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Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 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 |  |
|  | September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022 |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |
Forward currency contracts |  | $ | 22,973 |  |  | $ | — |  |  | $ | 205 |  |  | $ | — |  |  |  |  |
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 Loss in Shareholders' Equity and in Net Income | Gross amounts recorded for the cash flow and net investment hedges in other comprehensive loss and in net income for the three months ended September 30 were as follows:
| Gain recorded in other comprehensive loss |  | Gain reclassified from other comprehensive loss into net income (A)
| 2023 |  | 2022 |  | 2023 |  | 2022
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |
Forward currency contracts | $ | 67 |  |  | $ | 97 |  |  | $ | 227 |  |  | $ | 496 |
Interest rate swap | $ | — |  |  | $ | 150 |  |  | $ | — |  |  | $ | 100 |
Derivatives designated as net investment hedges: |  |  |  |  |  |  |
Cross-currency swaps | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
_____________________________
(A) | Gains reclassified from other comprehensive loss into net income recognized in selling, general and administrative expenses (“SG&A”) in the Company’s condensed consolidated statements of operations were $54 and $115 for the three months ended September 30, 2023 and 2022, respectively. Gains reclassified from other comprehensive loss into net income recognized in cost of goods sold (“COGS”) in the Company’s condensed consolidated statements of operations were $173 and $381 for the three months ended September 30, 2023 and 2022, respectively. Gains reclassified from other comprehensive loss into net income recognized in interest expense, net in the Company’s condensed consolidated statements of operations were $0 and $100 for the three months ended September 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 nine months ended September 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 | $ | 483 |  | $ | 1,084 |  | $ | 278 |  | $ | 1,253
Interest rate swap | $ | (4) |  | $ | 946 |  |  | $ | 290 |  | $ | (133) |
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 $66 and $266 for the nine months ended September 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 $212 and $987 for the nine months ended September 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 $(133) for the nine months ended September 30, 2023 and 2022, respectively. Gains reclassified from other comprehensive (loss) income into net (loss) income recognized in other expense (income), net in the Company's condensed consolidated statements of operations were $3,598 for the nine months ended September 30, 2022.
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, 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 | $ | 205 |  |  | $ | — |  |  | $ | 205 |  |  | $ | — |  |  | $ | — |
Interest rate swap | — |  |  | — |  |  | — |  |  | — |  |  | 294 |
Total financial assets carried at fair value | $ | 205 |  |  | $ | — |  |  | $ | 205 |  |  | $ | — |  |  | $ | 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 September 30 |  |  | $ | — |

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