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Segment Reporting
 12 Months Ended
Dec. 31, 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 ("CODM") in deciding how to allocate resources and in assessing performance. The Company’s CODM 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 advanced driver information solutions, vision systems, connectivity and compliance solutions and control modules. The Stoneridge Brazil reportable segment designs and manufactures vehicle tracking devices and monitoring services, driver information systems, vehicle security alarms and convenience accessories, telematics solutions and multimedia devices.
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 eliminated upon consolidation.
The Company's management, including the CODM, utilizes operating income as the key performance measure of segment profitability to evaluate segment performance, and for planning and forecasting purposes to allocate resources to the segments, as management believes this measure is most reflective of the financial performance of the Company's operating segments. The CODM regularly evaluates budget-to-actual and period-over-period variances for this metric when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses operating income in evaluating the operating performance of each segment and as part of determining the compensation of the segment managers and certain other employees. COGS and D&D are the significant expenses regularly reviewed by the CODM. Other segment costs primarily include SG&A items.
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 31,202420232022
Net Sales:
Control Devices$292,606 $342,065 $342,596 
Inter-segment sales3,677 3,195 2,719 
Control Devices net sales296,283 345,260 345,315 
Electronics566,040 576,539 505,097 
Inter-segment sales28,664 31,621 28,709 
Electronics net sales594,704 608,160 533,806 
Stoneridge Brazil49,649 57,214 52,230 
Inter-segment sales477 13 32 
Stoneridge Brazil net sales50,126 57,227 52,262 
Eliminations(32,818)(34,829)(31,460)
Total net sales$908,295 $975,818 $899,923 
Cost of Goods Sold:
Control Devices$243,784 $285,303 $279,605 
Electronics445,537 456,403 414,550 
Stoneridge Brazil29,745 32,630 30,909 
Unallocated Corporate (A)
(24)176 (67)
Total cost of goods sold$719,042 $774,512 $724,997 
December 31,202420232022
Design and Development:
Control Devices$20,044 $21,848 $20,654 
Electronics45,560 43,027 39,651 
Stoneridge Brazil3,113 3,061 2,634 
Unallocated Corporate (A)
3,457 3,139 2,357 
Total design and development$72,174 $71,075 $65,296 
Other Segment Costs:
Control Devices$22,600 $21,332 $18,419 
Electronics49,382 49,799 45,769 
Stoneridge Brazil15,809 17,068 15,537 
Unallocated Corporate (A)
29,669 29,196 26,970 
Total other segment costs$117,460 $117,395 $106,695 
Operating (Loss) Income:
Control Devices$6,178 $13,582 $23,917 
Electronics25,561 27,309 5,128 
Stoneridge Brazil982 4,454 3,150 
Unallocated Corporate (A)
(33,102)(32,509)(29,260)
Total operating (loss) income$(381)$12,836 $2,935 
Depreciation and Amortization:
Control Devices$11,686 $12,414 $13,521 
Electronics15,814 14,035 13,913 
Stoneridge Brazil4,753 4,801 3,939 
Unallocated Corporate(C)
2,013 2,388 2,318 
Total depreciation and amortization (B)
$34,266 $33,638 $33,691 
Interest Expense (Income), net:
Control Devices$(4)$149 $93 
Electronics1,498 1,771 1,009 
Stoneridge Brazil(982)(1,693)(1,282)
Unallocated Corporate13,935 12,773 7,277 
Total interest expense, net$14,447 $13,000 $7,097 
Capital Expenditures:
Control Devices$6,544 $9,230 $12,620 
Electronics8,623 18,313 10,479 
Stoneridge Brazil2,705 3,054 3,480 
Unallocated Corporate(C)
1,338 1,229 653 
Total capital expenditures$19,210 $31,826 $27,232 
December 31,20242023
Total Assets:
Control Devices$136,028 $159,612 
Electronics365,226 404,994 
Stoneridge Brazil48,280 66,318 
Corporate (C)
471,793 419,469 
Eliminations(399,771)(370,493)
Total assets$621,556 $679,900 
The following tables present net sales and long-term assets for the geographic areas in which the Company operates:
December 31,202420232022
Net Sales:
United States$447,142 $495,541 $444,928 
North America$447,142 $495,541 $444,928 
Brazil49,649 57,214 52,230 
South America$49,649 $57,214 $52,230 
Sweden159,035 157,895 170,228 
Estonia110,112 109,480 89,130 
Netherlands84,297 74,842 68,326 
Other Europe6,755 18,465 19,445 
China51,305 62,381 55,636 
Europe and Other$411,504 $423,063 $402,765 
Total net sales$908,295 $975,818 $899,923 
December 31,20242023
Long-term Assets:
United States$90,111 $87,712 
Mexico5,254 4,707 
North America$95,365 $92,419 
Brazil25,222 32,679 
South America$25,222 $32,679 
Sweden32,918 31,058 
Estonia8,363 9,581 
Netherlands57,677 64,660 
Other Europe653 577 
China13,844 19,536 
Europe and Other$113,455 $125,412 
Total long-term assets$234,042 $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 receivables, fixed and leased assets for the headquarter building, information technology assets, equity investments and investments in subsidiaries.