investment in Quanergy (including the investment in the PIPE) has a historical cost basis of $57.5 million. The fair value of the Warrants was determined to be equal to their intrinsic value at closing of the SPAC Merger in accordance with the guidance in FASB ASC Topic 815, Derivatives and Hedging. At closing of the SPAC Merger, the common shares underlying the Warrants were valued at $7.05 per share (the closing market price on February 8, 2022). The intrinsic value of the Warrants, reflecting the $0.01 exercise price, was $17.6 million, which was recorded as deferred income.

A summary of our investment in Quanergy is presented in the table below, as of June 30, 2022 (at $0.41 per share), March 31, 2022 (at $1.84 per share), February 8, 2022 (at $7.05 per share), and December 31, 2021. Our investment in Quanergy is presented in other assets on our condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021.

	June 30, 2022		March 31, 2022		February 8, 2022		December 31, 2021
Series B Investment	$	—	$	—	$	—	$	50,000
Common shares (1)	3,075		9,200		50,000		—
PIPE investment	308		1,380		7,500		—
Warrants (1)	—		4,575		17,600		—
Total equity investment in Quanergy	$	3,383	$	15,155	$	75,100	$	50,000

___________________________________

(1)    In the three months ended June 30, 2022, we converted the Warrants into common shares. Accordingly, as of June 30, 2022, we had 7.5 million common shares outstanding (excluding the PIPE investment), compared to 5.0 million common shares outstanding as of March 31, 2022.

For the three and six months ended June 30, 2022, we recorded losses (presented in in other, net on our condensed consolidated statements of operations) to adjust the carrying value of our aggregate investment in Quanergy to its fair value at June 30, 2022 as follows:

	For the three months ended June 30, 2022		For the six months ended June 30, 2022
Mark-to-market loss	$	(11,772)	$	(71,717)

As noted above, in exchange for the Warrants, we entered into the Support Agreement, whereby we agreed to provide technical and business development services to Quanergy for a term of four years from the effective date of February 8, 2022. This transaction is an exchange of noncash consideration for services and was accounted for under FASB ASC Topic 845, Nonmonetary Transactions, using the fair value of the Warrants at February 8, 2022 ($17.6 million) as the measure of compensation received. We have deferred this consideration and are recognizing it in earnings on a straight-line basis over the term of the agreement (48 months).

Measured on a Nonrecurring Basis

We evaluated our goodwill and other indefinite-lived intangible assets for impairment as of October 1, 2021 and determined that they were not impaired. No events or changes in circumstances occurred in the six months ended June 30, 2022 that would have triggered the need for an additional impairment review of our goodwill and other indefinite-lived intangible assets.

Financial Instruments Not Recorded at Fair Value

The following table presents the carrying values and fair values of financial instruments not recorded at fair value in the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021. All fair value measures presented are categorized in Level 2 of the fair value hierarchy.

	June 30, 2022				December 31, 2021
	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Liabilities
Term Loan	$	449,150	$	443,535	$	451,465	$	450,901
4.875% Senior Notes	$	500,000	$	491,250	$	500,000	$	526,250
5.625% Senior Notes	$	400,000	$	395,000	$	400,000	$	438,000
5.0% Senior Notes	$	700,000	$	672,000	$	700,000	$	759,500
4.375% Senior Notes	$	450,000	$	383,625	$	450,000	$	479,250
3.75% Senior Notes	$	750,000	$	601,875	$	750,000	$	747,188
4.0% Senior Notes	$	1,000,000	$	850,000	$	1,000,000	$	1,022,500

___________________________________

(1)    Excluding any related debt discounts, premiums, and deferred financing costs.

Cash and cash equivalents are carried at cost, which approximates fair value because of their short-term nature.

In addition to the above, we hold certain equity investments that do not have readily determinable fair values for which we use the measurement alternative prescribed in FASB ASC Topic 321. There were no impairments or changes resulting from observable transactions for any of these investments and no adjustments were made to their carrying values.

Refer to the table below for the carrying values of equity investments using the measurement alternative, which are presented as a component of other assets in the condensed consolidated balance sheets.

	June 30, 2022		December 31, 2021
Quanergy Systems, Inc. (1)	$	—	$	50,000
Other	15,000		15,000
Total	$	15,000	$	65,000

___________________________________

(1)    As of June 30, 2022, Quanergy is no longer classified as an equity investment without a readily determinable fair value. See additional discussion under the heading Quanergy elsewhere in this Note.

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Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

Hedges of Foreign Currency Risk

For the three and six months ended June 30, 2022 and 2021, amounts excluded from the assessment of effectiveness of our foreign currency forward contracts that are designated as cash flow hedges were not material. As of June 30, 2022, we estimated that $34.8 million of net gains will be reclassified from accumulated other comprehensive loss to earnings during the twelve-month period ending June 30, 2023.

As of June 30, 2022, we had the following outstanding foreign currency forward contracts:

Notional (in millions)	Effective Date(s)	Maturity Date(s)	Index (Exchange Rates)	Weighted-Average Strike Rate	Hedge Designation (1)
21.0 EUR	June 28, 2022	July 29, 2022	Euro ("EUR") to USD	1.05 USD	Not designated
358.9 EUR	Various from August 2020 to June 2022	Various from July 2022 to June 2024	EUR to USD	1.17 USD	Cash flow hedge
388.0 CNY	June 27, 2022	July 29, 2022	USD to Chinese Renminbi ("CNY")	6.70 CNY	Not designated
756.2 CNY	Various from October 2021 to March 2022	Various from July 2022 to December 2022	USD to CNY	6.46 CNY	Cash flow hedge
60.0 JPY	June 28, 2022	July 29, 2022	USD to Japanese Yen ("JPY")	135.93 JPY	Not designated
24,760.0 KRW	Various from August 2020 to June 2022	Various from July 2022 to May 2024	USD to Korean Won ("KRW")	1,191.72 KRW	Cash flow hedge
22.0 MYR	June 27, 2022	July 29, 2022	USD to Malaysian Ringgit ("MYR")	4.40 MYR	Not designated
70.0 MXN	June 28, 2022	July 29, 2022	USD to Mexican Peso ("MXN")	20.13 MXN	Not designated
3,458.7 MXN	Various from August 2020 to June 2022	Various from July 2022 to June 2024	USD to MXN	22.15 MXN	Cash flow hedge
10.0 GBP	June 28, 2022	July 29, 2022	British Pound Sterling ("GBP") to USD	1.22 USD	Not Designated
60.0 GBP	Various from August 2020 to June 2022	Various from July 2022 to June 2024	GBP to USD	1.33 USD	Cash flow hedge

___________________________________

(1)    Derivative financial instruments not designated as hedges are used to manage our exposure to currency exchange rate risk. They are intended to preserve economic value, and they are not used for trading or speculative purposes.

Hedges of Commodity Risk

As of June 30, 2022, we had the following outstanding commodity forward contracts, none of which were designated for hedge accounting treatment in accordance with FASB ASC Topic 815:

Commodity	Notional	Remaining Contracted Periods	Weighted-Average Strike Price Per Unit
Silver	1,092,999 troy oz.	July 2022 - May 2024	$24.58
Gold	8,443 troy oz.	July 2022 - May 2024	$1,862.15
Nickel	273,088 pounds	July 2022 - May 2024	$9.94
Aluminum	4,353,117 pounds	July 2022 - May 2024	$1.23
Copper	8,450,120 pounds	July 2022 - May 2024	$4.32
Platinum	12,141 troy oz.	July 2022 - May 2024	$1,023.00
Palladium	1,429 troy oz.	July 2022 - May 2024	$2,344.77

Financial Instrument Presentation

The following table presents the fair values of our derivative financial instruments and their classification in the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021:

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	June 30, 2022		December 31, 2021		Balance Sheet Location	June 30, 2022		December 31, 2021
Derivatives designated as hedging instruments
Foreign currency forward contracts	Prepaid expenses and other current assets	$	38,849	$	20,562	Accrued expenses and other current liabilities	$	4,991	$	1,981
Foreign currency forward contracts	Other assets	6,152		4,391		Other long-term liabilities	1,238		904
Total		$	45,001	$	24,953		$	6,229	$	2,885
Derivatives not designated as hedging instruments
Commodity forward contracts	Prepaid expenses and other current assets	$	482	$	2,583	Accrued expenses and other current liabilities	$	7,778	$	3,422
Commodity forward contracts	Other assets	134		396		Other long-term liabilities	4,269		1,070
Foreign currency forward contracts	Prepaid expenses and other current assets	73		159		Accrued expenses and other current liabilities	41		188
Total		$	689	$	3,138		$	12,088	$	4,680

These fair value measurements were all categorized within Level 2 of the fair value hierarchy.

