10-Q 1 st-20220331.htm 10-Q st-20220331
000147729412/312022Q1FALSE00014772942022-01-012022-03-3100014772942022-04-15xbrli:shares00014772942022-03-31iso4217:USD00014772942021-12-31iso4217:EURxbrli:shares00014772942021-01-012021-03-31iso4217:USDxbrli:shares00014772942020-12-3100014772942021-03-310001477294us-gaap:CommonStockMember2021-12-310001477294us-gaap:TreasuryStockMember2021-12-310001477294us-gaap:AdditionalPaidInCapitalMember2021-12-310001477294us-gaap:RetainedEarningsMember2021-12-310001477294us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001477294us-gaap:TreasuryStockMember2022-01-012022-03-310001477294us-gaap:CommonStockMember2022-01-012022-03-310001477294us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001477294us-gaap:RetainedEarningsMember2022-01-012022-03-310001477294us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001477294us-gaap:CommonStockMember2022-03-310001477294us-gaap:TreasuryStockMember2022-03-310001477294us-gaap:AdditionalPaidInCapitalMember2022-03-310001477294us-gaap:RetainedEarningsMember2022-03-310001477294us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001477294us-gaap:CommonStockMember2020-12-310001477294us-gaap:TreasuryStockMember2020-12-310001477294us-gaap:AdditionalPaidInCapitalMember2020-12-310001477294us-gaap:RetainedEarningsMember2020-12-310001477294us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001477294us-gaap:TreasuryStockMember2021-01-012021-03-310001477294us-gaap:CommonStockMember2021-01-012021-03-310001477294us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001477294us-gaap:RetainedEarningsMember2021-01-012021-03-310001477294us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001477294us-gaap:CommonStockMember2021-03-310001477294us-gaap:TreasuryStockMember2021-03-310001477294us-gaap:AdditionalPaidInCapitalMember2021-03-310001477294us-gaap:RetainedEarningsMember2021-03-310001477294us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001477294st:AutomotiveEndMarketMemberst:PerformanceSensingMember2022-01-012022-03-310001477294st:SensingSolutionsMemberst:AutomotiveEndMarketMember2022-01-012022-03-310001477294st:AutomotiveEndMarketMember2022-01-012022-03-310001477294st:AutomotiveEndMarketMemberst:PerformanceSensingMember2021-01-012021-03-310001477294st:SensingSolutionsMemberst:AutomotiveEndMarketMember2021-01-012021-03-310001477294st:AutomotiveEndMarketMember2021-01-012021-03-310001477294st:HVOREndMarketMemberst:PerformanceSensingMember2022-01-012022-03-310001477294st:SensingSolutionsMemberst:HVOREndMarketMember2022-01-012022-03-310001477294st:HVOREndMarketMember2022-01-012022-03-310001477294st:HVOREndMarketMemberst:PerformanceSensingMember2021-01-012021-03-310001477294st:SensingSolutionsMemberst:HVOREndMarketMember2021-01-012021-03-310001477294st:HVOREndMarketMember2021-01-012021-03-310001477294st:IndustrialEndMarketMemberst:PerformanceSensingMember2022-01-012022-03-310001477294st:SensingSolutionsMemberst:IndustrialEndMarketMember2022-01-012022-03-310001477294st:IndustrialEndMarketMember2022-01-012022-03-310001477294st:IndustrialEndMarketMemberst:PerformanceSensingMember2021-01-012021-03-310001477294st:SensingSolutionsMemberst:IndustrialEndMarketMember2021-01-012021-03-310001477294st:IndustrialEndMarketMember2021-01-012021-03-310001477294st:ApplianceAndHVACEndMarketMemberst:PerformanceSensingMember2022-01-012022-03-310001477294st:SensingSolutionsMemberst:ApplianceAndHVACEndMarketMember2022-01-012022-03-310001477294st:ApplianceAndHVACEndMarketMember2022-01-012022-03-310001477294st:ApplianceAndHVACEndMarketMemberst:PerformanceSensingMember2021-01-012021-03-310001477294st:SensingSolutionsMemberst:ApplianceAndHVACEndMarketMember2021-01-012021-03-310001477294st:ApplianceAndHVACEndMarketMember2021-01-012021-03-310001477294st:AerospaceEndMarketMemberst:PerformanceSensingMember2022-01-012022-03-310001477294st:SensingSolutionsMemberst:AerospaceEndMarketMember2022-01-012022-03-310001477294st:AerospaceEndMarketMember2022-01-012022-03-310001477294st:AerospaceEndMarketMemberst:PerformanceSensingMember2021-01-012021-03-310001477294st:SensingSolutionsMemberst:AerospaceEndMarketMember2021-01-012021-03-310001477294st:AerospaceEndMarketMember2021-01-012021-03-310001477294st:OtherEndMarketMemberst:PerformanceSensingMember2022-01-012022-03-310001477294st:SensingSolutionsMemberst:OtherEndMarketMember2022-01-012022-03-310001477294st:OtherEndMarketMember2022-01-012022-03-310001477294st:OtherEndMarketMemberst:PerformanceSensingMember2021-01-012021-03-310001477294st:SensingSolutionsMemberst:OtherEndMarketMember2021-01-012021-03-310001477294st:OtherEndMarketMember2021-01-012021-03-310001477294st:PerformanceSensingMember2022-01-012022-03-310001477294st:SensingSolutionsMember2022-01-012022-03-310001477294st:PerformanceSensingMember2021-01-012021-03-310001477294st:SensingSolutionsMember2021-01-012021-03-310001477294us-gaap:EmployeeStockOptionMember2022-01-012022-03-310001477294us-gaap:EmployeeStockOptionMember2021-01-012021-03-310001477294us-gaap:RestrictedStockMember2022-01-012022-03-310001477294us-gaap:RestrictedStockMember2021-01-012021-03-310001477294st:Q22020GlobalRestructureProgramMember2022-01-012022-03-310001477294st:Q22020GlobalRestructureProgramMember2021