Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 22, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 001-13337 | |
Entity Registrant Name | STONERIDGE INC | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-1598949 | |
Entity Address, Address Line One | 39675 MacKenzie Drive, Suite 400 | |
Entity Address, City or Town | Novi | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48377 | |
City Area Code | 248 | |
Local Phone Number | 489-9300 | |
Title of 12(g) Security | Common Shares | |
Trading Symbol | SRI | |
Amendment Flag | false | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 27,178,466 | |
Entity Central Index Key | 0001043337 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 50,001 | $ 73,919 |
Accounts receivable, less reserves of $1,528 and $817, respectively | 137,129 | 136,745 |
Inventories, net | 124,741 | 90,548 |
Prepaid expenses and other current assets | 45,254 | 33,452 |
Total current assets | 357,125 | 334,664 |
Long-term assets: | ||
Property, plant and equipment, net | 109,696 | 119,324 |
Intangible assets, net | 52,692 | 55,394 |
Goodwill | 37,075 | 39,104 |
Operating lease right-of-use asset | 17,088 | 18,944 |
Investments and other long-term assets, net | 53,002 | 53,978 |
Total long-term assets | 269,553 | 286,744 |
Total assets | 626,678 | 621,408 |
Current liabilities: | ||
Current portion of debt | 1,650 | 7,673 |
Accounts payable | 102,584 | 86,103 |
Accrued expenses and other current liabilities | 62,383 | 52,272 |
Total current liabilities | 166,617 | 146,048 |
Long-term liabilities: | ||
Revolving credit facility | 130,000 | 136,000 |
Deferred income taxes | 11,033 | 12,935 |
Operating lease long-term liability | 14,097 | 15,434 |
Other long-term liabilities | 7,280 | 14,357 |
Total long-term liabilities | 162,410 | 178,726 |
Shareholders' equity: | ||
Preferred Shares, without par value, 5,000 shares authorized, none issued | ||
Common Shares, without par value, 60,000 shares authorized, 28,966 and 28,966 shares issued and 27,179 and 27,006 shares outstanding at September 30, 2021 and December 31, 2020, respectively, with no stated value | ||
Additional paid-in capital | 231,567 | 234,409 |
Common Shares held in treasury, 1,787 and 1,960 shares at September 30, 2021 and December 31, 2020, respectively, at cost | (55,611) | (60,482) |
Retained earnings | 221,912 | 212,342 |
Accumulated other comprehensive loss | (100,217) | (89,635) |
Total shareholders' equity | 297,651 | 296,634 |
Total liabilities and shareholders' equity | $ 626,678 | $ 621,408 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Accounts receivable, reserves (in dollars) | $ 1,528 | $ 817 |
Preferred shares, no par value | $ 0 | $ 0 |
Preferred shares, authorized | 5,000,000 | 5,000,000 |
Preferred shares, issued | 0 | 0 |
Common shares, no par value | $ 0 | $ 0 |
Common shares, authorized | 60,000,000 | 60,000,000 |
Common shares, issued | 28,966,000 | 28,966,000 |
Common shares, outstanding | 27,179,000 | 27,006,000 |
Common shares held in treasury, shares | 1,787,000 | 1,960,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
Net sales | $ 181,680 | $ 175,764 | $ 566,809 | $ 458,275 |
Costs and expenses: | ||||
Cost of goods sold | 145,680 | 129,769 | 441,882 | 353,629 |
Selling, general and administrative | 28,481 | 24,414 | 89,237 | 81,610 |
Gain on disposal of Canton Facility, net | (30,718) | |||
Design and development | 16,447 | 11,754 | 46,593 | 36,373 |
Operating income | (8,928) | 9,827 | 19,815 | (13,337) |
Interest expense, net | 1,447 | 1,882 | 5,073 | 4,322 |
Equity in loss (earnings) of investee | (584) | (330) | (1,694) | (556) |
Other income , net | 41 | (253) | 127 | (1,879) |
(Loss) income before income taxes | (9,832) | 8,528 | 16,309 | (15,224) |
(Benefit) provision for income taxes | 526 | 1,814 | 6,739 | (3,694) |
Net (loss) income | $ (10,358) | $ 6,714 | $ 9,570 | $ (11,530) |
(Loss) earnings per share: | ||||
Basic (in dollars per share) | $ (0.38) | $ 0.25 | $ 0.35 | $ (0.43) |
Diluted (in dollars per share) | $ (0.38) | $ 0.25 | $ 0.35 | $ (0.43) |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 27,147,150 | 26,956,286 | 27,100,484 | 27,046,899 |
Diluted (in shares) | 27,147,150 | 27,222,882 | 27,431,518 | 27,046,899 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||
Net income | $ (10,358) | $ 6,714 | $ 9,570 | $ (11,530) | |
Other comprehensive income (loss), net of tax: | |||||
Foreign currency translation | (7,100) | 5,975 | (10,706) | (9,323) | |
Unrealized (loss) gain on derivatives (1) | [1] | (133) | 1,022 | 124 | (1,423) |
Other comprehensive income (loss), net of tax | (7,233) | 6,997 | (10,582) | (10,746) | |
Comprehensive (loss) income | $ (17,591) | $ 13,711 | $ (1,012) | $ (22,276) | |
[1] | Net of tax expense of $120 for the three and nine months ended September 30, 2021. |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Tax (benefit) expense on foreign currency translation | $ 120 | $ 120 | ||
Tax (benefit) expense | $ (36) | $ 272 | $ 32 | $ (378) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
OPERATING ACTIVITIES: | ||
Net (loss) income | $ 9,570 | $ (11,530) |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||
Depreciation | 20,831 | 20,030 |
Amortization, including accretion and write-off of deferred financing costs | 4,767 | 4,153 |
Deferred income taxes | 916 | (5,862) |
Earnings of equity method investee | (1,694) | (724) |
Loss (gain) on sale of fixed assets | (190) | 158 |
Share-based compensation expense | 4,685 | 3,535 |
Excess tax benefit related to share-based compensation expense | (295) | 50 |
Gain on disposal | (30,718) | |
Gain on disposal of business, net | (740) | |
Property, plant and equipment impairment charge | 2,326 | |
Change in fair value of earn-out contingent consideration | 1,453 | (3,045) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (2,746) | 7,107 |
Inventories, net | (36,580) | 3,683 |
Prepaid expenses and other assets | (11,144) | (2,599) |
Accounts payable | 20,657 | (2,303) |
Accrued expenses and other liabilities | 1,539 | (6,024) |
Net cash provided by operating activities | (19,689) | 8,955 |
INVESTING ACTIVITIES: | ||
Capital expenditures, including intangibles | (21,576) | (24,331) |
Proceeds from sale of fixed assets | 656 | 43 |
Proceeds from disposal of business, net | 1,050 | |
Proceeds from sale of Canton Facility, net | 35,167 | |
Investment in venture capital fund, net | (2,349) | (750) |
Net cash used for investing activities | 12,948 | (25,038) |
FINANCING ACTIVITIES: | ||
Revolving credit facility borrowings | 34,000 | 71,500 |
Revolving credit facility payments | (40,000) | (53,500) |
Proceeds from issuance of debt | 30,292 | 29,608 |
Repayments of debt | (36,286) | (26,006) |
Common Share repurchase program | (4,995) | |
Repurchase of Common Shares to satisfy employee tax withholding | (2,658) | (1,773) |
Net cash provided by (used for) financing activities | (14,652) | 14,834 |
Effect of exchange rate changes on cash and cash equivalents | (2,525) | 134 |
Net change in cash and cash equivalents | (23,918) | (1,115) |
Cash and cash equivalents at beginning of period | 73,919 | 69,403 |
Cash and cash equivalents at end of period | 50,001 | 68,288 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 4,962 | 4,134 |
Cash paid for income taxes, net | $ 7,296 | $ 137 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Number of Common Shares outstanding | Treasury shares | Additional Paid-In Capital | Common Shares held in treasury | Retained earnings | Accumulated other comprehensive loss | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total | ||
Balance at Dec. 31, 2019 | $ 225,607 | $ (50,773) | $ 206,542 | $ (91,472) | $ 289,904 | |||||
Common Stock, Share, Beginning Balance (in shares) at Dec. 31, 2019 | 27,408 | |||||||||
Treasury Stock, Shares, Beginning Balance at Dec. 31, 2019 | 1,558 | |||||||||
Net income (loss) | 3,490 | 3,490 | ||||||||
Unrealized gain (loss) on derivatives, net | (3,655) | (3,655) | ||||||||
Currency translation adjustments | (17,119) | (17,119) | ||||||||
Issuance of Common Shares ( in shares) | 267 | |||||||||
Issuance of Common Shares ( in treasury shares) | (267) | |||||||||
Repurchased Common Shares for treasury, net | 4,769 | 4,769 | ||||||||
Repurchased Common Shares for treasury (in shares) | (75) | |||||||||
Repurchased Common Shares for treasury (in treasury shares) | 75 | |||||||||
Common Share repurchase program | 10,000 | (14,995) | (4,995) | |||||||
Common Share repurchase program (in shares) | (607) | |||||||||
Common Share repurchase program (in treasury shares) | 607 | |||||||||
Share-based compensation | (5,101) | (5,101) | ||||||||
Balance at Mar. 31, 2020 | 230,506 | (60,999) | 210,032 | (112,246) | 267,293 | |||||
Common Stock, Share, Ending Balance (in shares) at Mar. 31, 2020 | 26,993 | |||||||||
Treasury Stock, Shares, Ending Balance at Mar. 31, 2020 | 1,973 | |||||||||
Balance at Dec. 31, 2019 | 225,607 | (50,773) | 206,542 | (91,472) | 289,904 | |||||
Common Stock, Share, Beginning Balance (in shares) at Dec. 31, 2019 | 27,408 | |||||||||
Treasury Stock, Shares, Beginning Balance at Dec. 31, 2019 | 1,558 | |||||||||
Net income (loss) | (11,530) | |||||||||
Unrealized gain (loss) on derivatives, net | [1] | (1,423) | ||||||||
Balance at Sep. 30, 2020 | 232,060 | (60,482) | 195,012 | (102,218) | 264,372 | |||||
Common Stock, Share, Ending Balance (in shares) at Sep. 30, 2020 | 27,006 | |||||||||
Treasury Stock, Shares, Ending Balance at Sep. 30, 2020 | 1,960 | |||||||||
Balance at Mar. 31, 2020 | 230,506 | (60,999) | 210,032 | (112,246) | 267,293 | |||||
Common Stock, Share, Beginning Balance (in shares) at Mar. 31, 2020 | 26,993 | |||||||||
Treasury Stock, Shares, Beginning Balance at Mar. 31, 2020 | 1,973 | |||||||||
Net income (loss) | (21,734) | (21,734) | ||||||||
Unrealized gain (loss) on derivatives, net | 1,210 | 1,210 | ||||||||
Currency translation adjustments | 1,821 | 1,821 | ||||||||
Issuance of Common Shares ( in shares) | 12 | |||||||||
Issuance of Common Shares ( in treasury shares) | (12) | |||||||||
Repurchased Common Shares for treasury, net | 360 | 360 | ||||||||
Repurchased Common Shares for treasury (in shares) | (4) | |||||||||
Repurchased Common Shares for treasury (in treasury shares) | 4 | |||||||||
Share-based compensation | 312 | 312 | ||||||||
Balance at Jun. 30, 2020 | 230,818 | (60,639) | 188,298 | (109,215) | 249,262 | |||||
Common Stock, Share, Ending Balance (in shares) at Jun. 30, 2020 | 27,001 | |||||||||
Treasury Stock, Shares, Ending Balance at Jun. 30, 2020 | 1,965 | |||||||||
Net income (loss) | 6,714 | 6,714 | ||||||||
Unrealized gain (loss) on derivatives, net | 1,022 | 1,022 | [1] | |||||||
Currency translation adjustments | 5,975 | 5,975 | ||||||||
Issuance of Common Shares ( in shares) | 6 | |||||||||
Issuance of Common Shares ( in treasury shares) | (6) | |||||||||
Repurchased Common Shares for treasury, net | 157 | 157 | ||||||||
Repurchased Common Shares for treasury (in shares) | (1) | |||||||||
Repurchased Common Shares for treasury (in treasury shares) | 1 | |||||||||
Share-based compensation | 1,242 | 1,242 | ||||||||
Balance at Sep. 30, 2020 | $ 232,060 | (60,482) | 195,012 | (102,218) | 264,372 | |||||
Common Stock, Share, Ending Balance (in shares) at Sep. 30, 2020 | 27,006 | |||||||||
Treasury Stock, Shares, Ending Balance at Sep. 30, 2020 | 1,960 | |||||||||
Balance at Dec. 31, 2020 | $ 27,006 | (60,482) | 212,342 | (89,635) | $ 13,750 | $ 296,634 | ||||
Common Stock, Share, Beginning Balance (in shares) at Dec. 31, 2020 | 1,960 | 27,006 | ||||||||
Treasury Stock, Shares, Beginning Balance at Dec. 31, 2020 | 234,409 | 1,960 | ||||||||
Net income (loss) | 130 | $ 130 | ||||||||
Unrealized gain (loss) on derivatives, net | (129) | (129) | ||||||||
Currency translation adjustments | (10,778) | (10,778) | ||||||||
Issuance of Common Shares ( in shares) | 224 | |||||||||
Issuance of Common Shares ( in treasury shares) | (224) | |||||||||
Repurchased Common Shares for treasury, net | 4,392 | 4,392 | ||||||||
Repurchased Common Shares for treasury (in shares) | (68) | |||||||||
Repurchased Common Shares for treasury (in treasury shares) | 68 | |||||||||
Share-based compensation | $ (5,577) | (5,577) | ||||||||
Balance at Mar. 31, 2021 | $ 228,832 | (56,090) | 212,472 | (100,542) | 284,672 | |||||
Common Stock, Share, Ending Balance (in shares) at Mar. 31, 2021 | 27,162 | |||||||||
Treasury Stock, Shares, Ending Balance at Mar. 31, 2021 | 1,804 | |||||||||
Balance at Dec. 31, 2020 | $ 27,006 | (60,482) | 212,342 | (89,635) | $ 13,750 | $ 296,634 | ||||
Common Stock, Share, Beginning Balance (in shares) at Dec. 31, 2020 | 1,960 | 27,006 | ||||||||
Treasury Stock, Shares, Beginning Balance at Dec. 31, 2020 | 234,409 | 1,960 | ||||||||
Net income (loss) | $ 9,570 | |||||||||
Unrealized gain (loss) on derivatives, net | [1] | 124 | ||||||||
Balance at Sep. 30, 2021 | $ 231,567 | (55,611) | 221,912 | (100,217) | $ 297,651 | |||||
Common Stock, Share, Ending Balance (in shares) at Sep. 30, 2021 | 27,179 | 27,179 | ||||||||
Treasury Stock, Shares, Ending Balance at Sep. 30, 2021 | 1,787 | 1,787 | ||||||||
Balance at Mar. 31, 2021 | 228,832 | (56,090) | 212,472 | (100,542) | $ 284,672 | |||||
Common Stock, Share, Beginning Balance (in shares) at Mar. 31, 2021 | 27,162 | |||||||||
Treasury Stock, Shares, Beginning Balance at Mar. 31, 2021 | 1,804 | |||||||||
Net income (loss) | 19,798 | 19,798 | ||||||||
Unrealized gain (loss) on derivatives, net | 386 | 386 | ||||||||
Currency translation adjustments | 7,172 | 7,172 | ||||||||
Issuance of Common Shares ( in shares) | 2 | |||||||||
Issuance of Common Shares ( in treasury shares) | (2) | |||||||||
Repurchased Common Shares for treasury, net | 4 | 4 | ||||||||
Share-based compensation | 1,598 | 1,598 | ||||||||
Balance at Jun. 30, 2021 | 230,430 | (56,086) | 232,270 | (92,984) | 313,630 | |||||
Common Stock, Share, Ending Balance (in shares) at Jun. 30, 2021 | 27,164 | |||||||||
Treasury Stock, Shares, Ending Balance at Jun. 30, 2021 | 1,802 | |||||||||
Net income (loss) | (10,358) | (10,358) | ||||||||
Unrealized gain (loss) on derivatives, net | (133) | (133) | [1] | |||||||
Currency translation adjustments | (7,100) | (7,100) | ||||||||
Issuance of Common Shares ( in shares) | 27 | |||||||||
Issuance of Common Shares ( in treasury shares) | (27) | |||||||||
Repurchased Common Shares for treasury, net | 475 | 475 | ||||||||
Repurchased Common Shares for treasury (in shares) | (12) | |||||||||
Repurchased Common Shares for treasury (in treasury shares) | 12 | |||||||||
Share-based compensation | 1,137 | 1,137 | ||||||||
Balance at Sep. 30, 2021 | $ 231,567 | $ (55,611) | $ 221,912 | $ (100,217) | $ 297,651 | |||||
Common Stock, Share, Ending Balance (in shares) at Sep. 30, 2021 | 27,179 | 27,179 | ||||||||
Treasury Stock, Shares, Ending Balance at Sep. 30, 2021 | 1,787 | 1,787 | ||||||||
