QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
PART I | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of allowances of $ | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net of accumulated amortization of $ | |||||||||||
Deferred income tax assets | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and shareholders' equity | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt, finance lease and other financing obligations | $ | $ | |||||||||
Accounts payable | |||||||||||
Income taxes payable | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Deferred income tax liabilities | |||||||||||
Pension and other post-retirement benefit obligations | |||||||||||
Finance lease and other financing obligations, less current portion | |||||||||||
Long-term debt, net | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 11) | |||||||||||
Shareholders’ equity: | |||||||||||
Ordinary shares, € | |||||||||||
Treasury shares, at cost, | ( | ( | |||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders' equity | |||||||||||
Total liabilities and shareholders' equity | $ | $ |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Net revenue | $ | $ | $ | $ | |||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||
Cost of revenue | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Restructuring and other charges, net | ( | ( | |||||||||||||||||||||
Total operating costs and expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Other, net | ( | ( | ( | ||||||||||||||||||||
Income before taxes | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Basic net income per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted net income per share | $ | $ | $ | $ |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive (loss)/income: | |||||||||||||||||||||||
Cash flow hedges | ( | ||||||||||||||||||||||
Defined benefit and retiree healthcare plans | |||||||||||||||||||||||
Other comprehensive (loss)/income | ( | ||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
For the nine months ended | |||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation | |||||||||||
Amortization of debt issuance costs | |||||||||||
Gain on sale of business | ( | ( | |||||||||
Share-based compensation | |||||||||||
Loss on debt financing | |||||||||||
Amortization of intangible assets | |||||||||||
Deferred income taxes | |||||||||||
Loss on equity investments, net | |||||||||||
Unrealized loss on derivative instruments and other | |||||||||||
Changes in operating assets and liabilities, net of the effects of acquisitions: | |||||||||||
Accounts receivable, net | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses and other current assets | ( | ||||||||||
Accounts payable and accrued expenses | ( | ||||||||||
Income taxes payable | ( | ||||||||||
Other | ( | ( | |||||||||
Acquisition-related compensation payments | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Acquisitions, net of cash received | ( | ||||||||||
Additions to property, plant and equipment and capitalized software | ( | ( | |||||||||
Investment in debt and equity securities | ( | ( | |||||||||
Proceeds from the sale of business, net of cash sold | |||||||||||
Other | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of stock options and issuance of ordinary shares | |||||||||||
Payment of employee restricted stock tax withholdings | ( | ( | |||||||||
Proceeds from borrowings on debt | |||||||||||
Payments on debt | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Payments to repurchase ordinary shares | ( | ( | |||||||||
Payments of debt financing costs | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net change in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents, beginning of year | |||||||||||
Cash and cash equivalents, end of period | $ | $ |
Ordinary Shares | Treasury Shares | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
Number | Amount | Number | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | $ | ( | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Surrender of shares for tax withholding | — | — | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Vesting of restricted securities | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Cash dividends paid | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares | — | — | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Retirement of ordinary shares | ( | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | $ | ( | $ | ( | $ | $ | $ | ( | $ |
Balance as of December 31, 2022 | $ | ( | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Surrender of shares for tax withholding | — | — | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted securities | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares | — | — | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Retirement of ordinary shares | ( | ( | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | $ | ( | $ | ( | $ | $ | $ | ( | $ |
Ordinary Shares | Treasury Shares | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss)/Income | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||
Number | Amount | Number | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | ( | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Surrender of shares for tax withholding | — | — | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted securities | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares | — | — | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Retirement of ordinary shares | ( | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | ( | $ | ( | $ | $ | $ | $ |
Balance as of December 31, 2021 | $ | ( | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Surrender of shares for tax withholding | — | — | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted securities | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares | — | — | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Retirement of ordinary shares | ( | ( | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | ( | $ | ( | $ | $ | $ | $ |
For the three months ended September 30, 2023 | For the three months ended September 30, 2022 (3) | |||||||||||||||||||||||||||||||||||||
PS | SS | Total | PS | SS | Total | |||||||||||||||||||||||||||||||||
Automotive | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
HVOR (1) | ||||||||||||||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||||||||||||||
Appliance and HVAC (2) | ||||||||||||||||||||||||||||||||||||||
Aerospace | ||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
For the nine months ended September 30, 2023 (3) | For the nine months ended September 30, 2022 (3) | |||||||||||||||||||||||||||||||||||||
PS | SS | Total | PS | SS | Total | |||||||||||||||||||||||||||||||||
Automotive | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
HVOR (1) | ||||||||||||||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||||||||||||||
Appliance and HVAC (2) | ||||||||||||||||||||||||||||||||||||||
Aerospace | ||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Stock options | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Restricted securities | |||||||||||||||||||||||
Share-based compensation expense | $ | $ | $ | $ |
Awards Granted To: | Type of Award | Number of Units Granted (in thousands) | Weighted Average Grant Date Fair Value | |||||||||||||||||
Directors | RSU (1) | $ | ||||||||||||||||||
Various executives and employees | RSU (2) | $ | ||||||||||||||||||
Various executives and employees | PRSU (3) | $ | ||||||||||||||||||
Various executives and employees | PRSU (4) | $ |
Charges | |||||||||||||||||
(Dollars in thousands) | Positions | Minimum | Maximum | ||||||||||||||
Performance Sensing | $ | $ | |||||||||||||||
Sensing Solutions | |||||||||||||||||
Corporate and other | |||||||||||||||||
Total | $ | $ |
Severance | Facility and other exit costs (1) | ||||||||||
Performance Sensing | $ | $ | |||||||||
Sensing Solutions | |||||||||||
Corporate and other | |||||||||||
Q3 2023 Plan total | $ | $ | |||||||||
Period ended September 30, 2023 | |||||||||||||||||
Location | Three months | Nine Months | |||||||||||||||
Accelerated amortization | Amortization of intangible assets | $ | $ | ||||||||||||||
Write-down of inventory | Cost of revenue | ||||||||||||||||
Severance charges | Restructuring and other charges, net | ||||||||||||||||
Write-down of property, plant and equipment | Restructuring and other charges, net | ||||||||||||||||
Other charges, including contract termination costs | Restructuring and other charges, net | ||||||||||||||||
Total | $ | $ |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Q3 2023 Plan charges (1) | $ | $ | $ | $ | |||||||||||||||||||
Other restructuring and other charges, net | |||||||||||||||||||||||
Severance charges, net (2) | ( | ||||||||||||||||||||||