The following tables present the effect of our derivative financial instruments on the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income for the three months ended June 30, 2022 and 2021:

Derivatives designated as hedging instruments	Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive Income				Location of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income	Amount of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income
	2022		2021			2022		2021
Foreign currency forward contracts	$	28,192	$	(6,353)	Net revenue	$	9,476	$	(3,433)
Foreign currency forward contracts	$	(3,765)	$	6,808	Cost of revenue	$	2,603	$	2,024

Derivatives not designated as hedging instruments	Amount of (Loss)/Gain Recognized in Net Income				Location of (Loss)/Gain Recognized in Net Income
	2022		2021
Commodity forward contracts	$	(18,254)	$	1,186	Other, net
Foreign currency forward contracts	$	3,165	$	(1,419)	Other, net

The following tables present the effect of our derivative financial instruments on the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income for the six months ended June 30, 2022 and 2021:

Derivatives designated as hedging instruments	Amount of Deferred Gain Recognized in Other Comprehensive Income				Location of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income	Amount of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income
	2022		2021			2022		2021
Foreign currency forward contracts	$	33,778	$	12,446	Net revenue	$	13,740	$	(7,840)
Foreign currency forward contracts	$	1,380	$	3,383	Cost of revenue	$	5,232	$	2,767

Derivatives not designated as hedging instruments	Amount of (Loss)/Gain Recognized in Net Income				Location of (Loss)/Gain Recognized in Net Income
	2022		2021
Commodity forward contracts	$	(8,830)	$	33	Other, net
Foreign currency forward contracts	$	1,922	$	(2,377)	Other, net

Credit Risk Related Contingent Features

We have agreements with our derivative counterparties that contain a provision whereby if we default on our indebtedness and repayment of the indebtedness has been accelerated by the lender, then we could also be declared in default on our derivative obligations.

As of June 30, 2022, the termination value of outstanding derivatives in a liability position, excluding any adjustment for non-performance risk, was $18.6 million. As of June 30, 2022, we had not posted any cash collateral related to these agreements. If we breach any of the default provisions on any of our indebtedness as described above, we could be required to settle our obligations under the derivative agreements at their termination values.

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Acquisitions and Divestitures

6 Months Ended

Jun. 30, 2022

Business Acquisitions and Divestitures [Abstract]

Acquisitions and Divestitures

Acquisitions and Divestitures

Acquisitions

Spear Power Systems

On November 19, 2021, we acquired all of the equity interests of Spear Power Systems ("Spear"), a leader in electrification solutions that supports our newly-established Clean Energy Solutions business unit, for an aggregate purchase price of $113.7 million, subject to certain post-closing items, including a contingent consideration arrangement whereby we may be required to pay up to an additional $30.0 million to the selling shareholders. Using a present value technique, we estimated the acquisition-date fair value of the contingent consideration arrangement to be $8.6 million, which is reflected in the aggregate purchase price. As of June 30, 2022, having evaluated updated financial forecasts, we determined that the fair value of the contingent consideration arrangement was $0.0 million. Changes to the fair value of this contingent consideration arrangement, subsequent to its acquisition-date fair value, are recognized in earnings and presented in restructuring and other charges, net. We are integrating Spear into the Sensing Solutions reportable segment.

As of June 30, 2022, the allocation of purchase price of Spear is preliminary and is based on management’s judgments after evaluating several factors, including preliminary valuation assessments of tangible and intangible assets. The final allocation of the purchase price to the assets acquired will be completed when the final valuations are completed. Refer to Note 21: Acquisitions of the audited consolidated financial statements and notes thereto included in our 2021 Annual Report for detailed information regarding the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed as of December 31, 2021.

SmartWitness Holdings, Inc.

On November 19, 2021, we acquired all of the equity interests of SmartWitness Holdings, Inc. ("SmartWitness"), a privately held innovator of video telematics technology for heavy- and light-duty fleets, for an aggregate purchase price of $206.4 million, including $204.2 million of cash paid at closing, subject to certain post-closing items. In addition to the aggregate purchase price, we paid $8.6 million of cash at closing related to an employee retention arrangement. We are integrating SmartWitness into the Performance Sensing reportable segment.

As of June 30, 2022, the allocation of purchase price of SmartWitness is preliminary and is based on management’s judgments after evaluating several factors, including preliminary valuation assessments of tangible and intangible assets. The final allocation of the purchase price to the assets acquired will be completed when the final valuations are completed. Refer to Note 21: Acquisitions of the audited consolidated financial statements and notes thereto included in our 2021 Annual Report for detailed information regarding the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed as of December 31, 2021.

Elastic M2M Inc.

On February 11, 2022, we acquired all of the equity interests of Elastic M2M Inc. ("Elastic M2M") for an aggregate cash purchase price of $51.4 million, subject to certain post-closing items. In addition to the aggregate cash purchase price, the previous shareholders of Elastic M2M are entitled to up to $30.0 million of additional acquisition-related incentive compensation, pending the completion of certain technical milestones in fiscal year 2022 and achievement of financial targets

in fiscal years 2022 and 2023. In three and six months ended June 30, 2022, we recognized $3.4 million and $18.4 million, respectively, of that acquisition-related incentive compensation. This incentive compensation is recorded in restructuring and other charges, net. We paid $15.0 million of this acquisition-related incentive compensation in the six months ended June 30, 2022, which is reflected as an operating cash outflow on our condensed consolidated statement of cash flows for the six months ended June 30, 2022.

Elastic M2M is a privately-held innovator of connected intelligence for operational assets across heavy-duty transport, warehouse, supply chain and logistics, industrial, light-duty passenger car, and a variety of other industry segments. Elastic M2M primarily serves telematics service providers and resellers, enabling them to leverage Elastic M2M’s cloud platform and analytics capabilities to deliver sensor-based operational insights to their end users. This acquisition augments our cloud capabilities critical to delivering actionable sensor-based insights, an increasingly important capability in this fast-growing industry segment. We are integrating Elastic M2M into the Performance Sensing reportable segment.

The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed:

Net working capital, excluding cash	$	(156)
Goodwill	24,708
Other intangible assets	33,500
Deferred income tax liabilities	(8,222)
Fair value of net assets acquired, excluding cash and cash equivalents	49,830
Cash and cash equivalents	1,597
Fair value of net assets acquired	$	51,427

The following table presents the acquired intangible assets, their preliminary estimated fair values, and weighted-average lives:

	Acquisition Date Fair Value		Weighted-Average Lives (years)
Acquired definite-lived intangible assets
Customer relationships	$	23,300	13
Completed technologies	10,200		10
Total definite-lived intangible assets acquired	$	33,500	12

The definite-lived intangible assets were valued using the income approach. We primarily used the relief-from-royalty method to value completed technologies, and we used the multi-period excess earnings method to value customer relationships. These valuation methods incorporate assumptions including expected discounted future net cash flows resulting from either the future estimated after-tax royalty payments avoided as a result of owning the completed technologies or the future earnings related to existing customer relationships.

The allocation of purchase price of Elastic M2M is preliminary and is based on management’s judgments after evaluating several factors, including preliminary valuation assessments of intangible assets. The final allocation of the purchase price to the assets acquired will be completed when the final valuations are completed. The preliminary goodwill of $24.7 million recognized as a result of this acquisition represents future economic benefits expected to arise from synergies from combining operations and the extension of existing customer relationships. The goodwill recognized in this acquisition will not be deductible for tax purposes.

Dynapower Company, LLC

On April 22, 2022, we entered into a stock purchase agreement (the "SPA") to acquire all of the outstanding equity interests of Dynapower Company, LLC ("Dynapower"), a leader in power conversion systems including inverters, converters, and rectifiers for renewable energy generation, green hydrogen production, electric vehicle charging stations, and microgrid applications, as well as industrial and defense applications. Dynapower also provides aftermarket sales and service to maintain its equipment in the field. Dynapower will be a foundational addition to our Clean Energy Solutions strategy and will complement our recent acquisitions of GIGAVAC, Lithium Balance, and Spear.

We expect to integrate Dynapower into our Sensing Solutions reportable segment. The transaction contemplated by the SPA closed on July 12, 2022 for an aggregate purchase price of $580 million of cash consideration, subject to certain post-closing

items. Due to the recent closing of this acquisition, the initial accounting for this acquisition is incomplete, and we are not able to provide the disclosures otherwise required by FASB ASC Topic 805, Business Combinations.

Divestiture - Qinex Business

On May 27, 2022, we entered into an asset purchase agreement with Boyd Corporation to sell our semiconductor test and thermal business (the "Qinex Business") for total consideration of approximately $219.0 million, subject to working capital and other adjustments. The transaction closed in July 2022.

The assets and liabilities of the Qinex Business constitute a disposal group that meets the held for sale criteria described in FASB ASC Topic 360, Property, Plant and Equipment as of June 30, 2022. However, total assets held for sale of approximately $70 million (including allocated goodwill of approximately $45 million based on preliminary valuation assessments) and total liabilities held for sale of approximately $2 million were not deemed material for separate presentation on our condensed consolidated balance sheet as of June 30, 2022. The final allocation of goodwill will be completed when the final valuations are completed. We have not finalized the calculation of gain on the transaction but preliminarily expect it to be between approximately $125 million and $150 million.

The Qinex Business manufactures semiconductor burn-in test sockets and thermal control solutions and was formed through the combination of Sensata’s semiconductor interconnect business with Wells-CTI in 2012. The Qinex Business is included in our Sensing Solutions segment (and Industrial Solutions reporting unit). We allocated goodwill to the Qinex Business based on its fair value relative to the fair value of the remaining Industrial Solutions reporting unit. We determined that the fair value of the Qinex Business, less costs to sell, exceeded the carrying amount of the related disposal group.

