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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2013
Summary of Significant Accounting Policies [Abstract]  
Schedule of Accounts Receivable and Concentration of Credit Risk

The Company’s largest customers were Deere & Company (“Deere”) and Navistar International Corporation (“Navistar”), primarily related to the Wiring reportable segment, and accounted for the following percentages of consolidated net sales for the years ended December 31, 2013, 2012 and 2011:

 

 

 

 

 

 

 

 

 

 

 

 

 
2013 

 
2012 

 
2011 

Deere

 
14 

%

 
13 

%

 
15 

%

Navistar

 
13 

%

 
18 

%

 
24 

%

 

Schedule of Inventory, Current

Inventories consist of the following:

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31

 

 
2013 

 
2012 

Raw materials

 

$
71,631 

$
64,340 

Work-in-progress

 

 
16,168 

 
13,621 

Finished goods

 

 
26,259 

 
18,071 

Total inventories, net

 

$
114,058 

$
96,032 

 

Property, Plant and Equipment

Property, plant and equipment are recorded at cost and consist of the following:

 

 

 

 

 

 

 

 

As of December 31

 

 
2013 

 
2012 

Land and land improvements

 

$
4,861 

$
5,117 

Buildings and improvements

 

 
43,630 

 
45,940 

Machinery and equipment

 

 
208,243 

 
196,003 

Office furniture and fixtures

 

 
8,351 

 
8,856 

Tooling

 

 
70,050 

 
71,045 

Information technology

 

 
33,759 

 
33,009 

Vehicles

 

 
426 

 
1,456 

Leasehold improvements

 

 
3,447 

 
3,560 

Construction in progress

 

 
14,336 

 
17,656 

  Total property, plant, and equipment

 

 
387,103 

 
382,642 

Less: accumulated depreciation

 

 
(276,231)

 
(263,495)

  Property, plant and equipment, net

 

$
110,872 

$
119,147 

 

Schedule of property, plant and equipment estimated useful lives

Depreciable lives within each property classification are as follows:

 

 

 

 

 

 

Buildings and improvements

 

 

10-40 years

Machinery and equipment

 

 

3-10 years

Office furniture and fixtures

 

 

3-10 years

Tooling

 

 

2-5 years

Information technology

 

 

3-5 years

Vehicles

 

 

3-5 years

Leasehold improvements

shorter of lease term or 3-10 years

 

Schedule of Business Combination Consideration Transferred

The acquisition date fair value of the total consideration transferred consisted of the following:

 

 

 

 

 

Cash

$
29,669 

Common Shares (1,940,413 shares)

 
15,310 

Fair value of consideration transferred

 
44,979 

Fair value of the Company's previously held equity interest

 
104,118 

Fair value of noncontrolling interest

 
48,727 

Total fair value of PST

$
197,824 

 

Business Acquisition, Pro Forma Information

The following unaudited pro forma information reflects the Company’s consolidated results of operations as if the acquisition had occurred on January 1, 2011. The unaudited pro forma information is not necessarily indicative of the results of operations that the Company would have reported had the transaction actually occurred at the beginning this period, nor is it necessarily indicative of future results.

 

 

 

 

Years ended December 31

 
2011 

Net sales

 

$          999,553

Net income attributable to Stoneridge, Inc.

 

$            10,608

 

Schedule of Goodwill

Goodwill as of December 31, 2013 and 2012, and changes in the carrying amount of goodwill by segment were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Control

 

 

 

 

 

 

Electronics

 

Wiring

 

Devices

 

PST

 

Total

Balance at January 1, 2012

$
564 

$
4,173 

$

 -

$
67,118 

$
71,855 

Currency translation

 
34 

 

 -

 

 -

 
(5,508)

 
(5,474)

Balance at December 31, 2012

 
598 

 
4,173 

 

 -

 
61,610 

 
66,381 

Currency translation

 
6 

 

 -

 

 -

 
(7,866)

 
(7,860)

Balance at December 31, 2013

$
604 

$
4,173 

$

 -

$
53,744 

$
58,521 

 

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

Intangible assets, net at December 31, 2013 and 2012 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

Acquisition

 

Accumulated

 

