ST Sensata Technologies Holding PLC

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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 interim 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, 2022, filed with the U.S. Securities and Exchange Commission (the "SEC") on February 13, 2023 (the "2022 Annual Report").

The following tables present net revenue disaggregated by segment and end market for the three and six months ended June 30, 2023 and 2022 for our two reportable segments, Performance Sensing ("PS") and Sensing Solutions ("SS"):

						For the three months ended June 30, 2023																		For the three months ended June 30, 2022 (3)
						PS						SS												Total						PS						SS												Total
Automotive						$	530,268					$	9,550											$	539,818					$	506,232					$	9,932											$	516,164
HVOR (1)						227,176						—												227,176						225,413						—												225,413
Industrial						—						185,202												185,202						—						137,331												137,331
Appliance and HVAC (2)						—						50,952												50,952						—						57,675												57,675
Aerospace						—						46,832												46,832						—						38,558												38,558
Other						—						12,132												12,132						—						45,407												45,407
Total						$	757,444					$	304,668											$	1,062,112					$	731,645					$	288,903											$	1,020,548

						For the six months ended June 30, 2023 (3)																		For the six months ended June 30, 2022 (3)
						PS						SS												Total						PS						SS												Total
Automotive						$	1,047,152					$	17,684											$	1,064,836					$	1,008,594					$	19,217											$	1,027,811
HVOR (1)						448,560						—												448,560						425,746						—												425,746
Industrial						—						333,714												333,714						—						266,952												266,952
Appliance and HVAC (2)						—						98,426												98,426						—						116,500												116,500
Aerospace						—						91,158												91,158						—						71,828												71,828
Other						—						23,593												23,593						—						87,481												87,481
Total						$	1,495,712					$	564,575											$	2,060,287					$	1,434,340					$	561,978											$	1,996,318

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(1)    Heavy vehicle and off-road

(2)    Heating, ventilation and air conditioning

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The following table presents the components of non-cash compensation expense related to our equity awards for the three and six months ended June 30, 2023 and 2022:

			For the three months ended												For the six months ended
			June 30, 2023						June 30, 2022						June 30, 2023						June 30, 2022
Stock options			$	(205)					$	2					$	(86)					$	309
Restricted securities			10,606						9,197						17,693						15,430
Share-based compensation expense			$	10,401					$	9,199					$	17,607					$	15,739

Equity Awards

We granted the following restricted stock units ("RSUs" and each, an "RSU") and performance-based restricted stock units ("PRSUs" and each, a "PRSU") under the Sensata Technologies Holding plc 2021 Equity Incentive Plan during the six months ended June 30, 2023:

Awards Granted To:						Type of Award						Number of Units Granted (in thousands)												Weighted Average Grant Date Fair Value
Directors						RSU (1)						33												$	40.95
Various executives and employees						RSU (2)						547												$	49.57
Various executives and employees						PRSU (3)						241												$	49.53
Various executives and employees						PRSU (4)						102												$	55.50

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(1)    These RSUs cliff vest one year from the grant date (May and June 2024).

(2)    These RSUs vest ratably over three years, one-third per year beginning on the first anniversary of the grant date. These RSUs will fully vest on various dates between January 2026 and June 2026.

(3)    These PRSUs vest on various dates between April 2026 and June 2026. The number of units that ultimately vest will be between 0% and 150% and is dependent on the achievement of certain performance criteria.

(4)    These awards include certain PRSUs with market performance conditions that will be evaluated relative to the performance of certain peers as defined in the award agreement. The number of units that ultimately vest (in April 2026) will be from 0% to 150%, depending on achievement of these performance criteria. Total grant date value of these PRSUs is approximately $5.6 million and was valued using the Monte Carlo method. Related share-based compensation expense recognized in the three and six months ended June 30, 2023 was $0.6 million.

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The following table presents the components of restructuring and other charges, net for the three and six months ended June 30, 2023 and 2022:

			For the three months ended												For the six months ended
			June 30, 2023						June 30, 2022						June 30, 2023						June 30, 2022
Severance costs, net (1)			$	4,749					$	—					$	8,962					$	587
Facility and other exit costs			310						1,241						535						2,289
Gain on sale of business			—						—						(5,877)						—
Acquisition-related compensation arrangements (2)			3,330						12,834						10,602						31,089
Other (1)(2)(3)			12,870						(1,178)						13,036						(7,335)
Restructuring and other charges, net			$	21,259					$	12,897					$	27,258					$	26,630

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(1)    The three and six months ended June 30, 2023 include certain costs to exit the marine energy storage business (the "Marine Business") of Spear Power Systems (“Spear”) as discussed below.

(2)    We have reclassified acquisition-related compensation arrangements for the three and six months ended June 30, 2022 from the "other" caption within restructuring and other charges, net, to correspond to current period presentation.

(3)    The six months ended June 30, 2022 primarily includes gains related to changes in the fair value of acquisition-related contingent consideration amounts.

On June 6, 2023, we announced that we had made the decision to exit the Marine Business, which was included in the Sensing Solutions reportable segment. Exiting the Marine Business resulted in a charge of $38.3 million in the three and six months ended June 30, 2023. The charge included $13.5 million of accelerated amortization of definite-lived intangible assets, presented in amortization of intangible assets, and a $10.5 million write-down of inventory, presented in cost of revenue. In addition, certain of these charges are presented in restructuring and other charges, net, including $1.2 million of severance costs, $1.7 million related to the write-down of property, plant, and equipment, $2.3 million related to the write-down of accounts receivables, and $9.1 million of other charges, including contract termination costs.

The following table presents a rollforward of our severance liability for the six months ended June 30, 2023:

															Severance
Balance as of December 31, 2022															$	8,617
Charges, net of reversals															8,962
Payments															(12,344)
Foreign currency remeasurement															166
Balance as of June 30, 2023															$	5,401

The severance liability as of June 30, 2023 and December 31, 2022 was entirely recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets.

The following table presents the components of other, net for the three and six months ended June 30, 2023 and 2022:

			For the three months ended												For the six months ended
			June 30, 2023						June 30, 2022						June 30, 2023						June 30, 2022
Currency remeasurement loss on net monetary assets			$	(9,307)					$	(14,090)					$	(10,566)					$	(14,157)
Gain on foreign currency forward contracts			4,423						3,165						4,607						1,922
Loss on commodity forward contracts			(6,269)						(18,254)						(4,370)						(8,830)
Loss on debt financing			(372)						—						(857)						—
Mark-to-market loss on equity investments, net			(302)						(11,821)						(302)						(71,100)
Net periodic benefit cost, excluding service cost			(810)						(639)						(1,781)						(1,394)
Other			1,713						2,399						3,737						3,863
Other, net			$	(10,924)					$	(39,240)					$	(9,532)					$	(89,696)

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The following table presents the provision for income taxes for the three and six months ended June 30, 2023 and 2022:

			For the three months ended												For the six months ended
			June 30, 2023						June 30, 2022						June 30, 2023						June 30, 2022
Provision for income taxes			$	19,873					$	20,020					$	43,599					$	27,608

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, and (c) changes in withholding taxes on unremitted earnings. Other items impacting deferred tax expense include changes in tax rates and changes in our assessment of the realizability of our deferred tax assets.

We recorded a partial valuation allowance against certain interest carryforwards in the U.S. at both December 31, 2022 and December 31, 2021. We are continually evaluating both the positive and negative evidence for this partial valuation allowance. We believe that there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to allow us to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of this deferred tax asset and a decrease to income tax expense for the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability and future utilization of this attribute that we are able to actually achieve.

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 and six months ended June 30, 2023 and 2022 the weighted-average ordinary shares outstanding used to calculate basic and diluted net income per share were as follows:

			For the three months ended												For the six months ended
			June 30, 2023						June 30, 2022						June 30, 2023						June 30, 2022
Basic weighted-average ordinary shares outstanding			152,700						156,477						152,609						156,950
Dilutive effect of stock options			55						190						103						331
Dilutive effect of unvested restricted securities			309						327						482						531
Diluted weighted-average ordinary shares outstanding			153,064						156,994						153,194						157,812

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												For the six months ended
			June 30, 2023						June 30, 2022						June 30, 2023						June 30, 2022
Anti-dilutive shares excluded			1,625						1,426						1,003						715
Contingently issuable shares excluded			1,366						1,383						1,317						1,192

The following table presents the components of inventories as of June 30, 2023 and December 31, 2022:

			June 30, 2023						December 31, 2022
Finished goods			$	223,295					$	202,531
Work-in-process			109,297						117,691
Raw materials			327,490						324,653
Inventories			$	660,082					$	644,875

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The following table presents the components of long-term debt, finance lease and other financing obligations as of June 30, 2023 and December 31, 2022:

						Maturity Date						June 30, 2023						December 31, 2022
Term Loan (1)						September 20, 2026						$	—					$	446,834
5.625% Senior Notes						November 1, 2024						400,000						400,000
5.0% Senior Notes						October 1, 2025						700,000						700,000
4.375% Senior Notes						February 15, 2030						450,000						450,000
3.75% Senior Notes						February 15, 2031						750,000						750,000
4.0% Senior Notes						April 15, 2029						1,000,000						1,000,000
5.875% Senior Notes						September 1, 2030						500,000						500,000
Less: debt discount, net of premium												(2,355)						(3,360)
Less: deferred financing costs												(27,138)						(29,916)
Less: current portion												—						(254,630)
Long-term debt, net												$	3,770,507					$	3,958,928
Finance lease and other financing obligations												$	25,580					$	26,583
Less: current portion												(1,809)						(1,841)
Finance lease and other financing obligations, less current portion												$	23,771					$	24,742

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(1)    On February 6, 2023, we prepaid $250.0 million of outstanding principal on our Term Loan balance. Accordingly, that portion of the principal balance outstanding on the Term Loan as of December 31, 2022 was presented as current portion of long-term debt. On May 3, 2023, we prepaid $196.8 million of outstanding principal on the Term Loan, representing the remaining balance on the Term Loan as of that date plus $0.5 million in interest.

Our debt consists of secured credit facilities and various tranches of senior unsecured notes. Refer to Note 14: Debt of the audited consolidated financial statements and notes thereto included in the 2022 Annual Report for additional information regarding our existing indebtedness.

As of June 30, 2023, we had $746.1 million available under our $750.0 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 June 30, 2023, no amounts had been drawn against these outstanding letters of credit.

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 June 30, 2023 and December 31, 2022, accrued interest totaled $48.9 million and $50.1 million, respectively.

Cash Dividends

In the three and six months ended June 30, 2023, we paid aggregate cash dividends of $18.3 million and $35.1 million, respectively, compared to $17.2 million in each of the three and six months ended June 30, 2022. On July 20, 2023, we announced that our Board of Directors approved a quarterly dividend of $0.12 per share, payable on August 23, 2023 to shareholders of record as of August 9, 2023.

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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, our Board of Directors authorized a $500.0 million ordinary share repurchase program (the “January 2022 Program”), which replaced the previous $500.0 million program approved in July 2019.

In the three and six months ended June 30, 2023, we repurchased 0.6 million ordinary shares (for an aggregate value of $25.1 million). We did not repurchase any ordinary shares under this program in the three months ended March 31, 2023. In the three and six months ended June 30, 2022, we repurchased 1.7 million ordinary shares (for an aggregate value of $78.9 million) and 2.8 million ordinary shares (for an aggregate value of $146.2 million), respectively. All share repurchases in these periods were made under the January 2022 Program. As of June 30, 2023, $199.4 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 six months ended June 30, 2023:

						Cash Flow Hedges						Defined Benefit and Retiree Healthcare Plans						Accumulated Other Comprehensive Loss
Balance as of December 31, 2022						$	15,665					$	(31,929)					$	(16,264)
Other comprehensive income before reclassifications, net of tax						24,206						—						24,206
Reclassifications from accumulated other comprehensive loss, net of tax						(12,713)						617						(12,096)
Other comprehensive income						11,493						617						12,110
Balance as of June 30, 2023						$	27,158					$	(31,312)					$	(4,154)

The following table presents the amounts reclassified from accumulated other comprehensive loss for the three and six months ended June 30, 2023 and 2022:

						For the three months ended June 30,												For the six months ended June 30,												Affected Line in Condensed Consolidated Statements of Operations
Component						2023						2022						2023						2022
Derivative instruments designated and qualifying as cash flow hedges:
Foreign currency forward contracts						$	(4,394)					$	(9,476)					$	(11,033)					$	(13,740)					Net revenue (1)
Foreign currency forward contracts						(4,403)						(2,603)						(6,100)						(5,232)						Cost of revenue (1)
Total, before taxes						(8,797)						(12,079)						(17,133)						(18,972)						Income before taxes
Income tax effect						2,269						3,116						4,420						4,894						Provision for income taxes
Total, net of taxes						$	(6,528)					$	(8,963)					$	(12,713)					$	(14,078)					Net income
Defined benefit and retiree healthcare plans						$	311					$	519					$	848					$	1,130					Other, net
Income tax effect						(87)						(139)						(231)						(322)						Provision for income taxes
Total, net of taxes						$	224					$	380					$	617					$	808					Net income

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(1)    Refer to Note 14: Derivative Instruments and Hedging Activities for additional information regarding amounts to be reclassified from accumulated other comprehensive loss in future periods.

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Measured on a Recurring Basis

The fair values of our assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 are shown in the below table.

			June 30, 2023						December 31, 2022
Assets
Cash equivalents (Level 1)			$	380,130					$	860,034
Foreign currency forward contracts (Level 2)			43,046						31,126
Commodity forward contracts (Level 2)			2,011						4,181
Total			$	425,187					$	895,341
Liabilities
Foreign currency forward contracts (Level 2)			$	8,162					$	9,866
Commodity forward contracts (Level 2)			5,260						4,671
Total			$	13,422					$	14,537

Refer to Note 14: Derivative Instruments and Hedging Activities for additional information regarding our forward contracts. Cash equivalents consist of U.S. Government Treasury money market funds and are classified as Level 1 as they are exchange traded in an active market.

Measured on a Nonrecurring Basis

We evaluated our goodwill and other indefinite-lived intangible assets for impairment as of October 1, 2022 and determined that they were not impaired. In the three months ended June 30, 2023, we exited the Marine Business, as discussed further in Note 5: Restructuring and Other Charges, Net. We considered the exit of the Marine Business and determined that goodwill related to the Clean Energy Solutions reporting unit was not impaired as of the date of the exit. No other events or changes in circumstances occurred in the six months ended June 30, 2023 that would have triggered the need for an additional impairment review of our goodwill and other indefinite-lived intangible 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 June 30, 2023 and December 31, 2022. All fair value measures presented are categorized in Level 2 of the fair value hierarchy.