Facility and other exit costs | |||||||||||||||||||||||
Gain on sale of business | ( | ( | ( | ||||||||||||||||||||
Acquisition-related compensation arrangements | |||||||||||||||||||||||
Other (3)(4) | |||||||||||||||||||||||
Restructuring and other charges, net | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Q3 2023 Plan | Other | Total | |||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | ||||||||||||||
Charges, net of reversals | |||||||||||||||||
Payments | ( | ( | ( | ||||||||||||||
Foreign currency remeasurement | |||||||||||||||||
Balance as of September 30, 2023 | $ | $ | $ |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Currency remeasurement loss on net monetary assets | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
(Loss)/gain on foreign currency forward contracts | ( | ||||||||||||||||||||||
Loss on commodity forward contracts | ( | ( | ( | ( | |||||||||||||||||||
Loss on debt financing | ( | ( | ( | ||||||||||||||||||||
Loss on equity investments, net | ( | ( | ( | ( | |||||||||||||||||||
Net periodic benefit cost, excluding service cost | ( | ( | ( | ( | |||||||||||||||||||
Other | |||||||||||||||||||||||
Other, net | $ | $ | ( | $ | ( | $ | ( |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Provision for income taxes | $ | $ | $ | $ |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Basic weighted-average ordinary shares outstanding | |||||||||||||||||||||||
Dilutive effect of stock options | |||||||||||||||||||||||
Dilutive effect of unvested restricted securities | |||||||||||||||||||||||
Diluted weighted-average ordinary shares outstanding |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Anti-dilutive shares excluded | |||||||||||||||||||||||
Contingently issuable shares excluded |
September 30, 2023 | December 31, 2022 | ||||||||||
Finished goods | $ | $ | |||||||||
Work-in-process | |||||||||||
Raw materials | |||||||||||
Inventories | $ | $ |
Maturity Date | September 30, 2023 | December 31, 2022 | ||||||||||||||||||
Term Loan (1) | September 20, 2026 | $ | $ | |||||||||||||||||
November 1, 2024 | ||||||||||||||||||||
October 1, 2025 | ||||||||||||||||||||
February 15, 2030 | ||||||||||||||||||||
February 15, 2031 | ||||||||||||||||||||
April 15, 2029 | ||||||||||||||||||||
September 1, 2030 | ||||||||||||||||||||
Less: debt discount, net of premium | ( | ( | ||||||||||||||||||
Less: deferred financing costs | ( | ( | ||||||||||||||||||
Less: current portion | ( | |||||||||||||||||||
Long-term debt, net | $ | $ | ||||||||||||||||||
Finance lease and other financing obligations | $ | $ | ||||||||||||||||||
Less: current portion | ( | ( | ||||||||||||||||||
Finance lease and other financing obligations, less current portion | $ | $ |
Cash Flow Hedges | Defined Benefit and Retiree Healthcare Plans | Accumulated Other Comprehensive Loss | ||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income before reclassifications, net of tax | ||||||||||||||||||||
Reclassifications from accumulated other comprehensive loss, net of tax | ( | ( | ||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||
Balance as of September 30, 2023 | $ | $ | ( | $ | ( |
For the three months ended September 30, | For the nine months ended September 30, | Affected Line in Condensed Consolidated Statements of Operations | ||||||||||||||||||||||||||||||
Component | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Derivative instruments designated and qualifying as cash flow hedges: | ||||||||||||||||||||||||||||||||
Foreign currency forward contracts | $ | ( | $ | ( | $ | ( | $ | ( | Net revenue (1) | |||||||||||||||||||||||
Foreign currency forward contracts | ( | ( | ( | ( | Cost of revenue (1) | |||||||||||||||||||||||||||
Total, before taxes | ( | ( | ( | ( | Income before taxes | |||||||||||||||||||||||||||
Income tax effect | Provision for income taxes | |||||||||||||||||||||||||||||||
Total, net of taxes | $ | ( | $ | ( | $ | ( | $ | ( | Net income | |||||||||||||||||||||||
Defined benefit and retiree healthcare plans | $ | $ | $ | $ | Other, net | |||||||||||||||||||||||||||
Income tax effect | ( | ( | ( | ( | Provision for income taxes | |||||||||||||||||||||||||||
Total, net of taxes | $ | $ | $ | $ | Net income |
September 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Cash equivalents (Level 1) | $ | $ | |||||||||
Foreign currency forward contracts (Level 2) | |||||||||||
Commodity forward contracts (Level 2) | |||||||||||
Total | $ | $ | |||||||||
Liabilities | |||||||||||
Foreign currency forward contracts (Level 2) | $ | $ | |||||||||
Commodity forward contracts (Level 2) | |||||||||||
Total | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Carrying Value(1) | Fair Value | Carrying Value(1) | Fair Value | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Term Loan | $ | $ | $ | $ | |||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Notional (in millions) | Effective Date(s) | Maturity Date(s) | Index (Exchange Rates) | Weighted-Average Strike Rate | Hedge Designation (1) | |||||||||||||||||||||||||||
September 27, 2023 | October 31, 2023 | Euro ("EUR") to USD | Not designated | |||||||||||||||||||||||||||||
Various from October 2021 to September 2023 | Various from October 2023 to September 2025 | EUR to USD | Cash flow hedge | |||||||||||||||||||||||||||||
September 22, 2023 | October 31, 2023 | USD to Chinese Renminbi ("CNY") | Not designated | |||||||||||||||||||||||||||||
September 26, 2023 | October 31, 2023 | USD to CNY | Not designated | |||||||||||||||||||||||||||||
September 27, 2023 | October 31, 2023 | USD to Japanese Yen ("JPY") | Not designated | |||||||||||||||||||||||||||||
Various from November 2021 to September 2023 | Various from October 2023 to August 2025 | USD to Korean Won ("KRW") | Cash flow hedge | |||||||||||||||||||||||||||||
September 26, 2023 | October 31, 2023 | USD to Malaysian Ringgit ("MYR") | Not designated | |||||||||||||||||||||||||||||
September 27, 2023 | October 31, 2023 | USD to Mexican Peso ("MXN") | Not designated | |||||||||||||||||||||||||||||
Various from October 2021 to September 2023 | Various from October 2023 to September 2025 | USD to Mexican Peso ("MXN") | Cash flow hedge | |||||||||||||||||||||||||||||
September 27, 2023 | October 31, 2023 | British Pound Sterling ("GBP") to USD | Not designated | |||||||||||||||||||||||||||||
Various from October 2021 to September 2023 | Various from October 2023 to September 2025 | GBP to USD | Cash flow hedge |
Commodity | Notional | Remaining Contracted Periods | Weighted-Average Strike Price Per Unit | |||||||||||||||||
Silver | October 2023 to July 2025 | $ | ||||||||||||||||||
Gold | October 2023 to July 2025 | $ | ||||||||||||||||||
Nickel | October 2023 to July 2025 | $ | ||||||||||||||||||
Aluminum | October 2023 to July 2025 | $ | ||||||||||||||||||
Copper | October 2023 to July 2025 | $ | ||||||||||||||||||
Platinum | October 2023 to July 2025 | $ | ||||||||||||||||||
Palladium | October 2023 to July 2025 | $ |
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||
Balance Sheet Location | September 30, 2023 | December 31, 2022 | Balance Sheet Location | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | Prepaid expenses and other current assets | $ | $ | Accrued expenses and other current liabilities | $ | $ | |||||||||||||||||||||||||||||
Foreign currency forward contracts | Other assets | Other long-term liabilities | |||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||
Commodity forward contracts | Prepaid expenses and other current assets | $ | $ | Accrued expenses and other current liabilities | $ | $ | |||||||||||||||||||||||||||||
Commodity forward contracts | Other assets | Other long-term liabilities | |||||||||||||||||||||||||||||||||
Foreign currency forward contracts | Prepaid expenses and other current assets | Accrued expenses and other current liabilities | |||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Derivatives designated as hedging instruments | Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive (Loss)/Income | Location of Net Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income | Amount of Net Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income | |||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Foreign currency forward contracts | $ | $ | Net revenue | $ | $ | |||||||||||||||||||||||||||
Foreign currency forward contracts | $ | ( | $ | ( | Cost of revenue | $ | $ | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Amount of (Loss)/Gain Recognized in Net Income | Location of (Loss)/Gain Recognized in Net Income | ||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Commodity forward contracts | $ | ( | $ | ( | Other, net | |||||||||||||||
Foreign currency forward contracts | $ | ( | $ | Other, net |