[1] | Net of tax expense of $120 for the three and nine months ended September 30, 2021. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | (1) Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by Stoneridge, Inc. (the “Company”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of such financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to the SEC’s rules and regulations. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s 2020 Form 10-K The Company’s investment in Minda Stoneridge Instruments Ltd. (“MSIL”) for the three and nine months ended September 30, 2021 and 2020 has been determined to be an unconsolidated entity, and therefore is accounted for under the equity method of accounting based on the Company’s 49% ownership in MSIL. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2021 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards | (2) Recently Issued Accounting Standards Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The amendments in this update remove certain exceptions of Topic 740 including: exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or gain from other items; exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. There are also additional areas of guidance in regards to: franchise and other taxes partially based on income and the interim recognition of enactment of tax laws and rate changes. The provisions of this ASU are effective for years beginning after December 15, 2020, with early adoption permitted. The Company adopted this standard prospectively as of January 1, 2020 using the modified retrospective basis. The impact of the adoption was a reduction to deferred tax liabilities and an increase to retained earnings of $13,750 on the condensed consolidated balance sheet as of December 31, 2020. The adoption of this standard did not have an impact on the Company’s condensed consolidated results of operations and cash flows. In August 2018, the FASB issued ASU 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” The guidance in ASU 2018-15 clarifies the accounting for implementation costs in cloud computing arrangements. ASU 2018-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted this standard prospectively as of January 1, 2020 and it did not have a material impact on the Company’s condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” The guidance in ASU 2018-13 changes disclosure requirements related to fair value measurements as part of the disclosure framework project. The disclosure framework project aims to improve the effectiveness of disclosures in the notes to the financial statements by focusing on requirements that clearly communicate the most important information to users of the financial statements. This guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company adopted this standard as of January 1, 2020 and it did not have a material impact on the Company’s condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments”, which requires measurement and recognition of expected credit losses for financial assets held and requires enhanced disclosures regarding significant estimates and judgments used in estimating credit losses. ASU 2016-13 is effective for public business entities for annual periods beginning after December 15, 2019. The guidance allows for various methods for measuring expected credit losses. The Company has elected to apply a historical loss rate based on historical write-offs by region, adjusted for current economic conditions and forecasts about future economic conditions that are reasonable and supportable. The Company adopted this standard as of January 1, 2020 and it did not have a material impact on the Company’s condensed consolidated financial statements. Accounting Standards Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance in ASU 2020-04 provides temporary optional expedient and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”) (also known as the “reference rate reform”). The guidance allows companies to elect not to apply certain modification accounting requirements to contracts affected by the reference rate reform, if certain criteria are met. The guidance will also allow companies to elect various optional expedients which would allow them to continue to apply hedge accounting for hedging relationships affected by the reference rate reform, if certain criteria are met. The Company is currently evaluating the impact of this ASU on the Company’s consolidated financial statements. As of September 30, 2021, the Company has not yet had contracts modified due to rate reform. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Revenue [Abstract] | |
Revenue | (3) Revenue Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally this occurs with the transfer of control of our products and services, which is usually when the parts are shipped or delivered to the customer’s premises. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. The transaction price will include estimates of variable consideration to the extent it is probable that a significant reversal of revenue recognized will not occur. Incidental items that are not significant in the context of the contract are recognized as expense. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold. Customer returns only occur if products do not meet the specifications of the contract and are not connected to any repurchase obligations of the Company. The Company does not have any financing components or significant payment terms as payment occurs shortly after the point of sale. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction that are collected by the Company from a customer are excluded from revenue. Amounts billed to customers related to shipping and handling costs are included in net sales in the condensed consolidated statements of operations. Shipping and handling costs associated with outbound freight after control over a product is transferred to the customer are accounted for as a fulfillment cost and are included in cost of sales. Revenue by Reportable Segment Control Devices. Electronics. Stoneridge Brazil. The following tables disaggregate our revenue by reportable segment and geographical location (1) Control Devices Electronics Stoneridge Brazil Consolidated Three months ended September 30 2021 2020 2021 2020 2021 2020 2021 2020 Net Sales: North America $ 70,334 $ 79,106 $ 25,061 $ 18,470 $ - $ - $ 95,395 $ 97,576 South America - - - - 16,477 12,827 16,477 12,827 Europe 3,048 8,833 51,003 43,195 - - 54,051 52,028 Asia Pacific 14,236 12,003 1,521 1,330 - - 15,757 13,333 Total net sales $ 87,618 $ 99,942 $ 77,585 $ 62,995 $ 16,477 $ 12,827 $ 181,680 $ 175,764 The following tables disaggregate our revenue by reportable segment and geographical location (1) Control Devices Electronics Stoneridge Brazil Consolidated Nine months ended September 30 2021 2020 2021 2020 2021 2020 2021 2020 Net Sales: North America $ 215,820 $ 190,889 $ 72,809 $ 49,660 $ - $ - $ 288,629 $ 240,549 South America - - - - 42,788 34,407 42,788 34,407 Europe 12,681 20,655 173,335 127,086 - - 186,016 147,741 Asia Pacific 45,080 32,253 4,296 3,325 - - 49,376 35,578 Total net sales $ 273,581 $ 243,797 $ 250,440 $ 180,071 $ 42,788 $ 34,407 $ 566,809 $ 458,275 (1) Company sales based on geographic location are where the sale originates not where the customer is located . Performance Obligations For OEM and Tier 1 supplier customers, the Company typically enters into contracts to provide serial production parts that consist of a set of documents including, but not limited to, an award letter, master purchase agreement and master terms and conditions. For each production product, the Company enters into separate purchase orders that contain the product specifications and an agreed-upon price. The performance obligation does not exist until a customer release is received for a specific number of parts. The majority of the parts sold to OEM and Tier 1 supplier customers are customized to the specific customer, with the exception of camera-based vision systems (“CMS”) that are common across all customers (CMS for OEMs are customized but sales are not yet material). The transaction price is equal to the contracted price per part and there is no expectation of material variable consideration in the transaction price. For most customer contracts, the Company does not have an enforceable right to payment at any time prior to when the parts are shipped or delivered to the customer; therefore, the Company recognizes revenue at the point in time it satisfies a performance obligation by transferring control of a part to the customer. Our aftermarket products are focused on meeting the demand for repair and replacement parts, compliance parts and accessories and are sold primarily to aftermarket distributors and mass retailers in our South American, European and North American markets. Aftermarket products have one type of performance obligation which is the delivery of aftermarket parts and spare parts. For aftermarket customers, the Company typically has standard terms and conditions for all customers. In addition, aftermarket products have alternative use as they can be sold to multiple customers. Revenue for aftermarket part production contracts is recognized at a point in time when the control of the parts transfer to the customer which is based on the shipping terms. Aftermarket contracts may include variable consideration related to discounts and rebates which is included in the transaction price upon recognizing the product revenue. A small portion of the Company’s sales are comprised of monitoring services that include both monitoring devices and fees to individual, corporate, fleet and cargo customers in our Stoneridge Brazil segment. These monitoring service contracts are generally not capable of being distinct and are accounted for as a single performance obligation. We recognize revenue for our monitoring products and services contracts over the life of the contract. There is no variable consideration associated with these contracts. The Company has the right to consideration from a customer in the amount that corresponds directly with the value to the customer of the Company’s performance to date. Therefore, the Company recognizes revenue over time using the practical expedient ASC 606-10-55-18 in the amount the Company has a “right to invoice” rather than selecting an output or input method. Contract Balances The Company had no material contract assets, contract liabilities or capitalized contract acquisition costs as of September 30, 2021 and December 31, 2020. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Inventories [Abstract] | |
Inventories | (4) Inventories Inventories are valued at the lower of cost (using either the first-in, first-out (“FIFO”) or average cost methods) or net realizable value. The Company evaluates and adjusts as necessary its excess and obsolescence reserve on a quarterly basis. Excess inventories are quantities of items that exceed anticipated sales or usage for a reasonable period. The Company has guidelines for calculating provisions for excess inventories based on the number of months of inventories on-hand compared to anticipated sales or usage. Management uses its judgment to forecast sales or usage and to determine what constitutes a reasonable period. Inventory cost includes material, labor and overhead. Inventories consisted of the following: September 30, December 31, 2021 2020 Raw materials $ 97,332 $ 67,775 Work-in-progress 8,579 7,005 Finished goods 18,830 15,768 Total inventories, net $ 124,741 $ 90,548 Inventory valued using the FIFO method was $112,605 and $82,308 at September 30, 2021 and December 31, 2020, respectively. Inventory valued using the average cost method was $12,136 and $8,240 at September 30, 2021 and December 31, 2020, respectively. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Financial Instruments and Fair Value Measurements | (5) Financial Instruments and Fair Value Measurements Financial Instruments A financial instrument is cash or a contract that imposes an obligation to deliver or conveys a right to receive cash or another financial instrument. The carrying values of cash and cash equivalents, accounts receivable and accounts payable are considered to be representative of fair value because of the short maturity of these instruments. The fair value of debt approximates the carrying value of debt. Derivative Instruments and Hedging Activities On September 30, 2021, the Company had open Mexican peso-denominated foreign currency forward contracts and a net investment hedge of our euro-denominated subsidiary. The Company used foreign currency forward contracts solely for hedging and not for speculative purposes during 2021 and 2020. Management believes that its use of these instruments to reduce risk is in the Company’s best interest. The counterparties to these financial instruments are financial institutions with investment grade credit ratings. Foreign Currency Exchange Rate Risk The Company conducts business internationally and, therefore, is exposed to foreign currency exchange rate risk. The Company uses derivative financial instruments as cash flow hedges and net investment hedges to manage its exposure to fluctuations in foreign currency exchange rates by reducing the effect of such fluctuations on foreign currency denominated intercompany transactions, inventory purchases and other foreign currency exposures. Net Investment Hedges During the third quarter of 2021, the Company entered into two cross-currency swaps, designated as net investment hedges, with notional values of $25,000 each The Company has elected to assess hedge effectiveness under the spot method. Accordingly, periodic changes in the fair value of the derivative instruments attributable to factors other than spot exchange rate variability are excluded from the measurement of hedge ineffectiveness and reported directly in earnings each reporting period. The change in fair value of these derivative instruments is recorded in cumulative translation adjustment, which is a component of accumulated other comprehensive loss in the condensed consolidated balance sheets. When the related currency translation adjustment is required to be reclassified, usually upon the sale or liquidation of the investment, the gain or loss included in accumulated other comprehensive loss is recorded in earnings and reflected in other expense (income), net in the condensed consolidated statements of operations. Upon settlement, cash flows attributable to derivatives designated as net investment hedges will be classified as investing activities in the condensed consolidated statements of cash flows. Cash Flow Hedges The Company entered into foreign currency forward contracts to hedge the euro and Mexican peso currencies during 2020 and the Mexican peso currency in 2021. These forward contracts were executed to hedge forecasted transactions and have been accounted for as cash flow hedges. As such, gains and losses on derivatives qualifying as cash flow hedges are recorded in accumulated other comprehensive loss, to the extent that hedges are effective, until the underlying transactions are recognized in earnings. Unrealized amounts in accumulated other comprehensive loss will fluctuate based on changes in the fair value of hedge derivative contracts at each reporting period. The cash flow hedges were highly effective. The effectiveness of the transactions has been and will be measured on an ongoing basis using regression analysis and forecasted future purchases of the currency. In certain instances, the foreign currency forward contracts may not qualify for hedge accounting or are not designated as hedges and, therefore, are marked-to-market with gains and losses recognized in the Company’s condensed consolidated statement of operations as a component of other expense (income), net. At September 30, 2021, all of the Company’s foreign currency forward contracts were designated as cash flow hedges. The Company’s foreign currency forward contracts offset a portion of the gains and losses on the underlying foreign currency denominated transactions as follows: U.S. dollar-denominated Foreign Currency Forward Contracts – Cash Flow Hedges The Company entered into U.S. dollar-denominated currency contracts on behalf of one of its European Electronics subsidiaries, whose functional currency is the euro, with a notional amount at September 30, 2020 of $800 which expired ratably on a monthly basis from October 2020 through December 2020. There were no such contracts at September 30, 2021 or December 31, 2020. Mexican peso-denominated Foreign Currency Forward Contracts – Cash Flow Hedges The Company holds Mexican peso-denominated foreign currency forward contracts with a notional amount at September 30, 2021 of $12,653 which expire ratably on a monthly basis from October 2021 to June 2022. The notional amount at December 31, 2020 related to Mexican peso-denominated foreign currency forward contracts was $1,242. The Company evaluated the effectiveness of the Mexican peso and U.S. dollar-denominated forward contracts held as of September 30, 2021 and concluded that the hedges were effective. Interest Rate Risk Interest Rate Risk – Cash Flow Hedge On February 18, 2020, the Company entered into a floating-to-fixed interest rate swap agreement (the “Interest Rate Swap”) with a notional amount of $50,000 to hedge its exposure to interest payment fluctuations on a portion of its Credit Facility. The Interest Rate Swap was designated as a cash flow hedge of the variable interest rate obligation under the Company's Credit Facility that has a current balance of $130,000 at September 30, 2021. Accordingly, the change in fair value of the Interest Rate Swap is recognized in accumulated other comprehensive loss. The Interest Rate Swap agreement requires monthly settlements on the same days that the Credit Facility interest payments are due and has a maturity date of March 10, 2023, which is prior to the Credit Facility maturity date of June 4, 2024. Under the Interest Rate Swap terms, the Company pays a fixed interest rate and receives a floating interest rate based on the one-month LIBOR, with a floor. The critical terms of the Interest Rate Swap are aligned with the terms of the Credit Facility, resulting in no hedge ineffectiveness. The difference between amounts to be received and paid under the Interest Rate Swap is recognized as a component of interest expense, net on the condensed consolidated statements of operations. The Interest Rate Swap settlements increased interest expense by $165 and $156 for the three months ended September 30, 2021 and 2020, respectively. The Interest Rate Swap settlements increased interest expense by $486 and $274 for the nine months ended September 30, 2021 and 2020, respectively. 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. 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. For the nine months ended September 30, 2021, the total net losses on the foreign currency contract cash flow hedges of $48 are expected to be included in COGS, SG&A and D&D within the next 12 months. Of the total net losses on the Interest Rate Swap cash flow hedge, $637 of losses are expected to be included in interest expense, net within the next 12 months and $222 of losses are expected to be included in interest expense, net in subsequent periods. Cash flows from derivatives used to manage foreign currency exchange and interest rate risks are classified as operating activities within the condensed consolidated statements of cash flows. Fair Value Measurements Certain assets and liabilities held by the Company 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 the inputs used. Fair values estimated using Level 1 inputs consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Fair values estimated using Level 2 inputs, other than quoted prices, are observable for the asset or liability, either directly or indirectly and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. For forward currency and cross-currency contracts, inputs include forward foreign currency exchange rates. For the interest rate swap, inputs include LIBOR. Fair values estimated using Level 3 inputs consist of significant unobservable inputs. 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 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 The Company will be required to pay the Stoneridge Brazil earn-out consideration, which is not capped, based on Stoneridge Brazil’s financial performance in 2021. The fair value of the Stoneridge Brazil earn-out consideration is based on discounted cash flows utilizing forecasted earnings before interest, depreciation and amortization (“EBITDA”) in 2021 using the key inputs of forecasted sales and expected operating income reduced by the market required rate of return. The earn-out consideration obligation related to Stoneridge Brazil is recorded within accrued expenses and other current liabilities in the condensed consolidated balance sheets as of September 30, 2021 and other long-term liabilities in the consolidated balance sheets as of December 31, 2020. The change in fair value of the earn-out consideration for Stoneridge Brazil was due to updated financial performance projections and favorable foreign currency translation offset by the reduced time from the current period end to the payment date. The change in fair value of the Stoneridge Brazil earn-out consideration was recorded in SG&A expense and the foreign currency impact was included in other expense (income), net in the condensed consolidated statements of operations. There were no transfers in or out of Level 3 from other levels in the fair value hierarchy for the nine months ended September 30, 2021. Impairment of Long-Lived Assets or Finite-Lived Assets The Company reviews the carrying value of its long-lived assets and finite-lived intangible assets for impairment when events or circumstances indicate that their carrying value may not be recoverable. Factors the Company considers important that could trigger testing of the related asset groups for an impairment include current period operating or cash flow losses combined with a history of operating or cash flow losses, a projection or forecast that demonstrates continuing losses, significant adverse changes in the business climate within a particular business or current expectations that a long-lived asset will be sold or otherwise disposed of significantly before the end of its estimated useful life. To test for impairment, the estimated undiscounted cash flows expected to be generated from the use and disposal of the asset or asset group is compared to its carrying value. An asset group is established by identifying the lowest level of cash flows generated by the group of assets that are largely independent of cash flows of other assets. If cash flows cannot be separately and independently identified for a single asset, we will determine whether an impairment has occurred for the group of assets for which we can identify projected cash flows. If these undiscounted cash flows are less than their respective carrying values, an impairment charge would be recognized to the extent that the carrying values exceed estimated fair values. The estimation of undiscounted cash flows and fair value requires us to make assumptions regarding future operating results over the life of the asset or the life of the primary asset in the asset group. The results of the impairment testing are dependent on these estimates which require judgment. The occurrence of certain events, including changes in economic and competitive conditions, could impact cash flows eventually realized and management’s ability to accurately assess whether an asset is impaired. On May 19, 2020, the Company committed to the strategic exit of its Control Devices particulate matter (“PM”) sensor product line. As a result of the strategic exit of the PM sensor product line the Company determined an impairment indicator existed and performed a recoverability test of the related long-lived assets. The Company identified that there were two asset groups comprised of PM sensor fixed assets at the Company’s Lexington, Ohio and Tallinn, Estonia facilities. As a result of the recoverability test performed, the Company determined that the undiscounted cash flows did not exceed the carrying value of the PM sensor fixed assets at the Company’s Tallinn, Estonia facility. As such, an impairment loss of $2,326 was recorded based on the difference between the fair value and the carrying value of the assets. The Company used the income approach to determine the fair value of the PM sensor fixed assets at the Tallinn, Estonia facility. During the nine months ended September 30, 2020, the impairment loss of $2,326 was recorded on the Company’s condensed consolidated statement of operations within selling, general and administrative expense. The inputs utilized in the analyses are classified as Level 3 inputs within the fair value hierarchy as defined in ASC 820, "Fair Value Measurement." |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | (6) Share-Based Compensation Compensation expense for share-based compensation arrangements, which is recognized in the condensed consolidated statements of operations as a component of SG&A expenses, was $1,924 and $1,430 for the three months ended September 30, 2021 and 2020, respectively. Compensation expense for share-based compensation arrangements, which is recognized in the condensed consolidated statements of operations as a component of SG&A expenses, was $4,685 and $3,535 for the nine months ended September 30, 2021 and 2020, respectively. The expenses related to share-based compensation awards for the three and nine months ended September 30, 2021 were higher than the three and nine months ended September 30, 2020 due to the recognition of reduced attainment of performance-based awards during 2020. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt [Abstract] | |
Debt | (7) Debt Debt consisted of the following at September 30, 2021 and December 31, 2020: September 30, December 31, Interest rates at 2021 2020 September 30, 2021 Maturity Revolving Credit Facility Credit Facility $ 130,000 $ 136,000 1.95% June 2024 Debt Stoneridge Brazil short-term obligations 99 1,561 8.80% November 2021 Sweden short-term credit line - 1,591 Suzhou short-term credit line 1,551 4,521 4.30% May 2022 Total debt 1,650 7,673 Less: current portion (1,650) (7,673) Total long-term debt, net $ - $ - Revolving Credit Facility On June 5, 2019, the Company entered into the Fourth Amended and Restated Credit Agreement (the “Credit Facility”). The Credit Facility provides for a $400,000 senior secured revolving credit facility and it replaced and superseded the Third Amended and Restated Credit Agreement that provided for a $300,000 revolving credit facility. The Credit Facility has an accordion feature which allows the Company to increase the availability by up to $150,000 upon the satisfaction of certain conditions and includes a letter of credit subfacility, swing line subfacility and multicurrency subfacility. The Credit Facility has a termination date of June 5, 2024. Borrowings under the Credit Facility bear interest at either the Base Rate or the LIBOR rate, at the Company’s option, plus the applicable margin as set forth in the Credit Facility. The Credit Facility contains certain financial covenants that require the Company to maintain less than a maximum leverage ratio and more than a minimum interest coverage ratio. The Credit Facility contains customary affirmative covenants and representations. The Credit Facility also contains customary negative covenants, which, among other things, are subject to certain exceptions, including restrictions on (i) indebtedness, (ii) liens, (iii) liquidations, mergers, consolidations and acquisitions, (iv) disposition of assets or subsidiaries, (v) affiliate transactions, (vi) creation or ownership of certain subsidiaries, partnerships and joint ventures, (vii) continuation of or change in business, (viii) restricted payments, (ix) prepayment of subordinated and junior lien indebtedness, (x) restrictions in agreements on dividends, intercompany loans and granting liens on the collateral, (xi) loans and investments, (xii) sale and leaseback transactions, (xiii) changes in organizational documents and fiscal year and (xiv) transactions with respect to bonding subsidiaries. The Credit Facility contains customary events of default, subject to customary thresholds and exceptions, including, among other things, (i) non-payment of principal and non-payment of interest and fees, (ii) a material inaccuracy of a representation or warranty at the time made, (iii) a failure to comply with any covenant, subject to customary grace periods in the case of certain affirmative covenants, (iv) cross default of other debt, final judgments and other adverse orders in excess of $30,000, (v) any loan document shall cease to be a legal, valid and binding agreement, (vi) certain uninsured losses or proceedings against assets with a value in excess of $30,000, (vii) ERISA events, (viii) a change of control, or (ix) bankruptcy or insolvency proceedings. Due to the expected impact of the COVID-19 pandemic on the Company’s end-markets and the resulting expected financial impacts to the Company, on June 26, 2020, the Company entered into a Waiver and Amendment No. 1 to the Fourth Amended and Restated Credit Agreement (“Amendment No. 1”). Amendment No. 1 provided for certain covenant relief and restrictions during the “Covenant Relief Period” (the period ending on the date that the Company delivers a compliance certificate for the quarter ending June 30, 2021 in form and substance satisfactory to the administrative agent). The Covenant Relief Period ended on August 14, 2021. During the Covenant Relief Period: ● the maximum net leverage ratio was suspended; ● the calculation of the minimum interest coverage ratio excluded second quarter 2020 financial results effective for the quarters ended September 30, 2020 through March 31, 2021; ● the minimum interest coverage ratio of 3.50 was reduced to 2.75 and 3.25 for the quarters ended December 31, 2020 and March 31, 2021, respectively; ● the Company’s liquidity could not be less than $150,000 ; ● the Company’s aggregate amount of cash and cash equivalents could not exceed $130,000 ; ● there were certain restrictions on Restricted Payments (as defined); and ● a Permitted Acquisition (as defined) could not be consummated unless otherwise approved in writing by the required lenders. Amendment No. 1 changed the leverage based LIBOR pricing grid through the maturity date of the Credit Facility and also provides for a LIBOR floor of 50 basis points on outstanding borrowings excluding any Specified Hedge Borrowings (as defined) which remain subject to a LIBOR floor of 0 basis points. As of September 30, 2021, Specified Hedge Borrowings were $50,000 . The Company capitalized an additional $1,086 of deferred financing costs as a result of entering into Amendment No. 1. Borrowings outstanding on the Credit Facility were $130,000 and $136,000 at September 30, 2021 and December 31, 2020, respectively. The Company was in compliance with all credit facility covenants at September 30, 2021 and December 31, 2020. The Company also has outstanding letters of credit of $1,703 and $1,720 at September 30, 2021 and December 31, 2020, respectively. Debt Stoneridge Brazil maintains short-term notes used for working capital purposes which have fixed or variable interest rates. The weighted-average interest rate of short-term debt of Stoneridge Brazil at September 30, 2021 was 8.8%. Depending on the specific note, interest is payable either monthly or annually. Principal repayments of $99 on Stoneridge Brazil debt at September 30, 2021 are due in 2021. The Company’s wholly-owned subsidiary located in Sweden, has an overdraft credit line which allows overdrafts on the subsidiary’s bank account up to a daily maximum level of 20,000 Swedish krona, or $2,283 and $2,435, at September 30, 2021 and December 31, 2020, respectively. At September 30, 2021 there were no borrowings outstanding on this overdraft credit line. At December 31, 2020 there was 13,072 Swedish krona, or $1,591, outstanding on this overdraft credit line. During the nine months ended September 30, 2021, the subsidiary borrowed 243,347 Swedish krona, or $27,784, and repaid 256,418 Swedish krona, or $29,277. The Company’s wholly-owned subsidiary located in Suzhou, China (the “Suzhou subsidiary”), has two credit lines (the “Suzhou credit line”) which allow up to a maximum borrowing level of 50,000 Chinese yuan, or $7,758 and $7,663 at September 30, 2021, and December 31, 2020. At September 30, 2021 and December 31, 2020 there was $1,551 and $4,521, respectively, in borrowings outstanding on the Suzhou credit line with weighted-average interest rates of 4.30% and 4.32%, respectively. The Suzhou credit line is included on the condensed consolidated balance sheet within current portion of debt. In addition, the Suzhou subsidiary has a bank acceptance draft line of credit which facilitates the extension of trade payable payment terms by 180 days. This bank acceptance draft line of credit allows up to a maximum borrowing level of 15,000 Chinese yuan, or $2,327 and $2,299, at September 30, 2021 and December 31, 2020, respectively. There was $0 and $414 utilized on the Suzhou bank acceptance draft line of credit at September 30, 2021 and December 31, 2020, respectively. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | (8) Leases The Company, as lessor, entered into a lease with a third-party lessee effective July 1, 2020, for our Canton, Massachusetts facility. In conjunction with the Canton restructuring plan outlined in Note 12, the Company ceased operations at this facility in March 2020. As discussed in Note 16, the Company sold the Canton facility and assigned the lease to the buyer on June 17, 2021. The Company recognized lease income on a straight-line basis over the lease term until the time of the sale. The Company recognized operating and variable lease income from the lease in our condensed consolidated statements of operations of $602 and $199, respectively, for the nine months ended September 30, 2021. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (9) Earnings Per Share Basic earnings per share was computed by dividing net income by the weighted-average number of Common Shares outstanding for each respective period. Diluted earnings per share was calculated by dividing net income by the weighted-average of all potentially dilutive Common Shares that were outstanding during the periods presented. However, for all periods in which the Company recognized a net loss, the Company did not recognize the effect of the potential dilutive securities as their inclusion would be anti-dilutive. Potential dilutive shares of 239,254 for the three months ended September 30, 2021 were excluded from diluted loss per share because the effect would be anti-dilutive. Potential dilutive shares of 265,335 for the nine months ended September 30, 2020 were excluded from diluted loss per share because the effect would be anti-dilutive. Weighted-average Common Shares outstanding used in calculating basic and diluted earnings per share were as follows: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Basic weighted-average Common Shares outstanding 27,147,150 26,956,286 27,100,484 27,046,899 Effect of dilutive shares - 266,596 331,034 - Diluted weighted-average Common Shares outstanding 27,147,150 27,222,882 27,431,518 27,046,899 There were 591,256 and 755,654 performance-based right to receive Common Shares outstanding at September 30, 2021 and 2020, respectively. The right to receive Common Shares are included in the computation of diluted earnings per share based on the number of Common Shares that would be issuable if the end of the quarter were the end of the contingency period. |
Equity and Accumulated Other Co
Equity and Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2021 | |
Equity and Accumulated Other Comprehensive Loss [Abstract] | |
Equity and Accumulated Other Comprehensive Loss | Click or tap here to enter text. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | (11) Commitments and Contingencies From time to time we are subject to various legal actions and claims incidental to our business, including those arising out of breach of contracts, product warranties, product liability, patent infringement, regulatory matters and employment-related matters. The Company establishes accruals for matters which it believes that losses are probable and can be reasonably estimated. Although it is not possible to predict with certainty the outcome of these matters, the Company is of the opinion that the ultimate resolution of these matters will not have a material adverse effect on its consolidated results of operations or financial position. As a result of environmental studies performed at the Company’s former facility located in Sarasota, Florida, the Company became aware of soil and groundwater contamination at the site and engaged an environmental engineering consultant to develop a remediation and monitoring plan for the site. Soil remediation at the site was completed during the year ended December 31, 2010. A remedial action plan was approved by the Florida Department of Environmental Protection and groundwater remediation began in the fourth quarter of 2015. During the three months ended September 30, 2021 and 2020, the Company recognized expense of $0 and $3, respectively, related to groundwater remediation. During the nine months ended September 30, 2021 and 2020, the Company recognized expense of $407 and $108, respectively, related to groundwater remediation. At September 30, 2021 and December 31, 2020, the Company accrued $434 and $180 , respectively, related to expected future remediation costs. At September 30, 2021 and December 31, 2020, The Company’s Stoneridge Brazil subsidiary has civil, labor and other tax contingencies (excluding income tax) for which the likelihood of loss is deemed to be reasonably possible, but not probable, by the Company’s legal advisors in Brazil. As a result, no provision has been recorded with respect to these contingencies, which amounted to R$45,127 ($8,296) and R$43,736 ($8,416) at September 30, 2021 and December 31, 2020, respectively. An unfavorable outcome on these contingencies could result in significant cost to the Company and adversely affect its results of operations. On August 12, 2020, the Brazilian Administrative Counsel for Economic Defense (“CADE”) issued a ruling against Stoneridge Brazil for abuse of dominance and market foreclosure through its prior use of exclusivity provisions in agreements with its distributors. The CADE tribunal imposed a R $7,995 ( $1,598 ) fine which is included in the reasonably possible contingencies noted above. The Company is challenging this ruling in Brazilian federal court to reverse this decision by the CADE tribunal. Product Warranty and Recall Amounts accrued for product warranty and recall claims are established based on the Company’s best estimate of the amounts necessary to settle existing and future claims on products sold as of the balance sheet dates. These accruals are based on several factors including past experience, production changes, industry developments and various other considerations. Our estimate is based on historical trends of units sold and claim payment amounts, combined with our current understanding of the status of existing claims and discussions with our customers. The key factors in our estimate are the stated or implied warranty period, the customer source, customer policy decisions regarding warranties and customers seeking to hold the Company responsible for their product warranties. The Company can provide no assurances that it will not experience material claims or that it will not incur significant costs to defend or settle such claims beyond the amounts accrued. The current portion of product warranty and recall is included as a component of accrued expenses and other current liabilities in the condensed consolidated balance sheets. Product warranty and recall included The following provides a reconciliation of changes in product warranty and recall liability: Nine months ended September 30 2021 2020 Product warranty and recall at beginning of period $ 12,691 $ 10,796 Accruals for warranties established during period 5,125 4,817 Aggregate changes in pre-existing liabilities due to claim developments 49 1,137 Settlements made during the period (7,990) (4,630) Foreign currency translation (317) 42 Product warranty and recall at end of period $ 9,558 $ 12,162 Brazilian Indirect Tax In 2019, the Company received judicial notification that the Superior Judicial Court of Brazil rendered a favorable decision on Stoneridge Brazil’s case granting the Company the right to recover, through offset of federal tax liabilities, amounts collected by the government from June 2010 to February 2017. As a result, the Company recorded a pre-tax benefit of $6,473 in the year ended December 31, 2019. The Brazilian tax authorities have sought clarification before the Supreme Court of Brazil (in a leading case involving another taxpayer) of certain matters that could affect the rights of Brazilian taxpayers regarding these credits. The leading case was decided on May 13, 2021. The Company does not expect any impact to amounts previously recognized as a result of the Supreme Court decision. |
Business Realignment and Restru
Business Realignment and Restructuring | 9 Months Ended |
Sep. 30, 2021 | |
Business Realignment and Restructuring | |
Business Realignment and Restructuring | (12) Business Realignment and Restructuring On May 19, 2020, the Company committed to the strategic exit of its Control Devices particulate matter (“PM”) sensor product line. The decision to exit the PM sensor product line was made after consideration of the decline in the market outlook for diesel passenger vehicles, the current and expected profitability of the product line and the Company’s strategic focus on aligning resources with the greatest opportunities. In conjunction with the strategic exit of the PM sensor product line, the Company entered into an asset purchase agreement related to the sale of the PM sensor product line during the first quarter of 2021. Refer to Note 16 of the condensed consolidated financial statements for additional details regarding the sale. As a result of the PM sensor restructuring actions, the Company recognized expense of $675 and $342 for the three months ended September 30, 2021 and 2020, respectively, for non-cash fixed asset charges, including accelerated depreciation of PM sensor related fixed assets, employee severance and termination costs and other related costs. For the three months ended September 30, 2021 restructuring related costs of $605, $(31) and $101 were recognized in COGS, SG&A and D&D, respectively. For the three months ended September 30, 2020 restructuring related costs of $340 and $2 were recognized in COGS and SG&A, respectively. The Company recognized expense of $2,329 and $2,894 for the nine months ended September 30, 2021 and 2020, respectively, for non-cash fixed asset charges, including impairment and accelerated depreciation of PM sensor related fixed assets, employee severance and termination costs and other related costs. For the nine months ended September 30, 2021 restructuring related costs of $1,505 , $642 and $182 were recognized in COGS, SG&A and D&D, respectively. For the nine months ended September 30, 2020 restructuring related costs of $503 and $2,391 were recognized in COGS and SG&A, respectively. The only remaining costs relate to potential commercial settlements and legal fees which we continue to negotiate. The estimated range of additional cost related to these settlements and fees is approximately $1,400 to $4,200 . The expenses for the exit of the PM sensor line that relate to the Control Devices reportable segment include the following: Accrual as of 2021 Charge Utilization Accrual as of January 1, 2021 to Expense Cash Non-Cash September 30, 2021 Fixed asset impairment and $ - $ 188 $ - $ (188) $ - Employee termination benefits - 139 (139) - - Other related costs - 2,002 (2,002) - - Total $ - $ 2,329 $ (2,141) $ (188) $ - Accrual as of 2020 Charge Utilization Accrual as of January 1, 2020 to Expense Cash Non-Cash September 30, 2020 Fixed asset impairment and $ - $ 2,824 $ - $ (2,824) $ - Other related costs - 70 (70) - - Total $ - $ 2,894 $ (70) $ (2,824) $ - On January 10, 2019, the Company committed to a restructuring plan that resulted in the closure of the Canton, Massachusetts facility (“Canton Facility”) on March 31, 2020 and the consolidation of manufacturing operations at that site into other Company locations (“Canton Restructuring”). Company management informed employees at the Canton Facility of this restructuring decision on January 11, 2019. The costs for the Canton Restructuring included employee severance and termination costs, contract terminations costs, professional fees and other related costs such as moving and set-up costs for equipment and costs to restore the engineering function previously located at the Canton facility. As a result of the Canton Restructuring actions, the Company recognized expense of $0 and $197 respectively, for the three months ended September 30, 2021 and 2020 for employee severance and termination costs and other restructuring related costs. For the three months ended September 30, 2020 employee severance and termination costs and other related restructuring costs of $88 and $109 were recognized in COGS and D&D, respectively, in the condensed consolidated statement of operations. The Company recognized expense of $13 and $2,881 respectively, for the nine months ended September 30, 2021 and 2020 for employee severance and termination costs and other restructuring related costs. For the nine months ended September 30, 2021 other restructuring related costs of $13 were recognized in D&D in the condensed consolidated statement of operations. For the nine months ended September 30, 2020 employee severance and termination costs and other related restructuring costs of $1,659, $549 and $673 were recognized in COGS, SG&A and D&D, respectively, in the condensed consolidated statement of operations. We do not expect to incur additional costs related to the Canton Restructuring. Refer to Note 8 and Note 16 to the condensed consolidated financial statements for additional details regarding the third-party lease and sale, respectively, of the Canton facility. The expenses for the Canton Restructuring that relate to the Control Devices reportable segment include the following: Accrual as of 2021 Charge Utilization Accrual as of January 1, 2021 to Expense Cash Non-Cash September 30, 2021 Employee termination benefits $ 165 $ - $ (25) $ - $ 140 Other related costs - 13 (13) - - Total $ 165 $ 13 $ (38) $ - $ 140 Accrual as of 2020 Charge Utilization Accrual as of January 1, 2020 to Expense Cash Non-Cash September 30, 2020 Employee termination benefits $ 2,636 $ 1,119 $ (3,546) $ - $ 209 Other related costs - 1,762 (1,762) - - Total $ 2,636 $ 2,881 $ (5,308) $ - $ 209 In the fourth quarter of 2018, the Company undertook restructuring actions for the Electronics segment affecting the European Aftermarket business and China operations. In the second quarter of 2020, the Company finalized plans to move its European Aftermarket sales activities in Dundee, Scotland which resulted in incurring contract termination costs as well as employee severance and termination costs. In addition, the Company announced an additional restructuring program to transfer the European production of its controls product line to China. As a result of these actions, the Company recognized expense of $36 and $567, respectively, for the three months ended September 30, 2021 and 2020 for employee severance and termination costs and other related costs and non-cash fixed asset charges for accelerated depreciation of fixed assets and other related costs. Electronics segment restructuring costs (benefit) recognized in COGS and SG&A in the condensed consolidated statement of operations for the three months ended September 30, 2021 were $34 and $2, respectively. Electronics segment restructuring costs recognized in COGS, SG&A and D&D in the condensed consolidated statement of operations were $132, $383, and $52 for the three months ended September 30, 2020, respectively. The Company recognized expense of $256 and $2,195, respectively, for the nine months ended September 30, 2021 and 2020 for employee severance and termination costs, contract termination costs, other related costs and non-cash fixed asset charges for accelerated depreciation of fixed assets and other related costs. Electronics segment restructuring costs recognized in COGS, SG&A, and D&D in the condensed consolidated statement of operations for the three months ended September 30, 2021 were $37, $176 and $43, respectively. Electronics segment restructuring costs recognized in COGS, SG&A and D&D in the condensed consolidated statement of operations were $132, $1,634 and $429 for the nine months ended September 30, 2020, respectively. The Company expects to incur an immaterial amount of restructuring costs related to these actions through the fourth quarter of 2021. The expenses for the restructuring activities that relate to the Electronics reportable segment include the following: Accrual as of 2021 Charge to Utilization Accrual as of January 1, 2021 Expense Cash Non-Cash September 30, 2021 Employee termination benefits $ 227 $ 50 $ (212) $ - $ 65 Other related costs - 206 (206) - - Total $ 227 $ 256 $ (418) $ - $ 65 Accrual as of 2020 Charge to Utilization Accrual as of January 1, 2020 Expense Cash Non-Cash September 30, 2020 Employee termination benefits $ 52 $ 961 $ (743) $ - $ 270 Contract termination costs - 452 (452) - - Other related costs - 782 (782) - - Total $ 52 $ 2,195 $ (1,977) $ - $ 270 In addition to the specific restructuring activities, the Company regularly evaluates the performance of its businesses and cost structures, including personnel, and makes necessary changes thereto in order to optimize its results. The Company also evaluates the required skill sets of its personnel and periodically makes strategic changes. As a consequence of these actions, the Company incurs severance related costs which are referred to as business realignment charges. Business realignment charges by reportable segment were as follows: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Control Devices (A) $ - $ 283 $ 192 $ 1,702 Electronics (B) (16) 105 (3) 1,410 Stoneridge Brazil (C) - 12 59 165 Unallocated Corporate (D) 1,096 1 1,138 311 Total business realignment charges $ 1,080 $ 401 $ 1,386 $ 3,588 (A) Severance costs for the three months ended September 30, 2020 related to COGS, D&D, SG&A were $70 , $35 and $178 , respectively. Severance costs for the nine months ended September 30, 2021 related to SG&A were $192 . Severance costs for the nine months ended September 30, 2020 related to COGS, D&D and SG&A were $673 , $284 and $745 , respectively. (B) Severance (benefit) costs for the three months ended September 30, 2021 related to COGS, SG&A and D&D were $1 , $9 and $(26), respectively. Severance costs for the nine months ended September 30, 2021 related to COGS, SG&A and D&D were $1 , $(13) and $9 , respectively. Severance costs for the three months ended September 30, 2020 related to COGS and SG&A were $33 and $72 , respectively. Severance costs for the nine months ended September 30, 2020 related to COGS, D&D and SG&A were $356 , $228 and $826 , respectively. (C) Severance costs for the nine months ended September 30, 2021 related to COGS and SG&A were $7 and $52 , respectively. Severance costs for the three months ended September 30, 2020 related to SG&A were $12 . Severance costs for the nine months ended September 30, 2020 related to COGS and SG&A were $86 and $79 respectively. (D) Severance costs for the three months ended September 30, 2021 and 2020 related to SG&A were $1,096 and $1 , respectively. Severance costs for the nine months ended September 30, 2021 and 2020 related to SG&A were $1,138 and $311 , respectively. Business realignment charges classified by statement of operations line item were as follows: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Cost of goods sold $ 1 $ 103 $ 8 $ 1,115 Selling, general and administrative 1,105 263 1,369 1,961 Design and development (26) 35 9 512 Total business realignment charges $ 1,080 $ 401 $ 1,386 $ 3,588 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | (13) Income Taxes For interim tax reporting we estimate our annual effective tax rate and apply it to our year to date ordinary income. Tax jurisdictions with a projected or year to date loss for which a benefit cannot be realized are excluded. For the three months ended September 30, 2021, income tax expense of $526 was attributable to an update to the estimated tax impact on the gain on the sale of the Canton facility, the mix of earnings among tax jurisdictions as well as tax losses for which no benefit is recognized due to valuation allowances in certain jurisdictions. The effective tax rate of (5.4)% is less than the statutory rate primarily due to the impact of tax losses for which no benefit is recognized due to valuation allowances in certain jurisdictions as well as an update to the gain on the sale of the Canton facility. For the nine months ended September 30, 2021, income tax expense of $6,739 was attributable to the gain on the sale of the Canton facility, mix of earnings among tax jurisdictions as well as tax losses for which no benefit is recognized due to valuation allowances in certain jurisdictions. The effective tax rate of 41.3% is greater than the statutory rate primarily due to the impact of tax losses for which no benefit is recognized due to valuation allowances in certain jurisdictions as well as U.S. taxes on foreign earnings, partially offset by tax incentives. For the three months ended September 30, 2020, income tax expense of $1,814 was primarily related to the mix of earnings among tax jurisdictions as well as tax losses for which no benefit is recognized due to valuation allowances in certain jurisdictions. The effective tax rate of 21.3% is greater than the statutory rate primarily due to the impact of certain incentives offset by non-deductible expenses and tax losses for which no benefit is recognized due to valuation allowances in certain jurisdictions. For the nine months ended September 30, 2020, income tax benefit of $(3,694) was primarily related to the mix of earnings among tax jurisdictions as well as tax losses for which no benefit is recognized due to valuation allowances in certain jurisdictions. The effective tax rate of 24.3% is greater than the statutory rate primarily due to the impact of certain incentives offset by non-deductible expenses and tax losses for which no benefit is recognized due to valuation allowances in certain jurisdictions. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | (14) Segment Reporting Operating segments are defined as components of an enterprise that are evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company has three reportable segments, Control Devices, Electronics and Stoneridge Brazil, which also represent its operating segments. The Control Devices reportable segment produces actuators, sensors, switches and connectors. The Electronics reportable segment produces driver information systems, camera-based vision systems, connectivity and compliance products and electronic control units. The Stoneridge Brazil reportable segment designs and manufactures electronic vehicle tracking devices and monitoring services, vehicle security alarms and convenience accessories, in-vehicle audio and infotainment devices and telematics solutions. The accounting policies of the Company’s reportable segments are the same as those described in Note 2, “Summary of Significant Accounting Policies” of the Company’s 2020 Form 10-K The financial information presented below is for our three reportable operating segments and includes adjustments for unallocated corporate costs and intercompany eliminations, where applicable. Such costs and eliminations do not meet the requirements for being classified as an operating segment. Corporate costs include various support functions, such as corporate accounting/finance, executive administration, human resources, information technology and legal. A summary of financial information by reportable segment is as follows: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Net Sales: Control Devices $ 87,618 $ 99,942 $ 273,581 $ 243,797 Inter-segment sales 414 971 2,768 3,877 Control Devices net sales 88,032 100,913 276,349 247,674 Electronics 77,585 62,995 250,440 180,071 Inter-segment sales 6,319 7,362 19,527 17,672 Electronics net sales 83,904 70,357 269,967 197,743 Stoneridge Brazil 16,477 12,827 42,788 34,407 Inter-segment sales - - - - Stoneridge Brazil net sales 16,477 12,827 42,788 34,407 Eliminations (6,733) (8,333) (22,295) (21,549) Total net sales $ 181,680 $ 175,764 $ 566,809 $ 458,275 Operating (Loss) Income: Control Devices $ 2,899 $ 12,450 $ 50,129 $ 10,116 Electronics (5,113) 647 (7,793) (7,523) Stoneridge Brazil 909 3,439 112 3,419 Unallocated Corporate (A) (7,623) (6,709) (22,633) (19,349) Total operating (loss) income $ (8,928) $ 9,827 $ 19,815 $ (13,337) Depreciation and Amortization: Control Devices $ 3,840 $ 4,028 $ 11,777 $ 11,197 Electronics 3,102 2,549 8,970 7,423 Stoneridge Brazil 737 973 2,783 3,696 Unallocated Corporate 532 500 1,587 1,522 Total depreciation and amortization (B) $ 8,211 $ 8,050 $ 25,117 $ 23,838 Interest Expense (Income), net: Control Devices $ 122 $ 99 $ 362 $ 269 Electronics 228 103 523 503 Stoneridge Brazil (101) 14 (198) 17 Unallocated Corporate 1,198 1,666 4,386 3,533 Total interest expense, net $ 1,447 $ 1,882 $ 5,073 $ 4,322 Capital Expenditures: Control Devices $ 2,305 $ 2,833 $ 7,046 $ 8,496 Electronics 3,353 1,618 7,264 9,678 Stoneridge Brazil 744 805 2,163 2,219 Unallocated Corporate (C) 249 524 947 1,201 Total capital expenditures $ 6,651 $ 5,780 $ 17,420 $ 21,594 September 30, December 31, 2021 2020 Total Assets: Control Devices $ 189,426 $ 194,433 Electronics 313,569 303,914 Stoneridge Brazil 62,262 61,350 Corporate (C) 395,178 390,851 Eliminations (333,757) (329,140) Total assets $ 626,678 $ 621,408 The following tables present net sales and long-term assets for each of the geographic areas in which the Company operates: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Net Sales: North America $ 95,395 $ 97,576 $ 288,629 $ 240,549 South America 16,477 12,827 42,788 34,407 Europe and Other 69,808 65,361 235,392 183,319 Total net sales $ 181,680 $ 175,764 $ 566,809 $ 458,275 September 30, December 31, 2021 2020 Long-term Assets: North America $ 100,821 $ 110,330 South America 31,411 33,785 Europe and Other 137,321 142,629 Total long-term assets $ 269,553 $ 286,744 (A) Unallocated Corporate expenses include, among other items, accounting/finance, human resources, information technology and legal costs as well as share-based compensation. (B) These amounts represent depreciation and amortization on property, plant and equipment and certain intangible assets. (C) Assets located at Corporate consist primarily of cash, intercompany loan receivables, fixed assets for the corporate headquarter building, leased assets, information technology assets, equity investments and investments in subsidiaries. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2021 | |
Investments [Abstract] | |
Investments | (15) Investments Minda Stoneridge Instruments Ltd. The Company has a 49% equity interest in Minda Stoneridge Instruments Ltd. (“MSIL”), a company based in India that manufactures electronics, instrumentation equipment and sensors primarily for the motorcycle, commercial vehicle and automotive markets. The investment is accounted for under the equity method of accounting. The Company’s investment in MSIL, recorded as a component of investments and other long-term assets, net on the condensed consolidated balance sheets, was $14,859 and $13,547 at September 30, 2021 and December 31, 2020, respectively. Equity in earnings of MSIL included in the condensed consolidated statements of operations was $408 and $330, for the three months ended September 30, 2021 and 2020, respectively. Equity in earnings of MSIL included in the condensed consolidated statements of operations was $1,320 and $556, for the nine months ended September 30, 2021 and 2020, respectively. PST Eletrônica Ltda. The Company had a 74% controlling interest in Stoneridge Brazil from December 31, 2011 through May 15, 2017. On May 16, 2017, the Company acquired the remaining 26% noncontrolling interest in Stoneridge Brazil. As part of the acquisition agreement, the Company will be required to pay additional earn-out consideration, which is not capped, based on Stoneridge Brazil’s financial performance in 2021. See Note 5 for the fair value and foreign currency adjustments of the earn-out consideration for the current and prior periods. Stoneridge Brazil had dividends payable to former noncontrolling interest holders of R$24,154 ($6,010) as of December 31, 2019. The dividend payable related to Stoneridge Brazil was recorded within other current liabilities on the consolidated balance sheet as of December 31, 2019. These dividends were paid in January 2020. Other Investments In December 2018, the Company entered into an agreement to make a $10,000 investment in a fund (“Autotech Fund II”) managed by Autotech Ventures (“Autotech”), a venture capital firm focused on ground transportation technology which is accounted for under the equity method of accounting. The Company’s in distributions from the Autotech Fund II during the nine months ended September 30, 2021. The Company contributed to the Autotech Fund II during the nine months ended September 30, 2020. The Company has a |
Disposals
Disposals | 9 Months Ended |
Sep. 30, 2021 | |
Disposals [Abstract] | |
Disposals | (16) Disposals Disposal of Particulate Matter Sensor Business On March 8, 2021, the Company entered into an Asset Purchase Agreement (the “APA”) by and among the Company, the Company’s wholly owned subsidiary, Stoneridge Electronics AS, as the Sellers, and Standard Motor Products, Inc. (“SMP”) and SMP Poland SP Z O.O., as the Buyers. Pursuant to the APA the Company agreed to sell to the Buyers the Company’s assets located in Lexington, Ohio and Tallinn, Estonia related to the manufacturing of particulate matter sensor products and related service part operations (together, the “PM sensor business”). In the past, the Company has sometimes referred to the PM sensor assets as the Company’s soot sensing business. The Buyers are not acquiring any of the Company’s locations or employees. The purchase price for the sale of the PM sensor assets was $4,000 (subject to a post-closing inventory adjustment which was a payment to SMP of $1,133) plus the assumption of certain liabilities. The purchase price was allocated among PM sensor product lines, Gen 1 and Gen 2 as defined under the APA. The purchase price allocated to Gen 1 fixed assets and inventory and Gen 2 fixed assets was $3,214 and $786, respectively. The sale of the Gen 2 assets will occur upon completion of the Company’s supply commitments to certain customers which are expected to be completed by December 31, 2021. The Company and SMP also entered into certain ancillary agreements, including a contract manufacturing agreement, a transitional services agreement, and a supply agreement, pursuant to which the Company will provide and be compensated for certain manufacturing, transitional, administrative and support services to SMP on a short-term basis. On March 8, 2021 the Company’s Control Devices segment recognized net sales and cost of goods sold of $971 and $898, respectively, for the one-time sale of Gen 1 inventory and a gain on disposal of $740 for the sale of Gen 1 fixed assets less transaction costs of $60 within SG&A during the three months ended March 31, 2021. Pursuant to the contract manufacturing agreement, the Company produced and sold PM sensor Gen 1 finished goods inventory to SMP for net sales of $3,228 in the three months ended September 30, 2021. In addition, the Company received $228 for services provided pursuant to the transition services agreement which were recognized as a reduction in SG&A for the three months ended September 30, 2021. Pursuant to the contract manufacturing agreement, the Company produced and sold PM sensor Gen 1 finished goods inventory to SMP for net sales of $6,298 in the nine months ended September 30, 2021. In addition, the Company received $564 for services provided pursuant to the transition services agreement which were recognized as a reduction in SG&A for the nine months ended September 30, 2021. PM sensor Gen 1 net sales to SMP pursuant to the contract manufacturing agreement were $3,228 and operating income was $302 for the three months ended September 30, 2021. PM sensor Gen 1 net sales and operating income were $2,587 and $542, respectively, for the three months ended September 30, 2020. PM sensor Gen 1 net sales, including sales of $6,298 to SMP pursuant to the contract manufacturing agreement and the one time sale of Gen 1 finished goods inventory of $971, and operating income were $9,536 and $1,168, respectively, for the nine months ended September 30, 2021. PM sensor Gen 1 net sales and operating income were $6,350 and $612, respectively, for the nine months ended September 30, 2020. The Company completed the PM sensor Gen 2 supply commitments and ended production on September 23, 2021. As of September 30, 2021, the Company has recognized the net book value of the Gen 2 fixed assets of $287 as assets held for sale within prepaid expenses and other current assets in the condensed consolidated balance sheets. Sale of Canton Facility On May 7, 2021, the Company, entered into a Real Estate Purchase and Sale Agreement (the “Agreement”) with Sun Life Assurance Company of Canada, a Canadian corporation (the “Buyer”), to sell the Canton Facility for $38,200 (subject to adjustment pursuant to the Agreement). On June 17, 2021, pursuant to the Agreement, as amended after May 7, 2021, the Company closed the sale of the Canton Facility to the Buyer for an adjusted purchase price of $37,900. The Company recognized in the Control Devices segment, net proceeds of $35,167 and a gain, net of direct selling costs, of $30,718. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue [Abstract] | |
Revenue by Segment and Geographical Location | The following tables disaggregate our revenue by reportable segment and geographical location (1) Control Devices Electronics Stoneridge Brazil Consolidated Three months ended September 30 2021 2020 2021 2020 2021 2020 2021 2020 Net Sales: North America $ 70,334 $ 79,106 $ 25,061 $ 18,470 $ - $ - $ 95,395 $ 97,576 South America - - - - 16,477 12,827 16,477 12,827 Europe 3,048 8,833 51,003 43,195 - - 54,051 52,028 Asia Pacific 14,236 12,003 1,521 1,330 - - 15,757 13,333 Total net sales $ 87,618 $ 99,942 $ 77,585 $ 62,995 $ 16,477 $ 12,827 $ 181,680 $ 175,764 The following tables disaggregate our revenue by reportable segment and geographical location (1) Control Devices Electronics Stoneridge Brazil Consolidated Nine months ended September 30 2021 2020 2021 2020 2021 2020 2021 2020 Net Sales: North America $ 215,820 $ 190,889 $ 72,809 $ 49,660 $ - $ - $ 288,629 $ 240,549 South America - - - - 42,788 34,407 42,788 34,407 Europe 12,681 20,655 173,335 127,086 - - 186,016 147,741 Asia Pacific 45,080 32,253 4,296 3,325 - - 49,376 35,578 Total net sales $ 273,581 $ 243,797 $ 250,440 $ 180,071 $ 42,788 $ 34,407 $ 566,809 $ 458,275 (1) Company sales based on geographic location are where the sale originates not where the customer is located . |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventories [Abstract] | |
Schedule of Inventory, Current | September 30, December 31, 2021 2020 Raw materials $ 97,332 $ 67,775 Work-in-progress 8,579 7,005 Finished goods 18,830 15,768 Total inventories, net $ 124,741 $ 90,548 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
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 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt [Abstract] | |
Schedule of Debt | Debt consisted of the following at September 30, 2021 and December 31, 2020: September 30, December 31, Interest rates at 2021 2020 September 30, 2021 Maturity Revolving Credit Facility Credit Facility $ 130,000 $ 136,000 1.95% June 2024 Debt Stoneridge Brazil short-term obligations 99 1,561 8.80% November 2021 Sweden short-term credit line - 1,591 Suzhou short-term credit line 1,551 4,521 4.30% May 2022 Total debt 1,650 7,673 Less: current portion (1,650) (7,673) Total long-term debt, net $ - $ - |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted-Average Number of Shares | Weighted-average Common Shares outstanding used in calculating basic and diluted earnings per share were as follows: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Basic weighted-average Common Shares outstanding 27,147,150 26,956,286 27,100,484 27,046,899 Effect of dilutive shares - 266,596 331,034 - Diluted weighted-average Common Shares outstanding 27,147,150 27,222,882 27,431,518 27,046,899 |
Equity and Accumulated Other _2
Equity and Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity and Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss by Component | Changes in accumulated other comprehensive loss for the three months ended September 30, 2021 and 2020 were as follows: Foreign Unrealized currency gain (loss) translation on derivatives Total Balance at July 1, 2021 $ (92,401) $ (583) $ (92,984) Other comprehensive loss before reclassifications (7,100) (141) (7,241) Amounts reclassified from accumulated other comprehensive loss - 8 8 Net other comprehensive loss, net of tax (7,100) (133) (7,233) Balance at September 30, 2021 $ (99,501) $ (716) $ (100,217) Balance at July 1, 2020 $ (106,770) $ (2,445) $ (109,215) Other comprehensive income before reclassifications 5,975 505 6,480 Amounts reclassified from accumulated other comprehensive loss - 517 517 Net other comprehensive income, net of tax 5,975 1,022 6,997 Balance at September 30, 2020 $ (100,795) $ (1,423) $ (102,218) Changes in accumulated other comprehensive loss for the nine months ended September 30, 2021 and 2020 were as follows: Foreign Unrealized currency gain (loss) translation on derivatives Total Balance at January 1, 2021 $ (88,795) $ (840) $ (89,635) Other comprehensive (loss) income before reclassifications (10,706) 100 (10,606) Amounts reclassified from accumulated other comprehensive loss - 24 24 Net other comprehensive (loss) income, net of tax (10,706) 124 (10,582) Balance at September 30, 2021 $ (99,501) $ (716) $ (100,217) Balance at January 1, 2020 $ (91,472) $ - $ (91,472) Other comprehensive loss before reclassifications (9,323) (2,905) (12,228) Amounts reclassified from accumulated other comprehensive loss - 1,482 1,482 Net other comprehensive loss, net of tax (9,323) (1,423) (10,746) Balance at September 30, 2020 $ (100,795) $ (1,423) $ (102,218) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies [Abstract] | |
Schedule of Product Warranty and Recall Liability | The following provides a reconciliation of changes in product warranty and recall liability: Nine months ended September 30 2021 2020 Product warranty and recall at beginning of period $ 12,691 $ 10,796 Accruals for warranties established during period 5,125 4,817 Aggregate changes in pre-existing liabilities due to claim developments 49 1,137 Settlements made during the period (7,990) (4,630) Foreign currency translation (317) 42 Product warranty and recall at end of period $ 9,558 $ 12,162 |
Business Realignment and Rest_2
Business Realignment and Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Restructuring and Related Costs | Business realignment charges by reportable segment were as follows: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Control Devices (A) $ - $ 283 $ 192 $ 1,702 Electronics (B) (16) 105 (3) 1,410 Stoneridge Brazil (C) - 12 59 165 Unallocated Corporate (D) 1,096 1 1,138 311 Total business realignment charges $ 1,080 $ 401 $ 1,386 $ 3,588 (A) Severance costs for the three months ended September 30, 2020 related to COGS, D&D, SG&A were $70 , $35 and $178 , respectively. Severance costs for the nine months ended September 30, 2021 related to SG&A were $192 . Severance costs for the nine months ended September 30, 2020 related to COGS, D&D and SG&A were $673 , $284 and $745 , respectively. (B) Severance (benefit) costs for the three months ended September 30, 2021 related to COGS, SG&A and D&D were $1 , $9 and $(26), respectively. Severance costs for the nine months ended September 30, 2021 related to COGS, SG&A and D&D were $1 , $(13) and $9 , respectively. Severance costs for the three months ended September 30, 2020 related to COGS and SG&A were $33 and $72 , respectively. Severance costs for the nine months ended September 30, 2020 related to COGS, D&D and SG&A were $356 , $228 and $826 , respectively. (C) Severance costs for the nine months ended September 30, 2021 related to COGS and SG&A were $7 and $52 , respectively. Severance costs for the three months ended September 30, 2020 related to SG&A were $12 . Severance costs for the nine months ended September 30, 2020 related to COGS and SG&A were $86 and $79 respectively. (D) Severance costs for the three months ended September 30, 2021 and 2020 related to SG&A were $1,096 and $1 , respectively. Severance costs for the nine months ended September 30, 2021 and 2020 related to SG&A were $1,138 and $311 , respectively. |
Schedule of Business Realignment Charges Classified by Statement of Operations | Business realignment charges classified by statement of operations line item were as follows: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Cost of goods sold $ 1 $ 103 $ 8 $ 1,115 Selling, general and administrative 1,105 263 1,369 1,961 Design and development (26) 35 9 512 Total business realignment charges $ 1,080 $ 401 $ 1,386 $ 3,588 |
Particulate Matter Product Line Strategic Exit [Member] | |
Schedule of Restructuring and Related Costs | The expenses for the exit of the PM sensor line that relate to the Control Devices reportable segment include the following: Accrual as of 2021 Charge Utilization Accrual as of January 1, 2021 to Expense Cash Non-Cash September 30, 2021 Fixed asset impairment and $ - $ 188 $ - $ (188) $ - Employee termination benefits - 139 (139) - - Other related costs - 2,002 (2,002) - - Total $ - $ 2,329 $ (2,141) $ (188) $ - Accrual as of 2020 Charge Utilization Accrual as of January 1, 2020 to Expense Cash Non-Cash September 30, 2020 Fixed asset impairment and $ - $ 2,824 $ - $ (2,824) $ - Other related costs - 70 (70) - - Total $ - $ 2,894 $ (70) $ (2,824) $ - |
Canton Facility Restructuring Plan [Member] | |
Schedule of Restructuring and Related Costs | The expenses for the Canton Restructuring that relate to the Control Devices reportable segment include the following: Accrual as of 2021 Charge Utilization Accrual as of January 1, 2021 to Expense Cash Non-Cash September 30, 2021 Employee termination benefits $ 165 $ - $ (25) $ - $ 140 Other related costs - 13 (13) - - Total $ 165 $ 13 $ (38) $ - $ 140 Accrual as of 2020 Charge Utilization Accrual as of January 1, 2020 to Expense Cash Non-Cash September 30, 2020 Employee termination benefits $ 2,636 $ 1,119 $ (3,546) $ - $ 209 Other related costs - 1,762 (1,762) - - Total $ 2,636 $ 2,881 $ (5,308) $ - $ 209 |
Electronics [Member] | |
Schedule of Restructuring and Related Costs | The expenses for the restructuring activities that relate to the Electronics reportable segment include the following: Accrual as of 2021 Charge to Utilization Accrual as of January 1, 2021 Expense Cash Non-Cash September 30, 2021 Employee termination benefits $ 227 $ 50 $ (212) $ - $ 65 Other related costs - 206 (206) - - Total $ 227 $ 256 $ (418) $ - $ 65 Accrual as of 2020 Charge to Utilization Accrual as of January 1, 2020 Expense Cash Non-Cash September 30, 2020 Employee termination benefits $ 52 $ 961 $ (743) $ - $ 270 Contract termination costs - 452 (452) - - Other related costs - 782 (782) - - Total $ 52 $ 2,195 $ (1,977) $ - $ 270 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | A summary of financial information by reportable segment is as follows: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Net Sales: Control Devices $ 87,618 $ 99,942 $ 273,581 $ 243,797 Inter-segment sales 414 971 2,768 3,877 Control Devices net sales 88,032 100,913 276,349 247,674 Electronics 77,585 62,995 250,440 180,071 Inter-segment sales 6,319 7,362 19,527 17,672 Electronics net sales 83,904 70,357 269,967 197,743 Stoneridge Brazil 16,477 12,827 42,788 34,407 Inter-segment sales - - - - Stoneridge Brazil net sales 16,477 12,827 42,788 34,407 Eliminations (6,733) (8,333) (22,295) (21,549) Total net sales $ 181,680 $ 175,764 $ 566,809 $ 458,275 Operating (Loss) Income: Control Devices $ 2,899 $ 12,450 $ 50,129 $ 10,116 Electronics (5,113) 647 (7,793) (7,523) Stoneridge Brazil 909 3,439 112 3,419 Unallocated Corporate (A) (7,623) (6,709) (22,633) (19,349) Total operating (loss) income $ (8,928) $ 9,827 $ 19,815 $ (13,337) Depreciation and Amortization: Control Devices $ 3,840 $ 4,028 $ 11,777 $ 11,197 Electronics 3,102 2,549 8,970 7,423 Stoneridge Brazil 737 973 2,783 3,696 Unallocated Corporate 532 500 1,587 1,522 Total depreciation and amortization (B) $ 8,211 $ 8,050 $ 25,117 $ 23,838 Interest Expense (Income), net: Control Devices $ 122 $ 99 $ 362 $ 269 Electronics 228 103 523 503 Stoneridge Brazil (101) 14 (198) 17 Unallocated Corporate 1,198 1,666 4,386 3,533 Total interest expense, net $ 1,447 $ 1,882 $ 5,073 $ 4,322 Capital Expenditures: Control Devices $ 2,305 $ 2,833 $ 7,046 $ 8,496 Electronics 3,353 1,618 7,264 9,678 Stoneridge Brazil 744 805 2,163 2,219 Unallocated Corporate (C) 249 524 947 1,201 Total capital expenditures $ 6,651 $ 5,780 $ 17,420 $ 21,594 September 30, December 31, 2021 2020 Total Assets: Control Devices $ 189,426 $ 194,433 Electronics 313,569 303,914 Stoneridge Brazil 62,262 61,350 Corporate (C) 395,178 390,851 Eliminations (333,757) (329,140) Total assets $ 626,678 $ 621,408 |
Schedule Of Revenue From External Customers and Long-Lived Assets, By Geographical Areas [Table Text Block] | The following tables present net sales and long-term assets for each of the geographic areas in which the Company operates: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Net Sales: North America $ 95,395 $ 97,576 $ 288,629 $ 240,549 South America 16,477 12,827 42,788 34,407 Europe and Other 69,808 65,361 235,392 183,319 Total net sales $ 181,680 $ 175,764 $ 566,809 $ 458,275 September 30, December 31, 2021 2020 Long-term Assets: North America $ 100,821 $ 110,330 South America 31,411 33,785 Europe and Other 137,321 142,629 Total long-term assets $ 269,553 $ 286,744 (A) Unallocated Corporate expenses include, among other items, accounting/finance, human resources, information technology and legal costs as well as share-based compensation. (B) These amounts represent depreciation and amortization on property, plant and equipment and certain intangible assets. (C) Assets located at Corporate consist primarily of cash, intercompany loan receivables, fixed assets for the corporate headquarter building, leased assets, information technology assets, equity investments and investments in subsidiaries. |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | Sep. 30, 2021 | Sep. 30, 2020 |
MSIL | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 49.00% | 49.00% |
Recently Issued Accounting St_2
Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Cumulative effect of a accounting change | $ 297,651 | $ 313,630 | $ 284,672 | $ 296,634 | $ 264,372 | $ 249,262 | $ 267,293 | $ 289,904 |
Right of use assets | $ 17,088 | 18,944 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Cumulative effect of a accounting change | $ 13,750 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Revenue [Abstract] | ||
Contract assets | $ 0 | $ 0 |
Contract liabilities | 0 | 0 |
Capitalized contract acquisition costs | $ 0 | $ 0 |
Revenue (Revenue by Segment and
Revenue (Revenue by Segment and Geographical Location) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 181,680 | $ 175,764 | $ 566,809 | $ 458,275 |
North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 95,395 | 97,576 | 288,629 | 240,549 |
South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 16,477 | 12,827 | 42,788 | 34,407 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 54,051 | 52,028 | 186,016 | 147,741 |
Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 15,757 | 13,333 | 49,376 | 35,578 |
Control Devices [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 87,618 | 99,942 | 273,581 | 243,797 |
Control Devices [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 70,334 | 79,106 | 215,820 | 190,889 |
Control Devices [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 3,048 | 8,833 | 12,681 | 20,655 |
Control Devices [Member] | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 14,236 | 12,003 | 45,080 | 32,253 |
Electronics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 77,585 | 62,995 | 250,440 | 180,071 |
Electronics [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 25,061 | 18,470 | 72,809 | 49,660 |
Electronics [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 51,003 | 43,195 | 173,335 | 127,086 |
Electronics [Member] | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 1,521 | 1,330 | 4,296 | 3,325 |
Stoneridge Brazil [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 16,477 | 12,827 | 42,788 | 34,407 |
Stoneridge Brazil [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 16,477 | $ 12,827 | $ 42,788 | $ 34,407 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventories [Abstract] | ||
Inventory amount, FIFO | $ 112,605 | $ 82,308 |
Inventory amount, weighted average cost | $ 12,136 | $ 8,240 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventories [Abstract] | ||
Raw materials | $ 97,332 | $ 67,775 |
Work-in-progress | 8,579 | 7,005 |
Finished goods | 18,830 | 15,768 |
Total inventories, net | $ 124,741 | $ 90,548 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Feb. 18, 2020USD ($) | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Borrowings outstanding | $ 130,000 | $ 130,000 | $ 136,000 | |||
Interest expense | 1,447 | $ 1,882 | 5,073 | $ 4,322 | ||
Payment of earn-out consideration paid within operating activities | 1,453 | (3,045) | ||||
Transfers in or out of Level 3 | 0 | |||||
Cash Flow Hedging [Member] | U.S. Dollar Denominated Foreign Currency Forward Contracts Euro Functional Currency [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Notional amounts | 0 | 800 | 0 | 800 | 0 | |
Cash Flow Hedging [Member] | Mexican Peso-Denominated Foreign Currency Forward Contracts [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Notional amounts | 12,653 | 12,653 | 1,242 | |||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Notional amounts | $ 50,000 | |||||
Interest expense | 165 | 156 | 486 | 274 | ||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Credit Facility [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Borrowings outstanding | $ 130,000 | $ 130,000 | ||||
Net Investment Hedging [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Number of hedge contracts | contract | 2 | 2 | ||||
Net Investment Hedging [Member] | Net Investment Hedge Due 2026 [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Notional amounts | $ 25,000 | $ 25,000 | ||||
Net Investment Hedging [Member] | Net Investment Hedge Due 2028 [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Notional amounts | 25,000 | 25,000 | ||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Forward Currency Contracts [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Notional amounts | 12,653 | 12,653 | 1,242 | |||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Notional amounts | 50,000 | 50,000 | 50,000 | |||
Electronics [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Interest expense | 228 | 103 | 523 | 503 | ||
Control Devices [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Interest expense | $ 122 | 99 | $ 362 | 269 | ||
Control Devices [Member] | Particulate Matter Fixed Assets [Member] | Tallinn, Estonia Facility [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Asset impairments | $ 2,326 | |||||
Control Devices [Member] | Selling, General and Administrative Expenses [Member] | Particulate Matter Fixed Assets [Member] | Tallinn, Estonia Facility [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Asset impairments | $ 2,326 | $ 2,326 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Feb. 18, 2020 |
Forward Currency Contracts [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional amounts | $ 12,653 | $ 1,242 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional amounts | $ 50,000 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional amounts | 50,000 | 50,000 | |
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional amounts | 50,000 | ||
Prepaid Expenses and Other Current Assets [Member] | Forward Currency Contracts [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Financial assets carried at fair value | 255 | ||
Prepaid Expenses and Other Current Assets [Member] | Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Financial assets carried at fair value | 607 | ||
Accrued Expenses and Other Current Liabilities [Member] | Forward Currency Contracts [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Financial liabilities carried at fair value | 48 | ||
Accrued Expenses and Other Current Liabilities [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Financial liabilities carried at fair value | $ 859 | $ 1,318 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements (Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Forward Currency Contracts [Member] | ||||
Derivatives designated as cash flow hedges: | ||||
Gain (loss) recorded in other comprehensive income (loss) | $ (150) | $ 642 | $ 154 | $ (1,962) |
Gain (loss) reclassified from other comprehensive income (loss) into net income | 155 | (499) | 457 | (1,602) |
Foreign currency cash flow hedge gain (loss) to be reclassified during next 12 months | (48) | (48) | ||
Losses expected to be recognized in interest expense in next year | 637 | |||
Losses expected to be recognized in interest expense after next year | 222 | |||
Interest Rate Swap [Member] | ||||
Derivatives designated as cash flow hedges: | ||||
Gain (loss) recorded in other comprehensive income (loss) | (29) | (3) | (27) | (1,715) |
Gain (loss) reclassified from other comprehensive income (loss) into net income | (165) | (156) | (486) | (274) |
Cost of Goods Sold [Member] | Forward Currency Contracts [Member] | ||||
Derivatives designated as cash flow hedges: | ||||
Gain (loss) reclassified from other comprehensive income (loss) into net income | 124 | (387) | 337 | (1,226) |
Design and Development Expense [Member] | Forward Currency Contracts [Member] | ||||
Derivatives designated as cash flow hedges: | ||||
Gain (loss) reclassified from other comprehensive income (loss) into net income | 0 | (29) | ||
Selling, General and Administrative Expenses [Member] | Forward Currency Contracts [Member] | ||||
Derivatives designated as cash flow hedges: | ||||
Gain (loss) reclassified from other comprehensive income (loss) into net income | 31 | (112) | 120 | (347) |
Interest Expense [Member] | Forward Currency Contracts [Member] | ||||
Derivatives designated as cash flow hedges: | ||||
Gain (loss) reclassified from other comprehensive income (loss) into net income | (165) | $ (156) | (486) | $ (274) |
Net Investment Hedging [Member] | Commodity Contract [Member] | ||||
Derivatives designated as cash flow hedges: | ||||
Gain (loss) recorded in other comprehensive income (loss) | $ 573 | |||
Net Investment Hedging [Member] | Cross Currency Interest Rate Contract [Member] | ||||
Derivatives designated as cash flow hedges: | ||||
Gain (loss) recorded in other comprehensive income (loss) | $ 573 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Recurring [Member] | ||
Financial assets carried at fair value: | ||
Cross-currency swap | $ 607 | |
Forward currency asset contracts | $ 255 | |
Total financial assets carried at fair value | 607 | 255 |
Financial liabilities carried at fair value: | ||
Forward currency liabilities contracts | 48 | |
Interest rate swap | 859 | 1,318 |
Earn-out consideration | 6,914 | 5,813 |
Total financial liabilities carried at fair value | 7,821 | $ 7,131 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets carried at fair value: | ||
Cross-currency swap | 607 | |
Total financial assets carried at fair value | 607 | |
Financial liabilities carried at fair value: | ||
Forward currency liabilities contracts | 48 | |
Interest rate swap | 859 | |
Total financial liabilities carried at fair value | 907 | |
Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities carried at fair value: | ||
Earn-out consideration | 6,914 | |
Total financial liabilities carried at fair value | $ 6,914 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements (Summary of the change in fair value of the Level 3 financial liabilities related to earn-out consideration) (Details) - Stoneridge Brazil [Member] - Earnout Consideration [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Financial liability, Beginning balance | $ 5,813 | $ 12,011 |
Change in fair value | 1,453 | (3,045) |
Foreign currency adjustments | (352) | (3,472) |
Financial liability, Ending balance | $ 6,914 | $ 5,494 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Selling, General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 1,924 | $ 1,430 | $ 4,685 | $ 3,535 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) ¥ in Thousands, kr in Thousands, $ in Thousands | Jun. 30, 2020 | Sep. 30, 2021USD ($) | Sep. 30, 2021SEK (kr) | Sep. 30, 2020USD ($) | Sep. 30, 2021SEK (kr) | Sep. 30, 2021CNY (¥) | Mar. 31, 2021 | Dec. 31, 2020USD ($) | Dec. 31, 2020SEK (kr) | Dec. 31, 2020CNY (¥) | Jun. 26, 2020USD ($) | Jun. 05, 2019USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Borrowings outstanding | $ 130,000 | $ 136,000 | ||||||||||
Subsidiary borrowed | 34,000 | $ 71,500 | ||||||||||
Repayments of credit line | 40,000 | $ 53,500 | ||||||||||
Cash and cash equivalents | 50,001 | 73,919 | ||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 400,000 | |||||||||||
Increase in maximum borrowing capacity of credit facility | $ 150 | |||||||||||
Borrowings outstanding | 130,000 | 136,000 | ||||||||||
Debt instrument covenant default of other debt maximum amount | 30,000 | |||||||||||
Debt instrument covenant uninsured asset losses maximum amount | $ 30,000 | |||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt, weighted average interest rate | 1.95% | 1.95% | 1.95% | |||||||||
Line of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding letters of credit | $ 0 | |||||||||||
Suzhou Short-Term Credit Line [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | 7,758 | ¥ 50,000 | 7,663 | |||||||||
Borrowings outstanding | $ 1,551 | $ 4,521 | ||||||||||
Outstanding credit lines weighted-average interest rate | 4.30% | 4.30% | 4.30% | 4.32% | 4.32% | 4.32% | ||||||
Suzhou Short-Term Credit Line [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding credit lines interest rate | 4.30% | 4.30% | ||||||||||
Bank Acceptance Draft Credit Line [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility, borrowing capacity | $ 2,327 | ¥ 15,000 | $ 2,299 | ¥ 15,000 | ||||||||
Borrowings outstanding | 0 | 414 | ||||||||||
Letter of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding letters of credit | $ 1,703 | $ 1,720 | ||||||||||
Stoneridge Brazil Short-Term Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Short-term debt, weighted average interest rate | 8.80% | 8.80% | 8.80% | |||||||||
Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit Facility covenant compliance | The Company was in compliance with all credit facility covenants at September 30, 2021 and December 31, 2020 | The Company was in compliance with all credit facility covenants at September 30, 2021 and December 31, 2020 | ||||||||||
Amendment Number One [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Capitalized deferred financing costs | $ 1,086 | |||||||||||
Credit facility required minimum liquidity | $ 150,000 | |||||||||||
Amendment Number One [Member] | Revolving Credit Facility [Member] | Quarter Ended December 31, 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Minimum interest coverage ratio | 275.00% | 275.00% | 275.00% | |||||||||
Amendment Number One [Member] | Revolving Credit Facility [Member] | Quarter Ended March 31, 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Minimum interest coverage ratio | 325.00% | |||||||||||
Amendment Number One [Member] | Revolving Credit Facility [Member] | Quarters Ended After March 31, 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Minimum interest coverage ratio | 350.00% | |||||||||||
Amendment Number One [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Cash and cash equivalents | $ 130,000 | |||||||||||
Amendment Number One [Member] | Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||
Amendment Three [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | 300,000 | |||||||||||
Stoneridge Brazil [Member] | Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal repayment in next twelve months | 99 | |||||||||||
Specified Hedge Borrowings [Member] | Amendment Number One [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Borrowings outstanding | 50,000 | |||||||||||
Specified Hedge Borrowings [Member] | Amendment Number One [Member] | Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 0.00% | |||||||||||
Electronics [Member] | Line of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | 2,283 | kr 20,000 | $ 2,435 | kr 20,000 | ||||||||
Borrowings outstanding | $ 1,591 | kr 13,072 | ||||||||||
Subsidiary borrowed | 27,784 | kr 243,347 | ||||||||||
Repayments of credit line | $ 29,277 | kr 256,418 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 130,000 | $ 136,000 |
Debt: | ||
Total debt | 1,650 | 7,673 |
Less: current portion | (1,650) | (7,673) |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 130,000 | 136,000 |
Debt: | ||
Debt, maturity | June 2024 | |
Suzhou Short-Term Credit Line [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 1,551 | 4,521 |
Debt: | ||
Debt, maturity | May 2022 | |
Minimum [Member] | Revolving Credit Facility [Member] | ||
Debt: | ||
Long-term debt, weighted average interest rate | 1.95% | |
Minimum [Member] | Suzhou Short-Term Credit Line [Member] | ||
Debt: | ||
Outstanding credit lines interest rate | 4.30% | |
Sweden Short-Term Note [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | 1,591 | |
Stoneridge Brazil Short-Term Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt | $ 99 | $ 1,561 |
Debt: | ||
Debt, maturity | November 2021 | |
Short-term debt, weighted average interest rate | 8.80% |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Lessor, Lease, Description [Line Items] | ||||
Property, plant and equipment, net | $ 109,696 | $ 119,324 | ||
Operating lease income | $ 354 | 602 | $ 354 | |
Variable lease income | $ 99 | $ 199 | $ 99 | |
Control Devices [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Lessor, option to extend | until the time of the sale. |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive securities excluded from computation of earnings per share | 239,254 | 265,335 |
Performance Based Right to Receive Common Shares [Member] | ||
Common shares, non-vested | 591,256 | 755,654 |
Earnings Per Share (Weighted Av
Earnings Per Share (Weighted Average Shares Outstanding Used in Calculating Basic and Diluted Net Income Per Share) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Basic weighted-average Common Shares outstanding | 27,147,150 | 26,956,286 | 27,100,484 | 27,046,899 |
Effect of dilutive shares | 266,596 | 331,034 | ||
Diluted weighted-average Common Shares outstanding | 27,147,150 | 27,222,882 | 27,431,518 | 27,046,899 |
Equity and Accumulated Other _3
Equity and Accumulated Other Comprehensive Loss (Changes in Accumulated Other Comprehensive Loss by Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |||||
Equity and Accumulated Other Comprehensive Loss [Abstract] | ||||||||||||||
Foreign currency translation, Beginning balance | $ (92,401) | $ (88,795) | $ (106,770) | $ (91,472) | $ (88,795) | $ (91,472) | ||||||||
Foreign currency translation, Other comprehensive income (loss) before reclassifications | (7,100) | 5,975 | (10,706) | (9,323) | ||||||||||
Foreign currency translation, Net other comprehensive income (loss), net of tax | (7,100) | 5,975 | (10,706) | (9,323) | ||||||||||
Foreign currency translation, Ending balance | (99,501) | $ (92,401) | (100,795) | $ (106,770) | (99,501) | (100,795) | ||||||||
Unrealized gain (loss) on on derivatives, Beginning balance | (583) | (840) | (2,445) | 0 | (840) | 0 | ||||||||
Unrealized gain (loss) on on derivatives, Other comprehensive income (loss) before reclassifications | (141) | 505 | 100 | (2,905) | ||||||||||
Unrealized gain (loss) on on derivatives, Amounts reclassified from accumulated other comprehensive loss | 8 | 517 | 24 | 1,482 | ||||||||||
Unrealized gain (loss) on on derivatives, Net other comprehensive income (loss), net of tax | (133) | [1] | 386 | $ (129) | 1,022 | [1] | 1,210 | $ (3,655) | 124 | [1] | (1,423) | [1] | ||
Unrealized gain (loss) on on derivatives, Ending balance | (716) | (583) | (1,423) | (2,445) | (716) | (1,423) | ||||||||
Total, Other comprehensive income (loss) before reclassifications | (7,241) | 6,480 | (10,606) | (12,228) | ||||||||||
Total, Amounts reclassified from accumulated other comprehensive loss | 8 | 517 | 24 | 1,482 | ||||||||||
Total, Net other comprehensive income (loss), net of tax | (7,233) | 6,997 | (10,582) | (10,746) | ||||||||||
Accumulated other comprehensive income (loss), net of tax, total | $ (100,217) | $ (92,984) | $ (102,218) | $ (109,215) | $ (100,217) | $ (102,218) | $ (89,635) | $ (91,472) | ||||||
[1] | Net of tax expense of $120 for the three and nine months ended September 30, 2021. |
Equity and Accumulated Other _4
Equity and Accumulated Other Comprehensive Loss Common Share Repurchase (Details) - USD ($) $ in Thousands | Mar. 06, 2020 | Feb. 25, 2020 | Feb. 24, 2020 | May 07, 2019 | Sep. 30, 2020 | Mar. 03, 2020 | Oct. 26, 2018 |
Stock Repurchase Program, Authorized Amount | $ 50,000 | $ 50,000 | |||||
Payments for repurchase of common stock | $ 4,995 | ||||||
Weighted average price of common shares | 364,604 | ||||||
Period over which shares will be repurchased | 18 months | ||||||
Accelerated Share Repurchase Agreement [Member] | |||||||
Payments for repurchase of common stock | $ 50,000 | ||||||
Stock repurchased and retired during period, shares | 1,349,528 | ||||||
Percentage of expected shares repurchased | 80.00% | ||||||
Treasury stock, retired, cost method, amount | $ 40,000 | ||||||
Equity increase (decrease) related to shares repurchase program. | $ 10,000 | ||||||
Agreement Letter 10b18 [Member] | |||||||
Stock Repurchase Program, Authorized Amount | $ 5,000 | ||||||
Treasury stock, retired, cost method, amount | $ 4,995 | ||||||
Total company common shares | 242,634 | ||||||
Treasury shares | |||||||
Treasury stock, retired, cost method, amount | $ (10,000) | ||||||
Additional Paid-In Capital | |||||||
Treasury stock, retired, cost method, amount | $ 10,000 | ||||||
Additional Paid-In Capital | Agreement Letter 10b18 [Member] | |||||||
Treasury stock, retired, cost method, amount | $ 4,995 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) R$ in Thousands, $ in Thousands | Aug. 12, 2020USD ($) | Aug. 12, 2020BRL (R$) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2021BRL (R$) | Dec. 31, 2020USD ($) | Dec. 31, 2020BRL (R$) |
Short-term Debt [Line Items] | ||||||||||
Environmental remediation accrued undiscounted liability | $ 434 | $ 434 | $ 180 | |||||||
Groundwater remediation expense | 0 | $ 3 | 407 | $ 108 | ||||||
Product warranty and recall accrual | 3,255 | 3,255 | 3,647 | |||||||
Selling, General and Administrative Expenses [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Gain on litigation | $ 6,473 | |||||||||
Accrued Expenses and Other Current Liabilities [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Environmental remediation accrued undiscounted liability | 258 | 258 | 180 | |||||||
Letter of Credit [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Line of credit | 1,489 | 1,489 | ||||||||
Stoneridge Brazil [Member] | Civil, labor and other tax contingencies [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Loss contingency, estimate of possible loss | $ 8,296 | $ 8,296 | R$ 45127 | $ 8,416 | R$ 43736 | |||||
Stoneridge Brazil [Member] | Fine [Member] | ||||||||||
Short-term Debt [Line Items] | ||||||||||
Litigation amount | $ 1,598 | R$ 7995 |
Commitments and Contingencies_3
Commitments and Contingencies (Reconciliation of Changes in Product Warranty and Recall Liability) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Commitments and Contingencies [Abstract] | ||
Product warranty and recall at beginning of period | $ 12,691 | $ 10,796 |
Accruals for warranties established during period | 5,125 | 4,817 |
Aggregate changes in pre-existing liabilities due to claim developments | 49 | 1,137 |
Settlements made during the period | (7,990) | (4,630) |
Foreign currency translation | (317) | 42 |
Product warranty and recall at end of period | $ 9,558 | $ 12,162 |
Business Realignment and Rest_3
Business Realignment and Restructuring (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Electronics [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | $ 36 | $ 567 | $ 256 | $ 2,195 | |
Particulate Matter Product Line Strategic Exit [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 2,329 | 2,894 | |||
Particulate Matter Product Line Strategic Exit [Member] | Control Devices [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 675 | 342 | 2,329 | 2,894 | |
Particulate Matter Product Line Strategic Exit [Member] | Control Devices [Member] | Minimum [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Estimated total cost | 1,400 | 1,400 | |||
Particulate Matter Product Line Strategic Exit [Member] | Control Devices [Member] | Maximum [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Estimated total cost | 4,200 | 4,200 | |||
Canton Facility Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | $ 13 | 13 | 2,881 | ||
Canton Facility Restructuring Plan [Member] | Control Devices [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 0 | 197 | |||
Employee Termination [Member] | Electronics [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 50 | 961 | |||
Employee Termination [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 139 | ||||
Employee Termination [Member] | Canton Facility Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 1,119 | ||||
Fixed Asset Impairment [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 2,824 | ||||
Other Restructuring [Member] | Electronics [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 206 | 782 | |||
Other Restructuring [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 2,002 | 70 | |||
