XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.23.2

Segment Reporting | 6 Months Ended
--- | ---
Jun. 30, 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 June 30, |  | Six months ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net Sales: |  |  |  |  |  |  |
Control Devices | $ | 92,120 |  |  | $ | 84,566 |  |  | $ | 178,062 |  |  | $ | 168,626 |
Inter-segment sales | 970 |  |  | 451 |  |  | 1,704 |  |  | 1,381 |
Control Devices net sales | 93,090 |  |  | 85,017 |  |  | 179,766 |  |  | 170,007 |
Electronics | 159,786 |  |  | 123,021 |  |  | 300,913 |  |  | 247,974 |
Inter-segment sales | 8,491 |  |  | 7,368 |  |  | 17,007 |  |  | 15,079 |
Electronics net sales | 168,277 |  |  | 130,389 |  |  | 317,920 |  |  | 263,053 |
Stoneridge Brazil | 14,908 |  |  | 13,349 |  |  | 29,164 |  |  | 25,394 |
Inter-segment sales | — |  |  | — |  |  | — |  |  | — |
Stoneridge Brazil net sales | 14,908 |  |  | 13,349 |  |  | 29,164 |  |  | 25,394 |
Eliminations | (9,461) |  |  | (7,819) |  |  | (18,711) |  |  | (16,460) |
Total net sales | $ | 266,814 |  |  | $ | 220,936 |  |  | $ | 508,139 |  |  | $ | 441,994 |
Operating Income (Loss): |  |  |  |  |  |  |
Control Devices | $ | 5,074 |  |  | $ | 4,118 |  |  | $ | 7,161 |  |  | $ | 10,894 |
Electronics | 7,444 |  |  | (2,524) |  |  | 8,844 |  |  | (5,236) |
Stoneridge Brazil | 899 |  |  | 970 |  |  | 2,242 |  |  | 1,462 |
Unallocated Corporate (A) | (9,086) |  |  | (8,492) |  |  | (17,945) |  |  | (16,032) |
Total operating income (loss) | $ | 4,331 |  |  | $ | (5,928) |  |  | $ | 302 |  |  | $ | (8,912) |
Depreciation and Amortization: |  |  |  |  |  |  |
Control Devices | $ | 3,099 |  |  | $ | 3,405 |  |  | $ | 6,273 |  |  | $ | 6,966 |
Electronics | 3,503 |  |  | 3,530 |  |  | 6,967 |  |  | 7,123 |
Stoneridge Brazil | 1,201 |  |  | 1,032 |  |  | 2,286 |  |  | 2,023 |
Unallocated Corporate | 605 |  |  | 567 |  |  | 1,207 |  |  | 1,128 |
Total depreciation and amortization (B) | $ | 8,408 |  |  | $ | 8,534 |  |  | $ | 16,733 |  |  | $ | 17,240 |
Interest Expense (Income), net: |  |  |  |  |  |  |
Control Devices | $ | 65 |  |  | $ | 18 |  |  | $ | 83 |  |  | $ | 43 |
Electronics | 511 |  |  | 228 |  |  | 996 |  |  | 301 |
Stoneridge Brazil | (319) |  |  | (533) |  |  | (589) |  |  | (691) |
Unallocated Corporate | 2,863 |  |  | 1,504 |  |  | 5,376 |  |  | 3,350 |
Total interest expense, net | $ | 3,120 |  |  | $ | 1,217 |  |  | $ | 5,866 |  |  | $ | 3,003 |
Capital Expenditures: |  |  |  |  |  |  |
Control Devices | $ | 2,019 |  |  | $ | 1,916 |  |  | $ | 3,975 |  |  | $ | 5,761 |
Electronics | 2,334 |  |  | 1,926 |  |  | 8,541 |  |  | 4,759 |
Stoneridge Brazil | 782 |  |  | 1,258 |  |  | 1,418 |  |  | 1,927 |
Unallocated Corporate(C) | 217 |  |  | 680 |  |  | 329 |  |  | 701 |
Total capital expenditures | $ | 5,352 |  |  | $ | 5,780 |  |  | $ | 14,263 |  |  | $ | 13,148 |
| June 30, 2023 |  | December 31, 2022
Total Assets: |  |  |
Control Devices | $ | 173,580 |  |  | $ | 174,535 |
Electronics | 396,649 |  |  | 369,232 |
Stoneridge Brazil | 67,173 |  |  | 60,861 |
Corporate (C) | 418,852 |  |  | 419,469 |
Eliminations | (370,757) |  |  | (371,992) |
Total assets | $ | 685,497 |  |  | $ | 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 June 30, |  | Six months ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net Sales: |  |  |  |  |  |  |
North America | $ | 135,590 |  |  | $ | 109,642 |  |  | $ | 259,313 |  |  | $ | 213,470 |
South America | 14,908 |  |  | 13,349 |  |  | 29,164 |  |  | 25,394 |
Europe and Other | 116,316 |  |  | 97,945 |  |  | 219,662 |  |  | 203,130 |
Total net sales | $ | 266,814 |  |  | $ | 220,936 |  |  | $ | 508,139 |  |  | $ | 441,994 |
| June 30, 2023 |  | December 31, 2022
Long-term Assets: |  |  |
North America | $ | 92,604 |  |  | $ | 92,149 |
South America | 33,850 |  |  | 31,796 |
Europe and Other | 120,460 |  |  | 118,609 |
Total long-term assets | $ | 246,914 |  |  | $ | 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.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration