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Investments
 12 Months Ended
Dec. 31, 2012
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments and Joint Ventures Disclosure [Text Block]

3. Investments

 

The Company analyzes its joint ventures in accordance with Accounting Standards Codification “ASC” Topic 810 to determine whether they are VIE’s and, if so, whether the Company is the primary beneficiary.  The Minda Stoneridge Instruments Ltd. (“Minda”) joint venture at December 31, 2012, 2011 and 2010 was determined under the provisions of ASC Topic 810 to be an unconsolidated joint venture and was accounted for under the equity method of accounting based on our 49% noncontrolling interest.

 

PST Eletrônica Ltda.

 

The Company has a 74% controlling interest in PST, a Brazilian electronic system provider focused on security, convenience and infotainment devices and services primarily for the South American vehicle and motorcycle industries, and since the acquisition of the controlling interest on December 31, 2011 has been a consolidated subsidiary of the Company as of and for the year ended December 31, 2012. Prior to the acquisition of the controlling interest on December 31, 2011, PST was an unconsolidated joint venture accounted for under the equity method of accounting.

 

Condensed financial information of PST is as follows:

 

Years ended December 31   2011     2010  
             
Net sales   $ 234,160     $ 182,946  
Cost of goods sold   $ 132,489     $ 93,683  
                 
Total income before income taxes   $ 20,995     $ 23,503  
The Company's share of income before income taxes   $ 10,498     $ 11,752  

 

Equity in earnings of PST included in the consolidated statements of operations was $8,805 and $9,490 for the years ended December 31, 2011 and 2010, respectively. During 2011 and 2010, PST declared dividends payable to its joint venture partners, which included the Company. The Company received dividend payments from PST of $5,457 in 2010 which decreased the Company’s investment in PST. There were no dividends received from PST in 2011.

 

Minda Stoneridge Instruments Ltd.

 

The Company has a 49% interest in Minda, a company based in India that manufactures electronics, instrumentation equipment and sensors for the motorcycle and commercial vehicle market. The investment is accounted for under the equity method of accounting. The Company’s investment in Minda, recorded as a component of investments and other long-term assets, net on the consolidated balance sheets, was $6,215 and $6,391 as of December 31, 2012 and 2011, respectively. Equity in earnings of Minda included in the consolidated statements of operations was $760, $1,229 and $856 for the years ended December 31, 2012, 2011 and 2010, respectively.