XML 36 R21.htm IDEA: XBRL DOCUMENT v3.23.1
Segment Reporting
 3 Months Ended
Mar. 31, 2023
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, “Summary of Significant Accounting Policies” of the Company’s 2022 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 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 31,20232022
Net Sales:
Control Devices$85,942 $84,060 
Inter-segment sales734 930 
Control Devices net sales86,676 84,990 
Electronics141,127 124,953 
Inter-segment sales8,516 7,711 
Electronics net sales149,643 132,664 
Stoneridge Brazil14,256 12,045 
Inter-segment sales— — 
Stoneridge Brazil net sales14,256 12,045 
Eliminations(9,250)(8,641)
Total net sales$241,325 $221,058 
Operating (Loss) Income:
Control Devices$2,087 $6,776 
Electronics1,400 (2,712)
Stoneridge Brazil1,343 492 
Unallocated Corporate (A)
(8,859)(7,540)
Total operating loss$(4,029)$(2,984)
Depreciation and Amortization:
Control Devices$3,174 $3,561 
Electronics3,464 3,593 
Stoneridge Brazil1,085 991 
Unallocated Corporate602 561 
Total depreciation and amortization (B)
$8,325 $8,706 
Interest Expense (Income), net:
Control Devices$18 $25 
Electronics485 73 
Stoneridge Brazil(270)(158)
Unallocated Corporate2,513 1,846 
Total interest expense, net$2,746 $1,786 
Capital Expenditures:
Control Devices$1,956 $3,845 
Electronics6,207 2,833 
Stoneridge Brazil636 669 
Unallocated Corporate(C)
112 21 
Total capital expenditures$8,911 $7,368 
March 31,
2023		December 31,
2022
Total Assets:
Control Devices$177,154 $174,535 
Electronics380,666 369,232 
Stoneridge Brazil64,128 60,861 
Corporate (C)
421,554 419,469 
Eliminations(372,764)(371,992)
Total assets$670,738 $652,105 
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 31,20232022
Net Sales:
North America$123,726 $103,828 
South America14,256 12,045 
Europe and Other103,343 105,185 
Total net sales$241,325 $221,058 
March 31,
2023		December 31,
2022
Long-term Assets:
North America$94,451 $92,149 
South America32,471 31,796 
Europe and Other120,680 118,609 
Total long-term assets$247,602 $242,554 
__________________________________________________________
(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.