Sensata designs, manufactures, and sells sensors and electrical protection components for mission-critical applications across automotive, industrial, and aerospace/defense markets. Sensata's sensors measure pressure, temperature, position, and force, converting physical parameters into electronic signals that allow a customer's system to respond. Sensata's electrical protection products — switches, fuses, contactors, and circuit breakers — protect electrical systems from faults and enable safe operation of EV powertrains, charging systems, and industrial equipment. Sensata sells almost entirely to OEMs and Tier 1 suppliers, with products custom-engineered to each customer's specifications. Once designed into a platform, switching costs are very high because changing a sensor requires re-engineering and re-certifying the system. Sensata's three segments are Automotive (~57% of revenue), Industrials (~21%), and Aerospace, Defense, and Commercial Equipment (~22%). In Automotive, EV and hybrid platforms are particularly attractive because they carry roughly double the sensor and electrical protection content of ICE vehicles, and plug-in hybrids carry content from all three sensor categories. In Industrials, a notable growth driver is the A2L refrigerant leak detection sensor, a regulatory-driven product for next-generation HVAC refrigerants. In Aerospace and Defense, long platform lifecycles and stringent certification requirements create durable, decades-long revenue streams. Sensata's manufacturing is concentrated in best-cost regions, with roughly 70% of North American production based in Mexico. Near-term capital allocation is focused on deleveraging, with M&A not a priority.