Company: ST
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001477294-25-000022
Chunk: 116

Company: Sensata Technologies Holding plc
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 116
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 to exclude step-up depreciation and amortization in our non-GAAP measures and we adjusted operating income and net income to exclude the amortization of all our intangible assets. The years ended December 31, 2023 and 2022 have not been recast. If we had recast these non-GAAP measures for the years ended December 31, 2024, 2023, and 2022, adjusted operating income and adjusted net income would have increased by an additional $3.6 million, $5.3 million and $5.5 million, respectively.

(d)    Deferred taxes and other tax related adjustments for the year ended December 31, 2022 includes current tax expense of $14.7 million related to the repatriation of earnings from certain Asian subsidiaries to their parent companies in the Netherlands. The decision to repatriate these earnings was the result of our goal to reduce our balance sheet exposure and corresponding earnings volatility related to changes in foreign currency exchange rates as well as to fund our deployment of capital.

The following table presents a reconciliation of net cash provided by operating activities calculated in accordance with U.S. GAAP to free cash flow.

For the year ended December 31,(In millions)202420232022Net cash provided by operating activities$551.5 $456.7 $460.6 Additions to property, plant and equipment and capitalized software(158.6)(184.6)(150.1)Free cash flow$393.0 $272.1 $310.5 

49

The following table presents a reconciliation of corporate and other expenses calculated in accordance with U.S. GAAP to adjusted corporate and other expenses.

For the year ended December 31,(In millions)202420232022Corporate and other expenses (GAAP)$(572.5)$(633.2)$(294.4)Non-GAAP adjustmentsRestructuring related and other284.4 366.5 11.9 Financing and other transaction costs20.8 6.8 15.7 Amortization of intangible assets and other0.8 0.9 1.2 Deferred loss/(gain) on derivative instruments2.6 (4.1)(1.5)Total adjustments308.6 370.1 27.3 Adjusted corporate and other expenses (non-GAAP)$(263.9)$(263.1)$(267.1)

The following table presents a reconciliation of