Company Quick10K Filing
Sensata Technologies
Price49.40 EPS3
Shares163 P/E17
MCap8,041 P/FCF19
Net Debt2,503 EBIT564
TEV10,543 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
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8-K 2020-10-27
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8-K 2019-10-30
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8-K 2019-09-10
8-K 2019-08-01
8-K 2019-07-30
8-K 2019-05-28
8-K 2019-05-01
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8-K 2018-10-30
8-K 2018-08-28
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8-K 2018-05-31
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8-K 2018-02-16
8-K 2018-02-06
8-K 2018-02-01
8-K 2018-01-01

ST 10Q Quarterly Report

Part I - Financial Information
Item 1.Financial Statements.
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3.Quantitative and Qualitative Disclosures About Market Risk.
Item 4.Controls and Procedures.
Part II - Other Information
Item 1.Legal Proceedings.
Item 1A.Risk Factors.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3.Defaults Upon Senior Securities.
Item 6.Exhibits.
EX-10.1 rsu_2021xfinalxv2.htm
EX-10.2 a2021_prsuxfinal.htm
EX-31.1 exhibit311_033121.htm
EX-31.2 exhibit312_033121.htm
EX-31.3 exhibit313_033121.htm
EX-32.1 exhibit321_033121.htm

Sensata Technologies Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.00.80.60.40.20.02012201420172020
Rev, G Profit, Net Income
1.00.60.2-0.3-0.7-1.12012201420172020
Ops, Inv, Fin

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________________________ 
FORM 10-Q
_________________________________________________________________________________ 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number 001-34652
_________________________________________________________________________________ 
SENSATA TECHNOLOGIES HOLDING PLC
(Exact name of registrant as specified in its charter)
_________________________________________________________________________________ 
England and Wales
98-1386780
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
529 Pleasant Street
Attleboro, Massachusetts, 02703, United States
(Address of principal executive offices, including zip code)
+1 (508) 236 3800
(Registrant's telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
_____________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Ordinary Shares - nominal value €0.01 per shareSTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
As of April 15, 2021, 158,109,854 ordinary shares were outstanding.


Table of Contents
TABLE OF CONTENTS
PART I
Item 1.
Item 2.
Item 3.
Item 4.
PART II 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 6.
 
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PART I—FINANCIAL INFORMATION

Item 1.Financial Statements.
SENSATA TECHNOLOGIES HOLDING PLC
Condensed Consolidated Balance Sheets
(In thousands, except per share amounts)
(unaudited)
March 31,
2021
December 31,
2020
Assets
Current assets:
Cash and cash equivalents$1,893,926 $1,861,980 
Accounts receivable, net of allowances of $18,891 and $19,033 as of March 31, 2021 and December 31, 2020, respectively
641,161 576,647 
Inventories468,446 451,005 
Prepaid expenses and other current assets102,592 90,340 
Total current assets3,106,125 2,979,972 
Property, plant and equipment, net796,419 803,825 
Goodwill3,124,939 3,111,349 
Other intangible assets, net of accumulated amortization of $2,176,498 and $2,145,634 as of March 31, 2021 and December 31, 2020, respectively
676,072 691,549 
Deferred income tax assets80,023 84,785 
Other assets161,614 172,722 
Total assets$7,945,192 $7,844,202 
Liabilities and shareholders’ equity
Current liabilities:
Current portion of long-term debt, finance lease and other financing obligations$9,678 $757,205 
Accounts payable431,084 393,907 
Income taxes payable21,498 19,215 
Accrued expenses and other current liabilities311,261 324,830 
Total current liabilities773,521 1,495,157 
Deferred income tax liabilities262,673 259,857 
Pension and other post-retirement benefit obligations43,074 48,002 
Finance lease and other financing obligations, less current portion27,605 27,931 
Long-term debt, net3,961,397 3,213,747 
Other long-term liabilities86,279 94,022 
Total liabilities5,154,549 5,138,716 
Commitments and contingencies (Note 12)
Shareholders’ equity:
Ordinary shares, €0.01 nominal value per share, 177,069 shares authorized, and 173,533 and 173,266 shares issued as of March 31, 2021 and December 31, 2020, respectively
2,223 2,220 
Treasury shares, at cost, 15,631 shares as of March 31, 2021 and December 31, 2020
(784,596)(784,596)
Additional paid-in capital1,775,320 1,759,668 
Retained earnings1,831,241 1,777,729 
Accumulated other comprehensive loss(33,545)(49,535)
Total shareholders’ equity2,790,643 2,705,486 
Total liabilities and shareholders’ equity$7,945,192 $7,844,202 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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SENSATA TECHNOLOGIES HOLDING PLC
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
 
