Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


þ			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

			For the quarterly period ended September 30, 2024

			or

o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission file number: 001-04743

Standard Motor Products, Inc.

(Exact name of registrant as specified in its charter)

New York

11-1362020

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)


37-18 Northern Blvd., Long Island City, New York						11101
(Address of principal executive offices)						(Zip Code)

(718) 392-0200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $2.00 per share	SMP	New York Stock Exchange LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No þ

As of the close of business on October 28, 2024, there were 21,721,825 outstanding shares of the registrant’s Common Stock, par value $2.00 per share.

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STANDARD MOTOR PRODUCTS, INC. AND SUBSIDIARIES

INDEX


	PART I - FINANCIAL INFORMATION

		Page No.
Item 1.	Consolidated Financial Statements:

	Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023	3

	Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023	4

	Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023	5

	Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2024 and 2023	6

	Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023	7

	Notes to Consolidated Financial Statements (Unaudited)	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	43

Item 4.	Controls and Procedures	43

	PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	44

Item 6.	Exhibits	44

Signatures		45

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PART I – FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

STANDARD MOTOR PRODUCTS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except share and per share data, unaudited)	2024		2023		2024		2023
Net sales	$	399,265	$	386,413	$	1,120,497	$	1,067,516
Cost of sales	277,899		271,653		798,162		760,220
Gross profit	121,366		114,760		322,335		307,296
Selling, general and administrative expenses	81,204		79,781		239,822		223,257
Restructuring and integration expenses	3,023		177		5,774		1,383
Other income (expense), net	—		4		5		74
Operating income	37,139		34,806		76,744		82,730
Other non-operating income, net	2,129		1,732		5,147		2,759
Interest expense	3,145		3,621		7,964		10,766
Earnings from continuing operations before taxes	36,123		32,917		73,927		74,723
Provision for income taxes	9,267		7,995		18,718		18,656
Earnings from continuing operations	26,856		24,922		55,209		56,067
Loss from discontinued operations, net of income taxes	(22,771)		(18,200)		(24,727)		(28,201)
Net earnings	4,085		6,722		30,482		27,866
Net earnings attributable to noncontrolling interest	275		63		785		152
Net earnings attributable to SMP (a)	$	3,810	$	6,659	$	29,697	$	27,714

Net earnings (loss) attributable to SMP
Continuing operations	$	26,581	$	24,859	$	54,424	$	55,915
Discontinued operations	(22,771)		(18,200)		(24,727)		(28,201)
Net earnings attributable to SMP	$	3,810	$	6,659	$	29,697	$	27,714

Per common share data
Basic:
Continuing operations	$	1.22	$	1.14	$	2.50	$	2.58
Discontinued operations	(1.04)		(0.83)		(1.14)		(1.30)
Net earnings attributable to SMP per common share	$	0.18	$	0.31	$	1.36	$	1.28

Diluted:
Continuing operations	$	1.20	$	1.12	$	2.45	$	2.52
Discontinued operations	(1.03)		(0.82)		(1.11)		(1.27)
Net earnings attributable to SMP per common share	$	0.17	$	0.30	$	1.34	$	1.25

Dividend declared per common share	$	0.29	$	0.29	$	0.87	$	0.87

Weighted average number of common shares, basic	21,716,083		21,727,119		21,802,164		21,675,699
Weighted average number of common shares, diluted	22,154,222		22,253,723		22,225,444		22,198,131

(a)Throughout this Form 10-Q, “SMP” refers to Standard Motor Products, Inc. and subsidiaries.

See accompanying notes to consolidated financial statements (unaudited).

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STANDARD MOTOR PRODUCTS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, unaudited)	2024		2023		2024		2023

Net earnings	$	4,085	$	6,722	$	30,482	$	27,866
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	2,475		(3,950)		(2,493)		36
Derivative instruments	(2,552)		1,708		(1,082)		2,162
Pension and postretirement plans	(3)		(3)		(8)		(10)
Other comprehensive income, net of tax	(80)		(2,245)		(3,583)		2,188
Comprehensive income	4,005		4,477		26,899		30,054
Comprehensive income (loss) attributable to noncontrolling interest, net of tax:
Net earnings	275		63		785		152
Foreign currency translation adjustments	32		47		17		(63)
Comprehensive income (loss) attributable to noncontrolling interest, net of tax	307		110		802		89
Comprehensive income attributable to SMP	$	3,698	$	4,367	$	26,097	$	29,965

See accompanying notes to consolidated financial statements (unaudited).

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STANDARD MOTOR PRODUCTS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


(In thousands, except share and per share data, unaudited)	September 30, 2024		December 31, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	26,348	$	32,526
Accounts receivable, less allowances for discounts and expected credit losses of $8,697 and $8,045 for 2024 and 2023, respectively	217,130		160,282
Inventories	503,015		507,075
Unreturned customer inventories	17,843		18,240
Prepaid expenses and other current assets	28,873		26,100
Total current assets	793,209		744,223

Property, plant and equipment, net of accumulated depreciation of $271,556 and $259,656 for 2024 and 2023, respectively	138,490		121,872
Operating lease right-of-use assets	96,039		100,065
Goodwill	134,725		134,729
Other intangibles, net	85,837		92,308
Deferred income taxes	45,315		40,533
Investments in unconsolidated affiliates	23,914		24,050
Other assets	33,012		35,267
Total assets	$	1,350,541	$	1,293,047

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of term loan and other debt	$	2,685	$	5,029
Accounts payable	112,404		107,455
Sundry payables and accrued expenses	69,666		63,303
Accrued customer returns	62,326		38,238
Accrued core liability	15,226		18,399
Accrued rebates	53,163		42,278
Payroll and commissions	37,050		29,561
Total current liabilities	352,520		304,263

Long-term debt	140,163		151,182
Noncurrent operating lease liabilities	86,259		88,974
Other accrued liabilities	28,611		25,742
Accrued asbestos liabilities	89,544		72,013
Total liabilities	697,097		642,174
Commitments and contingencies
Stockholders’ equity:
Common stock – par value $2.00 per share:
Authorized – 30,000,000 shares; issued 23,936,036 shares	47,872		47,872
Capital in excess of par value	103,818		101,751
Retained earnings	583,919		573,226
Accumulated other comprehensive income	(9,574)		(5,974)
Treasury stock – at cost (2,215,186 shares and 2,018,982 shares in 2024 and 2023, respectively)	(87,202)		(81,811)
Total SMP stockholders’ equity	638,833		635,064
Noncontrolling interest	14,611		15,809
Total stockholders’ equity	653,444		650,873
Total liabilities and stockholders’ equity	$	1,350,541	$	1,293,047

See accompanying notes to consolidated financial statements (unaudited).

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STANDARD MOTOR PRODUCTS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS


(In thousands, unaudited)	Nine Months Ended September 30,
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	30,482	$	27,866
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	22,008		21,461
Amortization of deferred financing cost	1,655		370
Increase to allowance for expected credit losses	461		333
Increase to inventory reserves	3,731		2,010
Equity income from joint ventures	(3,520)		(2,181)
Employee stock ownership plan allocation	2,090		2,225
Stock-based compensation	4,464		5,243
Increase in deferred income taxes	(4,408)		(3,299)
Loss on discontinued operations, net of tax	24,727		28,201
Change in assets and liabilities:
Increase in accounts receivable	(59,040)		(38,850)
Decrease in inventories	2,895		54,286
Increase (decrease) in prepaid expenses and other current assets	(2,739)		2,916
Increase in accounts payable	4,487		15,852
Increase in sundry payables and accrued expenses	45,470		12,345
Net change in other assets and liabilities	5,437		4,115
Net cash provided by operating activities	78,200		132,893

CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of and investment in businesses	—		(3,954)
Cash acquired in step acquisition	—		6,779
Capital expenditures	(34,136)		(17,977)
Other investing activities	18		95
Net cash used in investing activities	(34,118)		(15,057)

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of term loan	(92,500)		(3,750)
Net borrowings (repayments) under revolving credit facilities	76,500		(88,350)
Net borrowings (repayments) of other debt and lease obligations	2,578		(49)
Purchase of treasury stock	(10,409)		—
Payments of debt issuance costs	(4,183)		—
Increase in overdraft balances	549		253
Dividends paid	(19,004)		(18,846)
Dividends paid to noncontrolling interest	(1,200)		(255)
Net cash used in financing activities	(47,669)		(110,997)
Effect of exchange rate changes on cash	(2,591)		496
Net (decrease) increase in cash and cash equivalents	(6,178)		7,335
CASH AND CASH EQUIVALENTS at beginning of period	32,526		21,150
CASH AND CASH EQUIVALENTS at end of period	$	26,348	$	28,485

Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	7,973	$	11,749
Income taxes	$	10,947	$	11,352
Noncash financing activity:
Dividend payable to noncontrolling interest	$	800	$	—

See accompanying notes to consolidated financial statements (unaudited).

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STANDARD MOTOR PRODUCTS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

Three Months Ended September 30, 2024


(In thousands, unaudited)	Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total SMP		Non- Controlling Interest		Total
Balance at June 30, 2024	$	47,872	$	102,738	$	586,407	$	(9,462)	$	(87,537)	$	640,018	$	14,304	$	654,322
Net earnings	—		—		3,810		—		—		3,810		275		4,085
Other comprehensive income (loss), net of tax	—		—		—		(112)		—		(112)		32		(80)
Cash dividends paid	—		—		(6,298)		—		—		(6,298)		—		(6,298)
Purchase of treasury stock	—		—		—		—		—		—		—		—
Dividends to noncontrolling interest	—		—		—		—		—		—		—		—
Stock-based compensation	—		1,080		—		—		335		1,415		—		1,415
Balance at September 30, 2024	$	47,872	$	103,818	$	583,919	$	(9,574)	$	(87,202)	$	638,833	$	14,611	$	653,444

Three Months Ended September 30, 2023


(In thousands, unaudited)	Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total SMP		Non- Controlling Interest		Total
Balance at June 30, 2023	$	47,872	$	106,529	$	572,753	$	(7,927)	$	(89,554)	$	629,673	$	10,742	$	640,415
Noncontrolling interest in step acquisition	—		—		—		—		—		—		5,273		5,273
Net earnings	—		—		6,659		—		—		6,659		63		6,722
Other comprehensive income (loss), net of tax	—		—		—		(2,292)		—		(2,292)		47		(2,245)
Cash dividends paid	—		—		(6,302)		—		—		(6,302)		—		(6,302)
Stock-based compensation	—		1,529		—		—		81		1,610		—		1,610
Balance at September 30, 2023	$	47,872	$	108,058	$	573,110	$	(10,219)	$	(89,473)	$	629,348	$	16,125	$	645,473

See accompanying notes to consolidated financial statements (unaudited).

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STANDARD MOTOR PRODUCTS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

Nine Months Ended September 30, 2024


(In thousands, unaudited)	Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total SMP		Non- Controlling Interest		Total
Balance at December 31, 2023	$	47,872	$	101,751	$	573,226	$	(5,974)	$	(81,811)	$	635,064	$	15,809	$	650,873
Net earnings	—		—		29,697		—		—		29,697		785		30,482
Other comprehensive income (loss), net of tax	—		—		—		(3,600)		—		(3,600)		17		(3,583)
Cash dividends paid	—		—		(19,004)		—		—		(19,004)		—		(19,004)
Purchase of treasury stock	—		—		—		—		(10,409)		(10,409)		—		(10,409)
Dividends to noncontrolling interest	—		—		—		—		—		—		(2,000)		(2,000)
Stock-based compensation	—		2,064		—		—		2,234		4,298		—		4,298
Employee Stock Ownership Plan	—		3		—		—		2,784		2,787		—		2,787
Balance at September 30, 2024	$	47,872	$	103,818	$	583,919	$	(9,574)	$	(87,202)	$	638,833	$	14,611	$	653,444

Nine Months Ended September 30, 2023


(In thousands)	Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total SMP		Non- Controlling Interest		Total
Balance at December 31, 2022	$	47,872	$	105,615	$	564,242	$	(12,470)	$	(95,239)	$	610,020	$	11,018	$	621,038
Noncontrolling interest in step acquisition	—		—		—		—		—		—		5,273		5,273
Net earnings	—		—		27,714		—		—		27,714		152		27,866
Other comprehensive income (loss), net of tax	—		—		—		2,251		—		2,251		(63)		2,188
Cash dividends paid	—		—		(18,846)		—		—		(18,846)		—		(18,846)
Dividends paid to noncontrolling interest	—		—		—		—		—		—		(255)		(255)
Stock-based compensation	—		2,427		—		—		2,816		5,243		—		5,243
Employee Stock Ownership Plan	—		16		—		—		2,950		2,966		—		2,966
Balance at September 30, 2023	$	47,872	$	108,058	$	573,110	$	(10,219)	$	(89,473)	$	629,348	$	16,125	$	645,473

See accompanying notes to consolidated financial statements (unaudited).

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Note 1. Basis of Presentation

Standard Motor Products, Inc. and its subsidiaries (referred to hereinafter in these notes to the consolidated financial statements as “we,” “us,” “our,” “SMP,” or the “Company”) is a leading manufacturer and distributor of premium replacement parts in the automotive aftermarket, and a custom-engineered solutions provider to vehicle and equipment manufacturers in diverse non-aftermarket end markets. Our automotive aftermarket is comprised of two segments, Vehicle Control and Temperature Control, while our Engineered Solutions segment offers a broad array of conventional and future-oriented technologies in markets for commercial and light vehicles, construction, agriculture, power sports, marine, hydraulics and lawn and garden. We sell our products primarily to retailers, warehouse distributors, original equipment manufacturers and original equipment service part operations in the United States, Canada, Europe, Asia, Mexico and other Latin American countries.

The accompanying unaudited financial information should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. The unaudited consolidated financial statements include our accounts and all domestic and international companies in which we have more than a 50% equity ownership, except in instances where the minority shareholder maintains substantive participating rights, in which case we follow the equity method of accounting. In instances where we have more than a 50% equity ownership and the minority shareholder does not maintain substantive participating rights, our consolidated financial statements include the accounts of the company on a consolidated basis with its net income and equity reported at amounts attributable to both our equity position and that of the noncontrolling interest. Investments in unconsolidated affiliates are accounted for on the equity method, as we do not have a controlling financial interest but have the ability to exercise significant influence. All significant inter-company items have been eliminated.

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for the interim periods are not necessarily indicative of the results of operations for the entire year.

Reclassification

Certain prior period amounts in the accompanying consolidated financial statements and related notes have been reclassified to conform to the 2024 presentation.

Note 2. Summary of Significant Accounting Policies

The preparation of consolidated annual and quarterly financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of our consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. We have made a number of estimates and assumptions in the preparation of these consolidated financial statements. We can give no assurance that actual results will not differ from those estimates. Although we do not believe that there is a reasonable likelihood that there will be a material change in the future estimates, or in the assumptions that we use in calculating the estimates, the uncertain future effects, if any, of disruptions in the supply chain caused by geo-political risks, future increases in interest rates, inflation, macroeconomic uncertainty, and other unforeseen changes in the industry, or business, could materially impact the estimates, and may have a material adverse effect on our business, financial condition and results of operations. Some of the more significant estimates include allowances for expected credit losses, cash discounts, valuation of inventory, valuation of long-lived assets, goodwill and

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other intangible assets, depreciation and amortization of long-lived assets, product liability exposures, asbestos, environmental and litigation matters, valuation of deferred tax assets, share based compensation and sales returns and other allowances.

There have been no material changes to our critical accounting policies and estimates from the information provided in Note 1 of the notes to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023.

Recently Issued Accounting Pronouncements

Standards not yet adopted as of September 30, 2024


Standard	Description	Effective date	Effects on the financial statements or other significant matters

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	ASU 2023-07 will improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. ASU 2023-07 expands segment disclosures by requiring disclosure of (1) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss; (2) the amount and description of the composition of other segment items to reconcile to segment profit and loss; and (3) the CODM’s title and position and how the CODM uses the reported segment measures to allocate resources. Additionally, ASU 2023-07 requires interim disclosures of all reportable segment profit or loss and assets previously required annually by Topic 280.	The ASU is effective for the fiscal years beginning after December 15, 2023, which for us is December 31, 2024, and all subsequent interim periods, with full retrospective application required to all prior periods presented. Early adoption is permitted.	The new standard will require expanding our segment disclosure to include additional segment level information. We are currently evaluating the full impact of adopting ASU 2023-07 on our consolidated financial statements, disclosures, processes and controls. On an ongoing basis, we will continue to assess the impact of the new standard through our planned date of adoption of December 31, 2024.

ASU 2023-09, Income Taxes (Topic 270): Improvements to Income Tax Disclosures	ASU 2023-09 will improve transparency and decision making usefulness of income tax disclosures. ASU 2023-09 will expand the annual required effective income tax rate reconciliation disclosures to include (1) eight specific categories of rate reconciling items; (2) additional information for reconciling items that meet or exceed a quantitative threshold; and (3) expand the required disclosures to include reconciling percentages as well as reported amounts. Additionally, ASU 2023-09 will expand required annual disclosures of income taxes paid to include the disaggregation by federal, state and foreign jurisdictions.	The ASU is effective for annual reporting periods beginning after December 15, 2024, which for us is December 31, 2025, with prospective application. Early adoption and retrospective application are permitted.	The new standard will require expanding our annual income tax disclosures in our financial statements. We are currently evaluating the full impact of adopting ASU 2023-09 on our consolidated financial statements, disclosures, processes and controls. On an ongoing basis, we will continue to assess the impact of the new standard through our planned date of adoption of December 31, 2025.

We have reviewed all other recently issued accounting pronouncements and concluded they were either not applicable or not expected to have a material impact on the Company’s consolidated financial statements.

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Note 3. Business Acquisitions and Investments

Nissens Automotive Acquisition

In July 2024, we entered into an agreement to acquire all the outstanding shares of AX V Nissens III APS and its subsidiaries (“Nissens Automotive”), a leading European manufacturer and distributor of aftermarket engine cooling and air conditioning products with a growing array of vehicle control technologies, for €360 million (approximately $388 million) in cash, subject to adjustment at closing. We expect to fund the entire purchase price and related transaction costs with borrowings under our 2024 Credit Agreement. For additional information on our Credit Agreement see Note 9, “Credit Facilities and Long-Term Debt”. The transaction is expected to be completed by the end of 2024, subject to customary closing requirements.

Investment in Foshan GWO YNG SMP Vehicle Climate Control & Cooling Products Co. Ltd.

In April 2014, we formed Foshan GWO YNG SMP Vehicle Climate Control & Cooling Products Co. Ltd. (“Gwo Yng”), a 50/50 joint venture with Gwo Yng Enterprise Co., Ltd., a China-based manufacturer of air conditioner accumulators, filter driers, hose assemblies and switches. We acquired our 50% interest in the joint venture for approximately $14 million. In March 2018, we acquired an additional 15% equity interest in the joint venture for Chinese yuan renminbi 26,475,583 (approximately $4.2 million), thereby increasing our equity interest in the joint venture to 65%. While we increased our equity interest in the joint venture to 65%, the minority shareholder maintained substantive participating rights that allowed it to participate in certain significant financial and operating decisions that occur in the ordinary course of business. As a result, we continued to account for our investment in the joint venture under the equity method of accounting.

In July 2023, we acquired an additional 15% equity interest in the joint venture for Chinese yuan renminbi 27,378,290 (approximately $4 million), thereby increasing our equity interest in Gwo Yng to 80%. In connection with the transaction, we amended and restated the charter documents of Gwo Yng to remove all minority shareholder substantive participating rights, giving SMP control of Gwo Yng. As a result, as of the closing date of the transaction, Gwo Yng was accounted for as a business combination achieved in stages (“a step acquisition”). Accordingly, commencing on the closing of the transaction, we reported the results of Gwo Yng on a consolidated basis with the minority ownership interest reported as a noncontrolling interest.

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The following table summarizes the allocation of the total step acquisition purchase consideration to the identifiable assets acquired and liabilities assumed based on their fair values (in thousands):


Total purchase consideration (a)			$	21,725
Assets acquired and liabilities assumed:
Cash and cash equivalents	$	6,779
Receivables	5,912
Inventory	5,945
Other current assets	528
Property, plant and equipment, net	2,924
Operating lease right-of-use assets	4,372
Intangible assets (b)	532
Goodwill	2,208
Long term investments and other assets	7,257
Current liabilities	(6,004)
Noncurrent operating lease liabilities	(3,455)
Subtotal			26,998
Fair value of acquired noncontrolling interest			(5,273)
Total purchase consideration allocated to net assets acquired			$	21,725

(a)Total purchase consideration is the sum of the fair value of the previously held equity investment interest in Gwo Yng of $17.7 million and the cash paid of $4 million for the acquisition of the additional 15% equity ownership interest.

(b)Intangible assets consists of customer relationships of $0.4 million and capitalized software of $0.1 million.

Intangible assets of $0.4 million consisting of customer relationships is amortized on a straight-line basis over the estimated useful life of 10 years. Goodwill of $2.2 million was allocated to the Temperature Control and Engineered Solutions segments in the amounts of $1.2 million and $1 million, respectively. The goodwill reflects relationships, business specific knowledge and the replacement cost of an assembled workforce associated with personal reputations

Note 4. Restructuring and Integration Expenses

Separation Program

During the second quarter of 2024 we offered a voluntary retirement incentive package of severance and other benefit enhancements to eligible employees in the United States and Canada as part of our commitment to optimizing our cost structure and providing professional development opportunities to our employees. The offer period ended on June 14, 2024. During the quarter, we expanded the program to include involuntary separations. Costs primarily comprise of compensation expense and enhanced medical benefits, and are charged to restructuring and integration expenses in our statement of operations as a one-time termination benefit. Voluntary retirement incentive costs are recognized when the employee accepted the offer or over their remaining period of service based on the agreed retirement date. The criteria to recognize involuntary separation costs were met during the quarter and costs were recorded either during the quarter or over the remaining service period for the affected employees. We anticipate that the program will be substantially complete by the end of 2027. Additional pre-tax restructuring costs related to the program are expected to be $1.3 million in the remainder of 2024, $0.6 million in 2025, and $0.1 million in 2026 for an aggregate cost of approximately $7.6 million.

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Activity for the nine months ended September 30, 2024 related to the separation program workforce reduction consisted of the following (in thousands):


Exit activity liability at December 31, 2023	$	—
Restructuring and integration costs:
Amounts provided for during 2024 (a)	5,602
Stock-based compensation	150
Cash payments	(959)
Foreign currency exchange rate changes	1
Exit activity liability at September 30, 2024	$	4,794

(a)Restructuring and integration expenses incurred during the nine months ended September 30, 2024 consist of $2.7 million in our Vehicle Control segment, $0.6 million in our Temperature Control segment, $0.6 million in our Engineered Solutions segment and $1.7 million in our Other segment.

Cost Reduction Initiative

During the fourth quarter of 2022, to further our ongoing efforts to improve operating efficiencies and reduce costs, we announced plans for a reduction in our sales force, and initiated plans to relocate certain product lines from our Independence, Kansas manufacturing facility and from our St. Thomas, Canada manufacturing facility to our manufacturing facilities in Reynosa, Mexico. We anticipate that the Cost Reduction Initiative will be substantially completed by the end of 2024. Additional restructuring costs related to the initiative are expected to be immaterial.

