Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 23, 2022 | Jun. 30, 2021 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 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, without par value | ||
Trading Symbol | sri | ||
Amendment Flag | false | ||
Security Exchange Name | NYSE | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 763.2 | ||
Entity Common Stock Shares Outstanding | 27,194,137 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Detroit, MI | ||
Entity Central Index Key | 0001043337 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 85,547 | $ 73,919 |
Accounts receivable, less reserves of $1,528 and $817, respectively | 150,388 | 136,745 |
Inventories, net | 138,115 | 90,548 |
Prepaid expenses and other current assets | 36,774 | 33,452 |
Total current assets | 410,824 | 334,664 |
Long-term assets: | ||
Property, plant and equipment, net | 107,901 | 119,324 |
Intangible assets, net | 49,863 | 55,394 |
Goodwill | 36,387 | 39,104 |
Operating lease right-of-use asset | 18,343 | 18,944 |
Investments and other long-term assets, net | 42,081 | 53,978 |
Total long-term assets | 254,575 | 286,744 |
Total assets | 665,399 | 621,408 |
Current liabilities: | ||
Current portion of debt | 5,248 | 7,673 |
Accounts payable | 97,679 | 86,103 |
Accrued expenses and other current liabilities | 70,139 | 52,272 |
Total current liabilities | 173,066 | 146,048 |
Long-term liabilities: | ||
Revolving credit facility | 163,957 | 136,000 |
Deferred income taxes | 10,706 | 12,935 |
Operating lease long-term liability | 14,912 | 15,434 |
Other long-term liabilities | 6,808 | 14,357 |
Total long-term liabilities | 196,383 | 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 December 31, 2021 and December 31, 2020, respectively, with no stated value | ||
Additional paid-in capital | 232,490 | 234,409 |
Common Shares held in treasury, 1,775 and 1,960 shares at December 31, 2021 and December 31, 2020, respectively, at cost | (55,264) | (60,482) |
Retained earnings | 215,748 | 212,342 |
Accumulated other comprehensive loss | (97,024) | (89,635) |
Total shareholders' equity | 295,950 | 296,634 |
Total liabilities and shareholders' equity | $ 665,399 | $ 621,408 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Accounts receivable, reserves (in dollars) | $ 1,443 | $ 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 | 27,191,000 | 27,006,000 |
Common shares held in treasury, shares | 1,775,000 | 1,960,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Net sales | $ 770,462 | $ 648,006 | $ 834,289 |
Costs and expenses: | |||
Cost of goods sold | 603,604 | 493,810 | 620,556 |
Selling, general and administrative | 116,000 | 112,474 | 123,853 |
Gain on disposal of Canton Facility, net | (30,718) | ||
Gain on disposal of Non-core Products, net | (33,599) | ||
Design and development | 66,165 | 49,386 | 52,198 |
Operating income | 15,411 | (7,664) | 71,281 |
Interest expense, net | 5,189 | 6,124 | 4,324 |
Equity in loss (earnings) of investee | (3,658) | (1,536) | (1,578) |
Other income , net | 1,444 | (1,528) | 142 |
(Loss) income before income taxes | 12,436 | (10,724) | 68,393 |
(Benefit) provision for income taxes | 9,030 | (2,774) | 8,102 |
Net (loss) income | $ 3,406 | $ (7,950) | $ 60,291 |
(Loss) earnings per share: | |||
Basic (in dollars per share) | $ 0.13 | $ (0.29) | $ 2.17 |
Diluted (in dollars per share) | $ 0.12 | $ (0.29) | $ 2.13 |
Weighted-average shares outstanding: | |||
Basic (in shares) | 27,114,359 | 27,024,571 | 27,791,799 |
Diluted (in shares) | 27,415,534 | 27,024,571 | 28,270,095 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Net income | $ 3,406 | $ (7,950) | $ 60,291 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation | (8,408) | 2,677 | (5,428) |
Unrealized (loss) gain on derivatives (1) | 1,019 | (840) | (292) |
Other comprehensive income (loss), net of tax | (7,389) | 1,837 | (5,720) |
Comprehensive (loss) income | $ (3,983) | $ (6,113) | $ 54,571 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Tax (benefit) expense on foreign currency translation | $ 267 | ||
Tax (benefit) expense | $ 271 | $ (223) | $ (78) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES: | |||
Net (loss) income | $ 3,406 | $ (7,950) | $ 60,291 |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||
Depreciation | 27,823 | 27,309 | 24,904 |
Amortization, including accretion and write-off of deferred financing costs | 6,648 | 5,926 | 6,579 |
Deferred income taxes | (511) | (7,953) | 5,586 |
Earnings of equity method investee | (3,658) | (1,536) | (1,578) |
Loss (gain) on sale of fixed assets | (165) | 185 | (98) |
Share-based compensation expense | 5,960 | 5,888 | 6,191 |
Excess tax benefit related to share-based compensation expense | (563) | (46) | (1,289) |
Gain on disposal | (30,718) | ||
Gain on disposal of business, net | (2,942) | ||
Gain on disposal of Non-core Products, net | (33,599) | ||
Property, plant and equipment impairment charge | 2,349 | ||
Intangible impairment charge | 0 | 0 | 0 |
Change in fair value of earn-out contingent consideration | 2,065 | (3,196) | 2,308 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (17,019) | 4,164 | (1,353) |
Inventories, net | (51,270) | 4,000 | (15,653) |
Prepaid expenses and other assets | (5,116) | 1,342 | (8,898) |
Accounts payable | 16,515 | 3,642 | (6,980) |
Accrued expenses and other liabilities | 13,297 | (5,483) | (11,906) |
Net cash provided by operating activities | (36,248) | 28,641 | 24,505 |
INVESTING ACTIVITIES: | |||
Capital expenditures, including intangibles | (27,031) | (32,462) | (39,467) |
Proceeds from sale of fixed assets | 268 | 127 | 382 |
Proceeds from disposal of business, net | 1,837 | 34,386 | |
Proceeds from disposal of joint venture, net | 20,999 | ||
Proceeds from sale of Canton Facility, net | 35,167 | ||
Investment in venture capital fund, net | (3,199) | (1,550) | (1,600) |
Net cash used for investing activities | 28,041 | (33,885) | (6,299) |
FINANCING ACTIVITIES: | |||
Revolving credit facility borrowings | 91,913 | 71,500 | 112,000 |
Revolving credit facility payments | (64,000) | (61,500) | (82,000) |
Proceeds from issuance of debt | 45,753 | 41,104 | 2,208 |
Repayments of debt | (48,125) | (37,823) | (2,953) |
Earn-out consideration cash payment | (3,394) | ||
Common Share repurchase program | (4,995) | (50,000) | |
Repurchase of Common Shares to satisfy employee tax withholding | (2,665) | (1,773) | (4,119) |
Net cash provided by (used for) financing activities | 22,876 | 6,513 | (28,258) |
Effect of exchange rate changes on cash and cash equivalents | (3,041) | 3,247 | (1,637) |
Net change in cash and cash equivalents | 11,628 | 4,516 | (11,689) |
Cash and cash equivalents at beginning of period | 73,919 | 69,403 | 81,092 |
Cash and cash equivalents at end of period | 85,547 | 73,919 | 69,403 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 6,055 | 5,620 | 4,401 |
Cash paid for income taxes, net | $ 11,267 | (254) | $ 12,222 |
Supplemental disclosure of non-cash activity: | |||
Adoption of ASU 2019-12 (Note 2) | $ 13,750 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total |
Balance at Dec. 31, 2018 | $ (8,880) | $ 231,647 | $ 146,251 | $ (85,752) | $ 283,266 | |||
Common Stock, Share, Beginning Balance (in shares) at Dec. 31, 2018 | 28,488 | |||||||
Treasury Stock, Shares, Beginning Balance at Dec. 31, 2018 | 478 | |||||||
Net income (loss) | 60,291 | 60,291 | ||||||
Unrealized gain (loss) on derivatives, net | (292) | (292) | ||||||
Currency translation adjustments | (5,428) | (5,428) | ||||||
Issuance of Common Shares ( in shares) | 407 | |||||||
Issuance of Common Shares ( in treasury shares) | (407) | |||||||
Repurchased Common Shares for treasury, net | $ (1,893) | (1,893) | ||||||
Repurchased Common Shares for treasury (in shares) | (137) | |||||||
Repurchased Common Shares for treasury (in treasury shares) | 137 | |||||||
Common Share repurchase program | $ (40,000) | (10,000) | (50,000) | |||||
Common Share repurchase program (in shares) | (1,350) | |||||||
Common Share repurchase program (in treasury shares) | 1,350 | |||||||
Share-based compensation | 3,960 | 3,960 | ||||||
Balance (ASU 2019-12 [Member]) at Dec. 31, 2019 | $ 13,750 | $ 13,750 | ||||||
Balance at Dec. 31, 2019 | $ (50,773) | 225,607 | 206,542 | (91,472) | 289,904 | |||
Common Stock, Share, Ending Balance (in shares) at Dec. 31, 2019 | 27,408 | |||||||
Treasury Stock, Shares, Ending Balance at Dec. 31, 2019 | 1,558 | |||||||
Net income (loss) | (7,950) | (7,950) | ||||||
Unrealized gain (loss) on derivatives, net | (840) | (840) | ||||||
Currency translation adjustments | 2,677 | 2,677 | ||||||
Issuance of Common Shares ( in shares) | 285 | |||||||
Issuance of Common Shares ( in treasury shares) | (285) | |||||||
Repurchased Common Shares for treasury, net | $ 5,286 | 5,286 | ||||||
Repurchased Common Shares for treasury (in shares) | (80) | |||||||
Repurchased Common Shares for treasury (in treasury shares) | 80 | |||||||
Common Share repurchase program | $ (14,995) | 10,000 | (4,995) | |||||
Common Share repurchase program (in shares) | (607) | |||||||
Common Share repurchase program (in treasury shares) | 607 | |||||||
Share-based compensation | (1,198) | (1,198) | ||||||
Balance (ASU 2019-12 [Member]) at Dec. 31, 2020 | $ 13,750 | |||||||
Balance at Dec. 31, 2020 | $ (60,482) | 234,409 | 212,342 | (89,635) | $ 296,634 | |||
Common Stock, Share, Ending Balance (in shares) at Dec. 31, 2020 | 27,006 | 27,006 | ||||||
Treasury Stock, Shares, Ending Balance at Dec. 31, 2020 | 1,960 | 1,960 | ||||||
Net income (loss) | 3,406 | $ 3,406 | ||||||
Unrealized gain (loss) on derivatives, net | 1,019 | 1,019 | ||||||
Currency translation adjustments | (8,408) | (8,408) | ||||||
Issuance of Common Shares ( in shares) | 265 | |||||||
Issuance of Common Shares ( in treasury shares) | (265) | |||||||
Repurchased Common Shares for treasury, net | $ 5,218 | 5,218 | ||||||
Repurchased Common Shares for treasury (in shares) | (80) | |||||||
Repurchased Common Shares for treasury (in treasury shares) | 80 | |||||||
Share-based compensation | (1,919) | (1,919) | ||||||
Balance at Dec. 31, 2021 | $ (55,264) | $ 232,490 | $ 215,748 | $ (97,024) | $ 295,950 | |||
Common Stock, Share, Ending Balance (in shares) at Dec. 31, 2021 | 27,191 | 27,191 | ||||||
Treasury Stock, Shares, Ending Balance at Dec. 31, 2021 | 1,775 | 1,775 |
Organization and Nature of Busi
Organization and Nature of Business | 12 Months Ended |
Dec. 31, 2021 | |
Basis of Presentation [Abstract] | |
Organization and Nature of Business | 1. Organization and Nature of Business Stoneridge, Inc. and its subsidiaries are global designers and manufacturers of highly engineered electrical and electronic components, modules and systems for the automotive, commercial, off-highway and agricultural vehicle markets. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Stoneridge, Inc. and its wholly-owned subsidiaries (collectively, the “Company”). Intercompany transactions and balances have been eliminated in consolidation. The Company analyzes its ownership interests in accordance with Accounting Standards Codification (“ASC”) “Consolidations (Topic 810)” to determine whether they are a variable interest entity and, if so, whether the Company is the primary beneficiary. The Company’s investment in Minda Stoneridge Instruments Ltd. (“MSIL”) for the years ended December 31, 2020 and 2019 has been determined to be an unconsolidated entity, and therefore was accounted for under the equity method of accounting based on the Company’s 49% ownership in MSIL. The Company sold its equity interest in MSIL on December 30, 2021. Accounting Estimates The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including certain self-insured risks and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Because actual results could differ from those estimates, the Company revises its estimates and assumptions as new information becomes available. Cash and Cash Equivalents The Company’s cash and cash equivalents include actively traded money market funds with short-term investments in marketable securities, primarily U.S. government securities. Cash and cash equivalents are stated at cost, which approximates fair value, due to the highly liquid nature and short-term duration of the underlying securities with original maturities of 90 days or less. Accounts Receivable and Concentration of Credit Risk Revenues are principally generated from the automotive, commercial, off-highway and agricultural vehicle markets. The Company’s largest customers are Volvo and VW Group, primarily related to the Electronics reportable segment and accounted for the following percentages of consolidated net sales: 2021 2020 2019 Volvo 9 % 8 % 8 % VW Group 9 % 9 % 9 % Accounts receivable are recorded at the invoice price, net of an estimate of allowance for doubtful accounts and other reserves. Allowance for Doubtful Accounts The Company evaluates the collectability of accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for doubtful accounts is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. Additionally, the Company reviews historical trends for collectability in determining an estimate for its allowance for doubtful accounts. If economic circumstances change substantially, estimates of the recoverability of amounts due to the Company could be reduced by a material amount. The Company does not have collateral requirements with its customers. 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 consist of the following: December 31 2021 2020 Raw materials $ 107,034 $ 67,775 Work-in-progress 9,755 7,005 Finished goods 21,326 15,768 Total inventories, net $ 138,115 $ 90,548 Inventory valued using the FIFO method was $127,939 and $82,308 at December 31, 2021 and 2020, respectively. Inventory valued using the average cost method was $10,176 and $8,240 at December 31, 2021 and 2020, respectively. Pre-production Costs Related to Long-term Supply Arrangements Engineering, research and development and other design and development costs for products sold on long-term supply arrangements are expensed as incurred unless the Company has a contractual guarantee for reimbursement from the customer which are capitalized as pre-production costs. Costs for molds, dies and other tools used to make products sold on long-term supply arrangements for which the Company either has title to the assets or has the noncancelable right to use the assets during the term of the supply arrangement are capitalized in property, plant and equipment and amortized to cost of sales over the shorter of the term of the arrangement or over the estimated useful lives of the assets, typically three to seven years . Costs for molds, dies and other tools used to make products sold on long-term supply arrangements for which the Company has a contractual guarantee to a lump sum reimbursement from the customer are capitalized either as a component of prepaid expenses and other current assets or an investment and other long-term assets, net within the consolidated balance sheets. Capitalized pre-production costs were $16,292 and $14,259 at December 31, 2021 and 2020, respectively, and were recorded as a component of prepaid expenses and other current assets on the consolidated balance sheets. Disposal of Non-Core Products On April 1, 2019, the Company entered into an Asset Purchase Agreement by and among the Company, the Company’s wholly owned subsidiary, Stoneridge Control Devices, Inc. (“SCD”), and Standard Motor Products, Inc. (“SMP”). On the same day pursuant to the Asset Purchase Agreement, in exchange for product lines and assets related to certain non-core switches and connectors (the “Non-core Products”). the Company and SMP also entered into certain ancillary agreements, including a transition services agreement, a contract manufacturing agreement and a supply agreement, pursuant to which the Company provided and was compensated for certain manufacturing, transitional, and administrative and support services to SMP on a short-term basis. The products related to the Non-core Products were manufactured in Juarez, Mexico and Canton, Massachusetts, and include ball switches, ignition switches, rotary switches, courtesy lamps, toggle switches, headlamp switches and other related components. On April 1, 2019, the Company’s Control Devices segment recognized net sales and costs of goods sold (“COGS”) of $4,160 and $2,775, respectively, for the one-time sale of Non-core Product finished goods inventory and a gain on disposal of $33,921, net for the sale of fixed assets, intellectual property and customer lists associated with the Non-core Products less transaction costs. The Company recognized transaction costs associated with the disposal of Control Devices’ Non-core Products of $322 within selling, general and administrative (“SG&A”) expenses for the year ended December 31, 2019. The Company received $21 and $1,824 for services provided pursuant to the transition services agreement which were recognized as a reduction in SG&A for the years ended December 31, 2020 and 2019, respectively. Pursuant to the contract manufacturing agreement, the Company recognized sales and operating income for the production of Non-core Products of $26,304 and $1,458 for the year ended December 31, 2019, respectively. The Company also received $745 for reimbursement of retention and facility costs from SMP pursuant to the contract manufacturing agreement which was recognized as a reduction to SG&A for the year ended December 31, 2019. There were Non-core Product net sales for the years ended December 31, 2021 or 2020. 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 did not acquire 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 occurred during November 2021, upon completion of the Company’s supply commitments to certain customers. 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 $8,042 in the year ended December 31, 2021. In addition, the Company received $783 for services provided pursuant to the transition services agreement which were recognized as a reduction in SG&A for the year ended December 31, 2021. PM sensor Gen 1 net sales, including sales of $8,042 to SMP pursuant to the contract manufacturing agreement and the sale of Gen 1 inventory components of $2,283 and operating income were $12,592 and $1,415, respectively, for the year ended December 31, 2021. PM sensor Gen 1 net sales and operating income were $8,814 and $1,090, respectively, for the year ended December 31, 2020. PM sensor Gen 1 net sales and operating loss were $10,951 and $438, respectively, for the year ended December 31, 2019. The Company completed the PM sensor Gen 2 product supply commitments and ended production on September 23, 2021. In November 2021, the Company’s Control Devices segment recognized proceeds of $786 and a gain on disposal of $408 for the sale of the Gen 2 fixed assets within SG&A, for the year ended December 31, 2021. 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. Sale of MSIL On November 2, 2021, the Company entered into a Share Purchase Agreement (the “SPA”) with Minda Corporation Limited (“Minda”), as the buyer, and MSIL. Pursuant to the SPA the Company agreed to sell to Minda the Company’s minority interest in MSIL for approximately $21,500 equivalent Indian Rupee which was payable in U.S. dollars at closing. On December 30, 2021, pursuant to the SPA, the Company closed the sale of MSIL to Minda for $21,587. The Company recognized net proceeds of $20,999 and a gain, net of transaction costs, of $1,794. Property, Plant and Equipment Property, plant and equipment are recorded at cost and consist of the following: December 31 2021 2020 Land and land improvements $ 3,064 $ 4,447 Buildings and improvements 28,842 39,784 Machinery and equipment 249,365 253,563 Office furniture and fixtures 8,701 9,993 Tooling 41,391 40,967 Information technology 30,454 28,491 Vehicles 741 654 Leasehold improvements 5,592 5,198 Construction in progress 12,584 19,744 Total property, plant, and equipment 380,734 402,841 Less: accumulated depreciation (272,833) (283,517) Property, plant and equipment, net $ 107,901 $ 119,324 Depreciation is provided using the straight-line method over the estimated useful lives of the assets. Depreciation expense for the years ended December 31, 2021, 2020 and 2019 was $27,823, $27,309 and $24,904, respectively. Depreciable lives within each property classification are as follows: Buildings and improvements 10 - 40 years Machinery and equipment 3 - 10 years Office furniture and fixtures 3 - 10 years Tooling 2 - 7 years Information technology 3 - 7 years Vehicles 3 - 7 years Leasehold improvements shorter of lease term or 3 - 10 years Maintenance and repair expenditures that are not considered improvements and do not extend the useful life of the property, plant and equipment are charged to expense as incurred. Expenditures for improvements and major renewals are capitalized. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss on the disposition is recorded in the consolidated statements of operations as a component of SG&A expenses. Impairment of Long-Lived 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 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 $ 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 year ended December 31, 2020, the impairment loss of $ was recorded on the Company’s consolidated statement of operations within SG&A expense. Goodwill and Other Intangible Assets Goodwill The total purchase price associated with acquisitions is allocated to the acquisition date fair values of identifiable assets acquired and liabilities assumed with the excess purchase price assigned to goodwill. Goodwill was $36,387 and $39,104 at December 31, 2021 and 2020, respectively, all of which relates to the Electronics segment. Goodwill is not amortized, but instead is tested for impairment at least annually, or earlier when events and circumstances indicate that it is more likely than not that such assets have been impaired, by applying a fair value-based test. In conducting our annual impairment assessment testing, we first perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If not, no further goodwill impairment testing is performed. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or if we elect not to perform a qualitative assessment of a reporting unit, we then compare the fair value of the reporting unit to the related net book value. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. The Company utilizes an income statement approach to estimate the fair value of a reporting unit and a market valuation approach to further support this analysis. The income approach is based on projected debt-free cash flow which is discounted to the present value using discount factors that consider the timing and risk of cash flows. We believe that this approach is appropriate because it provides a fair value estimate based on the reporting unit’s expected long-term operating cash flow performance. This approach also mitigates the impact of cyclical trends that occur in the industry. Fair value is estimated using internally developed forecasts, as well as commercial and discount rate assumptions. The discount rate used is the value-weighted average of our estimated cost of equity and of debt (“cost of capital”) derived using both known and estimated customary market metrics. Our weighted average cost of capital is adjusted to reflect a risk factor, if necessary. Other significant assumptions include terminal value growth rates, terminal value margin rates, future capital expenditures and changes in future working capital requirements. While there are inherent uncertainties related to the assumptions used and to management’s application of these assumptions to this analysis, we believe that the income statement approach provides a reasonable estimate of the fair value of a reporting unit. The market valuation approach is used to further support our analysis. There was Goodwill and changes in the carrying amount of goodwill for the Electronics segment for the years ended December 31, 2021 and 2020 were as follows: 2021 2020 Balance at January 1 $ 39,104 $ 35,874 Currency translation (2,717) 3,230 Balance at December 31 $ 36,387 $ 39,104 The Company’s cumulative goodwill impairment loss since inception was $300,083 at December 31, 2021 and 2020, which includes Stoneridge Brazil’s goodwill impairment in 2014 and goodwill impairment recorded by the Company’s Control Devices segment in 2008 and 2004. Other Intangible Assets Other intangible assets, net at December 31, 2021 and 2020 consisted of the following: Acquisition Accumulated As of December 31, 2021 cost amortization Net Customer lists $ 45,000 $ (20,240) $ 24,760 Tradenames 16,016 (6,655) 9,361 Technology 12,855 (8,922) 3,933 Capitalized software development 12,433 (624) 11,809 Total $ 86,304 $ (36,441) $ 49,863 Acquisition Accumulated As of December 31, 2020 cost amortization Net Customer lists $ 48,339 $ (18,530) $ 29,809 Tradenames 17,201 (6,290) 10,911 Technology 13,799 (8,079) 5,720 Capitalized software development 8,954 - 8,954 Total $ 88,293 $ (32,899) $ 55,394 Other intangible assets, net at December 31, 2021 for customer lists, tradenames, technology and capitalized software development include $19,480, $4,084, $1,590 and $8,635, respectively, related to the Electronics segment. Customer lists, tradenames and technology of $5,280, $5,277 and $2,258 , respectively, related to the Stoneridge Brazil segment at December 31, 2021. Capitalized software development and technology of The Company designs and develops software that will be embedded into certain products and sold to customers. Software development costs are capitalized after the software product development reaches technological feasibility and until the software product becomes available for general release to customers. These intangible assets are amortized using the straight-line method over estimated useful lives generally ranging from three to seven years . The Company recognized $5,387 , $5,399 and $5,955 of amortization expense related to intangible assets in 2021, 2020 and 2019, respectively. Amortization expense is included as a component of Overhead and SG&A on the consolidated statements of operations. Annual amortization expense for intangible assets is estimated to be approximately $7,000 for the year 2022 and approximately $6,200 for the years 2023 through 2026 . The weighted-average remaining amortization period is approximately 8 years . There were no intangible impairment charges for the years ended December 31, 2021, 2020 or 2019. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: As of December 31 2021 2020 Compensation related liabilities $ 18,716 $ 21,852 Product warranty and recall obligations 6,752 9,044 Other (A) 44,671 21,376 Total accrued expenses and other current liabilities $ 70,139 $ 52,272 (A) “Other” is comprised of miscellaneous accruals, none of which individually contributed a significant portion of the total. Income Taxes The Company accounts for income taxes using the liability method. Deferred income taxes reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting amounts. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not to occur. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date. Deferred tax assets are recognized to the extent that these assets are more likely than not to be realized (See Note 6). In making such a determination, the Company considers all available positive and negative evidence, including future release of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. Release of some or all of a valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded. The Company’s policy is to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. To the extent the Company prevails in matters for which a liability for an unrecognized tax benefit is established or is required to pay amounts in excess of the liability, the Company’s effective tax rate in a given financial statement period may be affected. The Tax Cuts and Jobs Act of 2017 (“Tax Legislation”) created a provision known as Global Intangible Low-Taxed Income (“GILTI”) that imposes a tax on certain earnings of foreign subsidiaries. The Company has made an accounting policy election to reflect GILTI taxes, if any, as a current period tax expense when incurred. Currency Translation The financial statements of foreign subsidiaries, where the local currency is the functional currency, are translated into U.S. dollars using exchange rates in effect at the period end for assets and liabilities and average exchange rates during each reporting period for the results of operations. Adjustments resulting from translation of financial statements are reflected as a component of accumulated other comprehensive loss in the Company’s consolidated balance sheets. Foreign currency transactions are remeasured into the functional currency using translation rates in effect at the time of the transaction with the resulting adjustments included on the consolidated statements of operations within other expense (income), net. These foreign currency transaction losses (gains), including the impact of hedging activities, were $2,037, $(997) and $372 for the years ended December 31, 2021, 2020 and 2019, respectively. Revenue Recognition and Sales Commitments The Company recognizes revenue 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. The Company recognizes monitoring service revenues over time, as the services are provided to customers. 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 Company collects certain taxes and fees on behalf of government agencies and remits such collections on a periodic basis. The taxes are collected from customers but are not included in net sales. Estimated returns are based on historical authorized returns. The Company often enters into agreements with its customers at the beginning of a given vehicle’s expected production life. Once such agreements are entered into, it is the Company’s obligation to fulfill the customers’ purchasing requirements for the entire production life of the vehicle. These agreements are subject to potential renegotiation from time to time, which may affect product pricing. See Note 3 for additional disclosure. Shipping and Handling Costs Shipping and handling costs are included in COGS on the consolidated statements of operations. Product Warranty and Recall Reserves 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 holding 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 the product warranty and recall reserve is included as a component of accrued expenses and other current liabilities on the consolidated balance sheets. Product warranty and recall includes $3,094 and $3,647 of a long-term liability at December 31, 2021 and 2020, respectively, which is included as a component of other long-term liabilities on the consolidated balance sheets. The following provides a reconciliation of changes in the product warranty and recall reserve: Year ended December 31, 2021 2020 Product warranty and recall at beginning of period $ 12,691 $ 10,796 Accruals for warranties established during period 7,037 5,898 Aggregate changes in pre-existing liabilities due to claim developments 201 1,794 Settlements made during the period (9,647) (6,297) Foreign currency translation (436) 500 Product warranty and recall at end of period $ 9,846 $ 12,691 Design and Development Costs Expenses associated with the development of new products, and changes to existing products, other than capitalized software development costs, are charged to expense as incurred, and are included in the Company’s consolidated statements of operations as a separate component of costs and expenses. These product development costs amounted to $66,165, $49,386 and $52,198 for the years ended December 31, 2021, 2020 and 2019, respectively, or 8.8%, 7.6% and 6.3% of net sales for these respective periods. Research and Development Activities The Company enters into research and development contracts with certain customers, which generally provide for reimbursement of costs. The Company incurred and was reimbursed for contracted research and development costs of $15,849, $19,302 and $15,096 for the years ended December 31, 2021, 2020 and 2019, respectively. Share-Based Compensation At December 31, 2021, the Company had two types of share-based compensation plans: (1) 2016 Long-Term Incentive Plan for employees and (2) the 2018 Amended and Restated Directors’ Restricted Shares Plan, for non-employee directors. See Note 8 for additional details on share-based compensation plans. Total compensation expense recognized as a component of SG&A expense on the consolidated statements of operations for share-based compensation arrangements was $5,960, $5,888 and $6,191 for the years ended December 31, 2021, 2020 and 2019, respectively. There was no share-based compensation expense capitalized in inventory during 2021, 2020 or 2019. Share-based compensation expense is calculated using estimated volatility and forfeitures based on historical data, future expectations and the expected term of the share-based compensation awards. Financial Instruments and Derivative Financial Instruments Financial instruments, including derivative financial instruments, held by the Company include cash and cash equivalents, accounts receivable, accounts payable, long-term debt, net investment hedge, interest rate swap agreement and foreign currency forward contracts. The carrying value of cash and cash equivalents, accounts receivable and accounts payable is considered to be representative of fair value because of the short maturity of these instruments. See Note 10 for fair value disclosures of the Company’s financial instruments. Common Shares Held in Treasury The Company accounts for Common Shares held in treasury under the cost method (applied on a FIFO basis) and includes such shares as a reduction of total shareholders’ equity. Earnings (Loss) Per Share Basic earnings (loss) per share was computed by dividing net income (loss) by the weighted-average number of C |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 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 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 Year ended December 31, 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Net Sales: North America $ 282,525 $ 261,967 $ 365,010 $ 104,419 $ 68,561 $ 92,623 $ - $ - $ - $ 386,944 $ 330,528 $ 457,633 South America - - - - - - 56,777 47,663 67,534 56,777 47,663 67,534 Europe 12,681 29,679 22,467 248,468 184,579 236,994 - - - 261,149 214,258 259,461 Asia Pacific 60,569 50,930 44,083 5,023 4,627 5,578 - - - 65,592 55,557 49,661 Total net sales $ 355,775 $ 342,576 $ 431,560 $ 357,910 $ 257,767 $ 335,195 $ 56,777 $ 47,663 $ 67,534 $ 770,462 $ 648,006 $ 834,289 (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. Certain customer contracts contain an enforceable right to payment if the customer terminates the contract for convenience and therefore are recognized over time using the cost to complete input method. 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 December 31, 2021 or 2020. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Investments | 4. Investments Minda Stoneridge Instruments Ltd. The Company had a 49% equity interest in MSIL, a company based in India that manufactures electronics, instrumentation equipment and sensors primarily for the motorcycle, commercial vehicle and automotive markets. As discussed in Note 2, the Company sold its equity interest in MSIL on December 30, 2021. The investment was 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 consolidated balance sheets, was $13,547 as of December 31, 2020. Equity in earnings of MSIL included in the consolidated statements of operations were $1,776, $1,477 and $1,578 for the years ended December 31, 2021, 2020 and 2019, 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 based on Stoneridge Brazil’s financial performance in 2021. The final earn-out consideration of $7,351 will be paid in the second quarter of 2022. See Note 10 for the fair value and foreign currency adjustments of the earn-out consideration for the current and prior periods. Stoneridge Brazil had dividends payable to former noncontrolling interest holders of Brazilian real (“R$”) 24,154 ($6,010) 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 $10,000 investment in the Autotech Fund II will be contributed over the expected ten year life of the fund. The Company contributed $3,450 to and received $251 in distributions from the Autotech Fund II during the year ended December 31, 2021. The Company contributed $1,550 to the Autotech Fund II during the year ended December 31, 2020. The Company has a 6.3% interest in Autotech Fund II. The Company recognized earnings of $1,882 and $59 during the years ended December 31, 2021 and 2020, respectively. The Autotech Fund II investment recorded in investments and other long-term assets, net in the consolidated balance sheet was $8,517 and $3,436 as of December 31, 2021 and 2020, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt [Abstract] | |
Debt | 5. Debt December 31, December 31, Interest rates at 2021 2020 December 31, 2021 Maturity Revolving Credit Facility Credit Facility $ 163,957 $ 136,000 2.40% June 2024 Debt Stoneridge Brazil short-term obligations - 1,561 Sweden short-term credit line 2,099 1,591 2.60% January 2022 Suzhou short-term credit line 3,149 4,521 4.00% - 4.30% May 2022 - October 2022 Total debt 5,248 7,673 Less: current portion (5,248) (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 December 31, 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. On December 17, 2021, the Company entered into Amendment No. 2 to the Fourth Amended and Restated Credit Agreement (“Amendment No. 2”). Amendment No. 2 implemented non-LIBOR interest reference rates for borrowings in euros and British pounds. Due to the ongoing impacts of the COVID-19 pandemic and supply chain disruptions on the Company’s end-markets and the resulting financial impacts on the Company, on February 28, 2022, the Company entered into Amendment No. 3 to the Fourth Amended and Restated Credit Agreement (“Amendment No. 3”). Amendment No. 3 reduces the total revolving credit commitments from $400.0 million to $300.0 million and the maximum permitted amount of swing loans from $40.0 million to $30.0 million. Amendment No. 3 provides for certain financial covenant relief and additional covenant restrictions during the “Specified Period” (the period from February 28, 2022 until the date that the Company delivers a compliance certificate for the quarter ending March 31, 2023 in form and substance satisfactory to the administrative agent). During the Specified Period: ● the maximum net leverage ratio is changed to 4.0 x for the year ended December 31, 2021, suspended for the quarters ending March 31, 2022 through September 30, 2022 and cannot exceed 4.75 to 1.00 for the quarter ended December 31, 2022 or 3.50 to 1.00 for the quarter ended March 31, 2023; ● the minimum interest coverage ratio of 3.50 is reduced to 2.50 for the quarter ended March 31, 2022, 2.25 for the quarter ended June 30, 2022 and 3.00 for the quarters ended September 30, 2022 and December 31, 2022; ● an additional condition to drawing on the Credit Facility has been added that restricts borrowings if the Company’s total of 100% of domestic and 65% of foreign cash and cash equivalents exceeds $70.0 million; ● there are certain additional restrictions on Restricted Payments (as defined); and ● a Permitted Acquisition (as defined) may not be consummated unless the net leverage ratio is below 3.50 x during the Specified Period. Amendment No. 3 changes the leverage based LIBOR pricing grid through the maturity date and also retains a LIBOR floor of 50 basis points on outstanding borrowings excluding any Specified Hedge Borrowings (as defined) which remain subject to a LIBOR of 0 basis points. Amendment No. 3 also incorporates hardwired mechanics to permit a future replacement of LIBOR as the interest reference rate without lender consent. Borrowings outstanding on the Credit Facility, were $163,957 and $136,000 at December 31, 2021 and 2020, respectively. The Company was in compliance with all credit facility covenants at December 31, 2021, as a result of Amendment No. 3, and at December 31, 2020. The Company also had outstanding letters of credit of $1,698 and $1,720 at December 31, 2021 and 2020, respectively. Debt Stoneridge Brazil maintained short-term notes used for working capital purposes during 2021 and 2020 which had fixed or variable interest rates. There were no borrowings outstanding on these notes at December 31, 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 $2,213 and $2,435 at December 31, 2021 and 2020, respectively. At December 31, 2021 there was 18,973 Swedish krona, or $2,099, 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 year ended December 31, 2021, the subsidiary borrowed 352,368 Swedish krona, or $38,982, and repaid 346,467 Swedish krona, or $38,329. The Company’s wholly-owned subsidiary located in Suzhou, China, has two credit lines (the “Suzhou credit line”) which allow up to a maximum borrowing level of 50,000 Chinese yuan, or $7,871 and $7,663 at December 31, 2021 and 2020, respectively. At December 31, 2021 and 2020 there was $3,149 and $4,521, respectively, in borrowings outstanding on the Suzhou credit line with weighted-average interest rates of 4.15% and 4.32%, respectively. The Suzhou credit line is included on the 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 $2,361 and $2,299, at December 31, 2021 and 2020, respectively. There was $2,182 and $414 utilized on the Suzhou bank acceptance draft line of credit at December 31, 2021 and 2020, respectively. At December 31, 2021, the future maturities of the Credit Facility and debt were as follows: Year ended December 31, 2022 $ 5,248 2023 - 2024 163,957 2025 - 2026 - Total $ 169,205 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 6. Income Taxes The income tax expense (benefit) included in the accompanying consolidated statement of operations represents federal, state and foreign income taxes. The components of income (loss) before income taxes and the (benefit) provision for income taxes consist of the following: Year ended December 31, 2021 2020 2019 Income before income taxes: Domestic $ 11,596 $ (25,403) $ 30,464 Foreign 840 14,679 37,929 Total income before income taxes $ 12,436 $ (10,724) $ 68,393 Provision for income taxes: Current: Federal $ - $ (3) $ (4,384) State and foreign 9,542 5,182 6,900 Total current expense $ 9,542 $ 5,179 $ 2,516 Deferred: Federal $ 714 $ (8,512) $ 6,780 State and foreign (1,226) 559 (1,194) Total deferred benefit (512) (7,953) 5,586 Total income tax expense $ 9,030 $ (2,774) $ 8,102 A summary of the differences between the statutory federal income tax rate of 21.0% and the consolidated provision for income taxes is shown below. Year ended December 31, 2021 2020 2019 Statutory U.S. federal income tax provision (benefit) $ 2,612 $ (2,252) $ 14,363 State income taxes, net of federal tax benefit 942 (647) 152 Tax credits and incentives (3,316) (2,791) (6,297) Foreign tax rate differential 730 90 1,347 Impact of change in enacted tax law 227 1,108 993 Change in valuation allowance 5,070 2,174 (138) U.S. tax on foreign earnings (347) (519) (3,373) Tax impact of unconsolidated subsidiaries 1,828 (323) (331) Unremitted earnings on foreign subsidiaries 835 86 - Compensation and benefits 358 362 (469) Other 91 (62) 1,855 Provision (benefit) for income taxes $ 9,030 $ (2,774) $ 8,102 Significant components of the Company’s deferred tax assets and liabilities were as follows: As of December 31, 2021 2020 Deferred tax assets: Inventories $ 1,692 $ 1,858 Employee compensation and benefits 2,420 2,306 Accrued liabilities and reserves 4,486 3,649 Property, plant and equipment 751 943 Tax loss carryforwards 13,479 12,307 Tax credit carryforwards 24,173 22,949 Lease liability 3,712 4,199 Other 647 897 Gross deferred tax assets 51,360 49,108 Less: Valuation allowance (14,516) (10,237) Deferred tax assets less valuation allowance 36,844 38,871 Deferred tax liabilities: Property, plant and equipment (1,235) (2,400) Intangible assets (11,767) (13,630) Right-of-use-assets (3,493) (4,076) Other (5,021) (4,793) Gross deferred tax liabilities (21,516) (24,899) Net deferred tax assets $ 15,328 $ 13,972 The balance sheet classification of our net deferred tax asset is shown below: Year ended December 31, 2021 2020 Long-term deferred tax assets $ 26,034 $ 26,907 Long-term deferred tax liabilities (10,706) (12,935) Net deferred tax assets $ 15,328 $ 13,972 The Company has recognized deferred taxes related to foreign withholding taxes and the expected foreign currency impact upon repatriation from foreign subsidiaries not considered indefinitely reinvested. At December 31, 2021, the aggregate undistributed earnings of our foreign subsidiaries amounted to Based on the Company’s review of both positive and negative evidence regarding the realizability of deferred tax assets at December 31, 2021, a valuation allowance is recorded against certain deferred tax assets based upon the conclusion that it was more likely than not they would not be realized. The Company has net operating loss carry forwards of $76,986 and $53,761 for state and foreign tax jurisdictions, respectively. The state net operating losses expire from 2030 - 2041 or have indefinite lives and the foreign net operating losses expire from 2022 - 2026 or have indefinite lives. The Company has general business and foreign tax credit carry forwards of $22,087 , $963 and $1,122 for U.S. federal, state and foreign jurisdictions, respectively. The U.S. federal general business credits, if unused, begin to expire in 2025 , and the state and foreign tax credits expire at various times. The following is a reconciliation of the Company’s total gross unrecognized tax benefits: 2021 2020 2019 Balance as of January 1 $ 3,449 $ 3,449 $ 3,481 Tax positions related to the current year: Additions - - - Tax positions related to the prior years: Reductions - - (32) Expirations of statutes of limitation (558) - - Balance as of December 31 $ 2,891 $ 3,449 $ 3,449 At December 31, 2021, the Company has classified $2,891 as a reduction to non-current deferred income tax assets. If the Company’s tax positions are sustained by the taxing authorities in favor of the Company, the amount that would affect the Company’s effective tax rate is approximately $2,891 and $3,449 at December 31, 2021 and 2020, respectively. The Company classifies interest expense and, if applicable, penalties which could be assessed related to unrecognized tax benefits as a component of income tax expense. For the years ended December 31, 2021, 2020 and 2019, the Company recognized approximately $0, $0 and $(5) of gross interest and penalties, respectively. The Company conducts business globally and, as a result, files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The following table summarizes the open tax years for each jurisdiction: Jurisdiction Open Tax Years U.S. Federal 2017 - 2021 Argentina 2016 - 2021 Brazil 2014 - 2021 China 2018 - 2021 France 2018 - 2021 Germany 2017 - 2021 Italy 2016 - 2021 Mexico 2016 - 2022 Netherlands 2017 - 2021 Spain 2017 - 2021 Sweden 2016 - 2021 United Kingdom 2020 - 2021 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | 7. Leases Lessee The Company has various cancelable and noncancelable leased assets within all segments, which include certain properties, vehicles and equipment of which are all classified as operating leases. Payments for these leases are generally fixed; however, several of our leases are composed of variable lease payments including index-based payments or inflation-based payments based on a Consumer Price Index (“CPI”) or other escalators. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Under Leases (Topic 842), the Company determines an arrangement is a lease when we have the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Other than the leases that we have already identified, we are not aware of any material leases that have not yet commenced. For leases that have a calculated lease term of 12 months or less and do not include an option to purchase the underlying asset which we are reasonably certain to exercise, the Company has made the policy election to not apply the recognition requirements in Leases (Topic 842). For these short-term leases, the Company recognizes the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. For the leases identified, right of use (“ROU”) assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, the Company used the calculated incremental borrowing rate based on the information available at the implementation date, and going forward at the commencement date, in determining the present value of lease payments. The Company will use the implicit rate when readily determinable. The ROU asset includes the carrying amount of the lease liability, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. The Company’s lease terms may include options to extend or terminate the lease and such options are included in the lease term when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease expenses are recognized within COGS, SG&A and D&D costs in the consolidated statements of operations. The Company has made the policy election to account for lease and non-lease components as a single lease component for all of its leases. The components of lease expense are as follows: Year ended December 31, 2021 2020 Operating lease cost $ 5,581 $ 5,330 Short-term lease cost 843 665 Variable lease cost 553 614 Total lease cost $ 6,977 $ 6,609 Balance sheet information related to leases is as follows: As of December 31, 2021 2020 Assets: Operating lease right-of-use assets $ 18,343 $ 18,944 Liabilities: Operating lease current liability, included in other current liabilities $ 4,203 $ 4,271 Operating lease long-term liability 14,912 15,434 Total leased liabilities $ 19,115 $ 19,705 Maturities of operating lease liabilities are as follows: As of December 31, 2021 2022 $ 4,776 2023 4,462 2024 4,045 2025 3,302 2026 2,080 Thereafter 3,327 Total future minimum lease payments $ 21,992 Less: imputed interest (2,877) Total lease liabilities $ 19,115 Weighted-average remaining lease term and discount rate for operating leases is as follows: As of December 31, 2021 2020 Weighted-average remaining lease term (in years) 5.44 6.33 Weighted-average discount rate 5.56 % 5.77 % Other information: Year ended December 31, 2021 2020 Operating cash flows: Cash paid related to operating lease obligations $ 5,092 $ 5,550 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 4,596 $ 822 Lessor The Company, as lessor, entered into a lease with a third-party lessee effective July 1, 2020, of its 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 2, 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, in its Control Devices segment, operating and variable lease income from leases in our consolidated statements of operations of $602 and $199, respectively, for the year ended December 31, 2021 and $674 and $199, respectively for the year ended December 31, 2020. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | 8. Share-Based Compensation Plans In May 2016, the Company’s shareholders approved the 2016 Long-Term Incentive Plan (the “2016 Plan”) and reserved 1,800,000 Common Shares (of which the maximum number of Common Shares which may be issued). In May 2020, the Company’s shareholders approved an amendment to the 2016 Plan to increase by 1,100,000 the number of Common Shares authorized for issuance. The amendment to the 2016 Plan brought the total Common Shares available for issuance to 2,900,000. Under the 2016 Plan, as of December 31, 2021, the Company has granted 2,261,121 share units, of which 911,616 were time-based with cliff vesting using the straight-line method and 1,349,505 were performance-based. There are 1,292,840 shares available to be granted under the 2016 Plan at December 31, 2021. In 2021, 2020 and 2019, pursuant to the 2016 Plan, the Company granted time-based share units and performance-based performance shares. The time-based share units cliff vest three years after the date of grant. The performance-based performance shares vest and are no longer subject to forfeiture upon the recipient remaining an employee of the Company for three years from the date of grant and, for a portion of the annual awards, upon the Company attaining certain targets of performance measured against a peer group’s three year performance in terms of total shareholder return and, for the remaining portion of the annual awards, upon achieving certain earnings per share targets and return on invested capital targets established by the Company during the performance period of the award. The allocation of performance shares granted between total shareholder return, earnings per share and return on invested capital were as follows for the years ended December 31: 2021 2020 2019 Total shareholder return 45 % 45 % 45 % Earnings per share 36 % 36 % 36 % Return on invested capital 18 % 18 % 18 % In April 2005, the Company adopted the Directors’ Restricted Shares Plan (the “Director Share Plan”) and reserved 500,000 Common Shares for issuance under the Director Share Plan. In May 2013, shareholders approved an amendment to the Director Share Plan to increase the number of shares for issuance by 200,000 to 700,000 . In May 2018, the Company’s shareholders approved the 2018 Amended and Restated Director’s Restricted Shares Plan (the “2018 Director Share Plan”) to increase the number of shares for issuance by 150,000 to 850,000 . Under the 2018 Director Share Plan, the Company has cumulatively issued 744,811 restricted Common Shares. As such, there are 105,189 restricted Common Shares available to be issued on December 31, 2021. Shares issued annually under the 2018 Director Share Plan are no longer subject to forfeiture one year after the date of grant. Share Units and Performance Shares The fair value of the non-vested time-based share unit awards was calculated using the market value of the Common Shares on the date of issuance. The weighted-average grant-date fair value of time-based share units granted during the years ended December 31, 2021, 2020 and 2019 was $35.13, $17.78, and $30.01, respectively. The fair value of the non-vested performance-based performance share awards with a performance condition requiring the Company to obtain certain earnings per share and return on invested capital targets were estimated using the market value of the shares on the date of grant. The fair value of non-vested performance-based performance share awards with a market condition requiring the Company to obtain a total shareholder return target relative to a group of peer companies was estimated using a Monte Carlo valuation model taking into consideration the probability of achievement using multiple simulations. The awards that use earnings per share and return on invested capital as the performance target are expensed beginning when it is probable that the Company will meet the underlying performance condition. A summary of the status of the Company’s non-vested share units and performance shares as of December 31, 2021 and the changes during the year then ended, are presented below: Time-based awards Performance-based awards Weighted- Weighted- average grant Performance average grant Share units date fair value shares date fair value Non-vested as of December 31, 2020 502,728 $ 21.89 752,783 $ 24.32 Granted 202,599 $ 35.13 215,936 $ 43.34 Vested (159,755) $ 22.52 (126,242) $ 29.61 Forfeited or cancelled (95,241) $ 26.96 (263,492) $ 28.35 Non-vested as of December 31, 2021 450,331 $ 26.55 578,985 $ 28.42 A summary of the status of the Company’s non-vested share units and performance shares as of December 31, 2020 and the changes during the year then ended, are presented below: Time-based awards Performance-based awards Weighted- Weighted- average grant Performance average grant Share units date fair value shares date fair value Non-vested as of December 31, 2019 361,834 $ 25.84 566,336 $ 28.97 Granted 306,161 $ 17.78 409,686 $ 17.10 Vested (128,144) $ 22.13 (145,569) $ 22.08 Forfeited or cancelled (37,123) $ 25.37 (77,670) $ 24.37 Non-vested as of December 31, 2020 502,728 $ 21.89 752,783 $ 24.32 As of December 31, 2021 total unrecognized compensation cost related to non-vested time-based share units granted was $4,486 . That cost is expected to be recognized over a weighted-average period of 1.12 years. For the years ended December 31, 2021, 2020 and 2019, the total fair value of awards vested was $9,637, $5,288 and $12,376, respectively. As of December 31, 2021, there was no unrecognized compensation cost related to non-vested performance shares granted that are probable to vest. As noted above, the Company has issued and outstanding performance-based share units that use different performance targets (total shareholder return, earnings per share and return on invested capital). The excess tax benefit realized from the vesting of share units and performance shares of the share-based payment arrangements was $563, $46 and $1,289 for the years ended December 31, 2021, 2020 and 2019, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 9. Employee Benefit Plans The Company has certain defined contribution profit sharing and 401(k) plans covering substantially all of its employees in the United States and Europe. The Company provides matching contributions to the Company’s 401(k) plan. Company contributions are generally discretionary. For the years ended December 31, 2021, 2020 and 2019, expenses related to these plans amounted to $5,082, $3,812 and $4,260, respectively. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Financial Instruments and Fair Value Measurements | 10. 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, due to the variable interest rate on the Credit Facility and the maturity of the remaining outstanding debt. Derivative Instruments and Hedging Activities On December 31, 2021, the Company had open Mexican peso-denominated foreign currency forward contracts and net investment hedges 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 2021 the Company entered into two cross-currency swaps, designated as net investment hedges, with notional values of $25,000 each and maturities in August 2026 and August 2028 . These swaps hedge a portion of the net investment in a certain euro-denominated subsidiary. 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 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 consolidated statements of operations. Upon settlement, cash flows attributable to derivatives designated as net investment hedges will be classified as investing activities in the 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 during 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 income, to the extent that hedges are effective, until the underlying transactions are recognized in earnings. Unrealized amounts in accumulated other comprehensive income 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 consolidated statements of operations as a component of other expense (income), net. At December 31, 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, and expired ratably on a monthly basis during 2020. There were no such contracts at December 31, 2021 or 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 December 31, 2021 of $23,923 which expire ratably on a monthly basis from January 2022 to December 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-denominated foreign currency forward contracts held as of December 31, 2021 and the year then ended, 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 “Swap”) with a notional amount of $50,000 to hedge its exposure to interest payment fluctuations on a portion of its Credit Facility borrowings. The 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 The notional amounts and fair values of derivative instruments in the consolidated balance sheets were as follows: Prepaid expenses Accrued expenses and Notional amounts (A) and other current assets other current liabilities As of December 31, 2021 2020 2021 2020 2021 2020 Derivatives designated as hedging instruments: Cash flow hedges: Forward currency contracts $ 23,923 $ 1,242 $ 730 $ 255 $ - $ - Interest rate swap $ 50,000 $ 50,000 $ - $ - $ 503 $ 1,318 Net investment hedges: Cross-currency swaps $ 50,000 $ - $ 1,450 $ - $ - $ - (A) Notional amounts represent the gross contract of the derivatives outstanding in U.S. dollars. Gross amounts recorded for the cash flow hedges in other comprehensive (loss) income and in net income (loss) for the years ended December 31 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 2019 2021 2020 2019 Derivatives designated as cash flow hedges: Forward currency contracts $ 923 $ (1,244) $ 450 $ 448 $ (1,499) $ 820 Interest rate swap $ 164 $ (1,751) $ - $ (651) $ (433) $ - Derivatives designated as net investment hedges: Cross-currency swaps $ 1,270 $ - - $ - $ - $ - (A) Gains (losses) reclassified from comprehensive loss into net income (loss) recognized in COGS in the Company’s consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019 were $341 , $(1,146) and $695 , respectively. Gains (losses) reclassified from other comprehensive loss into net income (loss) recognized in D&D in the Company’s consolidated statements of operations were $0 , $(29) and $125 for the years ended December 31, 2021, 2020 and 2019, respectively. Gains (losses) reclassified from other comprehensive loss into net income (loss) recognized in SG&A in the Company’s consolidated statements of operations were $107 , $(324) and $0 for the years ended December 31, 2021, 2020 and 2019, respectively. Losses reclassified from other comprehensive loss into net income (loss) recognized in interest expense, net in the Company’s consolidated statements of operations were $(651) and $(433) for the years ended December 31, 2021, and 2020, respectively. For the year ended December 31, 2021, the total net gains on the foreign currency contract cash flow hedges of $730 are expected to be included in COGS, SG&A and D&D within the next 12 months. Of the total net loss on the interest rate swap cash flow hedge, $468 of losses are expected to be included in interest expense, net within the next 12 months and $35 of losses are expected to be included in interest expense, net in subsequent periods. Cash flows from derivatives used to manage foreign exchange and interest rate risks are classified as operating activities within the consolidated statements of cash flows. The Company has measured the ineffectiveness of the forward currency contracts and any amounts recognized in the consolidated financial statements were immaterial for the years ended December 31, 2021, 2020 and 2019. 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. 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 $ 730 $ - $ 730 $ - $ 255 Cross-currency swaps 1,450 - 1,450 - - Total financial assets carried at fair value $ 2,180 $ - $ 2,180 $ - $ 255 Financial liabilities carried at fair value: Interest rate swap 503 - 503 - 1,318 Earn-out consideration 7,351 - - 7,351 5,813 Total financial liabilities carried at fair value $ 7,854 $ - $ 503 $ 7,351 $ 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 2,065 (3,196) Foreign currency adjustments (527) (3,002) Balance at December 31 $ 7,351 $ 5,813 The Company will be required to pay the Stoneridge Brazil earn-out consideration based on Stoneridge Brazil’s financial performance in 2021. The fair value of the Stoneridge Brazil earn-out consideration is based on earnings before interest, depreciation and amortization (“EBITDA”) in 2021 and was based on discounted cash flows utilizing forecasted EBITDA in 2020 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 consolidated balance sheets as of December 31, 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 consolidated statements of operations. In March 2019, the Company paid earn-out consideration of $8,474 related to the January 2017 acquisition of Orlaco. The payment was recorded in the consolidated statement of cash flows within operating and financing activities in the amounts of $5,080 and $3,394, respectively, for the year ended December 31, 2019. The Orlaco earn-out consideration expense was recognized in the years ended December 31, 2017 and 2018. There were no transfers in or out of Level 3 from other levels in the fair value hierarchy for the year ended December 31, 2021. No non-recurring fair value adjustments were required for nonfinancial assets for the years ended December 31, 2021 and 2020. 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 year ended December 31, 2020, the impairment loss of $2,326 was recorded on the Company’s consolidated statement of operations within SG&A 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." |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 this site. The Company engaged an environmental engineering consultant to assess the level of contamination and 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 ground water remediation began in the fourth quarter of 2015. During the years ended December 31, 2021 and 2020 environmental remediation costs incurred were $391 and $128, respectively, and were immaterial for the year ended December 31, 2019. At December 31, 2021 and 2020, the Company had accrued an undiscounted liability of $216 and $180 respectively, related to future remediation costs which were recorded as a component of accrued expenses and other current liabilities on the consolidated balance sheets while the remaining amount as of December 31, 2021 was recorded as a component of other long-term liabilities. Costs associated with the recorded liability will be incurred to complete the groundwater remediation and monitoring. The recorded liability is based on assumptions in the remedial action plan as well as estimates for future remediation activities. Although the Company sold the Sarasota facility and related property in December 2011, the liability to remediate the site contamination remains the responsibility of the Company. Due to the ongoing site remediation, the Company is currently required to maintain a 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$46,530 ($8,338) and R$43,736 ($8,416) at December 31, 2021 and 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. 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. |
Restructuring and Business Real
Restructuring and Business Realignment | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Business Realignment | |
Restructuring and Business Realignment | 12. Restructuring and Business Realignment 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 2 of the consolidated financial statements for additional details regarding this sale. As a result of the PM sensor restructuring actions, the Company recognized expense of $2,360 and $3,428 for the years ended December 31, 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 including supplier settlements. For the year ended December 31, 2021 restructuring related costs of $1,510 , $642 and $208 were recognized in COGS, SG&A and D&D, respectively. the year ended December 31, 2020 restructuring related costs of $817 and $2,611 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 additional costs related to these settlements and fees is up 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 December 31, 2021 Fixed asset impairment and $ - $ 188 $ - $ (188) $ - Employee termination benefits - 139 (104) - 35 Other related costs - 2,033 (2,033) - - Total $ - $ 2,360 $ (2,137) $ (188) $ 35 Accrual as of 2020 Charge Utilization Accrual as of January 1, 2020 to Expense Cash Non-Cash December 31, 2020 Fixed asset impairment and $ - $ 3,326 $ - $ (3,326) $ - Other related costs - 102 (102) - - Total $ - $ 3,428 $ (102) $ (3,326) $ - 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 $13, $2,978 and $12,530 for the years ended December 31, 2021, 2020 and 2019, respectively, for employee severance and termination costs and other restructuring related costs. For the year ended December 31, 2021 other restructuring related costs of $13 were recognized in D&D in the consolidated statement of operations. For the year ended December 31, 2020 severance and other restructuring related costs of $1,659, $551 and $768 were recognized in COGS, SG&A and D&D, respectively, in the consolidated statement of operations. For the year ended December 31, 2019 severance and other related restructuring costs of $7,625, $1,526 and $3,379 were recognized in COGS, SG&A and D&D, respectively, in the consolidated statement of operations. We do not expect to incur additional costs related to the Canton Restructuring. Refer to Note 7 and Note 2 to the 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 December 31, 2021 Employee termination benefits $ 165 $ - $ (72) $ - $ 93 Other related costs - 13 (13) - - Total $ 165 $ 13 $ (85) $ - $ 93 Accrual as of 2020 Charge Utilization Accrual as of January 1, 2020 to Expense Cash Non-Cash December 31, 2020 Employee termination benefits $ 2,636 $ 1,119 $ (3,590) $ - $ 165 Other related costs - 1,859 (1,859) - - Total $ 2,636 $ 2,978 $ (5,449) $ - $ 165 Accrual as of 2019 Charge Utilization Accrual as of January 1, 2019 to Expense Cash Non-Cash December 31, 2019 Employee termination benefits $ - $ 8,088 $ (5,452) $ - $ 2,636 Other related costs - 4,442 (4,442) - - Total $ - $ 12,530 $ (9,894) $ - $ 2,636 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 to a new location which resulted in incurring contract termination costs as well as employee severance and termination costs. In addition, the Company announced a 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 $290, $2,400 and $603 respectively, for the years ended December 31, 2021, 2020 and 2019 for employee severance and termination costs, non-cash fixed asset charges for accelerated depreciation of fixed assets, contract termination costs and other related costs. Electronics segment restructuring costs recognized in COGS, SG&A, and D&D in the consolidated statement of operations for the year ended December 31, 2021 were $37, $210 and $43, respectively. Electronics segment restructuring costs recognized in COGS, SG&A and D&D in the consolidated statement of operations for the year ended December 31, 2020 were $147, $1,774 and $479, respectively. Electronics segment restructuring costs were recorded in SG&A in the consolidated statements of operations for the year ended December 31, 2019. We do not expect to incur additional costs related to these Electronics segment restructuring actions. 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 December 31, 2021 Employee termination benefits $ 227 $ 50 $ (277) $ - $ - Other related costs - 240 (240) - - Total $ 227 $ 290 $ (517) $ - $ - Accrual as of 2020 Charge to Utilization Accrual as of January 1, 2020 Expense Cash Non-Cash December 31, 2020 Employee termination benefits $ 52 $ 1,034 $ (859) $ - $ 227 Contract termination costs - 452 (452) - - Other related costs - 914 (914) - - Total $ 52 $ 2,400 $ (2,225) $ - $ 227 Accrual as of 2019 Charge to Utilization Accrual as of January 1, 2019 Expense Cash Non-Cash December 31, 2019 Employee termination benefits $ 520 $ (18) $ (453) $ 3 $ 52 Accelerated depreciation - 289 - (289) - Contract termination costs 17 9 (26) - - Other related costs 119 323 (442) - - Total $ 656 $ 603 $ (921) $ (286) $ 52 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: Year ended December 31, 2021 2020 2019 Control Devices (A) $ 192 $ 1,752 $ 682 Electronics (B) 3 1,690 99 Stoneridge Brazil (C) 59 234 - Unallocated Corporate (D) 1,138 361 1,048 Total business realignment charges $ 1,392 $ 4,037 $ 1,829 (A) Severance costs for the year ended December 31, 2021 related to SG&A were $192 . Severance costs for the year ended December 31, 2020 related to COGS, D&D and SG&A were $724 , $283 and $745 , respectively. Severance costs for the year ended December 31, 2019 related to SG&A were $682 . (B) Severance costs (benefit) for the year ended December 31, 2021 related to COGS, SG&A and D&D were $1 , $(7) and $9 , respectively. Severance costs for the year ended December 31, 2020 related to COGS, D&D and SG&A were $383 , $402 and $905 , respectively. Severance costs for the year ended December 31, 2019 related to SG&A were $99 . (C) Severance costs for the year ended December 31, 2021 related to COGS and SG&A were $7 and $52 , respectively. Severance costs for the year ended December 31, 2020 related to COGS and SG&A were $124 and $110 , respectively. (D) Severance costs for the years ended December 31, 2021, 2020 and 2019 related to SG&A were $1,138 , $361 and $1,048 , respectively. Business realignment charges classified by statement of operations line item were as follows: Year ended December 31, 2021 2020 2019 Cost of goods sold $ 8 $ 1,231 $ - Selling, general and administrative 1,375 2,121 1,829 Design and development 9 685 - Total business realignment charges $ 1,392 $ 4,037 $ 1,829 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 13. 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 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. The Company’s management evaluates the performance of its reportable segments based primarily on revenues from external customers, capital expenditures and operating income. Inter-segment sales are accounted for on terms similar to those to third parties and are eliminated upon consolidation. 