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Segment Reporting
 6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
Segment Reporting

(13) 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