			June 30, 2023												December 31, 2022
			Carrying Value(1)						Fair Value						Carrying Value(1)						Fair Value
Liabilities
Term Loan			$	—					$	—					$	446,834					$	443,483
5.625% Senior Notes			$	400,000					$	396,000					$	400,000					$	398,000
5.0% Senior Notes			$	700,000					$	679,910					$	700,000					$	684,250
4.375% Senior Notes			$	450,000					$	400,500					$	450,000					$	400,500
3.75% Senior Notes			$	750,000					$	635,625					$	750,000					$	626,250
4.0% Senior Notes			$	1,000,000					$	882,500					$	1,000,000					$	875,000
5.875% Senior Notes			$	500,000					$	481,250					$	500,000					$	473,750

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(1)    Excluding any related debt discounts, premiums, 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 Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 321, Investments—Equity Securities. As of June 30, 2023 and December 31, 2022, we held equity investments under the measurement alternative of $18.3 million and $15.0 million, respectively, which are presented in other assets in the condensed consolidated balance sheets. There were no impairments or changes resulting from observable transactions for these investments in the three and six months ended June 30, 2023 and 2022 and no adjustments have been made to their carrying values as of June 30, 2023 and December 31, 2022.

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Hedges of Foreign Currency Risk

For the three and six months ended June 30, 2023 and 2022, 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 June 30, 2023, we estimated that $30.1 million of net gains will be reclassified from accumulated other comprehensive loss to earnings during the twelve-month period ending June 30, 2024.

As of June 30, 2023, 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)

11.0 EUR

June 21, 2023

July 31, 2023

Euro ("EUR") to USD

1.09 USD

Not designated

375.0 EUR

Various from July 2021 to June 2023

Various from July 2023 to June 2025

EUR to USD

1.09 USD

Cash flow hedge

770.0 CNY

June 21, 2023

July 31, 2023

USD to Chinese Renminbi ("CNY")

7.16 CNY

Not designated

300.0 CNY

Various in January 2023

Various from July 2023 to September 2023

USD to CNY

6.74 CNY

Cash flow hedge

436.0 JPY

June 21, 2023

July 31, 2023

USD to Japanese Yen ("JPY")

141.47 JPY

Not designated

26,312.5 KRW

Various from August 2021 to June 2023

Various from July 2023 to May 2025

USD to Korean Won ("KRW")

1,273.23 KRW

Cash flow hedge

25.0 MYR

June 21, 2023

July 31, 2023

USD to Malaysian Ringgit ("MYR")

4.63 MYR

Not designated

4,318.3 MXN

Various from July 2021 to June 2023

Various from July 2023 to June 2025

USD to Mexican Peso ("MXN")

20.78 MXN

Cash flow hedge

5.2 GBP

June 21, 2023

July 31, 2023

British Pound Sterling ("GBP") to USD

1.27 USD

Not designated

58.6 GBP

Various from July 2021 to June 2023

Various from July 2023 to June 2025

GBP to USD

1.23 USD

Cash flow hedge

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(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 June 30, 2023, 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

862,162 troy oz.

July 2023 to May 2025

$23.31

Gold

7,169 troy oz.

July 2023 to May 2025

$1,932.48

Nickel

200,265 pounds

July 2023 to May 2025

$11.47

Aluminum

3,902,120 pounds

July 2023 to May 2025

$1.19

Copper

7,730,119 pounds

July 2023 to May 2025

$3.98

Platinum

9,047 troy oz.

July 2023 to May 2025

$982.97

Palladium

1,221 troy oz.

July 2023 to May 2025

$1,944.38

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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 June 30, 2023 and December 31, 2022:

			Asset Derivatives																		Liability Derivatives
			Balance Sheet Location						June 30, 2023						December 31, 2022						Balance Sheet Location						June 30, 2023						December 31, 2022
Derivatives designated as hedging instruments
Foreign currency forward contracts			Prepaid expenses and other current assets						$	35,280					$	27,114					Accrued expenses and other current liabilities						$	6,184					$	6,586
Foreign currency forward contracts			Other assets						6,357						3,763						Other long-term liabilities						1,908						3,280
Total									$	41,637					$	30,877											$	8,092					$	9,866
Derivatives not designated as hedging instruments
Commodity forward contracts			Prepaid expenses and other current assets						$	1,584					$	2,542					Accrued expenses and other current liabilities						$	4,120					$	4,066
Commodity forward contracts			Other assets						427						1,639						Other long-term liabilities						1,140						605
Foreign currency forward contracts			Prepaid expenses and other current assets						1,409						249						Accrued expenses and other current liabilities						70						—
Total									$	3,420					$	4,430											$	5,330					$	4,671

These fair value measurements were 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 income for the three months ended June 30, 2023 and 2022:

Derivatives designated as hedging instruments						Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive 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
						2023						2022												2023						2022
Foreign currency forward contracts						$	4,872					$	28,192					Net revenue						$	4,394					$	9,476
Foreign currency forward contracts						$	15,631					$	(3,765)					Cost of revenue						$	4,403					$	2,603

Derivatives not designated as hedging instruments						Amount of (Loss)/Gain Recognized in Net Income												Location of (Loss)/Gain Recognized in Net Income
						2023						2022
Commodity forward contracts						$	(6,269)					$	(18,254)					Other, net
Foreign currency forward contracts						$	4,423					$	3,165					Other, net

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 income for the six months ended June 30, 2023 and 2022:

Derivatives designated as hedging instruments						Amount of Deferred Gain Recognized in Other Comprehensive 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
						2023						2022												2023						2022
Foreign currency forward contracts						$	1,284					$	33,778					Net revenue						$	11,033					$	13,740
Foreign currency forward contracts						$	31,339					$	1,380					Cost of revenue						$	6,100					$	5,232

---

Derivatives not designated as hedging instruments						Amount of (Loss)/Gain Recognized in Net Income												Location of (Loss)/Gain Recognized in Net Income
						2023						2022
Commodity forward contracts						$	(4,370)					$	(8,830)					Other, net
Foreign currency forward contracts						$	4,607					$	1,922					Other, net

Credit Risk Related Contingent Features

We have agreements with 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.

Acquisitions

Elastic M2M

On February 11, 2022, we acquired all of the equity interests of Elastic M2M Inc. ("Elastic M2M") for an aggregate cash purchase price of $51.6 million, subject to certain post-closing items. In addition to the aggregate cash purchase price, the previous shareholders of Elastic M2M are entitled to up to $30.0 million of additional acquisition-related incentive compensation, which was pending the completion of certain technical milestones in fiscal year 2022 and achievement of financial targets in fiscal years 2022 and 2023. All technical milestones were completed in fiscal year 2022. As of December 31, 2022, we had recognized $24.7 million of this acquisition-related incentive compensation. In the three and six months ended June 30, 2023, we recognized an additional $0.2 million and $3.5 million, respectively, of this acquisition-related incentive compensation. This acquisition-related incentive compensation is recorded in restructuring and other charges, net.

Elastic M2M is an innovator of connected intelligence for operational assets across heavy-duty transport, warehouse, supply chain and logistics, industrial, light-duty passenger car, and a variety of other industry segments. Elastic M2M primarily serves telematics service providers and resellers, enabling them to leverage Elastic M2M’s cloud platform and analytics capabilities to deliver sensor-based operational insights to their end users. This acquisition augments our cloud capabilities critical to delivering actionable sensor-based insights, an increasingly important capability in this fast-growing industry segment. We are integrating Elastic M2M into the Performance Sensing reportable segment.

The allocation of the purchase price related to this acquisition was finalized in the three months ended March 31, 2023. The following table summarizes the final allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed:

Net working capital, excluding cash						$	35
Goodwill						28,211
Other intangible assets						27,700
Deferred income tax liabilities						(5,925)
Fair value of net assets acquired, excluding cash and cash equivalents						50,021
Cash and cash equivalents						1,597
Fair value of net assets acquired						$	51,618

The goodwill recognized as a result of this acquisition represents future economic benefits expected to arise from synergies from combining operations and the extension of existing customer relationships. The goodwill recognized in this acquisition will not be deductible for tax purposes.

---

In connection with the allocation of purchase price to the assets acquired and liabilities assumed, we identified certain definite-lived intangible assets. The following table presents the acquired intangible assets, their estimated fair values, and weighted-average lives:

						Acquisition Date Fair Value						Weighted-Average Lives (years)
Acquired definite-lived intangible assets
Customer relationships						$	17,500					13
Completed technologies						10,200						10
Total definite-lived intangible assets acquired						$	27,700					12

The definite-lived intangible assets were valued using the income approach. We primarily used the relief-from-royalty method to value completed technologies, and we used the multi-period excess earnings method to value customer relationships. These valuation methods incorporate assumptions including expected discounted future net cash flows resulting from either the future estimated after-tax royalty payments avoided as a result of owning the completed technologies or the future earnings related to existing customer relationships.

Dynapower

On July 12, 2022, we completed the acquisition of all of the outstanding equity interests of DP Acquisition Corp ("Dynapower"), a leader in power conversion systems including 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, for an aggregate cash purchase price of $577.5 million, subject to certain post-closing items. Dynapower also provides aftermarket sales and service to maintain its equipment in the field.

Dynapower is a foundational addition to our Clean Energy Solutions strategy and complements our recent acquisitions of GIGAVAC, Lithium Balance, and Spear. We are integrating Dynapower into our Sensing Solutions reportable segment.

We recorded measurement period adjustments in the three months ended June 30, 2023 that predominantly reflected an updated valuation of definite-lived intangible assets. Accordingly, definite-lived intangible assets increased $57.2 million (primarily customer relationships). Along with other adjustments, including the associated deferred income tax liability on acquired intangibles, goodwill decreased $41.0 million. The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed:

Net working capital, excluding cash						$	12,514
Property, plant and equipment						1,846
Goodwill						377,267
Other intangible assets						221,600
Other assets						1,656
Deferred income tax liabilities						(40,785)
Other long-term liabilities						(1,035)
Fair value of net assets acquired, excluding cash and cash equivalents						573,063
Cash and cash equivalents						4,410
Fair value of net assets acquired						$	577,473

The allocation of purchase price of Dynapower is preliminary and is based on management’s judgments after evaluating several factors, including preliminary valuation assessments of intangible assets. The final allocation of the purchase price to the assets acquired will be completed when the final valuations are completed. The preliminary goodwill recognized as a result of this acquisition represents future economic benefits expected to arise from synergies from combining operations and the extension of existing customer relationships. The goodwill recognized in this acquisition will not be deductible for tax purposes.

---

In connection with the preliminary allocation of purchase price to the assets acquired and liabilities assumed, we identified certain definite-lived intangible assets. The following table presents the acquired intangible assets, their estimated fair values, and weighted-average lives:

						Acquisition Date Fair Value						Weighted-Average Lives (years)
Acquired definite-lived intangible assets
Customer relationships						$	79,800					16
Backlog						15,500						3
Completed technologies						92,100						15
Tradenames						34,200						18
Total definite-lived intangible assets acquired						$	221,600					15

The definite-lived intangible assets were valued using the income approach. We primarily used the relief-from-royalty method to value completed technologies and tradenames, and we used the multi-period excess earnings method to value customer relationships. These valuation methods incorporate assumptions including expected discounted future net cash flows resulting from either the future estimated after-tax royalty payments avoided as a result of owning the completed technologies or the future earnings related to existing customer relationships.

Divestiture - Qinex Business

On May 27, 2022, we executed an asset purchase agreement (the "APA") whereby we agreed to sell various assets and liabilities comprising our semiconductor test and thermal business (collectively, the "Qinex Business") to LTI Holdings, Inc. ("LTI") in exchange for consideration of approximately $219.0 million, subject to working capital and other adjustments. Concurrent with the execution of the APA, the parties entered into a Contract Manufacturing Agreement ("CMA") and a Transition Services Agreement ("TSA"), each for nominal consideration.

The CMA commenced at closing of the transaction ("Closing") and had a term of either six or nine months, depending on the manufacturing site. LTI also had the option of extending each contract for an additional three months. The period from Closing to the end of the CMA term (including extensions, if any) is referred to as the "Transition Period." The terms of the CMA required that we provide manufacturing and distribution services for the Transition Period. The TSA commenced at Closing and had a term that varied depending on the nature of the support services, ranging from one month to the entirety of the Transition Period. The terms of the TSA required that we provide various forms of commercial, operational, and back-office support to LTI. The Transition Period ended in the three months ended March 31, 2023.

Closing occurred in July 2022, at which time assets of approximately $70 million (including allocated goodwill of $45 million) and liabilities of approximately $2 million transferred to LTI. Transferred assets and liabilities excluded inventories and accounts payable, which transferred to LTI at the end of the Transition Period. We received cash consideration of $198.8 million at Closing and recognized a pre-tax gain of $135.1 million in the three months ended September 30, 2022. Cash consideration received at Closing excluded amounts held in escrow until various milestones were met through the Transition Period. In the three months ended June 30, 2023, we received an escrow payment of $15.0 million, which includes $10.0 million (presented in cash flows from operating activities) related to the transfer of inventory. Approximately $4.0 million remains in escrow as of June 30, 2023.

---

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, certain costs associated with our strategic megatrend initiatives, and certain corporate costs or credits not associated with the operations of the segment, including share-based compensation expense and a portion of depreciation expense associated with assets recognized in connection with acquisitions. Corporate and other expenses excluded from an operating (and reportable) 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 operating and reportable segments are materially consistent with those described in Note 2: Significant Accounting Policies of the audited consolidated financial statements and notes thereto included in our 2022 Annual Report.

The following table presents net revenue and segment operating income for our reportable segments and other operating results not allocated to our reportable segments for the three and six months ended June 30, 2023 and 2022. The amounts previously reported in the table below for the three and six months ended June 30, 2022 have been retrospectively recast to reflect the move of the material handling products between operating segments as described above. In addition, the six months ended June 30, 2023 includes amounts for the three months ended March 31, 2023 that have been retrospectively adjusted for this change.