Activity for the nine months ended September 30, 2024 related to the cost reduction initiative consisted of the following (in thousands):


	Workforce Reduction		Other Exit Costs		Total
Exit activity liability at December 31, 2023	$	1,729	$	—	$	1,729
Restructuring and integration costs:
Amounts provided for during 2024 (a)	(45)		217		172
Cash payments	(1,315)		(217)		(1,532)
Foreign currency exchange rate changes	(22)		—		(22)
Exit activity liability at September 30, 2024	$	347	$	—	$	347

(a)Restructuring and integration expenses incurred during the nine months ended September 30, 2024 consist of $61 thousand in our Vehicle Control segment, $59 thousand in our Temperature Control segment and $52 thousand in our Engineered Solutions segment.

Restructuring and integration activities are included within “sundry payables and accrued expenses” and “other accrued liabilities” in the consolidated balance sheet.

Note 5. Sale of Receivables

We are party to several supply chain financing arrangements, in which we may sell certain of our customers’ trade accounts receivable to such customers’ financial institutions. We sell our undivided interests in certain of these receivables at our discretion when we determine that the cost of these arrangements is less than the cost of servicing our receivables with existing debt. Under the terms of the agreements, we retain no rights or interest, have no obligations with respect to the sold receivables, and do not service the receivables after the sale. As such, these transactions are accounted for as a sale.

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balance sheet at the time of sale. A charge in the amount of $14.9 million and $38.3 million related to the sale of receivables was included in selling, general and administrative expense in our consolidated statements of operations for the three and nine months ended September 30, 2024, respectively, and $14.6 million and $36.1 million for the comparable periods in 2023.

To the extent that these arrangements are terminated, our financial condition, results of operations, cash flows and liquidity could be adversely affected by extended payment terms, or delays or failures in collecting trade accounts receivable. The utility of the supply chain financing arrangements also depends upon a benchmark reference rate for the purpose of determining the discount rate applicable to each arrangement. If the benchmark reference rate increases significantly, we may be negatively impacted as we may not be able to pass these added costs on to our customers, which could have a material and adverse effect upon our financial condition, results of operations and cash flows.

Note 6. Inventories

Inventories, which are stated at the lower of cost (determined by means of the first-in, first-out method) and net realizable value, consist of the following, in thousands:


	September 30, 2024		December 31, 2023
Finished goods	$	294,153	$	302,557
Work in process	18,406		18,503
Raw materials	190,456		186,015
Subtotal	503,015		507,075
Unreturned customer inventories	17,843		18,240
Total inventories	$	520,858	$	525,315

Note 7. Acquired Intangible Assets

Acquired identifiable intangible assets consist of the following, in thousands:


	September 30, 2024		December 31, 2023
Customer relationships	$	159,934	$	159,641
Patents, developed technology and intellectual property	14,123		14,123
Trademarks and trade names	8,880		8,880
Non-compete agreements	3,308		3,295
Supply agreements	800		800
Leaseholds	160		160
Total acquired intangible assets	187,205		186,899
Less: Accumulated amortization (a)	(102,379)		(95,681)
Net acquired intangible assets	$	84,826	$	91,218

(a)Applies to all intangible assets, except for trademarks and trade names totaling $2.6 million, which have indefinite useful lives and, as such, are not being amortized.

Total amortization expense for acquired intangible assets was $2.1 million and $6.4 million for the three and nine months ended September 30, 2024, respectively, and $2.1 million and $6.4 million for the comparable periods in 2023. Based on the current estimated useful lives assigned to our intangible assets, amortization expense is estimated to be $2.1 million for the remainder of 2024, $8.5 million in 2025, $8.5 million in 2026, $8.5 million in 2027 and $54.6 million in the aggregate for the years 2028 through 2041.

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Note 8. Leases

We have operating and finance leases for our manufacturing facilities, warehouses, office space, automobiles, and certain equipment. Our leases have remaining lease terms of up to ten years, some of which may include one or more five-year renewal options. We have not included any of the renewal options in our operating lease payments as we concluded that it is not reasonably certain that we will exercise any of these renewal options. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term. Finance leases are not material.

The following tables provide quantitative disclosures related to our operating leases and include all operating leases acquired from the date of acquisition (in thousands, except where otherwise indicated):


Balance Sheet Information	September 30, 2024			December 31, 2023
Assets
Operating lease right-of-use assets	$	96,039		$	100,065

Liabilities
Sundry payables and accrued expenses	$	16,848		$	17,139
Noncurrent operating lease liabilities	86,259			88,974
Total operating lease liabilities	$	103,107		$	106,113

Weighted Average Remaining Lease Term	7.9 Years			8.3 Years
Weighted Average Discount Rate	4.9		%	4.8		%


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease Expense	2024		2023		2024		2023
Lease expense	$	4,548	$	4,762	$	14,220	$	11,647
Variable and other lease expense (a)	1,545		1,354		2,953		2,637
Total lease costs	$	6,093	$	6,116	$	17,173	$	14,284

(a)Variable and other lease expense relate to non-lease components such as maintenance, property taxes, etc., and operating lease expense for leases with an initial term of 12 months or less which are not material.


	Nine Months Ended September 30,
	2024		2023
Supplemental Cash Flow Information
Cash paid for the amounts included in the measurement of lease liabilities	$	13,253	$	8,212
Right-of-use assets obtained in exchange for new lease obligations (a)	$	6,902	$	61,929

(a)Includes $4.7 million of right-of-use assets related to the lease modification and extension for our manufacturing facility in Bialystok, Poland during the nine months ended September 30, 2024 and $27.8 million of right-of-use assets related to the lease modification and extension for our distribution center and office in Lewisville, Texas; $26.1 million of right-of-use assets related to the new distribution center in Shawnee, Kansas; and $4.4 million of right-of-use assets obtained in Gwo Yng step-acquisition during the nine months ended September 30, 2023.

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Minimum Lease Payments

At September 30, 2024, we are obligated to make minimum lease payments through 2034, under operating leases, which are as follows:


2024	$	4,711
2025	17,058
2026	15,711
2027	14,417
2028	12,647
Thereafter	62,118
Total lease payments	$	126,662
Less: Interest	(23,555)
Present value of lease liabilities	$	103,107

Note 9. Credit Facilities and Long-Term Debt

Total debt outstanding is summarized as follows, in thousands:


	September 30, 2024		December 31, 2023
Credit facility – term loan due 2027	$	—	$	92,500
Credit facility – revolver due 2027	—		63,500
Credit facility – revolver due 2029	140,000		—
Other	2,848		211
Total debt	$	142,848	$	156,211

Current maturities of debt	$	2,685	$	5,029
Long-term debt	140,163		151,182
Total debt	$	142,848	$	156,211

Term Loans and Revolving Credit Facilities

In May 2024 and July 2024, the Company amended it's then-existing Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders ("2022 Credit Agreement"), to transition from the Canadian Dollar Offered Rate (“CDOR”) to the Canadian Overnight Repo Rate Average (“CORRA”) for benchmark borrowings denominated in Canadian dollars and to provide for a new $125 million term loan and the use of funds available under the revolving credit facility to finance the acquisition of Nissens Automotive and related transaction costs. For additional information on our agreement to acquire Nissens Automotive see Note 3, “Business Acquisitions and Investments.”

In September 2024, the Company refinanced its existing 2022 Credit Agreement with a new five-year Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders (“2024 Credit Agreement”). The 2024 Credit Agreement matures on September 16, 2029 and provides for an approximately $750 million credit facility, comprised of a $430 million multi-currency revolving credit facility ("global tranche"); (ii) a $10 million multi-currency revolving credit facility, that will be available to one or more wholly-owned Danish subsidiaries of the Company ("Danish tranche"); (iii) a $200 million delayed draw term loan facility in U.S. dollars; and (iv) a 100 million euros delayed draw term loan facility. The revolving credit facility has a $25 million sublimit for the issuance of letters of credit, and a $30 million sublimit for the borrowing of swingline loans.

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costs. The term loans amortize in quarterly installments of 1.25% in each of the first two years following the funding, 1.875% for the next two years, and 2.50% in each quarter thereafter. The Company may request up to two one-year extensions of the maturity date.

The Company may, subject to customary conditions, increase the global tranche or obtain incremental term loans in an aggregate amount not to exceed (x) the greater of (i) $168 million and (ii) 100% of consolidated EBITDA for the four fiscal quarters ended most recently before such date, plus (y) any voluntary prepayment of term loans, plus (z) any amount that, after giving effect to the increase, the pro forma First Lien Net Leverage Ratio (as defined in the 2024 Credit Agreement) does not exceed 2.75 to 1.00. The Company may also, subject to customary conditions, request to increase the Danish tranche by up to $5 million.

Borrowings bear interest at the applicable interest rate index selected by the Company based on the particular currency borrowed plus a credit spread adjustment depending on the index, and a margin ranging from 1.25% to 2.25% per annum based on the total net leverage ratio of the Company and its restricted subsidiaries. The Company may select interest periods of one, three or six months depending on the index. Interest is payable at the end of the selected interest period, but no less frequently than quarterly.

The Company may prepay the borrowings, in whole or in part, at any time without premium or penalty, subject to certain conditions.

The Company’s obligations under the 2024 Credit Agreement are guaranteed by its material domestic subsidiaries (each, a “Guarantor”), and secured by a first priority perfected security interest in substantially all of the existing and future personal property of the Company and each Guarantor, subject to certain exceptions. The collateral security described above also secures certain banking services obligations and interest rate swaps and currency or other hedging obligations of the Company owing to any of the then existing lenders or any affiliates thereof.

Outstanding borrowings at September 30, 2024 under the credit agreements were $140 million and classified as long-term debt. Outstanding borrowings at December 31, 2023 were $156 million, consisting of current borrowings of $5 million and long-term debt of $151 million. Letters of credit outstanding under the credit agreements were $2.3 million at September 30, 2024 and December 31, 2023.

At September 30, 2024, the weighted average interest rate under the 2024 Credit Agreement was 5%, which consisted of $140 million in borrowings under Term SOFR, adjusted for the impact of the interest rate swap agreement on $100 million of borrowings. At December 31, 2023, the weighted average interest rate under the 2022 Credit Agreement was 5%, which consisted of $156 million in borrowings at 5% under Term SOFR, adjusted for the impact of the interest rate swap agreement on $100 million of borrowings. During the nine months ended September 30, 2024, our average daily alternative base rate loan balance was $0.8 million, compared to a balance of $0.1 million for the nine months ended September 30, 2023 and a balance of $0.1 million for the year ended December 31, 2023.

The 2024 Credit Agreement contains customary covenants limiting, among other things, the incurrence of additional indebtedness, the creation of liens, mergers, consolidations, liquidations and dissolutions, sales of assets, dividends and other payments in respect of equity interests, acquisitions, investments, loans and guarantees, subject, in each case, to customary exceptions, thresholds and baskets. The 2024 Credit Agreement also contains customary events of default.

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Polish Overdraft Facility

In November 2023, our Polish subsidiary, SMP Poland sp. z.o.o., further amended its overdraft facility with HSBC Continental Europe (Spolka Akcyjna) Oddzial w Polsce. The overdraft facility, as amended, provides for borrowings under the facility in euros and U.S. dollars. Under the amended terms, the overdraft facility provides for borrowings of up to Polish zloty 30 million (approximately $7.5 million) if borrowings are solely in Polish zloty, or up to 85% of the Polish zloty 30 million limit (approximately $6.4 million) if borrowings are in euros and/or U.S. dollars. The overdraft facility had an original maturity date in March 2024, with automatic three-month renewals until June 2027, subject to cancellation by either party, at its sole discretion, at least 30 days prior to the commencement of the three-month renewal period. The facility automatically renewed in September 2024 to a December 2024 maturity date. Borrowings under the amended overdraft facility will bear interest at a rate equal to (1) the one month Warsaw Interbank Offered Rate (“WIBOR”) + 1.0% for borrowings in Polish zloty, (2) the one month Euro Interbank Offered Rate (“EURIBOR”) + 1.0% for borrowings in euros, and (3) the Mid-Point of the Fed Target Range + 1.25% for borrowings in U.S. dollars. Borrowings under the overdraft facility are guaranteed by Standard Motor Products, Inc., the ultimate parent company. There were $1.3 million in borrowings outstanding under the overdraft facility at September 30, 2024 and no borrowings outstanding at December 31, 2023.

Maturities of Debt

As of September 30, 2024, maturities of debt through 2029, assuming no prepayments, are as follows (in thousands):


	Revolving Credit Facility		Polish Overdraft Facility and Other Debt		Total
Remainder of 2024	$	—	$	2,662	$	2,662
2025	—		34		34
2026	—		47		47
2027	—		105		105
2028	—		—		—
2029	140,000		—		140,000
Total	$	140,000	$	2,848	$	142,848
Less: current maturities	—		(2,685)		(2,685)
Long-term debt	$	140,000	$	163	$	140,163

Deferred Financing Costs

Deferred financing costs related to our term loans and revolving credit facilities were $5.1 million and $1.6 million as of September 30, 2024 and December 31, 2023, respectively. In connection with the July 2024 amendment to our 2022 Credit Agreement and the 2024 Credit Agreement, we deferred financing costs of $5.1 million that will be amortized over the term of the borrowings, and expensed $1.3 million of pre-existing unamortized financing costs to interest expense in our consolidated statement of operations. Amortization of deferred financing costs for term loan borrowings under our 2024 Credit Agreement will commence when the terms loans are drawn down. Deferred financing costs as of September 30, 2024, assuming no prepayments, are being amortized in the amounts of $0.1 million for the remainder of 2024, $0.5 million in 2025, $0.5 million in 2026, $0.5 million in 2027, $0.5 million in 2028 and $0.3 million in 2029.

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Note 10. Accumulated Other Comprehensive Income Attributable to SMP

Changes in Accumulated Other Comprehensive Income by Component (in thousands)


	Three Months Ended September 30, 2024
	Foreign Currency Translation		Cash Flow Hedge			Postretirement Benefit Plans		Total
Balance at June 30, 2024	$	(13,850)	$	4,369		$	19	$	(9,462)
Other comprehensive income (loss) before reclassifications	2,443		(2,055)		(a)	—		388
Amounts reclassified from accumulated other comprehensive income	—		(497)			(3)		(500)
Other comprehensive income (loss), net of tax	2,443		(2,552)			(3)		(112)
Balance at September 30, 2024	$	(11,407)	$	1,817		$	16	$	(9,574)


	Nine Months Ended September 30, 2024
	Foreign Currency Translation		Cash Flow Hedge			Postretirement Benefit Plans		Total
Balance at December 31, 2023	$	(8,897)	$	2,899		$	24	$	(5,974)
Other comprehensive income (loss) before reclassifications	(2,510)		406		(a)	—		(2,104)
Amounts reclassified from accumulated other comprehensive income	—		(1,488)			(8)		(1,496)
Other comprehensive income (loss), net of tax	(2,510)		(1,082)			(8)		(3,600)
Balance at September 30, 2024	$	(11,407)	$	1,817		$	16	$	(9,574)

(a)Consists of the unrecognized loss relating to the change in fair value of the cash flow interest rate hedge of $3.5 million ($2.6 million, net of tax) and $1.5 million ($1.1 million, net of tax) in the three and nine months ended September 30, 2024, respectively, and cash settlement receipts of $0.7 million ($0.5 million, net of tax) and $2.0 million (1.5 million, net of tax) in the three and nine months ended September 30, 2024, respectively.

Reclassifications Out of Accumulated Other Comprehensive Income (in thousands)


	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024
Derivative cash flow hedge gain (a)	$	(671)	$	(2,010)
Postretirement benefit plans unrecognized gain (b)	(5)		(14)
Total before income tax	(676)		(2,024)
Income tax expense	(176)		(528)
Total reclassifications attributable to SMP	$	(500)	$	(1,496)

(a)Unrecognized accumulated other comprehensive income (loss) related to the cash flow interest rate hedge is reclassified to earnings and reported as part of interest expense in our consolidated statements of operations when the interest payments on the underlying borrowings are recognized.

(b)Unrecognized accumulated other comprehensive income (loss) related to our postretirement benefit plans is reclassified to earnings and included in the computation of net periodic postretirement benefit costs, which are included in other non-operating income, net in our consolidated statements of operations (see Note 12, “Employee Benefits,” for additional information).

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Note 11. Stock-Based Compensation Plans

We account for our stock-based compensation plans in accordance with the provisions of FASB ASC 718, Stock Compensation, which requires that a company measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized in the consolidated statement of operations over the period during which an employee is required to provide service in exchange for the award.

Restricted and Performance Stock Grants

We are authorized to issue, among other things, shares of restricted and performance-based stock to eligible employees and restricted stock to directors of up to 2,050,000 shares under the Amended and Restated 2016 Omnibus Incentive Plan (“Plan”). Shares issued under the Plan that are cancelled, forfeited or expire by their terms are eligible to be granted again under the Plan.

As part of the Plan, we currently grant shares of restricted stock to eligible employees and our independent directors and performance-based shares to eligible employees. We grant eligible employees two types of restricted stock (standard restricted shares and long-term retention restricted shares). Standard restricted shares granted to employees become fully vested no earlier than three years after the date of grant. Long-term retention restricted shares granted to selected executives vest at a 25% rate on or within approximately two months of an executive reaching the ages 60 and 63, and become fully vested on or within approximately two months of an executive reaching the age 65. Restricted shares granted to directors become fully vested upon the first anniversary of the date of grant.

Performance-based shares issued to eligible employees are subject to a three-year measuring period and the achievement of performance targets and, depending upon the achievement of such performance targets, they may become vested no earlier than three years after the date of grant. Each period we evaluate the probability of achieving the applicable targets, and we adjust our accrual accordingly. Restricted shares (other than long-term retention restricted shares) and performance shares issued to certain key executives and directors are subject to a one or two year holding period upon the lapse of the vesting period. Forfeitures on stock grants are estimated at 5% for employees and 0% for executives and directors based on our evaluation of historical and expected future turnover.

Our restricted and performance-based share activity was as follows for the nine months ended September 30, 2024:


	Shares	Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2023	880,976	$	29.48
Granted	6,775	27.64
Vested	(44,121)	29.75
Forfeited	(32,050)	29.95
Balance at September 30, 2024	811,580	$	29.43

We recorded compensation expense related to restricted shares and performance-based shares of $4.1 million ($3.1 million, net of tax) and $4.9 million ($3.7 million, net of tax) for the nine months ended September 30, 2024 and 2023, respectively. The unrecognized compensation expense related to our restricted and performance-based shares was $8.6 million at September 30, 2024, and is expected to be recognized as they vest over a weighted average period of 3.4 years and 0.6 years for employees and directors, respectively.

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Note 12. Employee Benefits

We provide certain medical and dental care benefits to 13 former U.S. union employees. The postretirement medical and dental benefit obligation to the former union employees as of September 30, 2024, and the related net periodic benefit cost for the plan for the three and nine months ended September 30, 2024 and 2023 were not material.

We maintain a defined contribution Supplemental Executive Retirement Plan for key employees. Under the plan, these employees may elect to defer a portion of their compensation and, in addition, we may at our discretion make contributions to the plan on behalf of the employees. In March 2024, we made company contributions to the plan of $0.5 million related to calendar year 2023.

We also have an Employee Stock Ownership Plan and Trust for employees who are not covered by a collective bargaining agreement. In connection therewith, we maintain an employee benefits trust to which we contribute shares of treasury stock. We are authorized to instruct the trustees to distribute such shares toward the satisfaction of our future obligations under the plan. The shares held in trust are not considered outstanding for purposes of calculating earnings per share until they are committed to be released. The trustees will vote the shares in accordance with their fiduciary duties. During the nine months ended September 30, 2024, we contributed to the trust an additional 68,700 shares from our treasury and released 68,700 shares from the trust leaving 200 shares remaining in the trust as of September 30, 2024.

Note 13. Derivative Financial Instruments

We occasionally use derivative financial instruments, including interest rate swaps and forward foreign exchange contracts, to reduce our market risk for changes in interest rates on our variable rate borrowings and to manage foreign exchange rate risk on certain transactions. The interest rate swaps effectively convert a portion of our variable rate borrowings under our existing facilities to a fixed rate based upon determined notional amount. The forward foreign exchange contracts fix expected future cash flows in U.S. dollar terms. We do not enter into derivative financial instruments, for trading or speculative purposes.

In June 2022, we entered into a seven year interest rate swap agreement with a notional amount of $100 million that is to mature in May 2029. The interest rate swap agreement has been designated as a cash flow hedge of interest payments on $100 million of borrowings under our 2024 Credit Agreement. Under the terms of the swap agreement, we will receive monthly variable interest payments based on one month Term SOFR and will pay interest based upon a fixed rate of 2.683% per annum.

The fair value of the interest rate swap agreement as of September 30, 2024 and December 31, 2023 was an asset of $2.5 million and $3.9 million, respectively, which has been deferred and recorded in accumulated other comprehensive income, net of income taxes, in our consolidated balance sheet. When the interest expense on the underlying borrowing is recognized, the deferred gain/loss in accumulated other comprehensive income is recorded in earnings as interest expense in the consolidated statements of operations. We perform quarterly hedge effectiveness assessments, and anticipate that the interest rate swap will be highly effective throughout its term.

During the quarter, we entered into three forward foreign exchange contracts with a combined notional amount of 100 million euros that can be settled at the contract rate at any time in the two months prior to the final maturity date of November 29, 2024. The forward foreign exchange contracts economically hedge 100 million euros of the 360 million euros purchase price for the acquisition of Nissens Automotive. The fair value of the forward foreign exchange contracts as of September 30, 2024 was an unrealized gain of $1 million, which is recorded in prepaid expenses and other current assets in our consolidated balance sheet. The change in fair value of $1 million gain during the quarter was recorded in selling, general and administrative expenses in the consolidated statement of operations.

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Note 14. Fair Value Measurements

We follow a three-level fair value hierarchy that prioritizes the inputs to measure fair value. This hierarchy requires entities to maximize the use of “observable inputs” and minimize the use of “unobservable inputs.” The three levels of inputs used to measure fair value are as follows:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect assumptions that market participants would use in pricing an asset or liability.

The following is a summary of the estimated fair values, carrying amounts, and classification under the fair value hierarchy of our financial instruments at September 30, 2024 and December 31, 2023 (in thousands):


		September 30, 2024				December 31, 2023
	Fair Value Hierarchy Level	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Cash and cash equivalents (a)	1, 2	$	26,348	$	26,348	$	32,526	$	32,526
Deferred compensation	1	26,855		26,855		23,893		23,893
Short term borrowings	2	2,685		2,685		5,029		5,029
Long-term debt	2	140,163		140,163		151,182		151,182
Cash flow hedge interest rate swap	2	2,462		2,462		3,939		3,939
Short-term investments	2	7,050		7,050		—		—
Long-term investments	2	598		598		7,468		7,468
Forward foreign exchange contracts	2	995		995		—		—

(a)As of September 30, 2024 cash and cash equivalents consist solely of cash of $26.3 million, which is classified as Level 1 under the fair value hierarchy. As of December 31, 2023 cash and cash equivalents consist of cash of $29.5 million and cash equivalents of $3 million, which are classified as Level 1 and Level 2, respectively, under the fair value hierarchy.

