ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 20-1945088 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer | ý | Accelerated filer | ¨ |
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Emerging growth company | ¨ |
Page | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 2. | ||
Item 5. | ||
Item 6. | ||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Sales | $ | 861,653 | $ | 869,016 | $ | 2,757,306 | $ | 2,680,212 | |||||||
Cost of products sold | 741,998 | 718,207 | 2,315,406 | 2,187,213 | |||||||||||
Gross profit | 119,655 | 150,809 | 441,900 | 492,999 | |||||||||||
Selling, administration & engineering expenses | 82,134 | 87,791 | 238,913 | 260,360 | |||||||||||
Amortization of intangibles | 3,791 | 3,432 | 10,596 | 10,563 | |||||||||||
Gain on sale of land | (10,714 | ) | — | (10,714 | ) | — | |||||||||
Impairment charges | — | — | — | 4,270 | |||||||||||
Restructuring charges | 2,703 | 9,909 | 19,841 | 28,220 | |||||||||||
Operating profit | 41,741 | 49,677 | 183,264 | 189,586 | |||||||||||
Interest expense, net of interest income | (9,983 | ) | (10,256 | ) | (29,756 | ) | (31,788 | ) | |||||||
Equity in earnings of affiliates | 1,413 | 660 | 4,348 | 3,735 | |||||||||||
Loss on refinancing and extinguishment of debt | — | — | (770 | ) | (1,020 | ) | |||||||||
Other expense, net | (1,697 | ) | (6,785 | ) | (3,973 | ) | (10,643 | ) | |||||||
Income before income taxes | 31,474 | 33,296 | 153,113 | 149,870 | |||||||||||
Income tax expense (benefit) | (1,190 | ) | 7,838 | 19,831 | 40,258 | ||||||||||
Net income | 32,664 | 25,458 | 133,282 | 109,612 | |||||||||||
Net income attributable to noncontrolling interests | (508 | ) | (818 | ) | (2,457 | ) | (2,810 | ) | |||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 32,156 | $ | 24,640 | $ | 130,825 | $ | 106,802 | |||||||
Earnings per share: | |||||||||||||||
Basic | $ | 1.80 | $ | 1.39 | $ | 7.29 | $ | 6.01 | |||||||
Diluted | $ | 1.77 | $ | 1.32 | $ | 7.13 | $ | 5.67 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income | $ | 32,664 | $ | 25,458 | $ | 133,282 | $ | 109,612 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Currency translation adjustment | (15,715 | ) | 16,535 | (41,277 | ) | 41,204 | |||||||||
Benefit plan liabilities adjustment, net of tax | 656 | 3,963 | 4,914 | 1,235 | |||||||||||
Fair value change of derivatives, net of tax | 1,481 | (966 | ) | 1,871 | 617 | ||||||||||
Other comprehensive income (loss), net of tax | (13,578 | ) | 19,532 | (34,492 | ) | 43,056 | |||||||||
Comprehensive income | 19,086 | 44,990 | 98,790 | 152,668 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | 584 | (1,306 | ) | (704 | ) | (3,891 | ) | ||||||||
Comprehensive income attributable to Cooper-Standard Holdings Inc. | $ | 19,670 | $ | 43,684 | $ | 98,086 | $ | 148,777 |
September 30, 2018 | December 31, 2017 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 282,357 | $ | 515,952 | |||
Accounts receivable, net | 462,619 | 494,049 | |||||
Tooling receivable | 134,072 | 112,561 | |||||
Inventories | 182,743 | 170,196 | |||||
Prepaid expenses | 37,221 | 33,205 | |||||
Other current assets | 86,547 | 100,778 | |||||
Assets held for sale | 120,940 | — | |||||
Total current assets | 1,306,499 | 1,426,741 | |||||
Property, plant and equipment, net | 966,581 | 952,178 | |||||
Goodwill | 183,698 | 171,852 | |||||
Intangible assets, net | 91,393 | 69,091 | |||||
Other assets | 111,753 | 105,786 | |||||
Total assets | $ | 2,659,924 | $ | 2,725,648 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Debt payable within one year | $ | 36,947 | $ | 34,921 | |||
Accounts payable | 452,197 | 523,296 | |||||
Payroll liabilities | 108,111 | 123,090 | |||||
