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Segment Reporting

6 Months Ended

Jun. 30, 2021

(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				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020
Net Sales:
Control Devices	$	86,345	$	47,005	$	185,963	$	143,855
Inter-segment sales		374		1,559		2,354		2,906
Control Devices net sales		86,719		48,564		188,317		146,761
Electronics		90,085		45,530		172,855		117,076
Inter-segment sales		7,229		2,042		13,208		10,310
Electronics net sales		97,314		47,572		186,063		127,386
Stoneridge Brazil		14,904		7,010		26,311		21,580
Inter-segment sales		-		-		-		-
Stoneridge Brazil net sales		14,904		7,010		26,311		21,580
Eliminations		(7,603)		(3,601)		(15,562)		(13,216)
Total net sales	$	191,334	$	99,545	$	385,129	$	282,511
Operating Income (Loss):
Control Devices	$	37,065	$	(9,656)	$	47,230	$	(2,334)
Electronics		(1,807)		(11,042)		(2,680)		(8,170)
Stoneridge Brazil		(749)		(879)		(797)		(20)
Unallocated Corporate ^(A)		(7,825)		(5,246)		(15,010)		(12,640)
Total operating income (loss)	$	26,684	$	(26,823)	$	28,743	$	(23,164)
Depreciation and Amortization:
Control Devices	$	3,858	$	3,639	$	7,937	$	7,169
Electronics		3,059		2,393		5,868		4,874
Stoneridge Brazil		1,041		1,273		2,045		2,723
Unallocated Corporate		685		496		1,374		1,022
Total depreciation and amortization^(B)	$	8,643	$	7,801	$	17,224	$	15,788
Interest Expense (Income), net:
Control Devices	$	108	$	89	$	240	$	170
Electronics		164		313		295		400
Stoneridge Brazil		(67)		(7)		(97)		3
Unallocated Corporate		1,655		1,015		3,188		1,867
Total interest expense, net	$	1,860	$	1,410	$	3,626	$	2,440
Capital Expenditures:
Control Devices	$	3,380	$	3,349	$	4,741	$	5,663
Electronics		461		5,410		3,911		8,060
Stoneridge Brazil		757		281		1,419		1,414
Unallocated Corporate^(C)		197		105		698		677
Total capital expenditures	$	4,795	$	9,145	$	10,769	$	15,814

June 30,

December 31,

2021

2020

Total Assets:

Control Devices

195,853

194,433

Electronics

316,941

303,914

Stoneridge Brazil

63,643

61,350

Corporate ^(C)

386,827

390,851

Eliminations

(327,332)

(329,140)

Total assets

635,932

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				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020
Net Sales:
North America	$	96,700	$	43,122	$	193,234	$	142,973
South America		14,904		7,010		26,311		21,580
Europe and Other		79,730		49,413		165,584		117,958
Total net sales	$	191,334	$	99,545	$	385,129	$	282,511

June 30,

December 31,

2021

2020

Long-term Assets:

North America

98,482

110,330

South America

34,505

33,785

Europe and Other

140,536

142,629

Total long-term assets

273,523

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.

- 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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+ Details