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 accounting/finance, executive administration, human resources, information technology and legal. A summary of financial information by reportable segment is as follows: December 31, 2021 2020 2019 Net Sales: Control Devices $ 355,775 $ 342,576 $ 431,560 Inter-segment sales 3,502 5,475 6,438 Control Devices net sales 359,276 348,051 437,998 Electronics 357,910 257,767 335,195 Inter-segment sales 26,192 24,027 33,735 Electronics net sales 384,103 281,794 368,930 Stoneridge Brazil 56,777 47,663 67,534 Inter-segment sales - - 6 Stoneridge Brazil net sales 56,777 47,663 67,540 Eliminations (29,694) (29,502) (40,179) Total net sales $ 770,462 $ 648,006 $ 834,289 Operating Income (Loss): Control Devices $ 54,933 $ 22,072 $ 73,327 Electronics (12,502) (3,672) 25,006 Stoneridge Brazil 995 3,766 6,539 Unallocated Corporate (A) (28,015) (29,830) (33,591) Total operating income (loss) $ 15,411 $ (7,664) $ 71,281 Depreciation and Amortization: Control Devices $ 15,351 $ 15,377 $ 13,397 Electronics 12,487 10,501 9,872 Stoneridge Brazil 3,856 4,766 6,338 Unallocated Corporate 2,134 2,086 1,252 Total depreciation and amortization (B) $ 33,828 $ 32,730 $ 30,859 Interest Expense (Income), net: Control Devices $ 132 $ 173 $ 172 Electronics 462 320 162 Stoneridge Brazil (1,353) (4) 167 Unallocated Corporate 5,948 5,635 3,823 Total interest expense, net $ 5,189 $ 6,124 $ 4,324 Capital Expenditures: Control Devices $ 9,154 $ 11,760 $ 12,646 Electronics 9,735 11,617 15,476 Stoneridge Brazil 2,918 2,839 5,003 Unallocated Corporate (C) 1,142 1,444 2,699 Total capital expenditures $ 22,949 $ 27,660 $ 35,824 December 31, 2021 2020 Total Assets: Control Devices $ 181,968 $ 194,433 Electronics 338,080 303,914 Stoneridge Brazil 59,100 61,350 Corporate (C) 438,175 390,851 Eliminations (351,924) (329,140) Total assets $ 665,399 $ 621,408 The following table presents net sales and long-term assets for the geographic areas in which the Company operates: December 31, 2021 2020 2019 Net Sales: North America $ 386,944 $ 330,528 $ 457,633 South America 56,777 47,663 67,534 Europe and Other 326,741 269,815 309,122 Total net sales $ 770,462 $ 648,006 $ 834,289 December 31, 2021 2020 Long-term Assets: North America $ 91,039 $ 110,330 South America 30,272 33,785 Europe and Other 133,264 142,629 Total long-term assets $ 254,575 $ 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 receivables, fixed and leased assets for the headquarter building, information technology assets, equity investments and investments in subsidiaries . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events Credit Facility Amendment On February 28, 2022, the Company entered into Amendment No. 3 to the Credit Facility. Refer to Note 5 of the consolidated financial statements for details regarding this amendment. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2021 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS The following schedule provides the activity for accounts receivable reserves and valuation allowance for deferred tax assets for the years ended December 31, 2021, 2020 and 2019 (in thousands): Balance at Charged to beginning of costs and Balance at period expenses Write-offs end of period Accounts receivable reserves: Year ended December 31, 2021 $ 817 $ 1,030 $ (404) $ 1,443 Year ended December 31, 2020 1,289 1,130 (1,602) 817 Year ended December 31, 2019 1,243 1,126 (1,080) 1,289 Net additions Exchange rate Balance at charged to fluctuations beginning of income and other Balance at period (expense) items end of period Valuation allowance for deferred tax assets: Year ended December 31, 2021 $ 10,237 $ 4,768 $ (489) $ 14,516 Year ended December 31, 2020 8,586 2,174 (523) 10,237 Year ended December 31, 2019 8,962 (138) (238) 8,586 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Stoneridge, Inc. and its wholly-owned subsidiaries (collectively, the “Company”). Intercompany transactions and balances have been eliminated in consolidation. The Company analyzes its ownership interests in accordance with Accounting Standards Codification (“ASC”) “Consolidations (Topic 810)” to determine whether they are a variable interest entity and, if so, whether the Company is the primary beneficiary. The Company’s investment in Minda Stoneridge Instruments Ltd. (“MSIL”) for the years ended December 31, 2020 and 2019 has been determined to be an unconsolidated entity, and therefore was accounted for under the equity method of accounting based on the Company’s 49% ownership in MSIL. The Company sold its equity interest in MSIL on December 30, 2021. |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including certain self-insured risks and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Because actual results could differ from those estimates, the Company revises its estimates and assumptions as new information becomes available. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company’s cash and cash equivalents include actively traded money market funds with short-term investments in marketable securities, primarily U.S. government securities. Cash and cash equivalents are stated at cost, which approximates fair value, due to the highly liquid nature and short-term duration of the underlying securities with original maturities of 90 days or less. |
Accounts Receivable and Concentration Of Credit Risk | Accounts Receivable and Concentration of Credit Risk Revenues are principally generated from the automotive, commercial, off-highway and agricultural vehicle markets. The Company’s largest customers are Volvo and VW Group, primarily related to the Electronics reportable segment and accounted for the following percentages of consolidated net sales: 2021 2020 2019 Volvo 9 % 8 % 8 % VW Group 9 % 9 % 9 % Accounts receivable are recorded at the invoice price, net of an estimate of allowance for doubtful accounts and other reserves. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company evaluates the collectability of accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific allowance for doubtful accounts is recorded against amounts due to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. Additionally, the Company reviews historical trends for collectability in determining an estimate for its allowance for doubtful accounts. If economic circumstances change substantially, estimates of the recoverability of amounts due to the Company could be reduced by a material amount. The Company does not have collateral requirements with its customers. |
Inventories | 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 consist of the following: December 31 2021 2020 Raw materials $ 107,034 $ 67,775 Work-in-progress 9,755 7,005 Finished goods 21,326 15,768 Total inventories, net $ 138,115 $ 90,548 Inventory valued using the FIFO method was $127,939 and $82,308 at December 31, 2021 and 2020, respectively. Inventory valued using the average cost method was $10,176 and $8,240 at December 31, 2021 and 2020, respectively. |
Pre-Production Costs Related to Long-Term Supply Arrangements | Pre-production Costs Related to Long-term Supply Arrangements Engineering, research and development and other design and development costs for products sold on long-term supply arrangements are expensed as incurred unless the Company has a contractual guarantee for reimbursement from the customer which are capitalized as pre-production costs. Costs for molds, dies and other tools used to make products sold on long-term supply arrangements for which the Company either has title to the assets or has the noncancelable right to use the assets during the term of the supply arrangement are capitalized in property, plant and equipment and amortized to cost of sales over the shorter of the term of the arrangement or over the estimated useful lives of the assets, typically three to seven years . Costs for molds, dies and other tools used to make products sold on long-term supply arrangements for which the Company has a contractual guarantee to a lump sum reimbursement from the customer are capitalized either as a component of prepaid expenses and other current assets or an investment and other long-term assets, net within the consolidated balance sheets. Capitalized pre-production costs were $16,292 and $14,259 at December 31, 2021 and 2020, respectively, and were recorded as a component of prepaid expenses and other current assets on the consolidated balance sheets. |
Disposal of Non-Core Products | Disposal of Non-Core Products On April 1, 2019, the Company entered into an Asset Purchase Agreement by and among the Company, the Company’s wholly owned subsidiary, Stoneridge Control Devices, Inc. (“SCD”), and Standard Motor Products, Inc. (“SMP”). On the same day pursuant to the Asset Purchase Agreement, in exchange for product lines and assets related to certain non-core switches and connectors (the “Non-core Products”). the Company and SMP also entered into certain ancillary agreements, including a transition services agreement, a contract manufacturing agreement and a supply agreement, pursuant to which the Company provided and was compensated for certain manufacturing, transitional, and administrative and support services to SMP on a short-term basis. The products related to the Non-core Products were manufactured in Juarez, Mexico and Canton, Massachusetts, and include ball switches, ignition switches, rotary switches, courtesy lamps, toggle switches, headlamp switches and other related components. On April 1, 2019, the Company’s Control Devices segment recognized net sales and costs of goods sold (“COGS”) of $4,160 and $2,775, respectively, for the one-time sale of Non-core Product finished goods inventory and a gain on disposal of $33,921, net for the sale of fixed assets, intellectual property and customer lists associated with the Non-core Products less transaction costs. The Company recognized transaction costs associated with the disposal of Control Devices’ Non-core Products of $322 within selling, general and administrative (“SG&A”) expenses for the year ended December 31, 2019. The Company received $21 and $1,824 for services provided pursuant to the transition services agreement which were recognized as a reduction in SG&A for the years ended December 31, 2020 and 2019, respectively. Pursuant to the contract manufacturing agreement, the Company recognized sales and operating income for the production of Non-core Products of $26,304 and $1,458 for the year ended December 31, 2019, respectively. The Company also received $745 for reimbursement of retention and facility costs from SMP pursuant to the contract manufacturing agreement which was recognized as a reduction to SG&A for the year ended December 31, 2019. There were Non-core Product net sales for the years ended December 31, 2021 or 2020. 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 did not acquire 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 occurred during November 2021, upon completion of the Company’s supply commitments to certain customers. 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 $8,042 in the year ended December 31, 2021. In addition, the Company received $783 for services provided pursuant to the transition services agreement which were recognized as a reduction in SG&A for the year ended December 31, 2021. PM sensor Gen 1 net sales, including sales of $8,042 to SMP pursuant to the contract manufacturing agreement and the sale of Gen 1 inventory components of $2,283 and operating income were $12,592 and $1,415, respectively, for the year ended December 31, 2021. PM sensor Gen 1 net sales and operating income were $8,814 and $1,090, respectively, for the year ended December 31, 2020. PM sensor Gen 1 net sales and operating loss were $10,951 and $438, respectively, for the year ended December 31, 2019. The Company completed the PM sensor Gen 2 product supply commitments and ended production on September 23, 2021. In November 2021, the Company’s Control Devices segment recognized proceeds of $786 and a gain on disposal of $408 for the sale of the Gen 2 fixed assets within SG&A, for the year ended December 31, 2021. 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. Sale of MSIL On November 2, 2021, the Company entered into a Share Purchase Agreement (the “SPA”) with Minda Corporation Limited (“Minda”), as the buyer, and MSIL. Pursuant to the SPA the Company agreed to sell to Minda the Company’s minority interest in MSIL for approximately $21,500 equivalent Indian Rupee which was payable in U.S. dollars at closing. On December 30, 2021, pursuant to the SPA, the Company closed the sale of MSIL to Minda for $21,587. The Company recognized net proceeds of $20,999 and a gain, net of transaction costs, of $1,794. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost and consist of the following: December 31 2021 2020 Land and land improvements $ 3,064 $ 4,447 Buildings and improvements 28,842 39,784 Machinery and equipment 249,365 253,563 Office furniture and fixtures 8,701 9,993 Tooling 41,391 40,967 Information technology 30,454 28,491 Vehicles 741 654 Leasehold improvements 5,592 5,198 Construction in progress 12,584 19,744 Total property, plant, and equipment 380,734 402,841 Less: accumulated depreciation (272,833) (283,517) Property, plant and equipment, net $ 107,901 $ 119,324 Depreciation is provided using the straight-line method over the estimated useful lives of the assets. Depreciation expense for the years ended December 31, 2021, 2020 and 2019 was $27,823, $27,309 and $24,904, respectively. Depreciable lives within each property classification are as follows: Buildings and improvements 10 - 40 years Machinery and equipment 3 - 10 years Office furniture and fixtures 3 - 10 years Tooling 2 - 7 years Information technology 3 - 7 years Vehicles 3 - 7 years Leasehold improvements shorter of lease term or 3 - 10 years Maintenance and repair expenditures that are not considered improvements and do not extend the useful life of the property, plant and equipment are charged to expense as incurred. Expenditures for improvements and major renewals are capitalized. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss on the disposition is recorded in the consolidated statements of operations as a component of SG&A expenses. |
Impairment of Long-Lived or Finite-Lived Assets | Impairment of Long-Lived 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 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 $ 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 year ended December 31, 2020, the impairment loss of $ was recorded on the Company’s consolidated statement of operations within SG&A expense. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The total purchase price associated with acquisitions is allocated to the acquisition date fair values of identifiable assets acquired and liabilities assumed with the excess purchase price assigned to goodwill. Goodwill was $36,387 and $39,104 at December 31, 2021 and 2020, respectively, all of which relates to the Electronics segment. Goodwill is not amortized, but instead is tested for impairment at least annually, or earlier when events and circumstances indicate that it is more likely than not that such assets have been impaired, by applying a fair value-based test. In conducting our annual impairment assessment testing, we first perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If not, no further goodwill impairment testing is performed. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or if we elect not to perform a qualitative assessment of a reporting unit, we then compare the fair value of the reporting unit to the related net book value. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. The Company utilizes an income statement approach to estimate the fair value of a reporting unit and a market valuation approach to further support this analysis. The income approach is based on projected debt-free cash flow which is discounted to the present value using discount factors that consider the timing and risk of cash flows. We believe that this approach is appropriate because it provides a fair value estimate based on the reporting unit’s expected long-term operating cash flow performance. This approach also mitigates the impact of cyclical trends that occur in the industry. Fair value is estimated using internally developed forecasts, as well as commercial and discount rate assumptions. The discount rate used is the value-weighted average of our estimated cost of equity and of debt (“cost of capital”) derived using both known and estimated customary market metrics. Our weighted average cost of capital is adjusted to reflect a risk factor, if necessary. Other significant assumptions include terminal value growth rates, terminal value margin rates, future capital expenditures and changes in future working capital requirements. While there are inherent uncertainties related to the assumptions used and to management’s application of these assumptions to this analysis, we believe that the income statement approach provides a reasonable estimate of the fair value of a reporting unit. The market valuation approach is used to further support our analysis. There was Goodwill and changes in the carrying amount of goodwill for the Electronics segment for the years ended December 31, 2021 and 2020 were as follows: 2021 2020 Balance at January 1 $ 39,104 $ 35,874 Currency translation (2,717) 3,230 Balance at December 31 $ 36,387 $ 39,104 The Company’s cumulative goodwill impairment loss since inception was $300,083 at December 31, 2021 and 2020, which includes Stoneridge Brazil’s goodwill impairment in 2014 and goodwill impairment recorded by the Company’s Control Devices segment in 2008 and 2004. Other Intangible Assets Other intangible assets, net at December 31, 2021 and 2020 consisted of the following: Acquisition Accumulated As of December 31, 2021 cost amortization Net Customer lists $ 45,000 $ (20,240) $ 24,760 Tradenames 16,016 (6,655) 9,361 Technology 12,855 (8,922) 3,933 Capitalized software development 12,433 (624) 11,809 Total $ 86,304 $ (36,441) $ 49,863 Acquisition Accumulated As of December 31, 2020 cost amortization Net Customer lists $ 48,339 $ (18,530) $ 29,809 Tradenames 17,201 (6,290) 10,911 Technology 13,799 (8,079) 5,720 Capitalized software development 8,954 - 8,954 Total $ 88,293 $ (32,899) $ 55,394 Other intangible assets, net at December 31, 2021 for customer lists, tradenames, technology and capitalized software development include $19,480, $4,084, $1,590 and $8,635, respectively, related to the Electronics segment. Customer lists, tradenames and technology of $5,280, $5,277 and $2,258 , respectively, related to the Stoneridge Brazil segment at December 31, 2021. Capitalized software development and technology of The Company designs and develops software that will be embedded into certain products and sold to customers. Software development costs are capitalized after the software product development reaches technological feasibility and until the software product becomes available for general release to customers. These intangible assets are amortized using the straight-line method over estimated useful lives generally ranging from three to seven years . The Company recognized $5,387 , $5,399 and $5,955 of amortization expense related to intangible assets in 2021, 2020 and 2019, respectively. Amortization expense is included as a component of Overhead and SG&A on the consolidated statements of operations. Annual amortization expense for intangible assets is estimated to be approximately $7,000 for the year 2022 and approximately $6,200 for the years 2023 through 2026 . The weighted-average remaining amortization period is approximately 8 years . There were no intangible impairment charges for the years ended December 31, 2021, 2020 or 2019. |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: As of December 31 2021 2020 Compensation related liabilities $ 18,716 $ 21,852 Product warranty and recall obligations 6,752 9,044 Other (A) 44,671 21,376 Total accrued expenses and other current liabilities $ 70,139 $ 52,272 (A) “Other” is comprised of miscellaneous accruals, none of which individually contributed a significant portion of the total. |
Income Taxes | Income Taxes The Company accounts for income taxes using the liability method. Deferred income taxes reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting amounts. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not to occur. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date. Deferred tax assets are recognized to the extent that these assets are more likely than not to be realized (See Note 6). In making such a determination, the Company considers all available positive and negative evidence, including future release of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. Release of some or all of a valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded. The Company’s policy is to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. To the extent the Company prevails in matters for which a liability for an unrecognized tax benefit is established or is required to pay amounts in excess of the liability, the Company’s effective tax rate in a given financial statement period may be affected. The Tax Cuts and Jobs Act of 2017 (“Tax Legislation”) created a provision known as Global Intangible Low-Taxed Income (“GILTI”) that imposes a tax on certain earnings of foreign subsidiaries. The Company has made an accounting policy election to reflect GILTI taxes, if any, as a current period tax expense when incurred. |
Currency Translation | Currency Translation The financial statements of foreign subsidiaries, where the local currency is the functional currency, are translated into U.S. dollars using exchange rates in effect at the period end for assets and liabilities and average exchange rates during each reporting period for the results of operations. Adjustments resulting from translation of financial statements are reflected as a component of accumulated other comprehensive loss in the Company’s consolidated balance sheets. Foreign currency transactions are remeasured into the functional currency using translation rates in effect at the time of the transaction with the resulting adjustments included on the consolidated statements of operations within other expense (income), net. These foreign currency transaction losses (gains), including the impact of hedging activities, were $2,037, $(997) and $372 for the years ended December 31, 2021, 2020 and 2019, respectively. |
Revenue Recognition and Sales Commitments | Revenue Recognition and Sales Commitments The Company recognizes revenue 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. The Company recognizes monitoring service revenues over time, as the services are provided to customers. 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 Company collects certain taxes and fees on behalf of government agencies and remits such collections on a periodic basis. The taxes are collected from customers but are not included in net sales. Estimated returns are based on historical authorized returns. The Company often enters into agreements with its customers at the beginning of a given vehicle’s expected production life. Once such agreements are entered into, it is the Company’s obligation to fulfill the customers’ purchasing requirements for the entire production life of the vehicle. These agreements are subject to potential renegotiation from time to time, which may affect product pricing. See Note 3 for additional disclosure. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs are included in COGS on the consolidated statements of operations. |
Product Warranty and Recall Reserves | Product Warranty and Recall Reserves 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 holding 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 the product warranty and recall reserve is included as a component of accrued expenses and other current liabilities on the consolidated balance sheets. Product warranty and recall includes $3,094 and $3,647 of a long-term liability at December 31, 2021 and 2020, respectively, which is included as a component of other long-term liabilities on the consolidated balance sheets. The following provides a reconciliation of changes in the product warranty and recall reserve: Year ended December 31, 2021 2020 Product warranty and recall at beginning of period $ 12,691 $ 10,796 Accruals for warranties established during period 7,037 5,898 Aggregate changes in pre-existing liabilities due to claim developments 201 1,794 Settlements made during the period (9,647) (6,297) Foreign currency translation (436) 500 Product warranty and recall at end of period $ 9,846 $ 12,691 |