Accrued liabilities | 109,915 | 145,650 | |||||
Liabilities held for sale | 75,044 | — | |||||
Total current liabilities | 782,214 | 826,957 | |||||
Long-term debt | 727,183 | 723,325 | |||||
Pension benefits | 130,646 | 180,173 | |||||
Postretirement benefits other than pensions | 53,030 | 61,921 | |||||
Other liabilities | 55,696 | 78,183 | |||||
Total liabilities | 1,748,769 | 1,870,559 | |||||
7% Cumulative participating convertible preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding | — | — | |||||
Equity: | |||||||
Common stock, $0.001 par value, 190,000,000 shares authorized; 19,840,438 shares issued and 17,774,629 shares outstanding as of September 30, 2018, and 19,920,805 shares issued and 17,914,599 outstanding as of December 31, 2017 | 18 | 18 | |||||
Additional paid-in capital | 510,349 | 512,815 | |||||
Retained earnings | 609,962 | 511,367 | |||||
Accumulated other comprehensive loss | (239,009 | ) | (197,631 | ) | |||
Total Cooper-Standard Holdings Inc. equity | 881,320 | 826,569 | |||||
Noncontrolling interests | 29,835 | 28,520 | |||||
Total equity | 911,155 | 855,089 | |||||
Total liabilities and equity | $ | 2,659,924 | $ | 2,725,648 |
Total Equity | ||||||||||||||||||||||||||||||
Common Shares | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Cooper-Standard Holdings Inc. Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||
Balance as of December 31, 2017 | 17,914,599 | $ | 18 | $ | 512,815 | $ | 511,367 | $ | (197,631 | ) | $ | 826,569 | $ | 28,520 | $ | 855,089 | ||||||||||||||
Repurchase of common stock | (327,788 | ) | — | (8,088 | ) | (35,437 | ) | — | (43,525 | ) | — | (43,525 | ) | |||||||||||||||||
Cumulative effect of change in accounting principle | — | — | — | 8,639 | (8,639 | ) | — | — | — | |||||||||||||||||||||
Share-based compensation, net | 187,818 | — | 8,304 | (5,432 | ) | — | 2,872 | — | 2,872 | |||||||||||||||||||||
Purchase of noncontrolling interest | — | — | (2,682 | ) | — | — | (2,682 | ) | 312 | (2,370 | ) | |||||||||||||||||||
Contribution from noncontrolling interests | — | — | — | — | — | — | 299 | 299 | ||||||||||||||||||||||
Net income | — | — | — | 130,825 | — | 130,825 | 2,457 | 133,282 | ||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (32,739 | ) | (32,739 | ) | (1,753 | ) | (34,492 | ) | ||||||||||||||||||
Balance as of September 30, 2018 | 17,774,629 | $ | 18 | $ | 510,349 | $ | 609,962 | $ | (239,009 | ) | $ | 881,320 | $ | 29,835 | $ | 911,155 |
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Operating Activities: | |||||||
Net income | $ | 133,282 | $ | 109,612 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 98,675 | 88,850 | |||||
Amortization of intangibles | 10,596 | 10,563 | |||||
Gain on sale of land | (10,714 | ) | — | ||||
Impairment charges | — | 4,270 | |||||
Share-based compensation expense | 14,117 | 19,006 | |||||
Equity in earnings of affiliates, net of dividends related to earnings | 160 | 1,647 | |||||
Loss on refinancing and extinguishment of debt | 770 | 1,020 | |||||
Other | 8,666 | 14,706 | |||||
Changes in operating assets and liabilities | (177,548 | ) | (144,584 | ) | |||
Net cash provided by operating activities | 78,004 | 105,090 | |||||
Investing activities: | |||||||
Capital expenditures | (160,088 | ) | (137,446 | ) | |||
Acquisition of businesses, net of cash acquired | (98,673 | ) | (478 | ) | |||
Proceeds from sale of fixed assets and other | 8,173 | 1,236 | |||||
Net cash used in investing activities | (250,588 | ) | (136,688 | ) | |||
Financing activities: | |||||||
Principal payments on long-term debt | (2,928 | ) | (15,616 | ) | |||
Increase in short-term debt, net | 3,554 | 6,070 | |||||
