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Segment Reporting | 6 Months Ended
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Jun. 30, 2014
Segment Reporting [Abstract] |
Segment Reporting | (1 4) 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 second quarter of 2014 the Company entered into an asset purchase agreement to sell its Wiring business segment, which designs and manufactures wiring harness products and assembles instrument panels for sale principally to the commercial, agricultural and off-highway vehicle markets. As such, for all periods presented the Company has reported this business as held for sale and discontinued operations in the Company’s condensed consolidated financial statements and therefore has excluded it from the segment disclosures herein. See Note 3 for additional details. The Company has three reportable segments: Control Devices, Electronics and PST which also represents its operating segments. The Control Devices reportable segment produces sensors, switches, valves and actuators. The Electronics reportable segment produces electronic instrument clusters, electronic control units and driver information systems. The PST reportable segment designs and manufactures electronic vehicle security alarms, convenience accessories, vehicle tracking devices and monitoring services and in-vehicle audio and video devices. During the second quarter of 2014 the Company also changed its segment operating performance metric in accordance with changes in the financial information reviewed and performance measured by the Company’s chief operating decision maker. As a result, the Company now uses operating income for financial reporting purposes. Historically, the Company utilized income before income taxes. The Company has revised the consolidated segment information for all periods presented to reflect this presentation. 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 2013 Form 10-K. The Company's management evaluates the performance of its reportable segments based primarily on revenues from external customers, capital expenditures and operating income. 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 |  | Six months ended
|  | June 30, |  | June 30,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Net Sales: |  |  |  |  |  |  |  |
Control Devices | $ | 76,413 | $ | 74,434 | $ | 153,737 | $ | 146,347
Inter-segment sales |  | 742 |  | 774 |  | 1,493 |  | 1,570
Control Devices net sales |  | 77,155 |  | 75,208 |  | 155,230 |  | 147,917
Electronics |  | 52,766 |  | 48,684 |  | 102,857 |  | 93,204
Inter-segment sales |  | 11,573 |  | 10,849 |  | 23,330 |  | 21,715
Electronics net sales |  | 64,339 |  | 59,533 |  | 126,187 |  | 114,919
PST |  | 32,920 |  | 46,715 |  | 66,836 |  | 89,144
Inter-segment sales |  | - |  | - |  | - |  | -
PST net sales |  | 32,920 |  | 46,715 |  | 66,836 |  | 89,144
Eliminations |  | (12,315) |  | (11,623) |  | (24,823) |  | (23,285)
Total net sales | $ | 162,099 | $ | 169,833 | $ | 323,430 | $ | 328,695
Operating Income (Loss): |  |  |  |  |  |  |  |
Control Devices | $ | 8,719 | $ | 8,963 | $ | 17,152 | $ | 16,619
Electronics |  | 4,886 |  | 5,283 |  | 9,668 |  | 10,529
PST (A) |  | (31,982) |  | 2,278 |  | (34,524) |  | 3,274
Unallocated Corporate (B) |  | (4,844) |  | (4,772) |  | (9,083) |  | (10,179)
Total operating income (loss) | $ | (23,221) | $ | 11,752 | $ | (16,787) | $ | 20,243
Depreciation and Amortization: |  |  |  |  |  |  |  |
Control Devices | $ | 2,381 | $ | 2,470 | $ | 4,752 | $ | 5,005
Electronics |  | 1,138 |  | 1,242 |  | 2,239 |  | 2,521
PST |  | 3,453 |  | 3,654 |  | 6,622 |  | 7,486
Corporate |  | 35 |  | 46 |  | 79 |  | 94
Total depreciation and amortization (C) | $ | 7,007 | $ | 7,412 | $ | 13,692 | $ | 15,106
Interest Expense, net: |  |  |  |  |  |  |  |
Control Devices | $ | 73 | $ | 32 | $ | 133 |  | 79
Electronics |  | 232 |  | 186 |  | 432 | $ | 373
PST |  | 792 |  | 282 |  | 1,460 |  | 559
Corporate |  | 3,975 |  | 4,004 |  | 7,976 |  | 7,943
Total interest expense, net | $ | 5,072 | $ | 4,504 | $ | 10,001 | $ | 8,954
Capital Expenditures: |  |  |  |  |  |  |  |
Control Devices | $ | 3,528 | $ | 1,657 | $ | 5,262 |  | 4,897
Electronics |  | 2,019 |  | 519 |  | 2,666 | $ | 988
PST |  | 2,062 |  | 1,626 |  | 3,729 |  | 3,092
Corporate |  | 48 |  | 93 |  | 107 |  | 220
Total capital expenditures | $ | 7,657 | $ | 3,895 | $ | 11,764 | $ | 9,197
|  | June 30, |  | December 31,
|  | 2014 |  | 2013
Total Assets: |  |  |  |
Control Devices | $ | 117,384 | $ | 105,730
Electronics |  | 111,599 |  | 105,352
PST |  | 219,394 |  | 237,649
Corporate (D) |  | 292,967 |  | 301,889
Eliminations |  | (264,083) |  | (259,267)
Total assets | $ | 477,261 | $ | 491,353
(A) The PST operating loss for the three and six months ended June 30, 2014 includes a goodwill impairment charge of $29,300. (B) Unallocated Corporate expenses include, among other items, accounting, finance, legal, information technology costs as well as share-based compensation. (C) These amounts represent depreciation and amortization on property, plant and equipment and certain intangible assets. (D) Assets located at Corporate consist primarily of cash, intercompany loan receivables, equity investments and investments in subsidiaries. The following table presents net sales and long-term assets from continuing operations for each of the geographic areas in which the Company operates:
|  | Three months ended |  | Six months ended
|  | June 30, |  | June 30,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Net Sales: |  |  |  |  |  |  |  |
North America | $ | 79,718 | $ | 76,789 | $ | 159,516 | $ | 151,592
South America |  | 32,920 |  | 46,715 |  | 66,836 |  | 89,144
Europe and Other |  | 49,461 |  | 46,329 |  | 97,078 |  | 87,959
Total net sales | $ | 162,099 | $ | 169,833 | $ | 323,430 | $ | 328,695
|  | June 30, |  | December 31,
|  | 2014 |  | 2013
Long-term Assets: |  |  |  |
North America | $ | 50,494 | $ | 49,853
South America |  | 131,260 |  | 154,226
Europe and Other |  | 17,160 |  | 14,641
Total long-term assets | $ | 198,914 | $ | 218,720

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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