 For the three months ended
 March 31, 2021March 31, 2020
Net revenue$942,528 $774,269 
Operating costs and expenses:
Cost of revenue635,349 566,406 
Research and development35,956 34,453 
Selling, general and administrative77,123 77,221 
Amortization of intangible assets32,064 33,092 
Restructuring and other charges, net4,582 4,498 
Total operating costs and expenses785,074 715,670 
Operating income157,454 58,599 
Interest expense, net(44,043)(39,403)
Other, net(39,397)(12,281)
Income before taxes74,014 6,915 
Provision for/(benefit from) income taxes20,281 (1,516)
Net income$53,733 $8,431 
Basic net income per share$0.34 $0.05 
Diluted net income per share$0.34 $0.05 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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SENSATA TECHNOLOGIES HOLDING PLC
Condensed Consolidated Statements of Comprehensive Income/(Loss)
(In thousands)
(unaudited)
 
 For the three months ended
 March 31, 2021March 31, 2020
Net income$53,733 $8,431 
Other comprehensive income/(loss):
Cash flow hedges
14,278 (19,334)
Defined benefit and retiree healthcare plans
1,712 3,342 
Other comprehensive income/(loss)15,990 (15,992)
Comprehensive income/(loss)$69,723 $(7,561)

The accompanying notes are an integral part of these condensed consolidated financial statements.
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SENSATA TECHNOLOGIES HOLDING PLC
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
 For the three months ended
 March 31, 2021March 31, 2020
Cash flows from operating activities:
Net income$53,733 $8,431 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation31,197 34,679 
Amortization of debt issuance costs1,711 1,631 
Share-based compensation5,099 6,084 
Loss on debt financing30,066  
Amortization of intangible assets32,064 33,092 
Deferred income taxes130 (4,100)
Loss on litigation judgment 29,200 
Unrealized loss on derivative instruments and other8,797 11,040 
Changes in operating assets and liabilities, net of the effects of acquisitions:
Accounts receivable, net(62,198)21,458 
Inventories(16,857)(7,596)
Prepaid expenses and other current assets(4,971)5,625 
Accounts payable and accrued expenses26,409 (19,962)
Income taxes payable2,283 (15,844)
Other(2,952)(5,194)
Net cash provided by operating activities104,511 98,544 
Cash flows from investing activities:
Acquisitions, net of cash received(20,406) 
Additions to property, plant and equipment and capitalized software(27,172)(29,547)
Investment in debt and equity securities(1,799)(5,217)
Other340 1,928 
Net cash used in investing activities(49,037)(32,836)
Cash flows from financing activities:
Proceeds from exercise of stock options and issuance of ordinary shares10,556 709 
Payment of employee restricted stock tax withholdings(221)(15)
Proceeds from borrowings on debt750,000  
Payments on debt(752,753)(2,375)
Payments to repurchase ordinary shares (35,175)
Payments of debt financing costs(31,110) 
Net cash used in financing activities(23,528)(36,856)
Net change in cash and cash equivalents31,946 28,852 
Cash and cash equivalents, beginning of period1,861,980 774,119 
Cash and cash equivalents, end of period$1,893,926 $802,971 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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SENSATA TECHNOLOGIES HOLDING PLC
Condensed Consolidated Statements of Changes in Shareholders' Equity
(In thousands)
(unaudited) 
 Ordinary SharesTreasury SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Shareholders’ Equity
 NumberAmountNumberAmount
Balance as of December 31, 2020173,266 $2,220 (15,631)$(784,596)$1,759,668 $1,777,729 $(49,535)$2,705,486 
Surrender of shares for tax withholding— — (4)(221)— — — (221)
Stock options exercised259 3 — — 10,553 — — 10,556 
Vesting of restricted securities12 — — — — — — — 
Retirement of ordinary shares (4)— 4 221 — (221)—  
Share-based compensation— — — — 5,099 — — 5,099 
Net income— — — — — 53,733 — 53,733 
