Sensata Technologies Holding (ST) 10-Q 29 Apr 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 16, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	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)		150,738,907
Entity Central Index Key	0001477294
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 460,359	$ 508,104
Accounts receivable, net of allowances of $21,851 and $28,980 as of March 31, 2024 and December 31, 2023, respectively	760,092	744,129
Inventories	720,628	713,485
Prepaid expenses and other current assets	157,441	136,686
Total current assets	2,098,520	2,102,404
Property, plant and equipment, net	883,851	886,010
Goodwill	3,542,725	3,542,770
Other intangible assets, net of accumulated amortization of $2,561,367 and $2,522,760 as of March 31, 2024 and December 31, 2023, respectively	845,555	883,671
Deferred income tax assets	127,491	131,527
Other assets	117,808	134,605
Total assets	7,615,950	7,680,987
Current liabilities:
Current portion of long-term debt, finance lease and other financing obligations	2,340	2,276
Accounts payable	469,342	482,301
Income taxes payable	33,762	32,139
Accrued expenses and other current liabilities	288,525	307,002
Total current liabilities	793,969	823,718
Deferred income tax liabilities	361,172	359,073
Pension and other post-retirement benefit obligations	38,053	38,178
Finance lease obligations, less current portion	22,587	22,949
Long-term debt, net	3,375,511	3,373,988
Other long-term liabilities	49,824	66,805
Total liabilities	4,641,116	4,684,711
Commitments and contingencies (Note 11)
Shareholders’ equity:
Ordinary shares, €0.01 nominal value per share, 177,069 shares authorized, and 175,839 and 175,832 shares issued as of March 31, 2024 and December 31, 2023, respectively	2,249	2,249
Treasury shares, at cost, 25,365 and 25,090 shares as of March 31, 2024 and December 31, 2023, respectively	(1,223,212)	(1,213,160)
Additional paid-in capital	1,837,647	1,901,621
Retained earnings	2,353,440	2,295,604
Accumulated other comprehensive income	4,710	9,962
Total shareholders' equity	2,974,834	2,996,276
Total liabilities and shareholders' equity	$ 7,615,950	$ 7,680,987

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands	Mar. 31, 2024 USD ($) shares	Mar. 31, 2024 € / shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 € / shares
Statement of Financial Position [Abstract]
Accounts receivable, net of allowances | $	$ 21,851		$ 28,980
Accumulated amortization | $	$ 2,561,367		$ 2,522,760
Ordinary shares, nominal value per share (in euros per share) | € / shares		€ 0.01		€ 0.01
Ordinary shares authorized (in shares)	177,069,000		177,069,000
Ordinary shares issued (in shares)	175,839,000		175,832,000
Treasury shares (in shares)	25,365,000		25,090,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net revenue	$ 1,006,709	$ 998,175
Operating costs and expenses:
Cost of revenue	689,260	670,471
Research and development	45,314	45,939
Selling, general and administrative	88,046	86,150
Amortization of intangible assets	38,515	40,774
Restructuring and other charges, net	782	5,999
Total operating costs and expenses	861,917	849,333
Operating income	144,792	148,842
Interest expense	(38,395)	(48,791)
Interest income	3,738	8,700
Other, net	(11,544)	1,392
Income before taxes	98,591	110,143
Provision for income taxes	22,570	23,726
Net income	$ 76,021	$ 86,417
Basic net income per share (in dollars per share)	$ 0.51	$ 0.57
Diluted net income per share (in dollars per share)	$ 0.50	$ 0.56

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 76,021	$ 86,417
Other comprehensive (loss)/income:
Cash flow hedges	9,242	2,807
Defined benefit and retiree healthcare plans	227	393
Cumulative translation adjustment	(14,721)	0
Other comprehensive (loss)/income	(5,252)	3,200
Comprehensive income	$ 70,769	$ 89,617

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 76,021	$ 86,417
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	33,523	30,948
Amortization of debt issuance costs	1,562	1,734
Gain on sale of business	0	(5,877)
Share-based compensation	8,133	7,206
Loss on debt financing	0	485
Amortization of intangible assets	38,515	40,774
Deferred income taxes	2,574	6,491
Loss on equity investments, net	13,287	0
Unrealized (gain)/loss on derivative instruments and other	(4,184)	3,107
Changes in operating assets and liabilities, net of the effects of acquisitions:
Accounts receivable, net	(19,156)	(17,370)
Inventories	(8,677)	(13,687)
Prepaid expenses and other current assets	(8,920)	(19,668)
Accounts payable and accrued expenses	(29,447)	(27,586)
Income taxes payable	1,809	6,882
Other	1,447	32
Acquisition-related compensation payments	0	(3,000)
Net cash provided by operating activities	106,487	96,888
Cash flows from investing activities:
Additions to property, plant and equipment and capitalized software	(42,130)	(36,882)
Proceeds from the sale of business, net of cash sold	0	14,000
Net cash used in investing activities	(42,130)	(22,882)
Cash flows from financing activities:
Proceeds from exercise of stock options and issuance of ordinary shares	0	2,762
Payment of employee restricted stock tax withholdings	(129)	(123)
Payments on debt	(279)	(250,944)
Dividends paid	(18,056)	(16,777)
Payments to repurchase ordinary shares	(10,052)	0
Purchase of noncontrolling interest in joint venture	(79,393)	0
Payments of debt financing costs	(39)	(308)
Net cash used in financing activities	(107,948)	(265,390)
Effect of exchange rate changes on cash and cash equivalents	(4,154)	0
Net change in cash and cash equivalents	(47,745)	(191,384)
Cash and cash equivalents, beginning of year	508,104	1,225,518
Cash and cash equivalents, end of period	$ 460,359	$ 1,034,134

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 Income
Ordinary shares, beginning balance (in shares) at Dec. 31, 2022		175,207
Treasury shares, beginning balance (in shares) at Dec. 31, 2022			(22,781)
Beginning balance at Dec. 31, 2022	$ 3,110,807	$ 2,242	$ (1,124,713)	$ 1,866,201	$ 2,383,341	$ (16,264)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Surrender of shares for tax withholding (in shares)			(2)
Surrender of shares for tax withholding	(123)		$ (123)
Stock options exercised (in shares)		82
Stock options exercised	2,762	$ 1		2,761
Vesting of restricted securities (in shares)		11
Cash dividends paid	(16,777)				(16,777)
Retirement of ordinary shares (in shares)		(2)	(2)
Retirement of ordinary shares	0		$ 123		(123)
Share-based compensation	7,206			7,206
Net income	86,417				86,417
Other comprehensive (loss)/income	3,200					3,200
Ordinary shares, ending balance (in shares) at Mar. 31, 2023		175,298
Treasury shares, ending balance (in shares) at Mar. 31, 2023			(22,781)
Ending balance at Mar. 31, 2023	$ 3,193,492	$ 2,243	$ (1,124,713)	1,876,168	2,452,858	(13,064)
Ordinary shares, beginning balance (in shares) at Dec. 31, 2023	175,832	175,832
Treasury shares, beginning balance (in shares) at Dec. 31, 2023	(25,090)		(25,090)
Beginning balance at Dec. 31, 2023	$ 2,996,276	$ 2,249	$ (1,213,160)	1,901,621	2,295,604	9,962
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Surrender of shares for tax withholding (in shares)			(3)
Surrender of shares for tax withholding	(129)		$ (129)
Vesting of restricted securities (in shares)		10
Cash dividends paid	(18,056)				(18,056)
Repurchase of ordinary shares (in shares)			(275)
Repurchase of ordinary shares	(10,052)		$ (10,052)
Retirement of ordinary shares (in shares)		(3)	(3)
Retirement of ordinary shares	0		$ 129		(129)
Share-based compensation	8,133			8,133
Purchase of noncontrolling interest in joint venture	(72,107)			(72,107)
Net income	76,021				76,021
Other comprehensive (loss)/income	$ (5,252)					(5,252)
Ordinary shares, ending balance (in shares) at Mar. 31, 2024	175,839	175,839
Treasury shares, ending balance (in shares) at Mar. 31, 2024	(25,365)		(25,365)
Ending balance at Mar. 31, 2024	$ 2,974,834	$ 2,249	$ (1,223,212)	$ 1,837,647	$ 2,353,440	$ 4,710

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements reflect the financial position, results of operations, comprehensive income, cash flows, and changes in shareholders' equity of Sensata Technologies Holding plc, a public limited company incorporated under the laws of England and Wales, and its consolidated subsidiaries, collectively referred to as the "Company," "Sensata," "we," "our," or "us." The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q. Accordingly, these interim financial statements do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. The accompanying interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the interim period results. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (the "SEC") on February 29, 2024 (the "2023 Annual Report"). In the three months ended March 31, 2024, we realigned our business as a result of organizational changes that better allocate our resources to support changes to our business strategy. The most significant changes include combining our Automotive and HVOR businesses (with the combined business remaining in Performance Sensing) and moving the Insights business out of Performance Sensing to a new operating segment, which is not aggregated within either of our reportable segments. We combined the Automotive and HVOR businesses to better leverage our core capabilities and prioritize product focus. We also moved certain shorter-cycle businesses from Performance Sensing to Sensing Solutions, which will benefit from organizing our predominantly shorter-cycle businesses together, by allowing us to scale core capabilities and better serve our customers. Prior year amounts in this Quarterly Report on Form 10-Q have been recast to reflect this realignment. Refer to Note 15: Segment Reporting for additional information In the three months ended March 31, 2024, we presented interest income on the condensed consolidated statements of operations separate from interest expense. In the three months ended March 31, 2023, interest income had been included in interest expense, net. Accordingly, we reclassified prior period interest income to a separate caption in the condensed consolidated statements of operations to conform to current period presentation.