Design and Development Costs | Design and Development Costs Expenses associated with the development of new products, and changes to existing products, other than capitalized software development costs, are charged to expense as incurred, and are included in the Company’s consolidated statements of operations as a separate component of costs and expenses. These product development costs amounted to $66,165, $49,386 and $52,198 for the years ended December 31, 2021, 2020 and 2019, respectively, or 8.8%, 7.6% and 6.3% of net sales for these respective periods. |
Research and Development Activities | Research and Development Activities The Company enters into research and development contracts with certain customers, which generally provide for reimbursement of costs. The Company incurred and was reimbursed for contracted research and development costs of $15,849, $19,302 and $15,096 for the years ended December 31, 2021, 2020 and 2019, respectively. |
Share-Based Compensation | Share-Based Compensation At December 31, 2021, the Company had two types of share-based compensation plans: (1) 2016 Long-Term Incentive Plan for employees and (2) the 2018 Amended and Restated Directors’ Restricted Shares Plan, for non-employee directors. See Note 8 for additional details on share-based compensation plans. Total compensation expense recognized as a component of SG&A expense on the consolidated statements of operations for share-based compensation arrangements was $5,960, $5,888 and $6,191 for the years ended December 31, 2021, 2020 and 2019, respectively. There was no share-based compensation expense capitalized in inventory during 2021, 2020 or 2019. Share-based compensation expense is calculated using estimated volatility and forfeitures based on historical data, future expectations and the expected term of the share-based compensation awards. |
Financial Instruments and Derivative Financial Instruments | Financial Instruments and Derivative Financial Instruments Financial instruments, including derivative financial instruments, held by the Company include cash and cash equivalents, accounts receivable, accounts payable, long-term debt, net investment hedge, interest rate swap agreement and foreign currency forward contracts. The carrying value of cash and cash equivalents, accounts receivable and accounts payable is considered to be representative of fair value because of the short maturity of these instruments. See Note 10 for fair value disclosures of the Company’s financial instruments. |
Common Shares Held in Treasury | Common Shares Held in Treasury The Company accounts for Common Shares held in treasury under the cost method (applied on a FIFO basis) and includes such shares as a reduction of total shareholders’ equity. |
(Loss) Earnings Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share was computed by dividing net income (loss) by the weighted-average number of Common Shares outstanding for each respective period. Diluted earnings per share was calculated by dividing net income (loss) by the weighted-average of all potentially dilutive Common Shares that were outstanding during the periods presented. However, for all periods in which 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 for the year ended December 31, 2020 were excluded from diluted loss per share because the effect would have been anti-dilutive. Actual weighted-average Common Shares outstanding used in calculating basic and diluted net income per share were as follows: Year ended December 31, 2021 2020 2019 Basic weighted-average Common Shares outstanding 27,114,359 27,024,571 27,791,799 Effect of dilutive shares 301,175 - 478,296 Diluted weighted-average Common Shares outstanding 27,415,534 27,024,571 28,270,095 There were 580,116, 752,784 and 566,337 performance-based right to receive Common Shares outstanding at December 31, 2021, 2020 and 2019. These performance-based restricted and 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 year were the end of the contingency period. |
Deferred Finance Costs, net | Deferred Financing Costs, net Deferred financing costs are amortized over the life of the related financial instrument using the straight-line method, which approximates the effective interest method. Deferred financing cost amortization and debt discount accretion, for the years ended December 31, 2021, 2020 and 2019 was $643, $506 and $624 , respectively, and is included as a component of interest expense, net in the consolidated statements of operations. |
Equity and Changes in Accumulated Other Comprehensive Loss by Component | Equity and Changes in Accumulated Other Comprehensive Loss by Component Common Share Repurchase On October 26, 2018, the Company’s Board of Directors authorized the Company to repurchase up to $50,000 of Common Shares. Thereafter, on May 7, 2019, the Company entered into a Master Confirmation (the “Master Confirmation”) and a Supplemental Confirmation, together with the Master Confirmation, the Accelerated Share Repurchase Agreement (“ASR Agreement”), with Citibank N.A. (the “Bank”) to purchase Company Common Shares for a payment of $50,000 (the “Prepayment Amount”). Under the terms of the ASR Agreement, on May 7, 2019, the Company paid the Prepayment Amount to the Bank and received on May 8, 2019 an initial delivery of 1,349,528 Company Common Shares, which was approximately 80% of the total number of Company Common Shares expected to be repurchased under the ASR Agreement based on the closing price of the Company’s Common Shares on May 7, 2019. These Common Shares became treasury shares and were recorded as a On February 25, 2020, the Bank notified the Company that it terminated early its commitment pursuant the ASR Agreement and would deliver 364,604 Common Shares on February 27, 2020 based on the volume weighted average price of our Common Shares during the term set forth in the ASR Agreement. The Bank’s notice of early termination and the subsequent delivery of Common Shares represents the final settlement of the Company’s share repurchase program pursuant to the accelerated share repurchase agreement. These Common Shares became treasury shares and were recorded as a $10,000 reduction to shareholders’ equity as Common Shares held in treasury with the offset of $10,000 to additional paid-in capital. On February 24, 2020, the Company’s Board of Directors authorized a new repurchase program of $50,000 for the repurchase of the Company’s outstanding Common Shares over the next 18 months . The repurchases could be made from time to time in either open market transactions or in privately negotiated transactions. Repurchases could also be made under Rule 10b-18 plans, which permit Common Shares to be repurchased through pre-determined criteria. On March 3, 2020, under the new repurchase program the Company entered into a 10b-18 Agreement Letter (the “10b-18 Agreement”), with the Bank to purchase Company Common Shares, under purchasing conditions of Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended (“Rule 10b-18”), for up to $5,000. Under the terms of the 10b-18 Agreement, commencing March 3, 2020 and ending March 6, 2020, the Company received delivery of a total of 242,634 Company Common Shares for the amount of $4,995. These Common Shares became treasury shares and were recorded as a $4,995 reduction to shareholders’ equity as Common Shares held in treasury. In April 2020, the Company announced that it was temporarily suspending the share repurchase program in response to uncertainty surrounding the duration and magnitude of the impact of COVID-19. The 2020 repurchase program authorization expired during the third quarter of 2021 and no additional shares will be repurchased under this program. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss for the years ended December 31, 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 (8,408) 859 (7,549) Amounts reclassified from accumulated other comprehensive loss - 160 160 Net other comprehensive (loss) income, net of tax (8,408) 1,019 (7,389) Balance at December 31, 2021 $ (97,203) $ 179 $ (97,024) Balance at January 1, 2020 $ (91,472) $ - $ (91,472) Other comprehensive income (loss) before reclassifications 2,677 (2,366) 311 Amounts reclassified from accumulated other comprehensive loss - 1,526 1,526 Net other comprehensive income (loss), net of tax 2,677 (840) 1,837 Balance at December 31, 2020 $ (88,795) $ (840) $ (89,635) |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to their 2021 presentation in the consolidated financial statements. |
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. 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 consolidated balance sheet as of December 31, 2020. The adoption of this standard did not have an impact on the Company’s consolidated results of operations and cash flows. Recently Issued Accounting Standards Not Yet Adopted as of December 31, 2021 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 new standard was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. As of December 31, 2021, the Company has not yet had contracts modified due to rate reform. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |
Schedule of Accounts Receivable and Concentration of Credit Risk | 2021 2020 2019 Volvo 9 % 8 % 8 % VW Group 9 % 9 % 9 % |
Schedule of Inventory, Current | December 31 2021 2020 Raw materials $ 107,034 $ 67,775 Work-in-progress 9,755 7,005 Finished goods 21,326 15,768 Total inventories, net $ 138,115 $ 90,548 |
Property, Plant and Equipment | Property, plant and equipment are recorded at cost and consist of the following: December 31 2021 2020 Land and land improvements $ 3,064 $ 4,447 Buildings and improvements 28,842 39,784 Machinery and equipment 249,365 253,563 Office furniture and fixtures 8,701 9,993 Tooling 41,391 40,967 Information technology 30,454 28,491 Vehicles 741 654 Leasehold improvements 5,592 5,198 Construction in progress 12,584 19,744 Total property, plant, and equipment 380,734 402,841 Less: accumulated depreciation (272,833) (283,517) Property, plant and equipment, net $ 107,901 $ 119,324 |
Schedule of Property, Plant and Equipment Estimated Useful Lives | Buildings and improvements 10 - 40 years Machinery and equipment 3 - 10 years Office furniture and fixtures 3 - 10 years Tooling 2 - 7 years Information technology 3 - 7 years Vehicles 3 - 7 years Leasehold improvements shorter of lease term or 3 - 10 years |
Schedule of Goodwill | 2021 2020 Balance at January 1 $ 39,104 $ 35,874 Currency translation (2,717) 3,230 Balance at December 31 $ 36,387 $ 39,104 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | Other intangible assets, net at December 31, 2021 and 2020 consisted of the following: Acquisition Accumulated As of December 31, 2021 cost amortization Net Customer lists $ 45,000 $ (20,240) $ 24,760 Tradenames 16,016 (6,655) 9,361 Technology 12,855 (8,922) 3,933 Capitalized software development 12,433 (624) 11,809 Total $ 86,304 $ (36,441) $ 49,863 Acquisition Accumulated As of December 31, 2020 cost amortization Net Customer lists $ 48,339 $ (18,530) $ 29,809 Tradenames 17,201 (6,290) 10,911 Technology 13,799 (8,079) 5,720 Capitalized software development 8,954 - 8,954 Total $ 88,293 $ (32,899) $ 55,394 |
Accrued Expenses and Other Current Liabilities | As of December 31 2021 2020 Compensation related liabilities $ 18,716 $ 21,852 Product warranty and recall obligations 6,752 9,044 Other (A) 44,671 21,376 Total accrued expenses and other current liabilities $ 70,139 $ 52,272 (A) “Other” is comprised of miscellaneous accruals, none of which individually contributed a significant portion of the total. |
Schedule of Product Warranty and Recall Liability | Year ended December 31, 2021 2020 Product warranty and recall at beginning of period $ 12,691 $ 10,796 Accruals for warranties established during period 7,037 5,898 Aggregate changes in pre-existing liabilities due to claim developments 201 1,794 Settlements made during the period (9,647) (6,297) Foreign currency translation (436) 500 Product warranty and recall at end of period $ 9,846 $ 12,691 |
Schedule of Weighted-Average Number of Shares | Year ended December 31, 2021 2020 2019 Basic weighted-average Common Shares outstanding 27,114,359 27,024,571 27,791,799 Effect of dilutive shares 301,175 - 478,296 Diluted weighted-average Common Shares outstanding 27,415,534 27,024,571 28,270,095 |
Schedule of Changes in Accumulated Other Comprehensive Loss by Component | 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 (8,408) 859 (7,549) Amounts reclassified from accumulated other comprehensive loss - 160 160 Net other comprehensive (loss) income, net of tax (8,408) 1,019 (7,389) Balance at December 31, 2021 $ (97,203) $ 179 $ (97,024) Balance at January 1, 2020 $ (91,472) $ - $ (91,472) Other comprehensive income (loss) before reclassifications 2,677 (2,366) 311 Amounts reclassified from accumulated other comprehensive loss - 1,526 1,526 Net other comprehensive income (loss), net of tax 2,677 (840) 1,837 Balance at December 31, 2020 $ (88,795) $ (840) $ (89,635) |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [Abstract] | |
Revenue by Segment and Geographical Location | Control Devices Electronics Stoneridge Brazil Consolidated Year ended December 31, 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Net Sales: North America $ 282,525 $ 261,967 $ 365,010 $ 104,419 $ 68,561 $ 92,623 $ - $ - $ - $ 386,944 $ 330,528 $ 457,633 South America - - - - - - 56,777 47,663 67,534 56,777 47,663 67,534 Europe 12,681 29,679 22,467 248,468 184,579 236,994 - - - 261,149 214,258 259,461 Asia Pacific 60,569 50,930 44,083 5,023 4,627 5,578 - - - 65,592 55,557 49,661 Total net sales $ 355,775 $ 342,576 $ 431,560 $ 357,910 $ 257,767 $ 335,195 $ 56,777 $ 47,663 $ 67,534 $ 770,462 $ 648,006 $ 834,289 (1) Company sales based on geographic location are where the sale originates not where the customer is located. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt [Abstract] | |
Schedule of Debt | December 31, December 31, Interest rates at 2021 2020 December 31, 2021 Maturity Revolving Credit Facility Credit Facility $ 163,957 $ 136,000 2.40% June 2024 Debt Stoneridge Brazil short-term obligations - 1,561 Sweden short-term credit line 2,099 1,591 2.60% January 2022 Suzhou short-term credit line 3,149 4,521 4.00% - 4.30% May 2022 - October 2022 Total debt 5,248 7,673 Less: current portion (5,248) (7,673) Total long-term debt, net $ - $ - |
Future Maturities of Long-Term Debt | Year ended December 31, 2022 $ 5,248 2023 - 2024 163,957 2025 - 2026 - Total $ 169,205 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Year ended December 31, 2021 2020 2019 Income before income taxes: Domestic $ 11,596 $ (25,403) $ 30,464 Foreign 840 14,679 37,929 Total income before income taxes $ 12,436 $ (10,724) $ 68,393 Provision for income taxes: Current: Federal $ - $ (3) $ (4,384) State and foreign 9,542 5,182 6,900 Total current expense $ 9,542 $ 5,179 $ 2,516 Deferred: Federal $ 714 $ (8,512) $ 6,780 State and foreign (1,226) 559 (1,194) Total deferred benefit (512) (7,953) 5,586 Total income tax expense $ 9,030 $ (2,774) $ 8,102 |
Schedule of Effective Income Tax Rate Reconciliation | A summary of the differences between the statutory federal income tax rate of 21.0% and the consolidated provision for income taxes is shown below. Year ended December 31, 2021 2020 2019 Statutory U.S. federal income tax provision (benefit) $ 2,612 $ (2,252) $ 14,363 State income taxes, net of federal tax benefit 942 (647) 152 Tax credits and incentives (3,316) (2,791) (6,297) Foreign tax rate differential 730 90 1,347 Impact of change in enacted tax law 227 1,108 993 Change in valuation allowance 5,070 2,174 (138) U.S. tax on foreign earnings (347) (519) (3,373) Tax impact of unconsolidated subsidiaries 1,828 (323) (331) Unremitted earnings on foreign subsidiaries 835 86 - Compensation and benefits 358 362 (469) Other 91 (62) 1,855 Provision (benefit) for income taxes $ 9,030 $ (2,774) $ 8,102 |
Schedule of Deferred Tax Assets and Liabilities | As of December 31, 2021 2020 Deferred tax assets: Inventories $ 1,692 $ 1,858 Employee compensation and benefits 2,420 2,306 Accrued liabilities and reserves 4,486 3,649 Property, plant and equipment 751 943 Tax loss carryforwards 13,479 12,307 Tax credit carryforwards 24,173 22,949 Lease liability 3,712 4,199 Other 647 897 Gross deferred tax assets 51,360 49,108 Less: Valuation allowance (14,516) (10,237) Deferred tax assets less valuation allowance 36,844 38,871 Deferred tax liabilities: Property, plant and equipment (1,235) (2,400) Intangible assets (11,767) (13,630) Right-of-use-assets (3,493) (4,076) Other (5,021) (4,793) Gross deferred tax liabilities (21,516) (24,899) Net deferred tax assets $ 15,328 $ 13,972 |
Schedule of classification of Net Deferred Tax Assets and Liability | Year ended December 31, 2021 2020 Long-term deferred tax assets $ 26,034 $ 26,907 Long-term deferred tax liabilities (10,706) (12,935) Net deferred tax assets $ 15,328 $ 13,972 |
Summary of Income Tax Contingencies | 2021 2020 2019 Balance as of January 1 $ 3,449 $ 3,449 $ 3,481 Tax positions related to the current year: Additions - - - Tax positions related to the prior years: Reductions - - (32) Expirations of statutes of limitation (558) - - Balance as of December 31 $ 2,891 $ 3,449 $ 3,449 |
Schedule of Tax Years Open for Examination | Jurisdiction Open Tax Years U.S. Federal 2017 - 2021 Argentina 2016 - 2021 Brazil 2014 - 2021 China 2018 - 2021 France 2018 - 2021 Germany 2017 - 2021 Italy 2016 - 2021 Mexico 2016 - 2022 Netherlands 2017 - 2021 Spain 2017 - 2021 Sweden 2016 - 2021 United Kingdom 2020 - 2021 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of components of lease expense | Year ended December 31, 2021 2020 Operating lease cost $ 5,581 $ 5,330 Short-term lease cost 843 665 Variable lease cost 553 614 Total lease cost $ 6,977 $ 6,609 |
Schedule of supplemental balance sheet information | Balance sheet information related to leases is as follows: As of December 31, 2021 2020 Assets: Operating lease right-of-use assets $ 18,343 $ 18,944 Liabilities: Operating lease current liability, included in other current liabilities $ 4,203 $ 4,271 Operating lease long-term liability 14,912 15,434 Total leased liabilities $ 19,115 $ 19,705 |
Schedule of maturities of lease liabilities | Maturities of operating lease liabilities are as follows: |
Schedule of weighted-average remaining lease term and discount rate | As of December 31, 2021 2022 $ 4,776 2023 4,462 2024 4,045 2025 3,302 2026 2,080 Thereafter 3,327 Total future minimum lease payments $ 21,992 Less: imputed interest (2,877) Total lease liabilities $ 19,115 Weighted-average remaining lease term and discount rate for operating leases is as follows: As of December 31, 2021 2020 Weighted-average remaining lease term (in years) 5.44 6.33 Weighted-average discount rate 5.56 % 5.77 % |
Schedule of other information related to leases | Other information: Year ended December 31, 2021 2020 Operating cash flows: Cash paid related to operating lease obligations $ 5,092 $ 5,550 Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 4,596 $ 822 |
Schedule of maturities of future minimum lease payment receivables | |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Compensation [Abstract] | |
Schedule of the Allocation of Performance Shares Between Total Shareholder Return, Earnings per Share, and Return on Invested Capital | 2021 2020 2019 Total shareholder return 45 % 45 % 45 % Earnings per share 36 % 36 % 36 % Return on invested capital 18 % 18 % 18 % |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Time-based awards Performance-based awards Weighted- Weighted- average grant Performance average grant Share units date fair value shares date fair value Non-vested as of December 31, 2020 502,728 $ 21.89 752,783 $ 24.32 Granted 202,599 $ 35.13 215,936 $ 43.34 Vested (159,755) $ 22.52 (126,242) $ 29.61 Forfeited or cancelled (95,241) $ 26.96 (263,492) $ 28.35 Non-vested as of December 31, 2021 450,331 $ 26.55 578,985 $ 28.42 Time-based awards Performance-based awards Weighted- Weighted- average grant Performance average grant Share units date fair value shares date fair value Non-vested as of December 31, 2019 361,834 $ 25.84 566,336 $ 28.97 Granted 306,161 $ 17.78 409,686 $ 17.10 Vested (128,144) $ 22.13 (145,569) $ 22.08 Forfeited or cancelled (37,123) $ 25.37 (77,670) $ 24.37 Non-vested as of December 31, 2020 502,728 $ 21.89 752,783 $ 24.32 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Notional Amounts and Fair Values of Derivative Instruments in the Consolidated Balance | Prepaid expenses Accrued expenses and Notional amounts (A) and other current assets other current liabilities As of December 31, 2021 2020 2021 2020 2021 2020 Derivatives designated as hedging instruments: Cash flow hedges: Forward currency contracts $ 23,923 $ 1,242 $ 730 $ 255 $ - $ - Interest rate swap $ 50,000 $ 50,000 $ - $ - $ 503 $ 1,318 Net investment hedges: Cross-currency swaps $ 50,000 $ - $ 1,450 $ - $ - $ - (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 | Gain (loss) reclassified from Gain (loss) recorded in other other comprehensive income comprehensive income (loss) (loss) into net income (loss) (A) 2021 2020 2019 2021 2020 2019 Derivatives designated as cash flow hedges: Forward currency contracts $ 923 $ (1,244) $ 450 $ 448 $ (1,499) $ 820 Interest rate swap $ 164 $ (1,751) $ - $ (651) $ (433) $ - Derivatives designated as net investment hedges: Cross-currency swaps $ 1,270 $ - - $ - $ - $ - (A) Gains (losses) reclassified from comprehensive loss into net income (loss) recognized in COGS in the Company’s consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019 were $341 , $(1,146) and $695 , respectively. Gains (losses) reclassified from other comprehensive loss into net income (loss) recognized in D&D in the Company’s consolidated statements of operations were $0 , $(29) and $125 for the years ended December 31, 2021, 2020 and 2019, respectively. Gains (losses) reclassified from other comprehensive loss into net income (loss) recognized in SG&A in the Company’s consolidated statements of operations were $107 , $(324) and $0 for the years ended December 31, 2021, 2020 and 2019, respectively. Losses reclassified from other comprehensive loss into net income (loss) recognized in interest expense, net in the Company’s consolidated statements of operations were $(651) and $(433) for the years ended December 31, 2021, and 2020, respectively. |
Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis | 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 $ 730 $ - $ 730 $ - $ 255 Cross-currency swaps 1,450 - 1,450 - - Total financial assets carried at fair value $ 2,180 $ - $ 2,180 $ - $ 255 Financial liabilities carried at fair value: Interest rate swap 503 - 503 - 1,318 Earn-out consideration 7,351 - - 7,351 5,813 Total financial liabilities carried at fair value $ 7,854 $ - $ 503 $ 7,351 $ 7,131 |
Summary of the Change in Fair Value of the Level 3 Financial Liabilities Related to Contingent Consideration | Stoneridge Brazil 2021 2020 Balance at January 1 $ 5,813 $ 12,011 Change in fair value 2,065 (3,196) Foreign currency adjustments (527) (3,002) Balance at December 31 $ 7,351 $ 5,813 |
Restructuring and Business Re_2
Restructuring and Business Realignment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Restructuring and Related Costs | Year ended December 31, 2021 2020 2019 Control Devices (A) $ 192 $ 1,752 $ 682 Electronics (B) 3 1,690 99 Stoneridge Brazil (C) 59 234 - Unallocated Corporate (D) 1,138 361 1,048 Total business realignment charges $ 1,392 $ 4,037 $ 1,829 (A) Severance costs for the year ended December 31, 2021 related to SG&A were $192 . Severance costs for the year ended December 31, 2020 related to COGS, D&D and SG&A were $724 , $283 and $745 , respectively. Severance costs for the year ended December 31, 2019 related to SG&A were $682 . (B) Severance costs (benefit) for the year ended December 31, 2021 related to COGS, SG&A and D&D were $1 , $(7) and $9 , respectively. Severance costs for the year ended December 31, 2020 related to COGS, D&D and SG&A were $383 , $402 and $905 , respectively. Severance costs for the year ended December 31, 2019 related to SG&A were $99 . (C) Severance costs for the year ended December 31, 2021 related to COGS and SG&A were $7 and $52 , respectively. Severance costs for the year ended December 31, 2020 related to COGS and SG&A were $124 and $110 , respectively. (D) Severance costs for the years ended December 31, 2021, 2020 and 2019 related to SG&A were $1,138 , $361 and $1,048 , respectively. |