			For the three months ended												For the six months ended
			June 30, 2023						June 30, 2022						June 30, 2023						June 30, 2022
Net revenue:
Performance Sensing			$	757,444					$	731,645					$	1,495,712					$	1,434,340
Sensing Solutions			304,668						288,903						564,575						561,978
Total net revenue			$	1,062,112					$	1,020,548					$	2,060,287					$	1,996,318
Segment operating income (as defined above):
Performance Sensing			$	191,147					$	179,293					$	373,887					$	353,507
Sensing Solutions			84,152						85,714						159,468						164,653
Total segment operating income			275,299						265,007						533,355						518,160
Corporate and other			(81,464)						(76,362)						(143,905)						(152,485)
Amortization of intangible assets			(54,563)						(36,805)						(95,337)						(74,172)
Restructuring and other charges, net			(21,259)						(12,897)						(27,258)						(26,630)
Operating income			118,013						138,943						266,855						264,873
Interest expense, net			(38,105)						(44,842)						(78,196)						(90,287)
Other, net			(10,924)						(39,240)						(9,532)						(89,696)
Income before taxes			$	68,984					$	54,861					$	179,127					$	84,890

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v3.23.2

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 14, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-34652
Entity Registrant Name	SENSATA TECHNOLOGIES HOLDING PLC
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	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 (in shares)		152,422,440
Entity Central Index Key	0001477294
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

v3.23.2

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 857,312	$ 1,225,518
Accounts receivable, net of allowances of $32,409 and $24,246 as of June 30, 2023 and December 31, 2022, respectively	772,427	742,382
Inventories	660,082	644,875
Prepaid expenses and other current assets	186,807	162,268
Total current assets	2,476,628	2,775,043
Property, plant and equipment, net	858,760	840,819
Goodwill	3,861,872	3,911,224
Other intangible assets, net of accumulated amortization of $2,444,191 and $2,352,813 as of June 30, 2023 and December 31, 2022, respectively	961,180	999,722
Deferred income tax assets	93,782	100,539
Other assets	140,378	128,873
Total assets	8,392,600	8,756,220
Current liabilities:
Current portion of long-term debt, finance lease and other financing obligations	1,809	256,471
Accounts payable	523,968	531,572
Income taxes payable	31,920	43,987
Accrued expenses and other current liabilities	323,201	346,942
Total current liabilities	880,898	1,178,972
Deferred income tax liabilities	390,743	364,593
Pension and other post-retirement benefit obligations	38,960	36,086
Finance lease and other financing obligations, less current portion	23,771	24,742
Long-term debt, net	3,770,507	3,958,928
Other long-term liabilities	77,949	82,092
Total liabilities	5,182,828	5,645,413
Commitments and contingencies (Note 11)
Shareholders’ equity:
Ordinary shares, €0.01 nominal value per share, 177,069 shares authorized, and 175,793 and 175,207 shares issued as of June 30, 2023 and December 31, 2022, respectively	2,249	2,242
Treasury shares, at cost, 23,371 and 22,781 shares as of June 30, 2023 and December 31, 2022, respectively	(1,149,838)	(1,124,713)
Additional paid-in capital	1,889,234	1,866,201
Retained earnings	2,472,281	2,383,341
Accumulated other comprehensive loss	(4,154)	(16,264)
Total shareholders' equity	3,209,772	3,110,807
Total liabilities and shareholders' equity	$ 8,392,600	$ 8,756,220

v3.23.2

Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands	Jun. 30, 2023 USD ($) shares	Jun. 30, 2023 € / shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 € / shares
Statement of Financial Position [Abstract]
Accounts receivable, allowances | $	$ 32,409		$ 24,246
Accumulated amortization | $	$ 2,444,191		$ 2,352,813
Ordinary shares, nominal value per share (in euros per share) | € / shares		€ 0.01		€ 0.01
Ordinary shares authorized (in shares)	177,069,000		177,069,000
Ordinary shares issued (in shares)	175,793,000		175,207,000
Treasury shares (in shares)	23,371,000		22,781,000

v3.23.2

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net revenue	$ 1,062,112	$ 1,020,548	$ 2,060,287	$ 1,996,318
Operating costs and expenses:
Cost of revenue	732,108	686,603	1,402,579	1,343,683
Research and development	44,857	47,971	90,796	93,951
Selling, general and administrative	91,312	97,329	177,462	193,009
Amortization of intangible assets	54,563	36,805	95,337	74,172
Restructuring and other charges, net	21,259	12,897	27,258	26,630
Total operating costs and expenses	944,099	881,605	1,793,432	1,731,445
Operating income	118,013	138,943	266,855	264,873
Interest expense, net	(38,105)	(44,842)	(78,196)	(90,287)
Other, net	(10,924)	(39,240)	(9,532)	(89,696)
Income before taxes	68,984	54,861	179,127	84,890
Provision for income taxes	19,873	20,020	43,599	27,608
Net income	$ 49,111	$ 34,841	$ 135,528	$ 57,282
Basic net income per share (in dollars per share)	$ 0.32	$ 0.22	$ 0.89	$ 0.36
Diluted net income per share (in dollars per share)	$ 0.32	$ 0.22	$ 0.88	$ 0.36

v3.23.2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 49,111	$ 34,841	$ 135,528	$ 57,282
Other comprehensive income:
Cash flow hedges	8,686	9,183	11,493	12,033
Defined benefit and retiree healthcare plans	224	380	617	808
Other comprehensive income	8,910	9,563	12,110	12,841
Comprehensive income	$ 58,021	$ 44,404	$ 147,638	$ 70,123

v3.23.2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 135,528	$ 57,282
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	63,560	62,882
Amortization of debt issuance costs	3,421	3,433
Gain on sale of business	(5,877)	0
Share-based compensation	17,607	15,739
Loss on debt financing	857	0
Amortization of intangible assets	95,337	74,172
Deferred income taxes	13,449	(5,211)
Mark-to-market loss on equity investments, net	302	71,100
Unrealized loss on derivative instruments and other	14,674	20,669
Changes in operating assets and liabilities, net of the effects of acquisitions:
Accounts receivable, net	(30,045)	(102,845)
Inventories	(19,036)	(69,379)
Prepaid expenses and other current assets	(13,408)	(17,762)
Accounts payable and accrued expenses	(39,665)	56,767
Income taxes payable	(12,067)	(11,384)
Other	(3,615)	1,425
Acquisition-related compensation payments	(8,380)	(15,000)
Net cash provided by operating activities	212,642	141,888
Cash flows from investing activities:
Acquisitions, net of cash received	0	(48,989)
Additions to property, plant and equipment and capitalized software	(84,444)	(74,069)
Investment in debt and equity securities	(390)	(6,878)
Proceeds from the sale of business, net of cash sold	19,000	0
Other	0	152
Net cash used in investing activities	(65,834)	(129,784)
Cash flows from financing activities:
Proceeds from exercise of stock options and issuance of ordinary shares	5,346	14,577
Payment of employee restricted stock tax withholdings	(11,470)	(7,577)
Payments on debt	(448,390)	(5,664)
Dividends paid	(35,113)	(17,225)
Payments to repurchase ordinary shares	(25,076)	(144,279)
Payments of debt financing costs	(311)	(2,313)
Net cash used in financing activities	(515,014)	(162,481)
Net change in cash and cash equivalents	(368,206)	(150,377)
Cash and cash equivalents, beginning of year	1,225,518	1,708,955
Cash and cash equivalents, end of period	$ 857,312	$ 1,558,578

v3.23.2

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Ordinary Shares	Treasury Shares	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Ordinary shares, beginning balance (in shares) at Dec. 31, 2021		174,287,000
Treasury shares, beginning balance (in shares) at Dec. 31, 2021			(16,438,000)
Beginning balance at Dec. 31, 2021	$ 3,094,734	$ 2,232	$ (832,439)	$ 1,812,244	$ 2,132,257	$ (19,560)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Surrender of shares for tax withholding (in shares)			(151,000)
Surrender of shares for tax withholding	(7,577)		$ (7,577)
Stock options exercised (in shares)		329,000
Stock options exercised	13,946	$ 4		13,942
Vesting of restricted securities (in shares)		459,000
Vesting of restricted securities	0	$ 5			(5)
Cash dividends paid	(17,225)				(17,225)
Repurchase of ordinary shares (in shares)			(2,831,000)
Repurchase of ordinary shares	(146,156)		$ (146,156)
Retirement of ordinary shares (in shares)		(151,000)	(151,000)
Retirement of ordinary shares	0	$ (2)	$ 7,577		(7,575)
Share-based compensation	15,739			15,739
Net income	57,282				57,282
Other comprehensive income	12,841					12,841
Ordinary shares, ending balance (in shares) at Jun. 30, 2022		174,924,000
Treasury shares, ending balance (in shares) at Jun. 30, 2022			(19,269,000)
Ending balance at Jun. 30, 2022	3,023,584	$ 2,239	$ (978,595)	1,841,925	2,164,734	(6,719)
Ordinary shares, beginning balance (in shares) at Mar. 31, 2022		174,583,000
Treasury shares, beginning balance (in shares) at Mar. 31, 2022			(17,576,000)
Beginning balance at Mar. 31, 2022	3,072,317	$ 2,236	$ (899,697)	1,831,497	2,154,563	(16,282)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Surrender of shares for tax withholding (in shares)			(148,000)
Surrender of shares for tax withholding	(7,442)		$ (7,442)
Stock options exercised (in shares)		39,000
Stock options exercised	1,229	$ 0		1,229
Vesting of restricted securities (in shares)		450,000
Vesting of restricted securities	0	$ 5			(5)
Cash dividends paid	(17,225)				(17,225)
Repurchase of ordinary shares (in shares)			(1,693,000)
Repurchase of ordinary shares	(78,898)		$ (78,898)
Retirement of ordinary shares (in shares)		(148,000)	(148,000)
Retirement of ordinary shares	0	$ (2)	$ 7,442		(7,440)
Share-based compensation	9,199			9,199
Net income	34,841				34,841
Other comprehensive income	9,563					9,563
Ordinary shares, ending balance (in shares) at Jun. 30, 2022		174,924,000
Treasury shares, ending balance (in shares) at Jun. 30, 2022			(19,269,000)
Ending balance at Jun. 30, 2022	$ 3,023,584	$ 2,239	$ (978,595)	1,841,925	2,164,734	(6,719)
Ordinary shares, beginning balance (in shares) at Dec. 31, 2022	175,207,000	175,207,000
Treasury shares, beginning balance (in shares) at Dec. 31, 2022	(22,781,000)		(22,781,000)
Beginning balance at Dec. 31, 2022	$ 3,110,807	$ 2,242	$ (1,124,713)	1,866,201	2,383,341	(16,264)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of ordinary shares (in shares)			0
Ordinary shares, ending balance (in shares) at Mar. 31, 2023		175,298,000
Treasury shares, ending balance (in shares) at Mar. 31, 2023			(22,781,000)
Ending balance at Mar. 31, 2023	$ 3,193,492	$ 2,243	$ (1,124,713)	1,876,168	2,452,858	(13,064)
Ordinary shares, beginning balance (in shares) at Dec. 31, 2022	175,207,000	175,207,000
Treasury shares, beginning balance (in shares) at Dec. 31, 2022	(22,781,000)		(22,781,000)
Beginning balance at Dec. 31, 2022	$ 3,110,807	$ 2,242	$ (1,124,713)	1,866,201	2,383,341	(16,264)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Surrender of shares for tax withholding (in shares)			(233,000)
Surrender of shares for tax withholding	(11,470)		$ (11,470)
Stock options exercised (in shares)		158,000
Stock options exercised	5,428	$ 2		5,426
Vesting of restricted securities (in shares)		661,000
Vesting of restricted securities	0	$ 7			(7)
Cash dividends paid	(35,113)				(35,113)
Repurchase of ordinary shares (in shares)			(590,000)
Repurchase of ordinary shares	(25,125)		$ (25,125)
Retirement of ordinary shares (in shares)		(233,000)	(233,000)
Retirement of ordinary shares	0	$ (2)	$ 11,470		(11,468)
Share-based compensation	17,607			17,607
Net income	135,528				135,528
Other comprehensive income	$ 12,110					12,110
Ordinary shares, ending balance (in shares) at Jun. 30, 2023	175,793,000	175,793,000
Treasury shares, ending balance (in shares) at Jun. 30, 2023	(23,371,000)		(23,371,000)
Ending balance at Jun. 30, 2023	$ 3,209,772	$ 2,249	$ (1,149,838)	1,889,234	2,472,281	(4,154)
Ordinary shares, beginning balance (in shares) at Mar. 31, 2023		175,298,000
Treasury shares, beginning balance (in shares) at Mar. 31, 2023			(22,781,000)
Beginning balance at Mar. 31, 2023	3,193,492	$ 2,243	$ (1,124,713)	1,876,168	2,452,858	(13,064)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Surrender of shares for tax withholding (in shares)			(231,000)
Surrender of shares for tax withholding	(11,347)		$ (11,347)
Stock options exercised (in shares)		76,000
Stock options exercised	2,666	$ 1		2,665
Vesting of restricted securities (in shares)		650,000
Vesting of restricted securities	0	$ 7			(7)
Cash dividends paid	(18,336)				(18,336)
Repurchase of ordinary shares (in shares)			(590,000)
Repurchase of ordinary shares	(25,125)		$ (25,125)
Retirement of ordinary shares (in shares)		(231,000)	(231,000)
Retirement of ordinary shares	0	$ (2)	$ 11,347		(11,345)
Share-based compensation	10,401			10,401
Net income	49,111				49,111
Other comprehensive income	$ 8,910					8,910
Ordinary shares, ending balance (in shares) at Jun. 30, 2023	175,793,000	175,793,000
Treasury shares, ending balance (in shares) at Jun. 30, 2023	(23,371,000)		(23,371,000)
Ending balance at Jun. 30, 2023	$ 3,209,772	$ 2,249	$ (1,149,838)	$ 1,889,234	$ 2,472,281	$ (4,154)

v3.23.2

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
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 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 interim 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, 2022, filed with the U.S. Securities and Exchange Commission (the "SEC") on February 13, 2023 (the "2022 Annual Report"). All U.S. dollar ("USD") and share amounts presented, except per share amounts, are stated in thousands, unless otherwise indicated.

v3.23.2

New Accounting Standards	6 Months Ended
	Jun. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting StandardsThere 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.

v3.23.2

Revenue Recognition	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following tables present net revenue disaggregated by segment and end market for the three and six months ended June 30, 2023 and 2022 for our two reportable segments, Performance Sensing ("PS") and Sensing Solutions ("SS"): For the three months ended June 30, 2023 For the three months ended June 30, 2022 (3) PS SS Total PS SS Total Automotive $ 530,268  $ 9,550  $ 539,818  $ 506,232  $ 9,932  $ 516,164  HVOR (1) 227,176  —  227,176  225,413  —  225,413  Industrial —  185,202  185,202  —  137,331  137,331  Appliance and HVAC (2) —  50,952  50,952  —  57,675  57,675  Aerospace —  46,832  46,832  —  38,558  38,558  Other —  12,132  12,132  —  45,407  45,407  Total $ 757,444  $ 304,668  $ 1,062,112  $ 731,645  $ 288,903  $ 1,020,548  For the six months ended June 30, 2023 (3) For the six months ended June 30, 2022 (3) PS SS Total PS SS Total Automotive $ 1,047,152  $ 17,684  $ 1,064,836  $ 1,008,594  $ 19,217  $ 1,027,811  HVOR (1) 448,560  —  448,560  425,746  —  425,746  Industrial —  333,714  333,714  —  266,952  266,952  Appliance and HVAC (2) —  98,426  98,426  —  116,500  116,500  Aerospace —  91,158  91,158  —  71,828  71,828  Other —  23,593  23,593  —  87,481  87,481  Total $ 1,495,712  $ 564,575  $ 2,060,287  $ 1,434,340  $ 561,978  $ 1,996,318  ___________________________________ (1)    Heavy vehicle and off-road (2)    Heating, ventilation and air conditioning (3)    Effective April 1, 2023, we moved our material handling products from the HVOR operating segment (in the Performance Sensing reportable segment) to the Sensing Solutions operating segment to align with new management reporting. The amounts previously reported in the tables above for the three and six months ended June 30, 2022 have been retrospectively recast to reflect this change. In addition, the six months ended June 30, 2023 includes amounts for the three months ended March 31, 2023 that have been retrospectively adjusted for this change.

