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Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 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
​ | ​ | September 30, | ​ | December 31, | ​ | September 30, | ​ | December 31, | ​ | September 30, | ​ | December 31,
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Derivatives designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward currency contracts | ​ | $ | 8,950 | ​ | $ | - | ​ | $ | - | ​ | $ | - | ​ | $ | 360 | ​ | $ | -
Interest rate swap | ​ | $ | 50,000 | ​ | $ | - | ​ | $ | - | ​ | $ | - | ​ | $ | 1,441 | ​ | $ | -
(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 income for the three months ended September 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 | ​ | $ | 642 | ​ | $ | (29) | ​ | $ | (499) | ​ | $ | 131
Interest rate swap | ​ | $ | (3) | ​ | $ | - | ​ | $ | (156) | ​ | $ | -
(A) | Gains (losses) reclassified from other comprehensive (loss) income into net income recognized in selling, general and administrative expenses (“SG&A”) in the Company’s condensed consolidated statements of operations were $(112) and $0 for the three months ended September 30, 2020 and 2019, respectively. Gains (losses) reclassified from other comprehensive (loss) income into net income recognized in cost of goods sold (“COGS”) in the Company’s condensed consolidated statements of operations were $(387) and $131 for the three months ended September 30, 2020 and 2019, respectively. Losses reclassified from other comprehensive (loss) income into net income recognized in interest expense, net in the Company’s condensed consolidated statements of operations was $156 for the three months ended September 30, 2020.
​ Gross amounts recorded for the cash flow hedges in other comprehensive (loss) income and in net (loss) income for the nine months ended September 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 | ​ | $ | (1,962) | ​ | $ | 397 | ​ | $ | (1,602) | ​ | $ | 646
Interest rate swap | ​ | $ | (1,715) | ​ | $ | - | ​ | $ | (274) | ​ | $ | -
(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 $(347) and $0 for the nine months ended September 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 $(1,226) and $521 for the nine months ended September 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 nine months ended September 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 $274 for the nine months ended September 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.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | September 30, | ​ | ​ | December 31,
​ | ​ | ​ | ​ | ​ | 2020 | ​ | 2019
​ | ​ | ​ | ​ | ​ | Fair values estimated using | ​ | ​ | ​
​ | ​ | ​ | Fair | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | ​ | ​
​ |  | value |  | inputs |  | inputs |  | inputs |  | Fair value
Financial liabilities carried at fair value: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward currency contracts | ​ | $ | 360 | ​ | $ | - | ​ | $ | 360 | ​ | $ | - | ​ | $ | -
Interest rate swap | ​ | ​ | 1,441 | ​ | ​ | - | ​ | ​ | 1,441 | ​ | ​ | - | ​ | ​ | -
Earn-out consideration | ​ | ​ | 5,494 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 5,494 | ​ | ​ | 12,011
Total financial liabilities carried at fair value | ​ | $ | 7,295 | ​ | $ | - | ​ | $ | 1,801 | ​ | $ | 5,494 | ​ | $ | 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 | ​ | ​ | (3,045) | ​ | ​ | (3,045)
Foreign currency adjustments | ​ | ​ | (3,472) | ​ | ​ | (3,472)
Balance at September 30, 2020 | ​ | $ | 5,494 | ​ | $ | 5,494
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Orlaco |  | Stoneridge Brazil |  | Total
Balance at December 31, 2018 | ​ | $ | 8,602 | ​ | $ | 10,070 | ​ | $ | 18,672
Change in fair value | ​ | ​ | - | ​ | ​ | 1,862 | ​ | ​ | 1,862
Foreign currency adjustments | ​ | ​ | (128) | ​ | ​ | (754) | ​ | ​ | (882)
Earn-out consideration cash payment | ​ | ​ | (8,474) | ​ | ​ | - | ​ | ​ | (8,474)
Balance at September 30, 2019 | ​ | $ | - | ​ | $ | 11,178 | ​ | $ | 11,178

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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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