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Segment Reporting

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

We present financial information for two reportable segments, Performance Sensing and Sensing Solutions. The Performance Sensing reportable segment consists of two operating segments, Automotive and HVOR, which meet the criteria for aggregation in FASB ASC Topic 280, Segment Reporting. The Sensing Solutions reportable segment is also an operating segment.

Our operating 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 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, restructuring and other charges, net, certain costs associated with our strategic megatrend initiatives, and certain corporate costs or credits not associated with the operations of the segment, including share-based compensation expense and a portion of depreciation expense associated with assets recognized in connection with acquisitions. Corporate and other costs excluded from an operating (and reportable) segment’s performance are separately stated below and also include costs that are related to functional areas such as finance, information technology, legal, and human resources. 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 2021 Annual Report.

The following table presents net revenue and segment operating income for our reportable segments and other operating results not allocated to our reportable segments for the three and six months ended June 30, 2022 and 2021:

	For the three months ended				For the six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net revenue:
Performance Sensing	$	746,882	$	741,852	$	1,464,579	$	1,456,364
Sensing Solutions	273,666		250,808		531,739		478,824
Total net revenue	$	1,020,548	$	992,660	$	1,996,318	$	1,935,188
Segment operating income (as defined above):
Performance Sensing	$	185,519	$	202,064	$	366,157	$	397,908
Sensing Solutions	79,488		76,549		152,003		143,443
Total segment operating income	265,007		278,613		518,160		541,351
Corporate and other	(76,362)		(73,972)		(152,485)		(142,610)
Amortization of intangible assets	(36,805)		(34,857)		(74,172)		(66,921)
Restructuring and other charges, net	(12,897)		(5,029)		(26,630)		(9,611)
Operating income	138,943		164,755		264,873		322,209
Interest expense, net	(44,842)		(45,213)		(90,287)		(89,256)
Other, net	(39,240)		1,012		(89,696)		(38,385)
Income before taxes	$	54,861	$	120,554	$	84,890	$	194,568

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Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsIn July 2022, we completed the sale of the Qinex Business and the acquisition of Dynapower. Refer to Note 16: Acquisitions and Divestitures for additional information on these transactions.

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Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q. Accordingly, these interim financial statements do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. The accompanying financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the interim period results. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (the "SEC") on February 10, 2022 (the "2021 Annual Report").

All U.S. dollar ("USD") and share amounts presented, except per share amounts, are stated in thousands, unless otherwise indicated.

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Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2022

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of Disaggregation of Revenue

The following table presents net revenue disaggregated by segment and end market for the three and six months ended June 30, 2022 and 2021:

	For the three months ended June 30, 2022						For the three months ended June 30, 2021
	Performance Sensing		Sensing Solutions		Total		Performance Sensing		Sensing Solutions		Total
Automotive	$	506,232	$	9,932	$	516,164	$	518,367	$	12,052	$	530,419
HVOR (1)	240,650		—		240,650		223,485		—		223,485
Industrial	—		122,094		122,094		—		105,474		105,474
Appliance and HVAC (2)	—		57,675		57,675		—		63,187		63,187
Aerospace	—		38,558		38,558		—		32,793		32,793
Other	—		45,407		45,407		—		37,302		37,302
Total	$	746,882	$	273,666	$	1,020,548	$	741,852	$	250,808	$	992,660

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(1)    Heavy vehicle and off-road

(2)    Heating, ventilation and air conditioning

	For the six months ended June 30, 2022						For the six months ended June 30, 2021
	Performance Sensing		Sensing Solutions		Total		Performance Sensing		Sensing Solutions		Total
Automotive	$	1,008,594	$	19,217	$	1,027,811	$	1,055,080	$	23,552	$	1,078,632
HVOR	455,985		—		455,985		401,284		—		401,284
Industrial	—		236,713		236,713		—		195,949		195,949
Appliance and HVAC	—		116,500		116,500		—		123,103		123,103
Aerospace	—		71,828		71,828		—		65,470		65,470
Other	—		87,481		87,481		—		70,750		70,750
Total	$	1,464,579	$	531,739	$	1,996,318	$	1,456,364	$	478,824	$	1,935,188

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Share-Based Payment Plans (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Non-Cash Compensation Expense Related to Equity Awards

The following table presents the components of non-cash compensation expense related to our equity awards for the three and six months ended June 30, 2022 and 2021:

	For the three months ended				For the six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Stock options	$	2	$	305	$	309	$	765
Restricted securities	9,197		6,071		15,430		10,710
Share-based compensation expense	$	9,199	$	6,376	$	15,739	$	11,475

Share-Based Payment Arrangement, Restricted Stock Unit, Activity

We granted the following restricted stock units ("RSUs" and each, an "RSU") and performance-based restricted stock units ("PRSUs" and each, a "PRSU") under the Sensata Technologies Holding plc 2021 Equity Incentive Plan during the six months ended June 30, 2022:

Awards Granted To:	Type of Award	Number of Units Granted (in thousands)	Percentage of PRSUs Awarded that May Vest	Weighted Average Grant Date Fair Value
Directors	RSU (1)	29	N/A	$	46.30
Various executives and employees	RSU (2)	518	N/A	$	50.72
Various executives and employees	PRSU (3)	349	0.0% - 200.0%	$	50.52

____________________________________

(1)    These RSUs cliff vest one year from the grant date (May 2023).

(2)    These RSUs vest ratably over three years, one-third per year beginning on the first anniversary of the grant date. These RSUs will fully vest on various dates between January 2025 and June 2025.

(3)    These PRSUs vest on various dates between April 2025 and June 2025. The number of units that ultimately vest is dependent on the achievement of certain performance criteria.

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Restructuring and Other Charges, Net (Tables)

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Other Charges, Net

The following table presents the components of restructuring and other charges, net for the three and six months ended June 30, 2022 and 2021:

	For the three months ended				For the six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Q2 2020 Global Restructure Program charges	$	—	$	3,830	$	—	$	5,654
Other restructuring and other charges, net
Severance costs, net	—		407		587		593
Facility and other exit costs	1,241		625		2,289		1,291
Other (1)	11,656		167		23,754		2,073
Restructuring and other charges, net	$	12,897	$	5,029	$	26,630	$	9,611

___________________________________

(1)    Primarily includes expenses related to compensation arrangements entered into concurrent with the closing of acquisitions, partially offset by gains relating to changes in the fair value of acquisition-related contingent consideration amounts. Refer to Note 16: Acquisitions and Divestitures for additional information.

Schedule of Changes to Restructuring Liability

The following table presents a rollforward of the severance portion of our restructuring obligations for the six months ended June 30, 2022.

	Q2 2020 Global Restructure Program		Other		Total
Balance as of December 31, 2021	$	3,853	$	3,380	$	7,233
Charges, net of reversals	—		587		587
Payments	(3,018)		(1,383)		(4,401)
Foreign currency remeasurement	(14)		(159)		(173)
Balance as of June 30, 2022	$	821	$	2,425	$	3,246

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Other, Net (Tables)

6 Months Ended

Jun. 30, 2022

Other Income and Expenses [Abstract]

Schedule of Other, Net

The following table presents the components of other, net for the three and six months ended June 30, 2022 and 2021:

	For the three months ended				For the six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Currency remeasurement (loss)/gain on net monetary assets	$	(14,090)	$	1,988	$	(14,157)	$	511
Gain/(loss) on foreign currency forward contracts	3,165		(1,419)		1,922		(2,377)
(Loss)/gain on commodity forward contracts	(18,254)		1,186		(8,830)		33
Loss on debt financing	—		—		—		(30,066)
Mark-to-market loss on investments, net	(11,821)		—		(71,100)		—
Net periodic benefit cost, excluding service cost	(639)		(2,268)		(1,394)		(4,678)
Other	2,399		1,525		3,863		(1,808)
Other, net	$	(39,240)	$	1,012	$	(89,696)	$	(38,385)

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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The following table presents the provision for income taxes for the three and six months ended June 30, 2022 and 2021:

	For the three months ended				For the six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Provision for income taxes	$	20,020	$	7,638	$	27,608	$	27,919

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Net Income per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Weighted-Average Ordinary Shares Outstanding

For the three and six months ended June 30, 2022 and 2021 the weighted-average ordinary shares outstanding used to calculate basic and diluted net income per share were as follows:

	For the three months ended		For the six months ended
	June 30, 2022	June 30, 2021	June 30, 2022	June 30, 2021
Basic weighted-average ordinary shares outstanding	156,477	158,208	156,950	157,986
Dilutive effect of stock options	190	670	331	689
Dilutive effect of unvested restricted securities	327	466	531	612
Diluted weighted-average ordinary shares outstanding	156,994	159,344	157,812	159,287

Schedule of Antidilutive Securities

These potential ordinary shares were as follows:

	For the three months ended		For the six months ended
	June 30, 2022	June 30, 2021	June 30, 2022	June 30, 2021
Anti-dilutive shares excluded	1,426	8	715	7
Contingently issuable shares excluded	1,383	1,089	1,192	1,020

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Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

The following table presents the components of inventories as of June 30, 2022 and December 31, 2021:

	June 30, 2022		December 31, 2021
Finished goods	$	223,919	$	201,424
Work-in-process	114,277		101,558
Raw materials	318,540		285,249
Inventories	$	656,736	$	588,231

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Pension and Other Post-Retirement Benefits (Tables)

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost (Credit)

The following table presents the components of net periodic benefit cost/(credit) associated with our defined benefit and retiree healthcare plans for the three months ended June 30, 2022 and 2021:

	U.S. Plans								Non-U.S. Plans
	Defined Benefit				Retiree Healthcare				Defined Benefit				Total
	2022		2021		2022		2021		2022		2021		2022		2021
Service cost	$	—	$	—	$	2	$	2	$	982	$	1,325	$	984	$	1,327
Interest cost	113		120		18		21		426		401		557		542
Expected return on plan assets	(195)		(226)		—		—		(242)		(179)		(437)		(405)
Amortization of net loss/(gain)	226		401		(43)		—		330		462		513		863
Amortization of prior service (credit)/cost	—		—		(100)		(159)		3		13		(97)		(146)
Loss on settlement	103		1,414		—		—		—		—		103		1,414
Net periodic benefit cost/(credit)	$	247	$	1,709	$	(123)	$	(136)	$	1,499	$	2,022	$	1,623	$	3,595

The following table presents the components of net periodic benefit cost/(credit) associated with our defined benefit and retiree healthcare plans for the six months ended June 30, 2022 and 2021:

	U.S. Plans								Non-U.S. Plans
	Defined Benefit				Retiree Healthcare				Defined Benefit				Total
	2022		2021		2022		2021		2022		2021		2022		2021
Service cost	$	—	$	—	$	4	$	4	$	1,938	$	2,303	$	1,942	$	2,307
Interest cost	226		240		64		42		850		805		1,140		1,087
Expected return on plan assets	(390)		(452)		—		—		(486)		(357)		(876)		(809)
Amortization of net loss/(gain)	367		802		(43)		—		608		921		932		1,723
Amortization of prior service (credit)/cost	—		—		(200)		(318)		5		16		(195)		(302)
Loss on settlement	393		2,979		—		—		—		—		393		2,979
Net periodic benefit cost/(credit)	$	596	$	3,569	$	(175)	$	(272)	$	2,915	$	3,688	$	3,336	$	6,985

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Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt, Finance Lease, and Other Financing Obligations

The following table presents the components of long-term debt, finance lease and other financing obligations as of June 30, 2022 and December 31, 2021:

	Maturity Date	June 30, 2022		December 31, 2021
Term Loan	September 20, 2026	$	449,150	$	451,465
4.875% Senior Notes	October 15, 2023	500,000		500,000
5.625% Senior Notes	November 1, 2024	400,000		400,000
5.0% Senior Notes	October 1, 2025	700,000		700,000
4.375% Senior Notes	February 15, 2030	450,000		450,000
3.75% Senior Notes	February 15, 2031	750,000		750,000
4.0% Senior Notes	April 15, 2029	1,000,000		1,000,000
Less: debt discount, net of premium		(4,317)		(5,207)
Less: deferred financing costs		(26,691)		(26,682)
Less: current portion		(4,630)		(4,630)
Long-term debt, net		$	4,213,512	$	4,214,946
Finance lease and other financing obligations		$	27,559	$	28,767
Less: current portion		(1,936)		(2,203)
Finance lease and other financing obligations, less current portion		$	25,623	$	26,564

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Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Roll Forward of Components of Accumulated Other Comprehensive Loss

The following table presents the components of accumulated other comprehensive loss for the six months ended June 30, 2022:

	Cash Flow Hedges		Defined Benefit and Retiree Healthcare Plans		Accumulated Other Comprehensive Loss
Balance as of December 31, 2021	$	16,831	$	(36,391)	$	(19,560)
Other comprehensive income before reclassifications, net of tax	26,111		—		26,111
Reclassifications from accumulated other comprehensive loss, net of tax	(14,078)		808		(13,270)
Other comprehensive income	12,033		808		12,841
Balance as of June 30, 2022	$	28,864	$	(35,583)	$	(6,719)

Schedule of Amounts Reclassified from Accumulated Other Comprehensive Loss

The following table presents the amounts reclassified from accumulated other comprehensive loss for the three and six months ended June 30, 2022 and 2021:

	For the three months ended June 30,				For the six months ended June 30,				Affected Line in Condensed Consolidated Statements of Operations
Component	2022		2021		2022		2021
Derivative instruments designated and qualifying as cash flow hedges:
Foreign currency forward contracts	$	(9,476)	$	3,433	$	(13,740)	$	7,840	Net revenue (1)
Foreign currency forward contracts	(2,603)		(2,024)		(5,232)		(2,767)		Cost of revenue (1)
Total, before taxes	(12,079)		1,409		(18,972)		5,073		Income before taxes
Income tax effect	3,116		(352)		4,894		(1,268)		Provision for income taxes
Total, net of taxes	$	(8,963)	$	1,057	$	(14,078)	$	3,805	Net income
Defined benefit and retiree healthcare plans	$	519	$	2,131	$	1,130	$	4,400	Other, net (2)
Income tax effect	(139)		(459)		(322)		(1,016)		Provision for income taxes
Total, net of taxes	$	380	$	1,672	$	808	$	3,384	Net income

___________________________________

(1)    Refer to Note 15: Derivative Instruments and Hedging Activities for additional information on amounts to be reclassified from accumulated other comprehensive loss in future periods.

(2)    Refer to Note 10: Pension and Other Post-Retirement Benefits for additional information on net periodic benefit cost/(credit).

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Fair Value Measures (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The fair values of our derivative assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 are shown in the below table. All fair value measures presented are categorized in Level 2 of the fair value hierarchy.

	June 30, 2022		December 31, 2021
Assets
Foreign currency forward contracts	$	45,074	$	25,112
Commodity forward contracts	616		2,979
Total	$	45,690	$	28,091
Liabilities
Foreign currency forward contracts	$	6,270	$	3,073
Commodity forward contracts	12,047		4,492
Total	$	18,317	$	7,565

Schedule of Equity Securities without Readily Determinable Fair Value

A summary of our investment in Quanergy is presented in the table below, as of June 30, 2022 (at $0.41 per share), March 31, 2022 (at $1.84 per share), February 8, 2022 (at $7.05 per share), and December 31, 2021. Our investment in Quanergy is presented in other assets on our condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021.

	June 30, 2022		March 31, 2022		February 8, 2022		December 31, 2021
Series B Investment	$	—	$	—	$	—	$	50,000
Common shares (1)	3,075		9,200		50,000		—
PIPE investment	308		1,380		7,500		—
Warrants (1)	—		4,575		17,600		—
Total equity investment in Quanergy	$	3,383	$	15,155	$	75,100	$	50,000

___________________________________

(1)    In the three months ended June 30, 2022, we converted the Warrants into common shares. Accordingly, as of June 30, 2022, we had 7.5 million common shares outstanding (excluding the PIPE investment), compared to 5.0 million common shares outstanding as of March 31, 2022.

For the three and six months ended June 30, 2022, we recorded losses (presented in in other, net on our condensed consolidated statements of operations) to adjust the carrying value of our aggregate investment in Quanergy to its fair value at June 30, 2022 as follows:

	For the three months ended June 30, 2022		For the six months ended June 30, 2022
Mark-to-market loss	$	(11,772)	$	(71,717)

Refer to the table below for the carrying values of equity investments using the measurement alternative, which are presented as a component of other assets in the condensed consolidated balance sheets.

	June 30, 2022		December 31, 2021
Quanergy Systems, Inc. (1)	$	—	$	50,000
Other	15,000		15,000
Total	$	15,000	$	65,000

___________________________________

(1)    As of June 30, 2022, Quanergy is no longer classified as an equity investment without a readily determinable fair value. See additional discussion under the heading Quanergy elsewhere in this Note.

Schedule of Information about Carrying Values and Fair Values of Financial Instruments not Recorded at Fair Value

The following table presents the carrying values and fair values of financial instruments not recorded at fair value in the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021. All fair value measures presented are categorized in Level 2 of the fair value hierarchy.

	June 30, 2022				December 31, 2021
	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Liabilities
Term Loan	$	449,150	$	443,535	$	451,465	$	450,901
4.875% Senior Notes	$	500,000	$	491,250	$	500,000	$	526,250
5.625% Senior Notes	$	400,000	$	395,000	$	400,000	$	438,000
5.0% Senior Notes	$	700,000	$	672,000	$	700,000	$	759,500
4.375% Senior Notes	$	450,000	$	383,625	$	450,000	$	479,250
3.75% Senior Notes	$	750,000	$	601,875	$	750,000	$	747,188
4.0% Senior Notes	$	1,000,000	$	850,000	$	1,000,000	$	1,022,500

___________________________________

(1)    Excluding any related debt discounts, premiums, and deferred financing costs.