v3.23.2

Share-Based Payment Plans	6 Months Ended
	Jun. 30, 2023
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 and six months ended June 30, 2023 and 2022:   For the three months ended For the six months ended   June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Stock options $ (205) $ 2  $ (86) $ 309  Restricted securities 10,606  9,197  17,693  15,430  Share-based compensation expense $ 10,401  $ 9,199  $ 17,607  $ 15,739  Equity Awards We granted the following restricted stock units ("RSUs" and each, an "RSU") and performance-based restricted stock units ("PRSUs" and each, a "PRSU") under the Sensata Technologies Holding plc 2021 Equity Incentive Plan during the six months ended June 30, 2023: Awards Granted To: Type of Award Number of Units Granted (in thousands) Weighted Average Grant Date Fair Value Directors RSU (1) 33  $ 40.95  Various executives and employees RSU (2) 547  $ 49.57  Various executives and employees PRSU (3) 241  $ 49.53  Various executives and employees PRSU (4) 102  $ 55.50  ____________________________________ (1)    These RSUs cliff vest one year from the grant date (May and June 2024). (2)    These RSUs vest ratably over three years, one-third per year beginning on the first anniversary of the grant date. These RSUs will fully vest on various dates between January 2026 and June 2026. (3)    These PRSUs vest on various dates between April 2026 and June 2026. The number of units that ultimately vest will be between 0% and 150% and is dependent on the achievement of certain performance criteria. (4)    These awards include certain PRSUs with market performance conditions that will be evaluated relative to the performance of certain peers as defined in the award agreement. The number of units that ultimately vest (in April 2026) will be from 0% to 150%, depending on achievement of these performance criteria. Total grant date value of these PRSUs is approximately $5.6 million and was valued using the Monte Carlo method. Related share-based compensation expense recognized in the three and six months ended June 30, 2023 was $0.6 million.

v3.23.2

Restructuring and Other Charges, Net	6 Months Ended
	Jun. 30, 2023
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 and six months ended June 30, 2023 and 2022: For the three months ended For the six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Severance costs, net (1) $ 4,749  $ —  $ 8,962  $ 587  Facility and other exit costs 310  1,241  535  2,289  Gain on sale of business —  —  (5,877) —  Acquisition-related compensation arrangements (2) 3,330  12,834  10,602  31,089  Other (1)(2)(3) 12,870  (1,178) 13,036  (7,335) Restructuring and other charges, net $ 21,259  $ 12,897  $ 27,258  $ 26,630  ___________________________________ (1)    The three and six months ended June 30, 2023 include certain costs to exit the marine energy storage business (the "Marine Business") of Spear Power Systems (“Spear”) as discussed below. (2)    We have reclassified acquisition-related compensation arrangements for the three and six months ended June 30, 2022 from the "other" caption within restructuring and other charges, net, to correspond to current period presentation. (3)    The six months ended June 30, 2022 primarily includes gains related to changes in the fair value of acquisition-related contingent consideration amounts. On June 6, 2023, we announced that we had made the decision to exit the Marine Business, which was included in the Sensing Solutions reportable segment. Exiting the Marine Business resulted in a charge of $38.3 million in the three and six months ended June 30, 2023. The charge included $13.5 million of accelerated amortization of definite-lived intangible assets, presented in amortization of intangible assets, and a $10.5 million write-down of inventory, presented in cost of revenue. In addition, certain of these charges are presented in restructuring and other charges, net, including $1.2 million of severance costs, $1.7 million related to the write-down of property, plant, and equipment, $2.3 million related to the write-down of accounts receivables, and $9.1 million of other charges, including contract termination costs. The following table presents a rollforward of our severance liability for the six months ended June 30, 2023: Severance Balance as of December 31, 2022 $ 8,617  Charges, net of reversals 8,962  Payments (12,344) Foreign currency remeasurement 166  Balance as of June 30, 2023 $ 5,401  The severance liability as of June 30, 2023 and December 31, 2022 was entirely recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets.

v3.23.2

Other, Net	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
Other, Net	Other, Net The following table presents the components of other, net for the three and six months ended June 30, 2023 and 2022:   For the three months ended For the six months ended   June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Currency remeasurement loss on net monetary assets $ (9,307) $ (14,090) $ (10,566) $ (14,157) Gain on foreign currency forward contracts 4,423  3,165  4,607  1,922  Loss on commodity forward contracts (6,269) (18,254) (4,370) (8,830) Loss on debt financing (372) —  (857) —  Mark-to-market loss on equity investments, net (302) (11,821) (302) (71,100) Net periodic benefit cost, excluding service cost (810) (639) (1,781) (1,394) Other 1,713  2,399  3,737  3,863  Other, net $ (10,924) $ (39,240) $ (9,532) $ (89,696)

v3.23.2

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table presents the provision for income taxes for the three and six months ended June 30, 2023 and 2022:   For the three months ended For the six months ended   June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Provision for income taxes $ 19,873  $ 20,020  $ 43,599  $ 27,608  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, and (c) changes in withholding taxes on unremitted earnings. Other items impacting deferred tax expense include changes in tax rates and changes in our assessment of the realizability of our deferred tax assets. We recorded a partial valuation allowance against certain interest carryforwards in the U.S. at both December 31, 2022 and December 31, 2021. We are continually evaluating both the positive and negative evidence for this partial valuation allowance. We believe that there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to allow us to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of this deferred tax asset and a decrease to income tax expense for the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability and future utilization of this attribute that we are able to actually achieve.

v3.23.2

Net Income per Share	6 Months Ended
	Jun. 30, 2023
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 and six months ended June 30, 2023 and 2022 the weighted-average ordinary shares outstanding used to calculate basic and diluted net income per share were as follows:   For the three months ended For the six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Basic weighted-average ordinary shares outstanding 152,700  156,477  152,609  156,950  Dilutive effect of stock options 55  190  103  331  Dilutive effect of unvested restricted securities 309  327  482  531  Diluted weighted-average ordinary shares outstanding 153,064  156,994  153,194  157,812  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 For the six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Anti-dilutive shares excluded 1,625  1,426  1,003  715  Contingently issuable shares excluded 1,366  1,383  1,317  1,192

v3.23.2

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories The following table presents the components of inventories as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Finished goods $ 223,295  $ 202,531  Work-in-process 109,297  117,691  Raw materials 327,490  324,653  Inventories $ 660,082  $ 644,875

v3.23.2

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table presents the components of long-term debt, finance lease and other financing obligations as of June 30, 2023 and December 31, 2022: Maturity Date June 30, 2023 December 31, 2022 Term Loan (1) September 20, 2026 $ —  $ 446,834  5.625% Senior Notes November 1, 2024 400,000  400,000  5.0% Senior Notes October 1, 2025 700,000  700,000  4.375% Senior Notes February 15, 2030 450,000  450,000  3.75% Senior Notes February 15, 2031 750,000  750,000  4.0% Senior Notes April 15, 2029 1,000,000  1,000,000  5.875% Senior Notes September 1, 2030 500,000  500,000  Less: debt discount, net of premium (2,355) (3,360) Less: deferred financing costs (27,138) (29,916) Less: current portion —  (254,630) Long-term debt, net $ 3,770,507  $ 3,958,928  Finance lease and other financing obligations $ 25,580  $ 26,583  Less: current portion (1,809) (1,841) Finance lease and other financing obligations, less current portion $ 23,771  $ 24,742  ___________________________________ (1)    On February 6, 2023, we prepaid $250.0 million of outstanding principal on our Term Loan balance. Accordingly, that portion of the principal balance outstanding on the Term Loan as of December 31, 2022 was presented as current portion of long-term debt. On May 3, 2023, we prepaid $196.8 million of outstanding principal on the Term Loan, representing the remaining balance on the Term Loan as of that date plus $0.5 million in interest. Our debt consists of secured credit facilities and various tranches of senior unsecured notes. Refer to Note 14: Debt of the audited consolidated financial statements and notes thereto included in the 2022 Annual Report for additional information regarding our existing indebtedness. As of June 30, 2023, we had $746.1 million available under our $750.0 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 June 30, 2023, no amounts had been drawn against these outstanding letters of credit. 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 June 30, 2023 and December 31, 2022, accrued interest totaled $48.9 million and $50.1 million, respectively.

v3.23.2

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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.

v3.23.2

Shareholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Cash Dividends In the three and six months ended June 30, 2023, we paid aggregate cash dividends of $18.3 million and $35.1 million, respectively, compared to $17.2 million in each of the three and six months ended June 30, 2022. On July 20, 2023, we announced that our Board of Directors approved a quarterly dividend of $0.12 per share, payable on August 23, 2023 to shareholders of record as of August 9, 2023. 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, our Board of Directors authorized a $500.0 million ordinary share repurchase program (the “January 2022 Program”), which replaced the previous $500.0 million program approved in July 2019. In the three and six months ended June 30, 2023, we repurchased 0.6 million ordinary shares (for an aggregate value of $25.1 million). We did not repurchase any ordinary shares under this program in the three months ended March 31, 2023. In the three and six months ended June 30, 2022, we repurchased 1.7 million ordinary shares (for an aggregate value of $78.9 million) and 2.8 million ordinary shares (for an aggregate value of $146.2 million), respectively. All share repurchases in these periods were made under the January 2022 Program. As of June 30, 2023, $199.4 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 six months ended June 30, 2023: Cash Flow Hedges Defined Benefit and Retiree Healthcare Plans Accumulated Other Comprehensive Loss Balance as of December 31, 2022 $ 15,665  $ (31,929) $ (16,264) Other comprehensive income before reclassifications, net of tax 24,206  —  24,206  Reclassifications from accumulated other comprehensive loss, net of tax (12,713) 617  (12,096) Other comprehensive income 11,493  617  12,110  Balance as of June 30, 2023 $ 27,158  $ (31,312) $ (4,154) The following table presents the amounts reclassified from accumulated other comprehensive loss for the three and six months ended June 30, 2023 and 2022: For the three months ended June 30, For the six months ended June 30, Affected Line in Condensed Consolidated Statements of Operations Component 2023 2022 2023 2022 Derivative instruments designated and qualifying as cash flow hedges: Foreign currency forward contracts $ (4,394) $ (9,476) $ (11,033) $ (13,740) Net revenue (1) Foreign currency forward contracts (4,403) (2,603) (6,100) (5,232) Cost of revenue (1) Total, before taxes (8,797) (12,079) (17,133) (18,972) Income before taxes Income tax effect 2,269  3,116  4,420  4,894  Provision for income taxes Total, net of taxes $ (6,528) $ (8,963) $ (12,713) $ (14,078) Net income Defined benefit and retiree healthcare plans $ 311  $ 519  $ 848  $ 1,130  Other, net Income tax effect (87) (139) (231) (322) Provision for income taxes Total, net of taxes $ 224  $ 380  $ 617  $ 808  Net income ___________________________________ (1)    Refer to Note 14: Derivative Instruments and Hedging Activities for additional information regarding amounts to be reclassified from accumulated other comprehensive loss in future periods.

v3.23.2

Fair Value Measures	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 are shown in the below table.   June 30, 2023 December 31, 2022 Assets Cash equivalents (Level 1) $ 380,130  $ 860,034  Foreign currency forward contracts (Level 2) 43,046  31,126  Commodity forward contracts (Level 2) 2,011  4,181  Total $ 425,187  $ 895,341  Liabilities Foreign currency forward contracts (Level 2) $ 8,162  $ 9,866  Commodity forward contracts (Level 2) 5,260  4,671  Total $ 13,422  $ 14,537  Refer to Note 14: Derivative Instruments and Hedging Activities for additional information regarding our forward contracts. Cash equivalents consist of U.S. Government Treasury money market funds and are classified as Level 1 as they are exchange traded in an active market. Measured on a Nonrecurring Basis We evaluated our goodwill and other indefinite-lived intangible assets for impairment as of October 1, 2022 and determined that they were not impaired. In the three months ended June 30, 2023, we exited the Marine Business, as discussed further in Note 5: Restructuring and Other Charges, Net. We considered the exit of the Marine Business and determined that goodwill related to the Clean Energy Solutions reporting unit was not impaired as of the date of the exit. No other events or changes in circumstances occurred in the six months ended June 30, 2023 that would have triggered the need for an additional impairment review of our goodwill and other indefinite-lived intangible 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 June 30, 2023 and December 31, 2022. All fair value measures presented are categorized in Level 2 of the fair value hierarchy.   June 30, 2023 December 31, 2022   Carrying Value(1) Fair Value Carrying Value(1) Fair Value Liabilities Term Loan $ —  $ —  $ 446,834  $ 443,483  5.625% Senior Notes $ 400,000  $ 396,000  $ 400,000  $ 398,000  5.0% Senior Notes $ 700,000  $ 679,910  $ 700,000  $ 684,250  4.375% Senior Notes $ 450,000  $ 400,500  $ 450,000  $ 400,500  3.75% Senior Notes $ 750,000  $ 635,625  $ 750,000  $ 626,250  4.0% Senior Notes $ 1,000,000  $ 882,500  $ 1,000,000  $ 875,000  5.875% Senior Notes $ 500,000  $ 481,250  $ 500,000  $ 473,750  ___________________________________ (1)    Excluding any related debt discounts, premiums, 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 Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 321, Investments—Equity Securities. As of June 30, 2023 and December 31, 2022, we held equity investments under the measurement alternative of $18.3 million and $15.0 million, respectively, which are presented in other assets in the condensed consolidated balance sheets. There were no impairments or changes resulting from observable transactions for these investments in the three and six months ended June 30, 2023 and 2022 and no adjustments have been made to their carrying values as of June 30, 2023 and December 31, 2022.