Other comprehensive income— — — — — — 15,990 15,990 
Balance as of March 31, 2021173,533 $2,223 (15,631)$(784,596)$1,775,320 $1,831,241 $(33,545)$2,790,643 
 Ordinary SharesTreasury SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Shareholders’ Equity
 NumberAmountNumberAmount
Balance as of December 31, 2019172,561 $2,212 (14,733)$(749,421)$1,725,091 $1,616,357 $(20,484)$2,573,755 
Surrender of shares for tax withholding— — — (15)— — — (15)
Stock options exercised34  — — 709 — — 709 
Vesting of restricted securities1 — — — — — — — 
Repurchase of ordinary shares— — (898)(35,175)— — — (35,175)
Retirement of ordinary shares — — — 15 — (15)—  
Share-based compensation— — — — 6,084 — — 6,084 
Net income— — — — — 8,431 — 8,431 
Other comprehensive loss— — — — — — (15,992)(15,992)
Balance as of March 31, 2020172,596 $2,212 (15,631)$(784,596)$1,731,884 $1,624,773 $(36,476)$2,537,797 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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SENSATA TECHNOLOGIES HOLDING PLC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Basis of Presentation
The accompanying unaudited condensed consolidated financial statements reflect the financial position, results of operations, comprehensive income/(loss), cash flows, and changes in shareholders' equity of Sensata Technologies Holding plc, a public limited company incorporated under the laws of England and Wales, and its wholly-owned subsidiaries, collectively referred to as the "Company," "Sensata," "we," "our," or "us."
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q. Accordingly, these interim financial statements do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. The accompanying financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the interim period results. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Annual Report").
All U.S. dollar ("USD") and share amounts presented, except per share amounts, are stated in thousands, unless otherwise indicated.
Certain reclassifications have been made to prior periods to conform to current period presentation.
2. 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.
3. Revenue Recognition
The following table presents net revenue disaggregated by segment and end market for the three months ended March 31, 2021 and 2020:
For the three months ended March 31, 2021For the three months ended March 31, 2020
Performance SensingSensing SolutionsTotalPerformance SensingSensing SolutionsTotal
Automotive$536,713 $11,500 $548,213 $437,703 $8,236 $445,939 
HVOR (1)
177,799  177,799 130,986  130,986 
Industrial 90,475 90,475  80,599 80,599 
Appliance and HVAC (2)
 59,916 59,916  45,396 45,396 
Aerospace 32,677 32,677  42,124 42,124 
Other 33,448 33,448  29,225 29,225 
Total$714,512 $228,016 $942,528 $568,689 $205,580 $774,269 
________________________
(1)    Heavy vehicle and off-road
(2)    Heating, ventilation and air conditioning
4. Share-Based Payment Plans
The following table presents the components of non-cash compensation expense related to our equity awards for the three months ended March 31, 2021 and 2020:
 For the three months ended
 March 31, 2021March 31, 2020
Stock options$460 $2,489 
Restricted securities4,639 3,595 
Share-based compensation expense$5,099 $6,084 
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5. Restructuring and Other Charges, Net
On June 30, 2020, in response to the potential long-term impact of the global financial and health crisis caused by the coronavirus ("COVID-19") pandemic on our business, we committed to a plan to reorganize our business (the “Q2 2020 Global Restructure Program”), consisting of voluntary and involuntary reductions-in-force and certain site closures. The Q2 2020 Global Restructure Program was commenced in order to align our cost structure to the demand levels that we anticipate in the coming quarters. We have taken a large portion of the actions contemplated under the Q2 2020 Global Restructure Program, with the majority of the remaining actions expected to be completed on or before June 30, 2021.
