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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2017
Summary of Significant Accounting Policies [Abstract]  
Schedule of Accounts Receivable and Concentration of Credit Risk

The Company’s largest customers are Ford Motor Company and General Motors Company, primarily related to the Control Devices and Electronics reportable segments and accounted for the following percentages of consolidated net sales for the years ended December 31, 2017, 2016 and 2015:





 

 

 

 

 

 

 

 

 



 

 2017 

 

 2016 

 

 2015 

Ford Motor Company

 

 14 

%

 

 17 

%

 

 14 

%

General Motors Company

 

 7 

%

 

 7 

%

 

 5 

%



Schedule of Inventory, Current

Inventories consist of the following:



 

 

 

 

 



 

 

December 31,

 

December 31,



 

 

 2017 

 

 2016 

Raw materials

 

$

 47,588 

$

 35,665 

Work-in-progress

 

 

 5,806 

 

 7,483 

Finished goods

 

 

 20,077 

 

 16,969 

Total inventories, net

 

$

 73,471 

$

 60,117 



Statements of Operations for Discontinued Operations



 

The following tables display summarized activity in our consolidated statements of operations for discontinued operations during the year ended December 31, 2015 related to the Wiring business. There was no impact from discontinued operations for the years ended December 31, 2017 or 2016.



 

 

 

 

 



 

 

 

 

 



 

 

 

 

 

Years ended December 31

 

 

 

 

 2015 

Loss on disposal

 

 

 

$

 (241)

Income tax benefit on loss on disposal

 

 

 

 

 31 

Loss on disposal, net of tax

 

 

 

 

 (210)



 

 

 

 

 

Loss from discontinued operations

 

 

 

$

 (210)



Property, Plant and Equipment

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





 

 

 

 

 

  -

 

 

 2017 

 

 2016 

Land and land improvements

 

$

 4,863 

$

 3,376 

Buildings and improvements

 

 

 37,581 

 

 32,271 

Machinery and equipment

 

 

 192,107 

 

 180,944 

Office furniture and fixtures

 

 

 10,070 

 

 6,813 

Tooling

 

 

 75,038 

 

 67,261 

Information technology

 

 

 27,466 

 

 23,632 

Vehicles

 

 

 881 

 

 398 

Leasehold improvements

 

 

 2,841 

 

 2,583 

Construction in progress

 

 

 24,312 

 

 16,854 

   Total property, plant, and equipment

 

 

 375,159 

 

 334,132 

Less: accumulated depreciation

 

 

 (264,757)

 

 (242,632)

   Property, plant and equipment, net

 

$

 110,402 

$

 91,500 



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

 

 

3-7 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

 

$               79,675

Fair value of earn-out consideration and other adjustments

 

 4,208 

Total purchase price

 

$               83,883



Schedule of Purchase Price Allocation







 

 

At January 31, 2017

 

 

Cash

 

$                 2,165

Accounts receivable

 

 7,929 

Inventory

 

 9,409 

Prepaid and other current assets

 

 298 

Property, plant and equipment

 

 6,668 

Identifiable intangible assets

 

 38,739 

Other long-term assets

 

 6 

Total identifiable assets acquired

 

 65,214 



 

 

Accounts payable

 

 3,020 

Other current liabilities

 

 834 

Deferred tax liabilities

 

 10,206 

Warranty liability

 

 899 

Total liabilities assumed

 

 14,959 

Net identifiable assets acquired

 

 50,255 

Goodwill

 

 33,628 

Net assets acquired

 

$               83,883



Business Acquisition, Pro Forma Information







 

 

 

 

 



 

 

 



 

 

 

Year ended December 31

 

 

 2017 

 

 2016 



 

 

 

 

 

Net sales

 

$

 829,474 

$

 752,864 

Net income attributable to Stoneridge, Inc. and subsidiaries

$

 45,283 

$

 82,178 



Schedule of Goodwill

Goodwill and changes in the carrying amount of goodwill by segment for the years ended December 31, 2017 and 2016 were as follows:





 

 



 

Electronics

Balance at January 1, 2017

$

 931 

Acquisition of business

 

 33,628 

Currency translation

 

 3,860 

Balance at December 31, 2017

$

 38,419 







 

 



 

 



 

Electronics

Balance at January 1, 2016

$

 981 

Currency translation

 

 (50)

