Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 15, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-34652 | |
Entity Registrant Name | SENSATA TECHNOLOGIES HOLDING PLC | |
Entity Incorporation, State or Country Code | X0 | |
Entity Tax Identification Number | 98-1386780 | |
Entity Address, Address Line One | 529 Pleasant Street | |
Entity Address, City or Town | Attleboro | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02703 | |
Entity Address, Country | US | |
City Area Code | +1 (508) | |
Local Phone Number | 236 3800 | |
Title of 12(b) Security | Ordinary Shares - nominal value €0.01 per share | |
Trading Symbol | ST | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 158,109,854 | |
Entity Central Index Key | 0001477294 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,893,926 | $ 1,861,980 |
Accounts receivable, net of allowances of $18,891 and $19,033 as of March 31, 2021 and December 31, 2020, respectively | 641,161 | 576,647 |
Inventories | 468,446 | 451,005 |
Prepaid expenses and other current assets | 102,592 | 90,340 |
Total current assets | 3,106,125 | 2,979,972 |
Property, plant and equipment, net | 796,419 | 803,825 |
Goodwill | 3,124,939 | 3,111,349 |
Other intangible assets, net of accumulated amortization of $2,176,498 and $2,145,634 as of March 31, 2021 and December 31, 2020, respectively | 676,072 | 691,549 |
Deferred income tax assets | 80,023 | 84,785 |
Other assets | 161,614 | 172,722 |
Total assets | 7,945,192 | 7,844,202 |
Current liabilities: | ||
Current portion of long-term debt, finance lease and other financing obligations | 9,678 | 757,205 |
Accounts payable | 431,084 | 393,907 |
Income taxes payable | 21,498 | 19,215 |
Accrued expenses and other current liabilities | 311,261 | 324,830 |
Total current liabilities | 773,521 | 1,495,157 |
Deferred income tax liabilities | 262,673 | 259,857 |
Pension and other post-retirement benefit obligations | 43,074 | 48,002 |
Finance lease and other financing obligations, less current portion | 27,605 | 27,931 |
Long-term debt, net | 3,961,397 | 3,213,747 |
Other long-term liabilities | 86,279 | 94,022 |
Total liabilities | 5,154,549 | 5,138,716 |
Commitments and contingencies (Note 12) | ||
Shareholders’ equity: | ||
Ordinary shares, €0.01 nominal value per share, 177,069 shares authorized, and 173,533 and 173,266 shares issued as of March 31, 2021 and December 31, 2020, respectively | 2,223 | 2,220 |
Treasury shares, at cost, 15,631 shares as of March 31, 2021 and December 31, 2020 | (784,596) | (784,596) |
Additional paid-in capital | 1,775,320 | 1,759,668 |
Retained earnings | 1,831,241 | 1,777,729 |
Accumulated other comprehensive loss | (33,545) | (49,535) |
Total shareholders’ equity | 2,790,643 | 2,705,486 |
Total liabilities and shareholders’ equity | $ 7,945,192 | $ 7,844,202 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands | Mar. 31, 2021USD ($)shares | Mar. 31, 2021€ / shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2020€ / shares |
Current assets: | ||||
Accounts receivable, allowances | $ | $ 18,891 | $ 19,033 | ||
Accumulated amortization | $ | $ 2,176,498 | $ 2,145,634 | ||
Shareholders’ equity: | ||||
Ordinary shares, nominal value per share (in euros per share) | € / shares | € 0.01 | € 0.01 | ||
Common stock, shares authorized (in shares) | 177,069,000 | 177,069,000 | ||
Common stock, shares, issued (in shares) | 173,533,000 | 173,266,000 | ||
Treasury stock, shares (in shares) | 15,631,000 | 15,631,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Net revenue | $ 942,528 | $ 774,269 |
Operating costs and expenses: | ||
Cost of revenue | 635,349 | 566,406 |
Research and development | 35,956 | 34,453 |
Selling, general and administrative | 77,123 | 77,221 |
Amortization of intangible assets | 32,064 | 33,092 |
Restructuring and other charges, net | 4,582 | 4,498 |
Total operating costs and expenses | 785,074 | 715,670 |
Operating income | 157,454 | 58,599 |
Interest expense, net | (44,043) | (39,403) |
Other, net | (39,397) | (12,281) |
Income before taxes | 74,014 | 6,915 |
Provision for/(benefit from) income taxes | 20,281 | (1,516) |
Net income | $ 53,733 | $ 8,431 |
Basic net income per share (in dollars per share) | $ 0.34 | $ 0.05 |
Diluted net income per share (in dollars per share) | $ 0.34 | $ 0.05 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 53,733 | $ 8,431 |
Other comprehensive income/(loss): | ||
Cash flow hedges | 14,278 | (19,334) |
Defined benefit and retiree healthcare plans | 1,712 | 3,342 |
Other comprehensive income/(loss) | 15,990 | (15,992) |
Comprehensive income/(loss) | $ 69,723 | $ (7,561) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 53,733 | $ 8,431 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 31,197 | 34,679 |
Amortization of debt issuance costs | 1,711 | 1,631 |
Share-based compensation | 5,099 | 6,084 |
Loss on debt financing transaction | 30,066 | 0 |
Amortization of intangible assets | 32,064 | 33,092 |
Deferred income taxes | 130 | (4,100) |
Loss on litigation judgment | 0 | 29,200 |
Unrealized loss on derivative instruments and other | 8,797 | 11,040 |
Changes in operating assets and liabilities, net of the effects of acquisitions: | ||
Accounts receivable, net | (62,198) | 21,458 |
Inventories | (16,857) | (7,596) |
Prepaid expenses and other current assets | (4,971) | 5,625 |
Accounts payable and accrued expenses | 26,409 | (19,962) |
Income taxes payable | 2,283 | (15,844) |
Other | (2,952) | (5,194) |
Net cash provided by operating activities | 104,511 | 98,544 |
Cash flows from investing activities: | ||
Acquisitions, net of cash received | (20,406) | 0 |
Additions to property, plant and equipment and capitalized software | (27,172) | (29,547) |
Investment in debt and equity securities | (1,799) | (5,217) |
Other | 340 | 1,928 |
Net cash used in investing activities | (49,037) | (32,836) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options and issuance of ordinary shares | 10,556 | 709 |
Payment of employee restricted stock tax withholdings | (221) | (15) |
Proceeds from borrowings on debt | 750,000 | 0 |
Payments on debt | (752,753) | (2,375) |
Payments to repurchase ordinary shares | 0 | (35,175) |
Payments of debt financing costs | (31,110) | 0 |
Net cash used in financing activities | (23,528) | (36,856) |
Net change in cash and cash equivalents | 31,946 | 28,852 |
Cash and cash equivalents, beginning of period | 1,861,980 | 774,119 |
Cash and cash equivalents, end of period | $ 1,893,926 | $ 802,971 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Ordinary Shares | Treasury Shares | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning Balance (in shares) at Dec. 31, 2019 | 172,561 | (14,733) | ||||
Beginning Balance at Dec. 31, 2019 | $ 2,573,755 | $ 2,212 | $ (749,421) | $ 1,725,091 | $ 1,616,357 | $ (20,484) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Surrender of shares for tax withholding | (15) | (15) | ||||
Stock options exercised (in shares) | 34 | |||||
Stock options exercised | 709 | $ 0 | 709 | |||
Vesting of restricted securities (in shares) | 1 | |||||
Retirement of ordinary shares | 0 | $ 15 | (15) | |||
Repurchase of ordinary shares (in shares) | (898) | |||||
Repurchase of ordinary shares | (35,175) | $ (35,175) | ||||
Share-based compensation | 6,084 | 6,084 | ||||
Net income | 8,431 | 8,431 | ||||
Other comprehensive income (loss) | (15,992) | (15,992) | ||||
Ending Balance at Mar. 31, 2020 | 2,537,797 | $ 2,212 | $ (784,596) | 1,731,884 | 1,624,773 | (36,476) |
Ending Balance (in shares) at Mar. 31, 2020 | 172,596 | (15,631) | ||||
Beginning Balance (in shares) at Dec. 31, 2020 | 173,266 | (15,631) | ||||
Beginning Balance at Dec. 31, 2020 | 2,705,486 | $ 2,220 | $ (784,596) | 1,759,668 | 1,777,729 | (49,535) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Surrender of shares for tax withholding (in shares) | (4) | |||||
Surrender of shares for tax withholding | (221) | $ (221) | ||||
Stock options exercised (in shares) | 259 | |||||
Stock options exercised | 10,556 | $ 3 | 10,553 | |||
Vesting of restricted securities (in shares) | 12 | |||||
Retirement of ordinary shares (in shares) | (4) | 4 | ||||
Retirement of ordinary shares | 0 | $ 221 | (221) | |||
Share-based compensation | 5,099 | 5,099 | ||||
Net income | 53,733 | 53,733 | ||||
Other comprehensive income (loss) | 15,990 | 15,990 | ||||
Ending Balance at Mar. 31, 2021 | $ 2,790,643 | $ 2,223 | $ (784,596) | $ 1,775,320 | $ 1,831,241 | $ (33,545) |
Ending Balance (in shares) at Mar. 31, 2021 | 173,533 | (15,631) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
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/(loss), 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 wholly-owned subsidiaries, collectively referred to as the "Company," "Sensata," "we," "our," or "us." The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q. Accordingly, these interim financial statements do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. The accompanying financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the interim period results. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Annual Report"). All U.S. dollar ("USD") and share amounts presented, except per share amounts, are stated in thousands, unless otherwise indicated. Certain reclassifications have been made to prior periods to conform to current period presentation. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2021 | |
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
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue Recognition | Revenue Recognition The following table presents net revenue disaggregated by segment and end market for the three months ended March 31, 2021 and 2020: For the three months ended March 31, 2021 For the three months ended March 31, 2020 Performance Sensing Sensing Solutions Total Performance Sensing Sensing Solutions Total Automotive $ 536,713 $ 11,500 $ 548,213 $ 437,703 $ 8,236 $ 445,939 HVOR (1) 177,799 — 177,799 130,986 — 130,986 Industrial — 90,475 90,475 — 80,599 80,599 Appliance and HVAC (2) — 59,916 59,916 — 45,396 45,396 Aerospace — 32,677 32,677 — 42,124 42,124 Other — 33,448 33,448 — 29,225 29,225 Total $ 714,512 $ 228,016 $ 942,528 $ 568,689 $ 205,580 $ 774,269 ________________________ (1) Heavy vehicle and off-road (2) Heating, ventilation and air conditioning |
Share-Based Payment Plans
Share-Based Payment Plans | 3 Months Ended |
Mar. 31, 2021 | |
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 months ended March 31, 2021 and 2020: For the three months ended March 31, 2021 March 31, 2020 Stock options $ 460 $ 2,489 Restricted securities 4,639 3,595 Share-based compensation expense $ 5,099 $ 6,084 |
Restructuring and Other Charges