Over the life of the Q2 2020 Global Restructure Program, the reductions-in-force, which are subject to the laws and regulations of the countries in which the actions are planned, are expected to impact approximately 880 positions, for which we expect to incur severance charges of between $31.0 million and $33.7 million. In addition, over the life of the Q2 2020 Global Restructure Program, we expect to incur between $6.0 million and $8.0 million related to site closures. We expect to settle these charges with cash on hand.
We expect these restructuring charges to impact our business segments and corporate functions as follows:
Reductions-in-ForceSite Closures
(Dollars in millions)PositionsMinimumMaximumMinimumMaximum
Performance Sensing180 $10.7 $11.6 $3.0 $4.0 
Sensing Solutions286 8.9 9.6 3.0 4.0 
Corporate and other (1)
414 11.4 12.5   
Total880 $31.0 $33.7 $6.0 $8.0 
___________________________________
(1)    The majority of these positions relate to engineering and manufacturing operations, which are allocated to corporate and other. However, these restructuring actions will benefit the results of Performance Sensing and Sensing Solutions as well.
Charges recognized in the three months ended March 31, 2021 resulting from the Q2 2020 Global Restructure Program are presented by impacted segment below. Approximately $0.8 million of these charges relate to site closures in Sensing Solutions. However, as noted in Note 17: Segment Reporting, restructuring and other charges, net are excluded from segment operating income.
For the three months ended March 31, 2021
Performance Sensing$296 
Sensing Solutions1,528 
Restructuring and other charges$1,824 
The following table presents the components of restructuring and other charges, net for the three months ended March 31, 2021 and 2020:
For the three months ended
March 31, 2021March 31, 2020
Q2 2020 Global Restructure Program charges
$1,824 $ 
Other restructuring charges
Severance costs, net (1)
186 3,897 
Facility and other exit costs666  
Other1,906 601 
Restructuring and other charges, net$4,582 $4,498 
___________________________________
(1)    Severance costs, net for the three months ended March 31, 2020 were primarily related to termination benefits arising from the shutdown and relocation of an operating site in Northern Ireland.
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The following table presents a rollforward of the severance portion of our restructuring obligations for the three months ended March 31, 2021.
Q2 2020 Global Restructure ProgramOtherTotal
Balance at December 31, 2020$10,842 $4,037 $14,879 
Charges, net of reversals1,073 186 1,259 
Payments(3,054)(519)(3,573)
Foreign currency remeasurement(207)(17)(224)
Balance at March 31, 2021$8,654 $3,687 $12,341 
The severance liability as of March 31, 2021 was entirely recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet.
6. Other, Net
The following table presents the components of other, net for the three months ended March 31, 2021 and 2020:
 For the three months ended
 March 31, 2021March 31, 2020
Currency remeasurement (loss)/gain on net monetary assets$(1,477)$1,553 
Loss on foreign currency forward contracts(958)(3,781)
Loss on commodity forward contracts(1,153)(5,575)
Loss on debt refinancing(30,066) 
Net periodic benefit cost, excluding service cost
(2,410)(4,381)
Other(3,333)(97)
Other, net$(39,397)$(12,281)
7. Income Taxes
The following table presents the provision for/(benefit from) income taxes for the three months ended March 31, 2021 and 2020:
 For the three months ended
 March 31, 2021March 31, 2020
Provision for/(benefit from) income taxes$20,281 $(1,516)
The increase in total tax from the prior period was predominantly related to the overall increase in income before taxes as impacted by the mix of profits in the various jurisdictions in which we operate.