v3.23.2

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2023
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 and six months ended June 30, 2023 and 2022, 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 June 30, 2023, we estimated that $30.1 million of net gains will be reclassified from accumulated other comprehensive loss to earnings during the twelve-month period ending June 30, 2024. As of June 30, 2023, 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) 11.0 EUR June 21, 2023 July 31, 2023 Euro ("EUR") to USD 1.09 USD Not designated 375.0 EUR Various from July 2021 to June 2023 Various from July 2023 to June 2025 EUR to USD 1.09 USD Cash flow hedge 770.0 CNY June 21, 2023 July 31, 2023 USD to Chinese Renminbi ("CNY") 7.16 CNY Not designated 300.0 CNY Various in January 2023 Various from July 2023 to September 2023 USD to CNY 6.74 CNY Cash flow hedge 436.0 JPY June 21, 2023 July 31, 2023 USD to Japanese Yen ("JPY") 141.47 JPY Not designated 26,312.5 KRW Various from August 2021 to June 2023 Various from July 2023 to May 2025 USD to Korean Won ("KRW") 1,273.23 KRW Cash flow hedge 25.0 MYR June 21, 2023 July 31, 2023 USD to Malaysian Ringgit ("MYR") 4.63 MYR Not designated 4,318.3 MXN Various from July 2021 to June 2023 Various from July 2023 to June 2025 USD to Mexican Peso ("MXN") 20.78 MXN Cash flow hedge 5.2 GBP June 21, 2023 July 31, 2023 British Pound Sterling ("GBP") to USD 1.27 USD Not designated 58.6 GBP Various from July 2021 to June 2023 Various from July 2023 to June 2025 GBP to USD 1.23 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 June 30, 2023, 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 862,162 troy oz. July 2023 to May 2025 $23.31 Gold 7,169 troy oz. July 2023 to May 2025 $1,932.48 Nickel 200,265 pounds July 2023 to May 2025 $11.47 Aluminum 3,902,120 pounds July 2023 to May 2025 $1.19 Copper 7,730,119 pounds July 2023 to May 2025 $3.98 Platinum 9,047 troy oz. July 2023 to May 2025 $982.97 Palladium 1,221 troy oz. July 2023 to May 2025 $1,944.38 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 June 30, 2023 and December 31, 2022:   Asset Derivatives Liability Derivatives   Balance Sheet Location June 30, 2023 December 31, 2022 Balance Sheet Location June 30, 2023 December 31, 2022 Derivatives designated as hedging instruments Foreign currency forward contracts Prepaid expenses and other current assets $ 35,280  $ 27,114  Accrued expenses and other current liabilities $ 6,184  $ 6,586  Foreign currency forward contracts Other assets 6,357  3,763  Other long-term liabilities 1,908  3,280  Total $ 41,637  $ 30,877  $ 8,092  $ 9,866  Derivatives not designated as hedging instruments Commodity forward contracts Prepaid expenses and other current assets $ 1,584  $ 2,542  Accrued expenses and other current liabilities $ 4,120  $ 4,066  Commodity forward contracts Other assets 427  1,639  Other long-term liabilities 1,140  605  Foreign currency forward contracts Prepaid expenses and other current assets 1,409  249  Accrued expenses and other current liabilities 70  —  Total $ 3,420  $ 4,430  $ 5,330  $ 4,671  These fair value measurements were 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 income for the three months ended June 30, 2023 and 2022: Derivatives designated as hedging instruments Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive 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 2023 2022 2023 2022 Foreign currency forward contracts $ 4,872  $ 28,192  Net revenue $ 4,394  $ 9,476  Foreign currency forward contracts $ 15,631  $ (3,765) Cost of revenue $ 4,403  $ 2,603  Derivatives not designated as hedging instruments Amount of (Loss)/Gain Recognized in Net Income Location of (Loss)/Gain Recognized in Net Income 2023 2022 Commodity forward contracts $ (6,269) $ (18,254) Other, net Foreign currency forward contracts $ 4,423  $ 3,165  Other, net 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 income for the six months ended June 30, 2023 and 2022: Derivatives designated as hedging instruments Amount of Deferred Gain Recognized in Other Comprehensive 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 2023 2022 2023 2022 Foreign currency forward contracts $ 1,284  $ 33,778  Net revenue $ 11,033  $ 13,740  Foreign currency forward contracts $ 31,339  $ 1,380  Cost of revenue $ 6,100  $ 5,232  Derivatives not designated as hedging instruments Amount of (Loss)/Gain Recognized in Net Income Location of (Loss)/Gain Recognized in Net Income 2023 2022 Commodity forward contracts $ (4,370) $ (8,830) Other, net Foreign currency forward contracts $ 4,607  $ 1,922  Other, net Credit Risk Related Contingent Features We have agreements with 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 June 30, 2023, the termination value of outstanding derivatives in a liability position, excluding any adjustment for non-performance risk, was $13.6 million. As of June 30, 2023, we had not posted any cash collateral related to these agreements. If we breach any of the default provisions on any of our indebtedness as described above, we could be required to settle our obligations under the derivative agreements at their termination values.

v3.23.2

Acquisitions and Divestitures	6 Months Ended
	Jun. 30, 2023
Business Acquisitions and Divestitures [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions Elastic M2M On February 11, 2022, we acquired all of the equity interests of Elastic M2M Inc. ("Elastic M2M") for an aggregate cash purchase price of $51.6 million, subject to certain post-closing items. In addition to the aggregate cash purchase price, the previous shareholders of Elastic M2M are entitled to up to $30.0 million of additional acquisition-related incentive compensation, which was pending the completion of certain technical milestones in fiscal year 2022 and achievement of financial targets in fiscal years 2022 and 2023. All technical milestones were completed in fiscal year 2022. As of December 31, 2022, we had recognized $24.7 million of this acquisition-related incentive compensation. In the three and six months ended June 30, 2023, we recognized an additional $0.2 million and $3.5 million, respectively, of this acquisition-related incentive compensation. This acquisition-related incentive compensation is recorded in restructuring and other charges, net. Elastic M2M is an innovator of connected intelligence for operational assets across heavy-duty transport, warehouse, supply chain and logistics, industrial, light-duty passenger car, and a variety of other industry segments. Elastic M2M primarily serves telematics service providers and resellers, enabling them to leverage Elastic M2M’s cloud platform and analytics capabilities to deliver sensor-based operational insights to their end users. This acquisition augments our cloud capabilities critical to delivering actionable sensor-based insights, an increasingly important capability in this fast-growing industry segment. We are integrating Elastic M2M into the Performance Sensing reportable segment. The allocation of the purchase price related to this acquisition was finalized in the three months ended March 31, 2023. The following table summarizes the final allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed: Net working capital, excluding cash $ 35  Goodwill 28,211  Other intangible assets 27,700  Deferred income tax liabilities (5,925) Fair value of net assets acquired, excluding cash and cash equivalents 50,021  Cash and cash equivalents 1,597  Fair value of net assets acquired $ 51,618  The goodwill recognized as a result of this acquisition represents future economic benefits expected to arise from synergies from combining operations and the extension of existing customer relationships. The goodwill recognized in this acquisition will not be deductible for tax purposes. In connection with the allocation of purchase price to the assets acquired and liabilities assumed, we identified certain definite-lived intangible assets. The following table presents the acquired intangible assets, their estimated fair values, and weighted-average lives: Acquisition Date Fair Value Weighted-Average Lives (years) Acquired definite-lived intangible assets Customer relationships $ 17,500  13 Completed technologies 10,200  10 Total definite-lived intangible assets acquired $ 27,700  12 The definite-lived intangible assets were valued using the income approach. We primarily used the relief-from-royalty method to value completed technologies, and we used the multi-period excess earnings method to value customer relationships. These valuation methods incorporate assumptions including expected discounted future net cash flows resulting from either the future estimated after-tax royalty payments avoided as a result of owning the completed technologies or the future earnings related to existing customer relationships. Dynapower On July 12, 2022, we completed the acquisition of all of the outstanding equity interests of DP Acquisition Corp ("Dynapower"), a leader in power conversion systems including 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, for an aggregate cash purchase price of $577.5 million, subject to certain post-closing items. Dynapower also provides aftermarket sales and service to maintain its equipment in the field. Dynapower is a foundational addition to our Clean Energy Solutions strategy and complements our recent acquisitions of GIGAVAC, Lithium Balance, and Spear. We are integrating Dynapower into our Sensing Solutions reportable segment. We recorded measurement period adjustments in the three months ended June 30, 2023 that predominantly reflected an updated valuation of definite-lived intangible assets. Accordingly, definite-lived intangible assets increased $57.2 million (primarily customer relationships). Along with other adjustments, including the associated deferred income tax liability on acquired intangibles, goodwill decreased $41.0 million. The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed: Net working capital, excluding cash $ 12,514  Property, plant and equipment 1,846  Goodwill 377,267  Other intangible assets 221,600  Other assets 1,656  Deferred income tax liabilities (40,785) Other long-term liabilities (1,035) Fair value of net assets acquired, excluding cash and cash equivalents 573,063  Cash and cash equivalents 4,410  Fair value of net assets acquired $ 577,473  The allocation of purchase price of Dynapower is preliminary and is based on management’s judgments after evaluating several factors, including preliminary valuation assessments of intangible assets. The final allocation of the purchase price to the assets acquired will be completed when the final valuations are completed. The preliminary goodwill recognized as a result of this acquisition represents future economic benefits expected to arise from synergies from combining operations and the extension of existing customer relationships. The goodwill recognized in this acquisition will not be deductible for tax purposes. In connection with the preliminary allocation of purchase price to the assets acquired and liabilities assumed, we identified certain definite-lived intangible assets. The following table presents the acquired intangible assets, their estimated fair values, and weighted-average lives: Acquisition Date Fair Value Weighted-Average Lives (years) Acquired definite-lived intangible assets Customer relationships $ 79,800  16 Backlog 15,500  3 Completed technologies 92,100  15 Tradenames 34,200  18 Total definite-lived intangible assets acquired $ 221,600  15 The definite-lived intangible assets were valued using the income approach. We primarily used the relief-from-royalty method to value completed technologies and tradenames, and we used the multi-period excess earnings method to value customer relationships. These valuation methods incorporate assumptions including expected discounted future net cash flows resulting from either the future estimated after-tax royalty payments avoided as a result of owning the completed technologies or the future earnings related to existing customer relationships. Divestiture - Qinex Business On May 27, 2022, we executed an asset purchase agreement (the "APA") whereby we agreed to sell various assets and liabilities comprising our semiconductor test and thermal business (collectively, the "Qinex Business") to LTI Holdings, Inc. ("LTI") in exchange for consideration of approximately $219.0 million, subject to working capital and other adjustments. Concurrent with the execution of the APA, the parties entered into a Contract Manufacturing Agreement ("CMA") and a Transition Services Agreement ("TSA"), each for nominal consideration. The CMA commenced at closing of the transaction ("Closing") and had a term of either six or nine months, depending on the manufacturing site. LTI also had the option of extending each contract for an additional three months. The period from Closing to the end of the CMA term (including extensions, if any) is referred to as the "Transition Period." The terms of the CMA required that we provide manufacturing and distribution services for the Transition Period. The TSA commenced at Closing and had a term that varied depending on the nature of the support services, ranging from one month to the entirety of the Transition Period. The terms of the TSA required that we provide various forms of commercial, operational, and back-office support to LTI. The Transition Period ended in the three months ended March 31, 2023. Closing occurred in July 2022, at which time assets of approximately $70 million (including allocated goodwill of $45 million) and liabilities of approximately $2 million transferred to LTI. Transferred assets and liabilities excluded inventories and accounts payable, which transferred to LTI at the end of the Transition Period. We received cash consideration of $198.8 million at Closing and recognized a pre-tax gain of $135.1 million in the three months ended September 30, 2022. Cash consideration received at Closing excluded amounts held in escrow until various milestones were met through the Transition Period. In the three months ended June 30, 2023, we received an escrow payment of $15.0 million, which includes $10.0 million (presented in cash flows from operating activities) related to the transfer of inventory. Approximately $4.0 million remains in escrow as of June 30, 2023. The Qinex Business manufactured semiconductor burn-in test sockets and thermal control solutions and was formed through the combination of Sensata’s semiconductor interconnect business with Wells-CTI in 2012. The Qinex Business was included in our Sensing Solutions segment (and Industrial Solutions reporting unit). We allocated goodwill to the Qinex Business based on its fair value relative to the total fair value of the Industrial Solutions reporting unit.

v3.23.2

Segment Reporting	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment ReportingWe present financial information for two reportable segments, Performance Sensing and Sensing Solutions. The Performance Sensing reportable segment consists of two operating segments, Automotive and HVOR, which meet the criteria for aggregation in FASB ASC Topic 280, Segment Reporting. The Sensing Solutions reportable segment is also an operating segment. Effective April 1, 2023, we moved our material handling products from the HVOR operating segment (in the Performance Sensing reportable segment) to the Sensing Solutions operating segment to align with new management reporting. This product move resulted in a reallocation of $57.1 million of goodwill from the HVOR reporting unit to the Industrial Solutions reporting unit based on its fair value relative to the total fair value of the HVOR reporting unit. 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, certain costs associated with our strategic megatrend initiatives, and certain corporate costs or credits not associated with the operations of the segment, including share-based compensation expense and a portion of depreciation expense associated with assets recognized in connection with acquisitions. Corporate and other expenses excluded from an operating (and reportable) 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 operating and reportable segments are materially consistent with those described in Note 2: Significant Accounting Policies of the audited consolidated financial statements and notes thereto included in our 2022 Annual Report. The following table presents net revenue and segment operating income for our reportable segments and other operating results not allocated to our reportable segments for the three and six months ended June 30, 2023 and 2022. The amounts previously reported in the table below for the three and six months ended June 30, 2022 have been retrospectively recast to reflect the move of the material handling products between operating segments as described above. In addition, the six months ended June 30, 2023 includes amounts for the three months ended March 31, 2023 that have been retrospectively adjusted for this change.   For the three months ended For the six months ended   June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net revenue: Performance Sensing $ 757,444  $ 731,645  $ 1,495,712  $ 1,434,340  Sensing Solutions 304,668  288,903  564,575  561,978  Total net revenue $ 1,062,112  $ 1,020,548  $ 2,060,287  $ 1,996,318  Segment operating income (as defined above): Performance Sensing $ 191,147  $ 179,293  $ 373,887  $ 353,507  Sensing Solutions 84,152  85,714  159,468  164,653  Total segment operating income 275,299  265,007  533,355  518,160  Corporate and other (81,464) (76,362) (143,905) (152,485) Amortization of intangible assets (54,563) (36,805) (95,337) (74,172) Restructuring and other charges, net (21,259) (12,897) (27,258) (26,630) Operating income 118,013  138,943  266,855  264,873  Interest expense, net (38,105) (44,842) (78,196) (90,287) Other, net (10,924) (39,240) (9,532) (89,696) Income before taxes $ 68,984  $ 54,861  $ 179,127  $ 84,890

v3.23.2

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [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 interim 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, 2022, filed with the U.S. Securities and Exchange Commission (the "SEC") on February 13, 2023 (the "2022 Annual Report").All U.S. dollar ("USD") and share amounts presented, except per share amounts, are stated in thousands, unless otherwise indicated.