-01-012021-03-310001477294st:OtherRestructuringPlansMember2022-01-012022-03-310001477294st:OtherRestructuringPlansMember2021-01-012021-03-310001477294us-gaap:EmployeeSeveranceMemberst:Q22020GlobalRestructureProgramMember2021-12-310001477294us-gaap:EmployeeSeveranceMemberst:OtherRestructuringPlansMember2021-12-310001477294us-gaap:EmployeeSeveranceMember2021-12-310001477294us-gaap:EmployeeSeveranceMemberst:Q22020GlobalRestructureProgramMember2022-01-012022-03-310001477294us-gaap:EmployeeSeveranceMemberst:OtherRestructuringPlansMember2022-01-012022-03-310001477294us-gaap:EmployeeSeveranceMember2022-01-012022-03-310001477294us-gaap:EmployeeSeveranceMemberst:Q22020GlobalRestructureProgramMember2022-03-310001477294us-gaap:EmployeeSeveranceMemberst:OtherRestructuringPlansMember2022-03-310001477294us-gaap:EmployeeSeveranceMember2022-03-310001477294st:AntidilutiveSharesExcludedMember2022-01-012022-03-310001477294st:AntidilutiveSharesExcludedMember2021-01-012021-03-310001477294st:PerformanceBasedRestrictedStockUnitsMember2022-01-012022-03-310001477294st:PerformanceBasedRestrictedStockUnitsMember2021-01-012021-03-310001477294country:USus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-03-310001477294country:USus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-03-310001477294country:USus-gaap:DefinedBenefitPostretirementHealthCoverageMember2022-01-012022-03-310001477294country:USus-gaap:DefinedBenefitPostretirementHealthCoverageMember2021-01-012021-03-310001477294us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2022-01-012022-03-310001477294us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2021-01-012021-03-310001477294st:TermLoanFacilityMemberus-gaap:SecuredDebtMember2022-03-310001477294st:TermLoanFacilityMemberus-gaap:SecuredDebtMember2021-12-310001477294us-gaap:SeniorNotesMemberst:SeniorNotes4.875Due2023Member2022-03-31xbrli:pure0001477294us-gaap:SeniorNotesMemberst:SeniorNotes4.875Due2023Member2021-12-310001477294us-gaap:SeniorNotesMemberst:SeniorNotes5.625Due2024Member2022-03-310001477294us-gaap:SeniorNotesMemberst:SeniorNotes5.625Due2024Member2021-12-310001477294us-gaap:SeniorNotesMemberst:SeniorNotes5.0Due2025Member2022-03-310001477294us-gaap:SeniorNotesMemberst:SeniorNotes5.0Due2025Member2021-12-310001477294us-gaap:SeniorNotesMemberst:SeniorNotes4.375Due2030Member2022-03-310001477294us-gaap:SeniorNotesMemberst:SeniorNotes4.375Due2030Member2021-12-310001477294st:SeniorNotes375Due2031Memberus-gaap:SeniorNotesMember2022-03-310001477294st:SeniorNotes375Due2031Memberus-gaap:SeniorNotesMember2021-12-310001477294st:SeniorNotes40Due2029Memberus-gaap:SeniorNotesMember2022-03-310001477294st:SeniorNotes40Due2029Memberus-gaap:SeniorNotesMember2021-12-310001477294us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-03-310001477294us-gaap:LineOfCreditMemberus-gaap:LetterOfCreditMember2022-03-310001477294us-gaap:SeniorNotesMemberst:SeniorNotes6.25Due2026Member2022-03-310001477294us-gaap:SeniorNotesMemberst:SeniorNotes6.25Due2026Member2022-01-012022-03-3100014772942022-01-200001477294st:July2019ProgramMember2022-01-200001477294st:July2019ProgramMember2021-12-310001477294us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001477294us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310001477294us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-03-310001477294us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-03-310001477294us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310001477294us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-03-310001477294us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ForeignExchangeForwardMember2022-01-012022-03-310001477294us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ForeignExchangeForwardMember2021-01-012021-03-310001477294us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-03-310001477294us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-03-310001477294us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-03-310001477294us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-03-310001477294us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2022-03-310001477294us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2021-12-310001477294us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMember2022-03-310001477294us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMember2021-12-310001477294us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001477294us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001477294st:QuanergySystemsInc.Memberus-gaap:SeriesBPreferredStockMember2021-12-310001477294st:QuanergySystemsInc.Memberus-gaap:CommonStockMember2022-02-080001477294st:QuanergySystemsInc.Memberus-gaap:SeriesBPreferredStockMember2022-02-080001477294st:UnregisteredCommonSharesMemberst:QuanergySystemsInc.Member2022-02-080001477294st:QuanergySystemsInc.Memberst:WarrantsSharesMember2022-02-080001477294st:QuanergySystemsInc.Member2022-01-012022-03-310001477294st:QuanergySystemsInc.Memberst:CommonStockIncludingUnregisteredMember2022-03-310001477294st:QuanergySystemsInc.Memberst:WarrantsSharesMember2022-03-310001477294st:QuanergySystemsInc.Member2022-02-080001477294st:QuanergySystemsInc.Memberus-gaap:SeriesBPreferredStockMember