Balance at December 31, 2016

$

 931 



Schedule of Acquired Finite-Lived Intangible Assets by Major Class



Other Intangible Assets



Other intangible assets, net at December 31, 2017 and 2016 consisted of the following:







 

 

 

 

 

 



 

Acquisition

 

Accumulated

 

 

As of December 31, 2017

 

cost

 

amortization

 

Net

Customer lists

$

 57,672 

$

 (12,695)

$

 44,977 

Tradenames

 

 23,546 

 

 (5,646)

 

 17,900 

Technology

 

 17,443 

 

 (5,077)

 

 12,366 

Other

 

 41 

 

 (41)

 

 -

Total

$

 98,702 

$

 (23,459)

$

 75,243 







 

 

 

 

 

 



 

Acquisition

 

Accumulated

 

 

As of December 31, 2016

 

cost

 

amortization

 

Net

Customer lists

$

 27,476 

$

 (9,138)

$

 18,338 

Tradenames

 

 18,116 

 

 (4,558)

 

 13,558 

Technology

 

 10,862 

 

 (3,498)

 

 7,364 

Other

 

 41 

 

 (41)

 

 -

Total

$

 56,495 

$

 (17,235)

$

 39,260 



Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:







 

 

 

 

As of December 31

 

 2017 

 

 2016 

Compensation related liabilities

$

 22,429 

$

 16,329 

Product warranty and recall obligations

 

 6,867 

 

 6,727 

Accrued income taxes

 

 6,897 

 

 1,930 

Other (A)

 

 16,353 

 

 16,503 

Total accrued expenses and other current liabilities

$

 52,546 

$

 41,489 



(A)“Other” is comprised of miscellaneous accruals, none of which individually 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

 

 2017 

 

 2016 

Product warranty and recall at beginning of period

$

 9,344 

$

 6,419 

Accruals for products shipped during period

 

 4,933 

 

 4,978 

Assumed warranty liability related to Orlaco

 

 899 

 

 -

Aggregate changes in pre-existing liabilities due to claim developments

 

 4,899 

 

 (116)

Settlements made during the period

 

 (10,407)

 

 (1,967)

Foreign currency translation

 

 311 

 

 30 

Product warranty and recall at end of period

$

 9,979 

$

 9,344 



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

 

 2017 

 

 2016 

 

 2015 

Basic weighted-average Common Shares outstanding

 

 28,082,114 

 

 27,763,990 

 

 27,337,954 

Effect of dilutive shares

 

 689,531 

 

 544,932 

 

 621,208 

Diluted weighted-average Common Shares outstanding

 

 28,771,645 

 

 28,308,922 

 

 27,959,162 



 

 

 

 

 

 



Changes in Accumulated Other Comprehensive Loss by Component

Changes in accumulated other comprehensive loss for the years ended December 31, 2017 and 2016 were as follows:



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

Foreign

 

Unrealized

 

Benefit

 

 



 

currency

 

gain (loss)

 

plan

 

 



 

translation

 

on derivatives

 

adjustment

 

Total

Balance at January 1, 2017

$

 (67,895)

$

 (18)

$

 -

$

 (67,913)



 

 

 

 

 

 

 

 

   Other comprehensive income before reclassifications

 15,473 

 

 509 

 

 -

 

 15,982 

Amounts reclassified from accumulated other

 

 

 

 

 

 

 

 

comprehensive loss

 

 -

 

 (634)

 

 -

 

 (634)

Net other comprehensive income (loss), net of tax

 

 15,473 

 

 (125)

 

 -

 

 15,348 

Reclassification of foreign currency translation associated with noncontrolling interest acquired

 

 (16,995)

 

 -

 

 -

 

 (16,995)

Balance at December 31, 2017

$

 (69,417)

$

 (143)

$

 -

$

 (69,560)



 

 

 

 

 

 

 

 

Balance at January 1, 2016

$

 (70,296)

$

 390 

$

 84 

$

 (69,822)



 

 

 

 

 

 

 

 

   Other comprehensive income (loss) before reclassifications

 2,401 

 

 (572)

 

 -

 

 1,829 

Amounts reclassified from accumulated other

 

 

 

 

 

 

 

 

comprehensive loss

 

 -

 

 164 

 

 (84)

 

 80 

Net other comprehensive income (loss), net of tax

 

 2,401 

 

 (408)

 

 (84)

 

 1,909 



 

 

 

 

 

 

 

 

Balance at December 31, 2016

$

 (67,895)

$

 (18)

$

 -

$

 (67,913)