Sensata Technologies Holding plc
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Schedule I — Condensed Financial Information of the Registrant
Balance Sheets
| As of December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $328 | $1,227 |
| Accounts receivable from subsidiaries | 11,394 | 8,291 |
| Notes receivable from subsidiaries | 135,003 | 203,844 |
| Prepaid expenses and other current assets | 1,797 | 1,998 |
| Total current assets | 148,522 | 215,360 |
| Deferred income tax assets | 343 | 436 |
| Investment in subsidiaries | 2,971,636 | 2,911,358 |
| Total assets | $3,120,501 | $3,127,154 |
| Liabilities and shareholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | $694 | $1,075 |
| Accounts payable to subsidiaries | 7,446 | 13,814 |
| Intercompany interest payable | 1,111 | — |
| Accrued expenses and other current liabilities | 2,376 | 1,458 |
| Total current liabilities | 11,627 | 16,347 |
| Long-term intercompany debt | 112,598 | — |
| Total liabilities | 124,225 | 16,347 |
| Total shareholders’ equity | 2,996,276 | 3,110,807 |
| Total liabilities and shareholders’ equity | $3,120,501 | $3,127,154 |
Statements of Comprehensive Income
| For the year ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Net revenue | $— | $— | $— |
| Operating costs and expenses | 14,709 | 15,489 | 13,687 |
| Loss from operations | (14,709) | (15,489) | (13,687) |
| Intercompany dividend income | — | 400,000 | 200,000 |
| Intercompany interest income/(expense), net | 6,537 | 140 | (315) |
| Other intercompany, net | (14) | 859 | — |
| Other, net | (3,683) | 141 | (215) |
| Net (loss)/income before income taxes and equity in net income of subsidiaries | (11,869) | 385,651 | 185,783 |
| Benefit from income taxes | 2,473 | 2,738 | 2,134 |
| Net (loss)/income before equity in net income of subsidiaries | (9,396) | 388,389 | 187,917 |
| Equity in net income/(loss) of subsidiaries, net of tax | 5,487 | (77,704) | 175,663 |
| Net (loss)/income | (3,909) | 310,685 | 363,580 |
| Subsidiaries' other comprehensive income | 26,226 | 3,296 | 29,975 |
| Comprehensive income | $22,317 | $313,981 | $393,555 |
Statements of Cash Flows
| For the year ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Net cash used in operating activities | $(15,510) | $(9,455) | $(15,959) |
| Cash flows from investing activities: | |||
| Intercompany loans | 112,598 | — | (224,972) |
| Cash dividends received from subsidiary | — | 400,000 | 200,000 |
| Net cash provided by/(used in) investing activities | 112,598 | 400,000 | (24,972) |
| Cash flows from financing activities: | |||
| Proceeds from exercise of stock options and issuance of ordinary shares | 5,346 | 22,803 | 26,290 |
| Proceeds from/(payments on) intercompany borrowings | 68,888 | (62,108) | 72,726 |
| Dividends paid | (71,543) | (51,072) | — |
| Payments to repurchase ordinary shares | (88,398) | (292,274) | (47,843) |
| Payments of employee restricted stock tax withholdings | (12,280) | (8,525) | (9,048) |
| Net cash (used in)/provided by financing activities | (97,987) | (391,176) | 42,125 |
| Net change in cash and cash equivalents | (899) | (631) | 1,194 |
| Cash and cash equivalents, beginning of year | 1,227 | 1,858 | 664 |
| Cash and cash equivalents, end of year | $328 | $1,227 | $1,858 |
- Basis of Presentation and Description of Business
Sensata Technologies Holding plc (Parent Company)—Schedule I—Condensed Financial Information of Sensata Technologies Holding plc ("Sensata plc"), included in this Annual Report on Form 10-K (this "Report"), provides all parent company information that is required to be presented in accordance with the U.S. Securities and Exchange Commission ("SEC") rules and regulations for financial statement schedules. The accompanying condensed financial statements have been prepared in accordance with the reduced disclosure requirements permitted by the SEC. These condensed financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto of Sensata plc and subsidiaries (the "Consolidated Financial Statements"), which are included elsewhere in this Report.
Investments in subsidiaries are accounted for using the equity method of accounting. The income and losses attributable to subsidiaries is reported on a net basis as equity income in earnings of subsidiaries.
All U.S. dollar amounts presented except per share amounts are stated in thousands, unless otherwise indicated.
- Debt
Sensata plc conducts limited separate operations and acts primarily as a holding company. Sensata plc has no direct outstanding debt obligations. However, Sensata Technologies B.V., an indirect, wholly-owned subsidiary of Sensata plc, is limited in its ability to pay dividends or otherwise make distributions to its immediate parent company and, ultimately, to Sensata plc, under its Senior Secured Credit Facilities and the indentures governing its senior notes. For a discussion of the debt obligations of the subsidiaries of Sensata plc, refer to Note 14: Debt of the Consolidated Financial Statements included elsewhere in this Report.
- Commitments and Contingencies
For a discussion of the commitments and contingencies of the subsidiaries of Sensata plc, refer to Note 15: Commitments and Contingencies of the Consolidated Financial Statements included elsewhere in this Report.
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