2022-03-310001477294st:QuanergySystemsInc.Memberus-gaap:CommonStockMember2022-03-310001477294st:QuanergySystemsInc.Memberus-gaap:CommonStockMember2021-12-310001477294st:UnregisteredCommonSharesMemberst:QuanergySystemsInc.Member2022-03-310001477294st:UnregisteredCommonSharesMemberst:QuanergySystemsInc.Member2021-12-310001477294st:QuanergySystemsInc.Memberst:WarrantsSharesMember2021-12-310001477294st:QuanergySystemsInc.Member2022-03-310001477294st:QuanergySystemsInc.Member2021-12-310001477294st:QuanergySystemsInc.Member2021-01-012021-03-310001477294st:QuanergySystemsInc.Memberst:QuanergySystemsInc.Member2022-03-310001477294st:TermLoanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001477294st:TermLoanFacilityMemberus-gaap:FairValueInputsLevel2Member2022-03-310001477294st:TermLoanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001477294st:TermLoanFacilityMemberus-gaap:FairValueInputsLevel2Member2021-12-310001477294st:SeniorNotes4.875Due2023Member2022-03-310001477294us-gaap:FairValueInputsLevel2Memberst:SeniorNotes4.875Due2023Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001477294us-gaap:FairValueInputsLevel2Memberst:SeniorNotes4.875Due2023Member2022-03-310001477294us-gaap:FairValueInputsLevel2Memberst:SeniorNotes4.875Due2023Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001477294us-gaap:FairValueInputsLevel2Memberst:SeniorNotes4.875Due2023Member2021-12-310001477294st:SeniorNotes5.625Due2024Member2022-03-310001477294us-gaap:FairValueInputsLevel2Memberst:SeniorNotes5.625Due2024Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001477294us-gaap:FairValueInputsLevel2Memberst:SeniorNotes5.625Due2024Member2022-03-310001477294us-gaap:FairValueInputsLevel2Memberst:SeniorNotes5.625Due2024Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001477294us-gaap:FairValueInputsLevel2Memberst:SeniorNotes5.625Due2024Member2021-12-310001477294st:SeniorNotes5.0Due2025Member2022-03-310001477294us-gaap:FairValueInputsLevel2Memberst:SeniorNotes5.0Due2025Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001477294us-gaap:FairValueInputsLevel2Memberst:SeniorNotes5.0Due2025Member2022-03-310001477294us-gaap:FairValueInputsLevel2Memberst:SeniorNotes5.0Due2025Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001477294us-gaap:FairValueInputsLevel2Memberst:SeniorNotes5.0Due2025Member2021-12-310001477294st:SeniorNotes4.375Due2030Member2022-03-310001477294us-gaap:FairValueInputsLevel2Memberst:SeniorNotes4.375Due2030Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001477294us-gaap:FairValueInputsLevel2Memberst:SeniorNotes4.375Due2030Member2022-03-310001477294us-gaap:FairValueInputsLevel2Memberst:SeniorNotes4.375Due2030Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001477294us-gaap:FairValueInputsLevel2Memberst:SeniorNotes4.375Due2030Member2021-12-310001477294st:SeniorNotes375Due2031Member2022-03-310001477294st:SeniorNotes375Due2031Memberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001477294st:SeniorNotes375Due2031Memberus-gaap:FairValueInputsLevel2Member2022-03-310001477294st:SeniorNotes375Due2031Memberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001477294st:SeniorNotes375Due2031Memberus-gaap:FairValueInputsLevel2Member2021-12-310001477294st:SeniorNotes40Due2029Member2022-03-310001477294st:SeniorNotes40Due2029Memberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001477294st:SeniorNotes40Due2029Memberus-gaap:FairValueInputsLevel2Member2022-03-310001477294st:SeniorNotes40Due2029Memberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001477294st:SeniorNotes40Due2029Memberus-gaap:FairValueInputsLevel2Member2021-12-310001477294st:AllOtherMember2022-03-310001477294st:AllOtherMember2021-12-310001477294st:EuroToUsDollarExchangeRateMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-03-31iso4217:EURiso4217:EURiso4217:USD0001477294st:EuroToUsDollarExchangeRateMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2022-03-310001477294us-gaap:ForeignExchangeContractMemberst:USDollartoChineseRenminbiExchangeRateMemberus-gaap:NondesignatedMember2022-03-31iso4217:CNYiso4217:USDiso4217:CNY0001477294us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberst:USDollartoChineseRenminbiExchangeRateMember2022-03-310001477294st:UsDollarToJapaneseYenExchangeRateMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-03-31iso4217:JPYiso4217:USDiso4217:JPY0001477294us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberst:UsDollarToSouthKoreanWonExchangeRateMember2022-03-31iso4217:KRWiso4217:USDiso4217:KRW0001477294st:UsDollarToMalaysianRinggitExchangeRateMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-03-31iso4217:MYRiso4217:USDiso4217:MYR0001477294st:UsDollarToMexicanPesoExchangeRateMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-03-31iso4217:MXNiso4217:USDiso4217:MXN0001477294st:UsDollarToMexicanPesoExchangeRateMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2022-03-310001477294st:PoundSterlingToUSDollarExchangeRateMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2022-03-31iso4217:GBPiso4217:GBPiso4217:USD0001477294st:SilverMemberus-gaap:NondesignatedMember2022-01-012022-03-31utr:ozt0001477294st:SilverMemberus-gaap:NondesignatedMember2022-03-310001477294us-gaap:GoldMemberus-gaap