Derivatives designated as hedging instruments | Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive (Loss)/Income | Location of Net Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income | Amount of Net Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income | |||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Foreign currency forward contracts | $ | $ | Net revenue | $ | $ | |||||||||||||||||||||||||||
Foreign currency forward contracts | $ | $ | ( | Cost of revenue | $ | $ | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Amount of (Loss)/Gain Recognized in Net Income | Location of (Loss)/Gain Recognized in Net Income | ||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Commodity forward contracts | $ | ( | $ | ( | Other, net | |||||||||||||||
Foreign currency forward contracts | $ | $ | Other, net |
Net working capital, excluding cash | $ | |||||||
Goodwill | ||||||||
Other intangible assets | ||||||||
Deferred income tax liabilities | ( | |||||||
Fair value of net assets acquired, excluding cash and cash equivalents | ||||||||
Cash and cash equivalents | ||||||||
Fair value of net assets acquired | $ |
Acquisition Date Fair Value | Weighted-Average Lives (years) | |||||||||||||
Acquired definite-lived intangible assets | ||||||||||||||
Customer relationships | $ | |||||||||||||
Completed technologies | ||||||||||||||
Total definite-lived intangible assets acquired | $ |
Net working capital, excluding cash | $ | |||||||
Property, plant and equipment | ||||||||
Goodwill | ||||||||
Other intangible assets | ||||||||
Other assets | ||||||||
Deferred income tax liabilities | ( | |||||||
Other long-term liabilities | ( | |||||||
Fair value of net assets acquired, excluding cash and cash equivalents | ||||||||
Cash and cash equivalents | ||||||||
Fair value of net assets acquired | $ |
Acquisition Date Fair Value | Weighted-Average Lives (years) | |||||||||||||
Acquired definite-lived intangible assets | ||||||||||||||
Customer relationships | $ | |||||||||||||
Backlog | ||||||||||||||
Completed technologies | ||||||||||||||
Tradenames | ||||||||||||||
Total definite-lived intangible assets acquired | $ |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Performance Sensing | $ | $ | $ | $ | |||||||||||||||||||
Sensing Solutions | |||||||||||||||||||||||
Total net revenue | $ | $ | $ | $ | |||||||||||||||||||
Segment operating income (as defined above): | |||||||||||||||||||||||
Performance Sensing | $ | $ | $ | $ | |||||||||||||||||||
Sensing Solutions | |||||||||||||||||||||||
Total segment operating income | |||||||||||||||||||||||
Corporate and other | ( | ( | ( | ( | |||||||||||||||||||
Amortization of intangible assets | ( | ( | ( | ( | |||||||||||||||||||
Restructuring and other charges, net | ( | ( | |||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Other, net | ( | ( | ( | ||||||||||||||||||||
Income before taxes | $ | $ | $ | $ |
For the three months ended | For the nine months ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Amount | Margin (1) | Amount | Margin (1) | Amount | Margin (1) | Amount | Margin (1) | ||||||||||||||||||||||||||||||||||||||||
Net revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
Performance Sensing | $ | 754.0 | 75.3 | % | $ | 739.4 | 72.6 | % | $ | 2,249.7 | 73.5 | % | $ | 2,173.8 | 72.1 | % | |||||||||||||||||||||||||||||||
Sensing Solutions | 247.3 | 24.7 | 278.8 | 27.4 | 811.9 | 26.5 | 840.8 | 27.9 | |||||||||||||||||||||||||||||||||||||||
Net revenue | 1,001.3 | 100.0 | 1,018.3 | 100.0 | 3,061.6 | 100.0 | 3,014.6 | 100.0 | |||||||||||||||||||||||||||||||||||||||
Operating costs and expenses | 885.0 | 88.4 | 765.4 | 75.2 | 2,678.5 | 87.5 | 2,496.8 | 82.8 | |||||||||||||||||||||||||||||||||||||||
Operating income | 116.3 | 11.6 | 252.9 | 24.8 | 383.1 | 12.5 | 517.8 | 17.2 | |||||||||||||||||||||||||||||||||||||||
Interest expense, net | (36.9) | (3.7) | (44.9) | (4.4) | (115.1) | (3.8) | (135.1) | (4.5) | |||||||||||||||||||||||||||||||||||||||
Other, net | 1.3 | 0.1 | (21.4) | (2.1) | (8.2) | (0.3) | (111.1) | (3.7) | |||||||||||||||||||||||||||||||||||||||
Income before taxes | 80.7 | 8.1 | 186.7 | 18.3 | 259.8 | 8.5 | 271.6 | 9.0 | |||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 17.9 | 1.8 | 46.4 | 4.6 | 61.5 | 2.0 | 74.0 | 2.5 | |||||||||||||||||||||||||||||||||||||||
Net income | $ | 62.8 | 6.3 | % | $ | 140.3 | 13.8 | % | $ | 198.3 | 6.5 | % | $ | 197.5 | 6.6 | % |
For the three months ended | For the nine months ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Amount | Margin (1) | Amount | Margin (1) | Amount | Margin (1) | Amount | Margin (1) | ||||||||||||||||||||||||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue | $ | 688.0 | 68.7 | % | $ | 694.5 | 68.2 | % | $ | 2,090.5 | 68.3 | % | $ | 2,038.2 | 67.6 | % | |||||||||||||||||||||||||||||||
Research and development | 45.4 | 4.5 | 47.9 | 4.7 | 136.2 | 4.5 | 141.9 | 4.7 | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | 85.7 | 8.6 | 90.0 | 8.8 | 263.1 | 8.6 | 283.0 | 9.4 | |||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 40.0 | 4.0 | 40.3 | 4.0 | 135.3 | 4.4 | 114.5 | 3.8 | |||||||||||||||||||||||||||||||||||||||
Restructuring and other charges, net | 26.0 | 2.6 | (107.4) | (10.6) | 53.3 | 1.7 | (80.8) | (2.7) | |||||||||||||||||||||||||||||||||||||||
Total operating costs and expenses | $ | 885.0 | 88.4 | % | $ | 765.4 | 75.2 | % | $ | 2,678.5 | 87.5 | % | $ | 2,496.8 | 82.8 | % |
For the three months ended September 30, 2023 | ||||||||||||||||||||||||||||||||
(Dollars in millions, except per share amounts) | Operating Income | Operating Margin | Income Taxes | Net Income | Diluted EPS | |||||||||||||||||||||||||||
Reported (GAAP) | $ | 116.3 | 11.6 | % | $ | 17.9 | $ | 62.8 | $ | 0.41 | ||||||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||
Restructuring related and other | 31.5 | 3.2 | (1.4) | 30.2 | 0.20 | |||||||||||||||||||||||||||
Financing and other transaction costs | 5.7 | 0.6 | — | 6.0 | 0.04 | |||||||||||||||||||||||||||
Step-up depreciation and amortization | 38.8 | 3.9 | — | 38.8 | 0.25 | |||||||||||||||||||||||||||
Deferred gain on derivative instruments | (0.7) | (0.1) | 0.0 | (0.1) | 0.00 | |||||||||||||||||||||||||||
Amortization of debt issuance costs | — | — | — | 1.7 | 0.01 | |||||||||||||||||||||||||||
Deferred taxes and other tax related | — | — | (1.1) | (1.1) | (0.01) | |||||||||||||||||||||||||||
Total adjustments | 75.4 | 7.5 | (2.4) | 75.5 | 0.50 | |||||||||||||||||||||||||||
Adjusted (non-GAAP) | $ | 191.6 | 19.1 | % | $ | 20.3 | $ | 138.3 | $ | 0.91 |
For the three months ended September 30, 2022 | ||||||||||||||||||||||||||||||||
(Dollars in millions, except per share amounts) | Operating Income | Operating Margin | Income Taxes | Net Income | Diluted EPS | |||||||||||||||||||||||||||
Reported (GAAP) | $ | 252.9 | 24.8 | % | $ | 46.4 | $ | 140.3 | $ | 0.91 | ||||||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||
Restructuring related and other | 16.4 | 1.6 | (0.4) | 16.0 | 0.10 | |||||||||||||||||||||||||||
Financing and other transaction costs | (110.9) | (10.9) | 3.8 | (97.6) | (0.63) | |||||||||||||||||||||||||||
Step-up depreciation and amortization | 39.0 | 3.8 | — | 39.0 | 0.25 | |||||||||||||||||||||||||||
Deferred (gain)/loss on derivative instruments | (0.1) | (0.0) | (1.2) | 4.5 | 0.03 | |||||||||||||||||||||||||||
Amortization of debt issuance costs | — | — | — | 1.8 | 0.01 | |||||||||||||||||||||||||||
Deferred taxes and other tax related | — | — | 27.1 | 27.1 | 0.18 | |||||||||||||||||||||||||||
Total adjustments | (55.6) | (5.5) | 29.3 | (9.2) | (0.06) | |||||||||||||||||||||||||||
Adjusted (non-GAAP) | $ | 197.3 | 19.4 | % | $ | 17.1 | $ | 131.0 | $ | 0.85 |
For the nine months ended September 30, 2023 | ||||||||||||||||||||||||||||||||
(Dollars in millions, except per share amounts) | Operating Income | Operating Margin | Income Taxes | Net Income | Diluted EPS | |||||||||||||||||||||||||||
Reported (GAAP) | $ | 383.1 | 12.5 | % | $ | 61.5 | $ | 198.3 | $ | 1.30 | ||||||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||
Restructuring related and other | 65.6 | 2.1 | (2.7) | 62.9 | 0.41 | |||||||||||||||||||||||||||
Financing and other transaction costs | 14.2 | 0.5 | 2.8 | 17.6 | 0.11 | |||||||||||||||||||||||||||
Step-up depreciation and amortization | 131.3 | 4.3 | — | 131.3 | 0.86 | |||||||||||||||||||||||||||
Deferred (gain)/loss on derivative instruments | (3.9) | (0.1) | (0.2) | 0.8 | 0.01 | |||||||||||||||||||||||||||
Amortization of debt issuance costs | — | — | — | 5.1 | 0.03 | |||||||||||||||||||||||||||
Deferred taxes and other tax related | — | — | 12.1 | 12.1 | 0.08 | |||||||||||||||||||||||||||
Total adjustments | 207.2 | 6.8 | 12.0 | 229.7 | 1.50 | |||||||||||||||||||||||||||
Adjusted (non-GAAP) | $ | 590.3 | 19.3 | % | $ | 49.5 | $ | 428.1 | $ | 2.80 |
