SENSATA TECHNOLOGIES HOLDING N V (ST, Financial) filed Quarterly Report for the period ended 2010-06-30.
Sensata Technologies Holding N V has a market cap of $2.82 billion; its shares were traded at around $16.46 . ST is in the portfolios of Eric Mindich of Eton Park Capital Management, L.P., George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors.
Interest expense. Interest expense for the three months ended June 30, 2010 and 2009 was $25.4 million and $36.3 million, respectively. Interest expense for the three months ended June 30, 2010 consisted primarily of $18.9 million of interest expense on our outstanding debt, $3.0 million of interest associated with our outstanding derivative instruments, and $2.1 million of amortization of deferred financing costs. Interest expense for the three months ended June 30, 2009 consisted primarily of $29.0 million of interest expense on our outstanding debt, $3.7 million of interest associated with our outstanding derivative instruments and $2.2 million of amortization of deferred financing costs. The decrease in interest expense on the outstanding debt of our subsidiary, Sensata Technologies B.V. (STBV), was due primarily to the tender and redemption of the Senior Notes and Senior Subordinated Notes during the six months ended June 30, 2010.
Currency translation gain and other, net. Currency translation gain and other, net for the three months ended June 30, 2010 and 2009 was $51.8 million and $58.1 million, respectively. Currency translation gain and other, net for the three months ended June 30, 2010 consisted primarily of currency gains of $73.7 million resulting from the re-measurement of our foreign currency denominated debt, partially offset by losses of $15.4 million resulting from the redemption of the Senior Notes and Senior Subordinated Notes and net currency losses of $6.0 million resulting from the re-measurement of net monetary assets denominated in foreign currencies. Currency translation gain and other, net for the three months ended June 30, 2009 consisted primarily of the gain resulting from the extinguishment of debt of $120.1 million, partially offset by the currency loss of $62.5 million resulting from the re-measurement of our foreign currency denominated debt.
Restructuring. Restructuring expense for the six months ended June 30, 2010 and 2009 was $0.2 million and $13.5 million, respectively. Restructuring expense for the six months ended June 30, 2010 consisted of $0.5 million of severance, partially offset by a reversal of $0.2 million due to the execution of a sublease for the facility in Farnborough, United Kingdom and $0.1 million of pension curtailment. Restructuring expense for the six months ended June 30, 2009 related to the continuation in 2009 of restructuring activities that started in the second half of 2008, including reducing the workforce in our business centers and manufacturing facilities throughout the world and moving certain manufacturing operations to low-cost countries. This expense consisted of $11.6 million related to severance, $1.3 million related to pension settlement, curtailment, and other related charges, and $0.6 million related to other costs.
Interest expense. Interest expense for the six months ended June 30, 2010 and 2009 was $58.9 million and $78.8 million, respectively. Interest expense for the six months ended June 30, 2010 consisted primarily of $44.3 million of interest expense on our outstanding debt, $6.6 million of interest associated with our outstanding derivative instruments, $4.4 million of amortization of deferred financing costs and $1.8 million of interest associated with our capital lease and other financing obligations. Interest expense for the six months ended June 30, 2009 consisted primarily of $64.8 million of interest expense on our outstanding debt, $6.3 million of interest associated with our outstanding derivative instruments, $4.6 million of amortization of deferred financing costs and $1.8 million of interest associated with our capital lease and other financing obligations. The decrease in interest expense on the outstanding debt of our subsidiary, STBV, was due primarily to the tender and redemption of the Senior Notes and Senior Subordinated Notes during the six months ended June 30, 2010.
Currency translation gain and other, net. Currency translation gain and other, net for the six months ended June 30, 2010 and 2009 was $99.0 million and $127.2 million, respectively. Currency translation gain and other, net for the six months ended June 30, 2010 consisted primarily of currency gains of $133.8 million resulting from the re-measurement of our foreign currency denominated debt partially offset by losses of $23.5 million resulting from the tender and redemption of the Senior Notes and Senior Subordinated Notes and net currency losses of $11.8 million resulting from the re-measurement of net monetary assets denominated in foreign currencies. Currency translation gain and other, net for the six months ended June 30, 2009 consisted primarily of the gain resulting from the extinguishment of debt of $120.1 million and currency gains of $6.5 million resulting from the re-measurement of our foreign currency denominated debt.
