Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 15, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-34652 | |
Entity Registrant Name | SENSATA TECHNOLOGIES HOLDING PLC | |
Entity Central Index Key | 0001477294 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | X0 | |
Entity Tax Identification Number | 98-1386780 | |
Entity Address, Address Line One | 529 Pleasant Street | |
Entity Address, City or Town | Attleboro | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02703 | |
Entity Address, Country | US | |
City Area Code | +1 (508) | |
Local Phone Number | 236 3800 | |
Title of 12(b) Security | Ordinary Shares - nominal value €0.01 per share | |
Trading Symbol | ST | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 157,161,723 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 802,971 | $ 774,119 |
Accounts receivable, net of allowances of $15,832 and $15,129 as of March 31, 2020 and December 31, 2019, respectively | 536,416 | 557,874 |
Inventories | 514,274 | 506,678 |
Prepaid expenses and other current assets | 115,887 | 126,981 |
Total current assets | 1,969,548 | 1,965,652 |
Property, plant and equipment, net | 824,553 | 830,998 |
Goodwill | 3,093,598 | 3,093,598 |
Other intangible assets, net of accumulated amortization of $2,072,227 and $2,039,436 as of March 31, 2020 and December 31, 2019, respectively | 738,244 | 770,904 |
Deferred income tax assets | 27,293 | 21,150 |
Other assets | 159,582 | 152,217 |
Total assets | 6,812,818 | 6,834,519 |
Current liabilities: | ||
Current portion of long-term debt, finance lease and other financing obligations | 7,095 | 6,918 |
Accounts payable | 345,787 | 376,968 |
Income taxes payable | 19,390 | 35,234 |
Accrued expenses and other current liabilities | 248,789 | 215,626 |
Total current liabilities | 621,061 | 634,746 |
Deferred income tax liabilities | 247,960 | 251,033 |
Pension and other post-retirement benefit obligations | 33,716 | 36,100 |
Finance lease and other financing obligations, less current portion | 28,280 | 28,810 |
Long-term debt, net | 3,220,359 | 3,219,885 |
Other long-term liabilities | 123,645 | 90,190 |
Total liabilities | 4,275,021 | 4,260,764 |
Commitments and contingencies (Note 12) | ||
Shareholders’ equity: | ||
Ordinary shares, €0.01 nominal value per share, 177,069 shares authorized, and 172,596 and 172,561 shares issued, as of March 31, 2020 and December 31, 2019, respectively | 2,212 | 2,212 |
Treasury shares, at cost, 15,631 and 14,733 shares as of March 31, 2020 and December 31, 2019, respectively | (784,596) | (749,421) |
Additional paid-in capital | 1,731,884 | 1,725,091 |
Retained earnings | 1,624,773 | 1,616,357 |
Accumulated other comprehensive loss | (36,476) | (20,484) |
Total shareholders’ equity | 2,537,797 | 2,573,755 |
Total liabilities and shareholders’ equity | $ 6,812,818 | $ 6,834,519 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands | Mar. 31, 2020€ / shares | Mar. 31, 2020USD ($)shares | Dec. 31, 2019€ / shares | Dec. 31, 2019USD ($)shares |
Current assets: | ||||
Accounts receivable, allowances | $ | $ 15,832 | $ 15,129 | ||
Accumulated amortization | $ | $ 2,072,227 | $ 2,039,436 | ||
Shareholders’ equity: | ||||
Ordinary shares, nominal value per share (in euros per share) | € / shares | € 0.01 | € 0.01 | ||
Common stock, shares authorized (in shares) | 177,069,000 | 177,069,000 | ||
Common stock, shares, issued (in shares) | 172,596,000 | 172,561,000 | ||
Treasury stock, shares (in shares) | 15,631,000 | 14,733,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Net revenue | $ 774,269 | $ 870,499 |
Operating costs and expenses: | ||
Cost of revenue | 566,406 | 580,806 |
Research and development | 34,453 | 35,096 |
Selling, general and administrative | 77,221 | 70,549 |
Amortization of intangible assets | 33,092 | 36,143 |
Restructuring and other charges, net | 4,498 | 5,309 |
Total operating costs and expenses | 715,670 | 727,903 |
Operating income | 58,599 | 142,596 |
Interest expense, net | (39,403) | (39,253) |
Other, net | (12,281) | 3,189 |
Income before taxes | 6,915 | 106,532 |
(Benefit from)/provision for income taxes | (1,516) | 21,467 |
Net income | $ 8,431 | $ 85,065 |
Basic net income per share (in dollars per share) | $ 0.05 | $ 0.52 |
Diluted net income per share (in dollars per share) | $ 0.05 | $ 0.52 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss)/Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Net income | $ 8,431 | $ 85,065 |
Other comprehensive (loss)/income, net of tax: | ||
Cash flow hedges | (19,334) | 10,060 |
Defined benefit and retiree healthcare plans | 3,342 | 83 |
Other comprehensive (loss)/income | (15,992) | 10,143 |
Comprehensive (loss)/income | $ (7,561) | $ 95,208 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 8,431 | $ 85,065 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 34,679 | 27,208 |
Amortization of debt issuance costs | 1,631 | 1,836 |
Share-based compensation | 6,084 | 5,940 |
Amortization of intangible assets | 33,092 | 36,143 |
Deferred income taxes | (4,100) | 5,113 |
Loss on litigation judgment | 29,200 | 0 |
Unrealized loss on derivative instruments and other | 11,040 | 6,204 |
Changes in operating assets and liabilities, net of the effects of acquisitions: | ||
Accounts receivable, net | 21,458 | (51,237) |
Inventories | (7,596) | 8,183 |
Prepaid expenses and other current assets | 5,625 | 3,028 |
Accounts payable and accrued expenses | (19,962) | (14,917) |
Income taxes payable | (15,844) | (781) |
Other | (5,194) | 908 |
Net cash provided by operating activities | 98,544 | 112,693 |
Cash flows from investing activities: | ||
Acquisitions, net of cash received | 0 | (1,681) |
Additions to property, plant and equipment and capitalized software | (29,547) | (41,690) |
Other | (3,289) | 1,000 |
Net cash used in investing activities | (32,836) | (42,371) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options and issuance of ordinary shares | 709 | 5,813 |
Payment of employee restricted stock tax withholdings | (15) | (275) |
Payments on debt | (2,375) | (4,157) |
Payments to repurchase ordinary shares | (35,175) | (150,749) |
Payments of debt and equity issuance costs | 0 | (1,269) |
Net cash used in financing activities | (36,856) | (150,637) |
Net change in cash and cash equivalents | 28,852 | (80,315) |
Cash and cash equivalents, beginning of period | 729,833 | |
Cash and cash equivalents, end of period | $ 802,971 | $ 649,518 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Ordinary Shares | Treasury Shares | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning Balance (in shares) at Dec. 31, 2018 | 171,719 | (7,571) | ||||
Beginning Balance at Dec. 31, 2018 | $ 2,608,434 | $ 2,203 | $ (399,417) | $ 1,691,190 | $ 1,340,636 | $ (26,178) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Surrender of shares for tax withholding (in shares) | (6) | |||||
Surrender of shares for tax withholding | (275) | $ (275) | ||||
Stock options exercised (in shares) | 248 | |||||
Stock options exercised | 5,813 | $ 3 | 5,810 | |||
Vesting of restricted securities (in shares) | 26 | |||||
Vesting of restricted securities | 0 | |||||
Repurchase of ordinary shares (in shares) | (3,036) | |||||
Repurchase of ordinary shares | (150,749) | $ (150,749) | ||||
Retirement of ordinary shares (in shares) | (6) | 6 | ||||
Retirement of ordinary shares | 0 | $ 275 | (275) | |||
Share-based compensation | 5,940 | 5,940 | ||||
Net income | 85,065 | 85,065 | ||||
Other comprehensive income (loss) | 10,143 | 10,143 | ||||
Ending Balance at Mar. 31, 2019 | 2,564,371 | $ 2,206 | $ (550,166) | 1,702,940 | 1,425,426 | (16,035) |
Ending Balance (in shares) at Mar. 31, 2019 | 171,987 | (10,607) | ||||
Beginning Balance (in shares) at Dec. 31, 2019 | 172,561 | (14,733) | ||||
Beginning Balance at Dec. 31, 2019 | 2,573,755 | $ 2,212 | $ (749,421) | 1,725,091 | 1,616,357 | (20,484) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Surrender of shares for tax withholding | (15) | $ (15) | ||||
Stock options exercised (in shares) | 34 | |||||
Stock options exercised | 709 | 709 | ||||
Vesting of restricted securities (in shares) | 1 | |||||
Vesting of restricted securities | 0 | |||||
Repurchase of ordinary shares (in shares) | (898) | |||||
Repurchase of ordinary shares | (35,175) | $ (35,175) | ||||
Retirement of ordinary shares | 0 | 15 | (15) | |||
Share-based compensation | 6,084 | 6,084 | ||||
Net income | 8,431 | 8,431 | ||||
Other comprehensive income (loss) | (15,992) | (15,992) | ||||
Ending Balance at Mar. 31, 2020 | $ 2,537,797 | $ 2,212 | $ (784,596) | $ 1,731,884 | $ 1,624,773 | $ (36,476) |