Restructuring and Other Charges, Net | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges, Net | Restructuring and Other Charges, Net On June 30, 2020, in response to the potential long-term impact of the global financial and health crisis caused by the coronavirus ("COVID-19") pandemic on our business, we committed to a plan to reorganize our business (the “Q2 2020 Global Restructure Program”), consisting of voluntary and involuntary reductions-in-force and certain site closures. The Q2 2020 Global Restructure Program was commenced in order to align our cost structure to the demand levels that we anticipate in the coming quarters. We have taken a large portion of the actions contemplated under the Q2 2020 Global Restructure Program, with the majority of the remaining actions expected to be completed on or before June 30, 2021. Over the life of the Q2 2020 Global Restructure Program, 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 approximately 880 positions, for which we expect to incur severance charges of between $31.0 million and $33.7 million. In addition, over the life of the Q2 2020 Global Restructure Program, we expect to incur between $6.0 million and $8.0 million related to site closures. 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: Reductions-in-Force Site Closures (Dollars in millions) Positions Minimum Maximum Minimum Maximum Performance Sensing 180 $ 10.7 $ 11.6 $ 3.0 $ 4.0 Sensing Solutions 286 8.9 9.6 3.0 4.0 Corporate and other (1) 414 11.4 12.5 — — Total 880 $ 31.0 $ 33.7 $ 6.0 $ 8.0 ___________________________________ (1) The majority of these positions relate to engineering and manufacturing operations, which are allocated to corporate and other. However, these restructuring actions will benefit the results of Performance Sensing and Sensing Solutions as well. Charges recognized in the three months ended March 31, 2021 resulting from the Q2 2020 Global Restructure Program are presented by impacted segment below. Approximately $0.8 million of these charges relate to site closures in Sensing Solutions. However, as noted in Note 17: Segment Reporting , restructuring and other charges, net are excluded from segment operating income. For the three months ended March 31, 2021 Performance Sensing $ 296 Sensing Solutions 1,528 Restructuring and other charges $ 1,824 The following table presents the components of restructuring and other charges, net for the three months ended March 31, 2021 and 2020: For the three months ended March 31, 2021 March 31, 2020 Q2 2020 Global Restructure Program charges $ 1,824 $ — Other restructuring charges Severance costs, net (1) 186 3,897 Facility and other exit costs 666 — Other 1,906 601 Restructuring and other charges, net $ 4,582 $ 4,498 ___________________________________ (1) Severance costs, net for the three months ended March 31, 2020 were primarily related to termination benefits arising from the shutdown and relocation of an operating site in Northern Ireland. The following table presents a rollforward of the severance portion of our restructuring obligations for the three months ended March 31, 2021. Q2 2020 Global Restructure Program Other Total Balance at December 31, 2020 $ 10,842 $ 4,037 $ 14,879 Charges, net of reversals 1,073 186 1,259 Payments (3,054) (519) (3,573) Foreign currency remeasurement (207) (17) (224) Balance at March 31, 2021 $ 8,654 $ 3,687 $ 12,341 The severance liability as of March 31, 2021 was entirely recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet. |
Other, Net
Other, Net | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other, net | Other, Net The following table presents the components of other, net for the three months ended March 31, 2021 and 2020: For the three months ended March 31, 2021 March 31, 2020 Currency remeasurement (loss)/gain on net monetary assets $ (1,477) $ 1,553 Loss on foreign currency forward contracts (958) (3,781) Loss on commodity forward contracts (1,153) (5,575) Loss on debt refinancing (30,066) — Net periodic benefit cost, excluding service cost (2,410) (4,381) Other (3,333) (97) Other, net $ (39,397) $ (12,281) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table presents the provision for/(benefit from) income taxes for the three months ended March 31, 2021 and 2020: For the three months ended March 31, 2021 March 31, 2020 Provision for/(benefit from) income taxes $ 20,281 $ (1,516) The increase in total tax from the prior period was predominantly related to the overall increase in income before taxes as impacted by the mix of profits in the various jurisdictions in which we operate. In response to the global financial and health crisis caused by COVID-19, the U.S. federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") on March 27, 2020. Federal limitations on interest deductions were reduced in connection with this legislation, and we recorded a deferred tax benefit of $7.5 million in the three months ended March 31, 2020, as we were able to utilize additional interest expense that was previously subject to a valuation allowance. The provision for/(benefit from) income taxes consists of (1) current tax expense, which relates primarily to our profitable operations in non-U.S. tax jurisdictions 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) the step-up in fair value of fixed and intangible assets acquired in connection with business combination transactions, (b) changes in net operating loss carryforwards, (c) changes in tax rates, and (d) changes in our assessment of the realizability of our deferred tax assets. |
Net Income per Share
Net Income per Share | 3 Months Ended |
Mar. 31, 2021 | |
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 months ended March 31, 2021 and 2020 the weighted-average ordinary shares outstanding used to calculate basic and diluted net income per share were as follows: For the three months ended March 31, 2021 March 31, 2020 Basic weighted-average ordinary shares outstanding 157,764 157,599 Dilutive effect of stock options 708 334 Dilutive effect of unvested restricted securities 758 452 Diluted weighted-average ordinary shares outstanding 159,230 158,385 Certain potential ordinary shares were excluded from our calculation of diluted weighted-average ordinary shares outstanding because either they would have had an anti–dilutive effect on net income per share or they related to equity awards that were contingently issuable for which the contingency had not been satisfied. These potential ordinary shares were as follows: For the three months ended March 31, 2021 March 31, 2020 Anti-dilutive shares excluded 6 1,385 Contingently issuable shares excluded 950 596 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The following table presents the components of inventories as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Finished goods $ 152,729 $ 170,488 Work-in-process 96,730 87,006 Raw materials 218,987 193,511 Inventories $ 468,446 $ 451,005 |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits The components of net periodic benefit cost/(credit) associated with our defined benefit and retiree healthcare plans for the three months ended March 31, 2021 and 2020 were as follows: U.S. Plans Non-U.S. Plans Defined Benefit Retiree Healthcare Defined Benefit Total 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ — $ — $ 2 $ 2 $ 978 $ 769 $ 980 $ 771 Interest cost 120 267 21 37 404 315 545 619 Expected return on plan assets (226) (433) — — (178) (174) (404) (607) Amortization of net loss 401 295 — 10 459 236 860 541 Amortization of prior service (credit)/cost — — (159) (196) 3 2 (156) (194) Loss on settlement 1,565 4,022 — — — — 1,565 4,022 Net periodic benefit cost/(credit) $ 1,860 $ 4,151 $ (136) $ (147) $ 1,666 $ 1,148 $ 3,390 $ 5,152 Components of net periodic benefit cost/(credit) other than service cost are presented in other, net in the condensed consolidated statements of operations. Refer to Note 6: Other, Net . |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our long-term debt, finance lease, and other financing obligations as of March 31, 2021 and December 31, 2020 consisted of the following: Maturity Date March 31, 2021 December 31, 2020 Term Loan September 20, 2026 $ 454,938 $ 456,096 4.875% Senior Notes October 15, 2023 500,000 500,000 5.625% Senior Notes November 1, 2024 400,000 400,000 5.0% Senior Notes October 1, 2025 700,000 700,000 6.25% Senior Notes February 15, 2026 — 750,000 4.375% Senior Notes February 15, 2030 450,000 450,000 3.75% Senior Notes February 15, 2031 750,000 750,000 4.0% Senior Notes April 15, 2029 750,000 — Other 2,605 — Less: discount (8,416) (9,605) Less: deferred financing costs (30,495) (28,114) Less: current portion (7,235) (754,630) Long-term debt, net $ 3,961,397 $ 3,213,747 Finance lease and other financing obligations $ 30,048 $ 30,506 Less: current portion (2,443) (2,575) Finance lease and other financing obligations, less current portion $ 27,605 $ 27,931 Revolving Credit Facility As of March 31, 2021, we had $416.1 million available under our $420.0 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 March 31, 2021, no amounts had been drawn against these outstanding letters of credit. 6.25% Senior Notes redemption On February 3, 2021, we announced that we intended to redeem in full the $750.0 million aggregate principal amount outstanding on our 6.25% senior notes due 2026 (the "6.25% Senior Notes"). On February 15, 2021, the “make-whole” premium with respect to the 6.25% Senior Notes expired. Accordingly, we reflected the 6.25% Senior Notes as a current liability on our consolidated balance sheet as of December 31, 2020. We redeemed the 6.25% Senior Notes on March 5, 2021 in accordance with the terms of the indenture under which the 6.25% Senior Notes were issued and the terms of the notice of redemption at a redemption price equal to 103.125% of the aggregate principal amount of the outstanding 6.25% Senior Notes, plus accrued and unpaid interest to (but not including) the redemption date. In addition to the $750.0 million aggregate principal amount outstanding, at redemption we paid the $23.4 million premium and $2.6 million accrued interest. 