XML 45 R18.htm IDEA: XBRL DOCUMENT v2.4.1.9
Segment Reporting
 3 Months Ended
Mar. 31, 2015
Segment Reporting [Abstract]  
Segment Reporting

(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 third quarter of 2014 the Company sold its Wiring business segment, which designed and manufactured wiring harness products and assembled instrument panels for sale principally to the commercial, agricultural and off-highway vehicle markets.  As such, for all periods presented the Company reported this business as discontinued operations in the Company’s condensed consolidated financial statements and therefore 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 represent 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.

 

Also, during the first half of 2014 the Company 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 used 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 2014 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 March 31

 
2015 

 
2014 

Net Sales:

 

 

 

 

Control Devices

$
79,870 

$
77,324 

Inter-segment sales

 
688 

 
752 

Control Devices net sales

 
80,558 

 
78,076 

 

 

 

 

 

Electronics

 
56,432 

 
50,091 

Inter-segment sales

 
4,966 

 
11,757 

Electronics net sales

 
61,398 

 
61,848 

 

 

 

 

 

PST

 
26,523 

 
33,916 

Inter-segment sales

 

 -

 

 -

PST net sales

 
26,523 

 
33,916 

 

 

 

 

 

Eliminations

 
(5,654)

 
(12,509)

Total net sales

$
162,825 

$
161,331 

Operating Income (Loss):

 

 

 

 

Control Devices

$
9,605 

$
8,433 

Electronics

 
3,424 

 
4,782 

PST

 
(2,650)

 
(2,542)

Unallocated Corporate (A)

 
(7,253)

 
(4,239)

Total operating income

$
3,126 

$
6,434 

Depreciation and Amortization:

 

 

 

 

Control Devices

$
2,459 

$
2,371 

Electronics

 
956 

 
1,101 

PST

 
2,687 

 
3,169 

Corporate

 
14 

 
45 

Total depreciation and amortization (B)

$
6,116 

$
6,686 

Interest Expense, net:

 

 

 

 

Control Devices

$
85 

$
61 

Electronics

 
45 

 
199 

PST

 
420 

 
668 

Corporate

 
728 

 
4,001 

Total interest expense, net

$
1,278 

$
4,929 

Capital Expenditures:

 

 

 

 

Control Devices

$
4,035 

$
1,734 

Electronics

 
1,938 

 
647 

PST

 
1,373 

 
1,667 

Corporate

 
1,144 

 
59 

Total capital expenditures

$
8,490 

$
4,107 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 
2015 

 
2014 

Total Assets:

 

 

 

 

Control Devices

$
130,340 

$
115,703 

Electronics

 
95,621 

 
95,140 

PST

 
132,048 

 
159,980 

Corporate (C)

 
267,571 

 
279,013 

Eliminations

 
(248,259)

 
(251,085)

Total assets

$
377,321 

$
398,751 

 

 

 

 

 

 

(A) Unallocated Corporate expenses include, among other items, accounting, finance, legal, information technology costs as well as share-based compensation.

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

(C) 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 for each of the geographic areas in which the Company operates: 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31

 
2015 

 
2014 

 

 

 

 

 

Net Sales:

 

 

 

 

North America

$
89,753 

$
79,798 

South America

 
26,523 

 
33,916 

Europe and Other

 
46,549 

 
47,617 

Total net sales

$
162,825 

$
161,331 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 
2015 

 
2014 

 

 

 

 

 

Long-term Assets:

 

 

 

 

North America

$
56,370 

$
53,406 

South America

 
70,708 

 
85,433 

Europe and Other

 
13,875 

 
14,401 

Total long-term assets

$
140,953 

$
153,240