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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivative Instruments

As of June 30, 2022, we had the following outstanding foreign currency forward contracts:

Notional (in millions)	Effective Date(s)	Maturity Date(s)	Index (Exchange Rates)	Weighted-Average Strike Rate	Hedge Designation (1)
21.0 EUR	June 28, 2022	July 29, 2022	Euro ("EUR") to USD	1.05 USD	Not designated
358.9 EUR	Various from August 2020 to June 2022	Various from July 2022 to June 2024	EUR to USD	1.17 USD	Cash flow hedge
388.0 CNY	June 27, 2022	July 29, 2022	USD to Chinese Renminbi ("CNY")	6.70 CNY	Not designated
756.2 CNY	Various from October 2021 to March 2022	Various from July 2022 to December 2022	USD to CNY	6.46 CNY	Cash flow hedge
60.0 JPY	June 28, 2022	July 29, 2022	USD to Japanese Yen ("JPY")	135.93 JPY	Not designated
24,760.0 KRW	Various from August 2020 to June 2022	Various from July 2022 to May 2024	USD to Korean Won ("KRW")	1,191.72 KRW	Cash flow hedge
22.0 MYR	June 27, 2022	July 29, 2022	USD to Malaysian Ringgit ("MYR")	4.40 MYR	Not designated
70.0 MXN	June 28, 2022	July 29, 2022	USD to Mexican Peso ("MXN")	20.13 MXN	Not designated
3,458.7 MXN	Various from August 2020 to June 2022	Various from July 2022 to June 2024	USD to MXN	22.15 MXN	Cash flow hedge
10.0 GBP	June 28, 2022	July 29, 2022	British Pound Sterling ("GBP") to USD	1.22 USD	Not Designated
60.0 GBP	Various from August 2020 to June 2022	Various from July 2022 to June 2024	GBP to USD	1.33 USD	Cash flow hedge

___________________________________

(1)    Derivative financial instruments not designated as hedges are used to manage our exposure to currency exchange rate risk. They are intended to preserve economic value, and they are not used for trading or speculative purposes.

As of June 30, 2022, we had the following outstanding commodity forward contracts, none of which were designated for hedge accounting treatment in accordance with FASB ASC Topic 815:

Commodity	Notional	Remaining Contracted Periods	Weighted-Average Strike Price Per Unit
Silver	1,092,999 troy oz.	July 2022 - May 2024	$24.58
Gold	8,443 troy oz.	July 2022 - May 2024	$1,862.15
Nickel	273,088 pounds	July 2022 - May 2024	$9.94
Aluminum	4,353,117 pounds	July 2022 - May 2024	$1.23
Copper	8,450,120 pounds	July 2022 - May 2024	$4.32
Platinum	12,141 troy oz.	July 2022 - May 2024	$1,023.00
Palladium	1,429 troy oz.	July 2022 - May 2024	$2,344.77

Schedule of Fair Values of Derivative Financial Instruments and their Classification in Balance Sheets

The following table presents the fair values of our derivative financial instruments and their classification in the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021:

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	June 30, 2022		December 31, 2021		Balance Sheet Location	June 30, 2022		December 31, 2021
Derivatives designated as hedging instruments
Foreign currency forward contracts	Prepaid expenses and other current assets	$	38,849	$	20,562	Accrued expenses and other current liabilities	$	4,991	$	1,981
Foreign currency forward contracts	Other assets	6,152		4,391		Other long-term liabilities	1,238		904
Total		$	45,001	$	24,953		$	6,229	$	2,885
Derivatives not designated as hedging instruments
Commodity forward contracts	Prepaid expenses and other current assets	$	482	$	2,583	Accrued expenses and other current liabilities	$	7,778	$	3,422
Commodity forward contracts	Other assets	134		396		Other long-term liabilities	4,269		1,070
Foreign currency forward contracts	Prepaid expenses and other current assets	73		159		Accrued expenses and other current liabilities	41		188
Total		$	689	$	3,138		$	12,088	$	4,680

Schedule of Effect of Derivative Financial Instruments on Statements of Operations

The following tables present the effect of our derivative financial instruments on the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income for the three months ended June 30, 2022 and 2021:

Derivatives designated as hedging instruments	Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive Income				Location of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income	Amount of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income
	2022		2021			2022		2021
Foreign currency forward contracts	$	28,192	$	(6,353)	Net revenue	$	9,476	$	(3,433)
Foreign currency forward contracts	$	(3,765)	$	6,808	Cost of revenue	$	2,603	$	2,024

Derivatives not designated as hedging instruments	Amount of (Loss)/Gain Recognized in Net Income				Location of (Loss)/Gain Recognized in Net Income
	2022		2021
Commodity forward contracts	$	(18,254)	$	1,186	Other, net
Foreign currency forward contracts	$	3,165	$	(1,419)	Other, net

The following tables present the effect of our derivative financial instruments on the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income for the six months ended June 30, 2022 and 2021:

Derivatives designated as hedging instruments	Amount of Deferred Gain Recognized in Other Comprehensive Income				Location of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income	Amount of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income
	2022		2021			2022		2021
Foreign currency forward contracts	$	33,778	$	12,446	Net revenue	$	13,740	$	(7,840)
Foreign currency forward contracts	$	1,380	$	3,383	Cost of revenue	$	5,232	$	2,767

Derivatives not designated as hedging instruments	Amount of (Loss)/Gain Recognized in Net Income				Location of (Loss)/Gain Recognized in Net Income
	2022		2021
Commodity forward contracts	$	(8,830)	$	33	Other, net
Foreign currency forward contracts	$	1,922	$	(2,377)	Other, net

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Acquisitions and Divestitures (Tables)

6 Months Ended

Jun. 30, 2022

Business Acquisitions and Divestitures [Abstract]

Schedule of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed:

Net working capital, excluding cash	$	(156)
Goodwill	24,708
Other intangible assets	33,500
Deferred income tax liabilities	(8,222)
Fair value of net assets acquired, excluding cash and cash equivalents	49,830
Cash and cash equivalents	1,597
Fair value of net assets acquired	$	51,427

Schedule of Acquired Intangible Assets and Weighted Average Useful Lives

The following table presents the acquired intangible assets, their preliminary estimated fair values, and weighted-average lives:

	Acquisition Date Fair Value		Weighted-Average Lives (years)
Acquired definite-lived intangible assets
Customer relationships	$	23,300	13
Completed technologies	10,200		10
Total definite-lived intangible assets acquired	$	33,500	12

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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

The following table presents net revenue and segment operating income for our reportable segments and other operating results not allocated to our reportable segments for the three and six months ended June 30, 2022 and 2021:

	For the three months ended				For the six months ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net revenue:
Performance Sensing	$	746,882	$	741,852	$	1,464,579	$	1,456,364
Sensing Solutions	273,666		250,808		531,739		478,824
Total net revenue	$	1,020,548	$	992,660	$	1,996,318	$	1,935,188
Segment operating income (as defined above):
Performance Sensing	$	185,519	$	202,064	$	366,157	$	397,908
Sensing Solutions	79,488		76,549		152,003		143,443
Total segment operating income	265,007		278,613		518,160		541,351
Corporate and other	(76,362)		(73,972)		(152,485)		(142,610)
Amortization of intangible assets	(36,805)		(34,857)		(74,172)		(66,921)
Restructuring and other charges, net	(12,897)		(5,029)		(26,630)		(9,611)
Operating income	138,943		164,755		264,873		322,209
Interest expense, net	(44,842)		(45,213)		(90,287)		(89,256)
Other, net	(39,240)		1,012		(89,696)		(38,385)
Income before taxes	$	54,861	$	120,554	$	84,890	$	194,568

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Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Net revenue	$ 1,020,548	$ 992,660	$ 1,996,318	$ 1,935,188
Performance Sensing
Disaggregation of Revenue [Line Items]
Net revenue	746,882	741,852	1,464,579	1,456,364
Sensing Solutions
Disaggregation of Revenue [Line Items]
Net revenue	273,666	250,808	531,739	478,824
Automotive
Disaggregation of Revenue [Line Items]
Net revenue	516,164	530,419	1,027,811	1,078,632
Automotive | Performance Sensing
Disaggregation of Revenue [Line Items]
Net revenue	506,232	518,367	1,008,594	1,055,080
Automotive | Sensing Solutions
Disaggregation of Revenue [Line Items]
Net revenue	9,932	12,052	19,217	23,552
HVOR
Disaggregation of Revenue [Line Items]
Net revenue	240,650	223,485	455,985	401,284
HVOR | Performance Sensing
Disaggregation of Revenue [Line Items]
Net revenue	240,650	223,485	455,985	401,284
HVOR | Sensing Solutions
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Industrial
Disaggregation of Revenue [Line Items]
Net revenue	122,094	105,474	236,713	195,949
Industrial | Performance Sensing
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Industrial | Sensing Solutions
Disaggregation of Revenue [Line Items]
Net revenue	122,094	105,474	236,713	195,949
Appliance and HVAC
Disaggregation of Revenue [Line Items]
Net revenue	57,675	63,187	116,500	123,103
Appliance and HVAC | Performance Sensing
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Appliance and HVAC | Sensing Solutions
Disaggregation of Revenue [Line Items]
Net revenue	57,675	63,187	116,500	123,103
Aerospace
Disaggregation of Revenue [Line Items]
Net revenue	38,558	32,793	71,828	65,470
Aerospace | Performance Sensing
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Aerospace | Sensing Solutions
Disaggregation of Revenue [Line Items]
Net revenue	38,558	32,793	71,828	65,470
Other
Disaggregation of Revenue [Line Items]
Net revenue	45,407	37,302	87,481	70,750
Other | Performance Sensing
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Other | Sensing Solutions
Disaggregation of Revenue [Line Items]
Net revenue	$ 45,407	$ 37,302	$ 87,481	$ 70,750