4.0% Senior Notes On March 29, 2021, our indirect, wholly-owned subsidiary, Sensata Technologies B.V. ("STBV"), completed the issuance and sale of $750.0 million aggregate principal amount of 4.0% senior notes due 2029 (the "4.0% Senior Notes"). The 4.0% Senior Notes were issued under an indenture dated as of March 29, 2021 among STBV, as issuer, The Bank of New York Mellon, as trustee (the "Trustee"), and our guarantor subsidiaries (the "Guarantors") named therein (the "4.0% Senior Notes Indenture"). The 4.0% Senior Notes Indenture contains covenants that limit the ability of STBV and its subsidiaries to, among other things: incur liens; engage in sale and leaseback transactions; with respect to any subsidiary of STBV, incur indebtedness without such subsidiary’s guaranteeing the 4.0% Senior Notes; or consolidate, merge with, or sell, assign, convey, transfer, lease, or otherwise dispose of all or substantially all of their properties or assets to, another person. These covenants are subject to important exceptions and qualifications set forth in the 4.0% Senior Notes Indenture. The 4.0% Senior Notes bear interest at 4.0% per year and mature on April 15, 2029. Interest is payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2021. The 4.0% Senior Notes are guaranteed by each of STBV's wholly-owned subsidiaries that is a borrower or guarantor under the senior secured credit facilities (the "Senior Secured Credit Facilities") of STBV's wholly-owned subsidiary Sensata Technologies, Inc. ("STI") and the issuer or a guarantor under our existing senior notes as follows: STBV's 4.875% Senior Notes due 2023, 5.625% Senior Notes due 2024, and 5.0% Senior Notes due 2025; and STI's 4.375% Senior Notes due 2030 and 3.75% Senior Notes due 2031. At any time, and from time to time, prior to April 15, 2024, STBV may redeem the 4.0% Senior Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 4.0% Senior Notes being redeemed, plus a “make whole” premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. At any time on or after April 15, 2024, STBV may redeem the 4.0% Senior Notes, in whole or in part, at the following prices (expressed as a percentage of principal amount), plus accrued and unpaid interest, if any, up to but excluding the redemption date. Period beginning April 15, Price 2024 102.000 % 2025 101.000 % 2026 and thereafter 100.000 % In addition, at any time prior to April 15, 2024, STBV may redeem up to 40% of the principal amount of the outstanding 4.0% Senior Notes (including additional 4.0% Senior Notes, if any, that may be issued after March 29, 2021) with the net cash proceeds of certain equity offerings at a redemption price (expressed as a percentage of principal amount) of 104.00%, plus accrued and unpaid interest, if any, up to but excluding the redemption date, provided that at least 60% of the aggregate principal amount of the 4.0% Senior Notes (including additional 4.0% Senior Notes, if any) remains outstanding immediately after each such redemption. Upon the occurrence of certain changes in control, each holder of the 4.0% Senior Notes will have the right to require STBV to repurchase the 4.0% Senior Notes at 101% of their principal amount plus accrued and unpaid interest, if any, up to but excluding the date of repurchase. Upon changes in certain tax laws or treaties, or any change in the official application, administration, or interpretation thereof, STBV may, at its option, redeem the 4.0% Senior Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, up to but excluding the redemption date, premium, if any, and all Additional Amounts (as defined in the 4.0% Senior Notes Indenture), if any, then due and which will become due on the date of redemption. On April 8, 2021, STBV completed the issuance and sale of an additional $250.0 million in aggregate principal amount of 4.0% Senior Notes (the “Additional Notes”). The Additional Notes were priced at 100.75% and were issued pursuant to the 4.0% Senior Notes Indenture, as supplemented by the First Supplemental Indenture, dated as of April 8, 2021, among STBV, the Guarantors, and the Trustee. The Additional Notes are consolidated and form a single class with the $750.0 million aggregate principal amount of 4.0% Senior Notes issued by STBV on March 29, 2021 (the “Initial Notes”). The Additional Notes have the same terms as the Initial Notes, other than with respect to the date of issuance and the issue price. We intend to use the net proceeds from the issuance and sale of the 4.0% Senior Notes and the Additional Notes for general corporate purposes, which may include working capital, capital expenditures, the acquisition of other companies, businesses, or assets, strategic investments, the refinancing or repayment of debt, and share repurchases. Accounting for Debt Financing Transactions We account for our debt financing transactions as disclosed in Note 2: Significant Accounting Policies of the audited consolidated financial statements and notes thereto included in our 2020 Annual Report. In connection with the redemption of the 6.25% Senior Notes, we recorded a loss of $30.1 million, which included $23.4 million in premiums paid, with the remaining loss representing write-off of debt discounts and deferred financing costs. In connection with the issuance of the 4.0% Senior Notes, we recognized $9.6 million of deferred financing costs, which are presented as a reduction of long-term debt on our condensed consolidated balance sheets. 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 March 31, 2021 and December 31, 2020, accrued interest totaled $44.8 million and $53.6 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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 position, and/or cash flows. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Treasury Shares From time to time, our Board of Directors has authorized various share repurchase programs, which may be modified or terminated by our Board at any time. We currently have an authorized $500.0 million share repurchase program under which approximately $302.3 million remained available as of March 31, 2021. On April 2, 2020, we announced a temporary suspension of this share repurchase program, which will continue to remain on hold until market conditions show greater improvement and stability. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss for the three months ended March 31, 2021 were as follows: Cash Flow Hedges Defined Benefit and Retiree Healthcare Plans Accumulated Other Comprehensive Loss Balance at December 31, 2020 $ (6,733) $ (42,802) $ (49,535) Other comprehensive loss before reclassifications, net of tax 11,530 — 11,530 Reclassifications from accumulated other comprehensive loss, net of tax 2,748 1,712 4,460 Other comprehensive income 14,278 1,712 15,990 Balance at March 31, 2021 $ 7,545 $ (41,090) $ (33,545) The amounts reclassified from accumulated other comprehensive loss for the three months ended March 31, 2021 and 2020 were as follows: For the three months ended March 31, Affected Line in Condensed Consolidated Statements of Operations Component 2021 2020 Derivative instruments designated and qualifying as cash flow hedges: Foreign currency forward contracts $ 4,407 $ (6,623) Net revenue (1) Foreign currency forward contracts (743) (1,768) Cost of revenue (1) Total, before taxes 3,664 (8,391) Income before taxes Income tax effect (916) 2,098 Provision for/(benefit from) income taxes Total, net of taxes $ 2,748 $ (6,293) Net income Defined benefit and retiree healthcare plans $ 2,269 $ 4,369 Other, net (2) Income tax effect (557) (1,027) Provision for/(benefit from) income taxes Total, net of taxes $ 1,712 $ 3,342 Net income __________________________ (1) Refer to Note 15: Derivative Instruments and Hedging Activities for additional information on amounts to be reclassified from accumulated other comprehensive loss in future periods. (2) Refer to Note 10: Pension and Other Post-Retirement Benefits for additional information on net periodic benefit cost/(credit). |
Fair Value Measures
Fair Value Measures | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and December 31, 2020 are shown in the below table. All fair value measures presented are categorized in Level 2 of the fair value hierarchy. March 31, 2021 December 31, 2020 Assets Foreign currency forward contracts $ 17,568 $ 16,163 Commodity forward contracts 6,596 8,902 Total $ 24,164 $ 25,065 Liabilities Foreign currency forward contracts $ 7,614 $ 24,660 Commodity forward contracts 1,750 310 Total $ 9,364 $ 24,970 Refer to Note 15: Derivative Instruments and Hedging Activities for additional information related to our forward contracts. Measured on a Nonrecurring Basis We evaluated our goodwill and other indefinite-lived intangible assets for impairment as of October 1, 2020 and determined that they were not impaired. During the three months March 31, 2021, no events or changes in circumstances occurred that would have triggered the need for an additional impairment review of these 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 March 31, 2021 and December 31, 2020. All fair value measures presented are categorized in Level 2 of the fair value hierarchy. March 31, 2021 December 31, 2020 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Liabilities Term Loan $ 454,938 $ 454,938 $ 456,096 $ 454,955 4.875% Senior Notes $ 500,000 $ 533,750 $ 500,000 $ 538,750 5.625% Senior Notes $ 400,000 $ 441,000 $ 400,000 $ 448,000 5.0% Senior Notes $ 700,000 $ 770,000 $ 700,000 $ 777,000 6.25% Senior Notes $ — $ — $ 750,000 $ 778,125 4.375% Senior Notes $ 450,000 $ 469,125 $ 450,000 $ 487,125 3.75% Senior Notes $ 750,000 $ 736,875 $ 750,000 $ 776,250 4.0% Senior Notes $ 750,000 $ 761,250 $ — $ — ___________________________________ (1) Excluding any related debt discounts and deferred financing costs. Cash and cash equivalents are carried at cost, which approximates fair value because of their short-term nature. In addition to the above, we hold certain equity investments that do not have readily determinable fair values for which we use the measurement alternative prescribed in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 321, Investments - Equity Securities . Such investments are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. There were no impairments or changes resulting from observable transactions for any of these investments and no adjustments were made to their carrying values. Refer to the table below for the carrying values of equity investments using the measurement alternative, which are presented as a component of other assets in the condensed consolidated balance sheets. March 31, 2021 December 31, 2020 Quanergy Systems, Inc. $ 50,000 $ 50,000 Other 15,000 15,000 Total $ 65,000 $ 65,000 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2021 | |
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 months ended March 31, 2021 and 2020, 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 March 31, 2021, we estimated that $6.7 million of net gains will be reclassified from accumulated other comprehensive loss to earnings during the twelve-month period ending March 31, 2022. As of March 31, 2021, we had the following outstanding foreign currency forward contracts: Notional Effective Date(s) Maturity Date(s) Index (Exchange Rates) Weighted-Average Strike Rate Hedge Designation (1) 15.0 EUR March 29, 2021 April 30, 2021 Euro ("EUR") to USD 1.18 USD Not designated 320.3 EUR Various from May 2019 to March 2021 Various from April 2021 to March 2023 EUR to USD 1.18 USD Cash flow hedge 667.0 CNY March 29, 2021 April 30, 2021 USD to Chinese Renminbi ("CNY") 6.58 CNY Not designated 781.2 CNY Various from November 2020 to January 2021 Various from April to December 2021 USD to CNY 6.64 CNY Cash flow hedge 917.0 JPY March 29, 2021 April 30, 2021 USD to Japanese Yen ("JPY") 109.68 JPY Not designated 19,433.3 KRW Various from May 2019 to March 2021 Various from April 2021 to February 2023 USD to Korean Won ("KRW") 1,151.96 KRW Cash flow hedge 23.0 MYR March 29, 2021 April 30, 2021 USD to Malaysian Ringgit ("MYR") 4.13 MYR Not designated 449.0 MXN March 29, 2021 April 30, 2021 USD to Mexican Peso ("MXN") 20.81 MXN Not designated 2,998.8 MXN Various from May 2019 to March 2021 Various from April 2021 to March 2023 USD to MXN 22.57 MXN Cash flow hedge 5.5 GBP March 29, 2021 April 30, 2021 British Pound Sterling ("GBP") to USD 1.38 USD Not Designated 51.0 GBP Various from May 2019 to March 2021 Various from April 2021 to March 2023 GBP to USD 1.31 USD Cash flow hedge _________________________ (1) Derivative financial instruments not designated as hedges