New Accounting Standards

New Accounting Standards	3 Months Ended
	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures , to improve disclosures about a public entity's reportable segments. This guidance requires that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss and an amount for "other segment items" included in the determination of segment operating income. The guidance also requires that a public entity provide all annual disclosures about a reportable segment's profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting , in interim periods, and that a public entity provide the title and position of the chief operating decision maker. Other requirements of the guidance are not expected to be material. There is no change to the guidance for identification or aggregation of operating or reportable segments. FASB ASU No. 2023-07 will be effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The guidance must be applied retrospectively to all prior periods presented. We adopted the guidance in FASB ASU No. 2023-07 on January 1, 2024 and will include the required new annual and quarterly disclosures in our Annual Report on Form 10-K for the period ended December 31, 2024 and our Quarterly Report on Form 10-Q for the three months ended March 31, 2025, respectively. In December 2023, the FASB issued ASU No. 2023-09, Income taxes (Topic 740): Improvements to Income Tax Disclosures

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following tables present net revenue disaggregated by segment and end market for the three months ended March 31, 2024 and 2023 for our two reportable segments, Performance Sensing ("PS") and Sensing Solutions ("SS"), and other: For the three months ended March 31, 2024 PS SS Other Total Automotive $ 530,624 $ 32,408 $ — $ 563,032 HVOR (1) 182,694 6,858 — 189,552 Industrial — 124,281 — 124,281 Appliance and HVAC (2) — 47,055 — 47,055 Aerospace — 46,153 — 46,153 Other — 1,084 35,552 36,636 Total $ 713,318 $ 257,839 $ 35,552 $ 1,006,709 For the three months ended March 31, 2023 PS SS Other (3) Total Automotive (3) $ 499,095 $ 25,923 $ — $ 525,018 HVOR (3)(4) 168,667 5,754 — 174,421 Industrial (4) — 148,512 — 148,512 Appliance and HVAC — 47,474 — 47,474 Aerospace — 44,326 — 44,326 Other (3) — 11,461 46,963 58,424 Total $ 667,762 $ 283,450 $ 46,963 $ 998,175 ___________________________________ (1) Heavy vehicle and off-road. (2) Heating, ventilation and air conditioning. (3) In the three months ended March 31, 2024, we realigned our segments, as discussed further in Note 1: Basis of Presentation and Note 15: Segment Reporting . As a result, certain revenue in the Automotive and HVOR end markets have been moved from Performance Sensing to Sensing Solutions. In addition, Insights revenue was moved from the HVOR end market (in Performance Sensing) to the other end market in a separate operating segment that is not aggregated within either of our reportable segments. The three months ended March 31, 2023 have been retrospectively recast to reflect this change. (4)

Share-Based Payment Plans

Share-Based Payment Plans	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023: For the three months ended March 31, 2024 March 31, 2023 Stock options $ — $ 119 Restricted securities 8,133 7,087 Share-based compensation expense $ 8,133 $ 7,206

Restructuring and Other Charges

Restructuring and Other Charges, Net	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Other Charges, Net	Restructuring and Other Charges, Net Q3 2023 Plan In the three months ended September 30, 2023, we committed to a plan to reorganize our business (the “Q3 2023 Plan”). The Q3 2023 Plan, consisting of voluntary and involuntary reductions-in-force, site closures, and other cost-savings initiatives, was commenced to adjust our cost structure and business activities to better align with weaker market demand and continued economic uncertainty in many of our end-markets and to take active measures to accelerate our margin recovery. The reductions-in-force, which are subject to the laws and regulations of the countries in which the actions are planned, are expected to impact 510 positions. Over the life of the Q3 2023 Plan, we expect to incur restructuring charges of between $20.5 million and $25.5 million, primarily related to reductions-in-force. The majority of the actions under the Q3 2023 Plan are expected to be completed on or before June 30, 2024. We expect to settle these charges with cash on hand. We expect these restructuring charges to impact our business segments and corporate functions as follows: Charges (Dollars in thousands) Positions Minimum Maximum Performance Sensing 160 7,043 8,495 Sensing Solutions 150 5,214 7,495 Corporate and other 200 8,243 9,510 Total 510 20,500 25,500 Restructuring charges, net recognized in the three months ended March 31, 2024 resulting from the Q3 2023 Plan are presented by business segment and corporate functions below. (In thousands) Severance Facility and other exit costs (1) Performance Sensing $ 528 $ — Sensing Solutions (349) — Corporate and other 419 — Q3 2023 Plan total $ 598 $ — ___________________________________ (1) Includes site closures. Summary The following table presents the charges and gains included as components of restructuring and other charges, net for the three months ended March 31, 2024 and 2023: For the three months ended March 31, 2024 March 31, 2023 Q3 2023 Plan charges, net (1) $ 598 $ — Other restructuring and other charges, net Severance charges, net (2) (9) 4,213 Facility and other exit costs 168 225 Gain on sale of business — (5,877) Acquisition-related compensation arrangements 955 7,272 Other (930) 166 Restructuring and other charges, net $ 782 $ 5,999 ___________________________________ (1) Includes severance charges, net and facility and other exit costs relating to the Q3 2023 Plan as detailed under the heading Q3 2023 Plan above. (2) Each period presented includes severance charges, net of reversals, that do not represent the initiation of a larger restructuring plan. The following table presents a rollforward of our severance liability for the three months ended March 31, 2024: Q3 2023 Plan Other Total Balance as of December 31, 2023 $ 6,017 $ 769 $ 6,786 Charges, net of reversals 598 (9) 589 Payments (3,296) (369) (3,665) Foreign currency remeasurement (97) (13) (110) Balance as of March 31, 2024 $ 3,222 $ 378 $ 3,600 The severance liability as of March 31, 2024 and December 31, 2023 were entirely recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets.

Other, Net

Other, Net	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023: For the three months ended March 31, 2024 March 31, 2023 Currency remeasurement gain/(loss) on net monetary assets $ 1,031 $ (1,259) Gain on foreign currency forward contracts 680 184 Gain on commodity forward contracts 1,099 1,899 Loss on debt financing — (485) Loss on equity investments, net (1) (13,287) — Net periodic benefit cost, excluding service cost (841) (971) Other (226) 2,024 Other, net $ (11,544) $ 1,392 ___________________________________ (1) Primarily includes a loss on an equity investment that does not have a readily determinable fair value for which we use the measurement alternative prescribed in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 321, Investments—Equity Securities . Refer to Note 13: Fair Value Measures for additional information.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table presents the provision for income taxes for the three months ended March 31, 2024 and 2023: For the three months ended March 31, 2024 March 31, 2023 Provision for income taxes $ 22,570 $ 23,726 The provision for income taxes consists of (1) current tax expense, which relates primarily to our profitable operations in tax jurisdictions with limited or no net operating loss carryforwards and withholding taxes related to management fees, royalties, and the repatriation of foreign earnings; and (2) deferred tax expense (or benefit), which represents adjustments in book-to-tax basis differences primarily related to (a) book versus tax basis in intangible assets, (b) changes in net operating loss carryforwards, and (c) changes in withholding taxes on unremitted earnings. Other items impacting deferred tax expense include changes in tax rates and changes in our assessment of the realizability of our deferred tax assets.

