Company: ST
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001477294-25-000022
Chunk: 11

Company: Sensata Technologies Holding plc
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 11
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 market cycles and through periods of significant change and disruption. 

We believe large OEMs and other multinational companies are increasingly demanding a global presence to supply sensors and electrical protection components for their key platforms. We provide all our customers with worldwide technical and manufacturing presence and service support, which helps ensure supply continuity and avoid risks associated with potential supply chain disruptions. Moreover, we have a strong knowledge of our customers' quality and delivery requirements. We also see the growing importance of new ‘startup’ OEMs as potential market disruptors, and Sensata’s flexibility, speed, expertise, and global footprint provide these new entrants with a supplier/partner capable of meeting their demanding requirements. 

We have had relationships with our top ten customers for an average of 33 years. No customer exceeded 10% of our net revenue in any of the years ended December 31, 2024, 2023, or 2022.

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Table of Contents 

End Markets

The table below sets forth the amount of net revenue by end market, reconciled to total net revenue, for the years ended December 31, 2024, 2023, and 2022:

For the year ended December 31,(In thousands)202420232022Net revenue:Automotive$2,208,416 $2,177,189 $2,107,651 HVOR (1)693,939 715,961 675,238 Industrial, HVAC (2), and other712,160 825,293 920,217 Aerospace190,360 188,179 152,880 All other127,889 147,461 173,276 Total net revenue$3,932,764 $4,054,083 $4,029,262 

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(1)    Heavy vehicle and off-road

(2)    Heating, ventilation, and air conditioning

In the three months ended March 31, 2024, we realigned our business as a result of organizational changes that better allocate our resources to support changes to our business strategy. The changes included moving the various assets and liabilities comprising our vehicle area network and data collection businesses (the "Insights Business") out of Performance Sensing to a new operating segment, which is not aggregated within either of our reportable segments. Prior year amounts in this Report have been recast to reflect this realignment. Refer to Note 20: Segment Reporting of our audited consolidated financial statements