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Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2020
Financial Instruments and Fair Value Measurements [Abstract] |
Notional Amounts and Fair Values of Derivative Instruments in the Consolidated Balance | The notional amounts and fair values of derivative instruments in the condensed consolidated balance sheets were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Prepaid expenses | ​ | Accrued expenses and
​ | ​ | Notional amounts (A) | ​ | and other current assets | ​ | other current liabilities
​ | ​ | June 30, | ​ | December 31, | ​ | June 30, | ​ | December 31, | ​ | June 30, | ​ | December 31,
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Derivatives designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward currency contracts | ​ | $ | 16,802 | ​ | $ | - | ​ | $ | 16 | ​ | $ | - | ​ | $ | 1,517 | ​ | $ | -
Interest rate swap contract | ​ | $ | 50,000 | ​ | $ | - | ​ | $ | - | ​ | $ | - | ​ | $ | 1,594 | ​ | $ | -
(A) | Notional amounts represent the gross contract of the derivatives outstanding in U.S. dollars.
Amounts Recorded for the Cash Flow Hedges in Other Comprehensive Income (Loss) in Shareholders' Equity and in Net Income | Gross amounts recorded for the cash flow hedges in other comprehensive (loss) income and in net (loss) income for the three months ended June 30 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gain (loss) reclassified from
​ | ​ | Gain (loss) recorded in other | ​ | other comprehensive income
​ | ​ | comprehensive income (loss) | ​ | (loss) into net income (A)
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019
Derivatives designated as cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward currency contracts | ​ | $ | 716 | ​ | $ | 157 | ​ | $ | (947) | ​ | $ | 299
Interest rate swap | ​ | $ | (245) | ​ | $ | - | ​ | $ | (114) | ​ | $ | -
(A) | Gains (losses) reclassified from other comprehensive (loss) income into net (loss) income recognized in selling, general and administrative expenses (“SG&A”) in the Company’s condensed consolidated statements of operations were $(235) and $0 for the three months ended June 30, 2020 and 2019, respectively. Gains (losses) reclassified from other comprehensive (loss) income into net (loss) income recognized in cost of goods sold (“COGS”) in the Company’s condensed consolidated statements of operations were $(712) and $217 for the three months ended June 30, 2020 and 2019, respectively. Gains (losses) reclassified from other comprehensive (loss) income into net (loss) income recognized in design and development (“D&D“) in the Company’s condensed consolidated statements of operations were $0 and $82 for the three months ended June 30, 2020 and 2019, respectively. Losses reclassified from other comprehensive (loss) income into net (loss) income recognized in interest expense in the Company’s condensed consolidated statements of operations was $114 for the three months ended June 30, 2020.
​ ​ Gross amounts recorded for the cash flow hedges in other comprehensive (loss) income and in net (loss) income for the six months ended June 30 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gain (loss) reclassified from
​ | ​ | Gain (loss) recorded in other | ​ | other comprehensive income
​ | ​ | comprehensive income (loss) | ​ | (loss) into net income (A)
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019
Derivatives designated as cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward currency contracts | ​ | $ | (2,604) | ​ | $ | 426 | ​ | $ | (1,103) | ​ | $ | 515
Interest rate swap | ​ | $ | (1,712) | ​ | $ | - | ​ | $ | (118) | ​ | $ | -
(A) | Gains (losses) reclassified from other comprehensive (loss) income into net (loss) income recognized in SG&A in the Company’s condensed consolidated statements of operations were $(235) and $0 for the six months ended June 30, 2020 and 2019, respectively. Gains (losses) reclassified from other comprehensive (loss) income into net (loss) income recognized in COGS in the Company’s condensed consolidated statements of operations were $(839) and $390 for the six months ended June 30, 2020 and 2019, respectively. Gains (losses) reclassified from other comprehensive (loss) income into net (loss) income recognized in D&D in the Company’s condensed consolidated statements of operations were $(29) and $125 for the six months ended June 30, 2020 and 2019, respectively. Losses reclassified from other comprehensive (loss) income into net (loss) income recognized in interest expense in the Company’s condensed consolidated statements of operations was $118 for the six months ended June 30, 2020.
Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis | The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the three levels of the fair value hierarchy based on the reliability of inputs used.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | June 30, | ​ | ​ | December 31,
​ | ​ | ​ | ​ | ​ | 2020 | ​ | 2019
​ | ​ | ​ | ​ | ​ | Fair values estimated using | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | ​ | ​
​ |  | Fair value |  | inputs |  | inputs |  | inputs |  | Fair value
Financial assets carried at fair value: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward currency contract | ​ | $ | 16 | ​ | $ | - | ​ | $ | 16 | ​ | $ | - | ​ | $ | -
Total financial assets carried at fair value | ​ | $ | 16 | ​ | $ | - | ​ | $ | 16 | ​ | $ | - | ​ | $ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities carried at fair value: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward currency contracts | ​ | $ | 1,517 | ​ | $ | - | ​ | $ | 1,517 | ​ | $ | - | ​ | $ | -
Interest rate swap | ​ | ​ | 1,594 | ​ | ​ | - | ​ | ​ | 1,594 | ​ | ​ | - | ​ | ​ | -
Earn-out consideration | ​ | ​ | 8,571 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 8,571 | ​ | ​ | 12,011
Total financial liabilities carried at fair value | ​ | $ | 11,682 | ​ | $ | - | ​ | $ | 3,111 | ​ | $ | 8,571 | ​ | $ | 12,011
Summary of the Change in Fair Value of the Level 3 Financial Liabilities Related to Contingent Consideration | The following table sets forth a summary of the change in fair value of the Company’s Level 3 financial liabilities related to earn-out consideration that are measured at fair value on a recurring basis.
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Stoneridge Brazil |  | Total
Balance at December 31, 2019 | ​ | $ | 12,011 | ​ | $ | 12,011
Change in fair value | ​ | ​ | (233) | ​ | ​ | (233)
Foreign currency adjustments | ​ | ​ | (3,207) | ​ | ​ | (3,207)
Balance at June 30, 2020 | ​ | $ | 8,571 | ​ | $ | 8,571
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Orlaco |  | Stoneridge Brazil |  | Total
Balance at December 31, 2018 | ​ | $ | 8,602 | ​ | $ | 10,070 | ​ | $ | 18,672
Change in fair value | ​ | ​ | - | ​ | ​ | 921 | ​ | ​ | 921
Foreign currency adjustments | ​ | ​ | (128) | ​ | ​ | 66 | ​ | ​ | (62)
Earn-out consideration cash payment | ​ | ​ | (8,474) | ​ | ​ | - | ​ | ​ | (8,474)
Balance at June 30, 2019 | ​ | $ | - | ​ | $ | 11,057 | ​ | $ | 11,057

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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