For the nine months ended September 30, 2022 | ||||||||||||||||||||||||||||||||
(Dollars in millions, except per share amounts) | Operating Income | Operating Margin | Income Taxes | Net Income | Diluted EPS | |||||||||||||||||||||||||||
Reported (GAAP) | $ | 517.8 | 17.2 | % | $ | 74.0 | $ | 197.5 | $ | 1.26 | ||||||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||
Restructuring related and other | 24.4 | 0.8 | (0.6) | 24.3 | 0.15 | |||||||||||||||||||||||||||
Financing and other transaction costs | (80.6) | (2.7) | 2.8 | 5.2 | 0.03 | |||||||||||||||||||||||||||
Step-up depreciation and amortization | 110.3 | 3.7 | — | 110.3 | 0.70 | |||||||||||||||||||||||||||
Deferred loss on derivative instruments | 1.7 | 0.1 | (3.4) | 13.0 | 0.08 | |||||||||||||||||||||||||||
Amortization of debt issuance costs | — | — | — | 5.3 | 0.03 | |||||||||||||||||||||||||||
Deferred taxes and other tax related | — | — | 28.5 | 28.5 | 0.18 | |||||||||||||||||||||||||||
Total adjustments | 55.8 | 1.9 | 27.3 | 186.5 | 1.19 | |||||||||||||||||||||||||||
Adjusted (non-GAAP) | $ | 573.6 | 19.0 | % | $ | 46.7 | $ | 384.0 | $ | 2.45 |
For the nine months ended September 30, | ||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||
Net cash provided by operating activities (GAAP) | $ | 351.6 | $ | 235.7 | ||||||||||
Additions to property, plant and equipment and capitalized software | (136.2) | (110.4) | ||||||||||||
Free cash flow (non-GAAP) | $ | 215.4 | $ | 125.3 |
For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Corporate and other expenses (GAAP) | $ | (75.1) | $ | (76.4) | $ | (219.0) | $ | (228.9) | ||||||||||||||||||
Restructuring related and other | 9.2 | 8.0 | 20.9 | 13.1 | ||||||||||||||||||||||
Financing and other transaction costs | 2.0 | 5.0 | 5.6 | 11.5 | ||||||||||||||||||||||
Step-up depreciation and amortization | 0.4 | 0.3 | 0.7 | 0.9 | ||||||||||||||||||||||
Deferred (gain)/loss on derivative instruments | (0.7) | (0.1) | (3.9) | 1.7 | ||||||||||||||||||||||
Total adjustments | 10.9 | 13.1 | 23.3 | 27.3 | ||||||||||||||||||||||
Adjusted corporate and other expenses (non-GAAP) | $ | (64.2) | $ | (63.3) | $ | (195.7) | $ | (201.6) |
For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||||||||||
(In millions) | LTM | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Net income | $ | 311.5 | $ | 62.8 | $ | 140.3 | $ | 198.3 | $ | 197.5 | ||||||||||||||||||||||
Interest expense, net | 158.8 | 36.9 | 44.9 | 115.1 | 135.1 | |||||||||||||||||||||||||||
Provision for income taxes | 73.5 | 17.9 | 46.4 | 61.5 | 74.0 | |||||||||||||||||||||||||||
Depreciation expense | 129.5 | 33.3 | 31.7 | 96.9 | 94.6 | |||||||||||||||||||||||||||
Amortization of intangible assets | 174.6 | 40.0 | 40.3 | 135.3 | 114.5 | |||||||||||||||||||||||||||
EBITDA | 847.8 | 190.9 | 303.5 | 607.1 | 615.8 | |||||||||||||||||||||||||||
Non-GAAP adjustments | ||||||||||||||||||||||||||||||||
Restructuring related and other | 78.7 | 31.5 | 16.4 | 65.6 | 24.9 | |||||||||||||||||||||||||||
Financing and other transaction costs | 19.8 | 6.0 | (101.4) | 14.8 | 2.5 | |||||||||||||||||||||||||||
Deferred (gain)/loss on derivative instruments | (13.5) | (0.2) | 5.7 | 1.0 | 16.3 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 932.9 | $ | 228.3 | $ | 224.2 | $ | 688.4 | $ | 659.4 |
(Dollars in millions) | September 30, 2023 | December 31, 2022 | ||||||||||||
Current portion of long-term debt, finance lease and other financing obligations | $ | 1.9 | $ | 256.5 | ||||||||||
Finance lease and other financing obligations, less current portion | 23.5 | 24.7 | ||||||||||||
Long-term debt, net | 3,771.8 | 3,958.9 | ||||||||||||
Total debt, finance lease and other financing obligations | 3,797.2 | 4,240.1 | ||||||||||||
Less: debt discount, net of premium | (2.0) | (3.4) | ||||||||||||
Less: deferred financing costs | (26.2) | (29.9) | ||||||||||||
Total gross indebtedness | 3,825.3 | 4,273.4 | ||||||||||||
Less: cash and cash equivalents | 889.7 | 1,225.5 | ||||||||||||
Net debt | $ | 2,935.6 | $ | 3,047.9 | ||||||||||
Adjusted EBITDA (LTM) | $ | 932.9 | $ | 903.9 | ||||||||||
Net leverage ratio | 3.1 | 3.4 |
(In millions) | September 30, 2023 | December 31, 2022 | |||||||||
United Kingdom | $ | 16.4 | $ | 15.7 | |||||||
United States | 10.3 | 16.1 | |||||||||
The Netherlands | 514.0 | 861.3 | |||||||||
China | 275.0 | 210.0 | |||||||||
Other | 74.0 | 122.5 | |||||||||
Total | $ | 889.7 | $ | 1,225.5 |
As of September 30, 2023 | |||||||||||||||||||||||||||||
(In millions) | USD | EUR | GBP | CNY | Other | ||||||||||||||||||||||||
United Kingdom | $ | 0.9 | € | 0.0 | £ | 13.4 | ¥ | — | |||||||||||||||||||||
United States | 9.8 | 0.5 | — | — | |||||||||||||||||||||||||
The Netherlands | 502.7 | 9.7 | 0.6 | — | |||||||||||||||||||||||||
China | 155.0 | — | — | 876.3 | |||||||||||||||||||||||||
Other | 53.9 | 2.8 | — | — | |||||||||||||||||||||||||
Total | $ | 722.3 | € | 13.0 | £ | 14.0 | ¥ | 876.3 | |||||||||||||||||||||
USD Equivalent | $ | 13.8 | $ | 17.1 | $ | 119.8 | $ | 16.7 |
As of December 31, 2022 | |||||||||||||||||||||||||||||
(In millions) | USD | EUR | GBP | CNY | Other | ||||||||||||||||||||||||
United Kingdom | $ | 2.7 | € | 0.0 | £ | 10.7 | ¥ | — | |||||||||||||||||||||
United States | 16.1 | — | — | — | |||||||||||||||||||||||||
The Netherlands | 848.6 | 10.9 | 0.2 | — | |||||||||||||||||||||||||
China | 95.0 | — | — | 794.4 | |||||||||||||||||||||||||
Other | 99.9 | 2.3 | — | — | |||||||||||||||||||||||||
Total | $ | 1,062.3 | € | 13.2 | £ | 10.9 | ¥ | 794.4 | |||||||||||||||||||||
USD Equivalent | $ | 14.0 | $ | 13.2 | $ | 115.2 | $ | 20.8 |
For the nine months ended | |||||||||||
(In millions) | September 30, 2023 | September 30, 2022 | |||||||||
Net cash provided by/(used in): | |||||||||||
Operating activities: | |||||||||||
Net income adjusted for non-cash items | $ | 483.8 | $ | 425.5 | |||||||
Changes in operating assets and liabilities, net | (109.6) | (166.3) | |||||||||
Cash operating activities | (22.6) | (23.5) | |||||||||
Operating activities | 351.6 | 235.7 | |||||||||
Investing activities | (117.6) | (551.9) | |||||||||
Financing activities | (569.8) | (288.9) | |||||||||
Net change | $ | (335.8) | $ | (605.0) |
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 | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan or Programs (in millions) | ||||||||||||||||||||||
July 1 through July 31, 2023 | 81,918 | $ | 38.73 | 81,726 | $ | 196.2 | ||||||||||||||||||||
August 1 through August 31, 2023 | 402,296 | $ | 41.58 | 388,750 | $ | 180.1 | ||||||||||||||||||||
September 1 through September 30, 2023 | 419,654 | $ | 37.93 | 418,632 | $ | 164.2 | ||||||||||||||||||||
Quarter total | 903,868 | $ | 39.63 | 889,108 | $ | 164.2 |
Exhibit No. | Description | |||||||
3.1 | ||||||||
10.1 | Amendment No. 13 to Credit Agreement and Amendment No. 3 to Foreign Guaranty, dated as of August 22, 2023, by and among Sensata Technologies, Inc., Sensata Technologies Intermediate Holding B.V., Sensata Technologies 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 August 28, 2023). | |||||||
10.2 | ||||||||
10.3 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
31.3 | ||||||||
32.1 | ||||||||
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). | |||||||
SENSATA TECHNOLOGIES HOLDING PLC | ||
/s/ Jeff Cote | ||
(Jeff 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) | ||
Date: | November 7, 2023 | |||||||
/s/ JEFF COTE | ||||||||
Jeff Cote | ||||||||
Chief Executive Officer and President |
Date: | November 7, 2023 | |||||||
/s/ PAUL VASINGTON | ||||||||
Paul Vasington | ||||||||
Executive Vice President and Chief Financial Officer |
Date: | November 7, 2023 | |||||||
/s/ MARIA FREVE | ||||||||
Maria Freve | ||||||||
Vice President and Chief Accounting Officer |
/s/ JEFF COTE | |||||
Jeff Cote | |||||
Chief Executive Officer and President | |||||
Date: | November 7, 2023 | ||||
/s/ PAUL VASINGTON | |||||
Paul Vasington | |||||
Executive Vice President and Chief Financial Officer | |||||
Date: | November 7, 2023 | ||||
/s/ MARIA FREVE | |||||
Maria Freve | |||||
Vice President and Chief Accounting Officer | |||||
Date: | November 7, 2023 | ||||
Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands |
Sep. 30, 2023
USD ($)
shares
|
Sep. 30, 2023
€ / shares
|
Dec. 31, 2022
USD ($)
shares
|
Dec. 31, 2022
€ / shares
|
---|---|---|---|---|
Statement of Financial Position [Abstract] | ||||
Accounts receivable, allowances | $ | $ 35,207 | $ 24,246 | ||
Accumulated amortization | $ | $ 2,484,206 | $ 2,352,813 | ||
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) | 175,819,000 | 175,207,000 | ||
Treasury shares (in shares) | 24,260,000 | 22,781,000 |
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Statement [Abstract] | ||||
Net revenue | $ 1,001,302 | $ 1,018,268 | $ 3,061,589 | $ 3,014,586 |