Purchase of noncontrolling interests | (2,450 | ) | — | ||||
Repurchase of common stock | (43,525 | ) | (30,680 | ) | |||
Proceeds from exercise of warrants | — | 836 | |||||
Taxes withheld and paid on employees' share-based payment awards | (11,571 | ) | (11,949 | ) | |||
Other | (88 | ) | (795 | ) | |||
Net cash used in financing activities | (57,008 | ) | (52,134 | ) | |||
Effects of exchange rate changes on cash, cash equivalents and restricted cash | (3,045 | ) | (22,836 | ) | |||
Changes in cash, cash equivalents and restricted cash | (232,637 | ) | (106,568 | ) | |||
Cash, cash equivalents and restricted cash at beginning of period | 518,461 | 482,979 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 285,824 | $ | 376,411 | |||
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet: | |||||||
Balance as of | |||||||
September 30, 2018 | December 31, 2017 | ||||||
Cash and cash equivalents | $ | 282,357 | $ | 515,952 | |||
Restricted cash included in other current assets | 614 | 88 | |||||
Restricted cash included in other assets | 2,853 | 2,421 | |||||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | 285,824 | $ | 518,461 |
Standard | Description | Impact | Effective Date |
ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting | Simplifies the accounting for nonemployee share-based payments by aligning the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. A modified retrospective transition approach is required. Early adoption is permitted, but no earlier than an entity’s adoption of Topic 606. | No impact | January 1, 2019 (early adopted as of September 30, 2018) |
Balance as of December 31, 2017 | Adjustments due to adoption of ASC 606 | Balance as of January 1, 2018 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Accounts receivable, net | $ | 494,049 | $ | (4,604 | ) | $ | 489,445 | ||||
Other current assets | $ | 100,778 | $ | 4,604 | $ | 105,382 |
As Reported | Balances Without Adoption of ASC 606 | Effect of Change Higher / (Lower) | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Accounts receivable, net | $ | 462,619 | $ | 465,468 | $ | (2,849 | ) | ||||
Other current assets | $ | 86,547 | $ | 83,698 | $ | 2,849 |
Standard | Description | Impact | Effective Date |
ASU 2016-02, Leases (Topic 842) | Requires lessees to recognize right-of-use assets and lease liabilities for all leases (except for short-term leases). The standard also requires additional disclosures to help financial statement users better understand the amount, timing and uncertainty of cash flows arising from lease transactions. Several ASUs have been issued since the issuance of ASU 2016-02. These ASUs are intended to promote a more consistent interpretation and application of the principles outlined in the standard and provide an additional transition method. A modified retrospective transition approach is required with certain practical expedients available. | The Company continues to perform a comprehensive evaluation on the impacts of adopting this standard and believes this standard will primarily result in a material increase in right-of-use assets and lease liabilities on its consolidated balance sheet and will not have a material impact on its consolidated income statement or statement of cash flows. The Company is progressing in its implementation of lease administration software and continues to assess the impact to our systems, processes, accounting policies and internal controls. While the Company's evaluation is ongoing, the impact on existing processes, controls, and information systems is expected to be significant. The Company will adopt the guidance effective January 1, 2019 using the modified retrospective method whereby the cumulative effect of adopting the standard is recognized in equity at the date of initial application. The Company continues to analyze all of the practical expedients and plans to elect the package of practical expedients on existing leases as of the effective date and not elect the hindsight practical expedient. | January 1, 2019 |
ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement | This amendment modifies the disclosure requirements for ASC Topic 820 by removing and modifying existing disclosure requirements as well as adding new disclosures. | The Company is undertaking a comprehensive evaluation of the impacts of adopting this standard and expects this standard will primarily result in additional quantitative disclosures for Level 3 fair value measurements. | January 1, 2020 |
ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans | This amendment modifies the disclosure requirements for ASC Topic 815 by removing and modifying existing disclosure requirements as well as adding new disclosures. | The Company is undertaking a comprehensive evaluation of the impacts of adopting this standard and expects this standard will primarily result in additional pension disclosures while also removing certain disclosures. Specifically, the weighted-average interest crediting rate for our cash balance plan and if needed, an explanation for significant gains and losses related to changes in the benefit obligation for the period will be added while accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year and the effects of a one-percentage-point change in the assumed health care cost trend rate will be removed. | December 31, 2020 |
August 1, 2018 | ||||
Accounts receivable | $ | 11,092 | ||
Inventories | 7,566 | |||
Prepaid expenses and other | 365 | |||
Property, plant, and equipment | 22,956 | |||
Goodwill | 27,149 | |||
Intangible assets | 34,910 | |||
Total assets acquired | $ | 104,038 | ||
Accounts payable | $ | 4,565 | ||
Other current liabilities | 2,260 | |||
Other liabilities | 4,673 | |||
Total liabilities assumed | 11,498 | |||
Net assets acquired | $ | 92,540 |
September 30, 2018 | ||||
Accounts receivable, net | $ | 52,636 | ||
Tooling receivable | 3,396 | |||
Inventories | 16,369 | |||
Prepaid expenses | 1,848 | |||
Other current assets | 1,709 | |||
Property, plant and equipment, net | 28,266 | |||
Goodwill | 13,500 | |||
Other assets | 3,216 | |||
Total assets held for sale | $ | 120,940 | ||
Accounts payable | $ | 42,112 | ||
Payroll liabilities | 7,285 | |||
Accrued liabilities | 1,416 | |||
Pension benefits | 15,628 | |||
Postretirement benefits other than pensions | 8,391 | |||
Other liabilities | 212 | |||
Total liabilities related to assets held for sale | $ | 75,044 |
North America | Europe | Asia Pacific | South America | Consolidated | |||||||||||||||
Automotive | $ | 441,142 | $ | 201,885 | $ | 136,147 | $ | 25,466 | $ | 804,640 | |||||||||
Commercial | 5,926 | 7,693 | 4 | 101 | 13,724 | ||||||||||||||
Other | 24,485 | 18,754 | 4 | 46 | 43,289 | ||||||||||||||
Revenue | $ | 471,553 | $ | 228,332 | $ | 136,155 | $ | 25,613 | $ | 861,653 |
North America | Europe | Asia Pacific | South America | Consolidated | |||||||||||||||
Automotive | $ | 1,395,263 | $ | 710,197 | $ | 433,309 | $ | 75,328 | $ | 2,614,097 | |||||||||
Commercial | 17,025 | 26,830 | 11 | 341 | 44,207 | ||||||||||||||
Other | 36,051 | 62,830 | 4 | 117 | 99,002 | ||||||||||||||
Revenue | $ | 1,448,339 | $ | 799,857 | $ | 433,324 | $ | 75,786 | $ | 2,757,306 |
Product Line | Description | |
Sealing Systems | Protect vehicle interiors from weather, dust and noise intrusion for improved driving experience; provide aesthetic and functional class-A exterior surface treatment | |