Net Income per Share

Net Income per Share	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 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, 2024 March 31, 2023 Basic weighted-average ordinary shares outstanding 150,480 152,518 Dilutive effect of stock options — 151 Dilutive effect of unvested restricted securities 441 655 Diluted weighted-average ordinary shares outstanding 150,921 153,324 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, 2024 March 31, 2023 Anti-dilutive shares excluded 1,763 381 Contingently issuable shares excluded 1,060 1,268

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories The following table presents the components of inventories as of March 31, 2024 and December 31, 2023: March 31, December 31, Finished goods $ 200,026 $ 223,972 Work-in-process 122,207 113,209 Raw materials 398,395 376,304 Inventories $ 720,628 $ 713,485

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt The following table presents the components of long-term debt, net and finance lease obligations as of March 31, 2024 and December 31, 2023: Maturity Date March 31, December 31, 5.0% Senior Notes October 1, 2025 $ 700,000 $ 700,000 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 1,000,000 1,000,000 5.875% Senior Notes September 1, 2030 500,000 500,000 Less: debt discount, net of premium (1,230) (1,568) Less: deferred financing costs (23,259) (24,444) Long-term debt, net $ 3,375,511 $ 3,373,988 Finance lease obligations $ 24,927 $ 25,225 Less: current portion (2,340) (2,276) Finance lease obligations, less current portion $ 22,587 $ 22,949 Our debt as of March 31, 2024 and December 31, 2023 consists of various tranches of senior unsecured notes. We also have secured credit facilities which provide for our $750.0 million revolving credit facility (the "Revolving Credit Facility") and incremental availability under which additional debt can be issued. Refer to Note 14: Debt of the audited consolidated financial statements and notes thereto included in the 2023 Annual Report for additional information regarding our existing indebtedness. As of March 31, 2024, we had $746.1 million available under 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, 2024, no amounts had been drawn against these outstanding letters of credit. Accrued Interest Accrued interest associated with our outstanding debt is included as a component of accrued expenses and other current liabilities in the condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, accrued interest totaled $44.7 million and $45.2 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are regularly involved in a number of claims and litigation matters that arise in the ordinary course of business. Although it is not feasible to predict the outcome of these matters, based upon our experience and current information known to us, we do not expect the outcome of these matters, either individually or in the aggregate, to have a material adverse effect on our results of operations, financial condition, and/or cash flows.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Purchase of noncontrolling interest in joint venture In February 2024, Sensata purchased the remaining 50% interest in the Company’s joint venture with Dongguan Churod Electronics Co., Ltd. for approximately $79.4 million. Prior to the transaction, the Company had been consolidating the joint venture. The purchase of the 50% non-controlling interest was accounted for as an equity transaction. No gain or loss was recognized in the condensed consolidated statements of operations. The difference between the fair value of the consideration paid and the amount by which the non-controlling interest was adjusted was recognized as a reduction of additional paid in capital recorded in equity. Cash Dividends In the three months ended March 31, 2024 and 2023, we paid aggregate cash dividends of $18.1 million and $16.8 million, respectively. On April 24, 2024, we announced that our Board of Directors approved a quarterly dividend of $0.12 per share, payable on May 22, 2024 to shareholders of record as of May 8, 2024. Foreign Currency Translation Prior to October 1, 2023, the functional currency of the Company's wholly-owned subsidiaries in China was USD. Effective October 1, 2023, as a result of significant changes in economic facts and circumstances in the operations of our China foreign entities, the functional currency of the Company's wholly-owned subsidiaries in China changed to the CNY. The changes in economic facts and circumstances caused a permanent change to our strategy in China toward a more self-contained model, making China the primary economic environment in which these subsidiaries operate. This change was accounted for prospectively and does not impact prior period financial statements. As a result of this change, in the fourth quarter of 2023, we started recording an adjustment to translate these subsidiaries' financial statements from CNY to USD (our reporting currency). These adjustments are included in other comprehensive income and are presented under the heading Accumulated Other Comprehensive Income/(Loss) below . Treasury Shares From time to time, our Board of Directors has authorized various share repurchase programs, which may be modified or terminated by the Board at any time. Under these programs, we may repurchase ordinary shares at such times and in amounts to be determined by our management, based on market conditions, legal requirements, and other corporate considerations, on the open market or in privately negotiated transactions, provided that such transactions were completed pursuant to an agreement and with a third party approved by our shareholders at the annual general meeting. Ordinary shares repurchased by us are recognized, measured at cost, and presented as treasury shares on our consolidated balance sheets, resulting in a reduction of shareholders' equity. On January 20, 2022, our Board of Directors authorized a $500.0 million ordinary share repurchase program (the “January 2022 Program”), which replaced the previous $500.0 million program approved in July 2019. On September 26, 2023, our Board of Directors authorized a new $500.0 million ordinary share repurchase program (the “September 2023 Program”), which replaced the January 2022 Program and became effective on October 1, 2023. In the three months ended March 31, 2024, we repurchased 0.3 million ordinary shares for $10.1 million. These repurchases were made under the September 2023 Program. We did not repurchase any shares in the three months ended March 31, 2023. As of March 31, 2024, $461.8 million remained available for repurchase under the September 2023 Program. Accumulated Other Comprehensive Income The following table presents the components of accumulated other comprehensive income for the three months ended March 31, 2024: Cash Flow Hedges Defined Benefit and Retiree Healthcare Plans Cumulative Translation Adjustment Accumulated Other Comprehensive Income Balance as of December 31, 2023 $ 17,513 $ (28,499) $ 20,948 $ 9,962 Other comprehensive income before reclassifications, net of tax 14,779 — (14,721) 58 Reclassifications from accumulated other comprehensive income, net of tax (5,537) 227 — (5,310) Other comprehensive income 9,242 227 (14,721) (5,252) Balance as of March 31, 2024 $ 26,755 $ (28,272) $ 6,227 $ 4,710 The following table presents the amounts reclassified from accumulated other comprehensive income for the three months ended March 31, 2024 and 2023: For the three months ended March 31, Affected Line in Condensed Consolidated Statements of Operations Component 2024 2023 Derivative instruments designated and qualifying as cash flow hedges: Foreign currency forward contracts $ (108) $ (6,639) Net revenue (1) Foreign currency forward contracts (7,354) (1,697) Cost of revenue (1) Total, before taxes (7,462) (8,336) Income before taxes Income tax effect 1,925 2,151 Provision for income taxes Total, net of taxes $ (5,537) $ (6,185) Net income Defined benefit and retiree healthcare plans $ 296 $ 537 Other, net Income tax effect (69) (144) Provision for income taxes Total, net of taxes $ 227 $ 393 Net income ___________________________________ (1) Refer to Note 14: Derivative Instruments and Hedging Activities for additional information regarding amounts to be reclassified from accumulated other comprehensive income in future periods.