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Sensata Technologies Holding N V has a market cap of $2.82 billion; its shares were traded at around $16.46 . ST is in the portfolios of Eric Mindich of Eton Park Capital Management, L.P., George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Restructuring. Restructuring expense for the three months ended June 30, 2010 and 2009 was $(0.5) million and $2.1 million, respectively. The results for the three months ended June 30, 2010, primarily reflected $0.3 million due to expiration of underutilized severance and outplacement benefits, and $0.2 million due to the execution of a sublease for the facility in Farnborough, United Kingdom with terms more favorable than originally estimated. The expense of $2.1 million recorded during the three months ended June 30, 2009 related to the continuation in 2009 of restructuring activities that started in the second half of 2008, including reducing the workforce in our business centers and manufacturing facilities throughout the world and moving certain manufacturing operations to low-cost countries. This expense consisted of $0.9 million related to severance, $1.0 million related to pension settlement, curtailment and other related charges, and $0.2 million related to other costs.Interest expense. Interest expense for the three months ended June 30, 2010 and 2009 was $25.4 million and $36.3 million, respectively. Interest expense for the three months ended June 30, 2010 consisted primarily of $18.9 million of interest expense on our outstanding debt, $3.0 million of interest associated with our outstanding derivative instruments, and $2.1 million of amortization of deferred financing costs. Interest expense for the three months ended June 30, 2009 consisted primarily of $29.0 million of interest expense on our outstanding debt, $3.7 million of interest associated with our outstanding derivative instruments and $2.2 million of amortization of deferred financing costs. The decrease in interest expense on the outstanding debt of our subsidiary, Sensata Technologies B.V. (STBV), was due primarily to the tender and redemption of the Senior Notes and Senior Subordinated Notes during the six months ended June 30, 2010.
Currency translation gain and other, net. Currency translation gain and other, net for the three months ended June 30, 2010 and 2009 was $51.8 million and $58.1 million, respectively. Currency translation gain and other, net for the three months ended June 30, 2010 consisted primarily of currency gains of $73.7 million resulting from the re-measurement of our foreign currency denominated debt, partially offset by losses of $15.4 million resulting from the redemption of the Senior Notes and Senior Subordinated Notes and net currency losses of $6.0 million resulting from the re-measurement of net monetary assets denominated in foreign currencies. Currency translation gain and other, net for the three months ended June 30, 2009 consisted primarily of the gain resulting from the extinguishment of debt of $120.1 million, partially offset by the currency loss of $62.5 million resulting from the re-measurement of our foreign currency denominated debt.
Restructuring. Restructuring expense for the six months ended June 30, 2010 and 2009 was $0.2 million and $13.5 million, respectively. Restructuring expense for the six months ended June 30, 2010 consisted of $0.5 million of severance, partially offset by a reversal of $0.2 million due to the execution of a sublease for the facility in Farnborough, United Kingdom and $0.1 million of pension curtailment. Restructuring expense for the six months ended June 30, 2009 related to the continuation in 2009 of restructuring activities that started in the second half of 2008, including reducing the workforce in our business centers and manufacturing facilities throughout the world and moving certain manufacturing operations to low-cost countries. This expense consisted of $11.6 million related to severance, $1.3 million related to pension settlement, curtailment, and other related charges, and $0.6 million related to other costs.
Interest expense. Interest expense for the six months ended June 30, 2010 and 2009 was $58.9 million and $78.8 million, respectively. Interest expense for the six months ended June 30, 2010 consisted primarily of $44.3 million of interest expense on our outstanding debt, $6.6 million of interest associated with our outstanding derivative instruments, $4.4 million of amortization of deferred financing costs and $1.8 million of interest associated with our capital lease and other financing obligations. Interest expense for the six months ended June 30, 2009 consisted primarily of $64.8 million of interest expense on our outstanding debt, $6.3 million of interest associated with our outstanding derivative instruments, $4.6 million of amortization of deferred financing costs and $1.8 million of interest associated with our capital lease and other financing obligations. The decrease in interest expense on the outstanding debt of our subsidiary, STBV, was due primarily to the tender and redemption of the Senior Notes and Senior Subordinated Notes during the six months ended June 30, 2010.
Currency translation gain and other, net. Currency translation gain and other, net for the six months ended June 30, 2010 and 2009 was $99.0 million and $127.2 million, respectively. Currency translation gain and other, net for the six months ended June 30, 2010 consisted primarily of currency gains of $133.8 million resulting from the re-measurement of our foreign currency denominated debt partially offset by losses of $23.5 million resulting from the tender and redemption of the Senior Notes and Senior Subordinated Notes and net currency losses of $11.8 million resulting from the re-measurement of net monetary assets denominated in foreign currencies. Currency translation gain and other, net for the six months ended June 30, 2009 consisted primarily of the gain resulting from the extinguishment of debt of $120.1 million and currency gains of $6.5 million resulting from the re-measurement of our foreign currency denominated debt.
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