Ending Balance (in shares) at Mar. 31, 2020 | 172,596 | (15,631) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
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 (loss)/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 wholly-owned subsidiaries, collectively referred to as the "Company," "Sensata," "we," "our," or "us." The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q. Accordingly, these interim financial statements do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. The accompanying financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the interim period results. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 . All U.S. dollar ("USD") and share amounts presented, except per share amounts, are stated in thousands, unless otherwise indicated. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | New Accounting Standards There are no recently issued accounting standards that have been adopted in the current period or will be adopted in future periods that have had or are expected to have a material impact on our consolidated financial position or results of operations. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue Recognition | Revenue Recognition The following table presents net revenue disaggregated by segment and end market for the three months ended March 31, 2020 and 2019 : For the three months ended March 31, 2020 For the three months ended March 31, 2019 Performance Sensing Sensing Solutions Total Performance Sensing Sensing Solutions Total Automotive $ 437,703 $ 8,236 $ 445,939 $ 492,015 $ 11,428 $ 503,443 HVOR (1) 130,986 — 130,986 148,013 — 148,013 Industrial — 80,599 80,599 — 92,641 92,641 Appliance and HVAC (2) — 45,396 45,396 — 51,704 51,704 Aerospace — 42,124 42,124 — 42,979 42,979 Other — 29,225 29,225 — 31,719 31,719 Total $ 568,689 $ 205,580 $ 774,269 $ 640,028 $ 230,471 $ 870,499 ________________________ (1) Heavy vehicle and off-road (2) Heating, ventilation and air conditioning |
Share-Based Payment Plans
Share-Based Payment Plans | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and 2019 . For the three months ended March 31, 2020 March 31, 2019 Stock options $ 2,489 $ 1,524 Restricted securities 3,595 4,416 Share-based compensation expense $ 6,084 $ 5,940 |
Restructuring and Other Charges
Restructuring and Other Charges, Net | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges, Net | Restructuring and Other Charges, Net The following table presents the components of restructuring and other charges, net for the three months ended March 31, 2020 and 2019 : For the three months ended March 31, 2020 March 31, 2019 Severance costs, net (1) $ 3,897 $ 2,855 Other (2) 601 2,454 Restructuring and other charges, net $ 4,498 $ 5,309 ___________________________________ (1) Severance costs, net for the three months ended March 31, 2020 were primarily related to termination benefits arising from the shutdown and relocation of an operating site in Northern Ireland. Severance costs for the three months ended March 31, 2019 were primarily related to limited workforce reductions of manufacturing, engineering, and administrative positions. (2) Other charges in the three months ended March 31, 2020 and 2019 were primarily related to deferred compensation incurred in connection with the acquisition of GIGAVAC, LLC. The following table presents changes to the severance portion of our restructuring liability during the three months ended March 31, 2020 : Severance Balance at December 31, 2019 $ 14,779 Charges, net of reversals 3,897 Payments (5,356 ) Foreign currency remeasurement (500 ) Balance at March 31, 2020 $ 12,820 |
Other, Net
Other, Net | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and 2019 : For the three months ended March 31, 2020 March 31, 2019 Currency remeasurement gain on net monetary assets $ 1,553 $ 1,865 (Loss)/gain on foreign currency forward contracts (3,781 ) 478 (Loss)/gain on commodity forward contracts (5,575 ) 1,123 Net periodic benefit cost, excluding service cost (4,381 ) (287 ) Other (97 ) 10 Other, net $ (12,281 ) $ 3,189 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table presents the (benefit from)/provision for income taxes for the three months ended March 31, 2020 and 2019 : For the three months ended March 31, 2020 March 31, 2019 (Benefit from)/provision for income taxes $ (1,516 ) $ 21,467 The decrease in total tax from the prior period was predominantly related to the overall decrease in income before tax as impacted by the mix of profits in the various jurisdictions in which we operate. In response to the global financial and health crisis caused by the coronavirus pandemic ("COVID-19"), the U.S. federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") on March 27, 2020. Federal limitations on interest deductions were reduced in connection with this legislation, and we recorded a deferred tax benefit of $7.5 million in the three months ended March 31, 2020 , as we were able to utilize additional interest expense that was previously subject to a valuation allowance. The (benefit from)/provision for income taxes consists of: • current tax expense, which relates primarily to our profitable operations in non-U.S. tax jurisdictions and withholding taxes related to management fees, royalties, and the repatriation of foreign earnings; and • deferred tax expense (or benefit), which represents adjustments in book-to-tax basis differences primarily related to (1) the step-up in fair value of fixed and intangible assets acquired in connection with business combination transactions, (2) changes in net operating loss carryforwards, (3) changes in tax rates, and (4) 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, 2020 | |
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, 2020 and 2019 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, 2020 March 31, 2019 Basic weighted-average ordinary shares outstanding 157,599 163,247 Dilutive effect of stock options 334 635 Dilutive effect of unvested restricted securities 452 639 Diluted weighted-average ordinary shares outstanding 158,385 164,521 Net income and net income per share are presented in the condensed consolidated statements of operations. 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, 2020 March 31, 2019 Anti-dilutive shares excluded 1,385 1,013 Contingently issuable shares excluded 596 477 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The following table presents the components of inventories as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Finished goods $ 205,819 $ 197,531 Work-in-process 100,057 104,007 Raw materials 208,398 205,140 Inventories $ 514,274 $ 506,678 |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits The components of net periodic benefit cost/(credit) associated with our defined benefit and retiree healthcare plans for the three months ended March 31, 2020 and 2019 were as follows: U.S. Plans Non-U.S. Plans Defined Benefit Retiree Healthcare Defined Benefit Total 2020 2019 2020 2019 2020 2019 2020 2019 Service cost $ — $ — $ 2 $ 2 $ 769 $ 731 $ 771 $ 733 Interest cost 267 399 37 53 315 338 619 790 Expected return on plan assets (433 ) (451 ) — — (174 ) (175 ) (607 ) (626 ) Amortization of net loss 295 245 10 11 236 191 541 447 Amortization of prior service (credit)/cost — — (196 ) (327 ) 2 3 (194 ) (324 ) Loss on settlement 4,022 — — — — — 4,022 — Net periodic benefit cost/(credit) $ 4,151 $ 193 $ (147 ) $ (261 ) $ 1,148 $ 1,088 $ 5,152 $ 1,020 Components of net periodic benefit cost/(credit) other than service cost are presented in other, net. Refer to Note 6, "Other, Net." |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our long-term debt and finance lease and other financing obligations as of March 31, 2020 and December 31, 2019 consisted of the following: Maturity Date March 31, 2020 December 31, 2019 Term Loan September 20, 2026 $ 459,568 $ 460,725 4.875% Senior Notes October 15, 2023 500,000 500,000 5.625% Senior Notes November 1, 2024 400,000 400,000 5.0% Senior Notes October 1, 2025 700,000 700,000 6.25% Senior Notes February 15, 2026 750,000 750,000 4.375% Senior Notes February 15, 2030 450,000 450,000 Less: discount (11,220 ) (11,758 ) Less: deferred financing costs (23,359 ) (24,452 ) Less: current portion (4,630 ) (4,630 ) Long-term debt, net $ 3,220,359 $ 3,219,885 Finance lease and other financing obligations $ 30,745 $ 31,098 Less: current portion (2,465 ) (2,288 ) Finance lease and other financing obligations, less current portion $ 28,280 $ 28,810 As of March 31, 2020 there was $416.1 million available under our $420.0 million revolving credit facility (the "Revolving Credit Facility"), net of $3.9 million of obligations related to outstanding letters of credit issued thereunder. Outstanding letters of credit are issued primarily for the benefit of certain operating activities. As of March 31, 2020 , no amounts had been drawn against these outstanding letters of credit. In order to enhance our financial flexibility in light of COVID-19, we executed a $400.0 million drawdown on the Revolving Credit Facility on April 1, 2020 . 