v3.23.2

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables present net revenue disaggregated by segment and end market for the three and six months ended June 30, 2023 and 2022 for our two reportable segments, Performance Sensing ("PS") and Sensing Solutions ("SS"): For the three months ended June 30, 2023 For the three months ended June 30, 2022 (3) PS SS Total PS SS Total Automotive $ 530,268  $ 9,550  $ 539,818  $ 506,232  $ 9,932  $ 516,164  HVOR (1) 227,176  —  227,176  225,413  —  225,413  Industrial —  185,202  185,202  —  137,331  137,331  Appliance and HVAC (2) —  50,952  50,952  —  57,675  57,675  Aerospace —  46,832  46,832  —  38,558  38,558  Other —  12,132  12,132  —  45,407  45,407  Total $ 757,444  $ 304,668  $ 1,062,112  $ 731,645  $ 288,903  $ 1,020,548  For the six months ended June 30, 2023 (3) For the six months ended June 30, 2022 (3) PS SS Total PS SS Total Automotive $ 1,047,152  $ 17,684  $ 1,064,836  $ 1,008,594  $ 19,217  $ 1,027,811  HVOR (1) 448,560  —  448,560  425,746  —  425,746  Industrial —  333,714  333,714  —  266,952  266,952  Appliance and HVAC (2) —  98,426  98,426  —  116,500  116,500  Aerospace —  91,158  91,158  —  71,828  71,828  Other —  23,593  23,593  —  87,481  87,481  Total $ 1,495,712  $ 564,575  $ 2,060,287  $ 1,434,340  $ 561,978  $ 1,996,318  ___________________________________ (1)    Heavy vehicle and off-road (2)    Heating, ventilation and air conditioning (3)    Effective April 1, 2023, we moved our material handling products from the HVOR operating segment (in the Performance Sensing reportable segment) to the Sensing Solutions operating segment to align with new management reporting. The amounts previously reported in the tables above for the three and six months ended June 30, 2022 have been retrospectively recast to reflect this change. In addition, the six months ended June 30, 2023 includes amounts for the three months ended March 31, 2023 that have been retrospectively adjusted for this change.

v3.23.2

Share-Based Payment Plans (Tables)	6 Months Ended
	Jun. 30, 2023
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 and six months ended June 30, 2023 and 2022:   For the three months ended For the six months ended   June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Stock options $ (205) $ 2  $ (86) $ 309  Restricted securities 10,606  9,197  17,693  15,430  Share-based compensation expense $ 10,401  $ 9,199  $ 17,607  $ 15,739
Schedule of Equity Awards	We granted the following restricted stock units ("RSUs" and each, an "RSU") and performance-based restricted stock units ("PRSUs" and each, a "PRSU") under the Sensata Technologies Holding plc 2021 Equity Incentive Plan during the six months ended June 30, 2023: Awards Granted To: Type of Award Number of Units Granted (in thousands) Weighted Average Grant Date Fair Value Directors RSU (1) 33  $ 40.95  Various executives and employees RSU (2) 547  $ 49.57  Various executives and employees PRSU (3) 241  $ 49.53  Various executives and employees PRSU (4) 102  $ 55.50  ____________________________________ (1)    These RSUs cliff vest one year from the grant date (May and June 2024). (2)    These RSUs vest ratably over three years, one-third per year beginning on the first anniversary of the grant date. These RSUs will fully vest on various dates between January 2026 and June 2026. (3)    These PRSUs vest on various dates between April 2026 and June 2026. The number of units that ultimately vest will be between 0% and 150% and is dependent on the achievement of certain performance criteria. (4)    These awards include certain PRSUs with market performance conditions that will be evaluated relative to the performance of certain peers as defined in the award agreement. The number of units that ultimately vest (in April 2026) will be from 0% to 150%, depending on achievement of these performance criteria. Total grant date value of these PRSUs is approximately $5.6 million and was valued using the Monte Carlo method. Related share-based compensation expense recognized in the three and six months ended June 30, 2023 was $0.6 million.

v3.23.2

Restructuring and Other Charges, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Other Charges, Net	The following table presents the components of restructuring and other charges, net for the three and six months ended June 30, 2023 and 2022: For the three months ended For the six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Severance costs, net (1) $ 4,749  $ —  $ 8,962  $ 587  Facility and other exit costs 310  1,241  535  2,289  Gain on sale of business —  —  (5,877) —  Acquisition-related compensation arrangements (2) 3,330  12,834  10,602  31,089  Other (1)(2)(3) 12,870  (1,178) 13,036  (7,335) Restructuring and other charges, net $ 21,259  $ 12,897  $ 27,258  $ 26,630  ___________________________________ (1)    The three and six months ended June 30, 2023 include certain costs to exit the marine energy storage business (the "Marine Business") of Spear Power Systems (“Spear”) as discussed below. (2)    We have reclassified acquisition-related compensation arrangements for the three and six months ended June 30, 2022 from the "other" caption within restructuring and other charges, net, to correspond to current period presentation. (3)    The six months ended June 30, 2022 primarily includes gains related to changes in the fair value of acquisition-related contingent consideration amounts.
Schedule of Severance Liability	The following table presents a rollforward of our severance liability for the six months ended June 30, 2023: Severance Balance as of December 31, 2022 $ 8,617  Charges, net of reversals 8,962  Payments (12,344) Foreign currency remeasurement 166  Balance as of June 30, 2023 $ 5,401

v3.23.2

Other, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
Schedule of Other, Net	The following table presents the components of other, net for the three and six months ended June 30, 2023 and 2022:   For the three months ended For the six months ended   June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Currency remeasurement loss on net monetary assets $ (9,307) $ (14,090) $ (10,566) $ (14,157) Gain on foreign currency forward contracts 4,423  3,165  4,607  1,922  Loss on commodity forward contracts (6,269) (18,254) (4,370) (8,830) Loss on debt financing (372) —  (857) —  Mark-to-market loss on equity investments, net (302) (11,821) (302) (71,100) Net periodic benefit cost, excluding service cost (810) (639) (1,781) (1,394) Other 1,713  2,399  3,737  3,863  Other, net $ (10,924) $ (39,240) $ (9,532) $ (89,696)

v3.23.2

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes	The following table presents the provision for income taxes for the three and six months ended June 30, 2023 and 2022:   For the three months ended For the six months ended   June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Provision for income taxes $ 19,873  $ 20,020  $ 43,599  $ 27,608

v3.23.2

Net Income per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Weighted-Average Ordinary Shares Outstanding	For the three and six months ended June 30, 2023 and 2022 the weighted-average ordinary shares outstanding used to calculate basic and diluted net income per share were as follows:   For the three months ended For the six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Basic weighted-average ordinary shares outstanding 152,700  156,477  152,609  156,950  Dilutive effect of stock options 55  190  103  331  Dilutive effect of unvested restricted securities 309  327  482  531  Diluted weighted-average ordinary shares outstanding 153,064  156,994  153,194  157,812
Schedule of Antidilutive Securities	These potential ordinary shares were as follows: For the three months ended For the six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Anti-dilutive shares excluded 1,625  1,426  1,003  715  Contingently issuable shares excluded 1,366  1,383  1,317  1,192

v3.23.2

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	The following table presents the components of inventories as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Finished goods $ 223,295  $ 202,531  Work-in-process 109,297  117,691  Raw materials 327,490  324,653  Inventories $ 660,082  $ 644,875

v3.23.2

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt, Finance Lease, and Other Financing Obligations	The following table presents the components of long-term debt, finance lease and other financing obligations as of June 30, 2023 and December 31, 2022: Maturity Date June 30, 2023 December 31, 2022 Term Loan (1) September 20, 2026 $ —  $ 446,834  5.625% Senior Notes November 1, 2024 400,000  400,000  5.0% Senior Notes October 1, 2025 700,000  700,000  4.375% Senior Notes February 15, 2030 450,000  450,000  3.75% Senior Notes February 15, 2031 750,000  750,000  4.0% Senior Notes April 15, 2029 1,000,000  1,000,000  5.875% Senior Notes September 1, 2030 500,000  500,000  Less: debt discount, net of premium (2,355) (3,360) Less: deferred financing costs (27,138) (29,916) Less: current portion —  (254,630) Long-term debt, net $ 3,770,507  $ 3,958,928  Finance lease and other financing obligations $ 25,580  $ 26,583  Less: current portion (1,809) (1,841) Finance lease and other financing obligations, less current portion $ 23,771  $ 24,742  ___________________________________ (1)    On February 6, 2023, we prepaid $250.0 million of outstanding principal on our Term Loan balance. Accordingly, that portion of the principal balance outstanding on the Term Loan as of December 31, 2022 was presented as current portion of long-term debt. On May 3, 2023, we prepaid $196.8 million of outstanding principal on the Term Loan, representing the remaining balance on the Term Loan as of that date plus $0.5 million in interest.

v3.23.2

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Roll Forward of Components of Accumulated Other Comprehensive Loss	The following table presents the components of accumulated other comprehensive loss for the six months ended June 30, 2023: Cash Flow Hedges Defined Benefit and Retiree Healthcare Plans Accumulated Other Comprehensive Loss Balance as of December 31, 2022 $ 15,665  $ (31,929) $ (16,264) Other comprehensive income before reclassifications, net of tax 24,206  —  24,206  Reclassifications from accumulated other comprehensive loss, net of tax (12,713) 617  (12,096) Other comprehensive income 11,493  617  12,110  Balance as of June 30, 2023 $ 27,158  $ (31,312) $ (4,154)
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Loss	The following table presents the amounts reclassified from accumulated other comprehensive loss for the three and six months ended June 30, 2023 and 2022: For the three months ended June 30, For the six months ended June 30, Affected Line in Condensed Consolidated Statements of Operations Component 2023 2022 2023 2022 Derivative instruments designated and qualifying as cash flow hedges: Foreign currency forward contracts $ (4,394) $ (9,476) $ (11,033) $ (13,740) Net revenue (1) Foreign currency forward contracts (4,403) (2,603) (6,100) (5,232) Cost of revenue (1) Total, before taxes (8,797) (12,079) (17,133) (18,972) Income before taxes Income tax effect 2,269  3,116  4,420  4,894  Provision for income taxes Total, net of taxes $ (6,528) $ (8,963) $ (12,713) $ (14,078) Net income Defined benefit and retiree healthcare plans $ 311  $ 519  $ 848  $ 1,130  Other, net Income tax effect (87) (139) (231) (322) Provision for income taxes Total, net of taxes $ 224  $ 380  $ 617  $ 808  Net income ___________________________________ (1)    Refer to Note 14: Derivative Instruments and Hedging Activities for additional information regarding amounts to be reclassified from accumulated other comprehensive loss in future periods.

v3.23.2

Fair Value Measures (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 are shown in the below table.   June 30, 2023 December 31, 2022 Assets Cash equivalents (Level 1) $ 380,130  $ 860,034  Foreign currency forward contracts (Level 2) 43,046  31,126  Commodity forward contracts (Level 2) 2,011  4,181  Total $ 425,187  $ 895,341  Liabilities Foreign currency forward contracts (Level 2) $ 8,162  $ 9,866  Commodity forward contracts (Level 2) 5,260  4,671  Total $ 13,422  $ 14,537
Schedule of 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 June 30, 2023 and December 31, 2022. All fair value measures presented are categorized in Level 2 of the fair value hierarchy.   June 30, 2023 December 31, 2022   Carrying Value(1) Fair Value Carrying Value(1) Fair Value Liabilities Term Loan $ —  $ —  $ 446,834  $ 443,483  5.625% Senior Notes $ 400,000  $ 396,000  $ 400,000  $ 398,000  5.0% Senior Notes $ 700,000  $ 679,910  $ 700,000  $ 684,250  4.375% Senior Notes $ 450,000  $ 400,500  $ 450,000  $ 400,500  3.75% Senior Notes $ 750,000  $ 635,625  $ 750,000  $ 626,250  4.0% Senior Notes $ 1,000,000  $ 882,500  $ 1,000,000  $ 875,000  5.875% Senior Notes $ 500,000  $ 481,250  $ 500,000  $ 473,750  ___________________________________ (1)    Excluding any related debt discounts, premiums, and deferred financing costs.

v3.23.2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Derivative Instruments	As of June 30, 2023, 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) 11.0 EUR June 21, 2023 July 31, 2023 Euro ("EUR") to USD 1.09 USD Not designated 375.0 EUR Various from July 2021 to June 2023 Various from July 2023 to June 2025 EUR to USD 1.09 USD Cash flow hedge 770.0 CNY June 21, 2023 July 31, 2023 USD to Chinese Renminbi ("CNY") 7.16 CNY Not designated 300.0 CNY Various in January 2023 Various from July 2023 to September 2023 USD to CNY 6.74 CNY Cash flow hedge 436.0 JPY June 21, 2023 July 31, 2023 USD to Japanese Yen ("JPY") 141.47 JPY Not designated 26,312.5 KRW Various from August 2021 to June 2023 Various from July 2023 to May 2025 USD to Korean Won ("KRW") 1,273.23 KRW Cash flow hedge 25.0 MYR June 21, 2023 July 31, 2023 USD to Malaysian Ringgit ("MYR") 4.63 MYR Not designated 4,318.3 MXN Various from July 2021 to June 2023 Various from July 2023 to June 2025 USD to Mexican Peso ("MXN") 20.78 MXN Cash flow hedge 5.2 GBP June 21, 2023 July 31, 2023 British Pound Sterling ("GBP") to USD 1.27 USD Not designated 58.6 GBP Various from July 2021 to June 2023 Various from July 2023 to June 2025 GBP to USD 1.23 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. As of June 30, 2023, 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 862,162 troy oz. July 2023 to May 2025 $23.31 Gold 7,169 troy oz. July 2023 to May 2025 $1,932.48 Nickel 200,265 pounds July 2023 to May 2025 $11.47 Aluminum 3,902,120 pounds July 2023 to May 2025 $1.19 Copper 7,730,119 pounds July 2023 to May 2025 $3.98 Platinum 9,047 troy oz. July 2023 to May 2025 $982.97 Palladium 1,221 troy oz. July 2023 to May 2025 $1,944.38
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 June 30, 2023 and December 31, 2022:   Asset Derivatives Liability Derivatives   Balance Sheet Location June 30, 2023 December 31, 2022 Balance Sheet Location June 30, 2023 December 31, 2022 Derivatives designated as hedging instruments Foreign currency forward contracts Prepaid expenses and other current assets $ 35,280  $ 27,114  Accrued expenses and other current liabilities $ 6,184  $ 6,586  Foreign currency forward contracts Other assets 6,357  3,763  Other long-term liabilities 1,908  3,280  Total $ 41,637  $ 30,877  $ 8,092  $ 9,866  Derivatives not designated as hedging instruments Commodity forward contracts Prepaid expenses and other current assets $ 1,584  $ 2,542  Accrued expenses and other current liabilities $ 4,120  $ 4,066  Commodity forward contracts Other assets 427  1,639  Other long-term liabilities 1,140  605  Foreign currency forward contracts Prepaid expenses and other current assets 1,409  249  Accrued expenses and other current liabilities 70  —  Total $ 3,420  $ 4,430  $ 5,330  $ 4,671
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 income for the three months ended June 30, 2023 and 2022: Derivatives designated as hedging instruments Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive 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 2023 2022 2023 2022 Foreign currency forward contracts $ 4,872  $ 28,192  Net revenue $ 4,394  $ 9,476  Foreign currency forward contracts $ 15,631  $ (3,765) Cost of revenue $ 4,403  $ 2,603  Derivatives not designated as hedging instruments Amount of (Loss)/Gain Recognized in Net Income Location of (Loss)/Gain Recognized in Net Income 2023 2022 Commodity forward contracts $ (6,269) $ (18,254) Other, net Foreign currency forward contracts $ 4,423  $ 3,165  Other, net 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 income for the six months ended June 30, 2023 and 2022: Derivatives designated as hedging instruments Amount of Deferred Gain Recognized in Other Comprehensive 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 2023 2022 2023 2022 Foreign currency forward contracts $ 1,284  $ 33,778  Net revenue $ 11,033  $ 13,740  Foreign currency forward contracts $ 31,339  $ 1,380  Cost of revenue $ 6,100  $ 5,232  Derivatives not designated as hedging instruments Amount of (Loss)/Gain Recognized in Net Income Location of (Loss)/Gain Recognized in Net Income 2023 2022 Commodity forward contracts $ (4,370) $ (8,830) Other, net Foreign currency forward contracts $ 4,607  $ 1,922  Other, net

