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Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2021
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,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Derivatives designated as hedging instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward currency contracts | ​ | $ | 12,653 | ​ | $ | 1,242 | ​ | $ | - | ​ | $ | 255 | ​ | $ | 48 | ​ | $ | -
Interest rate swap | ​ | $ | 50,000 | ​ | $ | 50,000 | ​ | $ | - | ​ | $ | - | ​ | $ | 859 | ​ | $ | 1,318
Net investment hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cross-currency swaps | ​ | $ | 50,000 | ​ | $ | - | ​ | $ | 607 | ​ | $ | - | ​ | $ | - | ​ | $ | -
(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 and net investment hedges in other comprehensive (loss) income and in net income (loss) 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 (loss) (A)
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
Derivatives designated as cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward currency contracts | ​ | $ | (150) | ​ | $ | 642 | ​ | $ | 155 | ​ | $ | (499)
Interest rate swap | ​ | $ | (29) | ​ | $ | (3) | ​ | $ | (165) | ​ | $ | (156)
Derivatives designated as net investment hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cross-currency swaps | ​ | $ | 573 | ​ | $ | - | ​ | $ | - | ​ | $ | -
(A) | Gains (losses) reclassified from other comprehensive loss into net income (loss) recognized in selling, general and administrative expenses (“SG&A”) in the Company’s condensed consolidated statements of operations were $31 and $(112) for the three months ended September 30, 2021 and 2020, respectively. Gains (losses) reclassified from other comprehensive loss into net income (loss) recognized in cost of goods sold (“COGS”) in the Company’s condensed consolidated statements of operations were $124 and $(387) for the three months ended September 30, 2021 and 2020, respectively. Losses reclassified from other comprehensive loss into net income (loss) recognized in interest expense, net in the Company’s condensed consolidated statements of operations were $(165) and $(156) for the three months ended September 30, 2021 and 2020, respectively.
​ Gross amounts recorded for the cash flow and net investment hedges in other comprehensive (loss) income and in net income (loss) 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 (loss) (A)
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
Derivatives designated as cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward currency contracts | ​ | $ | 154 | ​ | $ | (1,962) | ​ | $ | 457 | ​ | $ | (1,602)
Interest rate swap | ​ | $ | (27) | ​ | $ | (1,715) | ​ | $ | (486) | ​ | $ | (274)
Derivatives designated as net investment hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cross-currency swaps | ​ | $ | 573 | ​ | $ | - | ​ | $ | - | ​ | $ | -
​
(A) | Gains (losses) reclassified from other comprehensive loss into net income (loss) recognized in SG&A in the Company’s condensed consolidated statements of operations were $120 and $(347) for the nine months ended September 30, 2021 and 2020, respectively. Gains (losses) reclassified from other comprehensive loss into net income (loss) recognized in COGS in the Company’s condensed consolidated statements of operations were $337 and $(1,226) for the nine months ended September 30, 2021 and 2020, respectively. Gains (losses) reclassified from other comprehensive loss into net income (loss) recognized in design and development (“D&D”) in the Company’s condensed consolidated statements of operations were $0 and $(29) for the nine months ended September 30, 2021 and 2020, respectively. Losses reclassified from other comprehensive loss into net income (loss) recognized in interest expense, net in the Company’s condensed consolidated statements of operations were $(486) and $(274) for the nine months ended September 30, 2021 and 2020, respectively.
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,
​ | ​ | ​ | ​ | ​ | 2021 | ​ | 2020
​ | ​ | ​ | ​ | ​ | Fair values estimated using | ​ | ​ | ​
​ | ​ | ​ | Fair | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | ​ | Fair
​ |  | value |  | inputs |  | inputs |  | inputs |  | value
Financial assets carried at fair value: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward currency contract | ​ | $ | - | ​ | $ | - | ​ | $ | - | ​ | $ | - | ​ | $ | 255
Cross-currency swaps | ​ | ​ | 607 | ​ | ​ | - | ​ | ​ | 607 | ​ | ​ | - | ​ | ​ | -
Total financial assets carried at fair value | ​ | $ | 607 | ​ | $ | - | ​ | $ | 607 | ​ | $ | - | ​ | $ | 255
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities carried at fair value: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward currency contracts | ​ | $ | 48 | ​ | $ | - | ​ | $ | 48 | ​ | $ | - | ​ | $ | -
Interest rate swap | ​ | ​ | 859 | ​ | ​ | - | ​ | ​ | 859 | ​ | ​ | - | ​ | ​ | 1,318
Earn-out consideration | ​ | ​ | 6,914 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 6,914 | ​ | ​ | 5,813
Total financial liabilities carried at fair value | ​ | $ | 7,821 | ​ | $ | - | ​ | $ | 907 | ​ | $ | 6,914 | ​ | $ | 7,131
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
​ |  | 2021 |  | 2020
Balance at January 1 | ​ | $ | 5,813 | ​ | $ | 12,011
Change in fair value | ​ | ​ | 1,453 | ​ | ​ | (3,045)
Foreign currency adjustments | ​ | ​ | (352) | ​ | ​ | (3,472)
Balance at September 30 | ​ | $ | 6,914 | ​ | $ | 5,494
​

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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=121590274&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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