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, 2020 and December 31, 2019 , accrued interest totaled $47.1 million and $42.8 million , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We are a defendant in a lawsuit, Wasica Finance Gmbh et al v. Schrader International Inc. et al, Case No. 13-1353-CPS, U.S.D.C., Delaware, in which the claimant alleges infringement of their patent (US 5,602,524) in connection with certain of our tire pressure monitoring system products. The patent in question has expired, and as a result, the claimant seeks damages for past alleged infringement with interest and costs. The asserted patent is the U.S. counterpart of a German patent that had been previously asserted against Schrader. Schrader succeeded in proving that German patent to be invalid. On February 14, 2020 , the federal jury trial related to this lawsuit concluded, and the jury found Schrader International Inc. liable for damages in the amount of $31.2 million . As a result, we recorded a loss of $29.2 million in the three months ended March 31, 2020 through cost of revenue. We continue to deny any wrongdoing, have filed post-trial motions, and intend to appeal the jury's decision, including any final circuit court order against us. As of March 31, 2020 , we have recorded an accrual of $31.2 million |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Treasury Shares From time to time, our Board of Directors has authorized various share repurchase programs. The authorized amount of our various share repurchase programs may be modified or terminated by our Board of Directors at any time. We currently have an authorized $500.0 million share repurchase program under which approximately $302.3 million remained available as of March 31, 2020 . On April 2, 2020 , we announced a temporary suspension of this share repurchase program to enhance our financial flexibility in light of the uncertainties surrounding COVID-19. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss for the three months ended March 31, 2020 were as follows: Cash Flow Hedges Defined Benefit and Retiree Healthcare Plans Accumulated Other Comprehensive Loss Balance at December 31, 2019 $ 16,546 $ (37,030 ) $ (20,484 ) Other comprehensive loss before reclassifications, net of tax (13,041 ) — (13,041 ) Reclassifications from accumulated other comprehensive loss, net of tax (6,293 ) 3,342 (2,951 ) Other comprehensive (loss)/income (19,334 ) 3,342 (15,992 ) Balance at March 31, 2020 $ (2,788 ) $ (33,688 ) $ (36,476 ) The details of the amounts reclassified from accumulated other comprehensive loss for the three months ended March 31, 2020 and 2019 are as follows: For the three months ended March 31, Component 2020 2019 Derivative instruments designated and qualifying as cash flow hedges: Foreign currency forward contracts $ (6,623 ) $ (3,219 ) Net revenue (1) Foreign currency forward contracts (1,768 ) (128 ) Cost of revenue (1) Total, before taxes (8,391 ) (3,347 ) Income before taxes Income tax effect 2,098 686 (Benefit from)/provision for income taxes Total, net of taxes $ (6,293 ) $ (2,661 ) Net income Defined benefit and retiree healthcare plans $ 4,369 $ 123 Other, net (2) Income tax effect (1,027 ) (40 ) (Benefit from)/provision for income taxes Total, net of taxes $ 3,342 $ 83 Net income __________________________ (1) Refer to Note 15, "Derivative Instruments and Hedging Activities" for additional information on amounts to be reclassified from accumulated other comprehensive loss in future periods. (2) Refer to Note 10, "Pension and Other Post-Retirement Benefits" for additional information on net periodic benefit cost/(credit). |
Fair Value Measures
Fair Value Measures | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and December 31, 2019 are shown in the below table. All fair value measures presented are categorized in Level 2 of the fair value hierarchy. March 31, 2020 December 31, 2019 Assets Foreign currency forward contracts $ 20,095 $ 23,561 Commodity forward contracts 2,079 3,623 Total $ 22,174 $ 27,184 Liabilities Foreign currency forward contracts $ 24,052 $ 1,959 Commodity forward contracts 4,993 462 Total $ 29,045 $ 2,421 Measured on a Nonrecurring Basis We evaluated our goodwill and other indefinite-lived intangible assets for impairment as of October 1, 2019 and determined that they were not impaired. As of March 31, 2020 , we have assessed the market impact of COVID-19, including the resulting impact on our forecasts, and have determined that our intangible assets (including goodwill) were not impaired as of March 31, 2020 . 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, 2020 and December 31, 2019 . All fair value measures presented are categorized in Level 2 of the fair value hierarchy. March 31, 2020 December 31, 2019 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Liabilities Term Loan $ 459,568 $ 436,590 $ 460,725 $ 464,181 4.875% Senior Notes $ 500,000 $ 480,000 $ 500,000 $ 532,500 5.625% Senior Notes $ 400,000 $ 384,000 $ 400,000 $ 444,000 5.0% Senior Notes $ 700,000 $ 665,000 $ 700,000 $ 759,500 6.25% Senior Notes $ 750,000 $ 727,500 $ 750,000 $ 808,125 4.375% Senior Notes $ 450,000 $ 396,000 $ 450,000 $ 457,875 ___________________________________ (1) Excluding any related debt discounts 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, Investments - Equity Securities. Such investments are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. There were no impairments or changes resulting from observable transactions for any of these investments, and no adjustments have been made to their carrying values. Refer to the table below for a detail of the carrying values of these investments, each of which are presented in other assets. March 31, 2020 December 31, 2019 Quanergy Systems, Inc $ 50,000 $ 50,000 Lithium Balance — 3,700 Total $ 50,000 $ 53,700 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and 2019 , 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, 2020 , we estimate that $3.5 million of net gains will be reclassified from accumulated other comprehensive loss to earnings during the twelve-month period ending March 31, 2021 . As of March 31, 2020 , we had the following outstanding foreign currency forward contracts: Notional (in millions) Effective Date(s) Maturity Date(s) Index (Exchange Rates) Weighted-Average Strike Rate Hedge Designation (1) 30.0 EUR March 27, 2020 April 30, 2020 Euro ("EUR") to USD 1.10 USD Not designated 325.7 EUR Various from May 2018 to March 2020 Various from April 2020 to February 2022 EUR to USD 1.16 USD Cash flow hedge 437.0 CNY March 26, 2020 April 30, 2020 USD to Chinese Renminbi ("CNY") 7.12 CNY Not designated 804.6 CNY Various from December 2019 to January 2020 Various from April to December 2020 USD to CNY 6.99 CNY Cash flow hedge 498.0 JPY March 27, 2020 April 30, 2020 USD to Japanese Yen ("JPY") 107.94 JPY Not designated 22,742.4 KRW Various from May 2018 to March 2020 Various from April 2020 to February 2022 USD to Korean Won ("KRW") 1,151.92 KRW Cash flow hedge 16.0 MYR March 26, 2020 April 30, 2020 USD to Malaysian Ringgit ("MYR") 4.31 MYR Not designated 202.0 MXN March 27, 2020 April 30, 2020 USD to Mexican Peso ("MXN") 23.53 MXN Not designated 2,961.0 MXN Various from May 2018 to March 2020 Various from April 2020 to February 2022 USD to MXN 21.36 MXN Cash flow hedge 2.0 GBP March 27, 2020 April 30, 2020 British Pound Sterling ("GBP") to USD 1.23 USD Not Designated 53.7 GBP Various from May 2018 to March 2020 Various from April 2020 to February 2022 GBP to USD 1.29 USD Cash flow hedge _________________________ (1) Derivative financial instruments not designated as hedges are used to manage our exposure to currency exchange rate risk. They are intended to preserve economic value, and they are not used for trading or speculative purposes. Hedges of Commodity Risk As of March 31, 2020 , 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 850,249 troy oz. April 2020 - February 2022 $16.65 Gold 7,733 troy oz. April 2020 - February 2022 $1,457.41 Nickel 221,697 pounds April 2020 - February 2022 $6.16 Aluminum 3,103,095 pounds April 2020 - February 2022 $0.87 Copper 2,290,867 pounds April 2020 - February 2022 $2.69 Platinum 7,821 troy oz. April 2020 - February 2022 $896.59 Palladium 942 troy oz. April 2020 - February 