are used to manage our exposure to currency exchange rate risk. They are intended to preserve economic value, and they are not used for trading or speculative purposes. Hedges of Commodity Risk As of March 31, 2021, 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 : Commodity Notional Remaining Contracted Periods Weighted-Average Strike Price Per Unit Silver 695,250 troy oz. April 2021 - February 2023 $22.22 Gold 7,160 troy oz. April 2021 - February 2023 $1,784.90 Nickel 153,661 pounds April 2021 - February 2023 $7.06 Aluminum 2,115,667 pounds April 2021 - February 2023 $0.88 Copper 1,689,875 pounds April 2021 - February 2023 $3.06 Platinum 7,289 troy oz. April 2021 - February 2023 $965.83 Palladium 774 troy oz. April 2021 - February 2023 $2,086.90 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 March 31, 2021 and December 31, 2020: Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2021 December 31, 2020 Balance Sheet Location March 31, 2021 December 31, 2020 Derivatives designated as hedging instruments Foreign currency forward contracts Prepaid expenses and other current assets $ 13,616 $ 11,281 Accrued expenses and other current liabilities $ 6,767 $ 18,834 Foreign currency forward contracts Other assets 3,558 4,728 Other long-term liabilities 742 5,182 Total $ 17,174 $ 16,009 $ 7,509 $ 24,016 Derivatives not designated as hedging instruments Commodity forward contracts Prepaid expenses and other current assets $ 5,830 $ 7,598 Accrued expenses and other current liabilities $ 939 $ 149 Commodity forward contracts Other assets 766 1,304 Other long-term liabilities 811 161 Foreign currency forward contracts Prepaid expenses and other current assets 394 154 Accrued expenses and other current liabilities 105 644 Total $ 6,990 $ 9,056 $ 1,855 $ 954 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/(loss) for the three months ended March 31, 2021 and 2020: Derivatives designated as Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive Income/(Loss) Location of Net (Loss)/Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income Amount of Net (Loss)/Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income 2021 2020 2021 2020 Foreign currency forward contracts $ 18,799 $ 12,544 Net revenue $ (4,407) $ 6,623 Foreign currency forward contracts $ (3,425) $ (29,630) Cost of revenue $ 743 $ 1,768 Derivatives not designated as Amount of Loss Recognized in Net Income Location of Loss Recognized in Net Income 2021 2020 Commodity forward contracts $ (1,153) $ (5,575) Other, net Foreign currency forward contracts $ (958) $ (3,781) Other, net Credit Risk Related Contingent Features We have agreements with our derivative counterparties that contain a provision whereby if we default on our indebtedness and repayment of the indebtedness has been accelerated by the lender, then we could also be declared in default on our derivative obligations. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | AcquisitionsOn February 11, 2021, we entered into a securities purchase agreement (the "SPA") to acquire all of the outstanding equity interests of Xirgo Technologies, LLC ("Xirgo"), which is a leading provider of telematics and data insight, headquartered in Camarillo, California. The product offerings and technology of Xirgo will augment our existing portfolio in advancing our Smart & Connected megatrend initiative. We expect to integrate Xirgo into our Performance Sensing reportable segment. The transaction contemplated by the SPA closed on April 1, 2021 for an aggregate purchase price of $400.0 million of cash consideration, subject to certain post-closing items. Due to recent closing of this acquisition, the initial accounting for this acquisition is incomplete and we are not able to provide the disclosures otherwise required by FASB ASC Topic 805, Business Combinations. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting In the three months ended June 30, 2020, we altered the way we measure segment operating income in order to align with a change to the performance measures provided to and used by our chief operating decision maker for purposes of assessing performance and deciding how to allocate resources to each segment. Whereas research and development ("R&D") and selling, general and administrative ("SG&A") expenses related to our megatrend initiatives were historically allocated to our operating segments, beginning in the second quarter of 2020 these amounts are presented within corporate and other. Prior period information has been recast to reflect this revised presentation. We operate in, and report financial information for, the following two reportable segments: Performance Sensing and Sensing Solutions. In the fourth quarter of 2020, we divided the Performance Sensing reportable segment (which was previously also an operating segment) into two operating segments, Automotive and HVOR, each of which meet the criteria for aggregation in FASB ASC Topic 280, Reportable Segments. No change was made to the composition of the Sensing Solutions reportable segment, which remains an operating segment. None of the preceding changes resulted in any impact on the overall composition of our reportable segments and prior periods were not required to be recast for this change. 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 recorded in connection with acquisitions. Corporate and other costs excluded from an operating 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 reporting segments are materially consistent with those in the summary of significant accounting policies as described in Note 2: Significant Accounting Policies of the audited consolidated financial statements and notes thereto included in our 2020 Annual Report. The following table presents net revenue and segment operating income for the reportable segments and other operating results not allocated to the reportable segments for the three months ended March 31, 2021 and 2020 (recast to reflect realignment of performance measures in the second quarter of 2020 as discussed above): For the three months ended March 31, 2021 March 31, 2020 Net revenue: Performance Sensing $ 714,512 $ 568,689 Sensing Solutions 228,016 205,580 Total net revenue $ 942,528 $ 774,269 Segment operating income (as defined above): Performance Sensing $ 195,844 $ 135,046 Sensing Solutions 66,894 56,529 Total segment operating income 262,738 191,575 Corporate and other (68,638) (95,386) Amortization of intangible assets (32,064) (33,092) Restructuring and other charges, net (4,582) (4,498) Operating income 157,454 58,599 Interest expense, net (44,043) (39,403) Other, net (39,397) (12,281) Income before taxes $ 74,014 $ 6,915 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q. Accordingly, these interim financial statements do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. The accompanying financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the interim period results. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 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)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue | The following table presents net revenue disaggregated by segment and end market for the three months ended March 31, 2021 and 2020: For the three months ended March 31, 2021 For the three months ended March 31, 2020 Performance Sensing Sensing Solutions Total Performance Sensing Sensing Solutions Total Automotive $ 536,713 $ 11,500 $ 548,213 $ 437,703 $ 8,236 $ 445,939 HVOR (1) 177,799 — 177,799 130,986 — 130,986 Industrial — 90,475 90,475 — 80,599 80,599 Appliance and HVAC (2) — 59,916 59,916 — 45,396 45,396 Aerospace — 32,677 32,677 — 42,124 42,124 Other — 33,448 33,448 — 29,225 29,225 Total $ 714,512 $ 228,016 $ 942,528 $ 568,689 $ 205,580 $ 774,269 ________________________ (1) Heavy vehicle and off-road (2) Heating, ventilation and air conditioning |
Share-Based Payment Plans (Tabl
Share-Based Payment Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 months ended March 31, 2021 and 2020: For the three months ended March 31, 2021 March 31, 2020 Stock options $ 460 $ 2,489 Restricted securities 4,639 3,595 Share-based compensation expense $ 5,099 $ 6,084 |
Restructuring and Other Charg_2
Restructuring and Other Charges, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and other charges, net | We expect these restructuring charges to impact our business segments and corporate functions as follows: Reductions-in-Force Site Closures (Dollars in millions) Positions Minimum Maximum Minimum Maximum Performance Sensing 180 $ 10.7 $ 11.6 $ 3.0 $ 4.0 Sensing Solutions 286 8.9 9.6 3.0 4.0 Corporate and other (1) 414 11.4 12.5 — — Total 880 $ 31.0 $ 33.7 $ 6.0 $ 8.0 ___________________________________ (1) The majority of these positions relate to engineering and manufacturing operations, which are allocated to corporate and other. However, these restructuring actions will benefit the results of Performance Sensing and Sensing Solutions as well. Charges recognized in the three months ended March 31, 2021 resulting from the Q2 2020 Global Restructure Program are presented by impacted segment below. Approximately $0.8 million of these charges relate to site closures in Sensing Solutions. However, as noted in Note 17: Segment Reporting , restructuring and other charges, net are excluded from segment operating income. For the three months ended March 31, 2021 Performance Sensing $ 296 Sensing Solutions 1,528 Restructuring and other charges $ 1,824 The following table presents the components of restructuring and other charges, net for the three months ended March 31, 2021 and 2020: For the three months ended March 31, 2021 March 31, 2020 Q2 2020 Global Restructure Program charges $ 1,824 $ — Other restructuring charges Severance costs, net (1) 186 3,897 Facility and other exit costs 666 — Other 1,906 601 Restructuring and other charges, net $ 4,582 $ 4,498 ___________________________________ |
Changes to restructuring liability | The following table presents a rollforward of the severance portion of our restructuring obligations for the three months ended March 31, 2021. Q2 2020 Global Restructure Program Other Total Balance at December 31, 2020 $ 10,842 $ 4,037 $ 14,879 Charges, net of reversals 1,073 186 1,259 Payments (3,054) (519) (3,573) Foreign currency remeasurement (207) (17) (224) Balance at March 31, 2021 $ 8,654 $ 3,687 $ 12,341 |
Other, Net (Tables)
Other, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of other, net | The following table presents the components of other, net for the three months ended March 31, 2021 and 2020: For the three months ended March 31, 2021 March 31, 2020 Currency remeasurement (loss)/gain on net monetary assets $ (1,477) $ 1,553 Loss on foreign currency forward contracts (958) (3,781) Loss on commodity forward contracts (1,153) (5,575) Loss on debt refinancing (30,066) — Net periodic benefit cost, excluding service cost (2,410) (4,381) Other (3,333) (97) Other, net $ (39,397) $ (12,281) |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the provision for/(benefit from) income taxes for the three months ended March 31, 2021 and 2020: For the three months ended March 31, 2021 March 31, 2020 Provision for/(benefit from) income taxes $ 20,281 $ (1,516) |
