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Segment Reporting
 3 Months Ended
Mar. 31, 2013
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]

(12) Segment Reporting

 

Operating segments are defined as components of an enterprise that are evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is the chief executive officer.

 

During the fourth quarter of 2012, the Company changed its reportable segments in accordance with changes in financial information received and reviewed by the Company’s chief operating decision maker. As a result, the Company’s Wiring business unit is an operating segment for financial reporting purposes. Historically, the Wiring business unit was included in the Electronics operating segment. The Company has revised the consolidated segment information for 2012 to reflect this presentation.

 

The Company has four reportable segments: Electronics, Wiring, Control Devices and PST which also represents its operating segments. The Electronics reportable segment produces electronic instrument clusters, electronic control units and driver information systems. The Wiring reportable segment produces electrical power and signal distribution systems, primarily wiring harnesses and connectors and instrument panel assemblies. The Control Devices reportable segment produces sensors, switches, valves and actuators. The PST reportable segment, which is also an operating segment, specializes in the design, manufacture and sale of electronic vehicle security alarms, convenience accessories, vehicle tracking devices and monitoring services and in-vehicle audio and video devices.

 

The accounting policies of the Company’s reportable segments are the same as those described in Note 2, “Summary of Significant Accounting Policies” of the Company’s December 31, 2012 Form 10-K. The Company’s management evaluates the performance of its reportable segments based primarily on revenues from external customers, capital expenditures and income before income taxes. Inter-segment sales are accounted for on terms similar to those to third parties and are eliminated upon consolidation.

 

A summary of financial information by reportable segment is as follows:

 

Three months ended March 31   2013     2012  
             
Net Sales:                
Electronics   $ 44,520     $ 43,429  
Inter-segment sales     10,866       15,321  
Electronics net sales     55,386       58,750  
                 
Wiring     76,848       94,751  
Inter-segment sales     1,603       342  
Wiring net sales     78,451       95,093  
                 
Control Devices     71,913       70,396  
Inter-segment sales     796       1,125  
Control Devices net sales     72,709       71,521  
                 
PST     42,429       53,691  
Inter-segment sales     -       -  
PST net sales     42,429       53,691  
                 
Eliminations     (13,265 )     (16,788 )
Total net sales   $ 235,710     $ 262,267  
                 
Income (Loss) Before Income Taxes:                
Electronics   $ 3,782     $ 4,046  
Wiring     (427 )     2,644  
Control Devices     6,267       4,072  
PST     483       (332 )
Other corporate activities     (864 )     498  
Corporate interest expense     (3,939 )     (3,964 )
Total income before income taxes   $ 5,302     $ 6,964  
                 
Depreciation and Amortization:                
Electronics   $ 1,279     $ 1,068  
Wiring     1,211       1,270  
Control Devices     2,535       2,430  
PST     3,832       3,953  
Other corporate activities (A)     48       47  
Total depreciation and amortization (A)   $ 8,905     $ 8,768  
                 
Interest Expense, net:                
Electronics   $ 187     $ 393  
Wiring     124       29  
Control Devices     47       57  
PST     277       912  
Corporate activities     3,939       3,964  
Total interest expense, net   $ 4,574     $ 5,355  
                 
Capital Expenditures:                
Electronics   $ 469     $ 755  
Wiring     516       794  
Control Devices     3,240       2,070  
PST     1,466       2,421  
Corporate activities     127       808  
Total capital expenditures   $ 5,818     $ 6,848  

  

    March 31,     December 31,  
    2013     2012  
             
Total Assets:                
Electronics   $ 86,617     $ 84,772  
Wiring     107,683       99,755  
Control Devices     111,327       100,351  
PST     282,996       267,687  
Corporate (B)     306,378       308,969  
Eliminations     (270,129 )     (268,843 )
Total assets   $ 624,872     $ 592,691  

 

(A) These amounts represent depreciation and amortization on property, plant and equipment and certain intangible assets.

(B) Assets located at Corporate consist primarily of cash, intercompany loan receivables and equity investments.

 

The following table presents net sales and non-current assets for each of the geographic areas in which the Company operates:

 

Three months ended March 31   2013     2012  
             
Net Sales:                
North America   $ 153,099     $ 170,123  
South America     42,429       53,691  
Europe and Other     40,182       38,453  
Total net sales   $ 235,710     $ 262,267  

 

    March 31,     December 31,  
    2013     2012  
             
Non-Current Assets:                
North America   $ 80,372     $ 82,777  
South America     185,507       185,109  
Europe and Other     15,496       13,751  
Total non-current assets   $ 281,375     $ 281,637