2022 $1,620.30 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, 2020 and December 31, 2019 : Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2020 December 31, 2019 Balance Sheet Location March 31, 2020 December 31, 2019 Derivatives designated as hedging instruments Foreign currency forward contracts Prepaid expenses and other current assets $ 17,224 $ 20,957 Accrued expenses and other current liabilities $ 17,139 $ 1,055 Foreign currency forward contracts Other assets 2,840 2,530 Other long-term liabilities 6,504 428 Total $ 20,064 $ 23,487 $ 23,643 $ 1,483 Derivatives not designated as hedging instruments Commodity forward contracts Prepaid expenses and other current assets $ 1,635 $ 3,069 Accrued expenses and other current liabilities $ 3,603 $ 394 Commodity forward contracts Other assets 444 554 Other long-term liabilities 1,390 68 Foreign currency forward contracts Prepaid expenses and other current assets 31 74 Accrued expenses and other current liabilities 409 476 Total $ 2,110 $ 3,697 $ 5,402 $ 938 These fair value measurements are 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 (loss)/income for the three months ended March 31, 2020 and 2019 : Derivatives designated as Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive (Loss)/Income Location of Net Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income Amount of Net Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income 2020 2019 2020 2019 Foreign currency forward contracts $ 12,544 $ 9,118 Net revenue $ 6,623 $ 3,219 Foreign currency forward contracts $ (29,630 ) $ 6,078 Cost of revenue $ 1,768 $ 128 Derivatives not designated as Amount of (Loss)/Gain Recognized in Net Income Location of (Loss)/Gain Recognized in Net Income 2020 2019 Commodity forward contracts $ (5,575 ) $ 1,123 Other, net Foreign currency forward contracts $ (3,781 ) $ 478 Other, net Credit Risk Related Contingent Features We have agreements with certain of 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. As of March 31, 2020 , the termination value of outstanding derivatives in a liability position, excluding any adjustment for non-performance risk, was $29.3 million . As of March 31, 2020 , we had no |
Acquisitions and Divestitures
Acquisitions and Divestitures | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Acquisitions On September 13, 2019, we completed one acquisition for approximately $30 million |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We operate in, and report financial information for, the following two reportable segments, Performance Sensing and Sensing Solutions, each of which is also an operating segment. 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, and certain corporate costs/credits not associated with the operations of the segment, including share-based compensation expense and a portion of depreciation expense associated with assets recorded in connection with acquisitions. Corporate and other costs excluded from an operating segment’s performance are separately stated below and also include costs that are related to functional areas, such as finance, information technology, legal, and human resources. We believe that segment operating income, as defined above, is an appropriate measure for evaluating the operating performance of our segments. However, this measure should be considered in addition to, and not as a substitute for, or superior to, operating income or other measures of financial performance prepared in accordance with U.S. GAAP. The accounting policies of each of our reporting segments are materially consistent with those in the summary of significant accounting policies as described in Note 2, "Significant Accounting Policies" included in our Annual Report on Form 10-K for the year ended December 31, 2019 . The following table presents net revenue and segment operating income for the reported segments and other operating results not allocated to the reported segments for the three months ended March 31, 2020 and 2019 : For the three months ended March 31, 2020 March 31, 2019 Net revenue: Performance Sensing $ 568,689 $ 640,028 Sensing Solutions 205,580 230,471 Total net revenue $ 774,269 $ 870,499 Segment operating income (as defined above): Performance Sensing $ 129,062 $ 150,509 Sensing Solutions 55,949 74,969 Total segment operating income 185,011 225,478 Corporate and other (88,822 ) (41,430 ) Amortization of intangible assets (33,092 ) (36,143 ) Restructuring and other charges, net (4,498 ) (5,309 ) Operating income 58,599 142,596 Interest expense, net (39,403 ) (39,253 ) Other, net (12,281 ) 3,189 Income before taxes $ 6,915 $ 106,532 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On April 2, 2020, we announced a series of actions taken in response to COVID-19. These actions are designed to protect the health and safety of our employees, enable us to continue to serve critical customer needs, and further enhance our financial flexibility. Actions taken to enhance our financial flexibility included a temporary suspension of our share repurchase program and a $400.0 million drawdown on the Revolving Credit Facility on April 1, 2020, leaving us with cash on hand of approximately $1.2 billion |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q. Accordingly, these interim financial statements do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. The accompanying financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the interim period results. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 . All U.S. dollar ("USD") and share amounts presented, except per share amounts, are stated in thousands, unless otherwise indicated. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue | The following table presents net revenue disaggregated by segment and end market for the three months ended March 31, 2020 and 2019 : For the three months ended March 31, 2020 For the three months ended March 31, 2019 Performance Sensing Sensing Solutions Total Performance Sensing Sensing Solutions Total Automotive $ 437,703 $ 8,236 $ 445,939 $ 492,015 $ 11,428 $ 503,443 HVOR (1) 130,986 — 130,986 148,013 — 148,013 Industrial — 80,599 80,599 — 92,641 92,641 Appliance and HVAC (2) — 45,396 45,396 — 51,704 51,704 Aerospace — 42,124 42,124 — 42,979 42,979 Other — 29,225 29,225 — 31,719 31,719 Total $ 568,689 $ 205,580 $ 774,269 $ 640,028 $ 230,471 $ 870,499 ________________________ (1) Heavy vehicle and off-road (2) Heating, ventilation and air conditioning |
Share-Based Payment Plans (Tabl
Share-Based Payment Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and 2019 . For the three months ended March 31, 2020 March 31, 2019 Stock options $ 2,489 $ 1,524 Restricted securities 3,595 4,416 Share-based compensation expense $ 6,084 $ 5,940 |
Restructuring and Other Charg_2
Restructuring and Other Charges, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and other charges, net | The following table presents the components of restructuring and other charges, net for the three months ended March 31, 2020 and 2019 : For the three months ended March 31, 2020 March 31, 2019 Severance costs, net (1) $ 3,897 $ 2,855 Other (2) 601 2,454 Restructuring and other charges, net $ 4,498 $ 5,309 ___________________________________ (1) Severance costs, net for the three months ended March 31, 2020 were primarily related to termination benefits arising from the shutdown and relocation of an operating site in Northern Ireland. Severance costs for the three months ended March 31, 2019 were primarily related to limited workforce reductions of manufacturing, engineering, and administrative positions. (2) Other charges in the three months ended March 31, 2020 and 2019 were primarily related to deferred compensation incurred in connection with the acquisition of GIGAVAC, LLC. |
Changes to restructuring liability | The following table presents changes to the severance portion of our restructuring liability during the three months ended March 31, 2020 : Severance Balance at December 31, 2019 $ 14,779 Charges, net of reversals 3,897 Payments (5,356 ) Foreign currency remeasurement (500 ) Balance at March 31, 2020 $ 12,820 |
Other, Net (Tables)
