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Segment Reporting

3 Months Ended

Mar. 31, 2022

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 2021 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:

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Three months ended March 31		2022			2021
Net Sales:	​	​	​	​	​	​
Control Devices	​	$	84,060	​	$	99,618
Inter-segment sales	​	​	930	​	​	1,980
Control Devices net sales	​	​	84,990	​	​	101,598
Electronics	​	​	124,953	​	​	82,770
Inter-segment sales	​	​	7,711	​	​	5,979
Electronics net sales	​	​	132,664	​	​	88,749
Stoneridge Brazil	​	​	12,045	​	​	11,407
Inter-segment sales	​	​	-	​	​	-
Stoneridge Brazil net sales	​	​	12,045	​	​	11,407
Eliminations	​	​	(8,641)	​	​	(7,959)
Total net sales	​	$	221,058	​	$	193,795
Operating (Loss) Income:	​	​	​	​	​	​
Control Devices	​	$	6,776	​	$	10,165
Electronics	​	​	(2,712)	​	​	(873)
Stoneridge Brazil	​	​	492	​	​	(48)
Unallocated Corporate (A)	​	​	(7,540)	​	​	(7,185)
Total operating (loss) income	​	$	(2,984)	​	$	2,059
Depreciation and Amortization:	​	​	​	​	​	​
Control Devices	​	$	3,561	​	$	4,079
Electronics	​	​	3,593	​	​	2,809
Stoneridge Brazil	​	​	991	​	​	1,004
Unallocated Corporate	​	​	561	​	​	689
Total depreciation and amortization (B)	​	$	8,706	​	$	8,581
Interest Expense (Income), net:	​	​	​	​	​	​
Control Devices	​	$	25	​	$	45
Electronics	​	​	73	​	​	96
Stoneridge Brazil	​	​	(158)	​	​	(7)
Unallocated Corporate	​	​	1,846	​	​	1,632
Total interest expense, net	​	$	1,786	​	$	1,766
Capital Expenditures:	​	​	​	​	​	​
Control Devices	​	$	3,845	​	$	1,361
Electronics	​	​	2,833	​	​	3,450
Stoneridge Brazil	​	​	669	​	​	662
Unallocated Corporate(C)	​	​	21	​	​	501
Total capital expenditures	​	$	7,368	​	$	5,974
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March 31,

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December 31,

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2022

2021

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Total Assets:

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Control Devices

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$

185,298

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$

181,968

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Electronics

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336,018

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338,080

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Stoneridge Brazil

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68,287

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59,100

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Corporate (C)

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414,487

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438,175

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Eliminations

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(353,242)

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(351,924)

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Total assets

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$

650,848

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$

665,399

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

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Three months ended March 31		2022			2021
Net Sales:	​	​	​	​	​	​
North America	​	$	103,828	​	$	96,534
South America	​	​	12,045	​	​	11,407
Europe and Other	​	​	105,185	​	​	85,854
Total net sales	​	$	221,058	​	$	193,795

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March 31,

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December 31,

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2022

2021

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Long-term Assets:

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North America

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$

91,373

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$

91,039

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South America

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35,507

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30,272

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Europe and Other

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127,665

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133,264

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Total long-term assets

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$

254,545

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$

254,575

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(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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- References

No definition available.

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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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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