Cash equivalents consist of certificates of deposit with original maturities of three months, or less. These securities are accounted for as held-to-maturity and recorded at amortized cost, which approximates their fair values. The fair value of the underlying assets held by the deferred compensation plan are based on the quoted market prices of the underlying funds which are held by registered investment companies. The carrying value of our variable rate short-term borrowings and long-term debt under our credit facilities approximates fair value as the variable interest rates in the facilities reflect current market rates. The fair value of our cash flow interest rate swap agreement is obtained from an independent third party, is based upon market quotes, and represents the net amount required to terminate the interest rate swap, taking into consideration market rates and counterparty credit risk. The fair value of our forward foreign exchange contracts is based on observable market transactions of spot and forward rates. Short-term and long-term investments consist of certificates of deposit with original maturities occurring within the next twelve months or in excess of twelve months, respectively. These certificates of deposit are securities accounted

for as held-to-maturity and recorded at amortized cost, which approximates their fair values at September 30, 2024.

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Note 15. Earnings Per Share

The following are reconciliations of the net earnings attributable to SMP and the shares used in calculating basic and dilutive net earnings per common share attributable to SMP (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net earnings (loss) attributable to SMP
Continuing operations	$	26,581	$	24,859	$	54,424	$	55,915
Discontinued operations	(22,771)		(18,200)		(24,727)		(28,201)
Net earnings attributable to SMP	$	3,810	$	6,659	$	29,697	$	27,714

Basic net earnings (loss) per common share attributable to SMP
Continuing operations	$	1.22	$	1.14	$	2.50	$	2.58
Discontinued operations	$	(1.04)	$	(0.83)	$	(1.14)	$	(1.30)

Diluted net earnings (loss) per common share attributable to SMP
Continuing operations	$	1.20	$	1.12	$	2.45	$	2.52
Discontinued operations	$	(1.03)	$	(0.82)	$	(1.11)	$	(1.27)

Weighted average common shares outstanding, basic	21,716		21,727		21,802		21,676
Dilutive effect of restricted stock and performance-based stock	438		527		423		522
Weighted average common shares outstanding, diluted	22,154		22,254		22,225		22,198

The shares listed below were not included in the computation of diluted net earnings per common share attributable to SMP because to do so would have been anti-dilutive for the periods presented or because they were excluded under the treasury method (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Restricted and performance-based shares	250	242	274	273

Note 16. Industry Segments

Our business is organized into three operating segments, Vehicle Control, Temperature Control and Engineered Solutions, each of which focuses on a specific line of business. Our automotive aftermarket business is comprised of two operating segments, Vehicle Control and Temperature Control, while our Engineered Solutions operating segment offers a broad array of conventional and future-oriented technologies.

The following tables show our net sales and operating income for each reportable operating segment (in thousands):

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	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net Sales (a)
Vehicle Control	$	200,877	$	190,937	$	575,142	$	559,303
Temperature Control	125,985		123,643		322,074		293,123
Engineered Solutions	72,403		71,833		223,281		215,090
Other	—		—		—		—
Consolidated	$	399,265	$	386,413	$	1,120,497	$	1,067,516

Operating Income
Vehicle Control	$	21,029	$	18,071	$	51,685	$	54,719
Temperature Control	16,074		13,054		31,302		20,938
Engineered Solutions	5,010		7,254		13,054		19,064
Other	(4,974)		(3,573)		(19,297)		(11,991)
Consolidated	$	37,139	$	34,806	$	76,744	$	82,730

(a)There are no intersegment sales among our Vehicle Control, Temperature Control and Engineered Solutions operating segments.

For the disaggregation of our net sales from contracts with customers by major product group and geographic area within each of our operating segments, see Note 17, “Net Sales.”

Note 17. Net Sales

Disaggregation of Net Sales

We disaggregate our net sales from contracts with customers by major product group and geographic area within each of our segments, as we believe it best depicts how the nature, amount, timing and uncertainty of our net sales are affected by economic factors.

Major Product Group

The Vehicle Control operating segment generates its revenues from core automotive aftermarket sales of ignition, emissions, and fuel delivery, electrical and safety, and wire sets and other product categories. The Temperature Control operating segment generates its revenue from core automotive aftermarket sales of air conditioning system components and other thermal products. The Engineered Solutions operating segment generates revenues from custom-engineered products to vehicle and equipment manufacturers in highly diversified global end-markets such as commercial and light vehicles, construction, agriculture, power sports and marine.

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The following table summarizes consolidated net sales by major product group within each operating segment for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,

	2024		2023		2024		2023
Vehicle Control
Engine Management (Ignition, Emissions and Fuel Delivery)	$	121,432	$	113,188	$	353,046	$	342,860
Electrical and Safety	63,237		62,049		172,772		166,720
Wire Sets and Other	16,208		15,700		49,324		49,723
Total Vehicle Control	200,877		190,937		575,142		559,303

Temperature Control
AC System Components	95,698		94,385		245,628		217,913
Other Thermal Components	30,287		29,258		76,446		75,210
Total Temperature Control	125,985		123,643		322,074		293,123

Engineered Solutions
Commercial Vehicle	22,625		18,701		69,016		59,158
Construction/Agriculture	8,082		9,974		27,631		32,804
Light Vehicle	24,287		24,123		70,776		71,123
All Other	17,409		19,035		55,858		52,005
Total Engineered Solutions	72,403		71,833		223,281		215,090

Other	—		—		—		—

Total	$	399,265	$	386,413	$	1,120,497	$	1,067,516

Geographic Area

We sell our line of products primarily in the United States, with additional sales in Canada, Mexico, Europe, Asia and Latin America. Sales are attributed to countries based upon the location of the customer. Our sales are substantially denominated in U.S. dollars.

The following tables provide disaggregation of net sales information by geographic area within each operating segment for the three and nine months ended September 30, 2024 and 2023 (in thousands):


Three months ended September 30, 2024	Vehicle Control		Temperature Control		Engineered Solutions		Other		Total
United States	$	180,071	$	118,469	$	40,629	$	—	$	339,169
Canada	9,413		6,998		8,218		—		24,629
Europe	234		102		11,409		—		11,745
Mexico	9,614		33		2,392		—		12,039
Asia	117		350		9,010		—		9,477
Other foreign	1,428		33		745		—		2,206
Total	$	200,877	$	125,985	$	72,403	$	—	$	399,265

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Three months ended September 30, 2023	Vehicle Control		Temperature Control		Engineered Solutions		Other		Total
United States	$	171,188	$	116,684	$	41,835	$	—	$	329,707
Canada	9,440		6,501		8,586		—		24,527
Europe	174		—		14,971		—		15,145
Mexico	8,968		29		1,311		—		10,308
Asia	132		367		4,416		—		4,915
Other foreign	1,035		62		714		—		1,811
Total	$	190,937	$	123,643	$	71,833	$	—	$	386,413


Nine months ended September 30, 2024	Vehicle Control		Temperature Control		Engineered Solutions		Other		Total
United States	$	512,791	$	300,766	$	122,032	$	—	$	935,589
Canada	27,252		20,215		24,897		—		72,364
Europe	778		153		39,493		—		40,424
Mexico	30,429		42		7,322		—		37,793
Asia	245		645		27,215		—		28,105
Other foreign	3,647		253		2,322		—		6,222
Total	$	575,142	$	322,074	$	223,281	$	—	$	1,120,497


Nine months ended September 30, 2023	Vehicle Control		Temperature Control		Engineered Solutions		Other		Total
United States	$	502,798	$	278,354	$	130,606	$	—	$	911,758
Canada	26,604		14,182		19,950		—		60,736
Europe	620		—		44,969		—		45,589
Mexico	25,734		47		5,117		—		30,898
Asia	282		387		12,743		—		13,412
Other foreign	3,265		153		1,705		—		5,123
Total	$	559,303	$	293,123	$	215,090	$	—	$	1,067,516

Note 18. Commitments and Contingencies

Asbestos

In 1986, we acquired a brake business, which we subsequently sold in March 1998 and which is accounted for as a discontinued operation in the accompanying statement of operations. When we originally acquired this brake business, we assumed future liabilities relating to any alleged exposure to asbestos-containing products manufactured by the seller of the acquired brake business. In accordance with the related purchase agreement, we agreed to assume the liabilities for all new claims filed on or after September 2001. Our ultimate exposure will depend upon the number of claims filed against us on or after September 2001, and the amounts paid for settlements, awards of asbestos-related damages, and defense of such claims. At September 30, 2024, approximately 1,302 cases were outstanding for which we may be responsible for any related liabilities. Since inception in September 2001 through September 30, 2024, the amounts paid for settled claims and awards of asbestos-related damages, including interest, were approximately $86.4 million. We do not have insurance coverage for the indemnity and defense costs associated with the claims we face.

In evaluating our potential asbestos-related liability, we have considered various factors including, among other things, an actuarial study of the asbestos related liabilities performed by an independent actuarial firm, our settlement amounts and whether there are any co-defendants, the jurisdiction in which lawsuits are filed, and the status and results of such claims. As is our accounting policy, we consider the advice of actuarial consultants with experience in assessing asbestos-related liabilities to estimate our potential claim liability; and perform an actuarial evaluation in the third quarter of each year and whenever events or changes in circumstances indicate that additional provisions may be necessary. The methodology used

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to project asbestos-related liabilities and costs in our actuarial study considered: (1) historical data available from publicly available studies; (2) an analysis of our recent claims history to estimate likely filing rates into the future; (3) an analysis of our pending claims; (4) an analysis of our settlements and awards of asbestos-related damages to date; and (5) an analysis of closed claims with pay ratios and lag patterns in order to develop average future settlement values. Based on the information contained in the actuarial study and all other available information considered by us, we have concluded that no amount within the range of settlement payments and awards of asbestos-related damages was more likely than any other and, therefore, in assessing our asbestos liability we compare the low end of the range to our recorded liability to determine if an adjustment is required.

In accordance with our policy to perform an annual actuarial evaluation in the third quarter of each year, an actuarial study was performed as of August 31, 2024. The results of the August 31, 2024 study included an estimate of our undiscounted liability for settlement payments and awards of asbestos-related damages, excluding legal costs, ranging from $99.6 million to $210.8 million for the period through 2065. The change from the prior year study, which was as of August 31, 2023, was a $15.6 million increase for the low end of the range and a $75.5 million increase for the high end of the range. The increase in the estimated undiscounted liability from the prior year study at both the low end and high end of the range reflects our actual experience, our historical data and certain assumptions with respect to events that may occur in the future.

Based upon the results of the August 31, 2024 actuarial study, in September 2024 we increased our asbestos liability to $99.6 million, the low end of the range, and recorded an incremental pre-tax provision of $29.3 million in loss from discontinued operations in the accompanying consolidated statement of operations. Future legal costs, which are expensed as incurred and reported in loss from discontinued operations in the accompanying consolidated statement of operations, are estimated, according to the August 31, 2024 study, to range from $49.8 million to $115.9 million for the period through 2065. Total operating cash outflows related to discontinued operations, which include settlements, awards of asbestos-related damages and legal costs, net of taxes, were $10.3 million and $8.7 million for the nine months ended September 30, 2024 and 2023, respectively.

We plan to perform an annual actuarial evaluation during the third quarter of each year for the foreseeable future and whenever events or changes in circumstances indicate that additional provisions may be necessary. Given the uncertainties associated with projecting such matters into the future and other factors outside our control, we can give no assurance that additional provisions will not be required. We will continue to monitor events and changes in circumstances surrounding these potential liabilities in determining whether to perform additional actuarial evaluations and whether additional provisions may be necessary. At the present time, however, we do not believe that any additional provisions would be reasonably likely to have a material adverse effect on our liquidity or consolidated financial position.

Other Litigation

We are currently involved in various other legal claims and legal proceedings (some of which may involve substantial amounts), including claims related to commercial disputes, product liability, employment, and environmental. Although these legal claims and legal proceedings are subject to inherent uncertainties, based on our understanding and evaluation of the relevant facts and circumstances, we believe that the ultimate outcome of these matters will not, either individually or in the aggregate, have a material adverse effect on our business, financial condition or results of operations. We may at any time determine that settling any of these matters is in our best interests, which settlement may include substantial payments. Although we cannot currently predict the specific amount of any liability that may ultimately arise with respect to any of these matters, we will record provisions when the liability is considered probable and reasonably estimable. Significant judgment is required in both the determination of probability and the determination as to whether an exposure can be reasonably estimated. As additional information becomes available, we reassess our potential liability related to these matters. Such revisions of the potential liabilities could have a material adverse effect on our business, financial condition or results of operations.

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Warranties

We generally warrant our products against certain manufacturing and other defects. These product warranties are provided for specific periods of time of the product depending on the nature of the product. The accrued product warranty costs are based primarily on historical experience of actual warranty claims and included in accrued customer returns.

The following table provides the changes in our product warranties (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Balance, beginning of period	$	27,543	$	23,586	$	21,134	$	19,667
Liabilities accrued for current year sales	39,246		36,844		104,926		92,684
Settlements of warranty claims	(35,060)		(36,905)		(94,331)		(88,826)
Balance, end of period	$	31,729	$	23,525	$	31,729	$	23,525

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this Report are indicated by words such as “anticipates,” “expects,” “believes,” “intends,” “plans,” “estimates,” “projects,” “strategies” and similar expressions. These statements represent our expectations based on current information and assumptions and are inherently subject to risks and uncertainties. Our actual results could differ materially from those which are anticipated or projected as a result of certain risks and uncertainties, including, but not limited to, changes or loss in business relationships with our major customers and in the timing, size and continuation of our customers’ programs; changes in our supply chain financing arrangements, such as changes in terms, termination of contracts and/or the impact of rising interest rates; the ability of our customers to achieve their projected sales; competitive product and pricing pressures; increases in production or material costs, including procurement costs resulting from higher tariffs, and inflationary cost increases in raw materials, labor and transportation, that cannot be recouped in product pricing; the performance of the automotive aftermarket and/or other end-markets that we supply; changes in the product mix and distribution channel mix; economic and market conditions; successful integration of acquired businesses; our ability to achieve benefits from our cost savings initiatives; product liability matters (including, without limitation, those related to asbestos-related contingent liabilities); the effects of disruptions in the supply chain caused by geopolitical risks; as well as other risks and uncertainties, such as those described under Risk Factors, Quantitative and Qualitative Disclosures About Market Risk and those detailed herein and from time to time in the filings of the Company with the SEC. Forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. In addition, historical information should not be considered as an indicator of future performance. The following discussion should be read in conjunction with the unaudited consolidated financial statements, including the notes thereto, included elsewhere in this Report.

Overview

We are a leading manufacturer and distributor of premium replacement parts in the automotive aftermarket and a custom-engineered solutions provider to vehicle and equipment manufacturers in diverse non-aftermarket end markets. Our business is organized into three operating segments. Our automotive aftermarket business is comprised of two segments, Vehicle Control and Temperature Control, while our Engineered Solutions Segment offers a broad array of conventional and future-oriented technologies. We sell our products primarily to retailers, warehouse distributors, original equipment manufacturers and original equipment service part operations in the United States, Canada, Europe, Asia, Mexico and other Latin America countries.

Our Vehicle Control operating segment services our core automotive aftermarket customers, deriving its sales from three major product groups:– (1) Ignition, Emissions & Fuel Delivery, which includes the traditional internal combustion engine (ICE) dependent categories; (2) Electrical & Safety, which includes powertrain neutral vehicle technologies such as electrical switches/relays, safety related products such as anti-lock brake and vehicle speed sensors, tire pressure monitoring, park assist sensors, and advanced driver assistance components; and (3) Wire Sets & Other, which includes spark plug wire sets and other related products, and are product categories we have noted to be in secular decline based upon product life cycle.

Our Temperature Control operating segment services our core automotive aftermarket customers with thermal products, and is poised to benefit from the broader adoption of air conditioning and other thermal systems. These systems will provide passenger comfort regardless of the vehicles’ powertrain, and are being developed to cool batteries and other products used on electric vehicles. Segment offerings include sales from thermal products in the aftermarket business under two major product groups:– (1) AC System Components, which includes compressors, connecting lines, heat exchangers, and expansion devices; and

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(2) Other Thermal Components, which includes parts that provide engine, transmission, electric drive motor, and battery temperature management.

Our Engineered Solutions operating segment supplies custom-engineered solutions to vehicle and equipment manufacturers in highly diversified global end-markets such as commercial and light vehicles, construction, agriculture, power sports and marine. Segment offerings include product categories that offer a broad array of conventional and future-oriented technologies, including those that are specific to vehicle electrification as well as those that are powertrain-neutral.

Overview of Financial Performance

The following discussion should be read in conjunction with our consolidated financial statements and the notes thereto. This discussion summarizes the significant factors affecting our results of operations and the financial condition of our business during the three months ended September 30, 2024 and 2023.


	Three Months Ended September 30,
(In thousands, except per share data)	2024			2023

Net sales	$	399,265		$	386,413
Gross profit	121,366			114,760
Gross profit %	30.4		%	29.7		%
Operating income	37,139			34,806
Operating income %	9.3		%	9.0		%
Earnings from continuing operations before income taxes	36,123			32,917
Provision for income taxes	9,267			7,995
Earnings from continuing operations	26,856			24,922
Loss from discontinued operations, net of income taxes	(22,771)			(18,200)
Net earnings	4,085			6,722
Net earnings attributable to noncontrolling interest	275			63
Net earnings attributable to SMP	3,810			6,659
Per share data attributable to SMP – Diluted:
Earnings from continuing operations	$	1.20		$	1.12
Discontinued operations	(1.03)			(0.82)
Net earnings per common share	$	0.17		$	0.30

Consolidated net sales for the three months ended September 30, 2024 were $399.3 million, an increase of $12.9 million, or 3.3%, compared to net sales of $386.4 million in the same period in 2023. Net sales increased in all our operating segments, when compared to the same period in the prior year.

The increase in net sales in the three months ended September 30, 2024 when compared to the same period in the prior year reflects the impact of multiple factors including:

•stable demand in the automotive aftermarket business across our major product groups,

•warmer year-over-year weather conditions increasing demand for our Temperature Control products, and

•strong customer demand in our Engineered Solutions operating segment with growth coming from business wins as well as successful cross-selling efforts.

Gross margins as a percentage of net sales increased to 30.4% in the third quarter of 2024 compared to 29.7% in the third quarter of 2023. The gross margin percentage in our Temperature Control and Vehicle Control segments increased year-over-year, while the gross margin percentage decreased in our Engineered Solutions segment. While all segments benefited from favorable manufacturing cost absorption due to higher production levels, the gross margin percentage increase in our Vehicle Control segment also reflects the impact of increased pricing and saving initiatives, despite lingering inflationary

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increases in material and labor costs. The gross margin percentage increase in our Temperature Control segment also results from the impact of higher sales volumes, customer mix and the impact of cost control measures. The Engineered Solutions’ gross margin percentage also continued to be negatively impacted by inflationary cost increases. While we anticipate continued margin pressure resulting from inflationary headwinds, we believe that our annual cost savings initiatives should help to offset this impact to our gross margins.

Operating margin as a percentage of net sales for the three months ended September 30, 2024 increased to 9.3% as compared to 9.0% for the same period in 2023. Included in our operating margin were selling, general and administrative expenses of $81.2 million, or 20.3% of net sales for the three months ended September 30, 2024 compared to $79.8 million, or 20.6% of net sales, for the same period in 2023. The $1.4 million increase in selling, general and administrative expenses in the third quarter of 2024 as compared to the third quarter of 2023 is principally due to (1) increased rent and incremental expenses of approximately $1.1 million as we transition away from our Edwardsville, Kansas distribution center to our new distribution facility in Shawnee, Kansas, (2) higher distribution and freight costs of $0.5 million related to higher sales, and (3) higher interest related costs of $0.3 million incurred in our supply chain financing arrangements, (4) partially offset by $1.0 million of derivative gains from forward foreign exchange contracts executed during the third quarter to economically hedge the purchase price on the pending Nissens Automotive acquisition.

Overall, our core automotive aftermarket business remains stable, and we continue to be optimistic about the long-term growth potential of the complementary markets served in our Engineered Solutions operating segment.

New Distribution Facility in Shawnee, Kansas

In May 2023, we signed a lease for a new distribution facility in Shawnee, Kansas with a lease commencement date of July 1, 2023. The new facility will expand our total distribution network square footage to meet our growing demands in the automotive aftermarket industry. The new 575,000 square foot facility will replace our current 363,000 square foot facility in Edwardsville, Kansas, and integrate state-of-the-art technologies to deliver improved logistics capabilities, operational efficiencies, as well as enhanced employee, customer and supplier experiences. The new facility is located just five miles away from our Edwardsville facility, enabling us to retain our existing workforce avoiding the additional costs of hiring and training. The facility will have a phased opening that began in 2024 and will be fully operational in early 2025. We will incur additional costs in 2024 and 2025 during the phase-in period while we operate the two facilities.

Separation Program

During the second quarter of 2024, as part of our commitment to optimize our cost structure and provide professional development opportunities to our employees, we offered a voluntary retirement incentive package of severance and other benefit enhancements to eligible employees in the United States and Canada. The offer period ended on June 14, 2024. During the third quarter of 2024, we expanded the program to include involuntary separations. We recorded expenses of $5.6 million in the third quarter of 2024, with additional expenses to be recorded of approximately $1.3 million in the remainder of 2024, $0.6 million in 2025, and $0.1 million in 2026 for an aggregate cost of approximately $7.6 million. It is anticipated that the overall separation program will reduce operating expenses for the remainder of 2024. Expenses incurred pursuant to the program are recorded in restructuring and integration expenses in our statement of operations.

We continue to look for opportunities to reduce our operating cost structure to remain competitive while continuing to grow our business.

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Impact of Global Supply Chain Disruption and Inflation

Disruptions in the global economy have impeded global supply chains, resulted in longer lead times and delays in procuring component parts and raw materials, and resulted in inflationary cost increases in certain raw materials, labor and transportation. In response to the global supply chain volatility and inflationary cost increases, we have taken, and continue to take, several actions to mitigate the impact by working closely with our suppliers and customers to minimize any potential adverse impacts on our business, including implementing cost savings initiatives and the pass through of higher costs to our customers in the form of price increases, and maintaining inventory at levels to minimize potential disruptions from out-of-stock raw materials and components to ensure higher fill rates with our customers. We believe that we have also benefited from our geographically diversified manufacturing footprint and our strategy to bring more product manufacturing in-house, especially with respect to product availability and fill rates. We expect these inflationary trends to continue for some time, and while we believe that we will be able to somewhat offset the impact, there can be no assurances that unforeseen future events in the global supply chain affecting the availability of materials and components, and/or increasing commodity pricing, will not have an adverse effect on our business, financial condition and results of operations.

Sustainability

Our Company was founded in 1919 on the values of integrity, common decency and respect for others. These values are embodied in our Code of Ethics, which has been adopted by the Board of Directors of the Company to serve as a statement of principles to guide our decision-making and reinforce our commitment to these values in all aspects of our business. These values also serve as the foundation for our continued focus on many important sustainability issues.

We have made significant strides with respect to our sustainability initiatives, building awareness of the environmental impact of our operations, and challenging ourselves to reduce our impact by reducing our usage of energy and water, reducing our generation of waste, increasing our recycling efforts and reducing our Scope 1 and Scope 2 greenhouse gas emissions. Additionally, we believe our product offering contributes to a greener car parc through several key product categories that are critical components in automotive systems designed to improve fuel economy and reduce harmful emissions, such as fuel injectors, exhaust gas recirculation valves, sensors and tubes, and evaporative emission control system components. We also bring to market alternative energy products, which utilize cleaner burning fuels or are designed for electric or hybrid electric vehicles, and we remanufacture key categories within our product portfolio, such as air conditioning compressors, diesel injectors and diesel pumps, through processes that save energy and reduce waste.