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Share-Based Payment Plans - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 9,199	$ 6,376	$ 15,739	$ 11,475
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2	305	309	765
Restricted securities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 9,197	$ 6,071	$ 15,430	$ 10,710

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Share-Based Payment Plans - Equity Awards (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Directors | RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares) | shares	29
Weighted-average grant date fair value (in dollars per share) | $ / shares	$ 46.30
Award vesting period	1 year
Various executives and employees | RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares) | shares	518
Weighted-average grant date fair value (in dollars per share) | $ / shares	$ 50.72
Award vesting period	3 years
Award vesting percentage	33.33%
Various executives and employees | PRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares) | shares	349
Weighted-average grant date fair value (in dollars per share) | $ / shares	$ 50.52
Various executives and employees | PRSU | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of PRSUs Awarded that May Vest	0.00%
Various executives and employees | PRSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of PRSUs Awarded that May Vest	200.00%

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Restructuring and Other Charges, Net - Components of Restructuring and Other Charges, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Loss Contingencies [Line Items]
Restructuring and other charges, net	$ 12,897	$ 5,029	$ 26,630	$ 9,611
Q2 2020 Global Restructure Program
Loss Contingencies [Line Items]
Q2 2020 Global Restructure Program charges	0	3,830	0	5,654
Other restructuring and other charges, net
Loss Contingencies [Line Items]
Severance costs, net	0	407	587	593
Facility and other exit costs	1,241	625	2,289	1,291
Other	$ 11,656	$ 167	$ 23,754	$ 2,073

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Restructuring and Other Charges, Net - Schedule of Changes to Restructuring Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Q2 2020 Global Restructure Program
Restructuring Reserve [Roll Forward]
Restructuring Charges	$ 0	$ 3,830	$ 0	$ 5,654
Employee Severance
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			7,233
Restructuring Charges			587
Payments			(4,401)
Foreign currency remeasurement			(173)
Restructuring reserve, ending balance	3,246		3,246
Employee Severance | Q2 2020 Global Restructure Program
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			3,853
Restructuring Charges			0
Payments			(3,018)
Foreign currency remeasurement			(14)
Restructuring reserve, ending balance	821		821
Employee Severance | Other
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			3,380
Restructuring Charges			587
Payments			(1,383)
Foreign currency remeasurement			(159)
Restructuring reserve, ending balance	$ 2,425		$ 2,425

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Other, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other Income and Expenses [Abstract]
Currency remeasurement (loss)/gain on net monetary assets	$ (14,090)	$ 1,988	$ (14,157)	$ 511
Gain/(loss) on foreign currency forward contracts	3,165	(1,419)	1,922	(2,377)
(Loss)/gain on commodity forward contracts	(18,254)	1,186	(8,830)	33
Loss on debt financing	0	0	0	(30,066)
Mark-to-market loss on investments, net	(11,821)	0	(71,100)	0
Net periodic benefit cost, excluding service cost	(639)	(2,268)	(1,394)	(4,678)
Other	2,399	1,525	3,863	(1,808)
Other, net	$ (39,240)	$ 1,012	$ (89,696)	$ (38,385)

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Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 20,020	$ 7,638	$ 27,608	$ 27,919

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Net Income per Share - Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Basic weighted-average ordinary shares outstanding (in shares)	156,477	158,208	156,950	157,986
Dilutive effect of stock options (in shares)	190	670	331	689
Dilutive effect of unvested restricted securities (in shares)	327	466	531	612
Diluted weighted-average ordinary shares outstanding (in shares)	156,994	159,344	157,812	159,287

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Net Income per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Anti-dilutive shares excluded
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,426	8	715	7
Contingently issuable shares excluded
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,383	1,089	1,192	1,020

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Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 223,919	$ 201,424
Work-in-process	114,277	101,558
Raw materials	318,540	285,249
Inventories	$ 656,736	$ 588,231

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Pension and Other Post-Retirement Benefits - Schedule of components of net periodic benefit cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 984	$ 1,327	$ 1,942	$ 2,307
Interest cost	557	542	1,140	1,087
Expected return on plan assets	(437)	(405)	(876)	(809)
Amortization of net loss/(gain)	513	863	932	1,723
Amortization of prior service (credit)/cost	(97)	(146)	(195)	(302)
Loss on settlement	103	1,414	393	2,979
Net periodic benefit cost/(credit)	1,623	3,595	3,336	6,985
U.S. Plans | Defined Benefit
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	0	0
Interest cost	113	120	226	240
Expected return on plan assets	(195)	(226)	(390)	(452)
Amortization of net loss/(gain)	226	401	367	802
Amortization of prior service (credit)/cost	0	0	0	0
Loss on settlement	103	1,414	393	2,979
Net periodic benefit cost/(credit)	247	1,709	596	3,569
U.S. Plans | Retiree Healthcare
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	2	2	4	4
Interest cost	18	21	64	42
Expected return on plan assets	0	0	0	0
Amortization of net loss/(gain)	(43)	0	(43)	0
Amortization of prior service (credit)/cost	(100)	(159)	(200)	(318)
Loss on settlement	0	0	0	0
Net periodic benefit cost/(credit)	(123)	(136)	(175)	(272)
Non-U.S. Plans | Defined Benefit
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	982	1,325	1,938	2,303
Interest cost	426	401	850	805
Expected return on plan assets	(242)	(179)	(486)	(357)
Amortization of net loss/(gain)	330	462	608	921
Amortization of prior service (credit)/cost	3	13	5	16
Loss on settlement	0	0	0	0
Net periodic benefit cost/(credit)	$ 1,499	$ 2,022	$ 2,915	$ 3,688

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Debt - Schedule of Long-term Debt, Finance Lease, and Other Financing Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less: debt discount, net of premium	$ (4,317)	$ (5,207)
Less: deferred financing costs	(26,691)	(26,682)
Less: current portion	(4,630)	(4,630)
Long-term debt, net	4,213,512	4,214,946
Finance lease and other financing obligations	27,559	28,767
Less: current portion	(1,936)	(2,203)
Finance lease and other financing obligations, less current portion	$ 25,623	26,564
4.875% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.875%
5.625% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.625%
5.0% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.00%
4.375% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.375%
3.75% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	3.75%
4.0% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.00%
Secured Debt | Term Loan
Debt Instrument [Line Items]
Gross long-term debt	$ 449,150	451,465
Senior Notes | 4.875% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.875%
Gross long-term debt	$ 500,000	500,000
Senior Notes | 5.625% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.625%
Gross long-term debt	$ 400,000	400,000
Senior Notes | 5.0% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.00%
Gross long-term debt	$ 700,000	700,000
Senior Notes | 4.375% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.375%
Gross long-term debt	$ 450,000	450,000
Senior Notes | 3.75% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	3.75%
Gross long-term debt	$ 750,000	750,000
Senior Notes | 4.0% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.00%
Gross long-term debt	$ 1,000,000	$ 1,000,000

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Debt - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022	Jun. 23, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Deferred financing costs		$ 26,691,000		$ 26,682,000
Accrued interest		44,500,000		$ 45,100,000
Eleventh Amendment to Credit Agreement
Debt Instrument [Line Items]
Deferred financing costs		2,600,000
Senior Notes | 6.25% Senior Notes
Debt Instrument [Line Items]
Debt redemption, aggregate principal amount	$ 750,000,000
Stated interest rate	6.25%
Loss on debt financing	$ 30,100,000
Debt redemption, premium paid	$ 23,400,000
Revolving Credit Facility | Line of Credit | Eleventh Amendment to Credit Agreement
Debt Instrument [Line Items]
Amount available under revolving credit facility		746,100,000
Line of credit facility, maximum borrowing capacity		750,000,000	$ 750,000,000
Letters of credit outstanding, amount		3,900,000
Letter of Credit | Line of Credit | Eleventh Amendment to Credit Agreement
Debt Instrument [Line Items]
Long-term line of credit		$ 0

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Shareholders' Equity - Narrative (Details) - USD ($)		6 Months Ended
	May 25, 2022	Jun. 30, 2022	Jun. 30, 2021	Jan. 20, 2022	Dec. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Dividends declared pre share (in USD per share)	$ 0.11
Dividends paid	$ 17,200,000	$ 17,225,000	$ 0
January 2022 Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount				$ 500,000,000
Remaining amount under share repurchase program		$ 370,600,000
July2019 Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount				$ 500,000,000
Remaining amount under share repurchase program					$ 254,500,000

