Segment Reporting

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

Note 15 – 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, fuel management valves and other valves for brake and engine systems, 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 months ended March 31, 2024 and 2023.

Three Months Ended March 31,	Automotive		Medical			Corporate			Total
2024
Product revenues	$	344,638	$	11,377		$	—		$	356,015
Depreciation and amortization		12,408		883			527		$	13,818
Operating income (loss)		43,210		(483	)		(24,678	)	$	18,049
2023
Product revenues	$	352,692	$	10,933		$	—		$	363,625
Depreciation and amortization		12,340		978			265		$	13,583
Operating income (loss)		38,379		(493	)		(20,212	)	$	17,674

Automotive and Medical segment Product revenues by product category for the three months ended March 31, 2024 and 2023 were as follows:

	Three Months Ended March 31,
	2024		2023
Climate Control Seat	$	115,590	$	114,753
Seat Heaters		77,076		75,636
Steering Wheel Heaters		39,814		36,347
Lumbar and Massage Comfort Solutions		38,251		38,738
Valve Systems		26,625		26,994
Automotive Cables		21,519		20,220
Battery Performance Solutions		13,608		20,309
Electronics		8,185		10,970
Other Automotive		3,970		8,725
Subtotal Automotive segment		344,638		352,692
Medical segment		11,377		10,933
Total Company	$	356,015	$	363,625

Total Product revenues information by geographic area for the three months ended March 31, 2024 and 2023 is as follows (based on shipment destination):

	Three Months Ended March 31,
	2024		2023
United States	$	125,453	$	141,452
China		54,476		46,654
South Korea		28,184		28,738
Germany		23,613		26,512
Czech Republic		19,584		17,650
Romania		14,222		12,533
Slovakia		13,178		11,596
Japan		12,455		15,222
United Kingdom		11,324		10,133
Mexico		10,015		9,094
Other		43,511		44,041
Total Non-U.S.		230,562		222,173
Total Company	$	356,015	$	363,625