Fuel & Brake Delivery Systems | Sense, deliver and control fluids to fuel and brake systems | |
Fluid Transfer Systems | Sense, deliver and control fluids and vapors for optimal powertrain & HVAC operation | |
Anti-Vibration Systems | Control and isolate vibration and noise in the vehicle to improve ride and handling |
North America | Europe | Asia Pacific | South America | Consolidated | |||||||||||||||
Sealing systems | $ | 149,074 | $ | 142,342 | $ | 107,940 | $ | 19,398 | $ | 418,754 | |||||||||
Fuel and brake delivery systems | 136,903 | 31,752 | 22,044 | 6,122 | 196,821 | ||||||||||||||
Fluid transfer systems | 104,058 | 19,642 | 4,309 | 93 | 128,102 | ||||||||||||||
Anti-vibration systems | 63,563 | 15,328 | 1,862 | — | 80,753 | ||||||||||||||
Other | 17,955 | 19,268 | — | — | 37,223 | ||||||||||||||
Consolidated | $ | 471,553 | $ | 228,332 | $ | 136,155 | $ | 25,613 | $ | 861,653 |
North America | Europe | Asia Pacific | South America | Consolidated | |||||||||||||||
Sealing systems | $ | 487,757 | $ | 502,431 | $ | 342,314 | $ | 56,786 | $ | 1,389,288 | |||||||||
Fuel and brake delivery systems | 415,012 | 107,366 | 68,373 | 18,698 | 609,449 | ||||||||||||||
Fluid transfer systems | 331,226 | 65,706 | 15,965 | 302 | 413,199 | ||||||||||||||
Anti-vibration systems | 195,835 | 57,077 | 6,672 | — | 259,584 | ||||||||||||||
Other | 18,509 | 67,277 | — | — | 85,786 | ||||||||||||||
Consolidated | $ | 1,448,339 | $ | 799,857 | $ | 433,324 | $ | 75,786 | $ | 2,757,306 |
September 30, 2018 | January 1, 2018 | Change | ||||||||||
Contract assets | $ | 2,849 | $ | 4,604 | $ | (1,755 | ) | |||||
Contract liabilities | (646 | ) | — | (646 | ) | |||||||
Net contract assets (liabilities) | $ | 2,203 | $ | 4,604 | $ | (2,401 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
North America | $ | 830 | $ | 2,503 | $ | 3,831 | $ | 3,320 | |||||||
Europe | 1,212 | 6,236 | 14,465 | 22,341 | |||||||||||
Asia Pacific | 606 | 1,170 | 1,375 | 2,559 | |||||||||||
South America | 55 | — | 170 | — | |||||||||||
Total | $ | 2,703 | $ | 9,909 | $ | 19,841 | $ | 28,220 |
Employee Separation Costs | Other Exit Costs | Total | |||||||||
Balance as of December 31, 2017 | $ | 15,091 | $ | 7,244 | $ | 22,335 | |||||
Expense | 13,118 | 6,723 | 19,841 | ||||||||
Cash payments | (20,591 | ) | (10,585 | ) | (31,176 | ) | |||||
Foreign exchange translation and other | (521 | ) | (102 | ) | (623 | ) | |||||
Balance as of September 30, 2018 | $ | 7,097 | $ | 3,280 | $ | 10,377 |
September 30, 2018 | December 31, 2017 | ||||||
Finished goods | $ | 51,551 | $ | 47,613 | |||
Work in process | 42,854 | 35,455 | |||||
Raw materials and supplies | 88,338 | 87,128 | |||||
$ | 182,743 | $ | 170,196 |
September 30, 2018 | December 31, 2017 | ||||||
Land and improvements | $ | 68,793 | $ | 73,419 | |||
Buildings and improvements | 282,815 | 305,231 | |||||
Machinery and equipment | 1,049,711 | 1,022,279 | |||||
Construction in progress | 227,654 | 198,358 | |||||
1,628,973 | 1,599,287 | ||||||
Accumulated depreciation | (662,392 | ) | (647,109 | ) | |||
Property, plant and equipment, net | $ | 966,581 | $ | 952,178 |
North America | Europe | Asia Pacific | Total | ||||||||||||
Balance as of December 31, 2017 | $ | 122,395 | $ | 12,454 | $ | 37,003 | $ | 171,852 | |||||||
Acquisitions | 27,784 | — | — | 27,784 | |||||||||||
Reclassified as held for sale | (12,015 | ) | — | (1,485 | ) | (13,500 | ) | ||||||||
Foreign exchange translation | (96 | ) | (392 | ) | (1,950 | ) | (2,438 | ) | |||||||
Balance as of September 30, 2018 | $ | 138,068 | $ | 12,062 | $ | 33,568 | $ | 183,698 |