Other, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and 2019 : For the three months ended March 31, 2020 March 31, 2019 Currency remeasurement gain on net monetary assets $ 1,553 $ 1,865 (Loss)/gain on foreign currency forward contracts (3,781 ) 478 (Loss)/gain on commodity forward contracts (5,575 ) 1,123 Net periodic benefit cost, excluding service cost (4,381 ) (287 ) Other (97 ) 10 Other, net $ (12,281 ) $ 3,189 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the (benefit from)/provision for income taxes for the three months ended March 31, 2020 and 2019 : For the three months ended March 31, 2020 March 31, 2019 (Benefit from)/provision for income taxes $ (1,516 ) $ 21,467 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of weighted-average ordinary shares outstanding | For the three months ended March 31, 2020 and 2019 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, 2020 March 31, 2019 Basic weighted-average ordinary shares outstanding 157,599 163,247 Dilutive effect of stock options 334 635 Dilutive effect of unvested restricted securities 452 639 Diluted weighted-average ordinary shares outstanding 158,385 164,521 |
Schedule of antidilutive securities | These potential ordinary shares were as follows: For the three months ended March 31, 2020 March 31, 2019 Anti-dilutive shares excluded 1,385 1,013 Contingently issuable shares excluded 596 477 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Components of inventories | The following table presents the components of inventories as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Finished goods $ 205,819 $ 197,531 Work-in-process 100,057 104,007 Raw materials 208,398 205,140 Inventories $ 514,274 $ 506,678 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of components of net periodic benefit cost | The components of net periodic benefit cost/(credit) associated with our defined benefit and retiree healthcare plans for the three months ended March 31, 2020 and 2019 were as follows: U.S. Plans Non-U.S. Plans Defined Benefit Retiree Healthcare Defined Benefit Total 2020 2019 2020 2019 2020 2019 2020 2019 Service cost $ — $ — $ 2 $ 2 $ 769 $ 731 $ 771 $ 733 Interest cost 267 399 37 53 315 338 619 790 Expected return on plan assets (433 ) (451 ) — — (174 ) (175 ) (607 ) (626 ) Amortization of net loss 295 245 10 11 236 191 541 447 Amortization of prior service (credit)/cost — — (196 ) (327 ) 2 3 (194 ) (324 ) Loss on settlement 4,022 — — — — — 4,022 — Net periodic benefit cost/(credit) $ 4,151 $ 193 $ (147 ) $ (261 ) $ 1,148 $ 1,088 $ 5,152 $ 1,020 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt and capital lease and other financing obligations | Our long-term debt and finance lease and other financing obligations as of March 31, 2020 and December 31, 2019 consisted of the following: Maturity Date March 31, 2020 December 31, 2019 Term Loan September 20, 2026 $ 459,568 $ 460,725 4.875% Senior Notes October 15, 2023 500,000 500,000 5.625% Senior Notes November 1, 2024 400,000 400,000 5.0% Senior Notes October 1, 2025 700,000 700,000 6.25% Senior Notes February 15, 2026 750,000 750,000 4.375% Senior Notes February 15, 2030 450,000 450,000 Less: discount (11,220 ) (11,758 ) Less: deferred financing costs (23,359 ) (24,452 ) Less: current portion (4,630 ) (4,630 ) Long-term debt, net $ 3,220,359 $ 3,219,885 Finance lease and other financing obligations $ 30,745 $ 31,098 Less: current portion (2,465 ) (2,288 ) Finance lease and other financing obligations, less current portion $ 28,280 $ 28,810 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Roll forward of components of Accumulated other comprehensive loss | The components of accumulated other comprehensive loss for the three months ended March 31, 2020 were as follows: Cash Flow Hedges Defined Benefit and Retiree Healthcare Plans Accumulated Other Comprehensive Loss Balance at December 31, 2019 $ 16,546 $ (37,030 ) $ (20,484 ) Other comprehensive loss before reclassifications, net of tax (13,041 ) — (13,041 ) Reclassifications from accumulated other comprehensive loss, net of tax (6,293 ) 3,342 (2,951 ) Other comprehensive (loss)/income (19,334 ) 3,342 (15,992 ) Balance at March 31, 2020 $ (2,788 ) $ (33,688 ) $ (36,476 ) |
Summary of amounts reclassified from Accumulated other comprehensive loss | The details of the amounts reclassified from accumulated other comprehensive loss for the three months ended March 31, 2020 and 2019 are as follows: For the three months ended March 31, Component 2020 2019 Derivative instruments designated and qualifying as cash flow hedges: Foreign currency forward contracts $ (6,623 ) $ (3,219 ) Net revenue (1) Foreign currency forward contracts (1,768 ) (128 ) Cost of revenue (1) Total, before taxes (8,391 ) (3,347 ) Income before taxes Income tax effect 2,098 686 (Benefit from)/provision for income taxes Total, net of taxes $ (6,293 ) $ (2,661 ) Net income Defined benefit and retiree healthcare plans $ 4,369 $ 123 Other, net (2) Income tax effect (1,027 ) (40 ) (Benefit from)/provision for income taxes Total, net of taxes $ 3,342 $ 83 Net income __________________________ (1) Refer to Note 15, "Derivative Instruments and Hedging Activities" for additional information on amounts to be reclassified from accumulated other comprehensive loss in future periods. (2) Refer to Note 10, "Pension and Other Post-Retirement Benefits" for additional information on net periodic benefit cost/(credit). |
Fair Value Measures (Tables)
Fair Value Measures (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and December 31, 2019 are shown in the below table. All fair value measures presented are categorized in Level 2 of the fair value hierarchy. March 31, 2020 December 31, 2019 Assets Foreign currency forward contracts $ 20,095 $ 23,561 Commodity forward contracts 2,079 3,623 Total $ 22,174 $ 27,184 Liabilities Foreign currency forward contracts $ 24,052 $ 1,959 Commodity forward contracts 4,993 462 Total $ 29,045 $ 2,421 |
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, 2020 and December 31, 2019 . All fair value measures presented are categorized in Level 2 of the fair value hierarchy. March 31, 2020 December 31, 2019 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Liabilities Term Loan $ 459,568 $ 436,590 $ 460,725 $ 464,181 4.875% Senior Notes $ 500,000 $ 480,000 $ 500,000 $ 532,500 5.625% Senior Notes $ 400,000 $ 384,000 $ 400,000 $ 444,000 5.0% Senior Notes $ 700,000 $ 665,000 $ 700,000 $ 759,500 6.25% Senior Notes $ 750,000 $ 727,500 $ 750,000 $ 808,125 4.375% Senior Notes $ 450,000 $ 396,000 $ 450,000 $ 457,875 ___________________________________ (1) Excluding any related debt discounts and deferred financing costs. |
Equity securities without readily determinable fair value | Refer to the table below for a detail of the carrying values of these investments, each of which are presented in other assets. March 31, 2020 December 31, 2019 Quanergy Systems, Inc $ 50,000 $ 50,000 Lithium Balance — 3,700 Total $ 50,000 $ 53,700 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of outstanding derivative instruments | As of March 31, 2020 , 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 850,249 troy oz. April 2020 - February 2022 $16.65 Gold 7,733 troy oz. April 2020 - February 2022 $1,457.41 Nickel 221,697 pounds April 2020 - February 2022 $6.16 Aluminum 3,103,095 pounds April 2020 - February 2022 $0.87 Copper 2,290,867 pounds April 2020 - February 2022 $2.69 Platinum 7,821 troy oz. April 2020 - February 2022 $896.59 Palladium 942 troy oz. April 2020 - February 2022 $1,620.30 As of March 31, 2020 , we had the following outstanding foreign currency forward contracts: Notional (in millions) Effective Date(s) Maturity Date(s) Index (Exchange Rates) Weighted-Average Strike Rate Hedge Designation (1) 30.0 EUR March 27, 2020 April 30, 2020 Euro ("EUR") to USD 1.10 USD Not designated 325.7 EUR Various from May 2018 to March 2020 Various from April 2020 to February 2022 EUR to USD 1.16 USD Cash flow hedge 437.0 CNY March 26, 2020 April 30, 2020 USD to Chinese Renminbi ("CNY") 7.12 CNY Not designated 804.6 CNY Various from December 2019 to January 2020 Various from April to December 2020 USD to CNY 6.99 CNY Cash flow hedge 498.0 JPY March 27, 2020 April 30, 2020 USD to Japanese Yen ("JPY") 107.94 JPY Not designated 22,742.4 KRW Various from May 2018 to March 2020 Various from April 2020 to February 2022 USD to Korean Won ("KRW") 1,151.92 KRW Cash flow hedge 16.0 MYR March 26, 2020 April 30, 2020 USD to Malaysian Ringgit ("MYR") 4.31 MYR Not designated 202.0 MXN March 27, 2020 April 30, 2020 USD to Mexican Peso ("MXN") 23.53 MXN Not designated 2,961.0 MXN Various from May 2018 to March 2020 Various from April 2020 to February 2022 USD to MXN 21.36 MXN Cash flow hedge 2.0 GBP March 27, 2020 April 30, 2020 British Pound Sterling ("GBP") to USD 1.23 USD Not Designated 53.7 GBP Various from May 2018 to March 2020 Various from April 2020 to February 2022 GBP to USD 1.29 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. |