:NondesignatedMember2022-01-012022-03-310001477294us-gaap:GoldMemberus-gaap:NondesignatedMember2022-03-310001477294st:NickelMemberus-gaap:NondesignatedMember2022-01-012022-03-31utr:lb0001477294st:NickelMemberus-gaap:NondesignatedMember2022-03-310001477294st:AluminumMemberus-gaap:NondesignatedMember2022-01-012022-03-310001477294st:AluminumMemberus-gaap:NondesignatedMember2022-03-310001477294st:CopperMemberus-gaap:NondesignatedMember2022-01-012022-03-310001477294st:CopperMemberus-gaap:NondesignatedMember2022-03-310001477294st:PlatinumMemberus-gaap:NondesignatedMember2022-01-012022-03-310001477294st:PlatinumMemberus-gaap:NondesignatedMember2022-03-310001477294st:PalladiumMemberus-gaap:NondesignatedMember2022-01-012022-03-310001477294st:PalladiumMemberus-gaap:NondesignatedMember2022-03-310001477294us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2022-03-310001477294us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2021-12-310001477294us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberst:AccruedExpensesAndOtherCurrentLiabilitiesMember2022-03-310001477294us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberst:AccruedExpensesAndOtherCurrentLiabilitiesMember2021-12-310001477294us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentAssetsMember2022-03-310001477294us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentAssetsMember2021-12-310001477294us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentLiabilitiesMember2022-03-310001477294us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherNoncurrentLiabilitiesMember2021-12-310001477294us-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001477294us-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001477294us-gaap:CommodityContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMember2022-03-310001477294us-gaap:CommodityContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMember2021-12-310001477294us-gaap:CommodityContractMemberst:AccruedExpensesAndOtherCurrentLiabilitiesMemberus-gaap:NondesignatedMember2022-03-310001477294us-gaap:CommodityContractMemberst:AccruedExpensesAndOtherCurrentLiabilitiesMemberus-gaap:NondesignatedMember2021-12-310001477294us-gaap:CommodityContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:NondesignatedMember2022-03-310001477294us-gaap:CommodityContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:NondesignatedMember2021-12-310001477294us-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2022-03-310001477294us-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2021-12-310001477294us-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMember2022-03-310001477294us-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMember2021-12-310001477294us-gaap:ForeignExchangeContractMemberst:AccruedExpensesAndOtherCurrentLiabilitiesMemberus-gaap:NondesignatedMember2022-03-310001477294us-gaap:ForeignExchangeContractMemberst:AccruedExpensesAndOtherCurrentLiabilitiesMemberus-gaap:NondesignatedMember2021-12-310001477294us-gaap:NondesignatedMember2022-03-310001477294us-gaap:NondesignatedMember2021-12-310001477294us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:SalesMember2022-01-012022-03-310001477294us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:SalesMember2021-01-012021-03-310001477294us-gaap:CostOfSalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2022-01-012022-03-310001477294us-gaap:CostOfSalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-01-012021-03-310001477294us-gaap:CommodityContractMemberst:OthernetMemberus-gaap:NondesignatedMember2022-01-012022-03-310001477294us-gaap:CommodityContractMemberst:OthernetMemberus-gaap:NondesignatedMember2021-01-012021-03-310001477294st:OthernetMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-01-012022-03-310001477294st:OthernetMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2021-01-012021-03-310001477294st:SpearPowerSystemsMember2021-11-192021-11-190001477294st:SpearPowerSystemsMember2021-11-190001477294st:SmartWitnessMember2021-11-192021-11-190001477294st:ElasticM2MIncMember2022-02-112022-02-110001477294st:ElasticM2MIncMember2022-02-110001477294st:ElasticM2MIncMember2022-01-012022-03-31st:segment0001477294us-gaap:OperatingSegmentsMemberst:PerformanceSensingMember2022-01-012022-03-310001477294us-gaap:OperatingSegmentsMemberst:PerformanceSensingMember2021-01-012021-03-310001477294st:SensingSolutionsMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310001477294st:SensingSolutionsMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001477294us-gaap:OperatingSegmentsMember2022-01-012022-03-310001477294us-gaap:OperatingSegmentsMember2021-01-012021-03-310001477294us-gaap:CorporateNonSegmentMember2022-01-012022-03-310001477294us-gaap:CorporateNonSegmentMember2021-01-012021-03-310001477294us-gaap:MaterialReconcilingItemsMember2022-01-012022-03-310001477294us-gaap:MaterialReconcilingItemsMember2021-01-012021-03-310001477294st:DynapowerCompanyLLCMemberus-gaap:SubsequentEventMember2022-04-222022-04-220001477294us-gaap:SubsequentEventMember2022-04-262022-04-26
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, 2022
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, 2022, 156,917,754 ordinary shares were outstanding.


TABLE OF CONTENTS
PART I
Item 1.
Item 2.
Item 3.
Item 4.
PART II 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 5.
Item 6.
 
2

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,
2022
December 31,
2021
Assets
Current assets:
Cash and cash equivalents$1,608,481 $1,708,955 
Accounts receivable, net of allowances of $28,001 and $17,003 as of March 31, 2022 and December 31, 2021, respectively
693,568 653,438 
Inventories641,709 588,231 
Prepaid expenses and other current assets146,342 126,370 
Total current assets3,090,100 3,076,994 
Property, plant and equipment, net822,633 820,933 
Goodwill3,555,369 3,502,063 
Other intangible assets, net of accumulated amortization of $2,314,755 and $2,277,393 as of March 31, 2022 and December 31, 2021, respectively
907,315 946,731 
Deferred income tax assets104,226 105,028 
Other assets131,745 162,017 
Total assets$8,611,388 $8,613,766 
Liabilities and shareholders' equity
Current liabilities:
Current portion of long-term debt, finance lease and other financing obligations$6,694 $6,833 
Accounts payable486,432 459,093 
Income taxes payable19,249 26,517 
Accrued expenses and other current liabilities327,670 343,816 
Total current liabilities840,045 836,259 
Deferred income tax liabilities339,332 339,273 
Pension and other post-retirement benefit obligations39,089 38,758 
Finance lease and other financing obligations, less current portion26,347 26,564 
Long-term debt, net4,215,505 4,214,946 
Other long-term liabilities78,753 63,232 
Total liabilities5,539,071 5,519,032 
Commitments and contingencies (Note 12)
Shareholders’ equity:
Ordinary shares, €0.01 nominal value per share, 177,069 shares authorized, and 174,583 and 174,287 shares issued as of March 31, 2022 and December 31, 2021, respectively
2,236 2,232 
Treasury shares, at cost, 17,576 and 16,438 shares as of March 31, 2022 and December 31, 2021, respectively
(899,697)(832,439)
Additional paid-in capital1,831,497 1,812,244 
Retained earnings2,154,563 2,132,257 
Accumulated other comprehensive loss(16,282)(19,560)
Total shareholders' equity3,072,317 3,094,734 
Total liabilities and shareholders' equity$8,611,388 $8,613,766 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

SENSATA TECHNOLOGIES HOLDING PLC
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
 
 For the three months ended
 March 31, 2022March 31, 2021
Net revenue$975,770 $942,528 
Operating costs and expenses:
Cost of revenue657,080 635,349 
Research and development45,980 35,956 
Selling, general and administrative95,680 77,123 
Amortization of intangible assets37,367 32,064 
Restructuring and other charges, net13,733 4,582 
Total operating costs and expenses849,840 785,074 
Operating income125,930 157,454 
Interest expense, net(45,445)(44,043)
Other, net(50,456)(39,397)
Income before taxes30,029 74,014 
Provision for income taxes7,588 20,281 
Net income$22,441 $53,733 
Basic net income per share$0.14 $0.34 
Diluted net income per share$0.14 $0.34 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4

SENSATA TECHNOLOGIES HOLDING PLC
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(unaudited)
 
 For the three months ended
 March 31, 2022March 31, 2021
Net income$22,441 $53,733 
Other comprehensive income:
Cash flow hedges2,850 14,278 
Defined benefit and retiree healthcare plans428 1,712 
Other comprehensive income3,278 15,990 
Comprehensive income$25,719 $69,723 

The accompanying notes are an integral part of these condensed consolidated financial statements.
5

SENSATA TECHNOLOGIES HOLDING PLC
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
 For the three months ended
 March 31, 2022March 31, 2021
Cash flows from operating activities:
Net income$22,441 $53,733 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation31,531 31,197 
Amortization of debt issuance costs1,716 1,711 
Share-based compensation6,540 5,099 
Loss on debt financing 30,066 
Amortization of intangible assets37,367 32,064 
Deferred income taxes(340)130 
Acquisition-related compensation payments(7,500) 
Mark-to-market loss on equity investments, net59,279  
Unrealized (gain)/loss on derivative instruments and other(517)8,797 
Changes in operating assets and liabilities, net of the effects of acquisitions:
Accounts receivable, net(49,821)(62,198)
Inventories(53,004)(16,857)
Prepaid expenses and other current assets(8,807)(4,971)
Accounts payable and accrued expenses13,488 26,409 
Income taxes payable(7,268)2,283 
Other2,250 (2,952)
Net cash provided by operating activities47,355 104,511 
Cash flows from investing activities:
Acquisitions, net of cash received(48,441)(20,406)
Additions to property, plant and equipment and capitalized software(35,711)(27,172)
Investment in debt and equity securities(6,853)(1,799)
Other152 340 
Net cash used in investing activities(90,853)(49,037)
Cash flows from financing activities:
Proceeds from exercise of stock options and issuance of ordinary shares13,348 10,556 
Payment of employee restricted stock tax withholdings(135)(221)
Proceeds from borrowings on debt 750,000 
Payments on debt(2,931)(752,753)
Payments to repurchase ordinary shares(67,258) 
Payments of debt financing costs (31,110)
Net cash used in financing activities(56,976)(23,528)
Net change in cash and cash equivalents(100,474)31,946 
Cash and cash equivalents, beginning of year1,708,955 1,861,980 
Cash and cash equivalents, end of period$1,608,481 $1,893,926 

The accompanying notes are an integral part of these condensed consolidated financial statements.
6

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, 2021174,287 $2,232 (16,438)$(832,439)$1,812,244 $2,132,257 $(19,560)$3,094,734 
Surrender of shares for tax withholding— — (3)(135)— — — (135)
Stock options exercised290 4 — — 12,713 — — 12,717 
Vesting of restricted securities9 — — — — — — — 
Repurchase of ordinary shares— — (1,138)(67,258)— — — (67,258)
Retirement of ordinary shares (3)— 3 135 — (135)—  
Share-based compensation— — — — 6,540 — — 6,540 
Net income— — — — — 22,441 — 22,441 
Other comprehensive income— — — — — — 3,278 3,278 
Balance as of March 31, 2022174,583 $2,236 (17,576)$(899,697)$1,831,497 $2,154,563 $(16,282)$3,072,317 
 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 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7

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, cash flows, and changes in shareholders' equity of Sensata Technologies Holding plc, a public limited company incorporated under the laws of England and Wales, and its consolidated subsidiaries, collectively referred to as the "Company," "Sensata," "we," "our," or "us."
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q. Accordingly, these interim financial statements do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. The accompanying 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, 2021 filed with the U.S. Securities and Exchange Commission (the "SEC") on February 10, 2022 (the "2021 Annual Report").
All U.S. dollar ("USD") and share amounts presented, except per share amounts, are stated in thousands, unless otherwise indicated.
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, 2022 and 2021:
For the three months ended March 31, 2022For the three months ended March 31, 2021
Performance SensingSensing SolutionsTotalPerformance SensingSensing SolutionsTotal
Automotive$502,362 $9,285 $511,647 $536,713 $11,500 $548,213 
HVOR (1)
215,335  215,335 177,799  177,799 
Industrial 114,619 114,619  90,475 90,475 
Appliance and HVAC (2)
 58,825 58,825  59,916 59,916 
Aerospace 33,270 33,270  32,677 32,677 
Other 42,074 42,074  33,448 33,448 
Total$717,697 $258,073 $975,770 $714,512 $228,016 $942,528 
________________________
(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, 2022 and 2021:
 For the three months ended
 March 31, 2022March 31, 2021
Stock options$307 $460 
Restricted securities6,233 4,639 
Share-based compensation expense$6,540 $5,099 
8

5. Restructuring and Other Charges, Net
The following table presents the components of restructuring and other charges, net for the three months ended March 31, 2022 and 2021:
For the three months ended
March 31, 2022March 31, 2021
Q2 2020 Global Restructure Program charges
$ $1,824 
Other restructuring and other charges, net
Severance costs, net 587 186 
Facility and other exit costs1,048 666 
Other (1)
12,098 1,906 
Restructuring and other charges, net$13,733 $4,582 
________________________
(1)    Primarily includes expenses related to acquisition-related incentive compensation, partially offset by a gain resulting from reduction of the liability for contingent consideration for Spear Power Systems ("Spear"). Refer to Note 16: Acquisitions for additional information.
The following table presents a rollforward of the severance portion of our restructuring obligations for the three months ended March 31, 2022.
Q2 2020 Global Restructure ProgramOtherTotal
Balance as of December 31, 2021$3,853 $3,380 $7,233 
Charges, net of reversals 587 587 
Payments(2,955)(1,130)(4,085)
Foreign currency remeasurement(6)12 6 
Balance as of March 31, 2022$892 $2,849 $3,741 
The severance liability as of March 31, 2022 was entirely recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet.
6. Other, Net
The following table presents the components of other, net for the three months ended March 31, 2022 and 2021:
 For the three months ended
 March 31, 2022March 31, 2021
Currency remeasurement loss on net monetary assets$(67)$(1,477)
Loss on foreign currency forward contracts(1,243)(958)
Gain/(loss) on commodity forward contracts9,424 (1,153)
Loss on debt financing (30,066)
Mark-to-market loss on investments, net(59,279) 
Net periodic benefit cost, excluding service cost(755)(2,410)
Other1,464 (3,333)
Other, net$(50,456)$(39,397)
7. Income Taxes
The following table presents the provision for income taxes for the three months ended March 31, 2022 and 2021:
 For the three months ended
 March 31, 2022March 31, 2021
Provision for income taxes$7,588 $20,281 
9