Net Income per Share (Tables)
Net Income per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of weighted-average ordinary shares outstanding | For the three months ended March 31, 2021 and 2020 the weighted-average ordinary shares outstanding used to calculate basic and diluted net income per share were as follows: For the three months ended March 31, 2021 March 31, 2020 Basic weighted-average ordinary shares outstanding 157,764 157,599 Dilutive effect of stock options 708 334 Dilutive effect of unvested restricted securities 758 452 Diluted weighted-average ordinary shares outstanding 159,230 158,385 |
Schedule of antidilutive securities | These potential ordinary shares were as follows: For the three months ended March 31, 2021 March 31, 2020 Anti-dilutive shares excluded 6 1,385 Contingently issuable shares excluded 950 596 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Components of inventories | The following table presents the components of inventories as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Finished goods $ 152,729 $ 170,488 Work-in-process 96,730 87,006 Raw materials 218,987 193,511 Inventories $ 468,446 $ 451,005 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of components of net periodic benefit cost | The components of net periodic benefit cost/(credit) associated with our defined benefit and retiree healthcare plans for the three months ended March 31, 2021 and 2020 were as follows: U.S. Plans Non-U.S. Plans Defined Benefit Retiree Healthcare Defined Benefit Total 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ — $ — $ 2 $ 2 $ 978 $ 769 $ 980 $ 771 Interest cost 120 267 21 37 404 315 545 619 Expected return on plan assets (226) (433) — — (178) (174) (404) (607) Amortization of net loss 401 295 — 10 459 236 860 541 Amortization of prior service (credit)/cost — — (159) (196) 3 2 (156) (194) Loss on settlement 1,565 4,022 — — — — 1,565 4,022 Net periodic benefit cost/(credit) $ 1,860 $ 4,151 $ (136) $ (147) $ 1,666 $ 1,148 $ 3,390 $ 5,152 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt and capital lease and other financing obligations | Our long-term debt, finance lease, and other financing obligations as of March 31, 2021 and December 31, 2020 consisted of the following: Maturity Date March 31, 2021 December 31, 2020 Term Loan September 20, 2026 $ 454,938 $ 456,096 4.875% Senior Notes October 15, 2023 500,000 500,000 5.625% Senior Notes November 1, 2024 400,000 400,000 5.0% Senior Notes October 1, 2025 700,000 700,000 6.25% Senior Notes February 15, 2026 — 750,000 4.375% Senior Notes February 15, 2030 450,000 450,000 3.75% Senior Notes February 15, 2031 750,000 750,000 4.0% Senior Notes April 15, 2029 750,000 — Other 2,605 — Less: discount (8,416) (9,605) Less: deferred financing costs (30,495) (28,114) Less: current portion (7,235) (754,630) Long-term debt, net $ 3,961,397 $ 3,213,747 Finance lease and other financing obligations $ 30,048 $ 30,506 Less: current portion (2,443) (2,575) Finance lease and other financing obligations, less current portion $ 27,605 $ 27,931 |
Debt Instrument Redemption | Period beginning April 15, Price 2024 102.000 % 2025 101.000 % 2026 and thereafter 100.000 % |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Roll forward of components of Accumulated other comprehensive loss | The components of accumulated other comprehensive loss for the three months ended March 31, 2021 were as follows: Cash Flow Hedges Defined Benefit and Retiree Healthcare Plans Accumulated Other Comprehensive Loss Balance at December 31, 2020 $ (6,733) $ (42,802) $ (49,535) Other comprehensive loss before reclassifications, net of tax 11,530 — 11,530 Reclassifications from accumulated other comprehensive loss, net of tax 2,748 1,712 4,460 Other comprehensive income 14,278 1,712 15,990 Balance at March 31, 2021 $ 7,545 $ (41,090) $ (33,545) |
Summary of amounts reclassified from Accumulated other comprehensive loss | The amounts reclassified from accumulated other comprehensive loss for the three months ended March 31, 2021 and 2020 were as follows: For the three months ended March 31, Affected Line in Condensed Consolidated Statements of Operations Component 2021 2020 Derivative instruments designated and qualifying as cash flow hedges: Foreign currency forward contracts $ 4,407 $ (6,623) Net revenue (1) Foreign currency forward contracts (743) (1,768) Cost of revenue (1) Total, before taxes 3,664 (8,391) Income before taxes Income tax effect (916) 2,098 Provision for/(benefit from) income taxes Total, net of taxes $ 2,748 $ (6,293) Net income Defined benefit and retiree healthcare plans $ 2,269 $ 4,369 Other, net (2) Income tax effect (557) (1,027) Provision for/(benefit from) income taxes Total, net of taxes $ 1,712 $ 3,342 Net income __________________________ (1) Refer to Note 15: Derivative Instruments and Hedging Activities for additional information on amounts to be reclassified from accumulated other comprehensive loss in future periods. (2) Refer to Note 10: Pension and Other Post-Retirement Benefits for additional information on net periodic benefit cost/(credit). |
Fair Value Measures (Tables)
Fair Value Measures (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and December 31, 2020 are shown in the below table. All fair value measures presented are categorized in Level 2 of the fair value hierarchy. March 31, 2021 December 31, 2020 Assets Foreign currency forward contracts $ 17,568 $ 16,163 Commodity forward contracts 6,596 8,902 Total $ 24,164 $ 25,065 Liabilities Foreign currency forward contracts $ 7,614 $ 24,660 Commodity forward contracts 1,750 310 Total $ 9,364 $ 24,970 |
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 March 31, 2021 and December 31, 2020. All fair value measures presented are categorized in Level 2 of the fair value hierarchy. March 31, 2021 December 31, 2020 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Liabilities Term Loan $ 454,938 $ 454,938 $ 456,096 $ 454,955 4.875% Senior Notes $ 500,000 $ 533,750 $ 500,000 $ 538,750 5.625% Senior Notes $ 400,000 $ 441,000 $ 400,000 $ 448,000 5.0% Senior Notes $ 700,000 $ 770,000 $ 700,000 $ 777,000 6.25% Senior Notes $ — $ — $ 750,000 $ 778,125 4.375% Senior Notes $ 450,000 $ 469,125 $ 450,000 $ 487,125 3.75% Senior Notes $ 750,000 $ 736,875 $ 750,000 $ 776,250 4.0% Senior Notes $ 750,000 $ 761,250 $ — $ — ___________________________________ (1) Excluding any related debt discounts and deferred financing costs. |
Equity securities without readily determinable fair value | Refer to the table below for the carrying values of equity investments using the measurement alternative, which are presented as a component of other assets in the condensed consolidated balance sheets. March 31, 2021 December 31, 2020 Quanergy Systems, Inc. $ 50,000 $ 50,000 Other 15,000 15,000 Total $ 65,000 $ 65,000 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of outstanding derivative instruments | As of March 31, 2021, we had the following outstanding foreign currency forward contracts: Notional Effective Date(s) Maturity Date(s) Index (Exchange Rates) Weighted-Average Strike Rate Hedge Designation (1) 15.0 EUR March 29, 2021 April 30, 2021 Euro ("EUR") to USD 1.18 USD Not designated 320.3 EUR Various from May 2019 to March 2021 Various from April 2021 to March 2023 EUR to USD 1.18 USD Cash flow hedge 667.0 CNY March 29, 2021 April 30, 2021 USD to Chinese Renminbi ("CNY") 6.58 CNY Not designated 781.2 CNY Various from November 2020 to January 2021 Various from April to December 2021 USD to CNY 6.64 CNY Cash flow hedge 917.0 JPY March 29, 2021 April 30, 2021 USD to Japanese Yen ("JPY") 109.68 JPY Not designated 19,433.3 KRW Various from May 2019 to March 2021 Various from April 2021 to February 2023 USD to Korean Won ("KRW") 1,151.96 KRW Cash flow hedge 23.0 MYR March 29, 2021 April 30, 2021 USD to Malaysian Ringgit ("MYR") 4.13 MYR Not designated 449.0 MXN March 29, 2021 April 30, 2021 USD to Mexican Peso ("MXN") 20.81 MXN Not designated 2,998.8 MXN Various from May 2019 to March 2021 Various from April 2021 to March 2023 USD to MXN 22.57 MXN Cash flow hedge 5.5 GBP March 29, 2021 April 30, 2021 British Pound Sterling ("GBP") to USD 1.38 USD Not Designated 51.0 GBP Various from May 2019 to March 2021 Various from April 2021 to March 2023 GBP to USD 1.31 USD Cash flow hedge _________________________ (1) Derivative financial instruments not designated as hedges are used to manage our exposure to currency exchange rate risk. They are intended to preserve economic value, and they are not used for trading or speculative purposes. As of March 31, 2021, 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 : Commodity Notional Remaining Contracted Periods Weighted-Average Strike Price Per Unit Silver 695,250 troy oz. April 2021 - February 2023 $22.22 Gold 7,160 troy oz. April 2021 - February 2023 $1,784.90 Nickel 153,661 pounds April 2021 - February 2023 $7.06 Aluminum 2,115,667 pounds April 2021 - February 2023 $0.88 Copper 1,689,875 pounds April 2021 - February 2023 $3.06 Platinum 7,289 troy oz. April 2021 - February 2023 $965.83 Palladium 774 troy oz. April 2021 - February 2023 $2,086.90 |
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 March 31, 2021 and December 31, 2020: Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2021 December 31, 2020 Balance Sheet Location March 31, 2021 December 31, 2020 Derivatives designated as hedging instruments Foreign currency forward contracts Prepaid expenses and other current assets $ 13,616 $ 11,281 Accrued expenses and other current liabilities $ 6,767 $ 18,834 Foreign currency forward contracts Other assets 3,558 4,728 Other long-term liabilities 742 5,182 Total $ 17,174 $ 16,009 $ 7,509 $ 24,016 Derivatives not designated as hedging instruments Commodity forward contracts Prepaid expenses and other current assets $ 5,830 $ 7,598 Accrued expenses and other current liabilities $ 939 $ 149 Commodity forward contracts Other assets 766 1,304 Other long-term liabilities 811 161 Foreign currency forward contracts Prepaid expenses and other current assets 394 154 Accrued expenses and other current liabilities 105 644 Total $ 6,990 $ 9,056 $ 1,855 $ 954 |