With each year, we intend to further our commitment to sustainability initiatives, improving our environmental stewardship, finding ways to give back to our communities, and enhancing the diversity and inclusion of our workforce while offering opportunities for development. Information on our sustainability initiatives can be found in our most current sustainability report and on our corporate website at ir.smpcorp.com under “Sustainability” and at smpcares.smpcorp.com. Information in our sustainability report and on our corporate websites regarding our sustainability initiatives are referenced for general information only and are not incorporated by reference in this Report.

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Interim Results of Operations

Comparison of the Three Months Ended September 30, 2024 to the Three Months Ended September 30, 2023

Sales. Consolidated net sales for the three months ended September 30, 2024 were $399.3 million, an increase of $12.9 million, or 3.3%, compared to $386.4 million in the same period of 2023, with the majority of our net sales to customers located in the United States. Net sales increased in all our operating segments, when compared to the comparable period in the prior year.

The following table summarizes consolidated net sales by segment and by major product group within each segment for the three months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,

	2024		2023
Vehicle Control
Engine Management (Ignition, Emissions and Fuel Delivery)	$	121,432	$	113,188
Electrical and Safety	63,237		62,049
Wire Sets and Other	16,208		15,700
Total Vehicle Control	200,877		190,937

Temperature Control
AC System Components	95,698		94,385
Other Thermal Components	30,287		29,258
Total Temperature Control	125,985		123,643

Engineered Solutions
Commercial Vehicle	22,625		18,701
Construction/Agriculture	8,082		9,974
Light Vehicle	24,287		24,123
All Other	17,409		19,035
Total Engineered Solutions	72,403		71,833

Other	—		—

Total	$	399,265	$	386,413

Vehicle Control’s net sales for the three months ended September 30, 2024 increased $9.9 million, or 5.2%, to $200.9 million compared to $190.9 million in the same period of 2023. Demand in the Vehicle Control aftermarket segment remains relatively stable across our major product groups.

Temperature Control’s net sales for the three months ended September 30, 2024 increased $2.3 million, or 1.9%, to $126 million compared to $123.6 million in the same period of 2023. Temperature Control’s net sales for the third quarter of 2024 reflects continued strong customer orders due to warmer seasonal weather compared to the same period in 2023. Overall, full year results at Temperature Control will be dependent upon ongoing weather conditions and customer inventory levels.

Engineered Solutions’ net sales for the three months ended September 30, 2024 increased $0.6 million, or 0.8%, to $72.4 million compared to $71.8 million in the same period of 2023. Overall, net sales in our Engineered Solutions operating segment showed year-over-year improvement driven by business wins as well as successful cross-selling efforts.

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Gross Margins. Gross margins, as a percentage of consolidated net sales, increased to 30.4% in the third quarter of 2024, compared to 29.7% in the third quarter of 2023. The following table summarizes gross margins by segment for the three months ended September 30, 2024 and 2023, respectively (in thousands):


Three Months Ended September 30,	Vehicle Control			Temperature Control			Engineered Solutions			Other		Total
2024
Net sales	$	200,877		$	125,985		$	72,403		$	—	$	399,265
Gross margins	65,652			42,323			13,391			—		121,366
Gross margin percentage	32.7		%	33.6		%	18.5		%	—		30.4		%

2023
Net sales	$	190,937		$	123,643		$	71,833		$	—	$	386,413
Gross margins	60,865			37,785			16,110			—		114,760
Gross margin percentage	31.9		%	30.6		%	22.4		%	—		29.7		%

Compared to the third quarter of 2023, gross margin percentage at Vehicle Control and Temperature Control increased 0.8 percentage points from 31.9% to 32.7%, and 3.0 percentage points from 30.6% to 33.6%, respectively. Gross margin percentage at Engineered Solutions decreased 3.9 percentage points from 22.4% to 18.5%.

While all segments benefited from favorable manufacturing cost absorption due to higher production levels, the gross margin percentage increase in our Vehicle Control operating segment also reflects the impact of increased pricing and saving initiatives, despite lingering inflationary increases in material and labor costs. The gross margin percentage increase in our Temperature Control operating segment also results from the impact of higher sales volumes, customer mix and the impact of cost control measures. Gross margins as a percentage of net sales in our Engineered Solutions operating segment decreased in the third quarter of 2024 when compared to the comparable period in 2023 driven primarily by inflationary cost increases. While we anticipate continued margin pressure resulting from inflationary headwinds, we believe that our annual cost savings initiatives should help to offset much of this impact to our gross margins.

Selling, General and Administrative Expenses. Selling, general and administrative expenses were $81.2 million, or 20.3% of consolidated net sales, in the third quarter of 2024, as compared to $79.8 million, or 20.6% of consolidated net sales, in the third quarter of 2023. The $1.4 million increase in selling, general and administrative expenses in the third quarter of 2024 as compared to the third quarter of 2023 is principally due to (1) increased rent and incremental expenses of approximately $1.1 million as we transition away from our Edwardsville, Kansas distribution center to our new distribution facility in Shawnee, Kansas, (2) higher distribution and freight costs of $0.5 million related to higher sales, and (3) higher interest related costs of $0.3 million incurred in our supply chain financing arrangements, (4) partially offset by $1.0 million of derivative gains from forward foreign exchange contracts executed during the third quarter to economically hedge the purchase price on the pending Nissens Automotive acquisition.

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Restructuring and Integration Expenses. Restructuring and integration expenses were $3.0 million for the three months ended September 30, 2024 compared to $0.2 million in the same period of 2023. Restructuring and integration expenses incurred in the third quarter of 2024 relate primarily to the Separation Program announced in the second quarter of 2024 and expanded to encompass involuntary separations in the third quarter of 2024 as part of our commitment to optimizing our cost structure and providing professional development opportunities to our employees. Expenses in the third quarter of 2024 of approximately $3.0 million related to the program consists of severance and other benefit enhancements.

Restructuring and integration expenses of $0.2 million in the third quarter of 2023 relate to the Cost Reduction Initiative announced in the fourth quarter of 2023. We anticipate that the Cost Reduction Initiative will be substantially completed by the end of 2024.

Operating Income. Operating income was $37.1 million, or 9.3% of consolidated net sales, in the third quarter of 2024, compared to $34.8 million, or 9% of consolidated net sales, in the third quarter of 2023. The year-over-year increase in operating income of $2.3 million is primarily the result of higher net sales and gross margin percentage, offset, in part, by higher restructuring and integration expenses, and selling, general and administrative expenses.

Other Non-Operating Income, Net. Other non-operating income, net was $2.1 million in the third quarter of 2024, compared to $1.7 million in the third quarter of 2023. The year-over-year increase in other non-operating income, net primarily results from the favorable impact of changes in foreign currency exchange rates.

Interest Expense. Interest expense decreased to $3.1 million in the third quarter of 2024, compared to $3.6 million in the third quarter of 2023. The year-over-year decrease in interest expense reflects the impact of lower average outstanding borrowings in the third quarter of 2024 when compared to the third quarter of 2023, partially offset by the write off of $1.3 million of unamortized financing costs related to the refinancing of our 2022 Credit Agreement.

Income Tax Provision. The income tax provision in the third quarter of 2024 was $9.3 million at an effective tax rate of 25.7% compared to $8 million at an effective tax rate of 24.3% for the same period in 2023. The increase in the effective tax rate is primarily due to higher earnings and taxes in foreign jurisdictions and taxes withheld on cash repatriated from foreign jurisdictions.

Loss from Discontinued Operations. Loss from discontinued operations, net of income taxes, during the third quarter of 2024 and 2023 of $22.8 million and $18.2 million, respectively, reflects information contained in the actuarial studies performed as of August 31, 2024 and 2023, other information available and considered by us, and legal expenses associated with our asbestos related liability. The loss from discontinued operations for the third quarter of 2024 and 2023 primarily consists of a $29.3 million and $23.8 million pre-tax provision, respectively, to increase our indemnity liability in line with the August 31, 2024 and 2023 actuarial studies; As discussed more fully in Note 18, “Commitments and Contingencies” in the notes to our consolidated financial statements (unaudited), we are responsible for certain future liabilities relating to alleged exposure to asbestos containing products.

Net Earnings Attributable to Noncontrolling Interest. Net earnings attributable to noncontrolling interest relates to the minority shareholders’ interest in our 70% owned joint venture in Hong Kong, with operations in Shanghai and Wuxi, China (“Trombetta Asia, Ltd.”) and, in our 80% ownership in Gwo Yng, commencing in July 2023 upon the completion of our step acquisition. Net earnings attributable to the noncontrolling interest were $0.3 million and $0.1 million during the three months ended September 30, 2024 and 2023, respectively.

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Comparison of the Nine Months Ended September 30, 2024 to the Nine Months Ended September 30, 2023

Sales. Consolidated net sales for the nine months ended September 30, 2024 were $1,120.5 million, an increase of $53.0 million, or 4.7%, compared to $1,067.5 million in the same period of 2023, with the majority of our net sales to customers in the United States. Net sales increased in all our operating segments when compared to the comparable period in the prior year.

The following table summarizes consolidated net sales by segment and by major product group within each segment for the nine months ended September 30, 2024 and 2023 (in thousands):


	Nine Months Ended September 30,
	2024		2023
Vehicle Control
Engine Management (Ignition, Emissions and Fuel Delivery)	$	353,046	$	342,860
Electrical and Safety	172,772		166,720
Wire Sets and Other	49,324		49,723
Total Vehicle Control	575,142		559,303

Temperature Control
AC System Components	245,628		217,913
Other Thermal Components	76,446		75,210
Total Temperature Control	322,074		293,123

Engineered Solutions
Commercial Vehicle	69,016		59,158
Construction/Agriculture	27,631		32,804
Light Vehicle	70,776		71,123
All Other	55,858		52,005
Total Engineered Solutions	223,281		215,090

Other	—		—

Total	$	1,120,497	$	1,067,516

Vehicle Control’s net sales for the nine months ended September 30, 2024 increased $15.8 million, or 2.8%, to $575.1 million compared to $559.3 million in the same period of 2023. Demand in the Vehicle Control aftermarket segment remains relatively stable across our major product groups.

Temperature Control’s net sales for the nine months ended September 30, 2024 increased $29.0 million, or 9.9%, to $322.1 million compared to $293.1 million in the same period of 2023. Temperature Control’s net sales for the first nine months of 2024 reflect the impact of warmer seasonal weather conditions driving customer orders in 2024 as compared to the first nine months of 2023. Overall, full year results at Temperature Control will be dependent upon ongoing weather conditions and customer inventory levels.

Engineered Solutions’ net sales for the nine months ended September 30, 2024 increased $8.2 million, or 3.8%, to $223.3 million compared to $215.1 million in the same period of 2023. Overall, net sales in our Engineered Solutions operating segment showed a year-over-year improvement driven by business wins as well as successful cross-selling efforts.

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Gross Margins. Gross margins, as a percentage of consolidated net sales, of 28.8% in the first nine months of 2024 remained flat compared to the same period in 2023. The following table summarizes gross margins by segment for the nine months ended September 30, 2024 and 2023, respectively (in thousands):


Nine Months Ended September 30,	Vehicle Control			Temperature Control			Engineered Solutions			Other		Total
2024
Net sales	$	575,142		$	322,074		$	223,281		$	—	$	1,120,497
Gross margins	184,520			98,621			39,194			—		322,335
Gross margin percentage	32.1		%	30.6		%	17.6		%	—		28.8		%

2023
Net sales	$	559,303		$	293,123		$	215,090		$	—	$	1,067,516
Gross margins	179,446			83,452			44,398			—		307,296
Gross margin percentage	32.1		%	28.5		%	20.6		%	—		28.8		%

Compared to the first nine months of 2023, gross margin percentage at Vehicle Control remained flat at 32.1%, gross margin percentage at Temperature Control increased 2.1 percentage points from 28.5% to 30.6%, and gross margin percentage at Engineered Solutions decreased 3 percentage points from 20.6% to 17.6%.

While all segments benefited from favorable manufacturing cost absorption due to higher production levels, the gross margin percentage in our Vehicle Control operating segment also reflects the impact of the lingering inflationary increases in material and labor costs, which offset the positive impact of pricing and saving initiatives. The gross margin percentage increase in our Temperature Control operating segment also reflects the impact of higher sales volumes, customer mix and the impact of cost control measures. Gross margins as a percentage of net sales in our Engineered Solutions operating segment decreased in the third quarter of 2024 when compared to the comparable period in 2023 driven primarily by unfavorable customer sales mix and inflationary cost increases. While we anticipate continued margin pressure resulting from inflationary headwinds, we believe that our annual cost savings initiatives should help to offset much of this impact to our gross margin.

Selling, General and Administrative Expenses. Selling, general and administrative expenses were $239.8 million, or 21.4% of consolidated net sales, in the first nine months of 2024, as compared to $223.3 million, or 20.9% of consolidated net sales in the first nine months of 2023. The $16.6 million increase in selling, general and administrative expenses as compared to the first nine months of 2023 is principally due to (1) higher distribution and freight costs of $5.9 million related to higher sales, (2) increased rent and incremental expenses of approximately $3.5 million as we transition away from our Edwardsville, Kansas distribution center to our new distribution facility in Shawnee, Kansas, (3) $3.9 million higher general and administrative largely driven by higher accrued employee bonuses, (4) $2.4 million of due diligence, legal and other professional fees related to our planned acquisition of Nissens Automotive, and (5) higher interest related costs of $2.2 million incurred in our supply chain financing arrangements, (6) partially offset by $1.0 million of derivative gains from forward foreign exchange contracts executed during the third quarter to economically hedge the purchase price on the pending Nissens Automotive acquisition.

Restructuring and Integration Expenses. Restructuring and integration expenses were $5.8 million in the nine months ended September 30, 2024 compared to $1.4 million in the comparable period of 2023. Restructuring and integration expenses incurred in the first nine months of 2024 relate primarily to the Separation Program announced in the second quarter of 2024 and expanded to encompass involuntary separations in the third quarter of 2024 as part of our commitment to optimizing our cost structure and provide professional development opportunities to our employees. Expenses in the first nine months of 2024 of approximately $5.6 million related to the program consists of severance and other benefit enhancements.

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Restructuring and integration expenses of $1.4 million in the nine months ended September 30, 2023 relate to the Cost Reduction Initiative announced in the fourth quarter of 2023. We anticipate that the Cost Reduction Initiative will be substantially completed by the end of 2024.

Operating Income. Operating income was $76.7 million, or 6.8% of consolidated net sales, in the nine months ended September 30, 2024, compared to $82.7 million, or 7.7% of consolidated net sales, in the nine months ended September 30, 2023. The year-over-year decrease in operating income of $6.0 million is primarily the result of higher selling, general and administrative expenses, and higher restructuring and integration expenses, offset, in part, by the impact of higher net sales.

Other Non-Operating Income, Net. Other non-operating income, net was $5.1 million in the nine months of 2024, compared to $2.8 million for the same period in 2023. The year-over-year increase in other non-operating income, net results from the increase in year-over-year equity income from our joint ventures and the favorable impact of changes in foreign currency exchange rates. Equity income from our joint ventures increased irrespective of the year-over-year decline in the equity income of Gwo Yng, reflecting the impact of our acquisition of an additional 15% equity interest in Gwo Yng in July 2023. Commencing on the date of our equity interest increase, the financial results of Gwo Yng were no longer accounted for under the equity method of accounting. Instead, Gwo Yng’s financial results are reported on a consolidated basis. As such, other non-operating income, net includes equity income of Gwo Yng of $0.7 million in the first nine months of 2023.

Interest Expense. Interest expense decreased to $8.0 million in the nine months of 2024, compared to $10.8 million for the same period in 2023. The year-over-year decrease in interest expense reflects the impact of lower average outstanding borrowings during the nine months ended September 30, 2024 when compared to the comparable period of 2023, partially offset by the write off of $1.3 million of unamortized financing costs related to the refinancing of our 2022 Credit Agreement.

Income Tax Provision. The income tax provision for the nine months ended September 30, 2024 was $18.7 million at an effective tax rate of 25.3%, compared to $18.7 million at an effective tax rate of 25% for the same period in 2023. The effective tax rate was essentially flat year-over-year.

Loss from Discontinued Operations. Loss from discontinued operations, net of income taxes, during the nine months ended September 30, 2024 and 2023 of $24.7 million and $28.2 million, respectively, reflects information contained in the actuarial studies performed as of August 31, 2024 and 2023, other information available and considered by us, and legal expenses associated with our asbestos related liability. The loss from discontinued operations for the nine months ended September 30, 2024 and 2023 primarily consists of a $29.3 million and $23.8 million pre-tax provision, respectively, to increase our indemnity liability in line with the August 31, 2024 and 2023 actuarial studies; As discussed more fully in Note 18, “Commitments and Contingencies” in the notes to our consolidated financial statements (unaudited), we are responsible for certain future liabilities relating to alleged exposure to asbestos containing products.

Net Earnings Attributable to Noncontrolling Interest. Net earnings attributable to noncontrolling interest relates to the minority shareholders’ interest in our 70% owned joint venture in Hong Kong, with operations in Shanghai and Wuxi, China (“Trombetta Asia, Ltd.”) and, in our 80% ownership in Gwo Yng, commencing in July 2023 upon the completion of our step acquisition. Net earnings attributable to the noncontrolling interest were $0.8 million and $0.2 million during the nine months ended September 30, 2024 and 2023, respectively.

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Restructuring and Integration Programs

For a detailed discussion on the restructuring and integration costs, see Note 4, “Restructuring and Integration Expenses,” of the notes to our consolidated financial statements (unaudited).

Liquidity and Capital Resources

Our primary cash requirements include working capital, capital expenditures, regular quarterly dividends, stock repurchases, principal and interest payments on indebtedness and acquisitions. The following table summarizes our primary sources of funds including ongoing net cash flows from operating activities and availability under our Credit Agreement.


	September 30,				December 31,
(In thousands)	2024		2023		2023

Operating cash flows	$	78,200	$	132,893	$	144,260
Total debt	$	142,848	$	147,596	$	156,211
Cash	26,348		28,485		32,526
Net debt	$	116,500	$	119,111	$	123,685
Remaining borrowing capacity (a)	$	287,680	$	343,981	$	334,180
Total liquidity	314,028		372,466		366,706

(a) $311.6 million of delayed draw term loan facilities will become available to fund the acquisition of Nissens Automotive at closing

Operating Activities. During the first nine months of 2024, cash provided by operating activities was $78.2 million compared to $132.9 million in the same period of 2023.

The decrease in cash provided by operating activities resulted primarily from the lower year-over-year decrease in inventory of $2.9 million compared to $54.3 million in the same period of 2023, the larger increase in accounts receivable of $59.0 million compared to $38.9 million in the same period of 2023 due to higher net sales, and the lower year-over-year increase in accounts payable of $4.5 million compared to $15.9 million in the same period of 2023, partially offset by a larger increase in sundry receivables and accrued expenses of $45.5 million compared to $12.3 million in the same period of 2023.

During the year ended December 31, 2023, we generated significant operating cash flow by reducing our inventory to more normalized levels while actively managing our accounts receivable and accounts payable. We continue to actively manage our working capital to maximize our operating cash flow.

Investing Activities. Cash used in investing activities was $34.1 million in the first nine months of 2024, compared to $15.1 million in the same period of 2023. Investing activities during the first nine months of 2024 and 2023 primarily consisted of capital expenditures of $34.1 million and $18.0 million, respectively. The year-over-year increase in capital expenditures primarily relates to the implementation of upgraded automation equipment, racking and other equipment, as we invest in the start-up of our new distribution facility in Shawnee, Kansas.

Financing Activities. Cash used in financing activities was $47.7 million in the first nine months of 2024 as compared to $111 million in the same period of 2023. During the first nine months of 2024, we (1) decreased our borrowings by $13.4 million, (2) paid dividends to SMP shareholders of $19.0 million, (3) made cash payments for the repurchase of shares of our common stock of $10.4 million, and (4) paid expenses related to the refinancing of our credit agreement of $4.2 million. Cash provided by our operating activities in the nine months ended September 30, 2024 was used to reduce our borrowings and fund our investing activities, pay dividends, and repurchase shares of our common stock.

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During the first nine months of 2023, we (1) reduced our borrowings under our 2022 Credit Agreement by $92.1 million; and (2) paid dividends to SMP shareholders of $18.8 million. Cash provided by our operating activities in the nine months ended September 30, 2023 was used to reduce our borrowings under our 2022 Credit Agreement, fund our investing activities and pay dividends.

Quarterly dividends to SMP shareholders were paid at a rate of $0.87 in 2024 and $0.87 in 2023.

Liquidity.

Our primary sources of funds are ongoing net cash flows from operating activities and availability under our 2024 Credit Agreement (as detailed below).

Borrowings under the 2024 Credit Agreement were used to repay all outstanding borrowings under the 2022 Credit Agreement and will be used for general corporate purposes of the Company and its subsidiaries, and to finance the Company’s acquisition of Nissens Automotive and related transaction costs. The term loans amortize in quarterly installments of 1.25% in each of the first two years following the funding, 1.875% for the next two years, and 2.50% in each quarter thereafter. The Company may request up to two one-year extensions of the maturity date.

The Company may prepay the borrowings, in whole or in part, at any time without premium or penalty, subject to certain conditions.

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Outstanding borrowings at September 30, 2024 under the credit agreements were $140 million of long-term debt and at December 31, 2023 were $156 million, consisting of current borrowings of $5 million and long-term debt of $151 million. Letters of credit outstanding under the credit agreements were $2.3 million at September 30, 2024 and December 31, 2023.

At September 30, 2024, the weighted average interest rate under the 2024 Credit Agreement was 5.0%, which consisted of $140 million in borrowings under Term SOFR, adjusted for the impact of the interest rate swap agreement on $100 million of borrowings. At December 31, 2023, the weighted average interest rate under the 2022 Credit Agreement was 5%, which consisted of $156 million in borrowings at 5% under Term SOFR, adjusted for the impact of the interest rate swap agreement on $100 million of borrowings. During the nine months ended September 30, 2024, our average daily alternative base rate loan balance was $1 million, compared to a balance of $0.1 million for the nine months ended September 30, 2023 and a balance of $0.1 million for the year ended December 31, 2023.

In order to reduce our accounts receivable balances and improve our cash flow, we are party to several supply chain financing arrangements, in which we may sell certain of our customers’ trade accounts receivable to such customers’ financial institutions. We sell our undivided interests in certain of these receivables at our discretion when we determine that the cost of these arrangements is less than the cost of servicing our receivables with existing debt. Under the terms of the agreements, we retain no rights or interest, have no obligations with respect to the sold receivables, and do not service the receivables after the sale. As such, these transactions are accounted for as a sale.

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Pursuant to these agreements, we sold $285.4 million and $686.3 million of receivables during the three and nine months ended September 30, 2024, respectively, and $260.4 million and $643 million for the comparable periods in 2023. Receivables presented at financial institutions and not yet collected as of September 30, 2024 were approximately $1.8 million and remained in our accounts receivable balance as of that date. All receivables sold were reflected as a reduction of accounts receivable in the consolidated balance sheet at the time of sale. A charge in the amount of $14.9 million and $38.3 million related to the sale of receivables was included in selling, general and administrative expense in our consolidated statements of operations for the three and nine months ended September 30, 2024, respectively, and $14.6 million and $36.1 million for the comparable periods in 2023.

