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Segment Reporting
 9 Months Ended
Sep. 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 and operating income (loss). 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

 

Nine months ended

 

 

September 30,

 

September 30,

 

 
2015 

 
2014 

 
2015 

 
2014 

Net Sales:

 

 

 

 

 

 

 

 

Control Devices

$
87,030 

$
78,358 

$
251,299 

$
232,095 

Inter-segment sales

 
482 

 
640 

 
1,814 

 
2,133 

Control Devices net sales

 
87,512 

 
78,998 

 
253,113 

 
234,228 

 

 

 

 

 

 

 

 

 

Electronics

 
50,688 

 
54,951 

 
165,015 

 
157,808 

Inter-segment sales

 
6,567 

 
7,223 

 
17,651 

 
30,554 

Electronics net sales

 
57,255 

 
62,174 

 
182,666 

 
188,362 

 

 

 

 

 

 

 

 

 

PST

 
24,339 

 
37,029 

 
73,857 

 
103,865 

Inter-segment sales

 

 -

 

 -

 

 -

 

 -

PST net sales

 
24,339 

 
37,029 

 
73,857 

 
103,865 

 

 

 

 

 

 

 

 

 

Eliminations

 
(7,049)

 
(7,863)

 
(19,465)

 
(32,687)

Total net sales

$
162,057 

$
170,338 

$
490,171 

$
493,768 

Operating Income (Loss):

 

 

 

 

 

 

 

 

Control Devices

$
12,197 

$
10,000 

$
33,787 

$
27,152 

Electronics

 
2,767 

 
4,370 

 
9,413 

 
14,038 

PST

 
(640)

 
4,467 

 
(5,881)

 
(30,057)

Unallocated Corporate (A)

 
(5,377)

 
(5,078)

 
(17,831)

 
(14,161)

Total operating income (loss)

$
8,947 

$
13,759 

$
19,488 

$
(3,028)

Depreciation and Amortization:

 

 

 

 

 

 

 

 

Control Devices

$
2,346 

$
2,412 

$
7,132 

$
7,165 

Electronics

 
949 

 
1,064 

 
2,860 

 
3,302 

PST

 
2,282 

 
3,501 

 
7,421 

 
10,123 

Corporate

 
69 

 
47 

 
139 

 
126 

Total depreciation and amortization (B)

$
5,646 

$
7,024 

$
17,552 

$
20,716 

Interest Expense, net:

 

 

 

 

 

 

 

 

Control Devices

$
81 

$
83 

$
246 

$
216 

Electronics

 
38 

 
199 

 
124 

 
632 

PST

 
839 

 
731 

 
2,063 

 
2,191 

Corporate

 
789 

 
4,044 

 
2,250 

 
12,020 

Total interest expense, net

$
1,747 

$
5,057 

$
4,683 

$
15,059 

Capital Expenditures:

 

 

 

 

 

 

 

 

Control Devices

$
3,953 

$
4,094 

$
11,835 

$
9,356 

Electronics

 
2,729 

 
1,345 

 
5,751 

 
4,011 

PST

 
1,477 

 
1,306 

 
4,889 

 
5,035 

Corporate

 
133 

 
25 

 
1,046 

 
132 

Total capital expenditures

$
8,292 

$
6,770 

$
23,521 

$
18,534 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 
2015 

 
2014 

Total Assets:

 

 

 

 

Control Devices

$
135,461 

$
115,703 

Electronics

 
99,191 

 
95,140 

PST

 
108,803 

 
159,980 

Corporate (C)

 
272,061 

 
279,013 

Eliminations

 
(249,650)

 
(251,085)

Total assets

$
365,866 

$
398,751 

 

 

 

 

 

 

(A) Unallocated Corporate expenses include, among other items, finance, legal, human resources 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

 

Nine months ended

 

 

September 30,

 

September 30,

 

 
2015 

 
2014 

 
2015 

 
2014 

 

 

 

 

 

 

 

 

 

Net Sales:

 

 

 

 

 

 

 

 

North America

$
96,676 

$
86,744 

$
281,108 

$
246,260 

South America

 
24,339 

 
37,029 

 
73,857 

 
103,865 

Europe and Other

 
41,042 

 
46,565 

 
135,206 

 
143,643 

Total net sales

$
162,057 

$
170,338 

$
490,171 

$
493,768 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 
2015 

 
2014 

 

 

 

 

 

Long-term Assets:

 

 

 

 

North America

$
58,648 

$
53,406 

South America

 
57,256 

 
85,433 

Europe and Other

 
14,424 

 
14,401 

Total long-term assets

$
130,328 

$
153,240