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Shareholders' Equity - Accumulated Other Comprehensive Loss Roll forward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 3,072,317	$ 2,790,643	$ 3,094,734	$ 2,705,486
Other comprehensive income before reclassifications, net of tax			26,111
Reclassifications from accumulated other comprehensive loss, net of tax			(13,270)
Other comprehensive income	9,563	3,070	12,841	19,060
Ending balance	3,023,584	2,913,448	3,023,584	2,913,448
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			16,831
Other comprehensive income before reclassifications, net of tax			26,111
Reclassifications from accumulated other comprehensive loss, net of tax			(14,078)
Other comprehensive income			12,033
Ending balance	28,864		28,864
Defined Benefit and Retiree Healthcare Plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			(36,391)
Other comprehensive income before reclassifications, net of tax			0
Reclassifications from accumulated other comprehensive loss, net of tax			808
Other comprehensive income			808
Ending balance	(35,583)		(35,583)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(16,282)	(33,545)	(19,560)	(49,535)
Other comprehensive income	9,563	3,070	12,841	19,060
Ending balance	$ (6,719)	$ (30,475)	$ (6,719)	$ (30,475)

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Shareholders' Equity - Accumulated Other Comprehensive Loss Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net revenue	$ 1,020,548	$ 992,660	$ 1,996,318	$ 1,935,188
Cost of revenue	(686,603)	(658,285)	(1,343,683)	(1,293,634)
Provision for income taxes	(20,020)	(7,638)	(27,608)	(27,919)
Other, net	(39,240)	1,012	(89,696)	(38,385)
Net income	34,841	112,916	57,282	166,649
(Gain)/Loss Reclassified from Accumulated Other Comprehensive Loss | Derivative instruments designated and qualifying as cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before taxes	(12,079)	1,409	(18,972)	5,073
Provision for income taxes	3,116	(352)	4,894	(1,268)
Net income	(8,963)	1,057	(14,078)	3,805
(Gain)/Loss Reclassified from Accumulated Other Comprehensive Loss | Derivative instruments designated and qualifying as cash flow hedges: | Foreign currency forward contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net revenue	(9,476)	3,433	(13,740)	7,840
Cost of revenue	(2,603)	(2,024)	(5,232)	(2,767)
(Gain)/Loss Reclassified from Accumulated Other Comprehensive Loss | Defined benefit and retiree healthcare plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Provision for income taxes	(139)	(459)	(322)	(1,016)
Other, net	519	2,131	1,130	4,400
Net income	$ 380	$ 1,672	$ 808	$ 3,384

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Fair Value Measures - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Level 2 - Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 45,690	$ 28,091
Liabilities	18,317	7,565
Foreign currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	45,074	25,112
Liabilities	6,270	3,073
Commodity forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	616	2,979
Liabilities	$ 12,047	$ 4,492

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Fair Value Measures - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 08, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value		$ 15,000		$ 65,000
Quanergy Systems, Inc.
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)	$ 7.05	$ 0.41	$ 1.84
Quanergy Systems, Inc.
Schedule of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value	$ 75,100	$ 3,383	$ 15,155	50,000
Support agreement term	4 years
Support agreement, consideration	$ 17,600
Quanergy Systems, Inc. | Warrants
Schedule of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value	$ 17,600	$ 0	$ 4,575	0
Equity securities without readily determinable fair value (in shares)	2,500,000	7,500,000	5,000,000
Number of shares called by each warrant (in shares)	1
Exercise price of warrants shares (in dollars per share)	$ 0.01
Quanergy Systems, Inc. | Series B Investment
Schedule of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value	$ 0	$ 0	$ 0	50,000
Share price (in dollars per share)	$ 10.00
Quanergy Systems, Inc. | Ordinary Shares
Schedule of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value	$ 50,000	3,075	9,200	0
Equity securities without readily determinable fair value (in shares)	5,000,000
Quanergy Systems, Inc. | Unregistered Common Shares
Schedule of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value	$ 7,500	$ 308	$ 1,380	$ 0
Equity securities without readily determinable fair value (in shares)	750,000
Quanergy Systems, Inc. | Common Stock, Including Unregistered
Schedule of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value	$ 57,500
Equity securities without readily determinable fair value (in shares)	5,750,000

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Fair Value Measures - Schedule of Investment in Quanergy (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Feb. 08, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value	$ 15,000	$ 15,000				$ 65,000
Mark-to-market loss		(71,100)	$ 0
Quanergy Systems, Inc.
Schedule of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value	3,383	3,383		$ 15,155	$ 75,100	50,000
Mark-to-market loss	(11,772)	(71,717)
Quanergy Systems, Inc. | Series B Investment
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)					$ 10.00
Equity securities without readily determinable fair value	0	0		0	$ 0	50,000
Quanergy Systems, Inc. | Ordinary Shares
Schedule of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value	3,075	3,075		9,200	$ 50,000	0
Equity securities without readily determinable fair value (in shares)					5,000,000
Quanergy Systems, Inc. | Unregistered Common Shares
Schedule of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value	308	308		1,380	$ 7,500	0
Equity securities without readily determinable fair value (in shares)					750,000
Quanergy Systems, Inc. | Warrants
Schedule of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value	$ 0	$ 0		$ 4,575	$ 17,600	$ 0
Equity securities without readily determinable fair value (in shares)	7,500,000	7,500,000		5,000,000	2,500,000
Quanergy Systems, Inc.
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)	$ 0.41	$ 0.41		$ 1.84	$ 7.05

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Fair Value Measures - Financial Instruments Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
4.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	4.875%
5.625% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	5.625%
5.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	5.00%
4.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	4.375%
3.75% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	3.75%
4.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	4.00%
Level 2 | Carrying Value | Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	$ 449,150	$ 451,465
Level 2 | Carrying Value | 4.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	500,000	500,000
Level 2 | Carrying Value | 5.625% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	400,000	400,000
Level 2 | Carrying Value | 5.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	700,000	700,000
Level 2 | Carrying Value | 4.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	450,000	450,000
Level 2 | Carrying Value | 3.75% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	750,000	750,000
Level 2 | Carrying Value | 4.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	1,000,000	1,000,000
Level 2 | Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	443,535	450,901
Level 2 | 4.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	491,250	526,250
Level 2 | 5.625% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	395,000	438,000
Level 2 | 5.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	672,000	759,500
Level 2 | 4.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	383,625	479,250
Level 2 | 3.75% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	601,875	747,188
Level 2 | 4.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	$ 850,000	$ 1,022,500

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Fair Value Measures - Equity Instruments without Readily Determinable Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Feb. 08, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value	$ 15,000			$ 65,000
Quanergy Systems, Inc.
Schedule of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value	3,383	$ 15,155	$ 75,100	50,000
Other
Schedule of Equity Method Investments [Line Items]
Equity securities without readily determinable fair value	$ 15,000			$ 15,000

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Derivative Instruments and Hedging Activities - Narrative (Details)	Jun. 30, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign currency cash flow gain to be reclassified during next 12 months	$ 34,800,000
Termination value of outstanding derivatives in a liability position	18,600,000
Collateral already posted, aggregate fair value	$ 0

