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Segment Reporting
 3 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Segment Reporting

(14) 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 and includes the newly acquired Orlaco business which designs and manufactures a variety of camera-based vision systems, monitors and related products. 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 2016 Form 10-K. The Company's management evaluates the performance of its reportable segments based primarily on revenues from external customers and operating income. Inter-segment sales are accounted for on terms similar to those to third parties and are eliminated upon consolidation.



The financial information presented below is for our three reportable operating segments and includes adjustments for unallocated corporate costs and intercompany eliminations, where applicable.  Such costs and eliminations do not meet the requirements for being classified as an operating segment. Corporate costs include various support functions, such as information technology, corporate finance, legal, executive administration and human resources.















































A summary of financial information by reportable segment is as follows:



 

 

 

 



 

 



 

 

 

 

Three months ended March 31,

 

 2017 

 

 2016 

Net Sales:

 

 

 

 

Control Devices

$

 118,873 

$

 92,368 

Inter-segment sales

 

 783 

 

 533 

Control Devices net sales

 

 119,656 

 

 92,901 



 

 

 

 

Electronics

 

 63,805 

 

 52,636 

Inter-segment sales

 

 11,356 

 

 7,027 

Electronics net sales

 

 75,161 

 

 59,663 



 

 

 

 

PST

 

 21,633 

 

 17,612 

Inter-segment sales

 

 -

 

 -

PST net sales

 

 21,633 

 

 17,612 



 

 

 

 

Eliminations

 

 (12,139)

 

 (7,560)

Total net sales

$

 204,311 

$

 162,616 

Operating Income (Loss):

 

 

 

 

Control Devices

$

 19,084 

$

 13,517 

Electronics

 

 5,557 

 

 3,820 

PST

 

 579 

 

 (3,117)

Unallocated Corporate (A)

 

 (10,056)

 

 (5,714)

Total operating income

$

 15,164 

$

 8,506 

Depreciation and Amortization:

 

 

 

 

Control Devices

$

 2,699 

$

 2,309 

Electronics

 

 1,572 

 

 1,040 

PST

 

 2,088 

 

 1,850 

Unallocated Corporate

 

 99 

 

 70 

Total depreciation and amortization (B)

$

 6,458 

$

 5,269 

Interest Expense, net:

 

 

 

 

Control Devices

$

 54 

$

 61 

Electronics

 

 38 

 

 39 

PST

 

 572 

 

 750 

Unallocated Corporate

 

 746 

 

 664 

Total interest expense, net

$

 1,410 

$

 1,514 

Capital Expenditures:

 

 

 

 

Control Devices

$

 3,447 

$

 2,727 

Electronics

 

 2,351 

 

 3,131 

PST

 

 884 

 

 854 

Unallocated Corporate(C)

 

 583 

 

 105 

Total capital expenditures

$

 7,265 

$

 6,817 

















 

 

 

 



 

March 31,

 

December 31,



 

 2017 

 

 2016 

Total Assets:

 

 

 

 

Control Devices

$

 162,218 

$

 150,623 

Electronics

 

 214,390 

 

 99,964 

PST

 

 109,895 

 

 107,405 

Corporate (C)

 

 364,760 

 

 287,031 

Eliminations

 

 (331,717)

 

 (250,494)

Total assets

$

 519,546 

$

 394,529 



 

 

 

 





(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, capital expenditures for the new headquarter building, equity investments and investments in subsidiaries.





The following tables present net sales and long-term assets for each of the geographic areas in which the Company operates: 



 

 

 

 



 

 



 

 

Three months ended March 31,

 

 2017 

 

 2016 



 

 

 

 

Net Sales:

 

 

 

 

North America

$

 123,386 

$

 99,119 

South America

 

 21,633 

 

 17,612 

Europe and Other

 

 59,292 

 

 45,885 

Total net sales

$

 204,311 

$

 162,616 







 



 

 

 

 



 

March 31,

 

December 31,



 

 2017 

 

 2016 



 

 

 

 

Long-term Assets:

 

 

 

 

North America

$

 76,354 

$

 73,835 

South America

 

 65,256 

 

 63,497 

Europe and Other

 

 94,823 

 

 16,304 

Total long-term assets

$

 236,433 

$

 153,636