Schedule of fair values of derivative financial instruments and their classification in balance sheets | The following table presents the fair values of our derivative financial instruments and their classification in the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 : Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2020 December 31, 2019 Balance Sheet Location March 31, 2020 December 31, 2019 Derivatives designated as hedging instruments Foreign currency forward contracts Prepaid expenses and other current assets $ 17,224 $ 20,957 Accrued expenses and other current liabilities $ 17,139 $ 1,055 Foreign currency forward contracts Other assets 2,840 2,530 Other long-term liabilities 6,504 428 Total $ 20,064 $ 23,487 $ 23,643 $ 1,483 Derivatives not designated as hedging instruments Commodity forward contracts Prepaid expenses and other current assets $ 1,635 $ 3,069 Accrued expenses and other current liabilities $ 3,603 $ 394 Commodity forward contracts Other assets 444 554 Other long-term liabilities 1,390 68 Foreign currency forward contracts Prepaid expenses and other current assets 31 74 Accrued expenses and other current liabilities 409 476 Total $ 2,110 $ 3,697 $ 5,402 $ 938 |
Schedule of effect of derivative financial instruments on statements of operations | The following tables present the effect of our derivative financial instruments on the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive (loss)/income for the three months ended March 31, 2020 and 2019 : Derivatives designated as Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive (Loss)/Income Location of Net Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income Amount of Net Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income 2020 2019 2020 2019 Foreign currency forward contracts $ 12,544 $ 9,118 Net revenue $ 6,623 $ 3,219 Foreign currency forward contracts $ (29,630 ) $ 6,078 Cost of revenue $ 1,768 $ 128 Derivatives not designated as Amount of (Loss)/Gain Recognized in Net Income Location of (Loss)/Gain Recognized in Net Income 2020 2019 Commodity forward contracts $ (5,575 ) $ 1,123 Other, net Foreign currency forward contracts $ (3,781 ) $ 478 Other, net |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information by segment | The following table presents net revenue and segment operating income for the reported segments and other operating results not allocated to the reported segments for the three months ended March 31, 2020 and 2019 : For the three months ended March 31, 2020 March 31, 2019 Net revenue: Performance Sensing $ 568,689 $ 640,028 Sensing Solutions 205,580 230,471 Total net revenue $ 774,269 $ 870,499 Segment operating income (as defined above): Performance Sensing $ 129,062 $ 150,509 Sensing Solutions 55,949 74,969 Total segment operating income 185,011 225,478 Corporate and other (88,822 ) (41,430 ) Amortization of intangible assets (33,092 ) (36,143 ) Restructuring and other charges, net (4,498 ) (5,309 ) Operating income 58,599 142,596 Interest expense, net (39,403 ) (39,253 ) Other, net (12,281 ) 3,189 Income before taxes $ 6,915 $ 106,532 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Net revenue | $ 774,269 | $ 870,499 |
Performance Sensing | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 568,689 | 640,028 |
Sensing Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 205,580 | 230,471 |
Automotive | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 445,939 | 503,443 |
Automotive | Performance Sensing | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 437,703 | 492,015 |
Automotive | Sensing Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 8,236 | 11,428 |
HVOR | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 130,986 | 148,013 |
HVOR | Performance Sensing | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 130,986 | 148,013 |
HVOR | Sensing Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 0 | 0 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 80,599 | 92,641 |
Industrial | Performance Sensing | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 0 | 0 |
Industrial | Sensing Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 80,599 | 92,641 |
Appliance and HVAC | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 45,396 | 51,704 |
Appliance and HVAC | Performance Sensing | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 0 | 0 |
Appliance and HVAC | Sensing Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 45,396 | 51,704 |
Aerospace | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 42,124 | 42,979 |
Aerospace | Performance Sensing | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 0 | 0 |
Aerospace | Sensing Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 42,124 | 42,979 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 29,225 | 31,719 |
Other | Performance Sensing | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 0 | 0 |
Other | Sensing Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | $ 29,225 | $ 31,719 |
Share-Based Payment Plans - Sha
Share-Based Payment Plans - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 6,084 | $ 5,940 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 2,489 | 1,524 |
Restricted securities | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 3,595 | $ 4,416 |
Restructuring and Other Charg_3
Restructuring and Other Charges, Net - Schedule of Restructuring and Other Charges, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | ||
Severance costs, net | $ 3,897 | $ 2,855 |
Other | 601 | 2,454 |
Restructuring and other charges, net | $ 4,498 | $ 5,309 |
Restructuring and Other Charg_4
Restructuring and Other Charges, Net - Schedule of Changes to Restructuring Liability (Details) - Severance $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Restructuring Reserve [Roll Forward] | |
Balance at December 31, 2019 | $ 14,779 |
Charges, net of reversals | 3,897 |
Payments | (5,356) |
Foreign currency remeasurement | (500) |
Balance at March 31, 2020 | $ 12,820 |
Other, Net (Details)
Other, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | ||
Currency remeasurement gain on net monetary assets | $ 1,553 | $ 1,865 |
(Loss)/gain on foreign currency forward contracts | (3,781) | 478 |
(Loss)/gain on commodity forward contracts | (5,575) | 1,123 |
Net periodic benefit cost, excluding service cost | (4,381) | (287) |
Other | (97) | 10 |
Other, net | $ (12,281) | $ 3,189 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
(Benefit from)/provision for income taxes | $ (1,516) | $ 21,467 |
Deferred income tax benefit | $ 7,500 |
Net Income per Share - Schedule
Net Income per Share - Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||
Basic weighted-average ordinary shares outstanding (in shares) | 157,599 | 163,247 |
Dilutive effect of stock options (in shares) | 334 | 635 |
Dilutive effect of unvested restricted securities (in shares) | 452 | 639 |
Diluted weighted-average ordinary shares outstanding (in shares) | 158,385 | 164,521 |
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, 2020 | Mar. 31, 2019 | |
Anti-dilutive shares excluded | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,385 | 1,013 |
Contingently issuable shares excluded | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 596 | 477 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory, Net [Abstract] | ||
Finished goods | $ 205,819 | $ 197,531 |
Work-in-process | 100,057 | 104,007 |
Raw materials | 208,398 | 205,140 |
Inventories | $ 514,274 | $ 506,678 |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits - Schedule of components of net periodic benefit cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | $ 771 | $ 733 |
Interest cost | 619 | 790 |
Expected return on plan assets | (607) | (626) |
Amortization of net loss | 541 | 447 |
Amortization of prior service (credit)/cost | (194) | (324) |
Loss on settlement | 4,022 | 0 |
Net periodic benefit cost/(credit) | 5,152 | 1,020 |
U.S. Plans | Defined Benefit | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 0 | 0 |
Interest cost | 267 | 399 |
Expected return on plan assets | (433) | (451) |
Amortization of net loss | 295 | 245 |
Amortization of prior service (credit)/cost | 0 | 0 |
Loss on settlement | 4,022 | 0 |
Net periodic benefit cost/(credit) | 4,151 | 193 |
U.S. Plans | Retiree Healthcare | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 2 | 2 |
Interest cost | 37 | 53 |
Expected return on plan assets | 0 | 0 |
Amortization of net loss | 10 | 11 |
Amortization of prior service (credit)/cost | (196) | (327) |
Loss on settlement | 0 | 0 |
Net periodic benefit cost/(credit) | (147) | (261) |
Non-U.S. Plans | Defined Benefit | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 769 | 731 |
Interest cost | 315 | 338 |
Expected return on plan assets | (174) | (175) |
Amortization of net loss | 236 | 191 |
