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Segment Reporting
 12 Months Ended
Dec. 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 consolidated financial statements and therefore excluded it from the segment disclosures herein. See Note 2 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.  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:

 

 

 

 

 

 

 

 

Years ended December 31

 

 2015 

 

 2014 

 

 2013 

Net Sales:

 

 

 

 

 

 

Control Devices

$

 333,010 

$

 306,658 

$

 291,145 

Inter-segment sales

 

 2,055 

 

 3,080 

 

 2,875 

Control Devices net sales

 

 335,065 

 

 309,738 

 

 294,020 

 

 

 

 

 

 

 

Electronics

 

 216,544 

 

 214,141 

 

 189,809 

Inter-segment sales

 

 22,904 

 

 35,163 

 

 41,137 

Electronics net sales

 

 239,448 

 

 249,304 

 

 230,946 

 

 

 

 

 

 

 

PST

 

 95,258 

 

 139,780 

 

 178,532 

Inter-segment sales

 

 -

 

 -

 

 -

PST net sales

 

 95,258 

 

 139,780 

 

 178,532 

 

 

 

 

 

 

 

Eliminations

 

 (24,959)

 

 (38,243)

 

 (44,012)

Total net sales

$

 644,812 

$

 660,579 

$

 659,486 

Operating Income (Loss):

 

 

 

 

 

 

Control Devices

$

 44,690 

$

 35,387 

$

 32,331 

Electronics

 

 13,784 

 

 17,444 

 

 20,732 

PST (A)

 

 (7,542)

 

 (59,587)

 

 7,211 

Unallocated Corporate (B)

 

 (23,117)

 

 (19,067)

 

 (17,871)

Total operating income (loss)

$

 27,815 

$

 (25,823)

$

 42,403 

Depreciation and Amortization:

 

 

 

 

 

 

Control Devices

$

 9,125 

$

 9,545 

$

 9,877 

Electronics

 

 3,666 

 

 4,432 

 

 4,800 

PST

 

 9,272 

 

 12,998 

 

 14,426 

Corporate

 

 211 

 

 130 

 

 183 

Total depreciation and amortization (C)

$

 22,274 

$

 27,105 

$

 29,286 

Interest Expense, net:

 

 

 

 

 

 

Control Devices

$

 326 

$

 303 

$

 182 

Electronics

 

 161 

 

 695 

 

 760 

PST

 

 2,957 

 

 2,764 

 

 1,174 

Corporate

 

 2,921 

 

 13,118 

 

 15,980 

Total interest expense, net

$

 6,365 

$

 16,880 

$

 18,096 

Capital Expenditures:

 

 

 

 

 

 

Control Devices

$

 15,094 

$

 13,658 

$

 9,906 

Electronics

 

 6,538 

 

 3,541 

 

 4,667 

PST

 

 5,889 

 

 6,161 

 

 6,663 

Corporate

 

 1,214 

 

 156 

 

 340 

Total capital expenditures

$

 28,735 

$

 23,516 

$

 21,576 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

 2015 

 

 2014 

Total Assets:

 

 

 

 

Control Devices

$

 127,649 

$

 115,703 

Electronics

 

 97,443 

 

 95,140 

PST

 

 100,143 

 

 159,980 

Corporate (D)

 

 288,806 

 

 279,013 

Eliminations

 

 (249,789)

 

 (251,085)

Total assets

$

 364,252 

$

 398,751 

 

 

 

 

 

 

 

 

 

 

 

(A)

     The PST operating loss for the year ended December 31, 2014 includes a goodwill impairment charge of $51,458.

 

(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)

     Corporate assets consist primarily of cash, intercompany loan receivables, equity investments and investments

     in subsidiaries.

 

The following table presents net sales and long-term assets for the geographic areas in which the Company operates:

 

 

 

 

 

 

 

 

 

 

Years ended December 31

 

 2015 

 

 2014 

 

 2013 

 

 

 

 

 

 

 

Net Sales:

 

 

 

 

 

 

North America

$

 369,032 

$

 330,516 

$

 301,592 

South America

 

 95,258 

 

 139,780 

 

 178,532 

Europe and Other

 

 180,522 

 

 190,283 

 

 179,362 

Total net sales

$

 644,812 

$

 660,579 

$

 659,486 

 

 

 

 

 

 

 

 

 

 

 

As of December 31

 

 2015 

 

 2014 

 

 

 

 

 

Long-term Assets:

 

 

 

 

North America

$

 60,099 

$

 53,406 

South America

 

 56,943 

 

 85,433 

Europe and Other

 

 15,301 

 

 14,401 

Total long-term assets

$

 132,343 

$

 153,240