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Segment Reporting
 3 Months Ended
Mar. 31, 2016
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.

 

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 2015 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 March 31

 

 2016 

 

 2015 

Net Sales:

 

 

 

 

Control Devices

$

 92,368 

$

 79,870 

Inter-segment sales

 

 533 

 

 688 

Control Devices net sales

 

 92,901 

 

 80,558 



 

 

 

 

Electronics

 

 52,636 

 

 56,432 

Inter-segment sales

 

 7,027 

 

 4,966 

Electronics net sales

 

 59,663 

 

 61,398 



 

 

 

 

PST

 

 17,612 

 

 26,523 

Inter-segment sales

 

 -

 

 -

PST net sales

 

 17,612 

 

 26,523 



 

 

 

 

Eliminations

 

 (7,560)

 

 (5,654)

Total net sales

$

 162,616 

$

 162,825 

Operating Income (Loss):

 

 

 

 

Control Devices

$

 13,517 

$

 9,605 

Electronics

 

 3,820 

 

 3,424 

PST

 

 (3,117)

 

 (2,650)

Unallocated Corporate (A)

 

 (5,714)

 

 (7,253)

Total operating income

$

 8,506 

$

 3,126 

Depreciation and Amortization:

 

 

 

 

Control Devices

$

 2,309 

$

 2,459 

Electronics

 

 1,040 

 

 956 

PST

 

 1,850 

 

 2,687 

Corporate

 

 70 

 

 14 

Total depreciation and amortization (B)

$

 5,269 

$

 6,116 

Interest Expense, net:

 

 

 

 

Control Devices

$

 61 

$

 85 

Electronics

 

 39 

 

 45 

PST

 

 750 

 

 420 

Corporate

 

 664 

 

 728 

Total interest expense, net

$

 1,514 

$

 1,278 

Capital Expenditures:

 

 

 

 

Control Devices

$

 2,727 

$

 4,035 

Electronics

 

 3,131 

 

 1,938 

PST

 

 854 

 

 1,373 

Corporate

 

 105 

 

 1,144 

Total capital expenditures

$

 6,817 

$

 8,490 

















 

 

 

 



 

March 31,

 

December 31,



 

 2016 

 

 2015 

Total Assets:

 

 

 

 

Control Devices

$

 145,383 

$

 127,649 

Electronics

 

 110,540 

 

 97,443 

PST

 

 105,181 

 

 100,143 

Corporate (C)

 

 280,641 

 

 288,806 

Eliminations

 

 (248,019)

 

 (249,789)

Total assets

$

 393,726 

$

 364,252 



 

 

 

 



(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 March 31

 

 2016 

 

 2015 



 

 

 

 

Net Sales:

 

 

 

 

North America

$

 99,119 

$

 89,753 

South America

 

 17,612 

 

 26,523 

Europe and Other

 

 45,885 

 

 46,549 

Total net sales

$

 162,616 

$

 162,825 







 



 

 

 

 



 

March 31,

 

December 31,



 

 2016 

 

 2015 



 

 

 

 

Long-term Assets:

 

 

 

 

North America

$

 60,547 

$

 60,099 

South America

 

 60,799 

 

 56,943 

Europe and Other

 

 17,073 

 

 15,301 

Total long-term assets

$

 138,419 

$

 132,343