The decrease in total tax for the three months ended March 31, 2022 compared to the three months ended March 31, 2021 was predominantly related to the overall decrease in income before taxes, driven in part by the mark-to-market loss on our investment in Quanergy as discussed in Note 14: Fair Value Measures.
The provision for income taxes consists of (1) current tax expense, which relates primarily to our profitable operations in tax jurisdictions with limited or no net operating loss carryforwards and withholding taxes related to management fees, royalties, and the repatriation of foreign earnings; and (2) deferred tax expense (or benefit), which represents adjustments in book-to-tax basis differences primarily related to (a) book versus tax basis in intangible assets, (b) changes in net operating loss carryforwards, (c) changes in tax rates, and (d) changes in our assessment of the realizability of our deferred tax assets.
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, 2022 and 2021 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, 2022March 31, 2021
Basic weighted-average ordinary shares outstanding157,422 157,764 
Dilutive effect of stock options473 708 
Dilutive effect of unvested restricted securities735 758 
Diluted weighted-average ordinary shares outstanding158,630 159,230 
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, 2022March 31, 2021
Anti-dilutive shares excluded4 6 
Contingently issuable shares excluded1,002 950 
9. Inventories
The following table presents the components of inventories as of March 31, 2022 and December 31, 2021:
March 31, 2022December 31, 2021
Finished goods$222,375 $201,424 
Work-in-process114,496 101,558 
Raw materials304,838 285,249 
Inventories$641,709 $588,231 
10

10. Pension and Other Post-Retirement Benefits
The following table presents the components of net periodic benefit cost/(credit) associated with our defined benefit and retiree healthcare plans for the three months ended March 31, 2022 and 2021:
 U.S. PlansNon-U.S. Plans 
 Defined BenefitRetiree HealthcareDefined BenefitTotal
 20222021202220212022202120222021
Service cost$ $ $2 $2 $956 $978 $958 $980 
Interest cost113 120 46 21 424 404 583 545 
Expected return on plan assets(195)(226)  (244)(178)(439)(404)
Amortization of net loss141 401   278 459 419 860 
Amortization of prior service (credit)/cost  (100)(159)2 3 (98)(156)
Loss on settlement290 1,565     290 1,565 
Net periodic benefit cost/(credit)$349 $1,860 $(52)$(136)$1,416 $1,666 $1,713 $3,390 
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.
11. Debt
The following table presents the components of long-term debt, finance lease and other financing obligations as of March 31, 2022 and December 31, 2021:
Maturity DateMarch 31, 2022December 31, 2021
Term LoanSeptember 20, 2026$450,308 $451,465 
4.875% Senior Notes
October 15, 2023500,000 500,000 
5.625% Senior Notes
November 1, 2024400,000 400,000 
5.0% Senior Notes
October 1, 2025700,000 700,000 
4.375% Senior Notes
February 15, 2030450,000 450,000 
3.75% Senior Notes
February 15, 2031750,000 750,000 
4.0% Senior Notes
April 15, 20291,000,000 1,000,000 
Less: debt discount, net of premium(4,763)(5,207)
Less: deferred financing costs(25,410)(26,682)
Less: current portion(4,630)(4,630)
Long-term debt, net$4,215,505 $4,214,946 
Finance lease and other financing obligations$28,411 $28,767 
Less: current portion(2,064)(2,203)
Finance lease and other financing obligations, less current portion$26,347 $26,564 
As of March 31, 2022, we had $416.1 million available under our $420.0 million revolving credit facility (the "Revolving Credit Facility"), net of $3.9 million of obligations in respect of outstanding letters of credit issued thereunder. Outstanding letters of credit are issued primarily for the benefit of certain operating activities. As of March 31, 2022, no amounts had been drawn against these outstanding letters of credit.
In the three months ended March 31, 2021, in connection with the redemption of $750.0 million aggregate principal amount of 6.25% senior notes due 2026 (the "6.25% Senior Notes"), we recognized a loss of $30.1 million, which included $23.4 million in premiums paid, with the remaining loss representing write-off of debt discounts and deferred financing costs.
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, 2022 and December 31, 2021, accrued interest totaled $63.1 million and $45.1 million, respectively.
11

12. Commitments and Contingencies
We are regularly involved in a number of claims and litigation matters that arise in the ordinary course of business. Although it is not feasible to predict the outcome of these matters, based upon our experience and current information known to us, we do not expect the outcome of these matters, either individually or in the aggregate, to have a material adverse effect on our results of operations, financial condition, and/or cash flows.
13. Shareholders' Equity
Treasury Shares
From time to time, our Board of Directors has authorized various share repurchase programs, which may be modified or terminated by the Board at any time. On January 20, 2022, we announced that our Board of Directors had authorized a new $500.0 million ordinary share repurchase program (the “January 2022 Program”), which replaced the previous $500.0 million program approved in July 2019, which had availability of $254.5 million as of December 31, 2021. As of March 31, 2022, $449.5 million remained available for repurchase under the January 2022 Program.
Accumulated Other Comprehensive Loss
The following table presents the components of accumulated other comprehensive loss for the three months ended March 31, 2022:
Cash Flow HedgesDefined Benefit and Retiree Healthcare PlansAccumulated Other Comprehensive Loss
Balance as of December 31, 2021$16,831 $(36,391)$(19,560)
Other comprehensive income before reclassifications, net of tax7,965  7,965 
Reclassifications from accumulated other comprehensive loss, net of tax(5,115)428 (4,687)
Other comprehensive income2,850 428 3,278 
Balance as of March 31, 2022$19,681 $(35,963)$(16,282)
The following table presents the amounts reclassified from accumulated other comprehensive loss for the three months ended March 31, 2022 and 2021:
For the three months ended March 31, Affected Line in Condensed Consolidated Statements of Operations
Component20222021
Derivative instruments designated and qualifying as cash flow hedges:
Foreign currency forward contracts $(4,264)$4,407 
Net revenue (1)
Foreign currency forward contracts (2,629)(743)
Cost of revenue (1)
Total, before taxes(6,893)3,664 Income before taxes
Income tax effect1,778 (916)Provision for income taxes
Total, net of taxes$(5,115)$2,748 Net income
Defined benefit and retiree healthcare plans$611 $2,269 
Other, net (2)
Income tax effect(183)(557)Provision for income taxes
Total, net of taxes$428 $1,712 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).
12

