Print Page  |  Close Window

Sensata Technologies Holding N.V.'s SEC Filings

S-1/A
SENSATA TECHNOLOGIES HOLDING PLC filed this Form S-1/A on 03/09/2010
Entire Document
 


Table of Contents

The Company recognized a $7,883 loss during the year ended December 31, 2008 associated with measuring the net assets at fair value less cost to sell and other exit costs associated with this business. This amount is reported within the loss from discontinued operations in the consolidated statement of operations. The estimated fair value was based on indicators of value implied from discussions with potential buyers of the business. Included in the $7,883 loss were charges of $3,995 and $1,439 for the write-off of goodwill and intangible assets, respectively, associated with the Vision business.

 

The net assets of the Vision business reported within Assets held for sale as of December 31, 2009 and 2008 consist of the following:

 

     December 31,
2009
   December 31,
2008

Inventory

   $ —      $ 439
             
   $ —      $ 439
             

 

The Vision business was previously reported within the Sensors segment.

 

6. Property, Plant and Equipment

 

Property, plant and equipment as of December 31, 2009 and 2008 consists of the following:

 

     Depreciable
Lives
   December 31,
2009
    December 31,
2008
 

Land

   —      $ 19,779      $ 19,779   

Buildings and improvements

   2–40 years      130,330        122,904   

Machinery and equipment

   2–10 years      250,352        247,732   
                   
        400,461        390,415   

Less accumulated depreciation

        (180,523     (135,251
                   

Total

      $ 219,938      $ 255,164   
                   

 

Depreciation expense for property, plant and equipment, including amortization of capitalized leases, totaled $48,427, $51,361 and $58,204 for the years ended December 31, 2009, 2008 and 2007, respectively.

 

At the date of the 2006 Acquisition, the acquisition of First Technology Automotive and the acquisition of Airpax, the Company recognized property, plant and equipment at fair value totaling $236,085, $8,933 and $19,795, respectively. Furthermore, the depreciable lives of certain of the Company’s tangible assets were adjusted to reflect their respective estimated economic useful lives as of the date of the acquisitions.

 

Property, plant and equipment is identified as held for sale when it meets the held for sale criteria of ASC Topic 360, Property, Plant and Equipment. The Company ceases recording depreciation on assets that are classified as held for sale. The net carrying values of the assets which have been classified as Assets held for sale as of December 31, 2009 and 2008 are as follows:

 

     December 31,
2009
   December 31,
2008

Grand Blanc, Michigan facility

   $ —      $ 950

Standish, Maine facility

     238      1,440

Vision business

     —        439
             
   $ 238    $ 2,829
             

 

F-19