Fair Value Measures

Fair Value Measures	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023 are shown in the below table. March 31, December 31, Assets Cash equivalents (Level 1) $ 144,804 $ 138,749 Foreign currency forward contracts (Level 2) 33,997 28,871 Commodity forward contracts (Level 2) 2,113 1,457 Total $ 180,914 $ 169,077 Liabilities Foreign currency forward contracts (Level 2) $ 2,462 $ 8,996 Commodity forward contracts (Level 2) 248 795 Total $ 2,710 $ 9,791 Refer to Note 14: Derivative Instruments and Hedging Activities for additional information regarding our forward contracts. Cash equivalents consist of U.S. Government Treasury money market funds and are classified as Level 1 as they are exchange traded in an active market. Measured on a Nonrecurring Basis We evaluated our goodwill and other indefinite-lived intangible assets for impairment as of October 1, 2023 and determined that our Insights reporting unit was impaired. Refer to additional information in our 2023 Annual Report. No events or changes in circumstances occurred in the three months ended March 31, 2024 that would have triggered the need for an additional impairment review of our goodwill and other indefinite-lived intangible assets. In the three months ended March 31, 2024, we made the decision to reorganize our segments, as discussed in more detail in Note 1: Basis of Presentation . This reorganization resulted in the creation of a new reporting unit for a business that was previously part of the Automotive reporting unit, which was moved to the Sensing Solutions segment. We reassigned assets and liabilities, including goodwill, from the Automotive reporting unit to the new reporting unit as required by FASB ASC Topic 350. We evaluated our goodwill and other indefinite-lived intangible assets for impairment before and after the reorganization and formation of these reporting units and determined that they were not impaired. As a result of this reorganization, we allocated $143.4 million of goodwill to the new reporting unit. 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, 2024 and December 31, 2023. All fair value measures presented are categorized in Level 2 of the fair value hierarchy. March 31, 2024 December 31, 2023 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Liabilities 5.0% Senior Notes $ 700,000 $ 689,500 $ 700,000 $ 694,750 4.375% Senior Notes $ 450,000 $ 407,250 $ 450,000 $ 415,125 3.75% Senior Notes $ 750,000 $ 645,000 $ 750,000 $ 656,250 4.0% Senior Notes $ 1,000,000 $ 910,000 $ 1,000,000 $ 920,000 5.875% Senior Notes $ 500,000 $ 488,750 $ 500,000 $ 495,000 ___________________________________ (1) Excluding any related debt discounts, premiums, and deferred financing costs. In addition to the above, we hold certain equity investments that do not have readily determinable fair values for which we use the measurement alternative prescribed in FASB ASC Topic 321. 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. As of March 31, 2024 and December 31, 2023, we held equity investments under the measurement alternative of $6.3 million and $18.3 million, respectively, which are presented in other assets in the condensed consolidated balance sheets. In the three months ended March 31, 2024, we adjusted the carrying value of one of these equity investments as a result of an observable price change, resulting in a loss of $14.8 million.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023, 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, 2024, we estimated that $29.6 million of net gains will be reclassified from accumulated other comprehensive income to earnings during the twelve-month period ending March 31, 2025. As of March 31, 2024, 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) 33.5 EUR March 26, 2024 April 30, 2024 Euro ("EUR") to USD 1.09 USD Not designated 407.2 EUR Various from April 2022 to March 2026 Various from April 2024 to March 2026 EUR to USD 1.10 USD Cash flow hedge 624.0 CNY March 26, 2024 April 30, 2024 USD to Chinese Renminbi ("CNY") 7.10 CNY Not designated 66.9 USD Various from February 2024 to March 2024 Various from April 2024 to March 2026 USD to CNY 7.01 CNY Cash flow hedge 1,145.0 JPY March 26, 2024 April 30, 2024 USD to Japanese Yen ("JPY") 150.62 JPY Not designated 34,691.4 KRW Various from May 2022 to March 2024 Various from April 2024 to February 2026 USD to Korean Won ("KRW") 1,291.93 KRW Cash flow hedge 18.0 MYR March 25, 2024 April 30, 2024 USD to Malaysian Ringgit ("MYR") 4.71 MYR Not designated 109.0 MXN March 25, 2024 April 30, 2024 USD to Mexican Peso ("MXN") 16.84 MXN Not designated 4,380.2 MXN Various from April 2022 to March 2024 Various from April 2024 to March 2026 USD to Mexican Peso ("MXN") 19.45 MXN Cash flow hedge 9.6 GBP March 26, 2024 April 30, 2024 British Pound Sterling ("GBP") to USD 1.27 USD Not designated 73.7 GBP Various from April 2022 to March 2024 Various from April 2024 to March 2026 GBP to USD 1.25 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. We may also enter into intercompany derivative instruments with our wholly-owned subsidiaries in order to hedge certain forecasted expenses. Hedges of Commodity Risk As of March 31, 2024, 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 746,290 troy oz. April 2024 to March 2026 $24.44 Copper 6,667,782 pounds April 2024 to March 2026 $3.90 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, 2024 and December 31, 2023: Asset Derivatives Liability Derivatives Balance Sheet Location March 31, December 31, Balance Sheet Location March 31, December 31, Derivatives designated as hedging instruments Foreign currency forward contracts Prepaid expenses and other current assets $ 28,299 $ 25,176 Accrued expenses and other current liabilities $ 2,022 $ 6,746 Foreign currency forward contracts Other assets 5,496 3,554 Other long-term liabilities 202 1,806 Total $ 33,795 $ 28,730 $ 2,224 $ 8,552 Derivatives not designated as hedging instruments Commodity forward contracts Prepaid expenses and other current assets $ 1,690 $ 1,314 Accrued expenses and other current liabilities $ 211 $ 719 Commodity forward contracts Other assets 423 143 Other long-term liabilities 37 76 Foreign currency forward contracts Prepaid expenses and other current assets 202 141 Accrued expenses and other current liabilities 238 444 Total $ 2,315 $ 1,598 $ 486 $ 1,239 These fair value measurements were all categorized within Level 2 of the fair value hierarchy. The following tables present the effect of our derivative financial instruments on the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income for the three months ended March 31, 2024 and 2023: Derivatives designated as Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive (Loss)/Income Location of Net Gain Reclassified from Accumulated Other Comprehensive Income into Net Income Amount of Net Gain Reclassified from Accumulated Other Comprehensive Income into Net Income 2024 2023 2024 2023 Foreign currency forward contracts $ 10,965 $ (3,588) Net revenue $ 108 $ 6,639 Foreign currency forward contracts $ 8,952 $ 15,708 Cost of revenue $ 7,354 $ 1,697 Derivatives not designated as Amount of Gain Recognized in Net Income Location of Gain Recognized in Net Income 2024 2023 Commodity forward contracts $ 1,099 $ 1,899 Other, net Foreign currency forward contracts $ 680 $ 184 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.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We present financial information for two reportable segments, Performance Sensing and Sensing Solutions. In the three months ended March 31, 2024, we realigned our segments as a result of organizational changes that better allocate our resources to support changes to our business strategy. Refer to Note 1: Basis of Presentation for additional information. This realignment added an "other" segment that represents the aggregation of immaterial operating segments. As a result of this reorganization, we moved $143.4 million of goodwill from Performance Sensing to Sensing Solutions. Refer to Note 13: Fair Value Measures for additional information. Effective April 1, 2023, we moved our material handling products from the HVOR operating segment (in the Performance Sensing reportable segment) to the Sensing Solutions operating segment to align with new management reporting. Prior year amounts in the table below have been recast to reflect these realignments. Prior to the three months ended March 31, 2024, the Performance Sensing reportable segment represented the aggregation of two operating segments, Automotive and HVOR. As a result of the segment realignment, Performance Sensing now represents one operating segment, as does Sensing Solutions. Other immaterial operating segments are aggregated in other, which was created as part of the segment realignment. Our operating segments are businesses that we manage as components of an enterprise, for which separate financial information is evaluated regularly by our chief operating decision maker in deciding how to allocate resources and assess performance. An operating segment’s performance is primarily evaluated based on segment operating income, which excludes amortization of intangible assets, restructuring and other charges, net, certain costs associated with our strategic megatrend initiatives, and certain corporate costs or credits not associated with the operations of the segment, including share-based compensation expense and a portion of depreciation expense associated with assets recognized in connection with acquisitions. Corporate and other expenses excluded from an operating (and reportable) segment’s performance are separately stated below and also include costs that are related to functional areas such as finance, information technology, legal, and human resources. We believe that segment operating income, as defined above, is an appropriate measure for evaluating the operating performance of our segments. However, this measure should be considered in addition to, and not as a substitute for, or superior to, operating income or other measures of financial performance prepared in accordance with U.S. GAAP. The accounting policies of each of our operating and reportable segments are materially consistent with those described in Note 2: Significant Accounting Policies of the audited consolidated financial statements and notes thereto included in our 2023 Annual Report. The following table presents net revenue and segment operating income for our reportable segments and other operating results not allocated to our reportable segments for the three months ended March 31, 2024 and 2023 (prior periods have been recast). For the three months ended March 31, 2024 March 31, 2023 Net revenue: Performance Sensing (1)(2) $ 713,318 $ 667,762 Sensing Solutions (1)(2) 257,839 283,450 Other (2) 35,552 46,963 Total net revenue $ 1,006,709 $ 998,175 Segment operating income (as defined above): Performance Sensing (1)(2) $ 185,132 $ 169,066 Sensing Solutions (1)(2) 72,479 84,020 Other (2) 6,781 4,970 Total segment operating income 264,392 258,056 Corporate and other (80,303) (62,441) Amortization of intangible assets (38,515) (40,774) Restructuring and other charges, net (782) (5,999) Operating income 144,792 148,842 Interest expense (38,395) (48,791) Interest income 3,738 8,700 Other, net (11,544) 1,392 Income before taxes $ 98,591 $ 110,143 ___________________________________ (1) The amounts previously reported for the three months ended March 31, 2023 have been retrospectively recast to reflect the move of the material handling products between operating segments in the second quarter of 2023 and to reflect the recasting of the Aftermarkets business and the radar products from Performance Sensing to Sensing Solutions. (2)

