Sensata Technologies Holding plc / "Research and Development" | Tables in SEC filings

ST Sensata Technologies Holding plc

Annual report

The components of (benefit from)/provision for income taxes for the years ended December 31, 2024, 2023, and 2022 are described in more detail in the table below, reconciled to the U.S. statutory rate for each year (amounts have been calculated based on unrounded numbers, accordingly, certain amounts may not appear to recalculate due to the effect of rounding):

	For the year ended December 31,
(In millions)		2024			2023			2022
Tax computed at U.S. statutory rate of 21% (1)		$	(2.5)	$	3.7	$	83.3	Capital restructurings and dispositions(6)	40.6	(286.4)	4.5	Valuation allowances (4)	(180.0)	278.5	15.7	Goodwill impairment (3)	31.5	41.2	—	Foreign tax rate differential (2)	(13.6)	(17.3)	(44.3)	Withholding taxes not creditable	6.1	14.1	12.3	Research and development incentives (5)	(10.4)	(9.0)	(10.8)	Unrealized foreign currency exchange losses	2.3	1.5	9.3	Reserve for tax exposure	(0.9)	1.1	1.3	Changes in tax laws or rates (2)	(2.6)	(0.3)	2.6	Other (7)	(10.9)	(5.2)	12.1	(Benefit from)/provision for income taxes	$	(140.3)	$	21.8	$	86.0

	For the year ended December 31,
2024		2023			2022
Tax computed at statutory rate of 21%		$	(2,486)	$	3,747	$	83,307	Capital restructuring and dispositions	40,603	(286,434)	4,496	Valuation allowances	(179,980)	278,486	15,679	Goodwill impairment	31,521	41,151	—	Foreign tax rate differential	(13,617)	(17,303)	(44,327)	Withholding taxes not creditable	6,090	14,132	12,337	Research and development incentives	(10,399)	(9,023)	(10,834)	U.S. state taxes, net of federal benefit	(23,402)	(8,740)	2,496	Unrealized foreign currency exchange losses/gains, net	2,306	1,454	9,306	Reserve for tax exposure	(850)	1,117	1,315	Changes in tax laws or rates	(2,602)	(339)	2,611	U. S. pension settlement	9,919	—	—	Nontaxable items and other	2,583	3,503	9,631	Provision for income taxes	$	(140,314)	$	21,751	$	86,017

	For the year ended December 31,
		2024			2023			2022
Net revenue		$	3,932,764	$	4,054,083	$	4,029,262	Operating costs and expenses:	Cost of revenue	2,776,931	2,792,825	2,712,048	Research and development	169,276	178,867	189,344	Selling, general and administrative	392,196	350,655	370,644	Amortization of intangible assets	145,744	173,860	153,787	Goodwill impairment charge	150,100	321,700	—	Restructuring and other charges, net	149,241	54,500	(66,700)	Total operating costs and expenses	3,783,488	3,872,407	3,359,123	Operating income	149,276	181,676	670,139	Interest expense	(155,793)	(182,184)	(195,565)	Interest income	16,180	31,324	16,746	Other, net	(21,500)	(12,974)	(94,618)	(Loss)/Income before taxes	(11,837)	17,842	396,702	(Benefit from)/Provision for income taxes	(140,314)	21,751	86,017	Net income/(loss)	$	128,477	$	(3,909)	$	310,685	Basic net income/(loss) per share	$	0.85	$	(0.03)	$	2.00	Diluted net income/(loss) per share	$	0.85	$	(0.03)	$	1.99

	For the year ended December 31,
		2024								2023			2022
Amount		Percent of Net Revenue		Amount			Percent of Net Revenue			Amount			Percent of Net Revenue
Operating costs and expenses:		Cost of revenue		$	2,776.9	70.6	%	$			2,792.8	68.9	%	$			2,712.0	67.3	%
Research and development		169.3	4.3	178.9	4.4	189.3	4.7	Selling, general and administrative	392.2		10.0	350.7	8.6	370.6	9.2	Amortization of intangible assets	145.7		3.7	173.9	4.3	153.8	3.8	Goodwill impairment charge	150.1	3.8	321.7	7.9	—	—	Restructuring and other charges, net	149.2	3.8	54.5	1.3	(66.7)	(1.7)	Total operating costs and expenses	$	3,783.5	96.2	%	$	3,872.4	95.5	%	$	3,359.1	83.4	%

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