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Segment Reporting
 6 Months Ended
Jun. 30, 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

 

Six months ended



 

June 30,

 

June 30,



 

 2016 

 

 2015 

 

 2016 

 

 2015 

Net Sales:

 

 

 

 

 

 

 

 

Control Devices

$

 108,889 

$

 84,398 

$

 201,257 

$

 164,269 

Inter-segment sales

 

 485 

 

 643 

 

 1,018 

 

 1,331 

Control Devices net sales

 

 109,374 

 

 85,041 

 

 202,275 

 

 165,600 



 

 

 

 

 

 

 

 

Electronics

 

 57,761 

 

 57,895 

 

 110,397 

 

 114,327 

Inter-segment sales

 

 8,184 

 

 6,119 

 

 15,211 

 

 11,085 

Electronics net sales

 

 65,945 

 

 64,014 

 

 125,608 

 

 125,412 



 

 

 

 

 

 

 

 

PST

 

 20,253 

 

 22,996 

 

 37,865 

 

 49,518 

Inter-segment sales

 

 -

 

 -

 

 -

 

 -

PST net sales

 

 20,253 

 

 22,996 

 

 37,865 

 

 49,518 



 

 

 

 

 

 

 

 

Eliminations

 

 (8,669)

 

 (6,762)

 

 (16,229)

 

 (12,416)

Total net sales

$

 186,903 

$

 165,289 

$

 349,519 

$

 328,114 

Operating Income (Loss):

 

 

 

 

 

 

 

 

Control Devices

$

 18,297 

$

 11,984 

$

 31,814 

$

 21,590 

Electronics

 

 4,495 

 

 3,222 

 

 8,315 

 

 6,646 

PST

 

 (1,091)

 

 (2,591)

 

 (4,208)

 

 (5,241)

Unallocated Corporate (A)

 

 (8,075)

 

 (5,200)

 

 (13,789)

 

 (12,454)

Total operating income

$

 13,626 

$

 7,415 

$

 22,132 

$

 10,541 

Depreciation and Amortization:

 

 

 

 

 

 

 

 

Control Devices

$

 2,475 

$

 2,326 

$

 4,784 

$

 4,786 

Electronics

 

 1,040 

 

 955 

 

 2,080 

 

 1,911 

PST

 

 2,231 

 

 2,452 

 

 4,081 

 

 5,139 

Corporate

 

 124 

 

 55 

 

 194 

 

 70 

Total depreciation and amortization (B)

$

 5,870 

$

 5,788 

$

 11,139 

$

 11,906 

Interest Expense, net:

 

 

 

 

 

 

 

 

Control Devices

$

 55 

$

 81 

$

 116 

$

 165 

Electronics

 

 124 

 

 41 

 

 163 

 

 86 

PST

 

 1,002 

 

 803 

 

 1,752 

 

 1,224 

Corporate

 

 659 

 

 733 

 

 1,323 

 

 1,461 

Total interest expense, net

$

 1,840 

$

 1,658 

$

 3,354 

$

 2,936 

Capital Expenditures:

 

 

 

 

 

 

 

 

Control Devices

$

 3,304 

$

 3,847 

$

 6,031 

$

 7,882 

Electronics

 

 854 

 

 1,084 

 

 3,985 

 

 3,022 

PST

 

 1,022 

 

 2,039 

 

 1,876 

 

 3,412 

Corporate

 

 9 

 

 (230)

 

 114 

 

 913 

Total capital expenditures

$

 5,189 

$

 6,740 

$

 12,006 

$

 15,229 

















 

 

 

 



 

June 30,

 

December 31,



 

 2016 

 

 2015 

Total Assets:

 

 

 

 

Control Devices

$

 158,061 

$

 127,649 

Electronics

 

 113,253 

 

 97,443 

PST

 

 113,871 

 

 100,143 

Corporate (C)

 

 284,554 

 

 288,806 

Eliminations

 

 (250,540)

 

 (249,789)

Total assets

$

 419,199 

$

 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

 

Six months ended



 

June 30,

 

June 30,



 

 2016 

 

 2015 

 

 2016 

 

 2015 



 

 

 

 

 

 

 

 

Net Sales:

 

 

 

 

 

 

 

 

North America

$

 114,250 

$

 94,679 

$

 213,369 

$

 184,432 

South America

 

 20,253 

 

 22,996 

 

 37,865 

 

 49,518 

Europe and Other

 

 52,400 

 

 47,614 

 

 98,285 

 

 94,164 

Total net sales

$

 186,903 

$

 165,289 

$

 349,519 

$

 328,114 







 



 

 

 

 



 

June 30,

 

December 31,



 

 2016 

 

 2015 



 

 

 

 

Long-term Assets:

 

 

 

 

North America

$

 61,161 

$

 60,099 

South America

 

 66,061 

 

 56,943 

Europe and Other

 

 16,195 

 

 15,301 

Total long-term assets

$

 143,417 

$

 132,343