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 26, 2024, Jeff Cote informed our Board of his decision to retire as Chief Executive Officer ("CEO") and President and resign from the Board effective April 30, 2024. The Board has appointed Martha Sullivan as Interim President and CEO effective May 1, 2024 and has established a CEO Search Committee to identify a new permanent CEO.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q. Accordingly, these interim financial statements do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. The accompanying interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the interim period results. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (the "SEC") on February 29, 2024 (the "2023 Annual Report"). In the three months ended March 31, 2024, we realigned our business as a result of organizational changes that better allocate our resources to support changes to our business strategy. The most significant changes include combining our Automotive and HVOR businesses (with the combined business remaining in Performance Sensing) and moving the Insights business out of Performance Sensing to a new operating segment, which is not aggregated within either of our reportable segments. We combined the Automotive and HVOR businesses to better leverage our core capabilities and prioritize product focus. We also moved certain shorter-cycle businesses from Performance Sensing to Sensing Solutions, which will benefit from organizing our predominantly shorter-cycle businesses together, by allowing us to scale core capabilities and better serve our customers. Prior year amounts in this Quarterly Report on Form 10-Q have been recast to reflect this realignment. Refer to Note 15: Segment Reporting for additional information In the three months ended March 31, 2024, we presented interest income on the condensed consolidated statements of operations separate from interest expense. In the three months ended March 31, 2023, interest income had been included in interest expense, net. Accordingly, we reclassified prior period interest income to a separate caption in the condensed consolidated statements of operations to conform to current period presentation.
New Accounting Standards	In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures , to improve disclosures about a public entity's reportable segments. This guidance requires that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss and an amount for "other segment items" included in the determination of segment operating income. The guidance also requires that a public entity provide all annual disclosures about a reportable segment's profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting , in interim periods, and that a public entity provide the title and position of the chief operating decision maker. Other requirements of the guidance are not expected to be material. There is no change to the guidance for identification or aggregation of operating or reportable segments. FASB ASU No. 2023-07 will be effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The guidance must be applied retrospectively to all prior periods presented. We adopted the guidance in FASB ASU No. 2023-07 on January 1, 2024 and will include the required new annual and quarterly disclosures in our Annual Report on Form 10-K for the period ended December 31, 2024 and our Quarterly Report on Form 10-Q for the three months ended March 31, 2025, respectively. In December 2023, the FASB issued ASU No. 2023-09, Income taxes (Topic 740): Improvements to Income Tax Disclosures , to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The guidance also includes certain other amendments to improve the effectiveness of income tax disclosures. For public business entities, the standard is effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact on our income tax related disclosures.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables present net revenue disaggregated by segment and end market for the three months ended March 31, 2024 and 2023 for our two reportable segments, Performance Sensing ("PS") and Sensing Solutions ("SS"), and other: For the three months ended March 31, 2024 PS SS Other Total Automotive $ 530,624 $ 32,408 $ — $ 563,032 HVOR (1) 182,694 6,858 — 189,552 Industrial — 124,281 — 124,281 Appliance and HVAC (2) — 47,055 — 47,055 Aerospace — 46,153 — 46,153 Other — 1,084 35,552 36,636 Total $ 713,318 $ 257,839 $ 35,552 $ 1,006,709 For the three months ended March 31, 2023 PS SS Other (3) Total Automotive (3) $ 499,095 $ 25,923 $ — $ 525,018 HVOR (3)(4) 168,667 5,754 — 174,421 Industrial (4) — 148,512 — 148,512 Appliance and HVAC — 47,474 — 47,474 Aerospace — 44,326 — 44,326 Other (3) — 11,461 46,963 58,424 Total $ 667,762 $ 283,450 $ 46,963 $ 998,175 ___________________________________ (1) Heavy vehicle and off-road. (2) Heating, ventilation and air conditioning. (3) In the three months ended March 31, 2024, we realigned our segments, as discussed further in Note 1: Basis of Presentation and Note 15: Segment Reporting . As a result, certain revenue in the Automotive and HVOR end markets have been moved from Performance Sensing to Sensing Solutions. In addition, Insights revenue was moved from the HVOR end market (in Performance Sensing) to the other end market in a separate operating segment that is not aggregated within either of our reportable segments. The three months ended March 31, 2023 have been retrospectively recast to reflect this change. (4)

Share-Based Payment Plans (Tabl

Share-Based Payment Plans (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023: For the three months ended March 31, 2024 March 31, 2023 Stock options $ — $ 119 Restricted securities 8,133 7,087 Share-based compensation expense $ 8,133 $ 7,206

Restructuring and Other Charg_2

Restructuring and Other Charges, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Other Charges, Net	We expect these restructuring charges to impact our business segments and corporate functions as follows: Charges (Dollars in thousands) Positions Minimum Maximum Performance Sensing 160 7,043 8,495 Sensing Solutions 150 5,214 7,495 Corporate and other 200 8,243 9,510 Total 510 20,500 25,500 Restructuring charges, net recognized in the three months ended March 31, 2024 resulting from the Q3 2023 Plan are presented by business segment and corporate functions below. (In thousands) Severance Facility and other exit costs (1) Performance Sensing $ 528 $ — Sensing Solutions (349) — Corporate and other 419 — Q3 2023 Plan total $ 598 $ — ___________________________________ (1) Includes site closures. The following table presents the charges and gains included as components of restructuring and other charges, net for the three months ended March 31, 2024 and 2023: For the three months ended March 31, 2024 March 31, 2023 Q3 2023 Plan charges, net (1) $ 598 $ — Other restructuring and other charges, net Severance charges, net (2) (9) 4,213 Facility and other exit costs 168 225 Gain on sale of business — (5,877) Acquisition-related compensation arrangements 955 7,272 Other (930) 166 Restructuring and other charges, net $ 782 $ 5,999 ___________________________________ (1) Includes severance charges, net and facility and other exit costs relating to the Q3 2023 Plan as detailed under the heading Q3 2023 Plan above. (2)
Schedule of Severance Liability	The following table presents a rollforward of our severance liability for the three months ended March 31, 2024: Q3 2023 Plan Other Total Balance as of December 31, 2023 $ 6,017 $ 769 $ 6,786 Charges, net of reversals 598 (9) 589 Payments (3,296) (369) (3,665) Foreign currency remeasurement (97) (13) (110) Balance as of March 31, 2024 $ 3,222 $ 378 $ 3,600

Other, Net (Tables)

Other, Net (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023: For the three months ended March 31, 2024 March 31, 2023 Currency remeasurement gain/(loss) on net monetary assets $ 1,031 $ (1,259) Gain on foreign currency forward contracts 680 184 Gain on commodity forward contracts 1,099 1,899 Loss on debt financing — (485) Loss on equity investments, net (1) (13,287) — Net periodic benefit cost, excluding service cost (841) (971) Other (226) 2,024 Other, net $ (11,544) $ 1,392 ___________________________________ (1) Primarily includes a loss on an equity investment that does not have a readily determinable fair value for which we use the measurement alternative prescribed in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 321, Investments—Equity Securities . Refer to Note 13: Fair Value Measures for additional information.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes	The following table presents the provision for income taxes for the three months ended March 31, 2024 and 2023: For the three months ended March 31, 2024 March 31, 2023 Provision for income taxes $ 22,570 $ 23,726

Net Income per Share (Tables)

Net Income per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Weighted-Average Ordinary Shares Outstanding	For the three months ended March 31, 2024 and 2023 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, 2024 March 31, 2023 Basic weighted-average ordinary shares outstanding 150,480 152,518 Dilutive effect of stock options — 151 Dilutive effect of unvested restricted securities 441 655 Diluted weighted-average ordinary shares outstanding 150,921 153,324
Schedule of Antidilutive Securities	These potential ordinary shares were as follows: For the three months ended March 31, 2024 March 31, 2023 Anti-dilutive shares excluded 1,763 381 Contingently issuable shares excluded 1,060 1,268

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	The following table presents the components of inventories as of March 31, 2024 and December 31, 2023: March 31, December 31, Finished goods $ 200,026 $ 223,972 Work-in-process 122,207 113,209 Raw materials 398,395 376,304 Inventories $ 720,628 $ 713,485

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt, Net and Finance Lease Obligations	The following table presents the components of long-term debt, net and finance lease obligations as of March 31, 2024 and December 31, 2023: Maturity Date March 31, December 31, 5.0% Senior Notes October 1, 2025 $ 700,000 $ 700,000 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 1,000,000 1,000,000 5.875% Senior Notes September 1, 2030 500,000 500,000 Less: debt discount, net of premium (1,230) (1,568) Less: deferred financing costs (23,259) (24,444) Long-term debt, net $ 3,375,511 $ 3,373,988 Finance lease obligations $ 24,927 $ 25,225 Less: current portion (2,340) (2,276) Finance lease obligations, less current portion $ 22,587 $ 22,949

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Roll Forward of Components of Accumulated Other Comprehensive Income	The following table presents the components of accumulated other comprehensive income for the three months ended March 31, 2024: Cash Flow Hedges Defined Benefit and Retiree Healthcare Plans Cumulative Translation Adjustment Accumulated Other Comprehensive Income Balance as of December 31, 2023 $ 17,513 $ (28,499) $ 20,948 $ 9,962 Other comprehensive income before reclassifications, net of tax 14,779 — (14,721) 58 Reclassifications from accumulated other comprehensive income, net of tax (5,537) 227 — (5,310) Other comprehensive income 9,242 227 (14,721) (5,252) Balance as of March 31, 2024 $ 26,755 $ (28,272) $ 6,227 $ 4,710
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income	The following table presents the amounts reclassified from accumulated other comprehensive income for the three months ended March 31, 2024 and 2023: For the three months ended March 31, Affected Line in Condensed Consolidated Statements of Operations Component 2024 2023 Derivative instruments designated and qualifying as cash flow hedges: Foreign currency forward contracts $ (108) $ (6,639) Net revenue (1) Foreign currency forward contracts (7,354) (1,697) Cost of revenue (1) Total, before taxes (7,462) (8,336) Income before taxes Income tax effect 1,925 2,151 Provision for income taxes Total, net of taxes $ (5,537) $ (6,185) Net income Defined benefit and retiree healthcare plans $ 296 $ 537 Other, net Income tax effect (69) (144) Provision for income taxes Total, net of taxes $ 227 $ 393 Net income ___________________________________ (1) Refer to Note 14: Derivative Instruments and Hedging Activities for additional information regarding amounts to be reclassified from accumulated other comprehensive income in future periods.