Operating costs and expenses: | ||||
Cost of revenue | 687,959 | 694,535 | 2,090,538 | 2,038,218 |
Research and development | 45,448 | 47,947 | 136,244 | 141,898 |
Selling, general and administrative | 85,661 | 90,013 | 263,123 | 283,022 |
Amortization of intangible assets | 39,970 | 40,313 | 135,307 | 114,485 |
Restructuring and other charges, net | 26,004 | (107,441) | 53,262 | (80,811) |
Total operating costs and expenses | 885,042 | 765,367 | 2,678,474 | 2,496,812 |
Operating income | 116,260 | 252,901 | 383,115 | 517,774 |
Interest expense, net | (36,908) | (44,856) | (115,104) | (135,143) |
Other, net | 1,317 | (21,371) | (8,215) | (111,067) |
Income before taxes | 80,669 | 186,674 | 259,796 | 271,564 |
Provision for income taxes | 17,868 | 46,421 | 61,467 | 74,029 |
Net income | $ 62,801 | $ 140,253 | $ 198,329 | $ 197,535 |
Basic net income per share (in dollars per share) | $ 0.41 | $ 0.91 | $ 1.30 | $ 1.27 |
Diluted net income per share (in dollars per share) | $ 0.41 | $ 0.91 | $ 1.30 | $ 1.26 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 62,801 | $ 140,253 | $ 198,329 | $ 197,535 |
Other comprehensive (loss)/income: | ||||
Cash flow hedges | (401) | 10,329 | 11,092 | 22,362 |
Defined benefit and retiree healthcare plans | 248 | 577 | 865 | 1,385 |
Other comprehensive (loss)/income | (153) | 10,906 | 11,957 | 23,747 |
Comprehensive income | $ 62,648 | $ 151,159 | $ 210,286 | $ 221,282 |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
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 interim 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, 2022, filed with the U.S. Securities and Exchange Commission (the "SEC") on February 13, 2023 (the "2022 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 |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
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. |
Revenue Recognition |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition The following tables present net revenue disaggregated by segment and end market for the three and nine months ended September 30, 2023 and 2022 for our two reportable segments, Performance Sensing ("PS") and Sensing Solutions ("SS"):
___________________________________ (1) Heavy vehicle and off-road (2) Heating, ventilation and air conditioning (3) Effective April 1, 2023, we moved our material handling products from the HVOR operating segment (in the Performance Sensing reportable segment) to the Sensing Solutions operating segment to align with new management reporting. The amounts previously reported in the tables above for the three and nine months ended September 30, 2022 have been retrospectively recast to reflect this change. In addition, the nine months ended September 30, 2023 includes amounts for the three months ended March 31, 2023 that have been retrospectively adjusted for this change.
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Share-Based Payment Plans |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended September 30, 2023 and 2022:
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 nine months ended September 30, 2023:
____________________________________ (1) These RSUs cliff vest one year from the grant date (May and June 2024). (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 2026 and August 2026. (3) These PRSUs vest on various dates between April 2026 and July 2026. The number of units that ultimately vest will be between 0% and 200% and is dependent on the achievement of certain performance criteria. (4) These awards include certain PRSUs with market performance conditions that will be evaluated relative to the performance of certain peers as defined in the award agreement. The number of units that ultimately vest (in April 2026 and July 2026) will be from 0% to 150%, depending on achievement of these performance criteria. Total grant date value of these PRSUs is approximately $5.7 million and was valued using the Monte Carlo method. Related share-based compensation expense recognized in the three and nine months ended September 30, 2023 was $0.6 million and $1.1 million, respectively.
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Restructuring and Other Charges, Net |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other Charges, Net | Restructuring and Other Charges, Net Q3 2023 Plan In the three months ended September 30, 2023, we committed to a plan to reorganize our business (the “Q3 2023 Plan”). The Q3 2023 Plan, consisting of voluntary and involuntary reductions-in-force, site closures, and other cost-savings initiatives, was commenced to adjust our cost structure and business activities to better align with weaker market demand and continued economic uncertainty in many of our end-markets and to take active measures to accelerate our margin recovery. The reductions-in-force, which are subject to the laws and regulations of the countries in which the actions are planned, are expected to impact 451 positions. Over the life of the Q3 2023 Plan, we expect to incur restructuring charges of between $20.5 million and $25.5 million, primarily related to reductions-in-force. The majority of the actions under the Q3 2023 Plan are expected to be completed on or before June 30, 2024. We expect to settle these charges with cash on hand. We expect these restructuring charges to impact our business segments and corporate functions as follows:
Restructuring charges recognized in the three and nine months ended September 30, 2023 resulting from the Q3 2023 Plan are presented by business segment and corporate functions below.
___________________________________ (1) Includes site closures Marine Business On June 6, 2023, we announced that we had made the decision to exit the marine energy storage business (the "Marine Business") of Spear Power Systems (“Spear”), which had been included in the Sensing Solutions reportable segment. Exiting the Marine Business resulted in charges of $0.9 million and $39.2 million in the three and nine months ended September 30, 2023, respectively, as presented in the table below:
Summary The following table presents the charges and gains included as components of restructuring and other charges, net for the three and nine months ended September 30, 2023 and 2022:
___________________________________ (1) Includes severance charges and facility and other exit costs relating to the Q3 2023 Plan as detailed under the heading Q3 2023 Plan above. (2) Each period presented includes severance charges, net of reversals, that do not represent the initiation of a larger restructuring plan. The nine months ended September 30, 2023 includes severance charges incurred as a result of the exit of the Marine Business as detailed under the heading Marine Business above. (3) The three and nine months ended September 30, 2023 include charges related to the exit of the Marine Business, including the write-down of property, plant and equipment and other charges, including contract termination costs, as detailed under the heading Marine Business above. (4) The three and nine months ended September 30, 2022 include transaction-related charges to sell various assets and liabilities comprising our semiconductor test and thermal business (collectively, the "Qinex Business"), partially offset in the nine months ended September 30, 2022 by gains related to changes in the fair value of acquisition-related contingent consideration amounts. The following table presents a rollforward of our severance liability for the nine months ended September 30, 2023:
The severance liability as of September 30, 2023 and December 31, 2022 were entirely recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets.
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, Net | Other, Net The following table presents the components of other, net for the three and nine months ended September 30, 2023 and 2022:
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Income Taxes |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The following table presents the provision for income taxes for the three and nine months ended September 30, 2023 and 2022:
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. We recorded a partial valuation allowance against certain interest carryforwards in the U.S. at both December 31, 2022 and December 31, 2021. We are continually evaluating both the positive and negative evidence for this partial valuation allowance. We believe that there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to allow us to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of this deferred tax asset and a decrease to income tax expense for the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability and future utilization of this attribute that we are able to actually achieve.
