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Segment Reporting

3 Months Ended

Mar. 31, 2021

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 Stoneridge Brazil, which also represent its operating segments. The Control Devices reportable segment produces actuators, sensors, switches and connectors. The Electronics reportable segment produces driver information systems, camera-based vision systems, connectivity and compliance products and electronic control units. The Stoneridge Brazil reportable segment designs and manufactures electronic vehicle tracking devices and monitoring services, vehicle security alarms and convenience accessories, in-vehicle audio and infotainment devices and telematics solutions.

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 2020 Form 10-K. 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.

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 corporate accounting/finance, executive administration, human resources, information technology and legal.

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

​	​	​	​	​	​	​	​
Three months ended March 31		2021			2020		​
Net Sales:	​	​	​	​	​	​	​
Control Devices	​	$	99,618	​	$	96,850	​
Inter-segment sales	​	​	1,980	​	​	1,347	​
Control Devices net sales	​	​	101,598	​	​	98,197	​
Electronics	​	​	82,770	​	​	71,546	​
Inter-segment sales	​	​	5,979	​	​	8,268	​
Electronics net sales	​	​	88,749	​	​	79,814	​
Stoneridge Brazil	​	​	11,407	​	​	14,570	​
Inter-segment sales	​	​	-	​	​	-	​
Stoneridge Brazil net sales	​	​	11,407	​	​	14,570	​
Eliminations	​	​	(7,959)	​	​	(9,615)	​
Total net sales	​	$	193,795	​	$	182,966	​
Operating Income (Loss):	​	​	​	​	​	​	​
Control Devices	​	$	10,165	​	$	7,322	​
Electronics	​	​	(873)	​	​	2,872	​
Stoneridge Brazil	​	​	(48)	​	​	859	​
Unallocated Corporate (A)	​	​	(7,185)	​	​	(7,394)	​
Total operating income	​	$	2,059	​	$	3,659	​
Depreciation and Amortization:	​	​	​	​	​	​	​
Control Devices	​	$	4,079	​	$	3,530	​
Electronics	​	​	2,809	​	​	2,481	​
Stoneridge Brazil	​	​	1,004	​	​	1,450	​
Unallocated Corporate	​	​	689	​	​	526	​
Total depreciation and amortization (B)	​	$	8,581	​	$	7,987	​
Interest Expense (Income), net:	​	​	​	​	​	​	​
Control Devices	​	$	132	​	$	81	​
Electronics	​	​	131	​	​	87	​
Stoneridge Brazil	​	​	(30)	​	​	10	​
Unallocated Corporate	​	​	1,533	​	​	852	​
Total interest expense, net	​	$	1,766	​	$	1,030	​
Capital Expenditures:	​	​	​	​	​	​	​
Control Devices	​	$	1,361	​	$	2,314	​
Electronics	​	​	3,450	​	​	2,650	​
Stoneridge Brazil	​	​	662	​	​	1,133	​
Unallocated Corporate(C)	​	​	501	​	​	572	​
Total capital expenditures	​	$	5,974	​	$	6,669	​
​	​	​	​	​	​	​	​

​

​

​	​	​	​	​	​	​	​
​	​	March 31,		​	December 31,		​
​		2021			2020		​
Total Assets:	​	​	​	​	​	​	​
Control Devices	​	$	200,062	​	$	194,433	​
Electronics	​	​	304,539	​	​	303,914	​
Stoneridge Brazil	​	​	55,261	​	​	61,350	​
Corporate (C)	​	​	389,410	​	​	390,851	​
Eliminations	​	​	(327,795)	​	​	(329,140)	​
Total assets	​	$	621,477	​	$	621,408	​

​

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		2021			2020		​
Net Sales:	​	​	​	​	​	​	​
North America	​	$	96,534	​	$	99,851	​
South America	​	​	11,407	​	​	14,570	​
Europe and Other	​	​	85,854	​	​	68,545	​
Total net sales	​	$	193,795	​	$	182,966	​

​

​

​	​	​	​	​	​	​	​
​	​	March 31,		​	December 31,		​
​		2021			2020		​
Long-term Assets:	​	​	​	​	​	​	​
North America	​	$	111,104	​	$	110,330	​
South America	​	​	30,333	​	​	33,785	​
Europe and Other	​	​	136,934	​	​	142,629	​
Total long-term assets	​	$	278,371	​	$	286,744	​

(A) Unallocated Corporate expenses include, among other items, accounting/finance, human resources, information technology and legal 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, fixed assets for the corporate headquarter building, leased assets, information technology assets, equity investments and investments in subsidiaries.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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