Fair Value Measures (Tables)

Fair Value Measures (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023 are shown in the below table. March 31, December 31, Assets Cash equivalents (Level 1) $ 144,804 $ 138,749 Foreign currency forward contracts (Level 2) 33,997 28,871 Commodity forward contracts (Level 2) 2,113 1,457 Total $ 180,914 $ 169,077 Liabilities Foreign currency forward contracts (Level 2) $ 2,462 $ 8,996 Commodity forward contracts (Level 2) 248 795 Total $ 2,710 $ 9,791
Schedule of Information about Carrying Values and Fair Values of Financial Instruments not Recorded at Fair Value	The following table presents the carrying values and fair values of financial instruments not recorded at fair value in the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023. All fair value measures presented are categorized in Level 2 of the fair value hierarchy. March 31, 2024 December 31, 2023 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Liabilities 5.0% Senior Notes $ 700,000 $ 689,500 $ 700,000 $ 694,750 4.375% Senior Notes $ 450,000 $ 407,250 $ 450,000 $ 415,125 3.75% Senior Notes $ 750,000 $ 645,000 $ 750,000 $ 656,250 4.0% Senior Notes $ 1,000,000 $ 910,000 $ 1,000,000 $ 920,000 5.875% Senior Notes $ 500,000 $ 488,750 $ 500,000 $ 495,000 ___________________________________ (1) Excluding any related debt discounts, premiums, and deferred financing costs.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Derivative Instruments	As of March 31, 2024, 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) 33.5 EUR March 26, 2024 April 30, 2024 Euro ("EUR") to USD 1.09 USD Not designated 407.2 EUR Various from April 2022 to March 2026 Various from April 2024 to March 2026 EUR to USD 1.10 USD Cash flow hedge 624.0 CNY March 26, 2024 April 30, 2024 USD to Chinese Renminbi ("CNY") 7.10 CNY Not designated 66.9 USD Various from February 2024 to March 2024 Various from April 2024 to March 2026 USD to CNY 7.01 CNY Cash flow hedge 1,145.0 JPY March 26, 2024 April 30, 2024 USD to Japanese Yen ("JPY") 150.62 JPY Not designated 34,691.4 KRW Various from May 2022 to March 2024 Various from April 2024 to February 2026 USD to Korean Won ("KRW") 1,291.93 KRW Cash flow hedge 18.0 MYR March 25, 2024 April 30, 2024 USD to Malaysian Ringgit ("MYR") 4.71 MYR Not designated 109.0 MXN March 25, 2024 April 30, 2024 USD to Mexican Peso ("MXN") 16.84 MXN Not designated 4,380.2 MXN Various from April 2022 to March 2024 Various from April 2024 to March 2026 USD to Mexican Peso ("MXN") 19.45 MXN Cash flow hedge 9.6 GBP March 26, 2024 April 30, 2024 British Pound Sterling ("GBP") to USD 1.27 USD Not designated 73.7 GBP Various from April 2022 to March 2024 Various from April 2024 to March 2026 GBP to USD 1.25 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. We may also enter into intercompany derivative instruments with our wholly-owned subsidiaries in order to hedge certain forecasted expenses. As of March 31, 2024, 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 746,290 troy oz. April 2024 to March 2026 $24.44 Copper 6,667,782 pounds April 2024 to March 2026 $3.90
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location	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, 2024 and December 31, 2023: Asset Derivatives Liability Derivatives Balance Sheet Location March 31, December 31, Balance Sheet Location March 31, December 31, Derivatives designated as hedging instruments Foreign currency forward contracts Prepaid expenses and other current assets $ 28,299 $ 25,176 Accrued expenses and other current liabilities $ 2,022 $ 6,746 Foreign currency forward contracts Other assets 5,496 3,554 Other long-term liabilities 202 1,806 Total $ 33,795 $ 28,730 $ 2,224 $ 8,552 Derivatives not designated as hedging instruments Commodity forward contracts Prepaid expenses and other current assets $ 1,690 $ 1,314 Accrued expenses and other current liabilities $ 211 $ 719 Commodity forward contracts Other assets 423 143 Other long-term liabilities 37 76 Foreign currency forward contracts Prepaid expenses and other current assets 202 141 Accrued expenses and other current liabilities 238 444 Total $ 2,315 $ 1,598 $ 486 $ 1,239
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following tables present the effect of our derivative financial instruments on the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income for the three months ended March 31, 2024 and 2023: Derivatives designated as Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive (Loss)/Income Location of Net Gain Reclassified from Accumulated Other Comprehensive Income into Net Income Amount of Net Gain Reclassified from Accumulated Other Comprehensive Income into Net Income 2024 2023 2024 2023 Foreign currency forward contracts $ 10,965 $ (3,588) Net revenue $ 108 $ 6,639 Foreign currency forward contracts $ 8,952 $ 15,708 Cost of revenue $ 7,354 $ 1,697 Derivatives not designated as Amount of Gain Recognized in Net Income Location of Gain Recognized in Net Income 2024 2023 Commodity forward contracts $ 1,099 $ 1,899 Other, net Foreign currency forward contracts $ 680 $ 184 Other, net

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information by Segment	The following table presents net revenue and segment operating income for our reportable segments and other operating results not allocated to our reportable segments for the three months ended March 31, 2024 and 2023 (prior periods have been recast). For the three months ended March 31, 2024 March 31, 2023 Net revenue: Performance Sensing (1)(2) $ 713,318 $ 667,762 Sensing Solutions (1)(2) 257,839 283,450 Other (2) 35,552 46,963 Total net revenue $ 1,006,709 $ 998,175 Segment operating income (as defined above): Performance Sensing (1)(2) $ 185,132 $ 169,066 Sensing Solutions (1)(2) 72,479 84,020 Other (2) 6,781 4,970 Total segment operating income 264,392 258,056 Corporate and other (80,303) (62,441) Amortization of intangible assets (38,515) (40,774) Restructuring and other charges, net (782) (5,999) Operating income 144,792 148,842 Interest expense (38,395) (48,791) Interest income 3,738 8,700 Other, net (11,544) 1,392 Income before taxes $ 98,591 $ 110,143 ___________________________________ (1) The amounts previously reported for the three months ended March 31, 2023 have been retrospectively recast to reflect the move of the material handling products between operating segments in the second quarter of 2023 and to reflect the recasting of the Aftermarkets business and the radar products from Performance Sensing to Sensing Solutions. (2) The amounts previously reported for the three months ended March 31, 2023 have been retrospectively recast to reflect the segment realignment as discussed in Note 1: Basis of Presentation .

Revenue Recognition (Details)

Revenue Recognition (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($) segment	Dec. 31, 2023 segment
Revenue from Contract with Customer [Abstract]
Number of reporting segments | segment	2	2	2
Disaggregation of Revenue [Line Items]
Net revenue	$ 1,006,709	$ 998,175
Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	1,006,709	998,175
Segment Reconciling Items
Disaggregation of Revenue [Line Items]
Net revenue	35,552	46,963
PS | Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	713,318	667,762
SS | Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	257,839	283,450
Automotive
Disaggregation of Revenue [Line Items]
Net revenue	563,032	525,018
Automotive | Segment Reconciling Items
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Automotive | PS | Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	530,624	499,095
Automotive | SS | Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	32,408	25,923
HVOR
Disaggregation of Revenue [Line Items]
Net revenue	189,552	174,421
HVOR | Segment Reconciling Items
Disaggregation of Revenue [Line Items]
Net revenue	0	0
HVOR | PS | Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	182,694	168,667
HVOR | SS | Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	6,858	5,754
Industrial
Disaggregation of Revenue [Line Items]
Net revenue	124,281	148,512
Industrial | Segment Reconciling Items
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Industrial | PS | Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Industrial | SS | Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	124,281	148,512
Appliance and HVAC
Disaggregation of Revenue [Line Items]
Net revenue	47,055	47,474
Appliance and HVAC | Segment Reconciling Items
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Appliance and HVAC | PS | Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Appliance and HVAC | SS | Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	47,055	47,474
Aerospace
Disaggregation of Revenue [Line Items]
Net revenue	46,153	44,326
Aerospace | Segment Reconciling Items
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Aerospace | PS | Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Aerospace | SS | Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	46,153	44,326
Other
Disaggregation of Revenue [Line Items]
Net revenue	36,636	58,424
Other | Segment Reconciling Items
Disaggregation of Revenue [Line Items]
Net revenue	35,552	46,963
Other | PS | Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Other | SS | Operating Segments
Disaggregation of Revenue [Line Items]
Net revenue	$ 1,084	$ 11,461