Schedule of Business Realignment Charges Classified by Statement of Operations | Year ended December 31, 2021 2020 2019 Cost of goods sold $ 8 $ 1,231 $ - Selling, general and administrative 1,375 2,121 1,829 Design and development 9 685 - Total business realignment charges $ 1,392 $ 4,037 $ 1,829 |
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 December 31, 2021 Employee termination benefits $ 227 $ 50 $ (277) $ - $ - Other related costs - 240 (240) - - Total $ 227 $ 290 $ (517) $ - $ - Accrual as of 2020 Charge to Utilization Accrual as of January 1, 2020 Expense Cash Non-Cash December 31, 2020 Employee termination benefits $ 52 $ 1,034 $ (859) $ - $ 227 Contract termination costs - 452 (452) - - Other related costs - 914 (914) - - Total $ 52 $ 2,400 $ (2,225) $ - $ 227 Accrual as of 2019 Charge to Utilization Accrual as of January 1, 2019 Expense Cash Non-Cash December 31, 2019 Employee termination benefits $ 520 $ (18) $ (453) $ 3 $ 52 Accelerated depreciation - 289 - (289) - Contract termination costs 17 9 (26) - - Other related costs 119 323 (442) - - Total $ 656 $ 603 $ (921) $ (286) $ 52 |
Control Devices [Member] | 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 December 31, 2021 Fixed asset impairment and $ - $ 188 $ - $ (188) $ - Employee termination benefits - 139 (104) - 35 Other related costs - 2,033 (2,033) - - Total $ - $ 2,360 $ (2,137) $ (188) $ 35 Accrual as of 2020 Charge Utilization Accrual as of January 1, 2020 to Expense Cash Non-Cash December 31, 2020 Fixed asset impairment and $ - $ 3,326 $ - $ (3,326) $ - Other related costs - 102 (102) - - Total $ - $ 3,428 $ (102) $ (3,326) $ - |
Control Devices [Member] | 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 December 31, 2021 Employee termination benefits $ 165 $ - $ (72) $ - $ 93 Other related costs - 13 (13) - - Total $ 165 $ 13 $ (85) $ - $ 93 Accrual as of 2020 Charge Utilization Accrual as of January 1, 2020 to Expense Cash Non-Cash December 31, 2020 Employee termination benefits $ 2,636 $ 1,119 $ (3,590) $ - $ 165 Other related costs - 1,859 (1,859) - - Total $ 2,636 $ 2,978 $ (5,449) $ - $ 165 Accrual as of 2019 Charge Utilization Accrual as of January 1, 2019 to Expense Cash Non-Cash December 31, 2019 Employee termination benefits $ - $ 8,088 $ (5,452) $ - $ 2,636 Other related costs - 4,442 (4,442) - - Total $ - $ 12,530 $ (9,894) $ - $ 2,636 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | A summary of financial information by reportable segment is as follows: December 31, 2021 2020 2019 Net Sales: Control Devices $ 355,775 $ 342,576 $ 431,560 Inter-segment sales 3,502 5,475 6,438 Control Devices net sales 359,276 348,051 437,998 Electronics 357,910 257,767 335,195 Inter-segment sales 26,192 24,027 33,735 Electronics net sales 384,103 281,794 368,930 Stoneridge Brazil 56,777 47,663 67,534 Inter-segment sales - - 6 Stoneridge Brazil net sales 56,777 47,663 67,540 Eliminations (29,694) (29,502) (40,179) Total net sales $ 770,462 $ 648,006 $ 834,289 Operating Income (Loss): Control Devices $ 54,933 $ 22,072 $ 73,327 Electronics (12,502) (3,672) 25,006 Stoneridge Brazil 995 3,766 6,539 Unallocated Corporate (A) (28,015) (29,830) (33,591) Total operating income (loss) $ 15,411 $ (7,664) $ 71,281 Depreciation and Amortization: Control Devices $ 15,351 $ 15,377 $ 13,397 Electronics 12,487 10,501 9,872 Stoneridge Brazil 3,856 4,766 6,338 Unallocated Corporate 2,134 2,086 1,252 Total depreciation and amortization (B) $ 33,828 $ 32,730 $ 30,859 Interest Expense (Income), net: Control Devices $ 132 $ 173 $ 172 Electronics 462 320 162 Stoneridge Brazil (1,353) (4) 167 Unallocated Corporate 5,948 5,635 3,823 Total interest expense, net $ 5,189 $ 6,124 $ 4,324 Capital Expenditures: Control Devices $ 9,154 $ 11,760 $ 12,646 Electronics 9,735 11,617 15,476 Stoneridge Brazil 2,918 2,839 5,003 Unallocated Corporate (C) 1,142 1,444 2,699 Total capital expenditures $ 22,949 $ 27,660 $ 35,824 December 31, 2021 2020 Total Assets: Control Devices $ 181,968 $ 194,433 Electronics 338,080 303,914 Stoneridge Brazil 59,100 61,350 Corporate (C) 438,175 390,851 Eliminations (351,924) (329,140) Total assets $ 665,399 $ 621,408 |
Schedule Of Revenue From External Customers and Long-Lived Assets, By Geographical Areas [Table Text Block] | December 31, 2021 2020 2019 Net Sales: North America $ 386,944 $ 330,528 $ 457,633 South America 56,777 47,663 67,534 Europe and Other 326,741 269,815 309,122 Total net sales $ 770,462 $ 648,006 $ 834,289 December 31, 2021 2020 Long-term Assets: North America $ 91,039 $ 110,330 South America 30,272 33,785 Europe and Other 133,264 142,629 Total long-term assets $ 254,575 $ 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 receivables, fixed and leased assets for the headquarter building, information technology assets, equity investments and investments in subsidiaries . |
Recently Issued Accounting Stan
Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of a accounting change | $ 295,950 | $ 296,634 | $ 289,904 | $ 283,266 |
Right of use assets | 18,343 | 18,944 | ||
Lease liabilities | $ 19,115 | 19,705 | ||
ASU 2019-12 [Member] | 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 | $ 13,750 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | Dec. 30, 2021 | Jun. 17, 2021 | Mar. 08, 2021 | Apr. 01, 2019 | Mar. 31, 2021 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 15, 2015 | Nov. 02, 2021 | May 07, 2021 | May 16, 2017 |
Accounting Policy [Line Items] | |||||||||||||
Depreciation expense | $ 27,823 | $ 27,309 | $ 24,904 | ||||||||||
Asset impairments | 2,326 | ||||||||||||
Other Nonrecurring Income | 30,718 | ||||||||||||
Gain (loss) on disposal, net of tax | 30,718 | ||||||||||||
Preproduction costs related to long-term supply arrangements, costs capitalized | 16,292 | 14,259 | |||||||||||
Impairment of Goodwill | 0 | 0 | 0 | ||||||||||
Intangible assets, net | 49,863 | 55,394 | |||||||||||
Amortization | 5,387 | 5,399 | 5,955 | ||||||||||
Amortization expense next year | 7,000 | ||||||||||||
Amortization expense year two | 6,200 | ||||||||||||
Amortization expense year three | 6,200 | ||||||||||||
Amortization expense year four | 6,200 | ||||||||||||
Amortization expense year five | $ 6,200 | ||||||||||||
Intangible assets, weighted-average remaining amortization period, years | 8 years | ||||||||||||
Intangible impairment charge | $ 0 | 0 | 0 | ||||||||||
Design and development expense | $ 66,165 | $ 49,386 | $ 52,198 | ||||||||||
Design and development expense percentage | 8.80% | 7.60% | 6.30% | ||||||||||
Research and development expense reimbursed | $ 15,849 | $ 19,302 | $ 15,096 | ||||||||||
Share-based compensation expense | 5,960 | 5,888 | 6,191 | ||||||||||
Share-based compensation expense capitalized as inventory | $ 0 | 0 | 0 | ||||||||||
Antidilutive securities excluded from computation of earnings per share | 372,937 | ||||||||||||
Cumulative goodwill impairment | $ 300,083 | 300,083 | |||||||||||
Product warranty and recall accrual | 3,094 | 3,647 | |||||||||||
Inventory amount, FIFO | 127,939 | 82,308 | |||||||||||
Inventory amount, weighted average cost | 10,176 | 8,240 | |||||||||||
Foreign currency transaction gain (loss) | (2,037) | 997 | (372) | ||||||||||
Amortization of financing costs | 643 | 506 | 624 | ||||||||||
Interest expense, net | (5,189) | (6,124) | (4,324) | ||||||||||
Deferred financing costs, net | 1,563 | 2,187 | |||||||||||
Proceeds from sale of productive assets | $ 40,000 | ||||||||||||
Operating lease right-of-use asset | 18,343 | 18,944 | |||||||||||
Operating lease liability | 19,115 | 19,705 | |||||||||||
Earn-out consideration, operating and financing activities | $ 8,474 | ||||||||||||
Payment of earn-out consideration paid within operating activities | 2,065 | (3,196) | 2,308 | ||||||||||
Earn-out consideration cash payment within financing activities | 3,394 | ||||||||||||
Selling, general and administrative | 116,000 | 112,474 | 123,853 | ||||||||||
Selling, General and Administrative Expenses [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Share-based compensation expense | 5,960 | 5,888 | 6,191 | ||||||||||
Electronics [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Interest expense, net | (462) | (320) | (162) | ||||||||||
PST [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Interest expense, net | 1,353 | 4 | (167) | ||||||||||
Control Devices [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Interest expense, net | $ (132) | $ (173) | $ (172) | ||||||||||
Performance Based Right to Receive Common Shares [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Common shares, non-vested | 580,116 | 752,784 | 566,337 | ||||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 580,116 | 752,784 | 566,337 | ||||||||||
Customer Lists [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Intangible assets, net | $ 24,760 | $ 29,809 | |||||||||||
Customer Lists [Member] | Electronics [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Intangible assets, net | 19,480 | ||||||||||||
Customer Lists [Member] | PST [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Intangible assets, net | 5,280 | ||||||||||||
Trade Names [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Intangible assets, net | 10,911 | ||||||||||||
Trade Names [Member] | Electronics [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Intangible assets, net | 4,084 | ||||||||||||
Trade Names [Member] | PST [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Intangible assets, net | 5,277 | ||||||||||||
Trademarks [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Intangible assets, net | 9,361 | ||||||||||||
Technology [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Intangible assets, net | 3,933 | 5,720 | |||||||||||
Technology [Member] | Electronics [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Intangible assets, net | 1,590 | ||||||||||||
Technology [Member] | PST [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Intangible assets, net | 2,258 | ||||||||||||
Technology [Member] | Control Devices [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Intangible assets, net | 85 | ||||||||||||
Capitalized Software Development [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Intangible assets, net | 11,809 | $ 8,954 | |||||||||||
Capitalized Software Development [Member] | Electronics [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Intangible assets, net | 8,635 | ||||||||||||
Capitalized Software Development [Member] | Control Devices [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Intangible assets, net | $ 3,174 | ||||||||||||
PST Eletronica Ltda [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Percentage ownership in consolidated subsidiary | 74.00% | ||||||||||||
Percentage of additional noncontrolling interest acquired | 26.00% | ||||||||||||
Minda Stoneridge Instruments Ltd [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Equity method investment, ownership percentage | 49.00% | 49.00% | 49.00% | ||||||||||
Equity method investments | $ 13,547 | ||||||||||||
Maximum [Member] | Pre-production Costs [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Property, plant and equipment, useful life | 7 years | ||||||||||||
Maximum [Member] | Capitalized Software Development [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Property, plant and equipment, estimated useful lives | P7Y | ||||||||||||
Minimum [Member] | Pre-production Costs [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Property, plant and equipment, useful life | 3 years | ||||||||||||
Minimum [Member] | Capitalized Software Development [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Property, plant and equipment, estimated useful lives | P3Y | ||||||||||||
Particulate Matter Sensor Gen 1 Assets [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Disposal group, net sales | $ 12,592 | 8,814 | $ 10,951 | ||||||||||
Disposal group, operating income | 1,415 | 1,090 | 438 | ||||||||||
Selling, general and administrative | 783 | ||||||||||||
Particulate Matter Sensor Gen 1 Assets [Member] | SMP [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Disposal group, net sales | 8,042 | ||||||||||||
Disposal Group, Sales after disposal | 8,042 | ||||||||||||
Particulate Matter Sensor Gen 1 Assets [Member] | Control Devices [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Other Nonrecurring Income | $ 740 | ||||||||||||
Disposal group, net sales | 971 | ||||||||||||
Predisposition intercompany purchases | 898 | ||||||||||||
Particulate Matter Sensor Gen 2 Assets [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Gain (loss) on disposal, net of tax | 408 | ||||||||||||
Proceeds from sale of productive assets | 786 | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Canton Facility [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Purchase price for sale of assets | $ 38,200 | ||||||||||||
Proceeds from sale of productive assets | $ 37,900 | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Canton Facility [Member] | Control Devices [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Other Nonrecurring Income | 30,718 | ||||||||||||
Proceeds from sale of productive assets | $ 35,167 | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | MSIL [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Gain (loss) on disposal, net of tax | $ 1,794 | ||||||||||||
Proceeds from (payments related to) sale of business | 20,999 | ||||||||||||
Purchase price for sale of assets | $ 21,500 | ||||||||||||
Proceeds from sale of productive assets | $ 21,587 | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Non-core Switches and Connector Product [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Disposal group, net sales | 41,560 | ||||||||||||
Disposal group, operating income | 4,831 | ||||||||||||
Inventory Adjustments | 1,573 | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Non-core Switches and Connector Product [Member] | Control Devices [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Other Nonrecurring Income | 33,921 | ||||||||||||
Disposal group, net sales | 4,160 | ||||||||||||
Predisposition intercompany purchases | $ 2,775 | ||||||||||||
Services Provided Income Per Agreement Recognized As Reduction to Selling General And Administrative Expenses | $ 21 | 1,824 | |||||||||||
Disposal Group, Sales after disposal | 26,304 | ||||||||||||
Disposal Group, operating income after disposal | 1,458 | ||||||||||||
Cash received for reimbursement of retention and facility costs on disposal | 745 | ||||||||||||
Selling, general and administrative | $ 322 | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Particulate Matter Sensor Assets [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Purchase price for sale of assets | $ 4,000 | ||||||||||||
Asset Purchase Agreement Date | Mar. 8, 2021 | ||||||||||||
Disposal Group post-closing inventory adjustment payment | 1,133 | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Particulate Matter Sensor Gen 1 Assets [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Purchase price for sale of assets | 3,214 | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Particulate Matter Sensor Gen 1 Assets [Member] | Control Devices [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Selling, general and administrative | $ 60 | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Particulate Matter Sensor Gen 2 Assets [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Purchase price for sale of assets | $ 786 | ||||||||||||
Orlaco [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Payment of earn-out consideration paid within operating activities | 5,080 | ||||||||||||
Earn-out consideration cash payment within financing activities | 3,394 | ||||||||||||
Credit Facility [Member] | |||||||||||||
Accounting Policy [Line Items] | |||||||||||||
Capitalized deferred financing costs | $ 1,079 | 1,366 | |||||||||||
Interest expense, net | $ (275) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule of Accounts Receivable and Concentration of Credit Risk) (Details) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Volvo [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Concentration risk percentage | 9.00% | 8.00% | 8.00% |
V W Group [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Concentration risk percentage | 9.00% | 9.00% | 9.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Schedule of Inventory, Current) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Raw materials | $ 107,034 | $ 67,775 |
Work-in-progress | 9,755 | 7,005 |
Finished goods | 21,326 | 15,768 |
Total inventories, net | 138,115 | $ 90,548 |
Particulate Matter Sensor Gen 1 Assets [Member] | ||
Finished goods | $ 2,283 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Acquisitions Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||||
Earn-out consideration, operating and financing activities | $ 8,474 | |||
Payment of earn-out consideration paid within operating activities | $ 2,065 | $ (3,196) | $ 2,308 | |
Earn-out consideration cash payment within financing activities | $ 3,394 | |||
Orlaco [Member] | ||||
Business Acquisition [Line Items] | ||||
Payment of earn-out consideration paid within operating activities | 5,080 | |||
Earn-out consideration cash payment within financing activities | $ 3,394 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Property Plant and Equipment Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | $ 380,734 | $ 402,841 |
Less: accumulated depreciation | (272,833) | (283,517) |
Property, Plant and Equipment, Net, Total | 107,901 | 119,324 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | 3,064 | 4,447 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | 28,842 | 39,784 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | 249,365 | 253,563 |
Office Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | 8,701 | 9,993 |
Tooling [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | 41,391 | 40,967 |
Information Technology [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | 30,454 | 28,491 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | 741 | 654 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | 5,592 | 5,198 |
Construction In Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, and equipment | $ 12,584 | $ 19,744 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Estimated Useful Lives of Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings and Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Buildings and Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Office Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Office Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Tooling [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Tooling [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 7 years |
Information Technology [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Information Technology [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 7 years |
Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Goodwill, Beginning Balance | $ 39,104 | |
Goodwill, Ending Balance | 36,387 | $ 39,104 |
Electronics [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill, Beginning Balance | 39,104 | 35,874 |
Currency translation | (2,717) | 3,230 |
Goodwill, Ending Balance | $ 36,387 | $ 39,104 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies (Other Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquisition cost | $ 86,304 | $ 88,293 |
Accumulated amortization | (36,441) | (32,899) |
Intangible Assets, Net (Excluding Goodwill), Total | 49,863 | 55,394 |
Customer Lists [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquisition cost | 45,000 | 48,339 |
Accumulated amortization | (20,240) | (18,530) |
Intangible Assets, Net (Excluding Goodwill), Total | 24,760 | 29,809 |
Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquisition cost | 17,201 | |
Accumulated amortization | (6,290) | |
Intangible Assets, Net (Excluding Goodwill), Total | 10,911 | |
Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquisition cost | 16,016 | |
Accumulated amortization | (6,655) | |
Intangible Assets, Net (Excluding Goodwill), Total | 9,361 | |
Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquisition cost | 12,855 | 13,799 |
Accumulated amortization | (8,922) | (8,079) |
Intangible Assets, Net (Excluding Goodwill), Total | 3,933 | 5,720 |
Capitalized Software Development [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquisition cost | 12,433 | 8,954 |
Accumulated amortization | (624) | |
Intangible Assets, Net (Excluding Goodwill), Total | $ 11,809 | $ 8,954 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies (Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |||
Compensation related liabilities | $ 18,716 | $ 21,852 | |
Product warranty and recall obligations | 6,752 | 9,044 | |
Other | 44,671 | 21,376 | |
Total accrued expenses and other current liabilities | $ 70,139 | $ 52,272 | |
Contingent consideration | $ 8,474 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of Significant Accounting Policies | ||
Product warranty and recall at beginning of period | $ 12,691 | $ 10,796 |
Accruals for warranties established during period | 7,037 | 5,898 |
Aggregate changes in pre-existing liabilities due to claim developments | 201 | 1,794 |
Settlements made during the period | (9,647) | (6,297) |
Foreign currency translation | (436) | 500 |
Product warranty and recall at end of period | $ 9,846 | $ 12,691 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies (Schedule of Weighted Average Number of Shares) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of Significant Accounting Policies | |||
Basic weighted-average Common Shares outstanding | 27,114,359 | 27,024,571 | 27,791,799 |
Effect of dilutive shares | 301,175 | 478,296 | |
Diluted weighted-average Common Shares outstanding | 27,415,534 | 27,024,571 | 28,270,095 |
Summary of Significant Accou_15
Summary of Significant Accounting Policies (Equity and Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Mar. 06, 2020 | Feb. 25, 2020 | Feb. 24, 2020 | May 07, 2019 | May 07, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 03, 2020 | Oct. 26, 2018 |
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Foreign currency translation, Beginning balance | $ (88,795) | $ (91,472) | ||||||||
Foreign currency translation, Other comprehensive income (loss) before reclassifications | (8,408) | 2,677 | ||||||||
Foreign currency translation | (8,408) | 2,677 | $ (5,428) | |||||||
Foreign currency translation, Ending balance | (97,203) | (88,795) | (91,472) | |||||||
Unrealized gain (loss) on on derivatives, Beginning balance | (840) | |||||||||
Unrealized gain (loss) on on derivatives, Other comprehensive income (loss) before reclassifications | 859 | (2,366) | ||||||||
Unrealized gain (loss) on on derivatives, Amounts reclassified from accumulated other comprehensive loss | 160 | 1,526 | ||||||||
Unrealized gain (loss) on derivatives, net | 1,019 | (840) | (292) | |||||||
Unrealized gain (loss) on on derivatives, Ending balance | 179 | (840) | ||||||||
Total, Other comprehensive loss before reclassifications | (7,549) | 311 | ||||||||
Total, Amounts reclassified from accumulated other comprehensive loss | 160 | 1,526 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Total | (7,389) | 1,837 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ (97,024) | (89,635) | (91,472) | |||||||
Stock Repurchase Program, Authorized Amount | $ 50,000 | $ 50,000 | ||||||||
Period Over Which Share Will Be Repurchased | 18 months | |||||||||
Stock repurchased and retired during period, shares | 364,604 | |||||||||
Payments for repurchase of common stock | $ 4,995 | $ 50,000 | ||||||||
Treasury Stock [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Treasury stock, retired, cost method, amount | $ 10,000 | |||||||||
Additional Paid-In Capital [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Treasury stock, retired, cost method, amount | $ 10,000 | |||||||||
Accelerated Share Repurchase Agreement [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Treasury stock, retired, cost method, amount | $ 40,000 | |||||||||
Percentage of Expected Shares Repurchased | 80.00% | 80.00% | ||||||||
Equity Increase Decrease Related to Shares Repurchase Program | $ 10,000 | |||||||||
Stock repurchased and retired during period, shares | 1,349,528 | |||||||||
Payments for repurchase of common stock | $ 50,000 | |||||||||
Agreement Letter 10b18 [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 5,000 | |||||||||
Treasury stock, retired, cost method, amount | $ 4,995 | |||||||||
Treasury Stock, Shares, Retired | 242,634 | |||||||||
Agreement Letter 10b18 [Member] | Additional Paid-In Capital [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Treasury stock, retired, cost method, amount | $ 4,995 |