In July 2022, our Board of Directors authorized the purchase of up to $30 million of our common stock under a stock repurchase program. Stock will be purchased from time to time in the open market, or through private transactions, as market conditions warrant. Under this program, there were no repurchases of common stock during the three months ended September 30, 2024. In the nine months ended September 30, 2024, we repurchased 321,229 shares of our common stock at a total cost of $10.4 million. As of September 30, 2024, there was approximately $19.6 million available for future stock purchases under the program. From the end of the third quarter through October 28, 2024, there have been no additional repurchases of our common stock under the program.

Material Cash Commitments

Material cash commitments as of September 30, 2024 consist of required cash payments to service our outstanding borrowings of $140 million under our Credit Agreement with JPMorgan Chase Bank, N.A., as agent, the future minimum cash requirements of $126.7 million through 2034 under operating leases, and expected future cash payments relating to our restructuring activities of $7.1 million with approximately $3.3 million paid in the remainder of 2024, approximately $3.2 million in 2025 and approximately $0.6 million thereafter. All of our other known cash commitments as of September 30, 2024 are not material. For additional information related to our material cash commitments, see Note 4, “Restructuring and Integration Expenses”, Note 8, “Leases,” and Note 9, “Credit Facilities and Long-Term Debt,” in the notes to our consolidated financial statements (unaudited).

We anticipate that our cash flow from operations, available cash, and available borrowings under our Credit Agreement will be adequate to meet our future liquidity needs for at least the next twelve months. Significant assumptions underlie this belief, including, among other things, that we will be able to mitigate the future impact, if any, of disruptions in the supply chain caused by geo-political risks, future increases in interest rates, and significant inflationary cost increases in raw materials, labor and transportation that we are unable to pass through our customers, macroeconomic uncertainty, and that there will be no material adverse developments in our business, liquidity or capital requirements. If material adverse developments were to occur in any of these areas, there can be no assurance that our business will generate sufficient cash flow from operations, or that future borrowings will be available to us under our Credit Agreement in amounts sufficient to enable us to pay the principal and interest on our indebtedness, or to fund our other liquidity needs. In addition, if we default on any of our indebtedness, or breach any financial covenant in our Credit Agreement, our business could be adversely affected.

For further information regarding the risks in our business, refer to Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023.

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Critical Accounting Policies and Estimates

We have identified the accounting policies and estimates surrounding the “Valuation of Long-Lived and Intangible Assets and Goodwill,” and “Asbestos Litigation” as critical to our business operations and the understanding of our results of operations. The impact and any associated risks related to these policies and estimates on our business operations is discussed throughout “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” where such policies and estimates affect our reported and expected financial results. There have been no material changes to these and other accounting policies and estimates from the information provided in Note 1 of the Notes to our Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2023.

You should be aware that preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of our consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. We can give no assurances that actual results will not differ from those estimates. Although we do not believe that there is a reasonable likelihood that there will be a material change in the future estimates, or in the assumptions that we use in calculating the estimates, the uncertain future effects, if any, of the disruptions in the supply chain caused by geo-political risks, future increases in interest rates, inflation, macroeconomic uncertainty, and other unforeseen changes in the industry, or business, could materially impact the estimates, and may have a material adverse effect on our business, financial condition and results of operations.

Recently Issued Accounting Pronouncements

For a detailed discussion on recently issued accounting pronouncements and their impact on our consolidated financial statements, see Note 2, “Summary of Significant Accounting Policies” of the notes to our consolidated financial statements (unaudited).

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Quantitative and Qualitative Disclosure about Market Risk

We are exposed to market risk, primarily related to foreign currency exchange and interest rates. These exposures are actively monitored by management. Our exposure to foreign exchange rate risk is due to certain costs, revenues and borrowings being denominated in currencies other than one of our subsidiary’s functional currency. Similarly, we are exposed to market risk as the result of changes in interest rates, which may affect the cost of our financing. It is our policy and practice to use derivative financial instruments only to the extent necessary to manage exposures. We do not hold or issue derivative financial instruments for trading or speculative purposes.

Exchange Rate Risk

We have exchange rate exposure primarily with respect to the Canadian dollar, the euro, the British pound, the Polish zloty, the Hungarian forint, the Mexican peso, the Taiwan dollar, the Chinese yuan renminbi and the Hong Kong dollar. As of September 30, 2024 and December 31, 2023, our monetary assets and liabilities which are subject to this exposure are immaterial, therefore, the potential immediate loss to us that would result from a hypothetical 10% change in foreign currency exchange rates would not be expected to have a material impact on our earnings or cash flows. This sensitivity analysis assumes an unfavorable 10% fluctuation in the exchange rates affecting the foreign currencies in which monetary assets and liabilities are denominated and does not take into account the incremental effect of such a change on our foreign currency denominated revenues. To reduce our potential exposure to exchange rate risk due to our planned acquisition of Nissens Automotive in euros, we executed $100 million of forward foreign exchange contracts that mature in November 2024.

Interest Rate Risk

We manage our exposure to interest rate risk through the proportion of fixed rate debt and variable rate debt in our debt portfolio. To reduce our market risk to changes in interest rates on our variable rate borrowings, and to manage a portion of our exposure to changes in interest rates, we occasionally enter into interest rate swap agreements.

As of September 30, 2024, we had approximately $140 million of outstanding borrowings under our 2024 Credit Agreement, of which approximately $40 million bears interest at variable rates of interest and $100 million bears interest at fixed rates, after consideration of the interest rate swap agreement entered into in June 2022. Additionally, we invest our excess cash in highly liquid short-term investments. Based upon our current level of borrowings under our facilities and our excess cash, the effect of a hypothetical, instantaneous and unfavorable change of 100 basis points in the interest rate may have an approximate $0.1 million annualized negative impact on our earnings or cash flows.

In addition, we are party to several supply chain financing arrangements, in which we may sell certain of our customers’ trade accounts receivable to such customers’ financial institutions. We sell our undivided interests in certain of these receivables at our discretion when we determine that the cost of these arrangements is less than the cost of servicing our receivables with existing debt. During the three and nine months ended September 30, 2024, we sold $285.4 million and $686.3 million of receivables, respectively. Depending upon the level of sales of receivables pursuant these agreements, the effect of a hypothetical, instantaneous and unfavorable change of 100 basis points in the margin rate may have an approximate $2.9 million and $6.9 million negative impact on our earnings or cash flows during the three and nine months ended September 30, 2024, respectively. The charge related to the sale of receivables is included in selling, general and administrative expenses in our consolidated statements of operations.

Other than the aforementioned, there have been no significant changes to the information presented in Item 7A (Market Risk) of our Annual Report on Form 10-K for the year ended December 31, 2023.

ITEM 4. CONTROLS AND PROCEDURES

(a)Evaluation of Disclosure Controls and Procedures.

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Exchange Act, as of the end of the period covered by this Report. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Report.

(b)Changes in Internal Control Over Financial Reporting.

During the quarter ended September 30, 2024, we have not made any changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect,

the Company’s internal control over financial reporting. We review, document and test our internal control over financial reporting using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in the 2013 Internal Control – Integrated Framework. We may from time to time make changes aimed at enhancing their effectiveness and to ensure that our systems evolve with our business. These efforts may lead to various changes in our internal control over financial reporting.

Table of Contents

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The information required by this Item is incorporated herein by reference to the information set forth in Item 1, “Consolidated Financial Statements” of this Report under the caption “Asbestos” appearing in Note 18, “Commitments and Contingencies,” of the notes to our consolidated financial statements (unaudited).

ITEM 6. EXHIBITS


Exhibit Number
1 0.1			Credit Agreement, dated as of September 16, 2024, among Standard Motor Products, Inc., the Foreign Subsidiary Borrowers party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Joint Book Runner and Joint Lead Arranger, Bank of America, N.A., as Syndication Agent, Citizens Bank, N.A., as Documentation Agent and Joint Lead Arranger, BofA Securities, Inc., as Joint Book Runner and Joint Lead Arranger, and the Lenders party thereto.

31.1			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1			Certification of Chief Executive Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2			Certification of Chief Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

*			Certain schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company hereby undertakes to furnish supplemental copies of any of the omitted schedules upon request by the Securities and Exchange Commission.

101.INS**			Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH**			Inline XBRL Taxonomy Extension Schema Document.
101.CAL**			Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB**			Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE**			Inline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF**			Inline XBRL Taxonomy Extension Definition Linkbase Document.
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

**In accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to the Original Filing shall be deemed to be “furnished” and not “filed.”

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


						STANDARD MOTOR PRODUCTS, INC.
						(Registrant)


Date: October 30, 2024						/s/ Nathan R. Iles
						Nathan R. Iles
						Chief Financial Officer
						(Principal Financial and Accounting Officer)

EXHIBIT 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Eric P. Sills, certify that:

1.I have reviewed this report on Form 10-Q of Standard Motor Products, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: October 30, 2024
			/s/ Eric P. Sills
			Eric P. Sills
			Chief Executive Officer and President

EXHIBIT 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Nathan R. Iles, certify that:

1.I have reviewed this report on Form 10-Q of Standard Motor Products, Inc.;

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: October 30, 2024
			/s/ Nathan R. Iles
			Nathan R. Iles
			Chief Financial Office

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Standard Motor Products, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Eric P. Sills, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.


/s/ Eric P. Sills
Eric P. Sills
Chief Executive Officer and President
October 30, 2024

*A signed original of this written statement required by Section 906 has been provided to Standard Motor Products, Inc. and will be retained by Standard Motor Products, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Standard Motor Products, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Nathan R. Iles, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.


/s/ Nathan R. Iles
Nathan R. Iles
Chief Financial Officer
October 30, 2024

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-04743
Registrant Name	Standard Motor Products, Inc.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	11-1362020
Entity Address, Address Line One	37-18 Northern Blvd.,
Entity Address, City or Town	Long Island City
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11101
City Area Code	718
Local Phone Number	392-0200
Title of 12(b) Security	Common Stock, par value $2.00 per share
Trading Symbol	SMP
Security Exchange Name	NYSE
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,721,825
Entity Central Index Key	0000093389
Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment flag	false

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Income Statement [Abstract]

Net sales

$ 399,265

$ 386,413

$ 1,120,497

$ 1,067,516

Cost of sales

277,899

271,653

798,162

760,220

Gross profit

121,366

114,760

322,335

307,296

Selling, general and administrative expenses

81,204

79,781

239,822

223,257

Restructuring and integration expenses

3,023

177

5,774

1,383

Other income (expense), net

Operating income

37,139

34,806

76,744

82,730

Other non-operating income, net

2,129

1,732

5,147

2,759

Interest expense

3,145

3,621

7,964

10,766

Total before income tax

36,123

32,917

73,927

74,723

Income tax expense

9,267

7,995

18,718

18,656

Earnings from continuing operations

26,856

24,922

55,209

56,067

Loss from discontinued operations, net of income taxes

(22,771)

(18,200)

(24,727)

(28,201)

Net earnings

4,085

6,722

30,482

27,866

Net earnings attributable to noncontrolling interest

275

785

152

Net earnings attributable to SMP

^[1]

3,810

6,659

29,697

27,714

Net earnings (loss) attributable to SMP

Continuing operations

26,581

24,859

54,424

55,915

Discontinued operations

(22,771)

(18,200)

(24,727)

(28,201)

Net earnings attributable to SMP

^[1]

$ 3,810

$ 6,659

$ 29,697

$ 27,714

Basic:

Continuing operations (in dollars per share)

$ 1.22

$ 1.14

$ 2.50

$ 2.58

Discontinued operations (in dollars per share)

(1.04)

(0.83)

(1.14)

(1.30)

Net earnings attributable to SMP per common share (in dollars per share)

0.18

0.31

1.36

1.28

Diluted:

Continuing operations (in dollars per share)

1.20

1.12

2.45

2.52

Discontinued operations (in dollars per share)

(1.03)

(0.82)

(1.11)

(1.27)

Net earnings attributable to SMP per common share (in dollars per share)

0.17

0.30

1.34

1.25

Dividend declared per common share (in dollars shares)

$ 0.29

$ 0.87

Weighted average number of common shares, basic (in shares)

21,716,083

21,727,119

21,802,164

21,675,699

Weighted average number of common shares, diluted (in shares)

22,154,222

22,253,723

22,225,444

22,198,131

[1]	Throughout this Form 10-Q, “SMP” refers to Standard Motor Products, Inc. and subsidiaries.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 4,085	$ 6,722	$ 30,482	$ 27,866
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	2,475	(3,950)	(2,493)	36
Derivative instruments	(2,552)	1,708	(1,082)	2,162
Pension and postretirement plans	(3)	(3)	(8)	(10)
Other comprehensive income, net of tax	(80)	(2,245)	(3,583)	2,188
Comprehensive income	4,005	4,477	26,899	30,054
Comprehensive income (loss) attributable to noncontrolling interest, net of tax:
Net earnings attributable to noncontrolling interest	275	63	785	152
Foreign currency translation adjustments	32	47	17	(63)
Comprehensive income (loss) attributable to noncontrolling interest, net of tax	307	110	802	89
Comprehensive income attributable to SMP	$ 3,698	$ 4,367	$ 26,097	$ 29,965

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 26,348	$ 32,526
Accounts receivable, less allowances for discounts and expected credit losses of $8,697 and $8,045 for 2024 and 2023, respectively	217,130	160,282
Inventories	503,015	507,075
Unreturned customer inventories	17,843	18,240
Prepaid expenses and other current assets	28,873	26,100
Total current assets	793,209	744,223
Property, plant and equipment, net of accumulated depreciation of $271,556 and $259,656 for 2024 and 2023, respectively	138,490	121,872
Operating lease right-of-use assets	96,039	100,065
Goodwill	134,725	134,729
Other intangibles, net	85,837	92,308
Deferred income taxes	45,315	40,533
Investments in unconsolidated affiliates	23,914	24,050
Other assets	33,012	35,267
Total assets	1,350,541	1,293,047
CURRENT LIABILITIES:
Current portion of term loan and other debt	2,685	5,029
Accounts payable	112,404	107,455
Sundry payables and accrued expenses	69,666	63,303
Accrued customer returns	62,326	38,238
Accrued core liability	15,226	18,399
Accrued rebates	53,163	42,278
Payroll and commissions	37,050	29,561
Total current liabilities	352,520	304,263
Long-term debt	140,163	151,182
Noncurrent operating lease liabilities	86,259	88,974
Other accrued liabilities	28,611	25,742
Accrued asbestos liabilities	89,544	72,013
Total liabilities	697,097	642,174
Commitments and contingencies
Stockholders’ equity:
Authorized – 30,000,000 shares; issued 23,936,036 shares	47,872	47,872
Capital in excess of par value	103,818	101,751
Retained earnings	583,919	573,226
Accumulated other comprehensive income	(9,574)	(5,974)
Treasury stock – at cost (2,215,186 shares and 2,018,982 shares in 2024 and 2023, respectively)	(87,202)	(81,811)
Total SMP stockholders’ equity	638,833	635,064
Noncontrolling interest	14,611	15,809
Total stockholders’ equity	653,444	650,873
Total liabilities and stockholders’ equity	$ 1,350,541	$ 1,293,047

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Accounts Receivable, allowance for discounts and expected Credit Losses	$ 8,697	$ 8,045
Property, plant and equipment, accumulated depreciation	$ 271,556	$ 259,656
Stockholders’ equity:
Common stock, par value (in dollars per share)	$ 2.00	$ 2.00
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	23,936,036	23,936,036
Treasury stock - at cost (in shares)	2,215,186	2,018,982

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 30,482	$ 27,866
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	22,008	21,461
Amortization of deferred financing cost	1,655	370
Increase to allowance for expected credit losses	461	333
Increase to inventory reserves	3,731	2,010
Equity income from joint ventures	(3,520)	(2,181)
Employee stock ownership plan allocation	2,090	2,225
Stock-based compensation	4,464	5,243
Increase in deferred income taxes	(4,408)	(3,299)
Loss on discontinued operations, net of tax	24,727	28,201
Change in assets and liabilities:
Increase in accounts receivable	(59,040)	(38,850)
Decrease in inventories	2,895	54,286
Increase (decrease) in prepaid expenses and other current assets	(2,739)	2,916
Increase in accounts payable	4,487	15,852
Increase in sundry payables and accrued expenses	45,470	12,345
Net change in other assets and liabilities	5,437	4,115
Net cash provided by operating activities	78,200	132,893
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of and investment in businesses	0	(3,954)
Cash acquired in step acquisition	0	6,779
Capital expenditures	(34,136)	(17,977)
Other investing activities	18	95
Net cash used in investing activities	(34,118)	(15,057)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of term loan	(92,500)	(3,750)
Net borrowings (repayments) under revolving credit facilities	76,500	(88,350)
Net borrowings (repayments) of other debt and lease obligations	2,578	(49)
Purchase of treasury stock	(10,409)	0
Payments of debt issuance costs	(4,183)	0
Increase in overdraft balances	549	253
Dividends paid	(19,004)	(18,846)
Dividends paid to noncontrolling interest	(1,200)	(255)
Net cash used in financing activities	(47,669)	(110,997)
Effect of exchange rate changes on cash	(2,591)	496
Net (decrease) increase in cash and cash equivalents	(6,178)	7,335
Cash and cash equivalents, beginning of period	32,526	21,150
Cash and cash equivalents, ending of period	26,348	28,485
Cash paid during the period for:
Interest	7,973	11,749
Income taxes	10,947	11,352
Noncash financing activity:
Dividend payable to noncontrolling interest	$ 800	$ 0

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total SMP	Non- Controlling Interest
Beginning balance at Dec. 31, 2022	$ 621,038	$ 47,872	$ 105,615	$ 564,242	$ (12,470)	$ (95,239)	$ 610,020	$ 11,018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	27,866			27,714			27,714	152
Noncontrolling interest in step acquisition	5,273							5,273
Other comprehensive income (loss), net of tax	2,188				2,251		2,251	(63)
Cash dividends paid	(18,846)			(18,846)			(18,846)
Dividends to noncontrolling interest	(255)							(255)
Stock-based compensation	5,243		2,427			2,816	5,243
Employee Stock Ownership Plan	2,966		16			2,950	2,966
Ending balance at Sep. 30, 2023	645,473	47,872	108,058	573,110	(10,219)	(89,473)	629,348	16,125
Beginning balance at Jun. 30, 2023	640,415	47,872	106,529	572,753	(7,927)	(89,554)	629,673	10,742
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	6,722			6,659			6,659	63
Noncontrolling interest in step acquisition	5,273							5,273
Other comprehensive income (loss), net of tax	(2,245)				(2,292)		(2,292)	47
Cash dividends paid	(6,302)			(6,302)			(6,302)
Stock-based compensation	1,610		1,529			81	1,610
Ending balance at Sep. 30, 2023	645,473	47,872	108,058	573,110	(10,219)	(89,473)	629,348	16,125
Beginning balance at Dec. 31, 2023	650,873	47,872	101,751	573,226	(5,974)	(81,811)	635,064	15,809
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	30,482			29,697			29,697	785
Other comprehensive income (loss), net of tax	(3,583)				(3,600)		(3,600)	17
Cash dividends paid	(19,004)			(19,004)			(19,004)
Purchase of treasury stock	(10,409)					(10,409)	(10,409)
Dividends to noncontrolling interest	(2,000)							(2,000)
Stock-based compensation	4,298		2,064			2,234	4,298
Employee Stock Ownership Plan	2,787		3			2,784	2,787
Ending balance at Sep. 30, 2024	653,444	47,872	103,818	583,919	(9,574)	(87,202)	638,833	14,611
Beginning balance at Jun. 30, 2024	654,322	47,872	102,738	586,407	(9,462)	(87,537)	640,018	14,304
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	4,085			3,810			3,810	275
Other comprehensive income (loss), net of tax	(80)				(112)		(112)	32
Cash dividends paid	(6,298)			(6,298)			(6,298)
Stock-based compensation	1,415		1,080			335	1,415
Ending balance at Sep. 30, 2024	$ 653,444	$ 47,872	$ 103,818	$ 583,919	$ (9,574)	$ (87,202)	$ 638,833	$ 14,611

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Standard Motor Products, Inc. and its subsidiaries (referred to hereinafter in these notes to the consolidated financial statements as “we,” “us,” “our,” “SMP,” or the “Company”) is a leading manufacturer and distributor of premium replacement parts in the automotive aftermarket, and a custom-engineered solutions provider to vehicle and equipment manufacturers in diverse non-aftermarket end markets. Our automotive aftermarket is comprised of two segments, Vehicle Control and Temperature Control, while our Engineered Solutions segment offers a broad array of conventional and future-oriented technologies in markets for commercial and light vehicles, construction, agriculture, power sports, marine, hydraulics and lawn and garden. We sell our products primarily to retailers, warehouse distributors, original equipment manufacturers and original equipment service part operations in the United States, Canada, Europe, Asia, Mexico and other Latin American countries. The accompanying unaudited financial information should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. The unaudited consolidated financial statements include our accounts and all domestic and international companies in which we have more than a 50% equity ownership, except in instances where the minority shareholder maintains substantive participating rights, in which case we follow the equity method of accounting. In instances where we have more than a 50% equity ownership and the minority shareholder does not maintain substantive participating rights, our consolidated financial statements include the accounts of the company on a consolidated basis with its net income and equity reported at amounts attributable to both our equity position and that of the noncontrolling interest. Investments in unconsolidated affiliates are accounted for on the equity method, as we do not have a controlling financial interest but have the ability to exercise significant influence. All significant inter-company items have been eliminated. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for the interim periods are not necessarily indicative of the results of operations for the entire year. Reclassification Certain prior period amounts in the accompanying consolidated financial statements and related notes have been reclassified to conform to the 2024 presentation.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Recently Issued Accounting Pronouncements

Standards not yet adopted as of September 30, 2024


Standard	Description	Effective date	Effects on the financial statements or other significant matters

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	ASU 2023-07 will improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. ASU 2023-07 expands segment disclosures by requiring disclosure of (1) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss; (2) the amount and description of the composition of other segment items to reconcile to segment profit and loss; and (3) the CODM’s title and position and how the CODM uses the reported segment measures to allocate resources. Additionally, ASU 2023-07 requires interim disclosures of all reportable segment profit or loss and assets previously required annually by Topic 280.	The ASU is effective for the fiscal years beginning after December 15, 2023, which for us is December 31, 2024, and all subsequent interim periods, with full retrospective application required to all prior periods presented. Early adoption is permitted.	The new standard will require expanding our segment disclosure to include additional segment level information. We are currently evaluating the full impact of adopting ASU 2023-07 on our consolidated financial statements, disclosures, processes and controls. On an ongoing basis, we will continue to assess the impact of the new standard through our planned date of adoption of December 31, 2024.

ASU 2023-09, Income Taxes (Topic 270): Improvements to Income Tax Disclosures	ASU 2023-09 will improve transparency and decision making usefulness of income tax disclosures. ASU 2023-09 will expand the annual required effective income tax rate reconciliation disclosures to include (1) eight specific categories of rate reconciling items; (2) additional information for reconciling items that meet or exceed a quantitative threshold; and (3) expand the required disclosures to include reconciling percentages as well as reported amounts. Additionally, ASU 2023-09 will expand required annual disclosures of income taxes paid to include the disaggregation by federal, state and foreign jurisdictions.	The ASU is effective for annual reporting periods beginning after December 15, 2024, which for us is December 31, 2025, with prospective application. Early adoption and retrospective application are permitted.	The new standard will require expanding our annual income tax disclosures in our financial statements. We are currently evaluating the full impact of adopting ASU 2023-09 on our consolidated financial statements, disclosures, processes and controls. On an ongoing basis, we will continue to assess the impact of the new standard through our planned date of adoption of December 31, 2025.

Business Acquisitions and Investments

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Acquisitions and Investments

Nissens Automotive Acquisition

Investment in Foshan GWO YNG SMP Vehicle Climate Control & Cooling Products Co. Ltd.


Total purchase consideration (a)			$	21,725
Assets acquired and liabilities assumed:
Cash and cash equivalents	$	6,779
Receivables	5,912
Inventory	5,945
Other current assets	528
Property, plant and equipment, net	2,924
Operating lease right-of-use assets	4,372
Intangible assets (b)	532
Goodwill	2,208
Long term investments and other assets	7,257
Current liabilities	(6,004)
Noncurrent operating lease liabilities	(3,455)
Subtotal			26,998
Fair value of acquired noncontrolling interest			(5,273)
Total purchase consideration allocated to net assets acquired			$	21,725

(b)Intangible assets consists of customer relationships of $0.4 million and capitalized software of $0.1 million.

Restructuring and Integration Expenses

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Integration Expenses

Separation Program

Activity for the nine months ended September 30, 2024 related to the separation program workforce reduction consisted of the following (in thousands):


Exit activity liability at December 31, 2023	$	—
Restructuring and integration costs:
Amounts provided for during 2024 (a)	5,602
Stock-based compensation	150
Cash payments	(959)
Foreign currency exchange rate changes	1
Exit activity liability at September 30, 2024	$	4,794

Cost Reduction Initiative

Activity for the nine months ended September 30, 2024 related to the cost reduction initiative consisted of the following (in thousands):


	Workforce Reduction		Other Exit Costs		Total
Exit activity liability at December 31, 2023	$	1,729	$	—	$	1,729
Restructuring and integration costs:
Amounts provided for during 2024 (a)	(45)		217		172
Cash payments	(1,315)		(217)		(1,532)
Foreign currency exchange rate changes	(22)		—		(22)
Exit activity liability at September 30, 2024	$	347	$	—	$	347

Restructuring and integration activities are included within “sundry payables and accrued expenses” and “other accrued liabilities” in the consolidated balance sheet.

Sale of Receivables	9 Months Ended
Sale of Receivables	Sep. 30, 2024
Receivables [Abstract]
Sale of Receivables	Sale of Receivables We are party to several supply chain financing arrangements, in which we may sell certain of our customers’ trade accounts receivable to such customers’ financial institutions. We sell our undivided interests in certain of these receivables at our discretion when we determine that the cost of these arrangements is less than the cost of servicing our receivables with existing debt. Under the terms of the agreements, we retain no rights or interest, have no obligations with respect to the sold receivables, and do not service the receivables after the sale. As such, these transactions are accounted for as a sale. Pursuant to these agreements, we sold $285.4 million and $686.3 million of receivables during the three and nine months ended September 30, 2024, respectively, and $260.4 million and $643 million for the comparable periods in 2023. Receivables presented at financial institutions and not yet collected as of September 30, 2024 were approximately $1.8 million and remained in our accounts receivable balance as of that date. All receivables sold were reflected as a reduction of accounts receivable in the consolidated balance sheet at the time of sale. A charge in the amount of $14.9 million and $38.3 million related to the sale of receivables was included in selling, general and administrative expense in our consolidated statements of operations for the three and nine months ended September 30, 2024, respectively, and $14.6 million and $36.1 million for the comparable periods in 2023. To the extent that these arrangements are terminated, our financial condition, results of operations, cash flows and liquidity could be adversely affected by extended payment terms, or delays or failures in collecting trade accounts receivable. The utility of the supply chain financing arrangements also depends upon a benchmark reference rate for the purpose of determining the discount rate applicable to each arrangement. If the benchmark reference rate increases significantly, we may be negatively impacted as we may not be able to pass these added costs on to our customers, which could have a material and adverse effect upon our financial condition, results of operations and cash flows.

Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories, which are stated at the lower of cost (determined by means of the first-in, first-out method) and net realizable value, consist of the following, in thousands:


	September 30, 2024		December 31, 2023
Finished goods	$	294,153	$	302,557
Work in process	18,406		18,503
Raw materials	190,456		186,015
Subtotal	503,015		507,075
Unreturned customer inventories	17,843		18,240
Total inventories	$	520,858	$	525,315

Acquired Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Intangible Assets

Acquired identifiable intangible assets consist of the following, in thousands:


	September 30, 2024		December 31, 2023
Customer relationships	$	159,934	$	159,641
Patents, developed technology and intellectual property	14,123		14,123
Trademarks and trade names	8,880		8,880
Non-compete agreements	3,308		3,295
Supply agreements	800		800
Leaseholds	160		160
Total acquired intangible assets	187,205		186,899
Less: Accumulated amortization (a)	(102,379)		(95,681)
Net acquired intangible assets	$	84,826	$	91,218

(a)Applies to all intangible assets, except for trademarks and trade names totaling $2.6 million, which have indefinite useful lives and, as such, are not being amortized.

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases


Balance Sheet Information	September 30, 2024			December 31, 2023
Assets
Operating lease right-of-use assets	$	96,039		$	100,065

Liabilities
Sundry payables and accrued expenses	$	16,848		$	17,139
Noncurrent operating lease liabilities	86,259			88,974
Total operating lease liabilities	$	103,107		$	106,113

Weighted Average Remaining Lease Term	7.9 Years			8.3 Years
Weighted Average Discount Rate	4.9		%	4.8		%


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease Expense	2024		2023		2024		2023
Lease expense	$	4,548	$	4,762	$	14,220	$	11,647
Variable and other lease expense (a)	1,545		1,354		2,953		2,637
Total lease costs	$	6,093	$	6,116	$	17,173	$	14,284


	Nine Months Ended September 30,
	2024		2023
Supplemental Cash Flow Information
Cash paid for the amounts included in the measurement of lease liabilities	$	13,253	$	8,212
Right-of-use assets obtained in exchange for new lease obligations (a)	$	6,902	$	61,929

Minimum Lease Payments

At September 30, 2024, we are obligated to make minimum lease payments through 2034, under operating leases, which are as follows:


2024	$	4,711
2025	17,058
2026	15,711
2027	14,417
2028	12,647
Thereafter	62,118
Total lease payments	$	126,662
Less: Interest	(23,555)
Present value of lease liabilities	$	103,107

Leases


Balance Sheet Information	September 30, 2024			December 31, 2023
Assets
Operating lease right-of-use assets	$	96,039		$	100,065

Liabilities
Sundry payables and accrued expenses	$	16,848		$	17,139
Noncurrent operating lease liabilities	86,259			88,974
Total operating lease liabilities	$	103,107		$	106,113

Weighted Average Remaining Lease Term	7.9 Years			8.3 Years
Weighted Average Discount Rate	4.9		%	4.8		%


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease Expense	2024		2023		2024		2023
Lease expense	$	4,548	$	4,762	$	14,220	$	11,647
Variable and other lease expense (a)	1,545		1,354		2,953		2,637
Total lease costs	$	6,093	$	6,116	$	17,173	$	14,284


	Nine Months Ended September 30,
	2024		2023
Supplemental Cash Flow Information
Cash paid for the amounts included in the measurement of lease liabilities	$	13,253	$	8,212
Right-of-use assets obtained in exchange for new lease obligations (a)	$	6,902	$	61,929

Minimum Lease Payments

At September 30, 2024, we are obligated to make minimum lease payments through 2034, under operating leases, which are as follows:


2024	$	4,711
2025	17,058
2026	15,711
2027	14,417
2028	12,647
Thereafter	62,118
Total lease payments	$	126,662
Less: Interest	(23,555)
Present value of lease liabilities	$	103,107

Credit Facilities and Long-Term Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Credit Facilities and Long-Term Debt

Total debt outstanding is summarized as follows, in thousands:


	September 30, 2024		December 31, 2023
Credit facility – term loan due 2027	$	—	$	92,500
Credit facility – revolver due 2027	—		63,500
Credit facility – revolver due 2029	140,000		—
Other	2,848		211
Total debt	$	142,848	$	156,211

Current maturities of debt	$	2,685	$	5,029
Long-term debt	140,163		151,182
Total debt	$	142,848	$	156,211

Term Loans and Revolving Credit Facilities

The Company may prepay the borrowings, in whole or in part, at any time without premium or penalty, subject to certain conditions.

Polish Overdraft Facility

Maturities of Debt

As of September 30, 2024, maturities of debt through 2029, assuming no prepayments, are as follows (in thousands):


	Revolving Credit Facility		Polish Overdraft Facility and Other Debt		Total
Remainder of 2024	$	—	$	2,662	$	2,662
2025	—		34		34
2026	—		47		47
2027	—		105		105
2028	—		—		—
2029	140,000		—		140,000
Total	$	140,000	$	2,848	$	142,848
Less: current maturities	—		(2,685)		(2,685)
Long-term debt	$	140,000	$	163	$	140,163

Deferred Financing Costs

Accumulated Other Comprehensive Income Attributable to SMP

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income Attributable to SMP

Changes in Accumulated Other Comprehensive Income by Component (in thousands)


	Three Months Ended September 30, 2024
	Foreign Currency Translation		Cash Flow Hedge			Postretirement Benefit Plans		Total
Balance at June 30, 2024	$	(13,850)	$	4,369		$	19	$	(9,462)
Other comprehensive income (loss) before reclassifications	2,443		(2,055)		(a)	—		388
Amounts reclassified from accumulated other comprehensive income	—		(497)			(3)		(500)
Other comprehensive income (loss), net of tax	2,443		(2,552)			(3)		(112)
Balance at September 30, 2024	$	(11,407)	$	1,817		$	16	$	(9,574)


	Nine Months Ended September 30, 2024
	Foreign Currency Translation		Cash Flow Hedge			Postretirement Benefit Plans		Total
Balance at December 31, 2023	$	(8,897)	$	2,899		$	24	$	(5,974)
Other comprehensive income (loss) before reclassifications	(2,510)		406		(a)	—		(2,104)
Amounts reclassified from accumulated other comprehensive income	—		(1,488)			(8)		(1,496)
Other comprehensive income (loss), net of tax	(2,510)		(1,082)			(8)		(3,600)
Balance at September 30, 2024	$	(11,407)	$	1,817		$	16	$	(9,574)

Reclassifications Out of Accumulated Other Comprehensive Income (in thousands)


	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024
Derivative cash flow hedge gain (a)	$	(671)	$	(2,010)
Postretirement benefit plans unrecognized gain (b)	(5)		(14)
Total before income tax	(676)		(2,024)
Income tax expense	(176)		(528)
Total reclassifications attributable to SMP	$	(500)	$	(1,496)

Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

Restricted and Performance Stock Grants

Our restricted and performance-based share activity was as follows for the nine months ended September 30, 2024:


	Shares	Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2023	880,976	$	29.48
Granted	6,775	27.64
Vested	(44,121)	29.75
Forfeited	(32,050)	29.95
Balance at September 30, 2024	811,580	$	29.43

Employee Benefits	9 Months Ended
Employee Benefits	Sep. 30, 2024
Retirement Benefits [Abstract]
Employee Benefits	Employee Benefits We provide certain medical and dental care benefits to 13 former U.S. union employees. The postretirement medical and dental benefit obligation to the former union employees as of September 30, 2024, and the related net periodic benefit cost for the plan for the three and nine months ended September 30, 2024 and 2023 were not material. We maintain a defined contribution Supplemental Executive Retirement Plan for key employees. Under the plan, these employees may elect to defer a portion of their compensation and, in addition, we may at our discretion make contributions to the plan on behalf of the employees. In March 2024, we made company contributions to the plan of $0.5 million related to calendar year 2023. We also have an Employee Stock Ownership Plan and Trust for employees who are not covered by a collective bargaining agreement. In connection therewith, we maintain an employee benefits trust to which we contribute shares of treasury stock. We are authorized to instruct the trustees to distribute such shares toward the satisfaction of our future obligations under the plan. The shares held in trust are not considered outstanding for purposes of calculating earnings per share until they are committed to be released. The trustees will vote the shares in accordance with their fiduciary duties. During the nine months ended September 30, 2024, we contributed to the trust an additional 68,700 shares from our treasury and released 68,700 shares from the trust leaving 200 shares remaining in the trust as of September 30, 2024.

Derivative Financial Instruments	9 Months Ended
Derivative Financial Instruments	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments We occasionally use derivative financial instruments, including interest rate swaps and forward foreign exchange contracts, to reduce our market risk for changes in interest rates on our variable rate borrowings and to manage foreign exchange rate risk on certain transactions. The interest rate swaps effectively convert a portion of our variable rate borrowings under our existing facilities to a fixed rate based upon determined notional amount. The forward foreign exchange contracts fix expected future cash flows in U.S. dollar terms. We do not enter into derivative financial instruments, for trading or speculative purposes. In June 2022, we entered into a seven year interest rate swap agreement with a notional amount of $100 million that is to mature in May 2029. The interest rate swap agreement has been designated as a cash flow hedge of interest payments on $100 million of borrowings under our 2024 Credit Agreement. Under the terms of the swap agreement, we will receive monthly variable interest payments based on one month Term SOFR and will pay interest based upon a fixed rate of 2.683% per annum. The fair value of the interest rate swap agreement as of September 30, 2024 and December 31, 2023 was an asset of $2.5 million and $3.9 million, respectively, which has been deferred and recorded in accumulated other comprehensive income, net of income taxes, in our consolidated balance sheet. When the interest expense on the underlying borrowing is recognized, the deferred gain/loss in accumulated other comprehensive income is recorded in earnings as interest expense in the consolidated statements of operations. We perform quarterly hedge effectiveness assessments, and anticipate that the interest rate swap will be highly effective throughout its term. During the quarter, we entered into three forward foreign exchange contracts with a combined notional amount of 100 million euros that can be settled at the contract rate at any time in the two months prior to the final maturity date of November 29, 2024. The forward foreign exchange contracts economically hedge 100 million euros of the 360 million euros purchase price for the acquisition of Nissens Automotive. The fair value of the forward foreign exchange contracts as of September 30, 2024 was an unrealized gain of $1 million, which is recorded in prepaid expenses and other current assets in our consolidated balance sheet. The change in fair value of $1 million gain during the quarter was recorded in selling, general and administrative expenses in the consolidated statement of operations.

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets as of the measurement date.

Level 3: Significant unobservable inputs that reflect assumptions that market participants would use in pricing an asset or liability.


		September 30, 2024				December 31, 2023
	Fair Value Hierarchy Level	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Cash and cash equivalents (a)	1, 2	$	26,348	$	26,348	$	32,526	$	32,526
Deferred compensation	1	26,855		26,855		23,893		23,893
Short term borrowings	2	2,685		2,685		5,029		5,029
Long-term debt	2	140,163		140,163		151,182		151,182
Cash flow hedge interest rate swap	2	2,462		2,462		3,939		3,939
Short-term investments	2	7,050		7,050		—		—
Long-term investments	2	598		598		7,468		7,468
Forward foreign exchange contracts	2	995		995		—		—

for as held-to-maturity and recorded at amortized cost, which approximates their fair values at September 30, 2024.

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net earnings (loss) attributable to SMP
Continuing operations	$	26,581	$	24,859	$	54,424	$	55,915
Discontinued operations	(22,771)		(18,200)		(24,727)		(28,201)
Net earnings attributable to SMP	$	3,810	$	6,659	$	29,697	$	27,714

Basic net earnings (loss) per common share attributable to SMP
Continuing operations	$	1.22	$	1.14	$	2.50	$	2.58
Discontinued operations	$	(1.04)	$	(0.83)	$	(1.14)	$	(1.30)

Diluted net earnings (loss) per common share attributable to SMP
Continuing operations	$	1.20	$	1.12	$	2.45	$	2.52
Discontinued operations	$	(1.03)	$	(0.82)	$	(1.11)	$	(1.27)

Weighted average common shares outstanding, basic	21,716		21,727		21,802		21,676
Dilutive effect of restricted stock and performance-based stock	438		527		423		522
Weighted average common shares outstanding, diluted	22,154		22,254		22,225		22,198


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Restricted and performance-based shares	250	242	274	273

Industry Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Industry Segments

The following tables show our net sales and operating income for each reportable operating segment (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net Sales (a)
Vehicle Control	$	200,877	$	190,937	$	575,142	$	559,303
Temperature Control	125,985		123,643		322,074		293,123
Engineered Solutions	72,403		71,833		223,281		215,090
Other	—		—		—		—
Consolidated	$	399,265	$	386,413	$	1,120,497	$	1,067,516

Operating Income
Vehicle Control	$	21,029	$	18,071	$	51,685	$	54,719
Temperature Control	16,074		13,054		31,302		20,938
Engineered Solutions	5,010		7,254		13,054		19,064
Other	(4,974)		(3,573)		(19,297)		(11,991)
Consolidated	$	37,139	$	34,806	$	76,744	$	82,730

(a)There are no intersegment sales among our Vehicle Control, Temperature Control and Engineered Solutions operating segments.

For the disaggregation of our net sales from contracts with customers by major product group and geographic area within each of our operating segments, see Note 17, “Net Sales.”

Net Sales

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Net Sales

Disaggregation of Net Sales

Major Product Group

The following table summarizes consolidated net sales by major product group within each operating segment for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,

	2024		2023		2024		2023
Vehicle Control
Engine Management (Ignition, Emissions and Fuel Delivery)	$	121,432	$	113,188	$	353,046	$	342,860
Electrical and Safety	63,237		62,049		172,772		166,720
Wire Sets and Other	16,208		15,700		49,324		49,723
Total Vehicle Control	200,877		190,937		575,142		559,303

Temperature Control
AC System Components	95,698		94,385		245,628		217,913
Other Thermal Components	30,287		29,258		76,446		75,210
Total Temperature Control	125,985		123,643		322,074		293,123

Engineered Solutions
Commercial Vehicle	22,625		18,701		69,016		59,158
Construction/Agriculture	8,082		9,974		27,631		32,804
Light Vehicle	24,287		24,123		70,776		71,123
All Other	17,409		19,035		55,858		52,005
Total Engineered Solutions	72,403		71,833		223,281		215,090

Other	—		—		—		—

Total	$	399,265	$	386,413	$	1,120,497	$	1,067,516

Geographic Area

The following tables provide disaggregation of net sales information by geographic area within each operating segment for the three and nine months ended September 30, 2024 and 2023 (in thousands):


Three months ended September 30, 2024	Vehicle Control		Temperature Control		Engineered Solutions		Other		Total
United States	$	180,071	$	118,469	$	40,629	$	—	$	339,169
Canada	9,413		6,998		8,218		—		24,629
Europe	234		102		11,409		—		11,745
Mexico	9,614		33		2,392		—		12,039
Asia	117		350		9,010		—		9,477
Other foreign	1,428		33		745		—		2,206
Total	$	200,877	$	125,985	$	72,403	$	—	$	399,265


Three months ended September 30, 2023	Vehicle Control		Temperature Control		Engineered Solutions		Other		Total
United States	$	171,188	$	116,684	$	41,835	$	—	$	329,707
Canada	9,440		6,501		8,586		—		24,527
Europe	174		—		14,971		—		15,145
Mexico	8,968		29		1,311		—		10,308
Asia	132		367		4,416		—		4,915
Other foreign	1,035		62		714		—		1,811
Total	$	190,937	$	123,643	$	71,833	$	—	$	386,413


Nine months ended September 30, 2024	Vehicle Control		Temperature Control		Engineered Solutions		Other		Total
United States	$	512,791	$	300,766	$	122,032	$	—	$	935,589
Canada	27,252		20,215		24,897		—		72,364
Europe	778		153		39,493		—		40,424
Mexico	30,429		42		7,322		—		37,793
Asia	245		645		27,215		—		28,105
Other foreign	3,647		253		2,322		—		6,222
Total	$	575,142	$	322,074	$	223,281	$	—	$	1,120,497


Nine months ended September 30, 2023	Vehicle Control		Temperature Control		Engineered Solutions		Other		Total
United States	$	502,798	$	278,354	$	130,606	$	—	$	911,758
Canada	26,604		14,182		19,950		—		60,736
Europe	620		—		44,969		—		45,589
Mexico	25,734		47		5,117		—		30,898
Asia	282		387		12,743		—		13,412
Other foreign	3,265		153		1,705		—		5,123
Total	$	559,303	$	293,123	$	215,090	$	—	$	1,067,516

Commitment and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Asbestos

Other Litigation

Warranties

The following table provides the changes in our product warranties (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Balance, beginning of period	$	27,543	$	23,586	$	21,134	$	19,667
Liabilities accrued for current year sales	39,246		36,844		104,926		92,684
Settlements of warranty claims	(35,060)		(36,905)		(94,331)		(88,826)
Balance, end of period	$	31,729	$	23,525	$	31,729	$	23,525

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Principles of Consolidation

Basis of Accounting

Reclassification

Certain prior period amounts in the accompanying consolidated financial statements and related notes have been reclassified to conform to the 2024 presentation.

Recently Issued Accounting Pronouncements

Standards not yet adopted as of September 30, 2024


Standard	Description	Effective date	Effects on the financial statements or other significant matters

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	ASU 2023-07 will improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. ASU 2023-07 expands segment disclosures by requiring disclosure of (1) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss; (2) the amount and description of the composition of other segment items to reconcile to segment profit and loss; and (3) the CODM’s title and position and how the CODM uses the reported segment measures to allocate resources. Additionally, ASU 2023-07 requires interim disclosures of all reportable segment profit or loss and assets previously required annually by Topic 280.	The ASU is effective for the fiscal years beginning after December 15, 2023, which for us is December 31, 2024, and all subsequent interim periods, with full retrospective application required to all prior periods presented. Early adoption is permitted.	The new standard will require expanding our segment disclosure to include additional segment level information. We are currently evaluating the full impact of adopting ASU 2023-07 on our consolidated financial statements, disclosures, processes and controls. On an ongoing basis, we will continue to assess the impact of the new standard through our planned date of adoption of December 31, 2024.

ASU 2023-09, Income Taxes (Topic 270): Improvements to Income Tax Disclosures	ASU 2023-09 will improve transparency and decision making usefulness of income tax disclosures. ASU 2023-09 will expand the annual required effective income tax rate reconciliation disclosures to include (1) eight specific categories of rate reconciling items; (2) additional information for reconciling items that meet or exceed a quantitative threshold; and (3) expand the required disclosures to include reconciling percentages as well as reported amounts. Additionally, ASU 2023-09 will expand required annual disclosures of income taxes paid to include the disaggregation by federal, state and foreign jurisdictions.	The ASU is effective for annual reporting periods beginning after December 15, 2024, which for us is December 31, 2025, with prospective application. Early adoption and retrospective application are permitted.	The new standard will require expanding our annual income tax disclosures in our financial statements. We are currently evaluating the full impact of adopting ASU 2023-09 on our consolidated financial statements, disclosures, processes and controls. On an ongoing basis, we will continue to assess the impact of the new standard through our planned date of adoption of December 31, 2025.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Recently Issued Accounting Pronouncements

Standards not yet adopted as of September 30, 2024


Standard	Description	Effective date	Effects on the financial statements or other significant matters

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	ASU 2023-07 will improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. ASU 2023-07 expands segment disclosures by requiring disclosure of (1) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss; (2) the amount and description of the composition of other segment items to reconcile to segment profit and loss; and (3) the CODM’s title and position and how the CODM uses the reported segment measures to allocate resources. Additionally, ASU 2023-07 requires interim disclosures of all reportable segment profit or loss and assets previously required annually by Topic 280.	The ASU is effective for the fiscal years beginning after December 15, 2023, which for us is December 31, 2024, and all subsequent interim periods, with full retrospective application required to all prior periods presented. Early adoption is permitted.	The new standard will require expanding our segment disclosure to include additional segment level information. We are currently evaluating the full impact of adopting ASU 2023-07 on our consolidated financial statements, disclosures, processes and controls. On an ongoing basis, we will continue to assess the impact of the new standard through our planned date of adoption of December 31, 2024.