Share-Based Payment Plans - Sha

Share-Based Payment Plans - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 8,133	$ 7,206
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	119
Restricted securities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 8,133	$ 7,087

Restructuring and Other Charg_3

Restructuring and Other Charges, Net - Narrative (Details) - Q3 2023 Plan $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) position
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated | position	510
Business exit costs	$ 0
Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	20,500
Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	$ 25,500

Restructuring and Other Charg_4

Restructuring and Other Charges, Net - Expected Restructuring Charges by Impacted Segment (Details) - Q3 2023 Plan $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) position
Restructuring Cost and Reserve [Line Items]
Positions | position	510
Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	$ 20,500
Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	$ 25,500
Corporate and other
Restructuring Cost and Reserve [Line Items]
Positions | position	200
Corporate and other | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	$ 8,243
Corporate and other | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	$ 9,510
Performance Sensing | Operating Segments
Restructuring Cost and Reserve [Line Items]
Positions | position	160
Performance Sensing | Operating Segments | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	$ 7,043
Performance Sensing | Operating Segments | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	$ 8,495
Sensing Solutions | Operating Segments
Restructuring Cost and Reserve [Line Items]
Positions | position	150
Sensing Solutions | Operating Segments | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	$ 5,214
Sensing Solutions | Operating Segments | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	$ 7,495

Restructuring and Other Charg_5

Restructuring and Other Charges, Net - Restructuring Charges by Impacted Segment (Details) - Q3 2023 Plan $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Severance	$ 598
Facility and other exit costs	0
Corporate and other
Restructuring Cost and Reserve [Line Items]
Severance	419
Facility and other exit costs	0
Performance Sensing | Operating Segments
Restructuring Cost and Reserve [Line Items]
Severance	528
Facility and other exit costs	0
Sensing Solutions | Operating Segments
Restructuring Cost and Reserve [Line Items]
Severance	(349)
Facility and other exit costs	$ 0

Restructuring and Other Charg_6

Restructuring and Other Charges, Net - Components of Restructuring and Other Charges, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Gain on sale of business	$ 0	$ (5,877)
Restructuring and other charges, net	782	5,999
Q3 2023 Plan charges
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	598	0
Severance charges, net	598
Facility and other exit costs	0
Other
Restructuring Cost and Reserve [Line Items]
Severance charges, net	(9)	4,213
Facility and other exit costs	168	225
Gain on sale of business	0	(5,877)
Acquisition-related compensation arrangements	955	7,272
Other	$ (930)	$ 166

Restructuring and Other Charg_7

Restructuring and Other Charges, Net - Schedule of Severance Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Q3 2023 Plan
Restructuring Reserve [Roll Forward]
Charges, net of reversals	$ 598	$ 0
Severance
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	6,786
Charges, net of reversals	589
Payments	(3,665)
Foreign currency remeasurement	(110)
Restructuring reserve, ending balance	3,600
Severance | Q3 2023 Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	6,017
Charges, net of reversals	598
Payments	(3,296)
Foreign currency remeasurement	(97)
Restructuring reserve, ending balance	3,222
Severance | Other
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	769
Charges, net of reversals	(9)
Payments	(369)
Foreign currency remeasurement	(13)
Restructuring reserve, ending balance	$ 378

Other, Net (Details)

Other, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Currency remeasurement gain/(loss) on net monetary assets	$ 1,031	$ (1,259)
Gain on foreign currency forward contracts	680	184
Gain on commodity forward contracts	1,099	1,899
Loss on debt financing	0	(485)
Loss on equity investments, net	(13,287)	0
Net periodic benefit cost, excluding service cost	(841)	(971)
Other	(226)	2,024
Other, net	$ (11,544)	$ 1,392

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 22,570	$ 23,726

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, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Basic weighted-average ordinary shares outstanding (in shares)	150,480	152,518
Dilutive effect of stock options (in shares)	0	151
Dilutive effect of unvested restricted securities (in shares)	441	655
Diluted weighted-average ordinary shares outstanding (in shares)	150,921	153,324

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, 2024	Mar. 31, 2023
Anti-dilutive shares excluded
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded (in shares)	1,763	381
Contingently issuable shares excluded
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded (in shares)	1,060	1,268

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 200,026	$ 223,972
Work-in-process	122,207	113,209
Raw materials	398,395	376,304
Inventories	$ 720,628	$ 713,485

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt, Net and Finance Lease Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Less: debt discount, net of premium	$ (1,230)	$ (1,568)
Less: deferred financing costs	(23,259)	(24,444)
Long-term debt, net	3,375,511	3,373,988
Finance lease obligations	24,927	25,225
Less: current portion	(2,340)	(2,276)
Finance lease obligations, less current portion	$ 22,587	22,949
Senior Notes | 5.0% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate	5%
Gross long-term debt	$ 700,000	700,000
Senior Notes | 4.375% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate	4.375%
Gross long-term debt	$ 450,000	450,000
Senior Notes | 3.75% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate	3.75%
Gross long-term debt	$ 750,000	750,000
Senior Notes | 4.0% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate	4%
Gross long-term debt	$ 1,000,000	1,000,000
Senior Notes | 5.875% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate	5.875%
Gross long-term debt	$ 500,000	$ 500,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Accrued interest	$ 44,700,000	$ 45,200,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	750,000,000	$ 750,000,000
Amount available under revolving credit facility	746,100,000
Letters of credit outstanding	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) - USD ($)		1 Months Ended	3 Months Ended
	Apr. 24, 2024	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023	Sep. 26, 2023	Jan. 20, 2022
Equity, Class of Treasury Stock [Line Items]
Purchase of noncontrolling interest in joint venture			$ 79,393,000	$ 0
Dividends paid			18,056,000	$ 16,777,000
Repurchase of ordinary shares			$ 10,052,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividends declared pre share (in dollars per share)	$ 0.12
Treasury Shares
Equity, Class of Treasury Stock [Line Items]
Repurchase of ordinary shares (in shares)			275,000
Repurchase of ordinary shares			$ 10,052,000
January 2022 Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount						$ 500,000,000
July 2019 Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount						$ 500,000,000
September 2023 Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount					$ 500,000,000
Remaining amount under share repurchase program			$ 461,800,000
September 2023 Program | Treasury Shares
Equity, Class of Treasury Stock [Line Items]
Repurchase of ordinary shares (in shares)			300,000	0
Repurchase of ordinary shares			$ 10,100,000
Dongguan Churod Electronics Co., Ltd.
Equity, Class of Treasury Stock [Line Items]
Equity method investment, ownership percentage purchased		50%
Purchase of noncontrolling interest in joint venture		$ 79,400,000

Shareholders' Equity - Accumula

Shareholders' Equity - Accumulated Other Comprehensive Income Roll forward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 2,996,276	$ 3,110,807
Other comprehensive (loss)/income	(5,252)	3,200
Ending balance	2,974,834	3,193,492
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	17,513
Other comprehensive income before reclassifications, net of tax	14,779
Reclassifications from accumulated other comprehensive income, net of tax	(5,537)
Other comprehensive (loss)/income	9,242
Ending balance	26,755
Defined Benefit and Retiree Healthcare Plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(28,499)
Other comprehensive income before reclassifications, net of tax	0
Reclassifications from accumulated other comprehensive income, net of tax	227
Other comprehensive (loss)/income	227
Ending balance	(28,272)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	20,948
Other comprehensive income before reclassifications, net of tax	(14,721)
Reclassifications from accumulated other comprehensive income, net of tax	0
Other comprehensive (loss)/income	(14,721)
Ending balance	6,227
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	9,962	(16,264)
Other comprehensive income before reclassifications, net of tax	58
Reclassifications from accumulated other comprehensive income, net of tax	(5,310)
Other comprehensive (loss)/income	(5,252)	3,200
Ending balance	$ 4,710	$ (13,064)

Shareholders' Equity - Accumu_2

Shareholders' Equity - Accumulated Other Comprehensive Income Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net revenue	$ (1,006,709)	$ (998,175)
Cost of revenue	689,260	670,471
Provision for income taxes	22,570	23,726
Other, net	11,544	(1,392)
Net income	(76,021)	(86,417)
(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	(7,462)	(8,336)
Provision for income taxes	1,925	2,151
Net income	(5,537)	(6,185)
(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	(108)	(6,639)
Cost of revenue	(7,354)	(1,697)
(Gain)/Loss Reclassified from Accumulated Other Comprehensive Loss | Defined benefit and retiree healthcare plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Provision for income taxes	(69)	(144)
Other, net	296	537
Net income	$ 227	$ 393