Other Restructuring [Member] | Canton Facility Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | $ 13 | 1,762 | |||
Contract Termination [Member] | Electronics [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 452 | ||||
Selling, General and Administrative Expenses [Member] | Electronics [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 2 | 383 | 176 | 1,634 | |
Selling, General and Administrative Expenses [Member] | Particulate Matter Product Line Strategic Exit [Member] | Control Devices [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | (31) | 2 | 642 | 2,391 | |
Selling, General and Administrative Expenses [Member] | Canton Facility Restructuring Plan [Member] | Control Devices [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 549 | ||||
Cost of Goods Sold [Member] | Electronics [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 34 | 132 | 37 | 132 | |
Cost of Goods Sold [Member] | Particulate Matter Product Line Strategic Exit [Member] | Control Devices [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 605 | 340 | 1,505 | 503 | |
Cost of Goods Sold [Member] | Canton Facility Restructuring Plan [Member] | Control Devices [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 88 | 1,659 | |||
Design and Development Expense [Member] | Electronics [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 52 | 43 | 429 | ||
Design and Development Expense [Member] | Particulate Matter Product Line Strategic Exit [Member] | Control Devices [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | $ 101 | 182 | |||
Design and Development Expense [Member] | Canton Facility Restructuring Plan [Member] | Control Devices [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | $ 109 | $ 13 | $ 673 |
Business Realignment and Rest_4
Business Realignment and Restructuring (Schedule of Restructuring and Related Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Particulate Matter Product Line Strategic Exit [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Beginning Balance | $ 0 | ||||
Charge to expense | $ 2,329 | 2,894 | |||
Cash payments | (2,141) | (70) | |||
Utilization, Non-Cash | (188) | (2,824) | |||
Restructuring Reserve, Ending Balance | $ 0 | 0 | |||
Canton Facility Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Beginning Balance | $ 140 | $ 165 | 165 | 2,636 | |
Charge to expense | 13 | 13 | 2,881 | ||
Cash payments | (38) | (5,308) | |||
Restructuring Reserve, Ending Balance | 209 | 140 | 209 | ||
Control Devices [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charge to expense | 675 | 342 | 2,329 | 2,894 | |
Control Devices [Member] | Canton Facility Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charge to expense | 0 | 197 | |||
Control Devices [Member] | Cost of Goods Sold [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charge to expense | 605 | 340 | 1,505 | 503 | |
Control Devices [Member] | Cost of Goods Sold [Member] | Canton Facility Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charge to expense | 88 | 1,659 | |||
Control Devices [Member] | Selling, General and Administrative Expenses [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charge to expense | (31) | 2 | 642 | 2,391 | |
Control Devices [Member] | Selling, General and Administrative Expenses [Member] | Canton Facility Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charge to expense | 549 | ||||
Control Devices [Member] | Design and Development Expense [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charge to expense | 101 | 182 | |||
Control Devices [Member] | Design and Development Expense [Member] | Canton Facility Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charge to expense | 109 | 13 | 673 | ||
Electronics [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Beginning Balance | 227 | 227 | 52 | ||
Charge to expense | 36 | 567 | 256 | 2,195 | |
Cash payments | (418) | (1,977) | |||
Restructuring Reserve, Ending Balance | 65 | 270 | 65 | 270 | |
Electronics [Member] | Cost of Goods Sold [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charge to expense | 34 | 132 | 37 | 132 | |
Electronics [Member] | Selling, General and Administrative Expenses [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charge to expense | 2 | 383 | 176 | 1,634 | |
Electronics [Member] | Design and Development Expense [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charge to expense | 52 | 43 | 429 | ||
Employee Termination [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charge to expense | 139 | ||||
Cash payments | (139) | ||||
Employee Termination [Member] | Canton Facility Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Beginning Balance | 140 | 165 | 165 | 2,636 | |
Charge to expense | 1,119 | ||||
Cash payments | (25) | (3,546) | |||
Restructuring Reserve, Ending Balance | 209 | 140 | 209 | ||
Employee Termination [Member] | Electronics [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Beginning Balance | 227 | 227 | 52 | ||
Charge to expense | 50 | 961 | |||
Cash payments | (212) | (743) | |||
Restructuring Reserve, Ending Balance | $ 65 | 270 | 65 | 270 | |
Non-Cash Fixed Asset Charges [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charge to expense | 188 | ||||
Utilization, Non-Cash | (188) | ||||
Fixed Asset Impairment [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Beginning Balance | 0 | ||||
Charge to expense | 2,824 | ||||
Utilization, Non-Cash | (2,824) | ||||
Restructuring Reserve, Ending Balance | 0 | 0 | |||
Contract Termination [Member] | Electronics [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Beginning Balance | 0 | ||||
Charge to expense | 452 | ||||
Cash payments | (452) | ||||
Utilization, Non-Cash | 0 | ||||
Restructuring Reserve, Ending Balance | 0 | 0 | |||
Other Restructuring [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Beginning Balance | 0 | ||||
Charge to expense | 2,002 | 70 | |||
Cash payments | (2,002) | (70) | |||
Restructuring Reserve, Ending Balance | $ 0 | 0 | |||
Other Restructuring [Member] | Canton Facility Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charge to expense | 13 | 1,762 | |||
Cash payments | $ (13) | (1,762) | |||
Other Restructuring [Member] | Electronics [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Charge to expense | 206 | 782 | |||
Cash payments | $ (206) | $ (782) |
Business Realignment and Rest_5
Business Realignment and Restructurings Realignment Charges Classified by Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Total business realignment charges | $ 1,080 | $ 401 | $ 1,386 | $ 3,588 |
Cost of Goods Sold [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total business realignment charges | 1 | 103 | 8 | 1,115 |
Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total business realignment charges | 1,105 | 263 | 1,369 | 1,961 |
Design and Development Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total business realignment charges | (26) | 35 | 9 | 512 |
Control Devices [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total business realignment charges | 283 | 192 | 1,702 | |
Control Devices [Member] | Cost of Goods Sold [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | 70 | 673 | ||
Control Devices [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | 178 | 192 | 745 | |
Control Devices [Member] | Design and Development Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | 35 | 284 | ||
Electronics [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total business realignment charges | (16) | 105 | (3) | 1,410 |
Electronics [Member] | Cost of Goods Sold [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | 1 | 33 | 1 | 356 |
Electronics [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | 9 | 72 | 826 | |
Severance benefit | (13) | |||
Electronics [Member] | Design and Development Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | 9 | 228 | ||
Severance benefit | (26) | |||
Stoneridge Brazil [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total business realignment charges | 12 | 59 | 165 | |
Stoneridge Brazil [Member] | Cost of Goods Sold [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | 7 | 7 | 86 | |
Stoneridge Brazil [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | 52 | 12 | 52 | 79 |
Unallocated Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total business realignment charges | 1,096 | 1 | 1,138 | 311 |
Unallocated Corporate [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | $ 1,096 | $ 1 | $ 1,138 | $ 311 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Taxes [Abstract] | ||||
Income tax expense (benefit) on operations | $ 526 | $ 1,814 | $ 6,739 | $ (3,694) |
Effective income tax rate | (5.40%) | 21.30% | 41.30% | 24.30% |
Total operating income (loss) | $ (8,928) | $ 9,827 | $ 19,815 | $ (13,337) |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Net Sales: | |||||
Net sales | $ 181,680 | $ 175,764 | $ 566,809 | $ 458,275 | |
Operating Income (Loss) | |||||
Total operating income (loss) | (8,928) | 9,827 | 19,815 | (13,337) | |
Total income before income taxes | (9,832) | 8,528 | 16,309 | (15,224) | |
Depreciation and Amortization: | |||||
Total depreciation and amortization | 8,211 | 8,050 | 25,117 | 23,838 | |
Interest Expense, net: | |||||
Total interest expense, net | 1,447 | 1,882 | 5,073 | 4,322 | |
Interest Expense, net: | |||||
Total interest expense, net | 1,447 | 1,882 | 5,073 | 4,322 | |
Capital Expenditures: | |||||
Capital expenditures | 6,651 | 5,780 | 17,420 | 21,594 | |
Long-Lived Assets | 269,553 | 269,553 | $ 286,744 | ||
Total Assets: | |||||
Total assets | 626,678 | 626,678 | 621,408 | ||
Intersegment Eliminations [Member] | |||||
Net Sales: | |||||
Net sales | (6,733) | (8,333) | (22,295) | (21,549) | |
Total Assets: | |||||
Total assets | (333,757) | (333,757) | (329,140) | ||
Control Devices [Member] | |||||
Net Sales: | |||||
Net sales | 87,618 | 99,942 | 273,581 | 243,797 | |
Operating Income (Loss) | |||||
Total operating income (loss) | 2,899 | 12,450 | 50,129 | 10,116 | |
Depreciation and Amortization: | |||||
Total depreciation and amortization | 3,840 | 4,028 | 11,777 | 11,197 | |
Interest Expense, net: | |||||
Total interest expense, net | 122 | 99 | 362 | 269 | |
Capital Expenditures: | |||||
Capital expenditures | 2,305 | 2,833 | 7,046 | 8,496 | |
Total Assets: | |||||
Total assets | 189,426 | 189,426 | 194,433 | ||
Control Devices [Member] | Operating Segments [Member] | |||||
Net Sales: | |||||
Net sales | 88,032 | 100,913 | 276,349 | 247,674 | |
Control Devices [Member] | Inter-Segment Sales [Member] | |||||
Net Sales: | |||||
Net sales | 414 | 971 | 2,768 | 3,877 | |
Electronics [Member] | |||||
Net Sales: | |||||
Net sales | 77,585 | 62,995 | 250,440 | 180,071 | |
Operating Income (Loss) | |||||
Total operating income (loss) | (5,113) | 647 | (7,793) | (7,523) | |
Depreciation and Amortization: | |||||
Total depreciation and amortization | 3,102 | 2,549 | 8,970 | 7,423 | |
Interest Expense, net: | |||||
Total interest expense, net | 228 | 103 | 523 | 503 | |
Capital Expenditures: | |||||
Capital expenditures | 3,353 | 1,618 | 7,264 | 9,678 | |
Total Assets: | |||||
Total assets | 313,569 | 313,569 | 303,914 | ||
Electronics [Member] | Operating Segments [Member] | |||||
Net Sales: | |||||
Net sales | 83,904 | 70,357 | 269,967 | 197,743 | |
Electronics [Member] | Inter-Segment Sales [Member] | |||||
Net Sales: | |||||
Net sales | 6,319 | 7,362 | 19,527 | 17,672 | |
Stoneridge Brazil [Member] | |||||
Net Sales: | |||||
Net sales | 16,477 | 12,827 | 42,788 | 34,407 | |
Operating Income (Loss) | |||||
Total operating income (loss) | 909 | 3,439 | 112 | 3,419 | |
Depreciation and Amortization: | |||||
Total depreciation and amortization | 737 | 973 | 2,783 | 3,696 | |
Interest Expense, net: | |||||
Total interest expense, net | (101) | 14 | (198) | 17 | |
Capital Expenditures: | |||||
Capital expenditures | 744 | 805 | 2,163 | 2,219 | |
Total Assets: | |||||
Total assets | 62,262 | 62,262 | 61,350 | ||
Stoneridge Brazil [Member] | Operating Segments [Member] | |||||
Net Sales: | |||||
Net sales | 16,477 | 12,827 | 42,788 | 34,407 | |
Unallocated Corporate [Member] | |||||
Operating Income (Loss) | |||||
Total operating income (loss) | (7,623) | (6,709) | (22,633) | (19,349) | |
Depreciation and Amortization: | |||||
Total depreciation and amortization | 532 | 500 | 1,587 | 1,522 | |
Interest Expense, net: | |||||
Total interest expense, net | 1,198 | 1,666 | 4,386 | 3,533 | |
Capital Expenditures: | |||||
Capital expenditures | 249 | $ 524 | 947 | $ 1,201 | |
Total Assets: | |||||
Total assets | $ 395,178 | $ 395,178 | $ 390,851 |
Segment Reporting (Schedule o_2
Segment Reporting (Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 181,680 | $ 175,764 | $ 566,809 | $ 458,275 | |
Long-term Assets: | |||||
Total long-term assets | 269,553 | 269,553 | $ 286,744 | ||
North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 95,395 | 97,576 | 288,629 | 240,549 | |
Long-term Assets: | |||||
Total long-term assets | 100,821 | 100,821 | 110,330 | ||
South America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 16,477 | 12,827 | 42,788 | 34,407 | |
Long-term Assets: | |||||
Total long-term assets | 31,411 | 31,411 | 33,785 | ||
Europe and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 69,808 | $ 65,361 | 235,392 | $ 183,319 | |
Long-term Assets: | |||||
Total long-term assets | $ 137,321 | $ 137,321 | $ 142,629 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) R$ in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 64 Months Ended | ||||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | May 15, 2017 | Dec. 31, 2020USD ($) | Dec. 31, 2020BRL (R$) | Dec. 31, 2018USD ($) | May 16, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Income (loss) from equity method investments | $ 584 | $ 330 | $ 1,694 | $ 556 | |||||
Fair value and other adjustments | 176 | $ 307 | 374 | $ 168 | |||||
Investment | $ 53,002 | $ 53,002 | $ 53,978 | ||||||
MSIL | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 49.00% | 49.00% | 49.00% | 49.00% | |||||
Equity method investments | $ 14,859 | $ 14,859 | 13,547 | ||||||
Income (loss) from equity method investments | $ 408 | $ 330 | $ 1,320 | $ 556 | |||||
Stoneridge Brazil [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage ownership in consolidated subsidiary | 74.00% | ||||||||
Percentage of additional noncontrolling interest acquired | 26.00% | ||||||||
Stoneridge Brazil [Member] | Noncontrolling interest | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Dividends payable | 6,010 | R$ 24154 | |||||||
Autotech Ventures [Member] | Venture Capital Funds [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 6.60% | 6.60% | |||||||
Investment commitment | 10,000 | $ 10,000 | |||||||
Investment | $ 6,159 | $ 6,159 | $ 3,436 | ||||||
Contribution expected period (in years) | 10 years | ||||||||
Contribution | $ 2,600 | $ 750 | |||||||
Proceeds from other investments | $ 251 |
Disposals (Narrative) (Details)
Disposals (Narrative) (Details) - USD ($) $ in Thousands | Jun. 17, 2021 | Mar. 08, 2021 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | May 07, 2021 |
Selling, general and administrative | $ 28,481 | $ 24,414 | $ 89,237 | $ 81,610 | ||||
Gain on disposal | $ 30,718 | |||||||
Particulate Matter Sensor Assets [Member] | ||||||||
Agreement date | Mar. 8, 2021 | |||||||
Disposal group, net sales | 3,228 | 2,587 | $ 9,536 | 6,350 | ||||
Disposal group, operating income | 302 | $ (542) | 1,168 | $ (612) | ||||
Purchase price for sale of assets | $ 4,000,000 | |||||||
Post-closing inventory adjustment payment | 1,133 | |||||||
Particulate Matter Sensor Assets [Member] | SMP [Member] | ||||||||
Services provided income per agreement recognized as reduction to selling general and administrative expenses | 228 | 564 | ||||||
Disposal group, net sales | 3,228 | 6,298 | ||||||
Particulate Matter Sensor Assets [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||
Selling, general and administrative | $ 60 | |||||||
Particulate Matter Sensor Gen 1 Assets [Member] | ||||||||
Purchase price for sale of assets | 3,214 | |||||||
Particulate Matter Sensor Gen 1 Assets [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | SMP [Member] | ||||||||
Disposal group, net sales | 971 | |||||||
Particulate Matter Sensor Gen 2 Assets [Member] | ||||||||
Purchase price for sale of assets | $ 786 | |||||||
Particulate Matter Sensor Gen 2 Assets [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||
Prepaid expenses and other current assets | $ 287 | $ 287 | ||||||
Canton Facility [Member] | ||||||||
Agreement date | May 7, 2021 | |||||||
Proceeds from sale of productive assets | $ 35,167 | |||||||
Gain on disposal | 30,718 | |||||||
Purchase price for sale of assets | $ 37,900 | $ 38,200 | ||||||
Control Devices [Member] | Particulate Matter Sensor Gen 1 Assets [Member] | ||||||||
Disposal group, net sales | 971 | |||||||
Disposal group, cost of goods sold | 898 | |||||||
Gain on disposal | $ 740 |