Summary of Significant Accou_16
Summary of Significant Accounting Policies (Changes in Accumulated Other Comprehensive Loss by Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of Significant Accounting Policies | |||
Foreign currency translation, Beginning balance | $ (88,795) | $ (91,472) | |
Foreign currency translation, Other comprehensive income (loss) before reclassifications | (8,408) | 2,677 | |
Other comprehensive income (loss), Foreign currency transaction and translation adjustment, net of tax | (8,408) | 2,677 | |
Foreign currency translation, Ending balance | (97,203) | (88,795) | $ (91,472) |
Unrealized gain (loss) on on derivatives, Beginning balance | (840) | ||
Unrealized gain (loss) on on derivatives, Other comprehensive income (loss) before reclassifications | 859 | (2,366) | |
Unrealized gain (loss) on on derivatives, Amounts reclassified from accumulated other comprehensive loss | 160 | 1,526 | |
Unrealized gain (loss) on on derivatives, Net other comprehensive income (loss), net of tax | 1,019 | (840) | (292) |
Unrealized gain (loss) on on derivatives, Ending balance | 179 | (840) | |
Accumulated other comprehensive income (loss), Beginning balance | (89,635) | (91,472) | |
Total, Other comprehensive loss before reclassifications | (7,549) | 311 | |
Total, Amounts reclassified from accumulated other comprehensive loss | 160 | 1,526 | |
Total, Net other comprehensive loss, net of tax | (7,389) | 1,837 | |
Accumulated other comprehensive income (loss), Ending balance | $ (97,024) | $ (89,635) | $ (91,472) |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 770,462 | $ 648,006 | $ 834,289 |
North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 386,944 | 330,528 | 457,633 |
South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 56,777 | 47,663 | 67,534 |
Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 261,149 | 214,258 | 259,461 |
Asia Pacific [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 65,592 | 55,557 | 49,661 |
Control Devices [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 355,775 | 342,576 | 431,560 |
Control Devices [Member] | North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 282,525 | 261,967 | 365,010 |
Control Devices [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 12,681 | 29,679 | 22,467 |
Control Devices [Member] | Asia Pacific [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 60,569 | 50,930 | 44,083 |
Electronics [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 357,910 | 257,767 | 335,195 |
Electronics [Member] | North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 104,419 | 68,561 | 92,623 |
Electronics [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 248,468 | 184,579 | 236,994 |
Electronics [Member] | Asia Pacific [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 5,023 | 4,627 | 5,578 |
PST [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 56,777 | 47,663 | 67,534 |
PST [Member] | South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 56,777 | $ 47,663 | $ 67,534 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) R$ in Thousands, $ in Thousands | 12 Months Ended | 64 Months Ended | |||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | May 15, 2015 | Dec. 31, 2020BRL (R$) | Dec. 31, 2018USD ($) | May 16, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Income (loss) from equity method investments | $ 3,658 | $ 1,536 | $ 1,578 | ||||
Proceeds from other investments | 20,999 | ||||||
Investment | 42,081 | $ 53,978 | |||||
Selling, General and Administrative Expenses [Member] | Venture Capital Funds [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Contribution | $ 1,550 | ||||||
Minda Stoneridge Instruments Ltd [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment, ownership percentage | 49.00% | 49.00% | 49.00% | 49.00% | |||
Equity method investments | $ 13,547 | ||||||
Income (loss) from equity method investments | $ 1,776 | 1,477 | $ 1,578 | ||||
PST Eletronica Ltda [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage ownership in consolidated subsidiary | 74.00% | ||||||
Percentage of additional noncontrolling interest acquired | 26.00% | ||||||
Dividends payable | 6,010 | R$ 24154 | |||||
Fair value of earn-out liability | $ 7,351 | ||||||
Autotech Ventures [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment, ownership percentage | 6.30% | ||||||
Income (loss) from equity method investments | $ 1,882 | 59 | |||||
Autotech Ventures [Member] | Venture Capital Funds [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Income (loss) from equity method investments | 251 | ||||||
Investment commitment | $ 10,000 | $ 10,000 | |||||
Contribution expected period (in years) | 10 years | ||||||
Contribution | 3,450 | ||||||
Investment | $ 8,517 | $ 3,436 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) ¥ in Thousands, kr in Thousands, $ in Thousands | Feb. 28, 2022USD ($) | Jun. 30, 2020 | Dec. 31, 2021USD ($) | Dec. 31, 2021SEK (kr) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021SEK (kr) | Dec. 31, 2021CNY (¥) | Dec. 31, 2020SEK (kr) | Dec. 31, 2020CNY (¥) | Jun. 26, 2020USD ($) | Jun. 05, 2019USD ($) | Jun. 04, 2019USD ($) |
Debt Instrument [Line Items] | |||||||||||||
Credit Facility covenant compliance | The Company was in compliance with all credit facility covenants at December 31, 2021, as a result of Amendment No. 3, and at December 31, 2020. | The Company was in compliance with all credit facility covenants at December 31, 2021, as a result of Amendment No. 3, and at December 31, 2020. | |||||||||||
Borrowings outstanding | $ 163,957 | $ 136,000 | |||||||||||
Subsidiary borrowed | 91,913 | 71,500 | $ 112,000 | ||||||||||
Repayments of credit line | 64,000 | 61,500 | $ 82,000 | ||||||||||
Outstanding letters of credit | 1,698 | 1,720 | |||||||||||
Cash and cash equivalents | 85,547 | 73,919 | |||||||||||
2022 | 5,248 | ||||||||||||
2024 | 163,957 | ||||||||||||
Bridge Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | 40,000 | ||||||||||||
Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | 400,000 | $ 400,000 | $ 300,000 | ||||||||||
Increase in maximum borrowing capacity of credit facility | $ 150,000 | ||||||||||||
Borrowings outstanding | $ 163,957 | 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 | 2.40% | 2.40% | 2.40% | ||||||||||
Line of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | $ 2,213 | 2,435 | kr 20,000 | ||||||||||
Line of credit | 1,591 | kr 13,072 | |||||||||||
Suzhou Short-Term Credit Line [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | 7,871 | 7,663 | ¥ 50,000 | ||||||||||
Borrowings outstanding | $ 3,149 | $ 4,521 | |||||||||||
Outstanding credit lines weighted-average interest rate | 4.15% | 4.32% | 4.15% | 4.15% | 4.32% | 4.32% | |||||||
Suzhou Short-Term Credit Line [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Outstanding credit lines interest rate | 4.30% | 4.30% | |||||||||||
Suzhou Short-Term Credit Line [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Outstanding credit lines interest rate | 4.00% | 4.00% | |||||||||||
Bank Acceptance Draft Credit Line [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility, borrowing capacity | $ 2,361 | $ 2,299 | ¥ 15,000 | ¥ 15,000 | |||||||||
Borrowings outstanding | $ 2,182 | $ 414 | |||||||||||
Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit expiration date | Jun. 5, 2024 | Jun. 5, 2024 | |||||||||||
Minimum interest coverage ratio | 350.00% | 350.00% | 350.00% | ||||||||||
Stoneridge Brazil?s Bank Overdraft Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Borrowings outstanding | $ 0 | ||||||||||||
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 | 2.75% | ||||||||||||
Amendment Number One [Member] | Revolving Credit Facility [Member] | Quarter Ended March 31, 2021 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Minimum interest coverage ratio | 3.25% | ||||||||||||
Amendment Number One [Member] | Revolving Credit Facility [Member] | Quarters Ended After March 31, 2021 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Minimum interest coverage ratio | 3.50% | ||||||||||||
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% | ||||||||||||
Subsequent Event [Member] | Amendment Three [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | $ 300,000 | ||||||||||||
Subsequent Event [Member] | Amendment Three [Member] | Quarter Ended March 31, 2022 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Minimum interest coverage ratio | 250.00% | ||||||||||||
Subsequent Event [Member] | Amendment Three [Member] | Quarter Ended June 30, 2022 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Minimum interest coverage ratio | 225.00% | ||||||||||||
Subsequent Event [Member] | Amendment Three [Member] | Quarters Ended September 30, 2022 and December 31, 2022 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Minimum interest coverage ratio | 300.00% | ||||||||||||
Subsequent Event [Member] | Amendment Three [Member] | Bridge Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | $ 30,000 | ||||||||||||
Subsequent Event [Member] | Amendment Three [Member] | Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum leverage ratio | 400.00% | ||||||||||||
Percent threshold of domestic cash | 100.00% | ||||||||||||
Percent threshold of foreign cash | 65.00% | ||||||||||||
Maximum net leverage ratio | 350.00% | ||||||||||||
Subsequent Event [Member] | Amendment Three [Member] | Revolving Credit Facility [Member] | Quarter ended December 31, 2022 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum leverage ratio | 475.00% | ||||||||||||
Subsequent Event [Member] | Amendment Three [Member] | Revolving Credit Facility [Member] | Quarter ended March 31, 2023 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum leverage ratio | 350.00% | ||||||||||||
Subsequent Event [Member] | Amendment Three [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 0.50% | ||||||||||||
Subsequent Event [Member] | Amendment Three [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cash and cash equivalents | $ 70,000 | ||||||||||||
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% | ||||||||||||
Specified Hedge Borrowings [Member] | Subsequent Event [Member] | Amendment Three [Member] | Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 0.00% | ||||||||||||
Electronics [Member] | Line of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Borrowings outstanding | 2,099 | kr 18,973 | |||||||||||
Subsidiary borrowed | 38,982 | kr 352,368 | |||||||||||
Repayments of credit line | $ 38,329 | kr 346,467 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 163,957 | $ 136,000 |
Debt: | ||
Long-term debt | 169,205 | |
Total debt | 5,248 | 7,673 |
Less: current portion | (5,248) | (7,673) |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 163,957 | 136,000 |
Debt: | ||
Debt, maturity | June 2024 | |
Suzhou Short-Term Credit Line [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 3,149 | 4,521 |
Debt: | ||
Debt, maturity | May 2022 - October 2022 | |
Maximum [Member] | Suzhou Short-Term Credit Line [Member] | ||
Debt: | ||
Outstanding credit lines interest rate | 4.30% | |
Minimum [Member] | Line of Credit [Member] | ||
Debt: | ||
Interest rate | 2.40% | |
Minimum [Member] | Revolving Credit Facility [Member] | ||
Debt: | ||
Long-term debt, weighted average interest rate | 2.40% | |
Minimum [Member] | Suzhou Short-Term Credit Line [Member] | ||
Debt: | ||
Outstanding credit lines interest rate | 4.00% | |
Sweden Short-Term Note [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 2,099 | 1,591 |
Debt: | ||
Debt, maturity | January 2022 | |
Outstanding credit lines interest rate | 2.60% | |
PST Short-Term Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt | $ 1,561 |
Debt (Future Maturities of Long
Debt (Future Maturities of Long-Term Debt) (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Debt [Abstract] | |
2022 | $ 5,248 |
2024 | 163,957 |
Total long-term debt | $ 169,205 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||||
Income tax expense (benefit) on operations | $ 9,030 | $ (2,774) | $ 8,102 | |
Unremitted earnings of foreign subsidiaries | 43,530 | |||
Total operating income (loss) | 15,411 | (7,664) | 71,281 | |
General business tax credit carry forwards, expiration date | Dec. 31, 2025 | |||
Liability for uncertain tax positions reduction to noncurrent asset | 2,891 | |||
Unrecognized tax benefits that would impact effective tax rate | 2,891 | 3,449 | ||
Amount affecting the Company's tax rate | 2,612 | (2,252) | 14,363 | |
Gross interest and penalties expense (benefit) | 0 | 0 | (5) | |
Impairment of Goodwill | 0 | $ 0 | $ 0 | |
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carry forwards | 76,986 | |||
General business and foreign tax credit carry forwards | 963 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carry forwards | 53,761 | |||
General business and foreign tax credit carry forwards | 1,122 | |||
U.S. Federal [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
General business and foreign tax credit carry forwards | $ 22,087 | |||
Maximum [Member] | State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carry forwards, expiration dates | Dec. 31, 2041 | |||
Maximum [Member] | Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carry forwards, expiration dates | Dec. 31, 2026 | |||
Minimum [Member] | State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carry forwards, expiration dates | Dec. 31, 2029 | |||
Minimum [Member] | Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carry forwards, expiration dates | Dec. 31, 2021 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income before income taxes: | |||
Domestic | $ 11,596 | $ (25,403) | $ 30,464 |
Foreign | 840 | 14,679 | 37,929 |
(Loss) income before income taxes | 12,436 | (10,724) | 68,393 |
Provision for income taxes: | |||
Federal | (3) | (4,384) | |
State and foreign | 9,542 | 5,182 | 6,900 |
Total current expense (benefit) | 9,542 | 5,179 | 2,516 |
Deferred: | |||
Federal | 714 | (8,512) | 6,780 |
State and foreign | (1,226) | 559 | (1,194) |
Total deferred benefit | (512) | (7,953) | 5,586 |
(Benefit) provision for income taxes | $ 9,030 | $ (2,774) | $ 8,102 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory U.S. federal income tax (benefit) provision | $ 2,612 | $ (2,252) | $ 14,363 |
State income taxes, net of federal tax benefit | 942 | (647) | 152 |
Tax credits and incentives | (3,316) | (2,791) | (6,297) |
Foreign tax rate differential | 730 | 90 | 1,347 |
Impact of change in enacted tax law | 227 | 1,108 | 993 |
Change in valuation allowance | 5,070 | 2,174 | (138) |
U.S. tax on foreign earnings | (347) | (519) | (3,373) |
Tax impact of unconsolidated subsidiaries | 1,828 | (323) | (331) |
Unremitted earnings on foreign subsidiaries | 835 | 86 | |
Compensation and benefits | 358 | 362 | (469) |
Other | 91 | (62) | 1,855 |
(Benefit) provision for income taxes | $ 9,030 | $ (2,774) | $ 8,102 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Inventories | $ 1,692 | $ 1,858 |
Employee compensation and benefits | 2,420 | 2,306 |
Accrued liabilities and reserves | 4,486 | 3,649 |
Property, plant and equipment | 751 | 943 |
Tax loss carryforwards | 13,479 | 12,307 |
Tax credit carryforwards | 24,173 | 22,949 |
Right-of-use assets | 3,712 | 4,199 |
Other | 647 | 897 |
Gross deferred tax assets | 51,360 | 49,108 |
Less: Valuation allowance | (14,516) | (10,237) |
Deferred tax assets less valuation allowance | 36,844 | 38,871 |
Deferred tax liabilities: | ||
Property, plant and equipment | (1,235) | (2,400) |
Intangible assets | (11,767) | (13,630) |
Lease liability | (3,493) | (4,076) |
Other | (5,021) | (4,793) |
Gross deferred tax liabilities | (21,516) | (24,899) |
Net deferred tax assets (liabilities) | $ 15,328 | $ 13,972 |
Income Taxes (Classification of
Income Taxes (Classification of Net Deferred Tax Asset) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes [Abstract] | ||
Long-term deferred tax assets | $ 26,034 | $ 26,907 |
Long-term deferred tax liabilities | (10,706) | (12,935) |
Net deferred tax assets (liabilities) | $ 15,328 | $ 13,972 |
Income Taxes (Summary of Income
Income Taxes (Summary of Income Tax Contingencies) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Balance as of January 1 | $ 3,449 | $ 3,449 | $ 3,481 |
Tax positions related to the current year: | |||
Additions | |||
Tax positions related to prior years: | |||
Reductions | 0 | 0 | (32) |
Expiration of statutes of limitation | (558) | 0 | 0 |
Balance as of December 31 | $ 2,891 | $ 3,449 | $ 3,449 |
Income Taxes (Schedule of Tax Y
Income Taxes (Schedule of Tax Years Open for Examination) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum [Member] | U.S. Federal [Member] | Internal Revenue Service (IRS) [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2017 |
Minimum [Member] | U.S. Federal [Member] | Income Tax Authority Argentina [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2016 |
Minimum [Member] | Foreign Tax Authority [Member] | Federal Ministry of Finance, Germany [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2017 |
Minimum [Member] | Foreign Tax Authority [Member] | Ministry of Economic Affairs and Finance, Italy [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2016 |
Minimum [Member] | Foreign Tax Authority [Member] | Tax and Customs Administration, Netherlands [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2017 |
Minimum [Member] | Brazil [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2014 |
Minimum [Member] | China [Member] | State Administration of Taxation, China [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2018 |
Minimum [Member] | France [Member] | Ministry of the Economy, Finance and Industry, France [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2018 |
Minimum [Member] | Mexico [Member] | Mexican Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2016 |
Minimum [Member] | Spain [Member] | Tax Authority, Spain [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2017 |
Minimum [Member] | Sweden [Member] | Swiss Federal Tax Administration (FTA) [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2016 |
Minimum [Member] | United Kingdom [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2020 |
Maximum [Member] | U.S. Federal [Member] | Internal Revenue Service (IRS) [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2021 |
Maximum [Member] | U.S. Federal [Member] | Income Tax Authority Argentina [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2021 |
Maximum [Member] | Foreign Tax Authority [Member] | Federal Ministry of Finance, Germany [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2021 |
Maximum [Member] | Foreign Tax Authority [Member] | Ministry of Economic Affairs and Finance, Italy [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2021 |
Maximum [Member] | Foreign Tax Authority [Member] | Tax and Customs Administration, Netherlands [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2021 |
Maximum [Member] | Brazil [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2021 |
Maximum [Member] | China [Member] | State Administration of Taxation, China [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2021 |
Maximum [Member] | France [Member] | Ministry of the Economy, Finance and Industry, France [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2021 |
Maximum [Member] | Mexico [Member] | Mexican Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2022 |
Maximum [Member] | Spain [Member] | Tax Authority, Spain [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2021 |
Maximum [Member] | Sweden [Member] | Swiss Federal Tax Administration (FTA) [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2021 |
Maximum [Member] | United Kingdom [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |
Income Tax Examination [Line Items] | |
Open Tax Year | 2021 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Property, plant and equipment, net | $ 107,901 | $ 119,324 |
Accumulated depreciation | $ 272,833 | 283,517 |
Option to extend | true | |
Operating lease income | $ 602 | 674 |
Variable lease income | $ 199 | $ 199 |
Option to terminate | true |
Leases - Components of lease ex
Leases - Components of lease expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lease Cost | ||
Operating lease cost | $ 5,581 | $ 5,330 |
Short-term lease cost | 843 | 665 |
Variable lease cost | 553 | 614 |
Total lease cost | $ 6,977 | $ 6,609 |
Leases -Balance sheet informati
Leases -Balance sheet information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets [Abstract] | ||
Operating lease right-of-use asset | $ 18,343 | $ 18,944 |
Financial position | Operating lease right-of-use asset | Operating lease right-of-use asset |
Liabilities [Abstract] | ||
Operating lease current liability, included in other current liabilities | $ 4,203 | $ 4,271 |
Financial position | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Operating lease long-term liability | $ 14,912 | $ 15,434 |
Financial position | Operating lease long-term liability | Operating lease long-term liability |
Total lease liabilities | $ 19,115 | $ 19,705 |
Financial position | Operating lease long-term liability, Accrued expenses and other current liabilities |
Leases - Maturities of operatin
Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Maturities of lease liabilities: | ||
2022 | $ 4,776 | |
2023 | 4,462 | |
2024 | 4,045 | |
2025 | 3,302 | |
2026 | 2,080 | |
Thereafter | 3,327 | |
Total future minimum lease payments | 21,992 | |
Less: imputed interest | (2,877) | |
Total lease liabilities | $ 19,115 | $ 19,705 |
Leases - Weighted-average remai
Leases - Weighted-average remaining lease term and discount rate (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating leases - Weighted-average remaining lease term (in years) | 5 years 5 months 8 days | 6 years 3 months 29 days |
Operating leases - Weighted-average discount rate | 5.56% | 5.77% |
Leases - Other information (Det
Leases - Other information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Cash paid related to operating lease obligations | $ 5,092 | $ 5,550 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 4,596 | $ 822 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | 19 Months Ended | ||||||
May 31, 2018 | May 31, 2016 | May 31, 2013 | Apr. 30, 2005 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | May 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation vested in period, fair value | $ 9,637 | $ 5,288 | $ 12,376 | ||||||
Excess tax benefit realized from vesting of restricted Common Shares | $ 563 | $ 46 | $ 1,289 | ||||||
Time Based Awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common shares, forfeited or cancelled | (95,241) | (37,123) | |||||||
Weighted average grant date fair value, granted | $ 35.13 | $ 17.78 | $ 30.01 | ||||||
Unrecognized compensation expense | $ 4,486 | $ 4,486 | |||||||
Employee service share-based compensation, nonvested, period for recognition | 1 year 1 month 13 days | ||||||||
Performance Based Awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common shares, forfeited or cancelled | (263,492) | (77,670) | |||||||
Weighted average grant date fair value, granted | $ 43.34 | $ 17.10 | |||||||
Unrecognized compensation expense | $ 0 | $ 0 | |||||||
Plan 2006 [Member] | Time Based Awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation award vesting period | 3 years | 3 years | 3 years | ||||||
Plan 2006 [Member] | Performance Based Awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation award vesting period | 3 years | 3 years | 3 years | ||||||
2016 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation award reserved for issuance of common shares | 1,800,000 | 2,900,000 | |||||||
Share-based compensation, increase in awards reserved for issuance of common shares | 1,100,000 | ||||||||
Share-based compensation award granted in period | 2,261,121 | ||||||||
Share-based compensation award, number of shares available for grant | 1,292,840 | 1,292,840 | |||||||
2016 Plan [Member] | Time Based Awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation award granted in period | 911,616 | ||||||||
2016 Plan [Member] | Performance Based Awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation award granted in period | 1,349,505 | ||||||||
Share-based compensation award vesting period | 3 years | 3 years | 3 years | ||||||
Director Share Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation award reserved for issuance of common shares | 850,000 | 700,000 | 500,000 | ||||||