Amortization of prior service (credit)/cost | 2 | 3 |
Loss on settlement | 0 | 0 |
Net periodic benefit cost/(credit) | $ 1,148 | $ 1,088 |
Debt - Debt Schedule (Details)
Debt - Debt Schedule (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Less: discount | $ (11,220) | $ (11,758) |
Less: deferred financing costs | (23,359) | (24,452) |
Less: current portion | (4,630) | (4,630) |
Long-term debt, net | 3,220,359 | 3,219,885 |
Finance lease and other financing obligations | 30,745 | 31,098 |
Less: current portion | (2,465) | (2,288) |
Finance lease and other financing obligations, less current portion | $ 28,280 | 28,810 |
4.875% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.875% | |
5.625% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.625% | |
5.0% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.00% | |
6.25% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.25% | |
4.375% Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.375% | |
Secured Debt | Term Loan | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | $ 459,568 | 460,725 |
Senior Notes | 4.875% Senior Notes | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | 500,000 | 500,000 |
Senior Notes | 5.625% Senior Notes | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | 400,000 | 400,000 |
Senior Notes | 5.0% Senior Notes | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | 700,000 | 700,000 |
Senior Notes | 6.25% Senior Notes | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | 750,000 | 750,000 |
Senior Notes | 4.375% Senior Notes | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | $ 450,000 | $ 450,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Millions | Apr. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Accrued interest | $ 47.1 | $ 42.8 | |
Line of Credit | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Amount available under revolving credit facility | 416.1 | ||
Revolving credit facility | 420 | ||
Letters of credit outstanding, amount | 3.9 | ||
Line of Credit | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 0 | ||
Subsequent Event | Line of Credit | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Long-term line of credit | $ 400 |
Commitments and Contingencies
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Loss Contingencies [Line Items] | ||
Loss on litigation judgment | $ 29,200 | $ 0 |
Wasica Finance Gmbh et al v. Schrader International Inc. | ||
Loss Contingencies [Line Items] | ||
Loss contingency, accrual | 31,200 | |
Loss on litigation judgment | $ 29,200 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) | Mar. 31, 2020 | Jul. 30, 2019 |
Equity [Abstract] | ||
Stock repurchase program, authorized amount | $ 500,000,000 | |
Remaining amount under share repurchase program | $ 302,300,000 |
Shareholders' Equity - AOCI Rol
Shareholders' Equity - AOCI Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | $ 2,573,755 | $ 2,608,434 |
Other comprehensive income | (15,992) | 10,143 |
Ending Balance | 2,537,797 | 2,564,371 |
Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | 16,546 | |
Other comprehensive loss before reclassifications, net of tax | (13,041) | |
Reclassifications from accumulated other comprehensive loss, net of tax | (6,293) | |
Other comprehensive income | (19,334) | |
Ending Balance | (2,788) | |
Defined Benefit and Retiree Healthcare Plans | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (37,030) | |
Other comprehensive loss before reclassifications, net of tax | 0 | |
Reclassifications from accumulated other comprehensive loss, net of tax | 3,342 | |
Other comprehensive income | 3,342 | |
Ending Balance | (33,688) | |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (20,484) | (26,178) |
Other comprehensive loss before reclassifications, net of tax | (13,041) | |
Reclassifications from accumulated other comprehensive loss, net of tax | (2,951) | |
Other comprehensive income | (15,992) | |
Ending Balance | $ (36,476) | $ (16,035) |
Shareholders' Equity - AOCI Rec
Shareholders' Equity - AOCI Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net revenue | $ 774,269 | $ 870,499 |
Cost of revenue | 566,406 | 580,806 |
Other, net | (12,281) | 3,189 |
Income before taxes | 6,915 | 106,532 |
(Benefit from)/provision for income taxes | 1,516 | (21,467) |
Net income | 8,431 | 85,065 |
(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 | (8,391) | (3,347) |
(Benefit from)/provision for income taxes | 2,098 | 686 |
Net income | (6,293) | (2,661) |
(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 | (6,623) | (3,219) |
Cost of revenue | (1,768) | (128) |
(Gain)/Loss Reclassified from Accumulated Other Comprehensive Loss | Defined benefit and retiree healthcare plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other, net | 4,369 | 123 |
(Benefit from)/provision for income taxes | (1,027) | (40) |
Net income | $ 3,342 | $ 83 |
Fair Value Measures - Schedule
Fair Value Measures - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Foreign currency forward contracts | $ 20,095 | $ 23,561 |
Commodity forward contracts | 2,079 | 3,623 |
Total | 22,174 | 27,184 |
Liabilities | ||
Foreign currency forward contracts | 24,052 | 1,959 |
Commodity forward contracts | 4,993 | 462 |
Total | $ 29,045 | $ 2,421 |
Fair Value Measures - Financial
Fair Value Measures - Financial Instruments Not Recorded at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
4.875% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate | 4.875% | |
5.625% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate | 5.625% | |
5.0% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate | 5.00% | |
6.25% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate | 6.25% | |
Level 2 | Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | $ 436,590 | $ 464,181 |
Level 2 | 4.875% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 480,000 | 532,500 |
Level 2 | 5.625% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 384,000 | 444,000 |
Level 2 | 5.0% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 665,000 | 759,500 |
Level 2 | 6.25% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 727,500 | 808,125 |
Level 2 | 4.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 396,000 | 457,875 |
Level 2 | Carrying Value | Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 459,568 | 460,725 |
Level 2 | Carrying Value | 4.875% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 500,000 | 500,000 |
Level 2 | Carrying Value | 5.625% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 400,000 | 400,000 |
Level 2 | Carrying Value | 5.0% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 700,000 | 700,000 |
Level 2 | Carrying Value | 6.25% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 750,000 | 750,000 |
Level 2 | Carrying Value | 4.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | $ 450,000 | $ 450,000 |
Fair Value Measures - Equity In
Fair Value Measures - Equity Instruments without Readily Determinable Fair Values (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Equity investment | $ 50,000 | $ 53,700 |
Quanergy Systems, Inc. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investment | 50,000 | 50,000 |
Lithium Balance A/S | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity investment | $ 0 | $ 3,700 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Narrative (Details) | Mar. 31, 2020USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Foreign currency cash flow gain to be reclassified during next 12 months | $ 3,500,000 |
Termination value of outstanding derivatives in a liability position | 29,300,000 |
Collateral already posted, aggregate fair value | $ 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - Mar. 31, 2020 € in Millions, ₩ in Millions, ¥ in Millions, ¥ in Millions, £ in Millions, RM in Millions, $ in Millions | EUR (€)oztlb$ / $$ / ¥€ / $$ / RM$ / ¥£ / $$ / ₩ | KRW (₩)oztlb$ / $$ / ¥€ / $$ / RM$ / ¥£ / $$ / ₩ | MXN ($)oztlb$ / $$ / ¥€ / $$ / RM$ / ¥£ / $$ / ₩ | GBP (£)oztlb$ / $$ / ¥€ / $$ / RM$ / ¥£ / $$ / ₩ | CNY (¥)oztlb$ / $$ / ¥€ / $$ / RM$ / ¥£ / $$ / ₩ | MYR (RM)oztlb$ / $$ / ¥€ / $$ / RM$ / ¥£ / $$ / ₩ | JPY (¥)oztlb$ / $$ / ¥€ / $$ / RM$ / ¥£ / $$ / ₩ |
Foreign currency forward contracts | Not designated | Euro (EUR) to USD | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | € | € 30 | ||||||
Weighted-Average Strike Rate | € / $ | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 |
Foreign currency forward contracts | Not designated | USD to Chinese Renminbi (CNY) | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | ¥ | ¥ 437 | ||||||
Weighted-Average Strike Rate | $ / ¥ | 7.12 | 7.12 | 7.12 | 7.12 | 7.12 | 7.12 | 7.12 |
