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Segment Reporting
 9 Months Ended
Sep. 30, 2024
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 2023 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
September 30,		Nine months ended
September 30,
2024202320242023
Net Sales:
Control Devices$73,129 $89,344 $230,186 $267,406 
Inter-segment sales1,160 733 2,946 2,437 
Control Devices net sales74,289 90,077 233,132 269,843 
Electronics127,483 134,652 422,777 435,565 
Inter-segment sales8,184 8,649 22,492 25,656 
Electronics net sales135,667 143,301 445,269 461,221 
Stoneridge Brazil13,219 14,168 37,084 43,332 
Inter-segment sales411 — 610 — 
Stoneridge Brazil net sales13,630 14,168 37,694 43,332 
Eliminations(9,755)(9,382)(26,048)(28,093)
Total net sales$213,831 $238,164 $690,047 $746,303 
Operating Income (Loss):
Control Devices$2,131 $5,488 $8,020 $12,649 
Electronics3,514 7,647 20,434 16,491 
Stoneridge Brazil717 1,241 880 3,483 
Unallocated Corporate (A)
(6,047)(7,864)(25,281)(25,809)
Total operating income$315 $6,512 $4,053 $6,814 
Depreciation and Amortization:
Control Devices$3,152 $3,100 $8,821 $9,373 
Electronics4,030 3,521 11,794 10,488 
Stoneridge Brazil1,155 1,259 3,652 3,545 
Unallocated Corporate492 593 1,696 1,800 
Total depreciation and amortization (B)
$8,829 $8,473 $25,963 $25,206 
Interest Expense (Income), net:
Control Devices$9 $37 $(10)$120 
Electronics283 456 1,387 1,452 
Stoneridge Brazil(204)(680)(798)(1,269)
Unallocated Corporate3,516 3,500 10,460 8,876 
Total interest expense, net$3,604 $3,313 $11,039 $9,179 
Capital Expenditures:
Control Devices$2,914 $2,986 $6,018 $6,961 
Electronics1,298 4,710 5,652 13,251 
Stoneridge Brazil484 889 2,223 2,307 
Unallocated Corporate(C)
212 371 972 700 
Total capital expenditures$4,908 $8,956 $14,865 $23,219 
September 30,
2024		December 31,
2023
Total Assets:
Control Devices$153,043 $159,612 
Electronics399,467 404,994 
Stoneridge Brazil57,789 66,318 
Corporate (C)
453,201 419,469 
Eliminations(400,977)(370,493)
Total assets$662,523 $679,900 
The following tables present net sales and long-term assets for each of the geographic areas in which the Company operates:
Three months ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Net Sales:
North America$109,395 $126,499 $349,025 $385,813 
South America13,219 14,168 37,084 43,332 
Europe and Other91,217 97,497 303,938 317,158 
Total net sales$213,831 $238,164 $690,047 $746,303 
September 30,
2024		December 31,
2023
Long-term Assets:
North America$95,612 $92,419 
South America29,028 32,679 
Europe and Other123,470 125,412 
Total long-term assets$248,110 $250,510 
__________________________________________________________
(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.