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Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [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:

						Notional amounts (A)												Prepaid expenses  and other current assets
						June 30, 2023						December 31, 2022						June 30, 2023						December 31, 2022
Derivatives designated as hedging instruments:
Cash flow hedges:
Forward currency contracts						$	7,862					$	—					$	365					$	—
Interest rate swap						$	—					$	50,000					$	—					$	294

_____________________________

(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 income (loss) and in net loss for the three months ended June 30 were as follows:

			Gain recorded in other comprehensive income (loss)												Gain (loss) reclassified from other comprehensive income (loss) into net loss (A)
			2023						2022						2023						2022
Derivatives designated as cash flow hedges:
Forward currency contracts			$	416					$	72					$	51					$	506
Interest rate swap			$	—					$	286					$	—					$	(80)
Derivatives designated as net investment hedges:
Cross-currency swaps			$	—					$	1,641					$	—					$	3,598

_____________________________

(A) Gains reclassified from other comprehensive income (loss) into net loss recognized in selling, general and administrative expenses (“SG&A”) in the Company’s condensed consolidated statements of operations were $13 and $3,697 for the three months ended June 30, 2023 and 2022, respectively. Gains reclassified from other comprehensive income (loss) into net loss recognized in cost of goods sold (“COGS”) in the Company’s condensed consolidated statements of operations were $38 and $407 for the three months ended June 30, 2023 and 2022, respectively. Gains (losses) reclassified from other comprehensive income (loss) into net loss recognized in interest expense, net in the Company’s condensed consolidated statements of operations were $0 and $(80) for the three months ended June 30, 2023 and 2022, respectively.

Gross amounts recorded for the cash flow and net investment hedges in other comprehensive income (loss) and in net loss for the six months ended June 30 were as follows:

			Gain (loss) recorded in other comprehensive income (loss)												Gain (loss) reclassified from other comprehensive income  (loss) into net loss (A)
			2023						2022						2023						2022
Derivatives designated as cash flow hedges:
Forward currency contracts			$	416					$	987					$	51					$	757
Interest rate swap			$	(4)					$	796					$	290					$	(233)
Derivatives designated as net investment hedges:
Cross-currency swaps			$	—					$	2,328					$	—					$	3,598

(A) Gains reclassified from other comprehensive income (loss) into net loss recognized in selling, general and administrative expenses (“SG&A”) in the Company’s condensed consolidated statements of operations were $13 and $3,748 for the six months ended June 30, 2023 and 2022, respectively. Gains reclassified from other comprehensive income (loss) into net loss recognized in cost of goods sold (“COGS”) in the Company’s condensed consolidated statements of operations were $38 and $607 for the six months ended June 30, 2023 and 2022, respectively. Gains (losses) reclassified from other comprehensive income (loss) into net loss recognized in interest expense, net in the Company’s condensed consolidated statements of operations were $290 and $(233) for the six months ended June 30, 2023 and 2022, 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.

									June 30, 2023																		December 31, 2022
									Fair values estimated using
			Fair value						Level 1 inputs						Level 2 inputs						Level 3 inputs						Fair value
Financial assets carried at fair value:
Forward currency contracts			$	365					$	—					$	365					$	—					$	—
Interest rate swap			—						—						—						—						294
Total financial assets carried at fair value			$	365					$	—					$	365					$	—					$	294

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
									2022
Balance at January 1									$	7,351
Foreign currency adjustments									921
Earn-out consideration cash payment									(8,272)
Balance at June 30									$	—

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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.

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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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.

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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).

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