ASU 2023-09, Income Taxes (Topic 270): Improvements to Income Tax Disclosures	ASU 2023-09 will improve transparency and decision making usefulness of income tax disclosures. ASU 2023-09 will expand the annual required effective income tax rate reconciliation disclosures to include (1) eight specific categories of rate reconciling items; (2) additional information for reconciling items that meet or exceed a quantitative threshold; and (3) expand the required disclosures to include reconciling percentages as well as reported amounts. Additionally, ASU 2023-09 will expand required annual disclosures of income taxes paid to include the disaggregation by federal, state and foreign jurisdictions.	The ASU is effective for annual reporting periods beginning after December 15, 2024, which for us is December 31, 2025, with prospective application. Early adoption and retrospective application are permitted.	The new standard will require expanding our annual income tax disclosures in our financial statements. We are currently evaluating the full impact of adopting ASU 2023-09 on our consolidated financial statements, disclosures, processes and controls. On an ongoing basis, we will continue to assess the impact of the new standard through our planned date of adoption of December 31, 2025.

Business Acquisitions and Investments (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


Total purchase consideration (a)			$	21,725
Assets acquired and liabilities assumed:
Cash and cash equivalents	$	6,779
Receivables	5,912
Inventory	5,945
Other current assets	528
Property, plant and equipment, net	2,924
Operating lease right-of-use assets	4,372
Intangible assets (b)	532
Goodwill	2,208
Long term investments and other assets	7,257
Current liabilities	(6,004)
Noncurrent operating lease liabilities	(3,455)
Subtotal			26,998
Fair value of acquired noncontrolling interest			(5,273)
Total purchase consideration allocated to net assets acquired			$	21,725

(b)Intangible assets consists of customer relationships of $0.4 million and capitalized software of $0.1 million.

Restructuring and Integration Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Activity for the nine months ended September 30, 2024 related to the separation program workforce reduction consisted of the following (in thousands):


Exit activity liability at December 31, 2023	$	—
Restructuring and integration costs:
Amounts provided for during 2024 (a)	5,602
Stock-based compensation	150
Cash payments	(959)
Foreign currency exchange rate changes	1
Exit activity liability at September 30, 2024	$	4,794

tivity for the nine months ended September 30, 2024 related to the cost reduction initiative consisted of the following (in thousands):


	Workforce Reduction		Other Exit Costs		Total
Exit activity liability at December 31, 2023	$	1,729	$	—	$	1,729
Restructuring and integration costs:
Amounts provided for during 2024 (a)	(45)		217		172
Cash payments	(1,315)		(217)		(1,532)
Foreign currency exchange rate changes	(22)		—		(22)
Exit activity liability at September 30, 2024	$	347	$	—	$	347

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories, which are stated at the lower of cost (determined by means of the first-in, first-out method) and net realizable value, consist of the following, in thousands:


	September 30, 2024		December 31, 2023
Finished goods	$	294,153	$	302,557
Work in process	18,406		18,503
Raw materials	190,456		186,015
Subtotal	503,015		507,075
Unreturned customer inventories	17,843		18,240
Total inventories	$	520,858	$	525,315

Acquired Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

Acquired identifiable intangible assets consist of the following, in thousands:


	September 30, 2024		December 31, 2023
Customer relationships	$	159,934	$	159,641
Patents, developed technology and intellectual property	14,123		14,123
Trademarks and trade names	8,880		8,880
Non-compete agreements	3,308		3,295
Supply agreements	800		800
Leaseholds	160		160
Total acquired intangible assets	187,205		186,899
Less: Accumulated amortization (a)	(102,379)		(95,681)
Net acquired intangible assets	$	84,826	$	91,218

(a)Applies to all intangible assets, except for trademarks and trade names totaling $2.6 million, which have indefinite useful lives and, as such, are not being amortized.

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Lessee Quantitative Disclosures Related To Operating Leases


Balance Sheet Information	September 30, 2024			December 31, 2023
Assets
Operating lease right-of-use assets	$	96,039		$	100,065

Liabilities
Sundry payables and accrued expenses	$	16,848		$	17,139
Noncurrent operating lease liabilities	86,259			88,974
Total operating lease liabilities	$	103,107		$	106,113

Weighted Average Remaining Lease Term	7.9 Years			8.3 Years
Weighted Average Discount Rate	4.9		%	4.8		%

Schedule of Components of Lease Expense and Supplemental Cash Flow Information


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease Expense	2024		2023		2024		2023
Lease expense	$	4,548	$	4,762	$	14,220	$	11,647
Variable and other lease expense (a)	1,545		1,354		2,953		2,637
Total lease costs	$	6,093	$	6,116	$	17,173	$	14,284


	Nine Months Ended September 30,
	2024		2023
Supplemental Cash Flow Information
Cash paid for the amounts included in the measurement of lease liabilities	$	13,253	$	8,212
Right-of-use assets obtained in exchange for new lease obligations (a)	$	6,902	$	61,929

Schedule of Lessee, Operating Lease, Liability, to be Paid, Maturity

At September 30, 2024, we are obligated to make minimum lease payments through 2034, under operating leases, which are as follows:


2024	$	4,711
2025	17,058
2026	15,711
2027	14,417
2028	12,647
Thereafter	62,118
Total lease payments	$	126,662
Less: Interest	(23,555)
Present value of lease liabilities	$	103,107

Credit Facilities and Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Total debt outstanding is summarized as follows, in thousands:


	September 30, 2024		December 31, 2023
Credit facility – term loan due 2027	$	—	$	92,500
Credit facility – revolver due 2027	—		63,500
Credit facility – revolver due 2029	140,000		—
Other	2,848		211
Total debt	$	142,848	$	156,211

Current maturities of debt	$	2,685	$	5,029
Long-term debt	140,163		151,182
Total debt	$	142,848	$	156,211

Schedule of Maturities of Long-Term Debt

As of September 30, 2024, maturities of debt through 2029, assuming no prepayments, are as follows (in thousands):


	Revolving Credit Facility		Polish Overdraft Facility and Other Debt		Total
Remainder of 2024	$	—	$	2,662	$	2,662
2025	—		34		34
2026	—		47		47
2027	—		105		105
2028	—		—		—
2029	140,000		—		140,000
Total	$	140,000	$	2,848	$	142,848
Less: current maturities	—		(2,685)		(2,685)
Long-term debt	$	140,000	$	163	$	140,163

Accumulated Other Comprehensive Income Attributable to SMP (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive by Component

Changes in Accumulated Other Comprehensive Income by Component (in thousands)


	Three Months Ended September 30, 2024
	Foreign Currency Translation		Cash Flow Hedge			Postretirement Benefit Plans		Total
Balance at June 30, 2024	$	(13,850)	$	4,369		$	19	$	(9,462)
Other comprehensive income (loss) before reclassifications	2,443		(2,055)		(a)	—		388
Amounts reclassified from accumulated other comprehensive income	—		(497)			(3)		(500)
Other comprehensive income (loss), net of tax	2,443		(2,552)			(3)		(112)
Balance at September 30, 2024	$	(11,407)	$	1,817		$	16	$	(9,574)


	Nine Months Ended September 30, 2024
	Foreign Currency Translation		Cash Flow Hedge			Postretirement Benefit Plans		Total
Balance at December 31, 2023	$	(8,897)	$	2,899		$	24	$	(5,974)
Other comprehensive income (loss) before reclassifications	(2,510)		406		(a)	—		(2,104)
Amounts reclassified from accumulated other comprehensive income	—		(1,488)			(8)		(1,496)
Other comprehensive income (loss), net of tax	(2,510)		(1,082)			(8)		(3,600)
Balance at September 30, 2024	$	(11,407)	$	1,817		$	16	$	(9,574)

Schedule of Reclassification Out of Accumulated Other Comprehensive Income

Reclassifications Out of Accumulated Other Comprehensive Income (in thousands)


	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024
Derivative cash flow hedge gain (a)	$	(671)	$	(2,010)
Postretirement benefit plans unrecognized gain (b)	(5)		(14)
Total before income tax	(676)		(2,024)
Income tax expense	(176)		(528)
Total reclassifications attributable to SMP	$	(500)	$	(1,496)

Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Restricted Stock and Performance-Based Share Activity

Our restricted and performance-based share activity was as follows for the nine months ended September 30, 2024:


	Shares	Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2023	880,976	$	29.48
Granted	6,775	27.64
Vested	(44,121)	29.75
Forfeited	(32,050)	29.95
Balance at September 30, 2024	811,580	$	29.43

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Estimated Fair Values, Carrying Amounts and Classification under Fair Value Hierarchy


		September 30, 2024				December 31, 2023
	Fair Value Hierarchy Level	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Cash and cash equivalents (a)	1, 2	$	26,348	$	26,348	$	32,526	$	32,526
Deferred compensation	1	26,855		26,855		23,893		23,893
Short term borrowings	2	2,685		2,685		5,029		5,029
Long-term debt	2	140,163		140,163		151,182		151,182
Cash flow hedge interest rate swap	2	2,462		2,462		3,939		3,939
Short-term investments	2	7,050		7,050		—		—
Long-term investments	2	598		598		7,468		7,468
Forward foreign exchange contracts	2	995		995		—		—

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliations of Earnings Available to Common Stockholders and Shares used in Calculating Basic and Dilutive Net Earnings per Common Share


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net earnings (loss) attributable to SMP
Continuing operations	$	26,581	$	24,859	$	54,424	$	55,915
Discontinued operations	(22,771)		(18,200)		(24,727)		(28,201)
Net earnings attributable to SMP	$	3,810	$	6,659	$	29,697	$	27,714

Basic net earnings (loss) per common share attributable to SMP
Continuing operations	$	1.22	$	1.14	$	2.50	$	2.58
Discontinued operations	$	(1.04)	$	(0.83)	$	(1.14)	$	(1.30)

Diluted net earnings (loss) per common share attributable to SMP
Continuing operations	$	1.20	$	1.12	$	2.45	$	2.52
Discontinued operations	$	(1.03)	$	(0.82)	$	(1.11)	$	(1.27)

Weighted average common shares outstanding, basic	21,716		21,727		21,802		21,676
Dilutive effect of restricted stock and performance-based stock	438		527		423		522
Weighted average common shares outstanding, diluted	22,154		22,254		22,225		22,198

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Restricted and performance-based shares	250	242	274	273

Industry Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Net Sales and Operating Income for Each Reportable Operating Segment

The following tables show our net sales and operating income for each reportable operating segment (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net Sales (a)
Vehicle Control	$	200,877	$	190,937	$	575,142	$	559,303
Temperature Control	125,985		123,643		322,074		293,123
Engineered Solutions	72,403		71,833		223,281		215,090
Other	—		—		—		—
Consolidated	$	399,265	$	386,413	$	1,120,497	$	1,067,516

Operating Income
Vehicle Control	$	21,029	$	18,071	$	51,685	$	54,719
Temperature Control	16,074		13,054		31,302		20,938
Engineered Solutions	5,010		7,254		13,054		19,064
Other	(4,974)		(3,573)		(19,297)		(11,991)
Consolidated	$	37,139	$	34,806	$	76,744	$	82,730

(a)There are no intersegment sales among our Vehicle Control, Temperature Control and Engineered Solutions operating segments.

Net Sales (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Net Sales

The following table summarizes consolidated net sales by major product group within each operating segment for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,

	2024		2023		2024		2023
Vehicle Control
Engine Management (Ignition, Emissions and Fuel Delivery)	$	121,432	$	113,188	$	353,046	$	342,860
Electrical and Safety	63,237		62,049		172,772		166,720
Wire Sets and Other	16,208		15,700		49,324		49,723
Total Vehicle Control	200,877		190,937		575,142		559,303

Temperature Control
AC System Components	95,698		94,385		245,628		217,913
Other Thermal Components	30,287		29,258		76,446		75,210
Total Temperature Control	125,985		123,643		322,074		293,123

Engineered Solutions
Commercial Vehicle	22,625		18,701		69,016		59,158
Construction/Agriculture	8,082		9,974		27,631		32,804
Light Vehicle	24,287		24,123		70,776		71,123
All Other	17,409		19,035		55,858		52,005
Total Engineered Solutions	72,403		71,833		223,281		215,090

Other	—		—		—		—

Total	$	399,265	$	386,413	$	1,120,497	$	1,067,516

The following tables provide disaggregation of net sales information by geographic area within each operating segment for the three and nine months ended September 30, 2024 and 2023 (in thousands):


Three months ended September 30, 2024	Vehicle Control		Temperature Control		Engineered Solutions		Other		Total
United States	$	180,071	$	118,469	$	40,629	$	—	$	339,169
Canada	9,413		6,998		8,218		—		24,629
Europe	234		102		11,409		—		11,745
Mexico	9,614		33		2,392		—		12,039
Asia	117		350		9,010		—		9,477
Other foreign	1,428		33		745		—		2,206
Total	$	200,877	$	125,985	$	72,403	$	—	$	399,265


Three months ended September 30, 2023	Vehicle Control		Temperature Control		Engineered Solutions		Other		Total
United States	$	171,188	$	116,684	$	41,835	$	—	$	329,707
Canada	9,440		6,501		8,586		—		24,527
Europe	174		—		14,971		—		15,145
Mexico	8,968		29		1,311		—		10,308
Asia	132		367		4,416		—		4,915
Other foreign	1,035		62		714		—		1,811
Total	$	190,937	$	123,643	$	71,833	$	—	$	386,413


Nine months ended September 30, 2024	Vehicle Control		Temperature Control		Engineered Solutions		Other		Total
United States	$	512,791	$	300,766	$	122,032	$	—	$	935,589
Canada	27,252		20,215		24,897		—		72,364
Europe	778		153		39,493		—		40,424
Mexico	30,429		42		7,322		—		37,793
Asia	245		645		27,215		—		28,105
Other foreign	3,647		253		2,322		—		6,222
Total	$	575,142	$	322,074	$	223,281	$	—	$	1,120,497


Nine months ended September 30, 2023	Vehicle Control		Temperature Control		Engineered Solutions		Other		Total
United States	$	502,798	$	278,354	$	130,606	$	—	$	911,758
Canada	26,604		14,182		19,950		—		60,736
Europe	620		—		44,969		—		45,589
Mexico	25,734		47		5,117		—		30,898
Asia	282		387		12,743		—		13,412
Other foreign	3,265		153		1,705		—		5,123
Total	$	559,303	$	293,123	$	215,090	$	—	$	1,067,516

Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Changes in Product Warranties

The following table provides the changes in our product warranties (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Balance, beginning of period	$	27,543	$	23,586	$	21,134	$	19,667
Liabilities accrued for current year sales	39,246		36,844		104,926		92,684
Settlements of warranty claims	(35,060)		(36,905)		(94,331)		(88,826)
Balance, end of period	$	31,729	$	23,525	$	31,729	$	23,525

Basis of Presentation (Details)	9 Months Ended
Basis of Presentation (Details)	Sep. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2
Equity ownership in entities included in consolidated financial statements, minimum	50.00%

Business Acquisitions and Investments- Narrative (Details) $ in Thousands, € in Millions	1 Months Ended						9 Months Ended
	Jul. 31, 2024 USD ($)	Jul. 31, 2024 EUR (€)	Jul. 31, 2023 USD ($)	Jul. 31, 2023 CNY (¥)	Mar. 31, 2018 USD ($)	Mar. 31, 2018 CNY (¥)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Apr. 30, 2014 USD ($)
Business Acquisition [Line Items]
Investments in unconsolidated affiliates							$ 23,914		$ 24,050
Acquisition of and investment in businesses							0	$ 3,954
Goodwill							$ 134,725		$ 134,729
Foshan GWO YNG SMP Vehicle Climate Control Cooling Products Co Ltd
Business Acquisition [Line Items]
Equity method investment, ownership percentage					65.00%	65.00%				50.00%
Investments in unconsolidated affiliates										$ 14,000
Equity method investment, increase in ownership percentage					15.00%	15.00%
Acquisition of and investment in businesses					$ 4,200	¥ 26,475,583
Foshan GWO YNG SMP Vehicle Climate Control Cooling Products Co Ltd \| Gwo Yng Enterprise Co., Ltd.
Business Acquisition [Line Items]
Equity method investment, ownership percentage										50.00%
Nissens Automotive
Business Acquisition [Line Items]
Payments to acquire businesses	$ 388,000	€ 360
Foshan GWO YNG SMP Vehicle Climate Control Cooling Products Co Ltd
Business Acquisition [Line Items]
Payments to acquire businesses			$ 4,000	¥ 27,378,290
Step acquisition, equity interest in acquiree, subsequent acquisition			15.00%	15.00%
Step acquisition, equity interest in acquiree, including subsequent acquisition, percentage			80.00%
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles			$ 532
Goodwill			2,208
Foshan GWO YNG SMP Vehicle Climate Control Cooling Products Co Ltd \| Temperature Control Segment
Business Acquisition [Line Items]
Goodwill			1,200
Foshan GWO YNG SMP Vehicle Climate Control Cooling Products Co Ltd \| Engineered Solutions Segment
Business Acquisition [Line Items]
Goodwill			1,000
Foshan GWO YNG SMP Vehicle Climate Control Cooling Products Co Ltd \| Customer relationships
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles			$ 400
Finite-lived intangible asset, useful life			10 years

Business Acquisitions and Investments - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Thousands	1 Months Ended
	Jul. 31, 2023 USD ($)	Jul. 31, 2023 CNY (¥)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Assets acquired and liabilities assumed:
Goodwill			$ 134,725	$ 134,729
Foshan GWO YNG SMP Vehicle Climate Control Cooling Products Co Ltd
Business Acquisition [Line Items]
Total purchase consideration	$ 21,725
Assets acquired and liabilities assumed:
Cash and cash equivalents	6,779
Receivables	5,912
Inventory	5,945
Other current assets	528
Property, plant and equipment, net	2,924
Operating lease right-of-use assets	4,372
Intangible assets	532
Goodwill	2,208
Long term investments and other assets	7,257
Current liabilities	(6,004)
Noncurrent operating lease liabilities	(3,455)
Subtotal	26,998
Fair value of acquired noncontrolling interest	(5,273)
Total purchase consideration allocated to net assets acquired	21,725
Business combination, step acquisition, equity interest in acquiree, fair value	17,700
Payments to acquire businesses	$ 4,000	¥ 27,378,290
Step acquisition, equity interest in acquiree, subsequent acquisition	15.00%	15.00%
Customer relationships \| Foshan GWO YNG SMP Vehicle Climate Control Cooling Products Co Ltd
Assets acquired and liabilities assumed:
Intangible assets	$ 400
Computer software \| Foshan GWO YNG SMP Vehicle Climate Control Cooling Products Co Ltd
Assets acquired and liabilities assumed:
Intangible assets	$ 100

Restructuring and Integration Expenses - Narrative (Details) - Separation Program $ in Millions	Sep. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 7.6
Expected cost remaining, remainder of 2024	1.3
Expected cost remaining, 2025	0.6
Expected cost remaining, 2026	$ 0.1

Restructuring and Integration Expenses - Schedule of Related to the Separation Program Workforce Reduction (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Amounts provided for during 2024	$ 3,023	$ 177	$ 5,774	$ 1,383
Foreign currency exchange rate changes			1
Separation Program
Restructuring Reserve [Roll Forward]
Exit activity liability, beginning of period			0
Amounts provided for during 2024			5,602
Stock-based compensation			150
Cash payments			(959)
Exit activity liability, end of period	4,794		4,794
Separation Program \| Other
Restructuring Reserve [Roll Forward]
Amounts provided for during 2024			1,700
Separation Program \| Vehicle Control Segment \| Operating Segments
Restructuring Reserve [Roll Forward]
Amounts provided for during 2024			2,700
Separation Program \| Temperature Control Segment \| Operating Segments
Restructuring Reserve [Roll Forward]
Amounts provided for during 2024			600
Separation Program \| Engineered Solutions Segment \| Operating Segments
Restructuring Reserve [Roll Forward]
Amounts provided for during 2024			600
Cost Reduction Initiative
Restructuring Reserve [Roll Forward]
Exit activity liability, beginning of period			1,729
Amounts provided for during 2024			172
Cash payments			(1,532)
Foreign currency exchange rate changes			(22)
Exit activity liability, end of period	347		347
Cost Reduction Initiative \| Workforce Reduction
Restructuring Reserve [Roll Forward]
Exit activity liability, beginning of period			1,729
Amounts provided for during 2024			(45)
Cash payments			(1,315)
Foreign currency exchange rate changes			(22)
Exit activity liability, end of period	347		347
Cost Reduction Initiative \| Other Exit Costs
Restructuring Reserve [Roll Forward]
Exit activity liability, beginning of period			0
Amounts provided for during 2024			217
Cash payments			(217)
Foreign currency exchange rate changes			0
Exit activity liability, end of period	$ 0		0
Cost Reduction Initiative \| Vehicle Control Segment \| Operating Segments
Restructuring Reserve [Roll Forward]
Amounts provided for during 2024			61
Cost Reduction Initiative \| Temperature Control Segment \| Operating Segments
Restructuring Reserve [Roll Forward]
Amounts provided for during 2024			59
Cost Reduction Initiative \| Engineered Solutions Segment \| Operating Segments
Restructuring Reserve [Roll Forward]
Amounts provided for during 2024			$ 52

Sale of Receivables (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Sale of Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Receivables [Abstract]
Sale of receivables to financial institutions	$ 285.4	$ 260.4	$ 686.3	$ 643.0
Receivables not yet collected	1.8		1.8
Charge related to sale of receivables	$ 14.9	$ 14.6	$ 38.3	$ 36.1

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 294,153	$ 302,557
Work in process	18,406	18,503
Raw materials	190,456	186,015
Subtotal	503,015	507,075
Unreturned customer inventories	17,843	18,240
Total inventories	$ 520,858	$ 525,315

Acquired Intangible Assets - Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible Asset, Finite-Lived and Indefinite-Lived [Line Items]
Total acquired intangible assets	$ 187,205	$ 186,899
Less: Accumulated amortization	(102,379)	(95,681)
Net acquired intangible assets	84,826	91,218
Trademarks and trade names
Intangible Asset, Finite-Lived and Indefinite-Lived [Line Items]
Total acquired intangible assets	8,880	8,880
Trademarks and trade names
Intangible Asset, Finite-Lived and Indefinite-Lived [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	2,600
Customer relationships
Intangible Asset, Finite-Lived and Indefinite-Lived [Line Items]
Total acquired intangible assets	159,934	159,641
Patents, developed technology and intellectual property
Intangible Asset, Finite-Lived and Indefinite-Lived [Line Items]
Total acquired intangible assets	14,123	14,123
Non-compete agreements
Intangible Asset, Finite-Lived and Indefinite-Lived [Line Items]
Total acquired intangible assets	3,308	3,295
Supply agreements
Intangible Asset, Finite-Lived and Indefinite-Lived [Line Items]
Total acquired intangible assets	800	800
Leaseholds
Intangible Asset, Finite-Lived and Indefinite-Lived [Line Items]
Total acquired intangible assets	$ 160	$ 160

