Sensata Technologies Holding plc Files 2023 Annual Report

TL;DR

<b>Sensata Technologies Holding plc has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

Sensata Technologies Holding plc (ST) filed a Annual Report (10-K) with the SEC on February 29, 2024. The company filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located in Swindon, UK. Sensata Technologies Holding plc was formerly known as Sensata Technologies Holding N.V. and Sensata Technologies Holding B.V. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Sensata Technologies Holding plc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Sensata's financial health and strategic direction for the past fiscal year, crucial for investors assessing performance. Understanding the company's historical financial data and corporate structure changes is key to evaluating its long-term stability and investment potential.

Risk Assessment

Risk Level: medium — Sensata Technologies Holding plc shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies, indicating no immediate or unusual risks are highlighted in the header information.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Sensata's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported Period)
• 2024-02-29 — Filed As Of Date (Filing Date)
• 2023-01-01 — Period Start Date (Reporting Period)
• 2022-12-31 — Prior Year End (Financial Data Reference)

Key Players & Entities

• Sensata Technologies Holding plc (company) — Filer
• 2023 (date) — Fiscal Year End
• 3823 (category) — Standard Industrial Classification
• Swindon (location) — Business Address City
• Sensata Technologies Holding N.V. (company) — Former Company Name
• Sensata Technologies Holding B.V. (company) — Former Company Name

FAQ

Industry Context

Sensata Technologies operates in the industrial instruments sector, focusing on measurement, display, and control solutions.

Regulatory Implications

The filing is a standard 10-K under the Securities Exchange Act of 1934, requiring public companies to disclose comprehensive financial and business information.

What Investors Should Do

1. Analyze the revenue and net income figures for fiscal years 2021, 2022, and 2023.
2. Examine any disclosed restructuring charges or other significant expenses.
3. Review the company's historical name changes and their potential implications.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, following previous filings for earlier periods.

Key Financial Figures

• $673 m — , 2022, and 2021 includes approximately $673 million, $460 million, and $261 million,
• $460 m — 21 includes approximately $673 million, $460 million, and $261 million, respectively,
• $261 m — imately $673 million, $460 million, and $261 million, respectively, of revenue related
• $657 million — n fiscal year 2023, we achieved NBOs of $657 million. Over the past three years, we have ach
• $2.3 billion — past three years, we have achieved over $2.3 billion in NBOs. While we continue to win signi
• $1.3 billion — growth trend, the majority of our NBOs, $1.3 billion over the past three years, have been in
• $400.0 million — 2.0x by the end of 2026. We repaid our $400.0 million aggregate principal amount of 5.625% se
• $500.0 million — our Board of Directors authorized a new $500.0 million ordinary share repurchase program (the
• $13.3 billion — is resulting in an addressable market ($13.3 billion in 2023) that is expected to grow at a
• $6.3 billion — he electrification market represented a $6.3 billion serviceable addressable market for Sens

Filing Documents

• st-20231231.htm (10-K) — 3644KB
• exhibit191sensatainsidertr.htm (EX-19.1) — 46KB
• exhibit211_123123.htm (EX-21.1) — 56KB
• exhibit231_123123.htm (EX-23.1) — 3KB
• exhibit232_123123.htm (EX-23.2) — 4KB
• exhibit311_123123.htm (EX-31.1) — 10KB
• exhibit312_123123.htm (EX-31.2) — 10KB
• exhibit321_123123.htm (EX-32.1) — 7KB
• exhibit971clawbackpolicyfi.htm (EX-97.1) — 26KB
• image_0.jpg (GRAPHIC) — 67KB
• image_0a.jpg (GRAPHIC) — 19KB
• image_1.jpg (GRAPHIC) — 70KB
• image_2.jpg (GRAPHIC) — 85KB
• image_3.jpg (GRAPHIC) — 154KB
• image_4.jpg (GRAPHIC) — 52KB
• image_5.jpg (GRAPHIC) — 19KB
• st-20231231_g1.jpg (GRAPHIC) — 84KB
• 0001477294-24-000020.txt (&nbsp;) — 19816KB
• st-20231231.xsd (EX-101.SCH) — 104KB
• st-20231231_cal.xml (EX-101.CAL) — 168KB
• st-20231231_def.xml (EX-101.DEF) — 650KB
• st-20231231_lab.xml (EX-101.LAB) — 1394KB
• st-20231231_pre.xml (EX-101.PRE) — 1014KB
• st-20231231_htm.xml (XML) — 3449KB