v3.23.2

Acquisitions and Divestitures (Tables)	6 Months Ended
	Jun. 30, 2023
Business Acquisitions and Divestitures [Abstract]
Schedule of Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the final allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed: Net working capital, excluding cash $ 35  Goodwill 28,211  Other intangible assets 27,700  Deferred income tax liabilities (5,925) Fair value of net assets acquired, excluding cash and cash equivalents 50,021  Cash and cash equivalents 1,597  Fair value of net assets acquired $ 51,618  The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed: Net working capital, excluding cash $ 12,514  Property, plant and equipment 1,846  Goodwill 377,267  Other intangible assets 221,600  Other assets 1,656  Deferred income tax liabilities (40,785) Other long-term liabilities (1,035) Fair value of net assets acquired, excluding cash and cash equivalents 573,063  Cash and cash equivalents 4,410  Fair value of net assets acquired $ 577,473
Schedule of Acquired Intangible Assets and Weighted Average Useful Lives	The following table presents the acquired intangible assets, their estimated fair values, and weighted-average lives: Acquisition Date Fair Value Weighted-Average Lives (years) Acquired definite-lived intangible assets Customer relationships $ 17,500  13 Completed technologies 10,200  10 Total definite-lived intangible assets acquired $ 27,700  12 The following table presents the acquired intangible assets, their estimated fair values, and weighted-average lives: Acquisition Date Fair Value Weighted-Average Lives (years) Acquired definite-lived intangible assets Customer relationships $ 79,800  16 Backlog 15,500  3 Completed technologies 92,100  15 Tradenames 34,200  18 Total definite-lived intangible assets acquired $ 221,600  15

v3.23.2

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information by Segment	The following table presents net revenue and segment operating income for our reportable segments and other operating results not allocated to our reportable segments for the three and six months ended June 30, 2023 and 2022. The amounts previously reported in the table below for the three and six months ended June 30, 2022 have been retrospectively recast to reflect the move of the material handling products between operating segments as described above. In addition, the six months ended June 30, 2023 includes amounts for the three months ended March 31, 2023 that have been retrospectively adjusted for this change.   For the three months ended For the six months ended   June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net revenue: Performance Sensing $ 757,444  $ 731,645  $ 1,495,712  $ 1,434,340  Sensing Solutions 304,668  288,903  564,575  561,978  Total net revenue $ 1,062,112  $ 1,020,548  $ 2,060,287  $ 1,996,318  Segment operating income (as defined above): Performance Sensing $ 191,147  $ 179,293  $ 373,887  $ 353,507  Sensing Solutions 84,152  85,714  159,468  164,653  Total segment operating income 275,299  265,007  533,355  518,160  Corporate and other (81,464) (76,362) (143,905) (152,485) Amortization of intangible assets (54,563) (36,805) (95,337) (74,172) Restructuring and other charges, net (21,259) (12,897) (27,258) (26,630) Operating income 118,013  138,943  266,855  264,873  Interest expense, net (38,105) (44,842) (78,196) (90,287) Other, net (10,924) (39,240) (9,532) (89,696) Income before taxes $ 68,984  $ 54,861  $ 179,127  $ 84,890

v3.23.2

Revenue Recognition (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($) segment	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($) segment
Revenue from Contract with Customer [Abstract]
Number of reporting segments | segment	2	2	2	2
Disaggregation of Revenue [Line Items]
Net revenue	$ 1,062,112	$ 1,020,548	$ 2,060,287	$ 1,996,318
PS
Disaggregation of Revenue [Line Items]
Net revenue	757,444	731,645	1,495,712	1,434,340
SS
Disaggregation of Revenue [Line Items]
Net revenue	304,668	288,903	564,575	561,978
Automotive
Disaggregation of Revenue [Line Items]
Net revenue	539,818	516,164	1,064,836	1,027,811
Automotive | PS
Disaggregation of Revenue [Line Items]
Net revenue	530,268	506,232	1,047,152	1,008,594
Automotive | SS
Disaggregation of Revenue [Line Items]
Net revenue	9,550	9,932	17,684	19,217
HVOR
Disaggregation of Revenue [Line Items]
Net revenue	227,176	225,413	448,560	425,746
HVOR | PS
Disaggregation of Revenue [Line Items]
Net revenue	227,176	225,413	448,560	425,746
HVOR | SS
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Industrial
Disaggregation of Revenue [Line Items]
Net revenue	185,202	137,331	333,714	266,952
Industrial | PS
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Industrial | SS
Disaggregation of Revenue [Line Items]
Net revenue	185,202	137,331	333,714	266,952
Appliance and HVAC
Disaggregation of Revenue [Line Items]
Net revenue	50,952	57,675	98,426	116,500
Appliance and HVAC | PS
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Appliance and HVAC | SS
Disaggregation of Revenue [Line Items]
Net revenue	50,952	57,675	98,426	116,500
Aerospace
Disaggregation of Revenue [Line Items]
Net revenue	46,832	38,558	91,158	71,828
Aerospace | PS
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Aerospace | SS
Disaggregation of Revenue [Line Items]
Net revenue	46,832	38,558	91,158	71,828
Other
Disaggregation of Revenue [Line Items]
Net revenue	12,132	45,407	23,593	87,481
Other | PS
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Other | SS
Disaggregation of Revenue [Line Items]
Net revenue	$ 12,132	$ 45,407	$ 23,593	$ 87,481

v3.23.2

Share-Based Payment Plans - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10,401	$ 9,199	$ 17,607	$ 15,739
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	(205)	2	(86)	309
Restricted securities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10,606	$ 9,197	$ 17,693	$ 15,430

v3.23.2

Share-Based Payment Plans - Equity Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10,401	$ 9,199	$ 17,607	$ 15,739
Directors | RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)			33
Weighted-average grant date fair value (in dollars per share)			$ 40.95
Award vesting period			1 year
Various executives and employees | RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)			547
Weighted-average grant date fair value (in dollars per share)			$ 49.57
Award vesting period			3 years
Award vesting percentage			33.33%
Various executives and employees | PRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)			241
Weighted-average grant date fair value (in dollars per share)			$ 49.53
Various executives and employees | PRSU | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			0.00%
Various executives and employees | PRSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			150.00%
Various executives and employees | PRSU with Performance Criteria Evaluated relative to Certain Peers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)			102
Weighted-average grant date fair value (in dollars per share)			$ 55.50
Total grant date value			$ 5,600
Share-based compensation expense	$ 600		$ 600
Various executives and employees | PRSU with Performance Criteria Evaluated relative to Certain Peers | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			0.00%
Various executives and employees | PRSU with Performance Criteria Evaluated relative to Certain Peers | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			150.00%

v3.23.2

Restructuring and Other Charges, Net - Components of Restructuring and Other Charges, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Severance costs, net	$ 4,749	$ 0	$ 8,962	$ 587
Facility and other exit costs	310	1,241	535	2,289
Gain on sale of business	0	0	(5,877)	0
Acquisition-related compensation arrangements	3,330	12,834	10,602	31,089
Other	12,870	(1,178)	13,036	(7,335)
Restructuring and other charges, net	$ 21,259	$ 12,897	$ 27,258	$ 26,630

v3.23.2

Restructuring and Other Charges, Net - Schedule of Severance Liability (Details) - Employee Severance $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 8,617
Charges, net of reversals	8,962
Payments	(12,344)
Foreign currency remeasurement	166
Restructuring reserve, ending balance	$ 5,401

v3.23.2

Restructuring and Other Charges, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Business exit costs	$ 310	$ 1,241	$ 535	$ 2,289
Amortization of intangible assets	54,563	36,805	95,337	74,172
Severance costs, net	4,749	0	8,962	587
Other charges	12,870	$ (1,178)	13,036	$ (7,335)
Exiting Marine Business
Restructuring Cost and Reserve [Line Items]
Business exit costs	38,300		38,300
Amortization of intangible assets	13,500		13,500
Inventory write-down	10,500		10,500
Severance costs, net	1,200		1,200
Tangible asset impairments	1,700		1,700
Write-down of accounts receivables	2,300		2,300
Other charges	$ 9,100		$ 9,100

v3.23.2

Other, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Income and Expenses [Abstract]
Currency remeasurement loss on net monetary assets	$ (9,307)	$ (14,090)	$ (10,566)	$ (14,157)
Gain on foreign currency forward contracts	4,423	3,165	4,607	1,922
Loss on commodity forward contracts	(6,269)	(18,254)	(4,370)	(8,830)
Loss on debt financing	(372)	0	(857)	0
Mark-to-market loss on equity investments, net	(302)	(11,821)	(302)	(71,100)
Net periodic benefit cost, excluding service cost	(810)	(639)	(1,781)	(1,394)
Other	1,713	2,399	3,737	3,863
Other, net	$ (10,924)	$ (39,240)	$ (9,532)	$ (89,696)

v3.23.2

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 19,873	$ 20,020	$ 43,599	$ 27,608

v3.23.2

Net Income per Share - Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Basic weighted-average ordinary shares outstanding (in shares)	152,700	156,477	152,609	156,950
Dilutive effect of stock options (in shares)	55	190	103	331
Dilutive effect of unvested restricted securities (in shares)	309	327	482	531
Diluted weighted-average ordinary shares outstanding (in shares)	153,064	156,994	153,194	157,812

v3.23.2

Net Income per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
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)	1,625	1,426	1,003	715
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)	1,366	1,383	1,317	1,192

v3.23.2

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 223,295	$ 202,531
Work-in-process	109,297	117,691
Raw materials	327,490	324,653
Inventories	$ 660,082	$ 644,875

v3.23.2

Debt - Schedule of Long-term Debt, Finance Lease, and Other Financing Obligations (Details) - USD ($) $ in Thousands	May 03, 2023	Feb. 06, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less: debt discount, net of premium			$ (2,355)	$ (3,360)
Less: deferred financing costs			(27,138)	(29,916)
Less: current portion			0	(254,630)
Long-term debt, net			3,770,507	3,958,928
Finance lease and other financing obligations			25,580	26,583
Less: current portion			(1,809)	(1,841)
Finance lease and other financing obligations, less current portion			$ 23,771	24,742
Term Loan
Debt Instrument [Line Items]
Prepayments of long-term debt	$ 196,800	$ 250,000
Payment of Term Loan accrued interest	$ 500
5.625% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate			5.625%
5.0% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate			5.00%
4.375% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate			4.375%
3.75% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate			3.75%
4.0% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate			4.00%
5.875% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate			5.875%
Secured Debt | Term Loan
Debt Instrument [Line Items]
Gross long-term debt			$ 0	446,834
Senior Notes | 5.625% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate			5.625%
Gross long-term debt			$ 400,000	400,000
Senior Notes | 5.0% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate			5.00%
Gross long-term debt			$ 700,000	700,000
Senior Notes | 4.375% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate			4.375%
Gross long-term debt			$ 450,000	450,000
Senior Notes | 3.75% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate			3.75%
Gross long-term debt			$ 750,000	750,000
Senior Notes | 4.0% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate			4.00%
Gross long-term debt			$ 1,000,000	1,000,000
Senior Notes | 5.875% Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate			5.875%
Gross long-term debt			$ 500,000	$ 500,000

v3.23.2

Debt - Narrative (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Accrued interest	$ 48,900,000	$ 50,100,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Amount available under revolving credit facility	746,100,000
Maximum borrowing capacity	750,000,000
Letters of credit outstanding	3,900,000
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Long-term line of credit	$ 0

v3.23.2

Shareholders' Equity - Narrative (Details) - USD ($)		3 Months Ended			6 Months Ended
	Jul. 20, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jan. 20, 2022
Equity, Class of Treasury Stock [Line Items]
Dividends paid		$ 18,300,000		$ 17,200,000	$ 35,113,000	$ 17,225,000
Repurchase of ordinary shares		$ (25,125,000)		$ (78,898,000)	$ (25,125,000)	$ (146,156,000)
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividends declared pre share (in dollars per share)	$ 0.12
Treasury Shares
Equity, Class of Treasury Stock [Line Items]
Repurchase of ordinary shares (in shares)		590,000	0	1,693,000	590,000	2,831,000
Repurchase of ordinary shares		$ (25,125,000)		$ (78,898,000)	$ (25,125,000)	$ (146,156,000)
January 2022 Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount							$ 500,000,000
Remaining amount under share repurchase program		$ 199,400,000			$ 199,400,000
July2019 Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount							$ 500,000,000

v3.23.2

Shareholders' Equity - Accumulated Other Comprehensive Loss Roll forward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 3,193,492	$ 3,072,317	$ 3,110,807	$ 3,094,734
Other comprehensive income	8,910	9,563	12,110	12,841
Ending balance	3,209,772	3,023,584	3,209,772	3,023,584
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			15,665
Other comprehensive income before reclassifications, net of tax			24,206
Reclassifications from accumulated other comprehensive loss, net of tax			(12,713)
Other comprehensive income			11,493
Ending balance	27,158		27,158
Defined Benefit and Retiree Healthcare Plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			(31,929)
Other comprehensive income before reclassifications, net of tax			0
Reclassifications from accumulated other comprehensive loss, net of tax			617
Other comprehensive income			617
Ending balance	(31,312)		(31,312)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(13,064)	(16,282)	(16,264)	(19,560)
Other comprehensive income before reclassifications, net of tax			24,206
Reclassifications from accumulated other comprehensive loss, net of tax			(12,096)
Other comprehensive income	8,910	9,563	12,110	12,841
Ending balance	$ (4,154)	$ (6,719)	$ (4,154)	$ (6,719)

v3.23.2

Shareholders' Equity - Accumulated Other Comprehensive Loss Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net revenue	$ 1,062,112	$ 1,020,548	$ 2,060,287	$ 1,996,318
Cost of revenue	(732,108)	(686,603)	(1,402,579)	(1,343,683)
Provision for income taxes	(19,873)	(20,020)	(43,599)	(27,608)
Other, net	(10,924)	(39,240)	(9,532)	(89,696)
Net income	49,111	34,841	135,528	57,282
(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	(8,797)	(12,079)	(17,133)	(18,972)
Provision for income taxes	2,269	3,116	4,420	4,894
Net income	(6,528)	(8,963)	(12,713)	(14,078)
(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	(4,394)	(9,476)	(11,033)	(13,740)
Cost of revenue	(4,403)	(2,603)	(6,100)	(5,232)
(Gain)/Loss Reclassified from Accumulated Other Comprehensive Loss | Defined benefit and retiree healthcare plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Provision for income taxes	(87)	(139)	(231)	(322)
Other, net	311	519	848	1,130
Net income	$ 224	$ 380	$ 617	$ 808