Acquired Intangible Assets- Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 2.1	$ 2.1	$ 6.4	$ 6.4
Expected amortization remainder of 2024	2.1		2.1
Expected amortization of 2025	8.5		8.5
Expected amortization of 2026	8.5		8.5
Expected amortization of 2027	8.5		8.5
Expected amortization for 2028 through 2041	$ 54.6		$ 54.6

Leases- Narrative (Details)	Sep. 30, 2024 renewal_option
Leases [Abstract]
Lessee, operating lease, remaining lease term (up to)	10 years
Lessee, operating lease, number of renewal options	1
Lessee, operating lease, renewal term	5 years

Leases - Schedule of Lessee Quantitative Disclosures Related To Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Operating lease right-of-use assets	$ 96,039	$ 100,065
Liabilities
Sundry payables and accrued expenses	16,848	17,139
Noncurrent operating lease liabilities	86,259	88,974
Total operating lease liabilities	$ 103,107	$ 106,113
Weighted Average Remaining Lease Term	7 years 10 months 24 days	8 years 3 months 18 days
Weighted Average Discount Rate	4.90%	4.80%

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Lease expense	$ 4,548	$ 4,762	$ 14,220	$ 11,647
Variable and other lease expense	1,545	1,354	2,953	2,637
Total lease costs	$ 6,093	$ 6,116	$ 17,173	$ 14,284

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Cash paid for the amounts included in the measurement of lease liabilities	$ 13,253	$ 8,212
Right-of-use assets obtained in exchange for new lease obligations	6,902	61,929
Foshan GWO YNG SMP Vehicle Climate Control Cooling Products Co Ltd
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for new lease obligations		4,400
POLAND
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for new lease obligations	4,700
TEXAS
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for new lease obligations	$ 27,800
KANSAS
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for new lease obligations		$ 26,100

Leases - Schedule of Lessee, Operating Lease, Liability, to be Paid, Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remainder of 2024	$ 4,711
2025	17,058
2026	15,711
2027	14,417
2028	12,647
Thereafter	62,118
Total lease payments	126,662
Less: Interest	(23,555)
Total operating lease liabilities	$ 103,107	$ 106,113

Credit Facilities and Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Current maturities of debt	$ 2,685	$ 5,029
Long-term debt	140,163	151,182
Total debt	142,848	156,211
Credit facility – term loan due 2027 \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Total debt	0	92,500
Credit facility – revolver due 2027 \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	0	63,500
Credit facility – revolver due 2029 \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	140,000	0
Other
Debt Instrument [Line Items]
Current maturities of debt	2,685
Long-term debt	163
Total debt	$ 2,848	$ 211

Credit Facilities and Long-Term Debt - Narrative (Details) zł in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) extension	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 PLN (zł) extension	Jul. 31, 2024 USD ($)	Jun. 30, 2022 USD ($)
Line of Credit Facility [Line Items]
Line of credit, noncurrent	$ 140,000,000		$ 151,000,000
Borrowings under credit agreement			156,000,000
Line of credit, current			5,000,000
Outstanding amount	2,300,000		2,300,000
Debt issuance costs	5,100,000		1,600,000
Amortization of deferred financing cost	1,655,000	$ 370,000
Interest expense	1,300,000
Amortization of financing costs, remainder of 2024	100,000
Amortization of financing costs of 2025	500,000
Amortization of financing costs of 2026	500,000
Amortization of financing costs of 2026	500,000
Amortization of financing costs of 2027	500,000
Amortization of financing costs of 2028	300,000
Interest Rate Swap
Line of Credit Facility [Line Items]
Derivative, notional amount						$ 100,000,000
2024 Credit Agreement
Line of Credit Facility [Line Items]
Borrowings under credit agreement	140,000,000
2024 Credit Agreement \| Interest Rate Swap
Line of Credit Facility [Line Items]
Derivative, notional amount	$ 100,000,000
2024 Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, term	5 years
Leverage ratio	2.75			2.75
Debt, weighted average interest rate	5.00%			5.00%
2024 Credit Agreement \| Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, number of extensions \| extension	2			2
Debt instrument, extension term	1 year			1 year
Accordion feature, increase limit	$ 168,000,000
Covenant, maximum, debt to EBITDA ratio	100.00%			100.00%
2024 Credit Agreement \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity	$ 750,000,000
2024 Credit Agreement \| Bridge Loan \| Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity	30,000,000
2024 Credit Agreement \| Letter of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity	$ 25,000,000
2024 Credit Agreement \| Minimum \| Base Rate \| Line of Credit
Line of Credit Facility [Line Items]
Variable rate	1.25%
2024 Credit Agreement \| Maximum \| Base Rate \| Line of Credit
Line of Credit Facility [Line Items]
Variable rate	2.25%
2024 Credit Agreement \| Debt Instrument, Redemption, Period One \| Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Amortization percentage of periodic payment	1.25%
2024 Credit Agreement \| Debt Instrument, Redemption, Period Two \| Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Amortization percentage of periodic payment	1.875%
2024 Credit Agreement \| Debt Instrument, Redemption, Period Three \| Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Amortization percentage of periodic payment	2.50%
2024 Credit Agreement, Global Tranche \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity	$ 430,000,000
2024 Credit Agreement, Danish Tranche \| Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Accordion feature, increase limit	5,000,000
2024 Credit Agreement, Danish Tranche \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity	10,000,000
Delayed Draw Term Loan Facility In US \| Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity	200,000,000
Euros Delayed Draw Term Loan Facility \| Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity	100,000,000
2022 Credit Agreement
Line of Credit Facility [Line Items]
Borrowings under credit agreement			$ 156,000,000
Debt, weighted average interest rate			5.00%
2022 Credit Agreement \| Interest Rate Swap
Line of Credit Facility [Line Items]
Derivative, notional amount			$ 100,000,000
2022 Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Debt, weighted average interest rate			5.00%
2022 Credit Agreement \| Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, face amount					$ 125,000,000
Alternative Base Rate Loan \| Line of Credit
Line of Credit Facility [Line Items]
Average outstanding amount	800,000	$ 100,000	$ 100,000
Polish Overdraft Facility \| Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity	$ 7,500,000			zł 30
Threshold percentage of borrowing capacity	85.00%			85.00%
Threshold borrowing capacity limit	$ 6,400,000
Cancellation period	30 days
Bank overdrafts	$ 1,300,000		$ 0
Polish Overdraft Facility \| Warsaw Interbank Offered Rate \| Line of Credit
Line of Credit Facility [Line Items]
Variable rate	1.00%
Polish Overdraft Facility \| Euro Interbank Offered Rate \| Line of Credit
Line of Credit Facility [Line Items]
Variable rate	1.00%
Polish Overdraft Facility \| Mid-Point Fed Target Range Rate \| Line of Credit
Line of Credit Facility [Line Items]
Variable rate	1.25%

Credit Facilities and Long-Term Debt - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Remainder of 2024	$ 2,662
2025	34
2026	47
2027	105
2028	0
2029	140,000
Total debt	142,848	$ 156,211
Current maturities of debt	(2,685)	(5,029)
Long-term debt	140,163	151,182
Revolving Credit Facility \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Remainder of 2024	0
2025	0
2026	0
2027	0
2028	0
2029	140,000
Total debt	140,000
Current maturities of debt	0
Long-term debt	140,000
Polish Overdraft Facility and Other Debt
Line of Credit Facility [Line Items]
Remainder of 2024	2,662
2025	34
2026	47
2027	105
2028	0
2029	0
Total debt	2,848	$ 211
Current maturities of debt	(2,685)
Long-term debt	$ 163

Accumulated Other Comprehensive Income Attributable to SMP- Schedule of Accumulated Other Comprehensive by Component (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 654,322	$ 640,415	$ 650,873	$ 621,038
Other comprehensive income, net of tax	(80)	(2,245)	(3,583)	2,188
Ending balance	653,444	645,473	653,444	645,473
Unrealized loss on cash flow hedge, pretax	3,500		1,500
Unrealized loss on cash flow hedge, net of tax	2,600		1,100
Cash settlements payments, pretax	700		2,000
Cash settlement payments, net of tax	500		1,500
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(13,850)		(8,897)
Other comprehensive income (loss) before reclassifications	2,443		(2,510)
Amounts reclassified from accumulated other comprehensive income	0		0
Other comprehensive income, net of tax	2,443		(2,510)
Ending balance	(11,407)		(11,407)
Cash Flow Hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	4,369		2,899
Other comprehensive income (loss) before reclassifications	(2,055)		406
Amounts reclassified from accumulated other comprehensive income	(497)		(1,488)
Other comprehensive income, net of tax	(2,552)		(1,082)
Ending balance	1,817		1,817
Postretirement Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	19		24
Other comprehensive income (loss) before reclassifications	0		0
Amounts reclassified from accumulated other comprehensive income	(3)		(8)
Other comprehensive income, net of tax	(3)		(8)
Ending balance	16		16
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(9,462)	(7,927)	(5,974)	(12,470)
Other comprehensive income (loss) before reclassifications	388		(2,104)
Amounts reclassified from accumulated other comprehensive income	(500)		(1,496)
Other comprehensive income, net of tax	(112)	(2,292)	(3,600)	2,251
Ending balance	$ (9,574)	$ (10,219)	$ (9,574)	$ (10,219)

Accumulated Other Comprehensive Income Attributable to SMP- Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Accumulated Other Comprehensive Income (Loss) [Line Items]

Derivative cash flow hedge (gain) loss

$ 3,145

$ 3,621

$ 7,964

$ 10,766

Postretirement benefit plans unrecognized (gain) loss

(2,129)

(1,732)

(5,147)

(2,759)

Total before income tax

(36,123)

(32,917)

(73,927)

(74,723)

Income tax expense

(9,267)

(7,995)

(18,718)

(18,656)

Total reclassifications attributable to SMP

^[1]

(3,810)

$ (6,659)

(29,697)

$ (27,714)

Reclassification out of Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income (Loss) [Line Items]

Total before income tax

(676)

(2,024)

Income tax expense

(176)

(528)

Total reclassifications attributable to SMP

(500)

(1,496)

Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedge

Accumulated Other Comprehensive Income (Loss) [Line Items]

Derivative cash flow hedge (gain) loss

(671)

(2,010)

Reclassification out of Accumulated Other Comprehensive Income | Postretirement Benefit Plans

Accumulated Other Comprehensive Income (Loss) [Line Items]

Postretirement benefit plans unrecognized (gain) loss

$ (5)

$ (14)

[1]	Throughout this Form 10-Q, “SMP” refers to Standard Motor Products, Inc. and subsidiaries.

Stock-Based Compensation Plans - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) Type shares	Sep. 30, 2023 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of types of restricted stock \| Type	2
Stock-based compensation	$ 4,464	$ 5,243
Restricted Stock \| Executive Officer \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	25.00%
Vesting period, initial age limit	2 months
Restricted Stock \| Executive Officer \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period, fully vested age limit	2 months
Restricted Stock \| Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, estimated forfeitures, percentage	5.00%
Restricted Stock \| Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, estimated forfeitures, percentage	0.00%
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period	3 years
Share-based compensation arrangement by share-based payment award, measuring period for performance-based shares	3 years
Restricted And Performance Based Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 4,100	4,900
Share-based payment arrangement, expense, after tax	3,100	$ 3,700
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 8,600
Restricted And Performance Based Shares \| Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	3 years 4 months 24 days
Restricted And Performance Based Shares \| Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	7 months 6 days
Minimum \| Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period	3 years
Minimum \| Restricted And Performance Based Shares \| Executives And Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, holding period	1 year
Maximum \| Restricted And Performance Based Shares \| Executives And Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, holding period	2 years
Share-Based Payment Arrangement, Employee \| Two Thousand And Sixteen Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares) \| shares	2,050,000

Stock-Based Compensation Plans - Schedule of Share-Based Payment Arrangement, Restricted Stock and Performance-Based Share Activity (Details) - Restricted And Performance Based Shares - $ / shares	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Shares
Balance at December 31, 2023 (in shares)	880,976
Granted (in shares)	6,775
Vested (in shares)	(44,121)
Forfeited (in shares)	(32,050)
Balance at September 30, 2024 (in shares)	811,580
Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2023 (in usd per share)	$ 29.43	$ 29.48
Granted (in usd per share)	27.64
Vested (in usd per share)	29.75
Forfeited (in usd per share)	29.95
Balance at September 30, 2024 (in usd per share)	$ 29.43

Employee Benefits (Details) $ in Millions	1 Months Ended	9 Months Ended
Employee Benefits (Details) $ in Millions	Mar. 31, 2024 USD ($)	Sep. 30, 2024 employee shares
Defined Benefit Plan Disclosure [Line Items]
Number of former union employees covered by the plan \| employee		13
Supplemental Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Employer discretionary contribution amount \| $	$ 0.5
Employee Stock Ownership Plan And Trust (ESOP)
Defined Benefit Plan Disclosure [Line Items]
Additional shares contributed to ESOP (in shares)		68,700
Shares released from trust (in shares)		68,700
Total remaining balance of shares in the ESOP (in shares)		200

Derivative Financial Instruments (Details) € in Millions, $ in Millions	1 Months Ended			3 Months Ended	9 Months Ended
	Jul. 31, 2024 EUR (€)	Jul. 31, 2024 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€) contract	Sep. 30, 2024 USD ($) contract	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Borrowings under credit agreement							$ 156.0
Nissens Automotive
Derivative [Line Items]
Payments to acquire businesses	€ 360	$ 388.0
Interest Rate Swap
Derivative [Line Items]
Derivative term of contract			7 years
Derivative, notional amount			$ 100.0
Derivative fair value						$ 2.5	$ 3.9
Interest Rate Swap Facility
Derivative [Line Items]
Borrowings under credit agreement			$ 100.0
Term of variable rate					1 month
Fixed interest rate					2.683%	2.683%
Foreign Exchange Contract
Derivative [Line Items]
Derivative, notional amount \| €					€ 100
Number of instruments held \| contract					3	3
Derivative, amount hedged item \| €					€ 100
Foreign Exchange Contract \| Designated as Hedging Instrument
Derivative [Line Items]
Fair value of the forward foreign exchange						$ 1.0
Change in fair value on derivative, net				$ 1.0

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Inputs, Level 1 and Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 26,348	$ 32,526
Cash equivalents		3,000
Fair Value Inputs, Level 1 and Level 2 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	26,348	32,526
Fair Value, Inputs, Level 1 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Deferred compensation	26,855	23,893
Cash	26,300	29,500
Fair Value, Inputs, Level 1 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Deferred compensation	26,855	23,893
Fair Value, Inputs, Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short term borrowings	2,685	5,029
Long-term debt	140,163	151,182
Cash flow hedge interest rate swap	2,462	3,939
Short-term investments	7,050	0
Long-term investments	598	7,468
Forward foreign exchange contracts	995	0
Fair Value, Inputs, Level 2 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short term borrowings	2,685	5,029
Long-term debt	140,163	151,182
Cash flow hedge interest rate swap	2,462	3,939
Short-term investments	7,050	0
Long-term investments	598	7,468
Forward foreign exchange contracts	$ 995	$ 0

Earnings Per Share - Schedule of Reconciliations of Earnings Available to Common Stockholders and Shares used in Calculating Basic and Dilutive Net Earnings per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Net Income (Loss) Attributable to Parent [Abstract]

Continuing operations

$ 26,581

$ 24,859

$ 54,424

$ 55,915

Discontinued operations

(22,771)

(18,200)

(24,727)

(28,201)

Net earnings attributable to SMP

^[1]

$ 3,810

$ 6,659

$ 29,697

$ 27,714

Basic net earnings (loss) per common share attributable to SMP

Continuing operations (in dollars per share)

$ 1.22

$ 1.14

$ 2.50

$ 2.58

Discontinued operations (in dollars per share)

(1.04)

(0.83)

(1.14)

(1.30)

Diluted net earnings (loss) per common share attributable to SMP

Continuing operations (in dollars per share)

1.20

1.12

2.45

2.52

Discontinued operations (in dollars per share)

$ (1.03)

$ (0.82)

$ (1.11)

$ (1.27)

Weighted average common shares outstanding, basic (in shares)

21,716,083

21,727,119

21,802,164

21,675,699

Dilutive effect of restricted stock and performance-based stock (in shares)

438,000

527,000

423,000

522,000

Weighted average common shares outstanding, diluted (in shares)

22,154,222

22,253,723

22,225,444

22,198,131

[1]	Throughout this Form 10-Q, “SMP” refers to Standard Motor Products, Inc. and subsidiaries.

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restricted And Performance Based Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	250	242	274	273

Industry Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
Industry Segments (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment			3
Segment Reporting Information [Line Items]
Net sales	$ 399,265	$ 386,413	$ 1,120,497	$ 1,067,516
Operating income	37,139	34,806	76,744	82,730
Operating Segments \| Vehicle Control
Segment Reporting Information [Line Items]
Net sales	200,877	190,937	575,142	559,303
Operating income	21,029	18,071	51,685	54,719
Operating Segments \| Temperature Control
Segment Reporting Information [Line Items]
Net sales	125,985	123,643	322,074	293,123
Operating income	16,074	13,054	31,302	20,938
Operating Segments \| Engineered Solutions
Segment Reporting Information [Line Items]
Net sales	72,403	71,833	223,281	215,090
Operating income	5,010	7,254	13,054	19,064
Other
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Operating income	$ (4,974)	$ (3,573)	$ (19,297)	$ (11,991)

Net Sales - Major Product Group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	$ 399,265	$ 386,413	$ 1,120,497	$ 1,067,516
Operating Segments \| Vehicle Control
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	200,877	190,937	575,142	559,303
Operating Segments \| Temperature Control
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	125,985	123,643	322,074	293,123
Operating Segments \| Engineered Solutions
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	72,403	71,833	223,281	215,090
Operating Segments \| Engine Management (Ignition, Emissions and Fuel Delivery) \| Vehicle Control
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	121,432	113,188	353,046	342,860
Operating Segments \| Electrical and Safety \| Vehicle Control
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	63,237	62,049	172,772	166,720
Operating Segments \| Wire Sets and Other \| Vehicle Control
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	16,208	15,700	49,324	49,723
Operating Segments \| AC System Components \| Temperature Control
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	95,698	94,385	245,628	217,913
Operating Segments \| Other Thermal Components \| Temperature Control
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	30,287	29,258	76,446	75,210
Operating Segments \| Commercial Vehicle \| Engineered Solutions
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	22,625	18,701	69,016	59,158
Operating Segments \| Construction/Agriculture \| Engineered Solutions
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	8,082	9,974	27,631	32,804
Operating Segments \| Light Vehicle \| Engineered Solutions
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	24,287	24,123	70,776	71,123
Operating Segments \| All Other \| Engineered Solutions
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	17,409	19,035	55,858	52,005
Other
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	$ 0	$ 0	$ 0	$ 0

Net Sales - Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	$ 399,265	$ 386,413	$ 1,120,497	$ 1,067,516
United States
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	339,169	329,707	935,589	911,758
Canada
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	24,629	24,527	72,364	60,736
Europe
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	11,745	15,145	40,424	45,589
Mexico
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	12,039	10,308	37,793	30,898
Asia
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	9,477	4,915	28,105	13,412
Other foreign
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	2,206	1,811	6,222	5,123
Operating Segments \| Vehicle Control
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	200,877	190,937	575,142	559,303
Operating Segments \| Vehicle Control \| United States
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	180,071	171,188	512,791	502,798
Operating Segments \| Vehicle Control \| Canada
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	9,413	9,440	27,252	26,604
Operating Segments \| Vehicle Control \| Europe
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	234	174	778	620
Operating Segments \| Vehicle Control \| Mexico
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	9,614	8,968	30,429	25,734
Operating Segments \| Vehicle Control \| Asia
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	117	132	245	282
Operating Segments \| Vehicle Control \| Other foreign
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	1,428	1,035	3,647	3,265
Operating Segments \| Temperature Control
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	125,985	123,643	322,074	293,123
Operating Segments \| Temperature Control \| United States
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	118,469	116,684	300,766	278,354
Operating Segments \| Temperature Control \| Canada
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	6,998	6,501	20,215	14,182
Operating Segments \| Temperature Control \| Europe
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	102	0	153	0
Operating Segments \| Temperature Control \| Mexico
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	33	29	42	47
Operating Segments \| Temperature Control \| Asia
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	350	367	645	387
Operating Segments \| Temperature Control \| Other foreign
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	33	62	253	153
Operating Segments \| Engineered Solutions
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	72,403	71,833	223,281	215,090
Operating Segments \| Engineered Solutions \| United States
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	40,629	41,835	122,032	130,606
Operating Segments \| Engineered Solutions \| Canada
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	8,218	8,586	24,897	19,950
Operating Segments \| Engineered Solutions \| Europe
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	11,409	14,971	39,493	44,969
Operating Segments \| Engineered Solutions \| Mexico
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	2,392	1,311	7,322	5,117
Operating Segments \| Engineered Solutions \| Asia
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	9,010	4,416	27,215	12,743
Operating Segments \| Engineered Solutions \| Other foreign
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	745	714	2,322	1,705
Other
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	0	0	0	0
Other \| United States
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	0	0	0	0
Other \| Canada
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	0	0	0	0
Other \| Europe
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	0	0	0	0
Other \| Mexico
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	0	0	0	0
Other \| Asia
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	0	0	0	0
Other \| Other foreign
Disaggregation of Revenue [Line Items]
Disaggregation of net sales	$ 0	$ 0	$ 0	$ 0

Commitment and Contingencies - Narrative (Details) $ in Millions	1 Months Ended	9 Months Ended		12 Months Ended	277 Months Ended
	Sep. 30, 2024 USD ($) claim	Sep. 30, 2024 USD ($) claim	Sep. 30, 2023 USD ($)	Aug. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) claim
Asbestos-Related Damages
Loss Contingencies [Line Items]
Pending claims, approximate number \| claim	1,302	1,302			1,302
Payment for settled claims and awards related damages, including interest					$ 86.4
Loss contingency accrual	$ 99.6	$ 99.6			$ 99.6
Discontinued Operations \| Asbestos-Related Damages and Legal Costs
Loss Contingencies [Line Items]
Loss contingency payments		$ 10.3	$ 8.7
Discontinued Operations \| Asbestos-Related Damages
Loss Contingencies [Line Items]
Incremental pre-tax provision	$ 29.3
Minimum \| Asbestos-Related Damages
Loss Contingencies [Line Items]
Estimate of possible loss				$ 99.6
Loss contingency, increase (decrease) of estimated possible loss				15.6
Minimum \| Asbestos-Related Legal Costs
Loss Contingencies [Line Items]
Estimate of possible loss				49.8
Maximum \| Asbestos-Related Damages
Loss Contingencies [Line Items]
Estimate of possible loss				210.8
Loss contingency, increase (decrease) of estimated possible loss				75.5
Maximum \| Asbestos-Related Legal Costs
Loss Contingencies [Line Items]
Estimate of possible loss				$ 115.9

Commitment and Contingencies - Schedule of Changes in Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance, beginning of period	$ 27,543	$ 23,586	$ 21,134	$ 19,667
Liabilities accrued for current year sales	39,246	36,844	104,926	92,684
Settlements of warranty claims	(35,060)	(36,905)	(94,331)	(88,826)
Balance, end of period	$ 31,729	$ 23,525	$ 31,729	$ 23,525

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