Business

Business 4 Item 1A .

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 30 Item 1C Cybersecurity 30 Item 2.

Properties

Properties 32 Item 3.

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosures 33 PART II 33 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 33 Item 6. Reserved 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 61 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 63 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 127 Item 9A.

Controls and Procedures

Controls and Procedures 127 Item 9B. Other Information 131 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 131 PART III 131 Item 10. Directors, Executive Officers and Corporate Governance 131 Item 11.

Executive Compensation

Executive Compensation 131 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 131 Item 13 . Certain Relationships and Related Transactions, and Director Independence 131 Item 14. Principal Accounting Fees and Services 131 PART IV 132 Item 15. Exhibits, Financial Statement Schedules 132

Signatures

Signatures 137 Table of Contents Cautionary Statements Concerning Forward-Looking Statements This Annual Report on Form 10-K (this "Report") includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terminology such as "may," "will," "could," "should," "expect," "anticipate," "believe," "estimate," "predict," "project," "forecast," "continue," "intend," "plan," "potential," "opportunity," "guidance," and similar terms or phrases. Forward-looking statements involve, among other things, expectations, projections, and assumptions about future financial and operating results, objectives, business and market outlook, trends, priorities, growth, shareholder value, capital expenditures, cash flows, demand for products and services, share repurchases, and Sensata's strategic initiatives, including those relating to acquisitions and dispositions and the impact of such transactions on our strategic and operational plans and financial results. These statements are subject to risks, uncertainties, and other important factors relating to our operations and business environment, and we can give no assurances that these forward-looking statements will prove to be correct. A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements, including, but not limited to, risks related to public health crises, instability and changes in the global markets, supplier interruption or non-performance, the acquisition or disposition of businesses, adverse conditions or competition in the industries upon which we are dependent, intellectual property, product liability, warranty, and recall claims, market acceptance of new product introductions and product innovations, labor disruptions or increased labor costs, and changes in existing environmental or s

BUSINESS

ITEM 1. BUSINESS The Company The reporting company is 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," and "us." We are a global industrial technology company that strives to help our customers and partners safely deliver a cleaner, more efficient, electrified, and connected world. For more than 100 years, we have been developing and innovating a wide range of customized solutions that address increasingly complex engineering and operating performance requirements for our customers' mission-critical applications. We present financial information for two reportable segments, Performance Sensing and Sensing Solutions. We develop, manufacture, and sell sensors and sensor-rich solutions, electrical protection components and systems, and other products. Our sensors are used by our customers to translate a physical parameter, such as pressure, temperature, position, or location of an object, into electronic signals that our customers' products and solutions can act upon. Our electrical protection portfolio (which includes both components and systems) is comprised of various switches, fuses, battery management systems, inverters, energy storage systems, high-voltage distribution units, controllers, and software, and includes high-voltage contactors and other products embedded within systems to maximize their efficiency and performance and ensure safety. Other products and services we provide include vehicle area networks and data collection devices and software, battery storage systems, and power conversion systems, the latter of which include inverters, converters, and rectifiers for renewable energy generation, green hydrogen production, electric vehicle charging stations, and microgrid applications, as well as industrial and defense applications. Customers Our customers in the Performance Sensing reportabl

View Full Filing

View this 10-K filing on SEC EDGAR