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Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - 6 months ended Jun. 30, 2022 € in Millions, ₩ in Millions, ¥ in Millions, ¥ in Millions, £ in Millions, RM in Millions, $ in Millions	EUR (€) ozt lb $ / $ € / $ $ / ₩ £ / $ $ / ¥ $ / ¥ $ / RM	CNY (¥) $ / $ € / $ $ / ₩ £ / $ $ / ¥ $ / ¥ $ / RM	JPY (¥) $ / $ € / $ $ / ₩ £ / $ $ / ¥ $ / ¥ $ / RM	KRW (₩) $ / $ € / $ $ / ₩ £ / $ $ / ¥ $ / ¥ $ / RM	MYR (RM) $ / $ € / $ $ / ₩ £ / $ $ / ¥ $ / ¥ $ / RM	MXN ($) $ / $ € / $ $ / ₩ £ / $ $ / ¥ $ / ¥ $ / RM	GBP (£) $ / $ € / $ $ / ₩ £ / $ $ / ¥ $ / ¥ $ / RM
Foreign currency forward contracts | Not designated | Euro ("EUR") to USD
Hedges of Foreign Currency Risk
Notional | €	€ 21.0
Weighted-Average Strike Rate | € / $	1.05	1.05	1.05	1.05	1.05	1.05	1.05
Foreign currency forward contracts | Not designated | USD to Chinese Renminbi ("CNY")
Hedges of Foreign Currency Risk
Notional | ¥		¥ 388.0
Weighted-Average Strike Rate | $ / ¥	6.70	6.70	6.70	6.70	6.70	6.70	6.70
Foreign currency forward contracts | Not designated | USD to Japanese Yen ("JPY")
Hedges of Foreign Currency Risk
Notional | ¥			¥ 60.0
Weighted-Average Strike Rate | $ / ¥	135.93	135.93	135.93	135.93	135.93	135.93	135.93
Foreign currency forward contracts | Not designated | USD to Malaysian Ringgit ("MYR")
Hedges of Foreign Currency Risk
Notional | RM					RM 22.0
Weighted-Average Strike Rate | $ / RM	4.40	4.40	4.40	4.40	4.40	4.40	4.40
Foreign currency forward contracts | Not designated | USD to Mexican Peso ("MXN")
Hedges of Foreign Currency Risk
Notional | $						$ 70.0
Weighted-Average Strike Rate | $ / $	20.13	20.13	20.13	20.13	20.13	20.13	20.13
Foreign currency forward contracts | Not designated | British Pound Sterling ("GBP") to USD
Hedges of Foreign Currency Risk
Notional | £							£ 10.0
Weighted-Average Strike Rate | £ / $	1.22	1.22	1.22	1.22	1.22	1.22	1.22
Foreign currency forward contracts | Cash flow hedge | Euro ("EUR") to USD
Hedges of Foreign Currency Risk
Notional | €	€ 358.9
Weighted-Average Strike Rate | € / $	1.17	1.17	1.17	1.17	1.17	1.17	1.17
Foreign currency forward contracts | Cash flow hedge | USD to Chinese Renminbi ("CNY")
Hedges of Foreign Currency Risk
Notional | ¥		¥ 756.2
Weighted-Average Strike Rate | $ / ¥	6.46	6.46	6.46	6.46	6.46	6.46	6.46
Foreign currency forward contracts | Cash flow hedge | USD to Korean Won ("KRW")
Hedges of Foreign Currency Risk
Notional | ₩				₩ 24,760.0
Weighted-Average Strike Rate | $ / ₩	1,191.72	1,191.72	1,191.72	1,191.72	1,191.72	1,191.72	1,191.72
Foreign currency forward contracts | Cash flow hedge | USD to Mexican Peso ("MXN")
Hedges of Foreign Currency Risk
Notional | $						$ 3,458.7
Weighted-Average Strike Rate | $ / $	22.15	22.15	22.15	22.15	22.15	22.15	22.15
Foreign currency forward contracts | Cash flow hedge | British Pound Sterling ("GBP") to USD
Hedges of Foreign Currency Risk
Notional | £							£ 60.0
Weighted-Average Strike Rate | £ / $	1.33	1.33	1.33	1.33	1.33	1.33	1.33
Silver | Not designated
Hedges of Foreign Currency Risk
Weighted-Average Strike Rate	24.58	24.58	24.58	24.58	24.58	24.58	24.58
Hedges of Commodity Risk
Notional	1,092,999
Gold | Not designated
Hedges of Foreign Currency Risk
Weighted-Average Strike Rate	1,862.15	1,862.15	1,862.15	1,862.15	1,862.15	1,862.15	1,862.15
Hedges of Commodity Risk
Notional	8,443
Nickel | Not designated
Hedges of Foreign Currency Risk
Weighted-Average Strike Rate	9.94	9.94	9.94	9.94	9.94	9.94	9.94
Hedges of Commodity Risk
Notional | lb	273,088
Aluminum | Not designated
Hedges of Foreign Currency Risk
Weighted-Average Strike Rate	1.23	1.23	1.23	1.23	1.23	1.23	1.23
Hedges of Commodity Risk
Notional | lb	4,353,117
Copper | Not designated
Hedges of Foreign Currency Risk
Weighted-Average Strike Rate	4.32	4.32	4.32	4.32	4.32	4.32	4.32
Hedges of Commodity Risk
Notional | lb	8,450,120
Platinum | Not designated
Hedges of Foreign Currency Risk
Weighted-Average Strike Rate	1,023	1,023	1,023	1,023	1,023	1,023	1,023
Hedges of Commodity Risk
Notional	12,141
Palladium | Not designated
Hedges of Foreign Currency Risk
Weighted-Average Strike Rate	2,344.77	2,344.77	2,344.77	2,344.77	2,344.77	2,344.77	2,344.77
Hedges of Commodity Risk
Notional	1,429

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Derivative Instruments and Hedging Activities - Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Cash flow hedge
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 45,001	$ 24,953
Liability Derivatives	6,229	2,885
Not designated
Derivatives, Fair Value [Line Items]
Asset Derivatives	689	3,138
Liability Derivatives	12,088	4,680
Foreign currency forward contracts | Cash flow hedge | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	38,849	20,562
Foreign currency forward contracts | Cash flow hedge | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	6,152	4,391
Foreign currency forward contracts | Cash flow hedge | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	4,991	1,981
Foreign currency forward contracts | Cash flow hedge | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	1,238	904
Foreign currency forward contracts | Not designated | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	73	159
Foreign currency forward contracts | Not designated | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	41	188
Commodity forward contracts | Not designated | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	482	2,583
Commodity forward contracts | Not designated | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	134	396
Commodity forward contracts | Not designated | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	7,778	3,422
Commodity forward contracts | Not designated | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 4,269	$ 1,070

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Derivative Instruments and Hedging Activities - Income Statement Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Foreign currency forward contracts | Net revenue | Cash flow hedge
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive Income	$ 28,192	$ (6,353)	$ 33,778	$ 12,446
Amount of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income	9,476	(3,433)	13,740	(7,840)
Foreign currency forward contracts | Cost of revenue | Cash flow hedge
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive Income	(3,765)	6,808	1,380	3,383
Amount of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income	2,603	2,024	5,232	2,767
Foreign currency forward contracts | Other, net | Not designated
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss)/Gain Recognized in Net Income	3,165	(1,419)	1,922	(2,377)
Commodity forward contracts | Other, net | Not designated
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss)/Gain Recognized in Net Income	$ (18,254)	$ 1,186	$ (8,830)	$ 33

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Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Thousands				3 Months Ended	6 Months Ended
	Jul. 12, 2022	Feb. 11, 2022	Nov. 19, 2021	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Acquisition-related compensation payments					$ 15,000	$ 0
Goodwill				$ 3,534,438	3,534,438		$ 3,502,063
Spear Power Systems
Business Acquisition [Line Items]
Aggregate purchase price			$ 113,700
Business acquisition contingent consideration (up to)			30,000
Business acquisition contingent consideration			8,600	0	0
SmartWitness
Business Acquisition [Line Items]
Aggregate purchase price			206,400
Cash paid to acquire business			204,200
Acquisition costs related to employee retention			$ 8,600
Elastic M2M Inc
Business Acquisition [Line Items]
Aggregate purchase price		$ 51,400
Acquisition-related incentive compensation		30,000
Compensation earned				$ 3,400	$ 18,400
Goodwill		$ 24,708
Dynapower | Subsequent Event
Business Acquisition [Line Items]
Aggregate purchase price	$ 580,000

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Acquisitions and Divestitures - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Feb. 11, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 3,534,438		$ 3,502,063
Elastic M2M Inc
Business Acquisition [Line Items]
Net working capital, excluding cash		$ (156)
Goodwill		24,708
Other intangible assets		33,500
Deferred income tax liabilities		(8,222)
Fair value of net assets acquired, excluding cash and cash equivalents		49,830
Cash and cash equivalents		1,597
Fair value of net assets acquired		$ 51,427

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Acquisitions and Divestitures - Schedule of Finite-Lived Intangible Assets Acquired and Weighted Average Useful Lives (Details) - Elastic M2M Inc $ in Thousands	Feb. 11, 2022 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition Date Fair Value	$ 33,500
Weighted-Average Lives (years)	12 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition Date Fair Value	$ 23,300
Weighted-Average Lives (years)	13 years
Completed technologies
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition Date Fair Value	$ 10,200
Weighted-Average Lives (years)	10 years

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Acquisitions and Divestitures - Divestitures (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Qinex Business - USD ($) $ in Millions	May 27, 2022	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration on sale of business	$ 219.0
Disposal group, assets held for sale		$ 70.0
Disposal group, goodwill		45.0
Disposal group, liabilities		$ 2.0
Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposition of business	125.0
Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposition of business	$ 150.0

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Segment Reporting - Schedules of Segment Reporting (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments | segment			2
Reconciliation from Segment Totals to Consolidated [Abstract]
Net revenue	$ 1,020,548	$ 992,660	$ 1,996,318	$ 1,935,188
Operating income	138,943	164,755	264,873	322,209
Amortization of intangible assets	(36,805)	(34,857)	(74,172)	(66,921)
Interest expense, net	(44,842)	(45,213)	(90,287)	(89,256)
Other, net	(39,240)	1,012	(89,696)	(38,385)
Income before taxes	54,861	120,554	$ 84,890	194,568
Performance Sensing
Segment Reporting Information [Line Items]
Number of operating segments | segment			2
Reconciliation from Segment Totals to Consolidated [Abstract]
Net revenue	746,882	741,852	$ 1,464,579	1,456,364
Sensing Solutions
Reconciliation from Segment Totals to Consolidated [Abstract]
Net revenue	273,666	250,808	531,739	478,824
Operating segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Net revenue	1,020,548	992,660	1,996,318	1,935,188
Operating income	265,007	278,613	518,160	541,351
Operating segments | Performance Sensing
Reconciliation from Segment Totals to Consolidated [Abstract]
Net revenue	746,882	741,852	1,464,579	1,456,364
Operating income	185,519	202,064	366,157	397,908
Operating segments | Sensing Solutions
Reconciliation from Segment Totals to Consolidated [Abstract]
Net revenue	273,666	250,808	531,739	478,824
Operating income	79,488	76,549	152,003	143,443
Corporate and other
Reconciliation from Segment Totals to Consolidated [Abstract]
Operating income	(76,362)	(73,972)	(152,485)	(142,610)
Segment reconciling items
Reconciliation from Segment Totals to Consolidated [Abstract]
Amortization of intangible assets	(36,805)	(34,857)	(74,172)	(66,921)
Restructuring and other charges, net	$ (12,897)	$ (5,029)	$ (26,630)	$ (9,611)