Segment Reporting

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

Note 19 — Segment Reporting

Segment information is used by management for making operating decisions for the Company. Management evaluates the performance of the Company’s segments based primarily on operating income or loss.

The Company’s reportable segments are as follows:

•Automotive — this segment represents the design, development, manufacturing and sales of automotive climate comfort systems, automotive cable systems, battery performance solutions, lumbar and massage comfort solutions, valve system technologies, and automotive electronic and software systems.

•Medical — this segment represents the results from our patient temperature management business within the medical industry.

The Corporate category includes unallocated costs related to our corporate headquarter activities, including selling, general and administrative costs and acquisition transaction costs, which do not meet the requirements for being classified as an operating segment.

The tables below present segment information about the reported product revenues and operating income of the Company for years ended December 31, 2022, 2021 and 2020. With the exception of goodwill, asset information by segment is not reported since the Company does not manage assets at a segment level.

	Automotive		Medical			Corporate			Total
2022:
Product revenues	$	1,161,616	$	43,040		$	—		$	1,204,656
Depreciation and amortization		39,815		3,344			1,235			44,394
Operating income (loss)		118,433		(4,029	)		(66,097	)		48,307
2021:
Product revenues	$	1,004,633	$	41,517		$	—		$	1,046,150
Depreciation and amortization		35,389		2,460			931			38,780
Operating income (loss)		162,994		(1,829	)		(46,159	)		115,006
2020:
Product revenues	$	869,998	$	43,100		$	—		$	913,098
Depreciation and amortization		37,662		2,366			1,086			41,114
Operating income (loss)		138,410		971			(50,164	)		89,217

Automotive and Medical segment product revenues by product category for each of the years ended December 31, 2022, 2021 and 2020 are as follows:

	Year Ended December 31,
	2022		2021		2020
Climate Control Seat	$	426,046	$	393,816	$	342,550
Seat Heaters		283,970		270,054		249,665
Steering Wheel Heaters		120,949		102,496		76,272
Automotive Cables		76,962		84,114		73,997
Battery Performance Solutions		71,907		69,594		50,901
Electronics		44,106		51,648		53,238
Lumbar and Massage Comfort Solutions (a)		56,980		—		—
Valve System Technologies (a)		41,980		—		—
Other Automotive		38,716		32,911		23,375
Subtotal Automotive segment		1,161,616		1,004,633		869,998
Medical segment (a)		43,040		41,517		43,100
Total Company	$	1,204,656	$	1,046,150	$	913,098

(a)Includes product revenues from acquisitions since their respective acquisition dates (see Note 4).

Revenue (based on shipment destination) by geographic area for each of the years ended December 31, 2022, 2021 and 2020 is as follows:

	Year Ended December 31,
	2022		2021		2020
United States	$	472,468	$	404,466	$	377,577
China		183,419		142,816		101,039
South Korea		94,937		93,516		88,745
Germany		75,367		66,929		58,536
Japan		57,718		63,527		57,785
Czech Republic		49,293		43,931		37,542
Romania		47,532		51,367		33,147
Slovakia		34,686		30,004		21,568
Finland		33,627		29,325		15,958
Mexico		23,233		18,194		13,429
Other		132,376		102,075		107,772
Total Non-U.S.		732,188		641,684		535,521
Total Company	$	1,204,656	$	1,046,150	$	913,098

The table below lists the percentage of total product revenues generated from sales to customers which contributed 10% or more to the Company’s total consolidated product revenue for the years ended December 31, 2022, 2021 and 2020:

	Year Ended December 31,
	2022			2021			2020
Lear		16	%		15	%		15	%
Adient		15	%		15	%		14	%

Property and equipment, net, for each of the geographic areas in which the Company operates as of December 31, 2022 and 2021 is as follows:

	December 31,
Property and equipment, net	2022		2021
Germany	$	47,342	$	16,174
China		43,162		25,411
United States		41,034		19,222
Mexico		31,597		20,296
North Macedonia		27,808		32,682
Vietnam		19,808		19,876
Czech Republic		11,381		—
Hungary		11,736		8,995
Ukraine		5,077		9,539
Other		5,535		3,075
Total	$	244,480	$	155,270