In response to the global financial and health crisis caused by COVID-19, the U.S. federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") on March 27, 2020. Federal limitations on interest deductions were reduced in connection with this legislation, and we recorded a deferred tax benefit of $7.5 million in the three months ended March 31, 2020, as we were able to utilize additional interest expense that was previously subject to a valuation allowance.
The provision for/(benefit from) income taxes consists of (1) current tax expense, which relates primarily to our profitable operations in non-U.S. tax jurisdictions and withholding taxes related to management fees, royalties, and the repatriation of foreign earnings; and (2) deferred tax expense (or benefit), which represents adjustments in book-to-tax basis differences primarily related to (a) the step-up in fair value of fixed and intangible assets acquired in connection with business combination transactions, (b) changes in net operating loss carryforwards, (c) changes in tax rates, and (d) changes in our assessment of the realizability of our deferred tax assets.
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8. Net Income per Share
Basic and diluted net income per share are calculated by dividing net income by the number of basic and diluted weighted-average ordinary shares outstanding during the period. For the three months ended March 31, 2021 and 2020 the weighted-average ordinary shares outstanding used to calculate basic and diluted net income per share were as follows:
 For the three months ended
March 31, 2021March 31, 2020
Basic weighted-average ordinary shares outstanding157,764 157,599 
Dilutive effect of stock options708 334 
Dilutive effect of unvested restricted securities758 452 
Diluted weighted-average ordinary shares outstanding159,230 158,385 
Certain potential ordinary shares were excluded from our calculation of diluted weighted-average ordinary shares outstanding because either they would have had an anti–dilutive effect on net income per share or they related to equity awards that were contingently issuable for which the contingency had not been satisfied. These potential ordinary shares were as follows:
For the three months ended
March 31, 2021March 31, 2020
Anti-dilutive shares excluded6 1,385 
Contingently issuable shares excluded950 596 
9. Inventories
The following table presents the components of inventories as of March 31, 2021 and December 31, 2020:
March 31, 2021December 31, 2020
Finished goods$152,729 $170,488 
Work-in-process96,730 87,006 
Raw materials218,987 193,511 
Inventories$468,446 $451,005 
10. Pension and Other Post-Retirement Benefits
The components of net periodic benefit cost/(credit) associated with our defined benefit and retiree healthcare plans for the three months ended March 31, 2021 and 2020 were as follows:
 U.S. PlansNon-U.S. Plans 
 Defined BenefitRetiree HealthcareDefined BenefitTotal
 20212020202120202021202020212020
Service cost$ $ $2 $2 $978 $769 $980 $771 
Interest cost120 267 21 37 404 315 545 619 
Expected return on plan assets
(226)(433)  (178)(174)(404)(607)
Amortization of net loss401 295  10 459 236 860 541 
Amortization of prior service (credit)/cost  (159)(196)3 2 (156)(194)
Loss on settlement1,565 4,022     1,565 4,022 
Net periodic benefit cost/(credit)$1,860 $4,151 $(136)$(147)$1,666 $1,148 $3,390 $5,152 
Components of net periodic benefit cost/(credit) other than service cost are presented in other, net in the condensed consolidated statements of operations. Refer to Note 6: Other, Net.
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11. Debt
Our long-term debt, finance lease, and other financing obligations as of March 31, 2021 and December 31, 2020 consisted of the following:
Maturity DateMarch 31, 2021December 31, 2020
Term LoanSeptember 20, 2026$454,938 $456,096 
4.875% Senior Notes
October 15, 2023500,000 500,000 
5.625% Senior Notes
November 1, 2024400,000