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/(loss) for the three months ended March 31, 2021 and 2020: Derivatives designated as Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive Income/(Loss) Location of Net (Loss)/Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income Amount of Net (Loss)/Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income 2021 2020 2021 2020 Foreign currency forward contracts $ 18,799 $ 12,544 Net revenue $ (4,407) $ 6,623 Foreign currency forward contracts $ (3,425) $ (29,630) Cost of revenue $ 743 $ 1,768 Derivatives not designated as Amount of Loss Recognized in Net Income Location of Loss Recognized in Net Income 2021 2020 Commodity forward contracts $ (1,153) $ (5,575) Other, net Foreign currency forward contracts $ (958) $ (3,781) Other, net |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information by segment | The following table presents net revenue and segment operating income for the reportable segments and other operating results not allocated to the reportable segments for the three months ended March 31, 2021 and 2020 (recast to reflect realignment of performance measures in the second quarter of 2020 as discussed above): For the three months ended March 31, 2021 March 31, 2020 Net revenue: Performance Sensing $ 714,512 $ 568,689 Sensing Solutions 228,016 205,580 Total net revenue $ 942,528 $ 774,269 Segment operating income (as defined above): Performance Sensing $ 195,844 $ 135,046 Sensing Solutions 66,894 56,529 Total segment operating income 262,738 191,575 Corporate and other (68,638) (95,386) Amortization of intangible assets (32,064) (33,092) Restructuring and other charges, net (4,582) (4,498) Operating income 157,454 58,599 Interest expense, net (44,043) (39,403) Other, net (39,397) (12,281) Income before taxes $ 74,014 $ 6,915 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Net revenue | $ 942,528 | $ 774,269 |
Performance Sensing | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 714,512 | 568,689 |
Sensing Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 228,016 | 205,580 |
Automotive | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 548,213 | 445,939 |
Automotive | Performance Sensing | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 536,713 | 437,703 |
Automotive | Sensing Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 11,500 | 8,236 |
HVOR | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 177,799 | 130,986 |
HVOR | Performance Sensing | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 177,799 | 130,986 |
HVOR | Sensing Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 0 | 0 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 90,475 | 80,599 |
Industrial | Performance Sensing | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 0 | 0 |
Industrial | Sensing Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 90,475 | 80,599 |
Appliance and HVAC | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 59,916 | 45,396 |
Appliance and HVAC | Performance Sensing | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 0 | 0 |
Appliance and HVAC | Sensing Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 59,916 | 45,396 |
Aerospace | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 32,677 | 42,124 |
Aerospace | Performance Sensing | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 0 | 0 |
Aerospace | Sensing Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 32,677 | 42,124 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 33,448 | 29,225 |
Other | Performance Sensing | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 0 | 0 |
Other | Sensing Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | $ 33,448 | $ 29,225 |
Share-Based Payment Plans - Sha
Share-Based Payment Plans - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 5,099 | $ 6,084 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 460 | 2,489 |
Restricted securities | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 4,639 | $ 3,595 |
Restructuring and Other Charg_3
Restructuring and Other Charges, Net - Narrative (Details) - Q2 2020 Global Restructure Program $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)position | Mar. 31, 2020USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Number of positions eliminated | position | 880 | |
Restructuring and other charges | $ 1,824 | $ 0 |
Sensing Solutions | ||
Restructuring Cost and Reserve [Line Items] | ||
Number of positions eliminated | position | 286 | |
Restructuring and other charges | $ 1,528 | |
Site Closures | Sensing Solutions | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 800 | |
Site Closures | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 6,000 | |
Site Closures | Minimum | Sensing Solutions | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 3,000 | |
Site Closures | Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 8,000 | |
Site Closures | Maximum | Sensing Solutions | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | $ 4,000 |
Restructuring and Other Charg_4
Restructuring and Other Charges, Net - Restructuring Components (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)position | Mar. 31, 2020USD ($) | |
Q2 2020 Global Restructure Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Positions | position | 880 | |
Restructuring and other charges | $ 1,824 | $ 0 |
Q2 2020 Global Restructure Program | Corporate and other | ||
Restructuring Cost and Reserve [Line Items] | ||
Positions | position | 414 | |
Q2 2020 Global Restructure Program | Performance Sensing | ||
Restructuring Cost and Reserve [Line Items] | ||
Positions | position | 180 | |
Restructuring and other charges | $ 296 | |
Q2 2020 Global Restructure Program | Sensing Solutions | ||
Restructuring Cost and Reserve [Line Items] | ||
Positions | position | 286 | |
Restructuring and other charges | $ 1,528 | |
Reductions-in-Force | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 1,259 | |
Reductions-in-Force | Q2 2020 Global Restructure Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 1,073 | |
Reductions-in-Force | Q2 2020 Global Restructure Program | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 31,000 | |
Reductions-in-Force | Q2 2020 Global Restructure Program | Minimum | Corporate and other | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 11,400 | |
Reductions-in-Force | Q2 2020 Global Restructure Program | Minimum | Performance Sensing | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 10,700 | |
Reductions-in-Force | Q2 2020 Global Restructure Program | Minimum | Sensing Solutions | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 8,900 | |
Reductions-in-Force | Q2 2020 Global Restructure Program | Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 33,700 | |
Reductions-in-Force | Q2 2020 Global Restructure Program | Maximum | Corporate and other | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 12,500 | |
Reductions-in-Force | Q2 2020 Global Restructure Program | Maximum | Performance Sensing | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 11,600 | |
Reductions-in-Force | Q2 2020 Global Restructure Program | Maximum | Sensing Solutions | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 9,600 | |
Site Closures | Q2 2020 Global Restructure Program | Sensing Solutions | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 800 | |
Site Closures | Q2 2020 Global Restructure Program | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 6,000 | |
Site Closures | Q2 2020 Global Restructure Program | Minimum | Corporate and other | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 0 | |
Site Closures | Q2 2020 Global Restructure Program | Minimum | Performance Sensing | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 3,000 | |
Site Closures | Q2 2020 Global Restructure Program | Minimum | Sensing Solutions | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 3,000 | |
Site Closures | Q2 2020 Global Restructure Program | Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 8,000 | |
Site Closures | Q2 2020 Global Restructure Program | Maximum | Corporate and other | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 0 | |
Site Closures | Q2 2020 Global Restructure Program | Maximum | Performance Sensing | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | 4,000 | |
Site Closures | Q2 2020 Global Restructure Program | Maximum | Sensing Solutions | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost | $ 4,000 |
Restructuring and Other Charg_5
Restructuring and Other Charges, Net - Schedule of Restructuring and Other Charges, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Loss Contingencies [Line Items] | ||
Restructuring and other charges, net | $ 4,582 | $ 4,498 |
Q2 2020 Global Restructure Program | ||
Loss Contingencies [Line Items] | ||
Q2 2020 Global Restructure Program charges | 1,824 | 0 |
Other | ||
Loss Contingencies [Line Items] | ||
Severance costs, net | 186 | 3,897 |
Facility and other exit costs | 666 | 0 |
Other | $ 1,906 | $ 601 |
Restructuring and Other Charg_6
Restructuring and Other Charges, Net - Schedule of Changes to Restructuring Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Q2 2020 Global Restructure Program | ||
Restructuring Reserve [Roll Forward] | ||
Charges, net of reversals | $ (1,824) | $ 0 |
Reductions-in-Force | ||
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2020 | 14,879 | |
Charges, net of reversals | (1,259) | |
Payments | (3,573) | |
Foreign currency remeasurement | (224) | |
Balance at March 31, 2021 | 12,341 | |
Reductions-in-Force | Q2 2020 Global Restructure Program | ||
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2020 | 10,842 | |
Charges, net of reversals | (1,073) | |
Payments | (3,054) | |
Foreign currency remeasurement | (207) | |
Balance at March 31, 2021 | 8,654 | |
Reductions-in-Force | Other | ||
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2020 | 4,037 | |
Charges, net of reversals | (186) | |
Payments | (519) | |
Foreign currency remeasurement | (17) | |
Balance at March 31, 2021 | $ 3,687 |
Other, Net (Details)
Other, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | ||
Currency remeasurement (loss)/gain on net monetary assets | $ (1,477) | $ 1,553 |
Loss on foreign currency forward contracts | (958) | (3,781) |
Loss on commodity forward contracts | (1,153) | (5,575) |
Loss on debt refinancing | (30,066) | 0 |
Net periodic benefit cost, excluding service cost | (2,410) | (4,381) |
Other | (3,333) | (97) |
Other, net | $ (39,397) | $ (12,281) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Provision for/(benefit from) income taxes | $ 20,281 | $ (1,516) |
Deferred income tax benefit | $ 7,500 |
Net Income per Share - Schedule
Net Income per Share - Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Basic weighted-average ordinary shares outstanding (in shares) | 157,764 | 157,599 |
Dilutive effect of stock options (in shares) | 708 | 334 |
Dilutive effect of unvested restricted securities (in shares) | 758 | 452 |
Diluted weighted-average ordinary shares outstanding (in shares) | 159,230 | 158,385 |
Net Income per Share - Schedu_2
Net Income per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
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) | 6 | 1,385 |
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) | 950 | 596 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory, Net [Abstract] | ||
Finished goods | $ 152,729 | $ 170,488 |
Work-in-process | 96,730 | 87,006 |
Raw materials | 218,987 | 193,511 |
Inventories | $ 468,446 | $ 451,005 |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits - Schedule of components of net periodic benefit cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | $ 980 | $ 771 |
Interest cost | 545 | 619 |
Expected return on plan assets | (404) | (607) |
Amortization of net loss | 860 | 541 |
Amortization of prior service (credit)/cost | (156) | (194) |
Loss on settlement | 1,565 | 4,022 |
Net periodic benefit cost/(credit) | 3,390 | 5,152 |
U.S. Plans | Defined Benefit | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 0 | 0 |
Interest cost | 120 | 267 |