Fair Value Measures - Schedule

Fair Value Measures - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 180,914	$ 169,077
Liabilities	2,710	9,791
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	144,804	138,749
Foreign currency forward contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	33,997	28,871
Derivative liabilities	2,462	8,996
Commodity forward contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	2,113	1,457
Derivative liabilities	$ 248	$ 795

Fair Value Measures - Narrative

Fair Value Measures - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	$ 3,542,725	$ 3,542,770
Equity securities without readily determinable fair value	6,300	$ 18,300
Carrying values of equity investments, observable price changes	14,800
Sensing Solutions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	$ 143,400

Fair Value Measures - Financial

Fair Value Measures - Financial Instruments Not Recorded at Fair Value (Details) - Senior Notes - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
5.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, stated interest rate	5%
4.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, stated interest rate	4.375%
3.75% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, stated interest rate	3.75%
4.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, stated interest rate	4%
5.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, stated interest rate	5.875%
Level 2 | 5.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	$ 689,500	$ 694,750
Level 2 | 4.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	407,250	415,125
Level 2 | 3.75% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	645,000	656,250
Level 2 | 4.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	910,000	920,000
Level 2 | 5.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	488,750	495,000
Level 2 | Carrying Value | 5.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	700,000	700,000
Level 2 | Carrying Value | 4.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	450,000	450,000
Level 2 | Carrying Value | 3.75% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	750,000	750,000
Level 2 | Carrying Value | 4.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	1,000,000	1,000,000
Level 2 | Carrying Value | 5.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	$ 500,000	$ 500,000

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign currency cash flow gain to be reclassified during next 12 months	$ 29.6

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) € in Millions, ₩ in Millions, ¥ in Millions, ¥ in Millions, £ in Millions, RM in Millions, $ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 EUR (€) lb ozt	Mar. 31, 2024 CNY (¥)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 JPY (¥)	Mar. 31, 2024 KRW (₩)	Mar. 31, 2024 MYR (RM)	Mar. 31, 2024 MXN ($)	Mar. 31, 2024 GBP (£)
Foreign currency forward contracts | Not designated | Euro ("EUR") to USD
Hedges of Foreign Currency Risk
Notional | €	€ 33.5
Weighted-Average Strike Rate	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09
Foreign currency forward contracts | Not designated | USD to Chinese Renminbi ("CNY")
Hedges of Foreign Currency Risk
Notional | ¥		¥ 624
Weighted-Average Strike Rate	7.10	7.10	7.10	7.10	7.10	7.10	7.10	7.10
Foreign currency forward contracts | Not designated | USD to Japanese Yen ("JPY")
Hedges of Foreign Currency Risk
Notional | ¥				¥ 1,145
Weighted-Average Strike Rate	150.62	150.62	150.62	150.62	150.62	150.62	150.62	150.62
Foreign currency forward contracts | Not designated | USD to Malaysian Ringgit ("MYR")
Hedges of Foreign Currency Risk
Notional | RM						RM 18
Weighted-Average Strike Rate	4.71	4.71	4.71	4.71	4.71	4.71	4.71	4.71
Foreign currency forward contracts | Not designated | USD to Mexican Peso ("MXN")
Hedges of Foreign Currency Risk
Notional							$ 109
Weighted-Average Strike Rate	16.84	16.84	16.84	16.84	16.84	16.84	16.84	16.84
Foreign currency forward contracts | Not designated | British Pound Sterling ("GBP") to USD
Hedges of Foreign Currency Risk
Notional | £								£ 9.6
Weighted-Average Strike Rate	1.27	1.27	1.27	1.27	1.27	1.27	1.27	1.27
Foreign currency forward contracts | Cash flow hedge | Euro ("EUR") to USD
Hedges of Foreign Currency Risk
Notional | €	€ 407.2
Weighted-Average Strike Rate	1.10	1.10	1.10	1.10	1.10	1.10	1.10	1.10
Foreign currency forward contracts | Cash flow hedge | USD to CNY
Hedges of Foreign Currency Risk
Notional			$ 66.9
Weighted-Average Strike Rate	7.01	7.01	7.01	7.01	7.01	7.01	7.01	7.01
Foreign currency forward contracts | Cash flow hedge | USD to Korean Won ("KRW")
Hedges of Foreign Currency Risk
Notional | ₩					₩ 34,691.4
Weighted-Average Strike Rate	1,291.93	1,291.93	1,291.93	1,291.93	1,291.93	1,291.93	1,291.93	1,291.93
Foreign currency forward contracts | Cash flow hedge | USD to Mexican Peso ("MXN")
Hedges of Foreign Currency Risk
Notional							$ 4,380.2
Weighted-Average Strike Rate	19.45	19.45	19.45	19.45	19.45	19.45	19.45	19.45
Foreign currency forward contracts | Cash flow hedge | British Pound Sterling ("GBP") to USD
Hedges of Foreign Currency Risk
Notional | £								£ 73.7
Weighted-Average Strike Rate	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25
Silver | Not designated
Hedges of Foreign Currency Risk
Weighted-Average Strike Rate	24.44	24.44	24.44	24.44	24.44	24.44	24.44	24.44
Hedges of Commodity Risk
Notional | ozt	746,290
Copper | Not designated
Hedges of Foreign Currency Risk
Weighted-Average Strike Rate	3.90	3.90	3.90	3.90	3.90	3.90	3.90	3.90
Hedges of Commodity Risk
Notional | lb	6,667,782

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash flow hedge
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 33,795	$ 28,730
Liability Derivatives	2,224	8,552
Not designated
Derivatives, Fair Value [Line Items]
Asset Derivatives	2,315	1,598
Liability Derivatives	486	1,239
Foreign currency forward contracts | Cash flow hedge | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	28,299	25,176
Foreign currency forward contracts | Cash flow hedge | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	5,496	3,554
Foreign currency forward contracts | Cash flow hedge | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	2,022	6,746
Foreign currency forward contracts | Cash flow hedge | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	202	1,806
Foreign currency forward contracts | Not designated | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	202	141
Foreign currency forward contracts | Not designated | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	238	444
Commodity forward contracts | Not designated | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	1,690	1,314
Commodity forward contracts | Not designated | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	423	143
Commodity forward contracts | Not designated | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	211	719
Commodity forward contracts | Not designated | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 37	$ 76

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Income Statement Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Foreign currency forward contracts | Not designated
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Recognized in Net Income	$ 680	$ 184
Foreign currency forward contracts | Net revenue | Cash flow hedge
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive (Loss)/Income	10,965	(3,588)
Amount of Net Gain Reclassified from Accumulated Other Comprehensive Income into Net Income	108	6,639
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 (Loss)/Income	8,952	15,708
Amount of Net Gain Reclassified from Accumulated Other Comprehensive Income into Net Income	7,354	1,697
Commodity forward contracts | Not designated
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Recognized in Net Income	$ 1,099	$ 1,899

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Credit Risk Related Contingent Features (Details)	Mar. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Termination value of outstanding derivatives in a liability position	$ 2,800,000
Collateral already posted, aggregate fair value	$ 0

Segment Reporting - Schedules o

Segment Reporting - Schedules of Segment Reporting (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($) segment	Dec. 31, 2023 USD ($) segment
Segment Reporting Information [Line Items]
Number of reporting segments | segment	2	2	2
Goodwill	$ 3,542,725		$ 3,542,770
Reconciliation from Segment Totals to Consolidated [Abstract]
Net revenue	1,006,709	$ 998,175
Operating income	144,792	148,842
Amortization of intangible assets	(38,515)	(40,774)
Restructuring and other charges, net	(782)	(5,999)
Interest expense	(38,395)	(48,791)
Interest income	3,738	8,700
Other, net	(11,544)	1,392
Income before taxes	98,591	110,143
Sensing Solutions
Segment Reporting Information [Line Items]
Goodwill	143,400
Performance Sensing
Segment Reporting Information [Line Items]
Number of operating segments | segment			2
Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Net revenue	1,006,709	998,175
Operating income	264,392	258,056
Operating Segments | Performance Sensing
Reconciliation from Segment Totals to Consolidated [Abstract]
Net revenue	713,318	667,762
Operating income	185,132	169,066
Operating Segments | Sensing Solutions
Reconciliation from Segment Totals to Consolidated [Abstract]
Net revenue	257,839	283,450
Operating income	72,479	84,020
Segment Reconciling Items
Reconciliation from Segment Totals to Consolidated [Abstract]
Net revenue	35,552	46,963
Operating income	6,781	4,970
Amortization of intangible assets	(38,515)	(40,774)
Restructuring and other charges, net	(782)	(5,999)
Corporate and other
Reconciliation from Segment Totals to Consolidated [Abstract]
Operating income	$ (80,303)	$ (62,441)