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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income before income taxes and the provision for income taxes consist of the following:

Years ended December 31		2013		2012		2011
Income (loss) before income taxes:
Domestic	$	(1,118)	$	3,411	$	62,510
Foreign		21,852		1,149		9,132
Total income before income taxes	$	20,734	$	4,560	$	71,642
Provision for income taxes:
Current:
Federal	$	-		-		-
State and foreign		7,307		3,545		2,167
Total current provision		7,307		3,545		2,167
Deferred:
Federal		-		98		23,443
State and foreign		(3,081)		(2,831)		495
Total deferred provision (benefit)		(3,081)		(2,733)		23,938
Total provision for income taxes	$	4,226	$	812	$	26,105

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the Company’s effective income tax rate to the statutory federal tax rate is as follows:

Years ended December 31		2013		2012		2011
Statutory U.S. deferal income tax rate		35.0	%	35.0	%	35.0	%
State income taxes, net of federal tax benefit		2.7		3.8		0.2
Tax credits		(4.7)		-		(1.4)
Foreign tax rate differential		(16.5)		(16.1)		(1.4)
Reduction (increase) of income tax accruals		(1.3)		0.5		0.1
Tax on foreign dividends, net of foreign tax credits		(3.2)		45.6		1.1
Reduction of deferred taxes		3.6		6.4		0.3
Valuation allowances		2.2		(78.3)		(1.4)
Loss of domestic flow-through entity not attributable to Stoneridge, Inc.		-		6.8		1.9
Non-deductible compensation		3.4		12.8		0.3
Other		(0.8)		1.3		1.7
Effective income tax rate		20.4	%	17.8	%	36.4	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows:

As of December 31		2013		2012
Deferred tax assets:
Inventories	$	2,943	$	3,200
Employee salary and benefits		3,653		3,860
Insurance		489		562
Depreciation and amortization		2,359		10,029
Net operating loss carryforwards		45,859		39,834
General business credit carryforwards		12,900		11,897
Reserves not currently deductible		8,883		9,643
Gross deferred tax assets		77,086		79,025
Less: Valuation allowance		(71,827)		(71,790)
Deferred tax assets less valuation allowance		5,259		7,235
Deferred tax liabilities:
Depreciation and amortization		(23,718)		(29,615)
Basis difference - equity investee		(31,016)		(31,016)
Other		(1,764)		(4,315)
Gross deferred tax liabilities		(56,498)		(64,946)
Net deferred tax liability	$	(51,239)	$	(57,711)

Summary of Income Tax Contingencies

The following is a reconciliation of the Company’s total gross unrecognized tax benefits:

		2013		2012		2011
Balance as of January 1	$	3,416	$	3,452	$	3,101
Tax positions related to the current year:
Additions		217		93		381
Tax positions related to the prior years:
Additions		216		-		28
Reductions		(71)		(58)		-
Expirations of statutes of limitation		-		(71)		(58)
Balance as of December 31	$	3,778	$	3,416	$	3,452

Schedule of Tax Years Open for Examination

The following table summarizes the open tax years for each important jurisdiction:

Jurisdiction	Open Tax Years
U.S. Federal		2010-2013
Brazil		2008-2013
China		2010-2013
France		2009-2013
Mexico		2009-2013
Spain		2009-2013
Sweden		2008-2013
United Kingdom		2009-2013

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The tabular disclosure of tax year that remains open to examination under enacted tax laws.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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