Expected return on plan assets | (226) | (433) |
Amortization of net loss | 401 | 295 |
Amortization of prior service (credit)/cost | 0 | 0 |
Loss on settlement | 1,565 | 4,022 |
Net periodic benefit cost/(credit) | 1,860 | 4,151 |
U.S. Plans | Retiree Healthcare | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 2 | 2 |
Interest cost | 21 | 37 |
Expected return on plan assets | 0 | 0 |
Amortization of net loss | 0 | 10 |
Amortization of prior service (credit)/cost | (159) | (196) |
Loss on settlement | 0 | 0 |
Net periodic benefit cost/(credit) | (136) | (147) |
Non-U.S. Plans | Defined Benefit | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 978 | 769 |
Interest cost | 404 | 315 |
Expected return on plan assets | (178) | (174) |
Amortization of net loss | 459 | 236 |
Amortization of prior service (credit)/cost | 3 | 2 |
Loss on settlement | 0 | 0 |
Net periodic benefit cost/(credit) | $ 1,666 | $ 1,148 |
Debt - Debt Schedule (Details)
Debt - Debt Schedule (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Less: discount | $ (8,416) | $ (9,605) |
Less: deferred financing costs | (30,495) | (28,114) |
Less: current portion | (7,235) | (754,630) |
Long-term debt, net | 3,961,397 | 3,213,747 |
Finance lease and other financing obligations | 30,048 | 30,506 |
Less: current portion | (2,443) | (2,575) |
Finance lease and other financing obligations, less current portion | $ 27,605 | 27,931 |
4.875% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.875% | |
5.625% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.625% | |
5.0% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.00% | |
6.25% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.25% | |
4.375% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.375% | |
3.75% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.75% | |
4.0% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.00% | |
Secured Debt | Term Loan | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | $ 454,938 | 456,096 |
Senior Notes | 4.875% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.875% | |
Gross long-term debt | $ 500,000 | 500,000 |
Senior Notes | 5.625% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.625% | |
Gross long-term debt | $ 400,000 | 400,000 |
Senior Notes | 5.0% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.00% | |
Gross long-term debt | $ 700,000 | 700,000 |
Senior Notes | 6.25% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.25% | |
Gross long-term debt | $ 0 | 750,000 |
Senior Notes | 4.375% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.375% | |
Gross long-term debt | $ 450,000 | 450,000 |
Senior Notes | 3.75% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.75% | |
Gross long-term debt | $ 750,000 | 750,000 |
Senior Notes | 4.0% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.00% | |
Gross long-term debt | $ 750,000 | 0 |
Other Debt | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | $ 2,605 | $ 0 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Apr. 08, 2021 | Mar. 29, 2021 | Mar. 05, 2021 | Mar. 05, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Feb. 03, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||||||
Loss on debt refinancing | $ (30,066,000) | $ 0 | ||||||
Accrued interest | $ 44,800,000 | $ 53,600,000 | ||||||
6.25% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 6.25% | |||||||
4.0% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 4.00% | |||||||
4.875% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 4.875% | |||||||
5.625% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 5.625% | |||||||
5.0% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 5.00% | |||||||
4.375% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 4.375% | |||||||
3.75% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 3.75% | |||||||
3.75% Senior Notes | Debt Instrument, Redemption Term, Scenario Two | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage | 101.00% | |||||||
3.75% Senior Notes | Debt Instrument, Redemption Term, Scenario Three | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage | 100.00% | |||||||
3.75% Senior Notes | Debt Instrument, Redemption Period, Prior to April 15, 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage | 100.00% | |||||||
3.75% Senior Notes | Debt Instrument, Redemption Period, Prior to April 15, 2024 | Debt Instrument, Redemption Term, Scenario One | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage | 104.00% | |||||||
3.75% Senior Notes | Debt Instrument, Redemption Period, Prior to April 15, 2024 | Maximum | Debt Instrument, Redemption Term, Scenario One | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage of principal amount redeemed | 40.00% | |||||||
3.75% Senior Notes | Debt Instrument, Redemption Period, Beginning April 15, 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage | 102.00% | |||||||
3.75% Senior Notes | Debt Instrument, Redemption Period, Beginning April 15, 2024 | Minimum | Debt Instrument, Redemption Term, Scenario One | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage of principal amount redeemed | 60.00% | |||||||
3.75% Senior Notes | Debt Instrument, Redemption Period, Beginning April 15, 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage | 101.00% | |||||||
3.75% Senior Notes | Debt Instrument, Redemption Period, Beginning April 15, 2026 and thereafter | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage | 100.00% | |||||||
Senior Notes | 6.25% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 6.25% | |||||||
Debt redemption, aggregate principal amount | $ 750,000,000 | |||||||
Debt instrument, redemption price, percentage | 103.125% | |||||||
Payment of premium on debt redemption | $ 23,400,000 | |||||||
Debt redemption, accrued interest | $ 2,600,000 | |||||||
Loss on debt refinancing | $ (30,100,000) | |||||||
Debt redemption, premium paid | $ 23,400,000 | |||||||
Senior Notes | 4.0% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 4.00% | |||||||
Debt instrument, face amount | $ 750,000,000 | |||||||
Deferred financing costs | $ 9,600,000 | |||||||
Senior Notes | Senior Notes 4.0% Due 2029, Additional Notes | Subsequent Event | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 250,000,000 | |||||||
Debt instrument, issued price as percentage of face value | 100.75% | |||||||
Senior Notes | 4.875% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 4.875% | |||||||
Senior Notes | 5.625% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 5.625% | |||||||
Senior Notes | 5.0% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 5.00% | |||||||
Senior Notes | 4.375% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 4.375% | |||||||
Senior Notes | 3.75% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 3.75% | |||||||
Revolving Credit Facility | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount available under revolving credit facility | $ 416,100,000 | |||||||
Line of credit facility, maximum borrowing capacity | 420,000,000 | |||||||
Letters of credit outstanding, amount | 3,900,000 | |||||||
Letter of Credit | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term line of credit | $ 0 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) | Mar. 31, 2021USD ($) |
Equity [Abstract] | |
Stock repurchase program, authorized amount | $ 500,000,000 |
Remaining amount under share repurchase program | $ 302,300,000 |
Shareholders' Equity - AOCI Rol
Shareholders' Equity - AOCI Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | $ 2,705,486 | $ 2,573,755 |
Other comprehensive income | 15,990 | (15,992) |
Ending Balance | 2,790,643 | 2,537,797 |
Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (6,733) | |
Other comprehensive loss before reclassifications, net of tax | 11,530 | |
Reclassifications from accumulated other comprehensive loss, net of tax | 2,748 | |
Other comprehensive income | 14,278 | |
Ending Balance | 7,545 | |
Defined Benefit and Retiree Healthcare Plans | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (42,802) | |
Other comprehensive loss before reclassifications, net of tax | 0 | |
Reclassifications from accumulated other comprehensive loss, net of tax | 1,712 | |
Other comprehensive income | 1,712 | |
Ending Balance | (41,090) | |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (49,535) | (20,484) |
Other comprehensive loss before reclassifications, net of tax | 11,530 | |
Reclassifications from accumulated other comprehensive loss, net of tax | 4,460 | |
Other comprehensive income | 15,990 | |
Ending Balance | $ (33,545) | $ (36,476) |
Shareholders' Equity - AOCI Rec
Shareholders' Equity - AOCI Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net revenue | $ 942,528 | $ 774,269 |
Cost of revenue | 635,349 | 566,406 |
Income before taxes | 74,014 | 6,915 |
Other, net | (39,397) | (12,281) |
Provision for/(benefit from) income taxes | (20,281) | 1,516 |
Net income | 53,733 | 8,431 |
(Gain)/Loss Reclassified from Accumulated Other Comprehensive Loss | Derivative instruments designated and qualifying as cash flow hedges: | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income before taxes | 3,664 | (8,391) |
Provision for/(benefit from) income taxes | (916) | 2,098 |
Net income | 2,748 | (6,293) |
(Gain)/Loss Reclassified from Accumulated Other Comprehensive Loss | Derivative instruments designated and qualifying as cash flow hedges: | Foreign currency forward contracts | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net revenue | 4,407 | (6,623) |
Cost of revenue | (743) | (1,768) |
(Gain)/Loss Reclassified from Accumulated Other Comprehensive Loss | Defined benefit and retiree healthcare plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other, net | 2,269 | 4,369 |
Provision for/(benefit from) income taxes | (557) | (1,027) |
Net income | $ 1,712 | $ 3,342 |
Fair Value Measures - Schedule
Fair Value Measures - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Level 2 - Recurring - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Foreign currency forward contracts | $ 17,568 | $ 16,163 |
Commodity forward contracts | 6,596 | 8,902 |
Total | 24,164 | 25,065 |
Liabilities | ||
Foreign currency forward contracts | 7,614 | 24,660 |
Commodity forward contracts | 1,750 | 310 |
Total | $ 9,364 | $ 24,970 |
Fair Value Measures - Financial
Fair Value Measures - Financial Instruments Not Recorded at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
4.875% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate | 4.875% | |
5.625% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate | 5.625% | |
5.0% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate | 5.00% | |
6.25% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate | 6.25% | |
4.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate | 4.375% | |
3.75% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate | 3.75% | |
4.0% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate | 4.00% | |
Level 2 | Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | $ 454,938 | $ 454,955 |
Level 2 | 4.875% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 533,750 | 538,750 |
Level 2 | 5.625% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 441,000 | 448,000 |
