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Segment Reporting | 6 Months Ended
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Jun. 30, 2015
Segment Reporting [Abstract] |
Segment Reporting | (1 3) 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. 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 |  | Six months ended
|  | June 30, |  | June 30,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Net Sales: |  |  |  |  |  |  |  |
Control Devices | $ | 84,398 | $ | 76,413 | $ | 164,269 | $ | 153,737
Inter-segment sales |  | 643 |  | 742 |  | 1,331 |  | 1,493
Control Devices net sales |  | 85,041 |  | 77,155 |  | 165,600 |  | 155,230
Electronics |  | 57,895 |  | 52,766 |  | 114,327 |  | 102,857
Inter-segment sales |  | 6,119 |  | 11,573 |  | 11,085 |  | 23,330
Electronics net sales |  | 64,014 |  | 64,339 |  | 125,412 |  | 126,187
PST |  | 22,996 |  | 32,920 |  | 49,518 |  | 66,836
Inter-segment sales |  | - |  | - |  | - |  | -
PST net sales |  | 22,996 |  | 32,920 |  | 49,518 |  | 66,836
Eliminations |  | (6,762) |  | (12,315) |  | (12,416) |  | (24,823)
Total net sales | $ | 165,289 | $ | 162,099 | $ | 328,114 | $ | 323,430
Operating Income (Loss): |  |  |  |  |  |  |  |
Control Devices | $ | 11,984 | $ | 8,719 | $ | 21,590 | $ | 17,152
Electronics |  | 3,222 |  | 4,886 |  | 6,646 |  | 9,668
PST |  | (2,591) |  | (31,982) |  | (5,241) |  | (34,524)
Unallocated Corporate (A) |  | (5,200) |  | (4,844) |  | (12,454) |  | (9,083)
Total operating income (loss) | $ | 7,415 | $ | (23,221) | $ | 10,541 | $ | (16,787)
Depreciation and Amortization: |  |  |  |  |  |  |  |
Control Devices | $ | 2,326 | $ | 2,381 | $ | 4,786 | $ | 4,752
Electronics |  | 955 |  | 1,138 |  | 1,911 |  | 2,239
PST |  | 2,452 |  | 3,453 |  | 5,139 |  | 6,622
Corporate |  | 55 |  | 35 |  | 70 |  | 79
Total depreciation and amortization (B) | $ | 5,788 | $ | 7,007 | $ | 11,906 | $ | 13,692
Interest Expense, net: |  |  |  |  |  |  |  |
Control Devices | $ | 81 | $ | 73 | $ | 165 | $ | 133
Electronics |  | 41 |  | 232 |  | 86 |  | 432
|  | - |  | - |  |  |  | -
PST |  | 803 |  | 792 |  | 1,224 |  | 1,460
Corporate |  | 733 |  | 3,975 |  | 1,461 |  | 7,976
Total interest expense, net | $ | 1,658 | $ | 5,072 | $ | 2,936 | $ | 10,001
Capital Expenditures: |  |  |  |  |  |  |  |
Control Devices | $ | 3,847 | $ | 3,528 | $ | 7,882 | $ | 5,262
Electronics |  | 1,084 |  | 2,019 |  | 3,022 |  | 2,666
PST |  | 2,039 |  | 2,062 |  | 3,412 |  | 3,729
Corporate |  | (230) |  | 48 |  | 913 |  | 107
Total capital expenditures | $ | 6,740 | $ | 7,657 | $ | 15,229 | $ | 11,764
|  | June 30, |  | December 31,
|  | 2015 |  | 2014
Total Assets: |  |  |  |
Control Devices | $ | 132,670 | $ | 115,703
Electronics |  | 102,380 |  | 95,140
PST |  | 140,273 |  | 159,980
Corporate (C) |  | 266,772 |  | 279,013
Eliminations |  | (250,597) |  | (251,085)
Total assets | $ | 391,498 | $ | 398,751
(A) Unallocated Corporate expenses include, among other items, accounting, finance, legal and 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 |  | Six months ended
|  | June 30, |  | June 30,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Net Sales: |  |  |  |  |  |  |  |
North America | $ | 94,679 | $ | 79,718 | $ | 184,432 | $ | 159,516
South America |  | 22,996 |  | 32,920 |  | 49,518 |  | 66,836
Europe and Other |  | 47,614 |  | 49,461 |  | 94,164 |  | 97,078
Total net sales | $ | 165,289 | $ | 162,099 | $ | 328,114 | $ | 323,430
|  | June 30, |  | December 31,
|  | 2015 |  | 2014
Long-term Assets: |  |  |  |
North America | $ | 57,227 | $ | 53,406
South America |  | 73,440 |  | 85,433
Europe and Other |  | 14,474 |  | 14,401
Total long-term assets | $ | 145,141 | $ | 153,240

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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 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 2: 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 3: 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 4: 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 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 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 7: 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 8: 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 9: 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 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 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 12: 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 13: 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 14: 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 + Details
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