Foreign currency forward contracts | Not designated | USD to Japanese Yen (JPY) | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | ¥ | ¥ 498 | ||||||
Weighted-Average Strike Rate | $ / ¥ | 107.94 | 107.94 | 107.94 | 107.94 | 107.94 | 107.94 | 107.94 |
Foreign currency forward contracts | Not designated | USD to Malaysian Ringgit (MYR) | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | RM | RM 16 | ||||||
Weighted-Average Strike Rate | $ / RM | 4.31 | 4.31 | 4.31 | 4.31 | 4.31 | 4.31 | 4.31 |
Foreign currency forward contracts | Not designated | USD to Mexican Peso (MXN) | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | $ | $ 202 | ||||||
Weighted-Average Strike Rate | $ / $ | 23.53 | 23.53 | 23.53 | 23.53 | 23.53 | 23.53 | 23.53 |
Foreign currency forward contracts | Not designated | British Pound Sterling (GBP) to USD | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | £ | £ 2 | ||||||
Weighted-Average Strike Rate | £ / $ | 1.23 | 1.23 | 1.23 | 1.23 | 1.23 | 1.23 | 1.23 |
Foreign currency forward contracts | Cash flow hedge | Euro (EUR) to USD | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | € | € 325.7 | ||||||
Weighted-Average Strike Rate | € / $ | 1.16 | 1.16 | 1.16 | 1.16 | 1.16 | 1.16 | 1.16 |
Foreign currency forward contracts | Cash flow hedge | USD to Chinese Renminbi (CNY) | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | ¥ | ¥ 804.6 | ||||||
Weighted-Average Strike Rate | $ / ¥ | 6.99 | 6.99 | 6.99 | 6.99 | 6.99 | 6.99 | 6.99 |
Foreign currency forward contracts | Cash flow hedge | USD to Korean Won (KRW) | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | ₩ | ₩ 22,742.4 | ||||||
Weighted-Average Strike Rate | $ / ₩ | 1,151.92 | 1,151.92 | 1,151.92 | 1,151.92 | 1,151.92 | 1,151.92 | 1,151.92 |
Foreign currency forward contracts | Cash flow hedge | USD to Mexican Peso (MXN) | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | $ | $ 2,961 | ||||||
Weighted-Average Strike Rate | $ / $ | 21.36 | 21.36 | 21.36 | 21.36 | 21.36 | 21.36 | 21.36 |
Foreign currency forward contracts | Cash flow hedge | British Pound Sterling (GBP) to USD | |||||||
Hedges of Foreign Currency Risk | |||||||
Notional | £ | £ 53.7 | ||||||
Weighted-Average Strike Rate | £ / $ | 1.29 | 1.29 | 1.29 | 1.29 | 1.29 | 1.29 | 1.29 |
Silver | Not designated | |||||||
Hedges of Foreign Currency Risk | |||||||
Weighted-Average Strike Rate | 16.65 | 16.65 | 16.65 | 16.65 | 16.65 | 16.65 | 16.65 |
Hedges of Commodity Risk | |||||||
Notional | 850,249 | 850,249 | 850,249 | 850,249 | 850,249 | 850,249 | 850,249 |
Gold | Not designated | |||||||
Hedges of Foreign Currency Risk | |||||||
Weighted-Average Strike Rate | 1,457.41 | 1,457.41 | 1,457.41 | 1,457.41 | 1,457.41 | 1,457.41 | 1,457.41 |
Hedges of Commodity Risk | |||||||
Notional | 7,733 | 7,733 | 7,733 | 7,733 | 7,733 | 7,733 | 7,733 |
Nickel | Not designated | |||||||
Hedges of Foreign Currency Risk | |||||||
Weighted-Average Strike Rate | 6.16 | 6.16 | 6.16 | 6.16 | 6.16 | 6.16 | 6.16 |
Hedges of Commodity Risk | |||||||
Notional | lb | 221,697 | 221,697 | 221,697 | 221,697 | 221,697 | 221,697 | 221,697 |
Aluminum | Not designated | |||||||
Hedges of Foreign Currency Risk | |||||||
Weighted-Average Strike Rate | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 |
Hedges of Commodity Risk | |||||||
Notional | lb | 3,103,095 | 3,103,095 | 3,103,095 | 3,103,095 | 3,103,095 | 3,103,095 | 3,103,095 |
Copper | Not designated | |||||||
Hedges of Foreign Currency Risk | |||||||
Weighted-Average Strike Rate | 2.69 | 2.69 | 2.69 | 2.69 | 2.69 | 2.69 | 2.69 |
Hedges of Commodity Risk | |||||||
Notional | lb | 2,290,867 | 2,290,867 | 2,290,867 | 2,290,867 | 2,290,867 | 2,290,867 | 2,290,867 |
Platinum | Not designated | |||||||
Hedges of Foreign Currency Risk | |||||||
Weighted-Average Strike Rate | 896.59 | 896.59 | 896.59 | 896.59 | 896.59 | 896.59 | 896.59 |
Hedges of Commodity Risk | |||||||
Notional | 7,821 | 7,821 | 7,821 | 7,821 | 7,821 | 7,821 | 7,821 |
Palladium | Not designated | |||||||
Hedges of Foreign Currency Risk | |||||||
Weighted-Average Strike Rate | 1,620.30 | 1,620.30 | 1,620.30 | 1,620.30 | 1,620.30 | 1,620.30 | 1,620.30 |
Hedges of Commodity Risk | |||||||
Notional | 942 | 942 | 942 | 942 | 942 | 942 | 942 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Cash flow hedge | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 20,064 | $ 23,487 |
Liability Derivatives | 23,643 | 1,483 |
Not designated | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 2,110 | 3,697 |
Liability Derivatives | 5,402 | 938 |
Foreign currency forward contracts | Cash flow hedge | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 17,224 | 20,957 |
Foreign currency forward contracts | Cash flow hedge | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 2,840 | 2,530 |
Foreign currency forward contracts | Cash flow hedge | Accrued expenses and other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 17,139 | 1,055 |
Foreign currency forward contracts | Cash flow hedge | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 6,504 | 428 |
Foreign currency forward contracts | Not designated | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 31 | 74 |
Foreign currency forward contracts | Not designated | Accrued expenses and other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 409 | 476 |
Commodity forward contracts | Not designated | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1,635 | 3,069 |
Commodity forward contracts | Not designated | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 444 | 554 |
Commodity forward contracts | Not designated | Accrued expenses and other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 3,603 | 394 |
Commodity forward contracts | Not designated | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 1,390 | $ 68 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Income Statement Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
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 | $ 12,544 | $ 9,118 |
Amount of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income | 6,623 | 3,219 |
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 | (29,630) | 6,078 |
Amount of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income | 1,768 | 128 |
Foreign currency forward contracts | Other, net | Not designated | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain/(Loss) Recognized in Net Income | (3,781) | 478 |
Commodity forward contracts | Other, net | Not designated | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain/(Loss) Recognized in Net Income | $ (5,575) | $ 1,123 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Narrative (Details) € in Millions | Sep. 13, 2019EUR (€) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of businesses acquired | 1 |
Other Acquisition | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Purchase price | € 30 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)segment | Mar. 31, 2019USD ($) | |
Segment Reporting [Abstract] | ||
Number of reporting segments | segment | 2 | |
Reconciliation from Segment Totals to Consolidated [Abstract] | ||
Net revenue | $ 774,269 | $ 870,499 |
Operating income | 58,599 | 142,596 |
Amortization of intangible assets | (33,092) | (36,143) |
Interest expense, net | (39,403) | (39,253) |
Other, net | (12,281) | 3,189 |
Income before taxes | 6,915 | 106,532 |
Performance Sensing | ||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||
Net revenue | 568,689 | 640,028 |
Sensing Solutions | ||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||
Net revenue | 205,580 | 230,471 |
Operating segments | ||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||
Net revenue | 774,269 | 870,499 |
Operating income | 185,011 | 225,478 |
Operating segments | Performance Sensing | ||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||
Net revenue | 568,689 | 640,028 |
Operating income | 129,062 | 150,509 |
Operating segments | Sensing Solutions | ||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||
Net revenue | 205,580 | 230,471 |
Operating income | 55,949 | 74,969 |
Corporate and other | ||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||
Operating income | (88,822) | (41,430) |
Segment reconciling items | ||
Reconciliation from Segment Totals to Consolidated [Abstract] | ||
Amortization of intangible assets | (33,092) | (36,143) |
Restructuring and other charges, net | $ (4,498) | $ (5,309) |
Subsequent Events (Details)
Subsequent Events (Details) - Line of Credit - Revolving Credit Facility - Subsequent Event $ in Millions | Apr. 01, 2020USD ($) |
Subsequent Event [Line Items] | |
Long-term line of credit | $ 400 |
Cash on hand | $ 1,200 |