Level 2 | 5.0% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 770,000 | 777,000 |
Level 2 | 6.25% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 0 | 778,125 |
Level 2 | 4.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 469,125 | 487,125 |
Level 2 | 3.75% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 736,875 | 776,250 |
Level 2 | 4.0% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 761,250 | 0 |
Level 2 | Carrying Value | Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 454,938 | 456,096 |
Level 2 | Carrying Value | 4.875% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 500,000 | 500,000 |
Level 2 | Carrying Value | 5.625% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 400,000 | 400,000 |
Level 2 | Carrying Value | 5.0% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 700,000 | 700,000 |
Level 2 | Carrying Value | 6.25% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 0 | 750,000 |
Level 2 | Carrying Value | 4.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 450,000 | 450,000 |
Level 2 | Carrying Value | 3.75% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 750,000 | 750,000 |
Level 2 | Carrying Value | 4.0% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | $ 750,000 | $ 0 |
Fair Value Measures - Equity In
Fair Value Measures - Equity Instruments without Readily Determinable Fair Values (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Equity investment | $ 65,000 | $ 65,000 |
Quanergy Systems, Inc. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investment | 50,000 | 50,000 |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investment | $ 15,000 | $ 15,000 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Narrative (Details) | Mar. 31, 2021USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Foreign currency cash flow gain to be reclassified during next 12 months | $ 6,700,000 |
Termination value of outstanding derivatives in a liability position | 9,400,000 |
Collateral already posted, aggregate fair value | $ 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - 3 months ended Mar. 31, 2021 € in Millions, ₩ in Millions, ¥ in Millions, ¥ in Millions, £ in Millions, RM in Millions, $ in Millions | EUR (€)oztlb$ / $$ / ¥€ / $$ / ¥$ / RM£ / $$ / ₩ | CNY (¥)$ / $$ / ¥$ / ¥€ / $£ / $$ / RM$ / ₩ | JPY (¥)$ / $$ / ¥$ / ¥€ / $£ / $$ / RM$ / ₩ | KRW (₩)$ / $$ / ¥$ / ¥€ / $£ / $$ / RM$ / ₩ | MYR (RM)$ / $$ / ¥$ / ¥€ / $£ / $$ / RM$ / ₩ | MXN ($)$ / $$ / ¥$ / ¥€ / $£ / $$ / RM$ / ₩ | GBP (£)$ / $$ / ¥$ / ¥€ / $£ / $$ / RM$ / ₩ |
Foreign currency forward contracts | Not designated | Euro ("EUR") to USD | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | € | € 15 | ||||||
Weighted-Average Strike Rate | € / $ | 1.18 | 1.18 | 1.18 | 1.18 | 1.18 | 1.18 | 1.18 |
Foreign currency forward contracts | Not designated | USD to Chinese Renminbi ("CNY") | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | ¥ | ¥ 667 | ||||||
Weighted-Average Strike Rate | $ / ¥ | 6.58 | 6.58 | 6.58 | 6.58 | 6.58 | 6.58 | 6.58 |
Foreign currency forward contracts | Not designated | USD to Japanese Yen ("JPY") | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | ¥ | ¥ 917 | ||||||
Weighted-Average Strike Rate | $ / ¥ | 109.68 | 109.68 | 109.68 | 109.68 | 109.68 | 109.68 | 109.68 |
Foreign currency forward contracts | Not designated | USD to Malaysian Ringgit ("MYR") | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | RM | RM 23 | ||||||
Weighted-Average Strike Rate | $ / RM | 4.13 | 4.13 | 4.13 | 4.13 | 4.13 | 4.13 | 4.13 |
Foreign currency forward contracts | Not designated | USD to Mexican Peso ("MXN") | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | $ | $ 449 | ||||||
Weighted-Average Strike Rate | $ / $ | 20.81 | 20.81 | 20.81 | 20.81 | 20.81 | 20.81 | 20.81 |
Foreign currency forward contracts | Not designated | British Pound Sterling ("GBP") to USD | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | £ | £ 5.5 | ||||||
Weighted-Average Strike Rate | £ / $ | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 |
Foreign currency forward contracts | Cash flow hedge | Euro ("EUR") to USD | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | € | € 320.3 | ||||||
Weighted-Average Strike Rate | € / $ | 1.18 | 1.18 | 1.18 | 1.18 | 1.18 | 1.18 | 1.18 |
Foreign currency forward contracts | Cash flow hedge | USD to Chinese Renminbi ("CNY") | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | ¥ | ¥ 781.2 | ||||||
Weighted-Average Strike Rate | $ / ¥ | 6.64 | 6.64 | 6.64 | 6.64 | 6.64 | 6.64 | 6.64 |
Foreign currency forward contracts | Cash flow hedge | USD to Korean Won ("KRW") | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | ₩ | ₩ 19,433.3 | ||||||
Weighted-Average Strike Rate | $ / ₩ | 1,151.96 | 1,151.96 | 1,151.96 | 1,151.96 | 1,151.96 | 1,151.96 | 1,151.96 |
Foreign currency forward contracts | Cash flow hedge | USD to Mexican Peso ("MXN") | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | $ | $ 2,998.8 | ||||||
Weighted-Average Strike Rate | $ / $ | 22.57 | 22.57 | 22.57 | 22.57 | 22.57 | 22.57 | 22.57 |
Foreign currency forward contracts | Cash flow hedge | British Pound Sterling ("GBP") to USD | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | £ | £ 51 | ||||||
Weighted-Average Strike Rate | £ / $ | 1.31 | 1.31 | 1.31 | 1.31 | 1.31 | 1.31 | 1.31 |
Silver | Not designated | |||||||
Hedges of Foreign Currency Risk | |||||||
Weighted-Average Strike Rate | 22.22 | 22.22 | 22.22 | 22.22 | 22.22 | 22.22 | 22.22 |
Hedges of Commodity Risk | |||||||
Notional | 695,250 | ||||||
Gold | Not designated | |||||||
Hedges of Foreign Currency Risk | |||||||
Weighted-Average Strike Rate | 1,784.90 | 1,784.90 | 1,784.90 | 1,784.90 | 1,784.90 | 1,784.90 | 1,784.90 |
Hedges of Commodity Risk | |||||||
Notional | 7,160 | ||||||
Nickel | Not designated | |||||||
Hedges of Foreign Currency Risk | |||||||
Weighted-Average Strike Rate | 7.06 | 7.06 | 7.06 | 7.06 | 7.06 | 7.06 | 7.06 |
Hedges of Commodity Risk | |||||||
Notional | lb | 153,661 | ||||||
Aluminum | Not designated | |||||||
Hedges of Foreign Currency Risk | |||||||
Weighted-Average Strike Rate | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 |
Hedges of Commodity Risk | |||||||
Notional | lb | 2,115,667 | ||||||
Copper | Not designated | |||||||
Hedges of Foreign Currency Risk | |||||||
Weighted-Average Strike Rate | 3.06 | 3.06 | 3.06 | 3.06 | 3.06 | 3.06 | 3.06 |
Hedges of Commodity Risk | |||||||
Notional | lb | 1,689,875 | ||||||
Platinum | Not designated | |||||||
Hedges of Foreign Currency Risk | |||||||
Weighted-Average Strike Rate | 965.83 | 965.83 | 965.83 | 965.83 | 965.83 | 965.83 | 965.83 |
Hedges of Commodity Risk | |||||||
Notional | 7,289 | ||||||
Palladium | Not designated | |||||||
Hedges of Foreign Currency Risk | |||||||
Weighted-Average Strike Rate | 2,086.90 | 2,086.90 | 2,086.90 | 2,086.90 | 2,086.90 | 2,086.90 | 2,086.90 |
Hedges of Commodity Risk | |||||||
Notional | 774 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Cash flow hedge | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 17,174 | $ 16,009 |
Liability Derivatives | 7,509 | 24,016 |
Not designated | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 6,990 | 9,056 |
Liability Derivatives | 1,855 | 954 |
Foreign currency forward contracts | Cash flow hedge | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 13,616 | 11,281 |
Foreign currency forward contracts | Cash flow hedge | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 3,558 | 4,728 |
Foreign currency forward contracts | Cash flow hedge | Accrued expenses and other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 6,767 | 18,834 |
Foreign currency forward contracts | Cash flow hedge | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 742 | 5,182 |
Foreign currency forward contracts | Not designated | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 394 | 154 |
Foreign currency forward contracts | Not designated | Accrued expenses and other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 105 | 644 |
Commodity forward contracts | Not designated | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 5,830 | 7,598 |
Commodity forward contracts | Not designated | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 766 | 1,304 |
Commodity forward contracts | Not designated | Accrued expenses and other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 939 | 149 |
Commodity forward contracts | Not designated | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 811 | $ 161 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Income Statement Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Foreign currency forward contracts | Net revenue | Cash flow hedge | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive Income/(Loss) | $ 18,799 | $ 12,544 |
Amount of Net (Loss)/Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income | (4,407) | 6,623 |
Foreign currency forward contracts | Cost of revenue | Cash flow hedge | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive Income/(Loss) | (3,425) | (29,630) |
Amount of Net (Loss)/Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income | 743 | 1,768 |
Foreign currency forward contracts | Other, net | Not designated | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Net Income | (958) | (3,781) |
Commodity forward contracts | Other, net | Not designated | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Net Income | $ (1,153) | $ (5,575) |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | Feb. 11, 2021USD ($) |
Xirgo | |
Business Acquisition [Line Items] | |
Aggregate purchase price | $ 400 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | |
Segment Reporting [Abstract] | ||
Number of reporting segments | segment | 2 | |
Reconciliation from Segment Totals to Consolidated [Abstract] | ||
Net revenue | $ 942,528 | $ 774,269 |
Operating income | 157,454 | 58,599 |
Amortization of intangible assets | (32,064) | (33,092) |
Interest expense, net | (44,043) | (39,403) |
Other, net | (39,397) | (12,281) |
Income before taxes | $ 74,014 | 6,915 |
Performance Sensing | ||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||
Number of operating segments | segment | 2 | |
Net revenue | $ 714,512 | 568,689 |
Sensing Solutions | ||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||
Net revenue | 228,016 | 205,580 |
Operating segments | ||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||
Net revenue | 942,528 | 774,269 |
Operating income | 262,738 | 191,575 |
Operating segments | Performance Sensing | ||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||
Net revenue | 714,512 | 568,689 |
Operating income | 195,844 | 135,046 |
Operating segments | Sensing Solutions | ||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||
Net revenue | 228,016 | 205,580 |
Operating income | 66,894 | 56,529 |
Corporate and other | ||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||
Operating income | (68,638) | (95,386) |
Segment reconciling items | ||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||
Amortization of intangible assets | (32,064) | (33,092) |
Restructuring and other charges, net | $ (4,582) | $ (4,498) |