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Net Income per Share |
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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 nine months ended September 30, 2023 and 2022 the weighted-average ordinary shares outstanding used to calculate basic and diluted net income per share were as follows:
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:
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories The following table presents the components of inventories as of September 30, 2023 and December 31, 2022:
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Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The following table presents the components of long-term debt, finance lease and other financing obligations as of September 30, 2023 and December 31, 2022:
___________________________________ (1) On February 6, 2023, we prepaid $250.0 million of outstanding principal on our Term Loan balance. Accordingly, that portion of the principal balance outstanding on the Term Loan as of December 31, 2022 was presented as current portion of long-term debt. On May 3, 2023, we prepaid $196.8 million of outstanding principal on the Term Loan, representing the remaining balance on the Term Loan as of that date plus $0.5 million in interest. Our debt consists of secured credit facilities and various tranches of senior unsecured notes. Refer to Note 14: Debt of the audited consolidated financial statements and notes thereto included in the 2022 Annual Report for additional information regarding our existing indebtedness. On August 22, 2023, certain of our indirect, wholly-owned subsidiaries, including Sensata Technologies, Inc. ("STI"), Sensata Technologies Intermediate Holding B.V., and Sensata Technologies B.V. (“STBV”), entered into an amendment (the “Thirteenth 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 (as amended, supplemented, waived, or otherwise modified prior to the Thirteenth Amendment). Among other changes to the Credit Agreement, the Thirteenth Amendment, (i) released the Foreign Guarantors (excluding STBV) (the "Specified Foreign Guarantors") from all of their remaining obligations as guarantors and securing parties under the Credit Agreement, subject to an obligation to reinstate the guarantees under certain conditions, and (ii) modified certain of the operational and restrictive covenants and other terms and conditions of the Credit Agreement to provide us increased flexibility and permissions thereunder. The Specified Foreign Guarantors were released from their guaranty obligations with respect to STBV’s 5.625% senior notes due 2024, 5.000% senior notes due 2025, 4.000% senior notes due 2029 and 5.875% senior notes due 2030 and with respect to STI’s 4.375% senior notes due 2030 and 3.750% senior notes due 2031, in each case in accordance with the terms of the relevant indenture pursuant to which such senior notes were issued. As of September 30, 2023, we had $746.1 million available under our $750.0 million revolving credit facility (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 September 30, 2023, no amounts had been drawn against these outstanding letters of credit. 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 September 30, 2023 and December 31, 2022, accrued interest totaled $54.0 million and $50.1 million, respectively.
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Commitments and Contingencies |
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Sep. 30, 2023 | |
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. |
Shareholders' Equity |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders' Equity Cash Dividends In the three and nine months ended September 30, 2023, we paid aggregate cash dividends of $18.3 million and $53.4 million, respectively, compared to $17.0 million and $34.3 million in the three and nine months ended September 30, 2022, respectively. On October 26, 2023, we announced that our Board of Directors approved a quarterly dividend of $0.12 per share, payable on November 22, 2023 to shareholders of record as of November 8, 2023. 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, our Board of Directors authorized a $500.0 million ordinary share repurchase program (the “January 2022 Program”), which replaced the previous $500.0 million program approved in July 2019. On September 26, 2023, our Board of Directors authorized a new $500.0 million ordinary share repurchase program (the “September 2023 Program”), which replaced the January 2022 Program and became effective on October 1, 2023. In the three and nine months ended September 30, 2023, we repurchased 0.9 million and 1.5 million ordinary shares, respectively (for an aggregate value of $35.2 million and $60.3 million, respectively). In the three and nine months ended September 30, 2022, we repurchased 2.3 million and 5.2 million ordinary shares, respectively (for an aggregate value of $98.4 million and $244.6 million, respectively). All share repurchases in these periods were made under the January 2022 Program. As of September 30, 2023, $164.2 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 nine months ended September 30, 2023:
The following table presents the amounts reclassified from accumulated other comprehensive loss for the three and nine months ended September 30, 2023 and 2022:
___________________________________ (1) Refer to Note 14: Derivative Instruments and Hedging Activities for additional information regarding amounts to be reclassified from accumulated other comprehensive loss in future periods.
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Fair Value Measures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measures | Fair Value Measures Measured on a Recurring Basis The fair values of our assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 are shown in the below table.
Refer to Note 14: Derivative Instruments and Hedging Activities for additional information regarding our forward contracts. Cash equivalents consist of U.S. Government Treasury money market funds and are classified as Level 1 as they are exchange traded in an active market. Measured on a Nonrecurring Basis We evaluated our goodwill and other indefinite-lived intangible assets for impairment as of October 1, 2022 and determined that they were not impaired. In the three months ended June 30, 2023, we exited the Marine Business, as discussed further in Note 5: Restructuring and Other Charges, Net. We considered the exit of the Marine Business and determined that goodwill related to the Clean Energy Solutions reporting unit was not impaired as of the date of the exit. No other events or changes in circumstances occurred in the nine months ended September 30, 2023 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 September 30, 2023 and December 31, 2022. All fair value measures presented are categorized in Level 2 of the fair value hierarchy.
___________________________________ (1) Excluding any related debt discounts, premiums, and deferred financing costs. 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 Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 321, Investments—Equity Securities. As of September 30, 2023 and December 31, 2022, we held equity investments under the measurement alternative of $18.2 million and $15.0 million, respectively, which are presented in other assets in the condensed consolidated balance sheets. There were no impairments or changes resulting from observable transactions for these investments in the three and nine months ended September 30, 2023 and 2022 and no adjustments have been made to their carrying values as of September 30, 2023 and December 31, 2022.
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Derivative Instruments and Hedging Activities |
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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 nine months ended September 30, 2023 and 2022, 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 September 30, 2023, we estimated that $30.8 million of net gains will be reclassified from accumulated other comprehensive loss to earnings during the twelve-month period ending September 30, 2024. As of September 30, 2023, we had the following outstanding foreign currency forward contracts:
___________________________________ (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 September 30, 2023, we had the following outstanding commodity forward contracts, none of which were designated for hedge accounting treatment in accordance with FASB ASC Topic 815, Derivatives and Hedging:
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 September 30, 2023 and December 31, 2022:
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 September 30, 2023 and 2022:
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 nine months ended September 30, 2023 and 2022:
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 September 30, 2023, the termination value of outstanding derivatives in a liability position, excluding any adjustment for non-performance risk, was $9.6 million. As of September 30, 2023, 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 |
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Business Acquisitions and Divestitures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Divestitures | Acquisitions and Divestitures Acquisitions Elastic M2M On February 11, 2022, we acquired all of the equity interests of Elastic M2M Inc. ("Elastic M2M") for an aggregate cash purchase price of $51.6 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, which was pending the completion of certain technical milestones in fiscal year 2022 and achievement of financial targets in fiscal years 2022 and 2023. All technical milestones were completed in fiscal year 2022. As of December 31, 2022, we had recognized $24.7 million of this acquisition-related incentive compensation. In the three and nine months ended September 30, 2023, we recognized an additional $1.8 million and $5.3 million, respectively, of this acquisition-related incentive compensation, which is recorded in restructuring and other charges, net. Elastic M2M is an 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 allocation of the purchase price related to this acquisition was finalized in the three months ended March 31, 2023. The following table summarizes the final allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed:
The goodwill 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. In connection with the allocation of purchase price to the assets acquired and liabilities assumed, we identified certain definite-lived intangible assets. The following table presents the acquired intangible assets, their estimated fair values, and weighted-average lives:
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. Dynapower On July 12, 2022, we completed the acquisition of all of the outstanding equity interests of DP Acquisition Corp ("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, for an aggregate cash purchase price of $577.5 million. Dynapower also provides aftermarket sales and service to maintain its equipment in the field. Dynapower is a foundational addition to our Clean Energy Solutions strategy and complements our recent acquisitions of GIGAVAC, Lithium Balance, and Spear. We are integrating Dynapower into our Sensing Solutions reportable segment. We recorded measurement period adjustments in the three months ended June 30, 2023 that predominantly reflected an updated valuation of definite-lived intangible assets. Accordingly, definite-lived intangible assets in the three months ended June 30, 2023 increased $57.2 million (primarily customer relationships). Along with other adjustments, including the associated deferred income tax liability on acquired intangibles, goodwill decreased $41.0 million as a result of these adjustments. The allocation of the purchase price related to this acquisition was finalized in the three months ended September 30, 2023. The following table summarizes the final allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed:
The goodwill 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. In connection with the allocation of purchase price to the assets acquired and liabilities assumed, we identified certain definite-lived intangible assets. The following table presents the acquired intangible assets, their estimated fair values, and weighted-average lives:
The definite-lived intangible assets were valued using the income approach. We primarily used the relief-from-royalty method to value completed technologies and tradenames, 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. Divestiture - Qinex Business On May 27, 2022, we executed an asset purchase agreement (the "APA") whereby we agreed to sell the Qinex Business to LTI Holdings, Inc. ("LTI") in exchange for consideration of approximately $219.0 million, subject to working capital and other adjustments. Concurrent with the execution of the APA, the parties entered into a Contract Manufacturing Agreement ("CMA") and a Transition Services Agreement ("TSA"), each for nominal consideration. The CMA commenced at closing of the transaction ("Closing") and had a term of either or nine months, depending on the manufacturing site. LTI also had the option of extending each contract for an additional three months. The period from Closing to the end of the CMA term (including extensions, if any) is referred to as the "Transition Period." The terms of the CMA required that we provide manufacturing and distribution services for the Transition Period. The TSA commenced at Closing and had a term that varied depending on the nature of the support services, ranging from one month to the entirety of the Transition Period. The terms of the TSA required that we provide various forms of commercial, operational, and back-office support to LTI. The Transition Period ended in the three months ended March 31, 2023. Closing occurred in July 2022, at which time assets of approximately $70 million (including allocated goodwill of $45 million) and liabilities of approximately $2 million transferred to LTI. Transferred assets and liabilities excluded inventories and accounts payable, which transferred to LTI at the end of the Transition Period. We received cash consideration of $198.8 million at Closing and recognized a pre-tax gain of $135.1 million in the three months ended September 30, 2022. Cash consideration received at Closing excluded amounts held in escrow until various milestones were met through the Transition Period. In the three months ended June 30, 2023, we received an escrow payment of $15.0 million, which included $10.0 million (presented in cash flows from operating activities) related to the transfer of inventory. Approximately $4.0 million remains in escrow as of September 30, 2023. The Qinex Business manufactured 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 was 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 total fair value of the Industrial Solutions reporting unit.