v3.23.2

Fair Value Measures - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 425,187	$ 895,341
Liabilities	13,422	14,537
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	380,130	860,034
Foreign currency forward contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	43,046	31,126
Liabilities	8,162	9,866
Commodity forward contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	2,011	4,181
Liabilities	$ 5,260	$ 4,671

v3.23.2

Fair Value Measures - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Equity securities without readily determinable fair value	$ 18.3	$ 15.0

v3.23.2

Fair Value Measures - Financial Instruments Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
5.625% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, stated interest rate	5.625%
5.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, stated interest rate	5.00%
4.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, stated interest rate	4.375%
3.75% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, stated interest rate	3.75%
4.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, stated interest rate	4.00%
5.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, stated interest rate	5.875%
Level 2 | Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	$ 0	$ 443,483
Level 2 | 5.625% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	396,000	398,000
Level 2 | 5.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	679,910	684,250
Level 2 | 4.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	400,500	400,500
Level 2 | 3.75% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	635,625	626,250
Level 2 | 4.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	882,500	875,000
Level 2 | 5.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	481,250	473,750
Level 2 | Carrying Value | Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	0	446,834
Level 2 | Carrying Value | 5.625% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	400,000	400,000
Level 2 | Carrying Value | 5.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	700,000	700,000
Level 2 | Carrying Value | 4.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	450,000	450,000
Level 2 | Carrying Value | 3.75% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	750,000	750,000
Level 2 | Carrying Value | 4.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	1,000,000	1,000,000
Level 2 | Carrying Value | 5.875% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	$ 500,000	$ 500,000

v3.23.2

Derivative Instruments and Hedging Activities - Narrative (Details)	Jun. 30, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign currency cash flow gain to be reclassified during next 12 months	$ 30,100,000
Termination value of outstanding derivatives in a liability position	13,600,000
Collateral already posted, aggregate fair value	$ 0

v3.23.2

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - 6 months ended Jun. 30, 2023 € in Millions, ₩ in Millions, ¥ in Millions, ¥ in Millions, £ in Millions, RM in Millions, $ in Millions	EUR (€) lb ozt € / $ $ / RM $ / $ £ / $ $ / ¥ $ / ¥ $ / ₩	CNY (¥) € / $ $ / RM £ / $ $ / $ $ / ¥ $ / ₩ $ / ¥	JPY (¥) € / $ $ / RM £ / $ $ / $ $ / ¥ $ / ₩ $ / ¥	KRW (₩) € / $ $ / RM £ / $ $ / $ $ / ¥ $ / ₩ $ / ¥	MYR (RM) € / $ $ / RM £ / $ $ / $ $ / ¥ $ / ₩ $ / ¥	MXN ($) € / $ $ / RM £ / $ $ / $ $ / ¥ $ / ₩ $ / ¥	GBP (£) € / $ $ / RM £ / $ $ / $ $ / ¥ $ / ₩ $ / ¥
Foreign currency forward contracts | Not designated | Euro ("EUR") to USD
Hedges of Foreign Currency Risk
Notional | €	€ 11.0
Weighted-Average Strike Rate | € / $	1.09	1.09	1.09	1.09	1.09	1.09	1.09
Foreign currency forward contracts | Not designated | USD to Chinese Renminbi ("CNY")
Hedges of Foreign Currency Risk
Notional | ¥		¥ 770.0
Weighted-Average Strike Rate | $ / ¥	7.16	7.16	7.16	7.16	7.16	7.16	7.16
Foreign currency forward contracts | Not designated | USD to Japanese Yen ("JPY")
Hedges of Foreign Currency Risk
Notional | ¥			¥ 436.0
Weighted-Average Strike Rate | $ / ¥	141.47	141.47	141.47	141.47	141.47	141.47	141.47
Foreign currency forward contracts | Not designated | USD to Malaysian Ringgit ("MYR")
Hedges of Foreign Currency Risk
Notional | RM					RM 25.0
Weighted-Average Strike Rate | $ / RM	4.63	4.63	4.63	4.63	4.63	4.63	4.63
Foreign currency forward contracts | Not designated | British Pound Sterling ("GBP") to USD
Hedges of Foreign Currency Risk
Notional | £							£ 5.2
Weighted-Average Strike Rate | £ / $	1.27	1.27	1.27	1.27	1.27	1.27	1.27
Foreign currency forward contracts | Cash flow hedge | Euro ("EUR") to USD
Hedges of Foreign Currency Risk
Notional | €	€ 375.0
Weighted-Average Strike Rate | € / $	1.09	1.09	1.09	1.09	1.09	1.09	1.09
Foreign currency forward contracts | Cash flow hedge | USD to Chinese Renminbi ("CNY")
Hedges of Foreign Currency Risk
Notional | ¥		¥ 300.0
Weighted-Average Strike Rate | $ / ¥	6.74	6.74	6.74	6.74	6.74	6.74	6.74
Foreign currency forward contracts | Cash flow hedge | USD to Korean Won ("KRW")
Hedges of Foreign Currency Risk
Notional | ₩				₩ 26,312.5
Weighted-Average Strike Rate | $ / ₩	1,273.23	1,273.23	1,273.23	1,273.23	1,273.23	1,273.23	1,273.23
Foreign currency forward contracts | Cash flow hedge | USD to Mexican Peso ("MXN")
Hedges of Foreign Currency Risk
Notional | $						$ 4,318.3
Weighted-Average Strike Rate | $ / $	20.78	20.78	20.78	20.78	20.78	20.78	20.78
Foreign currency forward contracts | Cash flow hedge | British Pound Sterling ("GBP") to USD
Hedges of Foreign Currency Risk
Notional | £							£ 58.6
Weighted-Average Strike Rate | £ / $	1.23	1.23	1.23	1.23	1.23	1.23	1.23
Silver | Not designated
Hedges of Foreign Currency Risk
Weighted-Average Strike Rate	23.31	23.31	23.31	23.31	23.31	23.31	23.31
Hedges of Commodity Risk
Notional	862,162
Gold | Not designated
Hedges of Foreign Currency Risk
Weighted-Average Strike Rate	1,932.48	1,932.48	1,932.48	1,932.48	1,932.48	1,932.48	1,932.48
Hedges of Commodity Risk
Notional	7,169
Nickel | Not designated
Hedges of Foreign Currency Risk
Weighted-Average Strike Rate	11.47	11.47	11.47	11.47	11.47	11.47	11.47
Hedges of Commodity Risk
Notional | lb	200,265
Aluminum | Not designated
Hedges of Foreign Currency Risk
Weighted-Average Strike Rate	1.19	1.19	1.19	1.19	1.19	1.19	1.19
Hedges of Commodity Risk
Notional | lb	3,902,120
Copper | Not designated
Hedges of Foreign Currency Risk
Weighted-Average Strike Rate	3.98	3.98	3.98	3.98	3.98	3.98	3.98
Hedges of Commodity Risk
Notional | lb	7,730,119
Platinum | Not designated
Hedges of Foreign Currency Risk
Weighted-Average Strike Rate	982.97	982.97	982.97	982.97	982.97	982.97	982.97
Hedges of Commodity Risk
Notional	9,047
Palladium | Not designated
Hedges of Foreign Currency Risk
Weighted-Average Strike Rate	1,944.38	1,944.38	1,944.38	1,944.38	1,944.38	1,944.38	1,944.38
Hedges of Commodity Risk
Notional	1,221

v3.23.2

Derivative Instruments and Hedging Activities - Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cash flow hedge
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 41,637	$ 30,877
Liability Derivatives	8,092	9,866
Not designated
Derivatives, Fair Value [Line Items]
Asset Derivatives	3,420	4,430
Liability Derivatives	5,330	4,671
Foreign currency forward contracts | Cash flow hedge | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	35,280	27,114
Foreign currency forward contracts | Cash flow hedge | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	6,357	3,763
Foreign currency forward contracts | Cash flow hedge | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	6,184	6,586
Foreign currency forward contracts | Cash flow hedge | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	1,908	3,280
Foreign currency forward contracts | Not designated | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	1,409	249
Foreign currency forward contracts | Not designated | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	70	0
Commodity forward contracts | Not designated | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	1,584	2,542
Commodity forward contracts | Not designated | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	427	1,639
Commodity forward contracts | Not designated | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	4,120	4,066
Commodity forward contracts | Not designated | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 1,140	$ 605

v3.23.2

Derivative Instruments and Hedging Activities - Income Statement Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Foreign currency forward contracts | Not designated
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss)/Gain Recognized in Net Income	$ 4,423	$ 3,165	$ 4,607	$ 1,922
Foreign currency forward contracts | Net revenue | Cash flow hedge
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive Income	4,872	28,192	1,284	33,778
Amount of Net Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income	4,394	9,476	11,033	13,740
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 Income	15,631	(3,765)	31,339	1,380
Amount of Net Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income	4,403	2,603	6,100	5,232
Commodity forward contracts | Not designated
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss)/Gain Recognized in Net Income	$ (6,269)	$ (18,254)	$ (4,370)	$ (8,830)

v3.23.2

Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 11, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jul. 12, 2022
Business Acquisition [Line Items]
Acquisition-related compensation arrangements		$ 3,330	$ 12,834	$ 10,602	$ 31,089
Elastic M2M Inc
Business Acquisition [Line Items]
Aggregate purchase price	$ 51,600
Acquisition-related incentive compensation	$ 30,000
Compensation earned						$ 24,700
Acquisition-related compensation arrangements		200		3,500
Fair value of net assets acquired		51,618		$ 51,618
Dynapower
Business Acquisition [Line Items]
Fair value of net assets acquired							$ 577,473
Measurement period adjustments, intangibles		57,200
Goodwill adjustments		$ 41,000

v3.23.2

Acquisitions and Divestitures - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jul. 12, 2022
Business Acquisition [Line Items]
Goodwill	$ 3,861,872	$ 3,911,224
Elastic M2M Inc
Business Acquisition [Line Items]
Net working capital, excluding cash	35
Goodwill	28,211
Other intangible assets	27,700
Deferred income tax liabilities	(5,925)
Fair value of net assets acquired, excluding cash and cash equivalents	50,021
Cash and cash equivalents	1,597
Fair value of net assets acquired	$ 51,618
Dynapower
Business Acquisition [Line Items]
Net working capital, excluding cash			$ 12,514
Property, plant and equipment			1,846
Goodwill			377,267
Other intangible assets			221,600
Other assets			1,656
Deferred income tax liabilities			(40,785)
Other long-term liabilities			(1,035)
Fair value of net assets acquired, excluding cash and cash equivalents			573,063
Cash and cash equivalents			4,410
Fair value of net assets acquired			$ 577,473

v3.23.2

Acquisitions and Divestitures - Schedule of Finite-Lived Intangible Assets Acquired and Weighted Average Useful Lives (Details) - USD ($) $ in Thousands	Jul. 12, 2022	Feb. 11, 2022
Elastic M2M Inc
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition Date Fair Value		$ 27,700
Weighted-Average Lives (years)		12 years
Elastic M2M Inc | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition Date Fair Value		$ 17,500
Weighted-Average Lives (years)		13 years
Elastic M2M Inc | Completed technologies
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition Date Fair Value		$ 10,200
Weighted-Average Lives (years)		10 years
Dynapower
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition Date Fair Value	$ 221,600
Weighted-Average Lives (years)	15 years
Dynapower | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition Date Fair Value	$ 79,800
Weighted-Average Lives (years)	16 years
Dynapower | Backlog
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition Date Fair Value	$ 15,500
Weighted-Average Lives (years)	3 years
Dynapower | Completed technologies
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition Date Fair Value	$ 92,100
Weighted-Average Lives (years)	15 years
Dynapower | Tradenames
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition Date Fair Value	$ 34,200
Weighted-Average Lives (years)	18 years

v3.23.2

Acquisitions and Divestitures - Divestitures (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Qinex Business - USD ($) $ in Millions		3 Months Ended
	May 27, 2022	Jun. 30, 2023	Sep. 30, 2022	Jul. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration on sale of business	$ 219.0			$ 198.8
Contract manufacturing agreement, extension period	3 months
Disposal group, assets held for sale				70.0
Disposal group, goodwill				45.0
Disposal group, liabilities				$ 2.0
Pre tax gain on sale of business			$ 135.1
Escrow payment received		$ 15.0
Escrow payment received, transfer of inventory		10.0
Escrow amount		$ 4.0
Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract manufacturing agreement, term	6 months
Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract manufacturing agreement, term	9 months

v3.23.2

Segment Reporting - Schedules of Segment Reporting (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($) segment	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($) segment
Segment Reporting Information [Line Items]
Number of reporting segments | segment	2	2	2	2
Reconciliation from Segment Totals to Consolidated [Abstract]
Net revenue	$ 1,062,112	$ 1,020,548	$ 2,060,287	$ 1,996,318
Operating income	118,013	138,943	266,855	264,873
Amortization of intangible assets	(54,563)	(36,805)	(95,337)	(74,172)
Restructuring and other charges, net	(21,259)	(12,897)	(27,258)	(26,630)
Interest expense, net	(38,105)	(44,842)	(78,196)	(90,287)
Other, net	(10,924)	(39,240)	(9,532)	(89,696)
Income before taxes	68,984	54,861	$ 179,127	84,890
Performance Sensing
Segment Reporting Information [Line Items]
Number of operating segments | segment			2
Goodwill, increase (decrease)	(57,100)
Reconciliation from Segment Totals to Consolidated [Abstract]
Net revenue	757,444	731,645	$ 1,495,712	1,434,340
Sensing Solutions
Segment Reporting Information [Line Items]
Goodwill, increase (decrease)	57,100
Reconciliation from Segment Totals to Consolidated [Abstract]
Net revenue	304,668	288,903	564,575	561,978
Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Net revenue	1,062,112	1,020,548	2,060,287	1,996,318
Operating income	275,299	265,007	533,355	518,160
Operating Segments | Performance Sensing
Reconciliation from Segment Totals to Consolidated [Abstract]
Net revenue	757,444	731,645	1,495,712	1,434,340
Operating income	191,147	179,293	373,887	353,507
Operating Segments | Sensing Solutions
Reconciliation from Segment Totals to Consolidated [Abstract]
Net revenue	304,668	288,903	564,575	561,978
Operating income	84,152	85,714	159,468	164,653
Corporate and other
Reconciliation from Segment Totals to Consolidated [Abstract]
Operating income	$ (81,464)	$ (76,362)	$ (143,905)	$ (152,485)

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