Segment Reporting

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

Note 14 – 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, lumbar and massage comfort solutions, valve systems, battery performance solutions, 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, Depreciation and amortization and Operating income (loss) of the Company for the three and nine months ended September 30, 2023 and 2022.

Three Months Ended September 30,	Automotive		Medical			Corporate			Total
2023
Product revenues	$	354,782	$	11,413		$	—		$	366,195
Depreciation and amortization		11,399		882			173		$	12,454
Operating income (loss)		41,690		(805	)		(17,144	)	$	23,741
2022
Product revenues	$	322,555	$	10,407		$	—		$	332,962
Depreciation and amortization		10,499		1,035			302		$	11,836
Operating income (loss)		43,067		(2,232	)		(18,014	)	$	22,821
Nine Months Ended September 30,	Automotive		Medical			Corporate			Total
2023
Product revenues	$	1,069,007	$	33,136		$	—		$	1,102,143
Depreciation and amortization		34,910		2,756			865		$	38,531
Operating income (loss)		126,630		(21,838	)		(59,056	)	$	45,736
2022
Product revenues	$	829,570	$	31,764		$	—		$	861,334
Depreciation and amortization		27,333		2,224			913		$	30,470
Operating income (loss)		98,367		(3,264	)		(50,356	)	$	44,747

Automotive and Medical segment Product revenues by product category for the three and nine months ended September 30, 2023 and 2022 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Climate Control Seat	$	124,905	$	112,059	$	360,868	$	311,281
Seat Heaters		77,238		75,568		231,132		210,367
Steering Wheel Heaters		39,861		31,482		115,166		89,169
Lumbar and Massage Comfort Solutions (a)		33,260		22,740		109,602		22,740
Valve Systems (a)		27,830		18,542		82,516		18,542
Automotive Cables		19,668		18,338		60,131		59,662
Battery Performance Solutions		17,242		20,331		57,138		55,395
Electronics		10,163		12,083		30,456		33,190
Other Automotive		4,615		11,412		21,998		29,224
Subtotal Automotive segment		354,782		322,555		1,069,007		829,570
Medical segment (b)		11,413		10,407		33,136		31,764
Total Company	$	366,195	$	332,962	$	1,102,143	$	861,334

(a)Represents Product revenues from Alfmeier (acquired on August 1, 2022) - (see Note 2)

(b)Includes Product revenues of $1,988 and $4,939 for the three and nine months ended September 30, 2023, respectively, and $1,234 for the three and nine months ended September 30, 2022 from Dacheng (acquired on July 13, 2022) - (see Note 2)

Total Product revenues information by geographic area for the three and nine months ended September 30, 2023 and 2022 is as follows (based on shipment destination):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
United States	$	134,588	$	131,021	$	414,359	$	337,759
China		61,004		57,439		161,530		127,183
South Korea		27,369		22,751		86,102		67,632
Germany		24,456		19,454		77,007		54,805
Czech Republic		16,684		13,247		51,706		35,630
Japan		16,906		17,603		44,995		42,305
Romania		13,828		11,592		39,797		35,866
Slovakia		10,946		8,109		35,254		25,755
Mexico		15,251		7,062		34,701		16,171
Finland		8,286		9,757		29,558		26,244
Other		36,877		34,927		127,134		91,984
Total Non-U.S.		231,607		201,941		687,784		523,575
Total Company	$	366,195	$	332,962	$	1,102,143	$	861,334