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Segment Reporting |
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Segment Reporting | Segment ReportingWe 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. Effective April 1, 2023, we moved our material handling products from the HVOR operating segment (in the Performance Sensing reportable segment) to the Sensing Solutions operating segment to align with new management reporting. This product move resulted in a reallocation of $57.1 million of goodwill from the HVOR reporting unit to the Industrial Solutions reporting unit based on its fair value relative to the total fair value of the HVOR reporting unit. 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 expenses 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 2022 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 nine months ended September 30, 2023 and 2022. The amounts previously reported in the table below for the three and nine months ended September 30, 2022 have been retrospectively recast to reflect the move of the material handling products between operating segments as described above. In addition, the nine months ended September 30, 2023 includes amounts for the three months ended March 31, 2023 that have been retrospectively adjusted for this change.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
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Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 62,801 | $ 140,253 | $ 198,329 | $ 197,535 |
Insider Trading Arrangements |
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Sep. 30, 2023
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Sep. 30, 2023
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Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
George Verras [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On August 4, 2023, George Verras, Executive Vice President, Chief Technology Officer, an officer for purposes of Section 16 of the Exchange Act, entered into a "Rule 10b5-1 trading arrangement" as such term is defined in Item 408(a) of Regulation S-K. This arrangement was entered into during an open trading window and provides for the potential exercise of up to 7,161 stock options contingent on attainment of certain price per share of our common stock. The earliest sell date is November 3, 2023 and the plan will terminate upon the earlier of August 4, 2024 or the date all options under the plan are exercised. In addition, Mr. Verras may terminate the plan at any time. | |
Name | George Verras | |
Title | Executive Vice President, Chief Technology Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | August 4, 2023 | |
Arrangement Duration | 275 days | |
Aggregate Available | 7,161 | 7,161 |
Basis of Presentation (Policies) |
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Sep. 30, 2023 | |
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 interim 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, 2022, filed with the U.S. Securities and Exchange Commission (the "SEC") on February 13, 2023 (the "2022 Annual Report").All U.S. dollar ("USD") and share amounts presented, except per share amounts, are stated in thousands, unless otherwise indicated. |
Revenue Recognition (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following tables present net revenue disaggregated by segment and end market for the three and nine months ended September 30, 2023 and 2022 for our two reportable segments, Performance Sensing ("PS") and Sensing Solutions ("SS"):
___________________________________ (1) Heavy vehicle and off-road (2) Heating, ventilation and air conditioning (3) Effective April 1, 2023, we moved our material handling products from the HVOR operating segment (in the Performance Sensing reportable segment) to the Sensing Solutions operating segment to align with new management reporting. The amounts previously reported in the tables above for the three and nine months ended September 30, 2022 have been retrospectively recast to reflect this change. In addition, the nine months ended September 30, 2023 includes amounts for the three months ended March 31, 2023 that have been retrospectively adjusted for this change.
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Share-Based Payment Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended September 30, 2023 and 2022:
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Schedule of 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 nine months ended September 30, 2023:
____________________________________ (1) These RSUs cliff vest one year from the grant date (May and June 2024). (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 2026 and August 2026. (3) These PRSUs vest on various dates between April 2026 and July 2026. The number of units that ultimately vest will be between 0% and 200% and is dependent on the achievement of certain performance criteria. (4) These awards include certain PRSUs with market performance conditions that will be evaluated relative to the performance of certain peers as defined in the award agreement. The number of units that ultimately vest (in April 2026 and July 2026) will be from 0% to 150%, depending on achievement of these performance criteria. Total grant date value of these PRSUs is approximately $5.7 million and was valued using the Monte Carlo method. Related share-based compensation expense recognized in the three and nine months ended September 30, 2023 was $0.6 million and $1.1 million, respectively.
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Restructuring and Other Charges, Net (Tables) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Other Charges, Net | We expect these restructuring charges to impact our business segments and corporate functions as follows:
Restructuring charges recognized in the three and nine months ended September 30, 2023 resulting from the Q3 2023 Plan are presented by business segment and corporate functions below.
___________________________________ (1) Includes site closures Exiting the Marine Business resulted in charges of $0.9 million and $39.2 million in the three and nine months ended September 30, 2023, respectively, as presented in the table below:
The following table presents the charges and gains included as components of restructuring and other charges, net for the three and nine months ended September 30, 2023 and 2022:
___________________________________ (1) Includes severance charges and facility and other exit costs relating to the Q3 2023 Plan as detailed under the heading Q3 2023 Plan above. (2) Each period presented includes severance charges, net of reversals, that do not represent the initiation of a larger restructuring plan. The nine months ended September 30, 2023 includes severance charges incurred as a result of the exit of the Marine Business as detailed under the heading Marine Business above. (3) The three and nine months ended September 30, 2023 include charges related to the exit of the Marine Business, including the write-down of property, plant and equipment and other charges, including contract termination costs, as detailed under the heading Marine Business above. (4) The three and nine months ended September 30, 2022 include transaction-related charges to sell various assets and liabilities comprising our semiconductor test and thermal business (collectively, the "Qinex Business"), partially offset in the nine months ended September 30, 2022 by gains related to changes in the fair value of acquisition-related contingent consideration amounts.
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Schedule of Severance Liability | The following table presents a rollforward of our severance liability for the nine months ended September 30, 2023:
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Other, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other, Net | The following table presents the components of other, net for the three and nine months ended September 30, 2023 and 2022:
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Provision for Income Taxes | The following table presents the provision for income taxes for the three and nine months ended September 30, 2023 and 2022:
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Net Income per Share (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted-Average Ordinary Shares Outstanding | For the three and nine months ended September 30, 2023 and 2022 the weighted-average ordinary shares outstanding used to calculate basic and diluted net income per share were as follows:
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Schedule of Antidilutive Securities | These potential ordinary shares were as follows:
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Inventories | The following table presents the components of inventories as of September 30, 2023 and December 31, 2022:
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Debt (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2023 and December 31, 2022:
___________________________________ (1) On February 6, 2023, we prepaid $250.0 million of outstanding principal on our Term Loan balance. Accordingly, that portion of the principal balance outstanding on the Term Loan as of December 31, 2022 was presented as current portion of long-term debt. On May 3, 2023, we prepaid $196.8 million of outstanding principal on the Term Loan, representing the remaining balance on the Term Loan as of that date plus $0.5 million in interest.
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Shareholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended September 30, 2023:
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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 nine months ended September 30, 2023 and 2022:
___________________________________ (1) Refer to Note 14: Derivative Instruments and Hedging Activities for additional information regarding amounts to be reclassified from accumulated other comprehensive loss in future periods.
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Fair Value Measures (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The fair values of our assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 are shown in the below table.