Share-based compensation, increase in awards reserved for issuance of common shares | 150,000 | 200,000 | |||||||
Share-based compensation award vesting period | 1 year | ||||||||
Share-based compensation restricted common shares issued | 744,811 | ||||||||
Share-based compensation, maximum number of shares issuable | 105,189 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans (Schedule of the Allocation of Performance Shares Between Total Shareholder Return and Earnings per Share) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Return on invested capital | 18.00% | 18.00% | 18.00% |
Performance Based Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total shareholder return | 45.00% | 45.00% | 45.00% |
Earnings per share | 36.00% | 36.00% | 36.00% |
Share-Based Compensation Plan_4
Share-Based Compensation Plans (Disclosure of Share-based Compensation Arrangements by Share-based Payment Award) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Time Based Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 502,728 | 361,834 | |
Common shares, granted | 202,599 | 306,161 | |
Common shares, vested | (159,755) | (128,144) | |
Common shares, forfeited or cancelled | (95,241) | (37,123) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 450,331 | 502,728 | 361,834 |
Weighted average grant date fair value, non-vested | $ 21.89 | $ 25.84 | |
Weighted average grant date fair value, granted | 35.13 | 17.78 | $ 30.01 |
Weighted average grant date fair value, vested | 22.52 | 22.13 | |
Weighted average grant date fair value, forfeited or cancelled | 26.96 | 25.37 | |
Weighted average grant date fair value, non-vested | $ 26.55 | $ 21.89 | $ 25.84 |
Performance Based Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 752,783 | 566,336 | |
Common shares, granted | 215,936 | 409,686 | |
Common shares, vested | (126,242) | (145,569) | |
Common shares, forfeited or cancelled | (263,492) | (77,670) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 578,985 | 752,783 | 566,336 |
Weighted average grant date fair value, non-vested | $ 24.32 | $ 28.97 | |
Weighted average grant date fair value, granted | 43.34 | 17.10 | |
Weighted average grant date fair value, vested | 29.61 | 22.08 | |
Weighted average grant date fair value, forfeited or cancelled | 28.35 | 24.37 | |
Weighted average grant date fair value, non-vested | $ 28.42 | $ 24.32 | $ 28.97 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-Based Compensation [Abstract] | |||
Expenses related to employee benefit plans | $ 5,082 | $ 3,812 | $ 4,260 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Dec. 31, 2021USD ($)contract | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Feb. 18, 2020USD ($) | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Borrowings outstanding | $ 163,957 | $ 136,000 | |||
Assets fair value adjustment | 0 | 0 | |||
Impairment of Goodwill | 0 | 0 | $ 0 | ||
Payment of earn-out consideration paid within operating activities | 2,065 | (3,196) | 2,308 | ||
Earn-out consideration cash payment within financing activities | $ 3,394 | ||||
Earn-out consideration, operating and financing activities | $ 8,474 | ||||
Transfers in or out of Level 3 | 0 | ||||
Asset impairments | 2,326 | ||||
Particulate Matter Fixed Assets [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Asset impairments | 2,326 | ||||
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 | ||||
Cash Flow Hedging [Member] | Mexican Peso-Denominated Foreign Currency Forward Contracts [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Notional amounts | 23,923 | 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 | 651 | 433 | |||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Credit Facility [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Borrowings outstanding | $ 163,957 | ||||
Net Investment Hedging [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Number of hedge contracts | contract | 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 | ||||
Net Investment Hedging [Member] | Net Investment Hedge Due 2028 [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Notional amounts | 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 | 23,923 | 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 | |||
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 | ||||
Orlaco [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Payment of earn-out consideration paid within operating activities | 5,080 | ||||
Earn-out consideration cash payment within financing activities | $ 3,394 |
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 | Dec. 31, 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 | $ 23,923 | $ 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 | 730 | 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 | 1,450 | ||
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 | $ 503 | $ 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) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Designated as Hedging Instrument [Member] | Forward Currency Contracts [Member] | |||
Derivatives designated as cash flow hedges: | |||
Gain (loss) recorded in other comprehensive income (loss) | $ 923 | $ (1,244) | $ 450 |
Gain (loss) reclassified from other comprehensive income (loss) into net income | 448 | (1,499) | 820 |
Foreign currency cash flow hedge gain (loss) to be reclassified during next 12 months | 730 | ||
Losses expected to be recognized in interest expense in next year | 468 | ||
Losses expected to be recognized in interest expense after next year | 35 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivatives designated as cash flow hedges: | |||
Gain (loss) recorded in other comprehensive income (loss) | 164 | (1,751) | |
Gain (loss) reclassified from other comprehensive income (loss) into net income | (651) | (433) | |
Cost of Goods Sold [Member] | Designated as Hedging Instrument [Member] | Forward Currency Contracts [Member] | |||
Derivatives designated as cash flow hedges: | |||
Gain (loss) reclassified from other comprehensive income (loss) into net income | 341 | (1,146) | 695 |
Design and Development Expense [Member] | Designated as Hedging Instrument [Member] | Forward Currency Contracts [Member] | |||
Derivatives designated as cash flow hedges: | |||
Gain (loss) reclassified from other comprehensive income (loss) into net income | 0 | (29) | 125 |
Selling, General and Administrative Expenses [Member] | Designated as Hedging Instrument [Member] | Forward Currency Contracts [Member] | |||
Derivatives designated as cash flow hedges: | |||
Gain (loss) reclassified from other comprehensive income (loss) into net income | 107 | (324) | $ 0 |
Cash Flow Hedging [Member] | Interest Expense [Member] | |||
Derivatives designated as cash flow hedges: | |||
Gain (loss) reclassified from other comprehensive income (loss) into net income | (651) | $ (433) | |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivatives designated as cash flow hedges: | |||
Gain (loss) recorded in other comprehensive income (loss) | $ 1,270 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets carried at fair value: | ||
Cross-currency swap | $ 1,450 | |
Forward currency asset contracts | 730 | $ 255 |
Total financial assets carried at fair value | 2,180 | 255 |
Financial liabilities carried at fair value: | ||
Interest rate swap | 503 | 1,318 |
Earn-out consideration | 7,351 | 5,813 |
Total financial liabilities carried at fair value | 7,854 | $ 7,131 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets carried at fair value: | ||
Cross-currency swap | 1,450 | |
Forward currency asset contracts | 730 | |
Total financial assets carried at fair value | 2,180 | |
Financial liabilities carried at fair value: | ||
Interest rate swap | 503 | |
Total financial liabilities carried at fair value | 503 | |
Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities carried at fair value: | ||
Earn-out consideration | 7,351 | |
Total financial liabilities carried at fair value | $ 7,351 |
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) - PST Eletronica Ltda [Member] - Earnout Consideration [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 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 | 2,065 | (3,196) |
Foreign currency adjustments | (527) | (3,002) |
Financial liability, Ending balance | $ 7,351 | $ 5,813 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) R$ in Thousands, $ in Thousands | Aug. 12, 2020USD ($) | Aug. 12, 2020BRL (R$) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021BRL (R$) | Dec. 31, 2020BRL (R$) |
Short-term Debt [Line Items] | |||||||
Environmental remediation accrued undiscounted liability | $ 216 | $ 180 | |||||
Environmental remediation cost incurred | 391 | 128 | |||||
Product warranty and recall accrual | 3,094 | 3,647 | |||||
Foreign tax settlement | $ 6,473 | ||||||
PST Eletronica Ltda [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Litigation amount | $ 1,598 | R$ 7995 | |||||
Letter of Credit [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Line of credit | 1,489 | ||||||
PST Eletronica Ltda [Member] | Civil, labor and other tax contingencies [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Loss contingency, estimate of possible loss | $ 8,338 | $ 8,416 | R$ 46530 | R$ 43736 |
Restructuring and Business Re_3
Restructuring and Business Realignment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Electronics [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 290 | $ 2,400 | $ 603 |
Control Devices [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 2,978 | 12,530 | |
Particulate Matter Product Line Strategic Exit [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 2,360 | 3,428 | |
Particulate Matter Product Line Strategic Exit [Member] | Control Devices [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 2,360 | 3,428 | |
Particulate Matter Product Line Strategic Exit [Member] | Control Devices [Member] | Maximum [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Estimated total cost | 4,200 | ||
Canton Facility Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 13 | ||
Canton Facility Restructuring Plan [Member] | Control Devices [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 13 | 2,978 | 12,530 |
Employee Severance [Member] | Electronics [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 50 | 1,034 | (18) |
Employee Severance [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 139 | ||
Employee Severance [Member] | Canton Facility Restructuring Plan [Member] | Control Devices [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 1,119 | 8,088 | |
Fixed Asset Impairment [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 188 | 3,326 | |
Other Restructuring [Member] | Electronics [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 240 | 914 | 323 |
Other Restructuring [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 2,033 | 102 | |
Other Restructuring [Member] | Canton Facility Restructuring Plan [Member] | Control Devices [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 13 | 1,859 | 4,442 |
Contract Termination [Member] | Electronics [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 452 | 9 | |
Selling, General and Administrative Expenses [Member] | Electronics [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 210 | 1,774 | |
Selling, General and Administrative Expenses [Member] | Particulate Matter Product Line Strategic Exit [Member] | Control Devices [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 642 | 2,611 | |
Selling, General and Administrative Expenses [Member] | Canton Facility Restructuring Plan [Member] | Canton Facility [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 1,526 | ||
Selling, General and Administrative Expenses [Member] | Canton Facility Restructuring Plan [Member] | Control Devices [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 551 | ||
Cost of Goods Sold [Member] | Electronics [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 37 | 147 | |
Cost of Goods Sold [Member] | Particulate Matter Product Line Strategic Exit [Member] | Control Devices [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 1,510 | 817 | |
Cost of Goods Sold [Member] | Canton Facility Restructuring Plan [Member] | Canton Facility [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 7,625 | ||
Cost of Goods Sold [Member] | Canton Facility Restructuring Plan [Member] | Control Devices [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 1,659 | ||
Design and Development Expense [Member] | Electronics [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 43 | 479 | |
Design and Development Expense [Member] | Particulate Matter Product Line Strategic Exit [Member] | Control Devices [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | 208 | ||
Design and Development Expense [Member] | Canton Facility Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 13 | ||
Design and Development Expense [Member] | Canton Facility Restructuring Plan [Member] | Canton Facility [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 3,379 | ||
Design and Development Expense [Member] | Canton Facility Restructuring Plan [Member] | Control Devices [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense | $ 768 |
Restructuring and Business Re_4
Restructuring and Business Realignment (Schedule of Restructuring and Related Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Particulate Matter Product Line Strategic Exit [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | $ 0 | $ 0 | |
Charge to expense | 2,360 | 3,428 | |
Cash payments | (2,137) | (102) | |
Utilization, Non-Cash | (188) | (3,326) | |
Restructuring Reserve, Ending Balance | 35 | 0 | $ 0 |
Canton Facility Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge to expense | 13 | ||
Design and Development Expense [Member] | Canton Facility Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge to expense | 13 | ||
Control Devices [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge to expense | 2,978 | 12,530 | |
Control Devices [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge to expense | 2,360 | 3,428 | |
Control Devices [Member] | Canton Facility Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 165 | 2,636 | 0 |
Charge to expense | 13 | 2,978 | 12,530 |
Cash payments | (85) | (5,449) | (9,894) |
Utilization, Non-Cash | |||
Restructuring Reserve, Ending Balance | 93 | 165 | 2,636 |
Control Devices [Member] | Cost of Goods Sold [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge to expense | 1,510 | 817 | |
Control Devices [Member] | Cost of Goods Sold [Member] | Canton Facility Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge to expense | 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 | 642 | 2,611 | |
Control Devices [Member] | Selling, General and Administrative Expenses [Member] | Canton Facility Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge to expense | 551 | ||
Control Devices [Member] | Design and Development Expense [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge to expense | 208 | ||
Control Devices [Member] | Design and Development Expense [Member] | Canton Facility Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge to expense | 768 | ||
Electronics [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 227 | 52 | 656 |
Charge to expense | 290 | 2,400 | 603 |
Cash payments | (517) | (2,225) | (921) |
Utilization, Non-Cash | (286) | ||
Restructuring Reserve, Ending Balance | 0 | 227 | 52 |
Electronics [Member] | Cost of Goods Sold [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge to expense | 37 | 147 | |
Electronics [Member] | Selling, General and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge to expense | 210 | 1,774 | |
Electronics [Member] | Design and Development Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge to expense | 43 | 479 | |
Employee Severance [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge to expense | 139 | ||
Cash payments | (104) | ||
Restructuring Reserve, Ending Balance | 35 | ||
Employee Severance [Member] | Control Devices [Member] | Canton Facility Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 165 | 2,636 | 0 |
Charge to expense | 1,119 | 8,088 | |
Cash payments | (72) | (3,590) | (5,452) |
Utilization, Non-Cash | |||
Restructuring Reserve, Ending Balance | 93 | 165 | 2,636 |
Employee Severance [Member] | Electronics [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 227 | 52 | 520 |
Charge to expense | 50 | 1,034 | (18) |
Cash payments | (277) | (859) | (453) |
Utilization, Non-Cash | 3 | ||
Restructuring Reserve, Ending Balance | 0 | 227 | 52 |
Accelerated Depreciation [Member] | Electronics [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 0 | 0 | |
Charge to expense | 289 | ||
Utilization, Non-Cash | (289) | ||
Restructuring Reserve, Ending Balance | 0 | ||
Fixed Asset Impairment [Member] | Particulate Matter Product Line Strategic Exit [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 0 | 0 | |
Charge to expense | 188 | 3,326 | |
Utilization, Non-Cash | (188) | (3,326) | |
Restructuring Reserve, Ending Balance | 0 | 0 | |
Contract Termination [Member] | Electronics [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 0 | 0 | 17 |
Charge to expense | 452 | 9 | |
Cash payments | (452) | (26) | |
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 | 0 | |
Charge to expense | 2,033 | 102 | |
Cash payments | (2,033) | (102) | |
Restructuring Reserve, Ending Balance | 0 | 0 | |
Other Restructuring [Member] | Control Devices [Member] | Canton Facility Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 0 | 0 | |
Charge to expense | 13 | 1,859 | 4,442 |
Cash payments | (13) | (1,859) | (4,442) |
Utilization, Non-Cash | |||
Restructuring Reserve, Ending Balance | 0 | ||
Other Restructuring [Member] | Electronics [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 0 | 0 | 119 |
Charge to expense | 240 | 914 | 323 |
Cash payments | (240) | (914) | (442) |
Restructuring Reserve, Ending Balance | $ 0 | $ 0 | $ 0 |
Restructuring and Business Re_5
Restructuring and Business Realignment (Realignment Charges Classified by Statement of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Total business realignment charges | $ 1,392 | $ 4,037 | $ 1,829 |
Cost of Goods Sold [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total business realignment charges | 8 | 1,231 | |
Selling, General and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total business realignment charges | 1,375 | 2,121 | 1,829 |
Design and Development Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total business realignment charges | 9 | 685 | |
Control Devices [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total business realignment charges | 192 | 1,752 | 682 |
Control Devices [Member] | Cost of Goods Sold [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 724 | ||
Control Devices [Member] | Selling, General and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 192 | 745 | 682 |
Control Devices [Member] | Design and Development Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 283 | ||
Electronics [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total business realignment charges | 3 | 1,690 | 99 |
Electronics [Member] | Cost of Goods Sold [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 1 | 383 | |
Electronics [Member] | Selling, General and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 905 | 99 | |
Severance benefit | (7) | ||
Electronics [Member] | Design and Development Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 9 | 402 | |
PST Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total business realignment charges | 59 | 234 | |
PST Segment [Member] | Cost of Goods Sold [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 7 | 124 | |
PST Segment [Member] | Selling, General and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 52 | 110 | |
Corporate [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total business realignment charges | 1,138 | 361 | 1,048 |
Corporate [Member] | Selling, General and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | $ 1,138 | $ 361 | $ 1,048 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Sales: | |||
Net sales | $ 770,462 | $ 648,006 | $ 834,289 |
Operating Income (Loss) | |||
Total operating income (loss) | 15,411 | (7,664) | 71,281 |
Total income before income taxes | 12,436 | (10,724) | 68,393 |
Depreciation and Amortization: | |||
Total depreciation and amortization | 33,828 | 32,730 | 30,859 |
Interest Expense, net: | |||
Total interest expense, net | 5,189 | 6,124 | 4,324 |
Capital Expenditures: | |||
Capital expenditures | 22,949 | 27,660 | 35,824 |
Long-Lived Assets | 254,575 | 286,744 | |
Total Assets: | |||
Total assets | 665,399 | 621,408 | |
Intersegment Eliminations [Member] | |||
Net Sales: | |||
Net sales | (29,694) | (29,502) | (40,179) |
Total Assets: | |||
Total assets | (351,924) | (329,140) | |
Control Devices [Member] | |||
Net Sales: | |||
Net sales | 355,775 | 342,576 | 431,560 |
Operating Income (Loss) | |||
Total operating income (loss) | 54,933 | 22,072 | 73,327 |
Depreciation and Amortization: | |||
Total depreciation and amortization | 15,351 | 15,377 | 13,397 |
Interest Expense, net: | |||
Total interest expense, net | 132 | 173 | 172 |
Capital Expenditures: | |||
Capital expenditures | 9,154 | 11,760 | 12,646 |
Total Assets: | |||
Total assets | 181,968 | 194,433 | |
Control Devices [Member] | Operating Segments [Member] | |||
Net Sales: | |||
Net sales | 359,276 | 348,051 | 437,998 |
Control Devices [Member] | Inter-Segment Sales [Member] | |||
Net Sales: | |||
Net sales | 3,502 | 5,475 | 6,438 |
Electronics [Member] | |||
Net Sales: | |||
Net sales | 357,910 | 257,767 | 335,195 |
Operating Income (Loss) | |||
Total operating income (loss) | (12,502) | (3,672) | 25,006 |
Depreciation and Amortization: | |||
Total depreciation and amortization | 12,487 | 10,501 | 9,872 |
Interest Expense, net: | |||
Total interest expense, net | 462 | 320 | 162 |
Capital Expenditures: | |||
Capital expenditures | 9,735 | 11,617 | 15,476 |
Total Assets: | |||
Total assets | 338,080 | 303,914 | |
Electronics [Member] | Operating Segments [Member] | |||
Net Sales: | |||
Net sales | 384,103 | 281,794 | 368,930 |
Electronics [Member] | Inter-Segment Sales [Member] | |||
Net Sales: | |||
Net sales | 26,192 | 24,027 | 33,735 |
PST [Member] | |||
Net Sales: | |||
Net sales | 56,777 | 47,663 | 67,534 |
Operating Income (Loss) | |||
Total operating income (loss) | 995 | 3,766 | 6,539 |
Depreciation and Amortization: | |||
Total depreciation and amortization | 3,856 | 4,766 | 6,338 |
Interest Expense, net: | |||
Total interest expense, net | (1,353) | (4) | 167 |
Capital Expenditures: | |||
Capital expenditures | 2,918 | 2,839 | 5,003 |
Total Assets: | |||
Total assets | 59,100 | 61,350 | |
PST [Member] | Operating Segments [Member] | |||
Net Sales: | |||
Net sales | 56,777 | 47,663 | 67,540 |
PST [Member] | Inter-Segment Sales [Member] | |||
Net Sales: | |||
Net sales | 6 | ||
Corporate [Member] | |||
Operating Income (Loss) | |||
Total operating income (loss) | (28,015) | (29,830) | (33,591) |
Depreciation and Amortization: | |||
Total depreciation and amortization | 2,134 | 2,086 | 1,252 |
Interest Expense, net: | |||
Total interest expense, net | 5,948 | 5,635 | 3,823 |
Capital Expenditures: | |||
Capital expenditures | 1,142 | 1,444 | $ 2,699 |
Total Assets: | |||
Total assets | $ 438,175 | $ 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 770,462 | $ 648,006 | $ 834,289 |
Long-term Assets: | |||
Total long-term assets | 254,575 | 286,744 | |
North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 386,944 | 330,528 | 457,633 |
Long-term Assets: | |||
Total long-term assets | 91,039 | 110,330 | |
South America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 56,777 | 47,663 | 67,534 |
Long-term Assets: | |||
Total long-term assets | 30,272 | 33,785 | |
Europe and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 326,741 | 269,815 | $ 309,122 |
Long-term Assets: | |||
Total long-term assets | $ 133,264 | $ 142,629 |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable Reserves | |||
Balance at beginning of period | $ 817 | $ 1,289 | $ 1,243 |
Charged to cost and expenses | 1,030 | 1,130 | 1,126 |
Write-offs, Exchange Rate Fluctuations and Other Items | (404) | (1,602) | (1,080) |
Balance at end of period | 1,443 | 817 | 1,289 |
Valuation Allowance Of Deferred Tax Assets [Member] | |||
Balance at beginning of period | 10,237 | 8,586 | 8,962 |
Net additions charged to income (expense) | 4,768 | 2,174 | (138) |
Write-offs, Exchange Rate Fluctuations and Other Items | (489) | (523) | (238) |
Balance at end of period | $ 14,516 | $ 10,237 | $ 8,586 |