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Segment Reporting
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segment Reporting 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, vision and safety systems, connectivity and compliance products and electronic control units. The Stoneridge Brazil reportable segment designs and manufactures vehicle tracking devices and monitoring services, vehicle security alarms and convenience accessories, in-vehicle audio and infotainment devices, driver information systems and telematics solutions.
The accounting policies of the Company’s reportable segments are the same as those described in Note 2. 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 accounting/finance, executive administration, human resources, information technology and legal.
A summary of financial information by reportable segment is as follows:
December 31,202220212020
Net Sales:
Control Devices$342,596 $355,775 $342,576 
Inter-segment sales2,719 3,502 5,475 
Control Devices net sales345,315 359,276 348,051 
Electronics505,097 357,910 257,767 
Inter-segment sales28,709 26,192 24,027 
Electronics net sales533,806 384,103 281,794 
Stoneridge Brazil52,230 56,777 47,663 
Inter-segment sales32 — — 
Stoneridge Brazil net sales52,262 56,777 47,663 
Eliminations(31,460)(29,694)(29,502)
Total net sales$899,923 $770,462 $648,006 
Operating Income (Loss):
Control Devices$23,917 $54,933 $22,072 
Electronics5,128 (12,502)(3,672)
Stoneridge Brazil3,150 995 3,766 
Unallocated Corporate (A)
(29,260)(28,015)(29,830)
Total operating income (loss)$2,935 $15,411 $(7,664)
Depreciation and Amortization:
Control Devices$13,521 $15,351 $15,377 
Electronics13,913 12,487 10,501 
Stoneridge Brazil3,939 3,856 4,766 
Unallocated Corporate2,318 2,134 2,086 
Total depreciation and amortization (B)
$33,691 $33,828 $32,730 
Interest Expense (Income), net:
Control Devices$93 $132 $173 
Electronics1,009 462 320 
Stoneridge Brazil(1,282)(1,353)(4)
Unallocated Corporate7,277 5,948 5,635 
Total interest expense, net$7,097 $5,189 $6,124 
Capital Expenditures:
Control Devices$12,620 $9,154 $11,760 
Electronics10,479 9,735 11,617 
Stoneridge Brazil3,480 2,918 2,839 
Unallocated Corporate(C)
653 1,142 1,444 
Total capital expenditures$27,232 $22,949 $27,660 
December 31,20222021
Total Assets:
Control Devices$174,535 $181,968 
Electronics369,232 338,080 
Stoneridge Brazil60,861 59,100 
Corporate (C)
419,469 438,175 
Eliminations(371,992)(351,924)
Total assets$652,105 $665,399 
The following table presents net sales and long-term assets for the geographic areas in which the Company operates:
December 31,202220212020
Net Sales:
North America$444,928 $386,944 $330,528 
South America52,230 56,777 47,663 
Europe and Other402,765 326,741 269,815 
Total net sales$899,923 $770,462 $648,006 
December 31,20222021
Long-term Assets:
North America$92,149 $91,039 
South America31,796 30,272 
Europe and Other118,609 133,264 
Total long-term assets$242,554 $254,575 
_____________________________
(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 receivables, fixed and leased assets for the headquarter building, information technology assets, equity investments and investments in subsidiaries.