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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 September 30, 2023 and December 31, 2022. All fair value measures presented are categorized in Level 2 of the fair value hierarchy.
___________________________________ (1) Excluding any related debt discounts, premiums, and deferred financing costs.
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Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Instruments | As of September 30, 2023, we had the following outstanding foreign currency forward contracts:
___________________________________ (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 September 30, 2023, we had the following outstanding commodity forward contracts, none of which were designated for hedge accounting treatment in accordance with FASB ASC Topic 815, Derivatives and Hedging:
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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 September 30, 2023 and December 31, 2022:
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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 September 30, 2023 and 2022:
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 nine months ended September 30, 2023 and 2022:
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Acquisitions and Divestitures (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisitions and Divestitures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the final allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed:
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Schedule of Acquired Intangible Assets and Weighted Average Useful Lives | The following table presents the acquired intangible assets, their estimated fair values, and weighted-average lives:
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Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended September 30, 2023 and 2022. The amounts previously reported in the table below for the three and nine months ended September 30, 2022 have been retrospectively recast to reflect the move of the material handling products between operating segments as described above. In addition, the nine months ended September 30, 2023 includes amounts for the three months ended March 31, 2023 that have been retrospectively adjusted for this change.
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Share-Based Payment Plans - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 6,847 | $ 8,441 | $ 24,454 | $ 24,180 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | (2) | 158 | (88) | 467 |
Restricted securities | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 6,849 | $ 8,283 | $ 24,542 | $ 23,713 |
Restructuring and Other Charges, Net - Narrative (Details) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2023
USD ($)
position
|
Sep. 30, 2023
USD ($)
|
|
Q3 2023 Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected number of positions eliminated | position | 451 | |
Business exit costs | $ 1,192 | $ 1,192 |
Q3 2023 Plan | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 20,500 | 20,500 |
Q3 2023 Plan | Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 25,500 | 25,500 |
Exiting Marine Business | ||
Restructuring Cost and Reserve [Line Items] | ||
Write-down of inventory | 0 | 10,479 |
Business exit costs | $ 900 | $ 39,200 |
Restructuring and Other Charges, Net - Restructuring Charges by Impacted Segment (Details) - Q3 2023 Plan - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2023 |
|
Restructuring Cost and Reserve [Line Items] | ||
Severance charges | $ 20,189 | $ 20,189 |
Facility and other exit costs | 1,192 | 1,192 |
Corporate and other | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance charges | 8,533 | 8,533 |
Facility and other exit costs | 0 | 0 |
Performance Sensing | Operating Segments | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance charges | 7,086 | 7,086 |
Facility and other exit costs | 237 | 237 |
Sensing Solutions | Operating Segments | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance charges | 4,570 | 4,570 |
Facility and other exit costs | $ 955 | $ 955 |
Restructuring and Other Charges, Net - Components of Restructuring Charges Related to Business Exit (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Amortization of intangible assets | $ 39,970 | $ 40,313 | $ 135,307 | $ 114,485 |
Exiting Marine Business | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Amortization of intangible assets | 0 | 13,527 | ||
Write-down of inventory | 0 | 10,479 | ||
Severance charges | 0 | 1,168 | ||
Write-down of property, plant and equipment | 0 | 1,735 | ||
Other charges, including contract termination costs | 876 | 12,278 | ||
Total | $ 876 | $ 39,187 |
Restructuring and Other Charges, Net - Components of Restructuring and Other Charges, Net (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Gain on sale of business | $ (5,877) | $ (135,112) | ||
Restructuring and other charges, net | $ 26,004 | $ (107,441) | 53,262 | (80,811) |
Q3 2023 Plan charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 21,381 | 0 | 21,381 | 0 |
Severance costs, net | 20,189 | 20,189 | ||
Facility and other exit costs | 1,192 | 1,192 | ||
Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs, net | (435) | 6,249 | 8,527 | 6,836 |
Facility and other exit costs | 494 | 2,181 | 1,029 | 4,470 |
Gain on sale of business | 0 | (135,112) | (5,877) | (135,112) |
Acquisition-related compensation arrangements | 3,769 | 7,359 | 14,371 | 38,448 |
Other | $ 795 | $ 11,882 | $ 13,831 | $ 4,547 |
Other, Net (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Other Income and Expenses [Abstract] | ||||
Currency remeasurement loss on net monetary assets | $ (4,491) | $ (12,583) | $ (15,057) | $ (26,740) |
(Loss)/gain on foreign currency forward contracts | (1,301) | 6,178 | 3,306 | 8,100 |
Loss on commodity forward contracts | (476) | (5,773) | (4,846) | (14,603) |
Loss on debt financing | 0 | (5,468) | (857) | (5,468) |
Loss on equity investments, net | (376) | (4,035) | (678) | (75,135) |
Net periodic benefit cost, excluding service cost | (863) | (868) | (2,644) | (2,262) |
Other | 8,824 | 1,178 | 12,561 | 5,041 |
Other, net | $ 1,317 | $ (21,371) | $ (8,215) | $ (111,067) |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 17,868 | $ 46,421 | $ 61,467 | $ 74,029 |
Net Income per Share - Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||
Basic weighted-average ordinary shares outstanding (in shares) | 152,046 | 154,474 | 152,421 | 156,124 |
Dilutive effect of stock options (in shares) | 19 | 107 | 75 | 256 |
Dilutive effect of unvested restricted securities (in shares) | 314 | 362 | 426 | 475 |
Diluted weighted-average ordinary shares outstanding (in shares) | 152,379 | 154,943 | 152,922 | 156,855 |
Net Income per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
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) | 1,815 | 1,917 | 1,274 | 1,116 |
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) | 1,239 | 1,513 | 1,291 | 1,299 |
Inventories (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 242,695 | $ 202,531 |
Work-in-process | 119,104 | 117,691 |
Raw materials | 321,847 | 324,653 |
Inventories | $ 683,646 | $ 644,875 |
Fair Value Measures - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 534,333 | $ 895,341 |
Liabilities | 9,550 | 14,537 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 496,937 | 860,034 |
Foreign currency forward contracts | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 36,008 | 31,126 |
Liabilities | 5,344 | 9,866 |
Commodity forward contracts | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 1,388 | 4,181 |
Liabilities | $ 4,206 | $ 4,671 |
Fair Value Measures - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Equity securities without readily determinable fair value | $ 18.2 | $ 15.0 |
Derivative Instruments and Hedging Activities - Narrative (Details) |
Sep. 30, 2023
USD ($)
|
---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Foreign currency cash flow gain to be reclassified during next 12 months | $ 30,800,000 |
Termination value of outstanding derivatives in a liability position | 9,600,000 |
Collateral already posted, aggregate fair value | $ 0 |
Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Feb. 11, 2022 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Feb. 11, 2023 |
Jul. 12, 2022 |
|
Elastic M2M Inc | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate purchase price | $ 51,600 | ||||||
Acquisition-related incentive compensation | $ 30,000 | ||||||
Compensation earned | $ 24,700 | ||||||
Acquisition-related compensation arrangements | $ 1,800 | $ 5,300 | |||||
Fair value of net assets acquired | $ 51,618 | ||||||
Dynapower | |||||||
Business Acquisition [Line Items] | |||||||
Fair value of net assets acquired | $ 577,473 | ||||||
Measurement period adjustments, intangibles | $ 57,200 | ||||||
Goodwill adjustments | $ 41,000 |
Acquisitions and Divestitures - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Feb. 11, 2023 |
Dec. 31, 2022 |
Jul. 12, 2022 |
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Goodwill | $ 3,864,490 | $ 3,911,224 | ||
Elastic M2M Inc | ||||
Business Acquisition [Line Items] | ||||
Net working capital, excluding cash | $ 35 | |||
Goodwill | 28,211 | |||
Other intangible assets | 27,700 | |||
Deferred income tax liabilities | (5,925) | |||
Fair value of net assets acquired, excluding cash and cash equivalents | 50,021 | |||
Cash and cash equivalents | 1,597 | |||
Fair value of net assets acquired | $ 51,618 | |||
Dynapower | ||||
Business Acquisition [Line Items] | ||||
Net working capital, excluding cash | $ 9,958 | |||
Property, plant and equipment | 1,846 | |||
Goodwill | 379,823 | |||
Other intangible assets | 221,600 | |||
Other assets | 1,656 | |||
Deferred income tax liabilities | (40,785) | |||
Other long-term liabilities | (1,035) | |||
Fair value of net assets acquired, excluding cash and cash equivalents | 573,063 | |||
Cash and cash equivalents | 4,410 | |||
Fair value of net assets acquired | $ 577,473 |
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