 

As of December 31, 2013

 

cost

 

amortization

 

Net

Customer lists

$
38,451 

$
(5,402)

$
33,049 

Trademarks

 
25,572 

 
(2,943)

 
22,629 

Technology

 
15,111 

 
(1,947)

 
13,164 

Other

 
57 

 
(57)

 

 -

Total

$
79,191 

$
(10,349)

$
68,842 

 

 

 

 

 

 

 

 

 

 

 

Acquisition

 

Accumulated

 

 

As of December 31, 2012

 

cost

 

amortization

 

Net

Customer lists

$
43,973 

$
(3,166)

$
40,807 

Trademarks

 
29,252 

 
(1,870)

 
27,382 

Technology

 
17,323 

 
(1,115)

 
16,208 

Other

 
66 

 
(66)

 

 -

Total

$
90,614 

$
(6,217)

$
84,397 

 

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:

 

 

 

 

 

 

 

As of December 31

 
2013 

 
2012 

Compensation related liabilities

$
24,631 

$
22,620 

Product warranty and recall obligations

 
5,462 

 
5,613 

Other (A)

 
26,558 

 
28,848 

Total accrued expenses and other current liabilities

$
56,651 

$
57,081 

 

(A)“Other” is comprised of miscellaneous accruals, none of which contributed a significant portion of the total.

Schedule of Product Warranty Liability

The following provides a reconciliation of changes in the product warranty and recall reserve:

 

 

 

 

 

 

Years ended December 31

 
2013 

 
2012 

Product warranty and recall at beginning of period

$
6,107 

$
5,301 

Accruals for products shipped during period

 
4,793 

 
3,288 

Aggregate changes in pre-existing liabilities due to claim developments

 
1,715 

 
1,062 

Settlements made during the period (in cash or in kind)

 
(6,134)

 
(3,544)

Product warranty and recall at end of period

$
6,481 

$
6,107 

 

Schedule of Weighted Average Number of Shares

 

 

 

 

 

 

Actual weighted-average Common Shares outstanding used in calculating basic and diluted net income per share were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31

 
2013 

 
2012 

 
2011 

Basic weighted-average shares outstanding

 
26,670,501 

 
26,377,352 

 
24,180,671 

Effect of dilutive securities

 
522,984 

 
654,518 

 
464,258 

Diluted weighted-average shares outstanding

 
27,193,485 

 
27,031,870 

 
24,644,929 

 

Changes in Accumulated Other Comprehensive Loss by Componen

Changes in Accumulated Other Comprehensive Loss by Component

 

Changes in accumulated other comprehensive loss for the years ended December 31, 2013 and 2012 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign

 

 

 

Benefit

 

 

 

 

currency

 

 

 

plan

 

 

 

 

translation

 

Derivatives

 

liability

 

Total

Balance at January 1, 2013

$
(12,410)

$
2,140 

$
(12)

$
(10,282)

 

 

 

 

 

 

 

 

 

Other comprehensive loss before reclassifications

 
(17,925)

 
(325)

 

 -

 
(18,250)

Amounts reclassified from accumulated other

 

 

 

 

 

 

 

 

comprehensive loss

 

 -

 
(1,926)

 

 -

 
(1,926)

Net other comprehensive loss, net of tax

 
(17,925)

 
(2,251)

 

 -

 
(20,176)

 

 

 

 

 

 

 

 

 

Balance at December 31, 2013

$
(30,335)

$
(111)

$
(12)

$
(30,458)

 

 

 

 

 

 

 

 

 

Balance at January 1, 2012

$
(1,908)

$
(7,722)

$
15 

$
(9,615)

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before reclassifications

 
(10,502)

 
7,106 

 

 -

 
(3,396)

Amounts reclassified from accumulated other

 

 

 

 

 

 

 

 

comprehensive loss

 

 -

 
2,756 

 
(27)

 
2,729 

Net other comprehensive income (loss), net of tax

 
(10,502)

 
9,862 

 
(27)

 
(667)

 

 

 

 

 

 

 

 

 

Balance at December 31, 2012

$
(12,410)

$
2,140 

$
(12)

$
(10,282)