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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Significant Accounting Policies

Schedule of Accounts Receivable and Concentration of Credit Risk

​

​	​	​	​	​	​	​	​	​	​
​		2019			2018			2017
Ford Motor Company	​	11	%	​	12	%	​	14	%
Volvo	​	8	%	​	8	%	​	6	%

Schedule of Inventory, Current

​

​	​	​	​	​	​	​
December 31		2019			2018
Raw materials	​	$	66,357	​	$	54,382
Work-in-progress	​	​	5,582	​	​	4,710
Finished goods	​	​	21,510	​	​	20,186
Total inventories, net	​	$	93,449	​	$	79,278

Business Acquisition, Pro Forma Information

​

​	​	​	​
Year ended December 31,		2017
Net sales	​	$	829,474
Net income attributable to Stoneridge, Inc. and subsidiaries	​	$	45,283

Property, Plant and Equipment

​

Property, plant and equipment are recorded at cost and consist of the following: ​	​	​	​	​	​	​
December 31		2019			2018
Land and land improvements	​	$	4,550	​	$	4,619
Buildings and improvements	​	​	39,263	​	​	37,234
Machinery and equipment	​	​	226,076	​	​	212,225
Office furniture and fixtures	​	​	9,708	​	​	9,929
Tooling	​	​	76,933	​	​	75,620
Information technology	​	​	32,410	​	​	27,179
Vehicles	​	​	614	​	​	872
Leasehold improvements	​	​	4,588	​	​	2,799
Construction in progress	​	​	17,312	​	​	23,064
Total property, plant, and equipment	​	​	411,454	​	​	393,541
Less: accumulated depreciation	​	​	(288,971)	​	​	(281,328)
Property, plant and equipment, net	​	$	122,483	​	$	112,213

Schedule of Property, Plant and Equipment Estimated Useful Lives

​

​	​	​	​
Buildings and improvements		​	10-40 years
Machinery and equipment	​	​	3-10 years
Office furniture and fixtures	​	​	3-10 years
Tooling	​	​	2-7 years
Information technology	​	​	3-7 years
Vehicles	​	​	3-7 years
Leasehold improvements	​	​	shorter of lease term or 3-10 years

Schedule of Goodwill

​

​	​	​	​
​		​
Balance at January 1, 2019	​	$	36,717
Currency translation	​	​	(843)
Balance at December 31, 2019	​	$	35,874

​

​	​	​	​
Balance at January 1, 2018	​	$	38,419
Currency translation	​	​	(1,702)
Balance at December 31, 2018	​	$	36,717

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

​

​	​	​	​	​	​	​	​	​	​
​	​	Acquisition		​	Accumulated		​	​	​
As of December 31, 2019		cost			amortization			Net
Customer lists	​	$	50,750	​	$	(17,466)	​	$	33,284
Tradenames	​	​	20,041	​	​	(6,687)	​	​	13,354
Technology	​	​	15,231	​	​	(7,353)	​	​	7,878
Capitalized software development	​	​	3,606	​	​	-	​	​	3,606
Total	​	$	89,628	​	$	(31,506)	​	$	58,122

​

​	​	​	​	​	​	​	​	​	​
​	​	Acquisition		​	Accumulated		​	​	​
As of December 31, 2018		cost			amortization			Net
Customer lists	​	$	52,200	​	$	(14,549)	​	$	37,651
Tradenames	​	​	20,689	​	​	(5,884)	​	​	14,805
Technology	​	​	15,581	​	​	(6,005)	​	​	9,576
Total	​	$	88,470	​	$	(26,438)	​	$	62,032

Accrued Expenses and Other Current Liabilities

​

​	​	​	​	​	​	​
As of December 31		2019			2018
Compensation related liabilities	​	$	19,566	​	$	18,717
Contingent consideration (A)	​	​	-	​	​	8,602
Product warranty and recall obligations	​	​	7,685	​	​	7,211
Other (B)	​	​	27,972	​	​	23,350
Total accrued expenses and other current liabilities	​	$	55,223	​	$	57,880

(A) Accrued contingent consideration includes the Orlaco earn-out consideration, as referenced in Note 2 and Note 10, and is included in accrued expenses and other current liabilities for the year ended December 31, 2018. Orlaco earn-out consideration of $8,474 was paid in March 2019.

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

Schedule of Product Warranty and Recall Liability

​

​	​	​	​	​	​	​
Year ended December 31		2019			2018
Product warranty and recall at beginning of period	​	$	10,494	​	$	9,979
Accruals for warranties established during period	​	​	7,131	​	​	6,217
Aggregate changes in pre-existing liabilities due to claim developments	​	​	1,037	​	​	646
Settlements made during the period	​	​	(7,600)	​	​	(5,831)
Foreign currency translation	​	​	(266)	​	​	(517)
Product warranty and recall at end of period	​	$	10,796	​	$	10,494

Schedule of Weighted-Average Number of Shares

​

​	​	​	​	​	​	​
​	​	​	​	​	​	​
Year ended December 31,	​	2019		2018		2017
Basic weighted-average Common Shares outstanding	​	27,791,799	​	28,402,227	​	28,082,114
Effect of dilutive shares	​	478,296	​	677,599	​	689,531
Diluted weighted-average Common Shares outstanding	​	28,270,095	​	29,079,826	​	28,771,645

Changes in Accumulated Other Comprehensive Loss by Component

​

​	​	​	​	​	​	​	​	​	​
​	​	Foreign		​	Unrealized		​	​	​
​	​	currency		​	gain (loss)		​	​	​
​		translation			on derivatives			Total
Balance at January 1, 2019	​	$	(86,044)	​	$	292	​	$	(85,752)
Other comprehensive (loss) income before reclassifications	​	​	(5,428)	​	​	355	​	​	(5,073)
Amounts reclassified from accumulated other comprehensive loss	​	​	-	​	​	(647)	​	​	(647)
Net other comprehensive loss, net of tax	​	​	(5,428)	​	​	(292)	​	​	(5,720)
Balance at December 31, 2019	​	​	(91,472)	​	$	-	​	$	(91,472)
​	​	​	​	​	​	​	​	​	​
Balance at January 1, 2018	​	$	(69,417)	​	$	(143)	​	$	(69,560)
Other comprehensive (loss) income before reclassifications	​	​	(16,627)	​	​	1,448	​	​	(15,179)
Amounts reclassified from accumulated other comprehensive loss	​	​	-	​	​	(1,013)	​	​	(1,013)
Net other comprehensive (loss) income, net of tax	​	​	(16,627)	​	​	435	​	​	(16,192)
Balance at December 31, 2018	​	$	(86,044)	​	$	292	​	$	(85,752)

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