14. 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, 2022 and December 31, 2021 are shown in the below table. All fair value measures presented are categorized in Level 2 of the fair value hierarchy.
 March 31, 2022December 31, 2021
Assets
Foreign currency forward contracts$29,063 $25,112 
Commodity forward contracts8,474 2,979 
Total$37,537 $28,091 
Liabilities
Foreign currency forward contracts$3,682 $3,073 
Commodity forward contracts1,752 4,492 
Total$5,434 $7,565 
Refer to Note 15: Derivative Instruments and Hedging Activities for additional information related to our forward contracts.
Quanergy
As of December 31, 2021, we held a $50.0 million investment in Quanergy Systems, Inc. ("Quanergy") Series B Preferred Stock. This equity investment did not have a readily determinable fair value and it was held using the measurement alternative prescribed in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 321, Investments - Equity Securities. Such investments are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer.
On June 22, 2021, Quanergy announced that it had entered into a definitive business combination agreement with CITIC Capital Acquisition Corp ("CITIC") (NYSE: CCAC). On July 16, 2021, CITIC filed a Registration Statement on Form S-4 with the SEC, the effectiveness of which was a condition to closing of the business combination. At December 31, 2021, we assessed our investment in Quanergy based on the proposed terms of the business combination agreement and concluded that there were no indicators of impairment.
On January 6, 2022, the related Registration Statement on Form S-4 was declared effective by the SEC. An Extraordinary General Meeting of shareholders of CITIC was held on January 31, 2022, at which time the business combination was approved. The business combination closed on February 8, 2022. Beginning on February 9, 2022, the combined company, which retained the name "Quanergy Systems, Inc.," was listed on the New York Stock Exchange (the "NYSE") under the ticker symbol QNGY.
Upon closing of the business combination, our investment in Quanergy comprised the following:
5.0 million common shares, which represented the conversion of our $50 million Series B Preferred Stock investment (at a $10 per share implied valuation);
750,000 unregistered common shares, representing a $7.5 million private investment in public equity ("PIPE") contribution; and
2.5 million common shares (the "Warrant Shares"), representing the conversion of 2.5 million warrants provided by Quanergy as up-front consideration for a four-year technical and marketing support agreement (the "Support Agreement").
The 5.75 million common share investment in Quanergy (excluding the Warrant Shares) have a historical cost basis of $57.5 million. The Warrant Shares were converted at a share price of $7.05 per share (the closing market price on February 8, 2022), or approximately $17.6 million, which was recorded as deferred income. Refer to below discussion for additional details on the Support Agreement. Refer to the below table for a summary of our investment in Quanergy as of March 31, 2022,
13

February 8, 2022, and December 31, 2021, which is presented in other assets on our consolidated balance sheets as of March 31, 2022 and December 31, 2021.
As of
March 31, 2022February 8, 2022December 31, 2021
Series B Preferred Stock$ $ $50,000 
Common shares9,200 50,000  
PIPE investment1,380 7,500  
Warrant Shares4,575 17,600  
Total equity investment in Quanergy$15,155 $75,100 $50,000 
For the three months ended March 31, 2022
Mark-to-market loss$59,945 
The mark-to-market loss presented in the table above is presented in other, net, and is the result of the decline in Quanergy share price to $1.84 per share on March 31, 2022.
In exchange for the Warrant Shares, we entered into the Support Agreement, whereby we agreed to provide technical and marketing assistance to Quanergy for a term of four years from the effective date of February 8, 2022. We will recognize the consideration ($17.6 million) for the Support Agreement on a straight-line basis over the term of the agreement. We recognized approximately $0.7 million of income in the three months ended March 31, 2022 and will recognize approximately $1.1 million of income each quarter through the end of the term of the Support Agreement.
Measured on a Nonrecurring Basis
We evaluated our goodwill and other indefinite-lived intangible assets for impairment as of October 1, 2021 and determined that they were not impaired. During the three months ended March 31, 2022, no events or changes in circumstances occurred that would have triggered the need for an additional impairment review of these assets.
Financial Instruments Not Recorded at Fair Value
The following table presents the carrying values and fair values of financial instruments not recorded at fair value in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021. All fair value measures presented are categorized in Level 2 of the fair value hierarchy.
 March 31, 2022December 31, 2021
 
Carrying Value (1)
Fair Value
Carrying Value (1)
Fair Value
Liabilities
Term Loan$450,308 $449,182 $451,465 $450,901 
4.875% Senior Notes
$500,000 $512,500 $500,000 $526,250 
5.625% Senior Notes
$400,000 $416,000 $400,000 $438,000 
5.0% Senior Notes
$700,000 $714,875 $700,000 $759,500 
4.375% Senior Notes
$450,000 $432,000 $450,000 $479,250 
3.75% Senior Notes
$750,000