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||
Customer relationships | $ | 145,362 | $ | (95,690 | ) | $ | 49,672 | ||||
Developed technology | 2,783 | (2,783 | ) | — | |||||||
Other | 45,183 | (3,462 | ) | 41,721 | |||||||
Balance as of September 30, 2018 | $ | 193,328 | $ | (101,935 | ) | $ | 91,393 | ||||
Customer relationships | $ | 135,927 | $ | (86,342 | ) | $ | 49,585 | ||||
Developed technology | 2,893 | (2,893 | ) | — | |||||||
Other | 22,298 | (2,792 | ) | 19,506 | |||||||
Balance as of December 31, 2017 | $ | 161,118 | $ | (92,027 | ) | $ | 69,091 |
September 30, 2018 | December 31, 2017 | ||||||
Senior Notes | $ | 394,220 | $ | 393,684 | |||
Term Loan | 329,091 | 330,781 | |||||
Other borrowings | 40,819 | 33,781 | |||||
Total debt | 764,130 | 758,246 | |||||
Less current portion | (36,947 | ) | (34,921 | ) | |||
Total long-term debt | $ | 727,183 | $ | 723,325 |
Level 1: | Observable inputs such as quoted prices in active markets; |
Level 2: | Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and |
Level 3: | Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
September 30, 2018 | December 31, 2017 | Input | |||||||
Forward foreign exchange contracts - other current assets | $ | 1,054 | $ | 761 | Level 2 | ||||
Forward foreign exchange contracts - accrued liabilities | (221 | ) | (2,363 | ) | Level 2 | ||||
Interest rate swaps - accrued liabilities | — | (515 | ) | Level 2 |
September 30, 2018 | December 31, 2017 | ||||||
Aggregate fair value | $ | 727,879 | $ | 749,463 | |||
Aggregate carrying value (1) | 734,050 | 736,600 |
Gain (Loss) Recognized in OCI | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Forward foreign exchange contracts | $ | 2,253 | $ | (763 | ) | $ | 3,413 | $ | 1,860 | ||||||
Interest rate swaps | — | 22 | 443 | (27 | ) | ||||||||||
Total | $ | 2,253 | $ | (741 | ) | $ | 3,856 | $ | 1,833 |
Gain (Loss) Reclassified from AOCI to Income (Effective Portion) | Gain (Loss) Reclassified from AOCI to Income (Ineffective Portion) | ||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
Classification | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Forward foreign exchange contracts | Cost of products sold | $ | 370 | $ | 915 | $ | — | $ | — | ||||||||
Interest rate swaps | Interest expense, net of interest income | 31 | (570 | ) | — | 107 | |||||||||||
Total | $ | 401 | $ | 345 | $ | — | $ | 107 | |||||||||
Gain (Loss) Reclassified from AOCI to Income (Effective Portion) | Gain (Loss) Reclassified from AOCI to Income (Ineffective Portion) | ||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
Classification | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Forward foreign exchange contracts | Cost of products sold | $ | 1,000 | $ | 2,371 | $ | — | $ | — | ||||||||
Interest rate swaps | Interest expense, net of interest income | (162 | ) | (2,048 | ) | 209 | 284 | ||||||||||
Total | $ | 838 | $ | 323 | $ | 209 | $ | 284 |
September 30, 2018 | December 31, 2017 | ||||||
Off-balance sheet arrangements | $ | 94,004 | $ | 96,588 |
Off-Balance Sheet Arrangements | On-Balance Sheet Arrangements | ||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||
Accounts receivable factored | $ | 149,136 | $ | 98,244 | $ | 518,808 | $ | 390,354 | $ | — | $ | 6,326 | $ | — | $ | 20,432 | |||||||||||||||
Costs | 348 | 452 | 1,065 | 1,517 | — | 29 | — | 74 |
Pension Benefits | |||||||||||||||
Three Months Ended September 30, | |||||||||||||||
2018 | 2017 | ||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||
Service cost | $ | 213 | $ | 1,039 | $ | 204 | $ | 1,018 | |||||||
Interest cost | 2,706 | 1,031 | 2,925 | 1,140 | |||||||||||
Expected return on plan assets | (4,355 | ) | (625 | ) | (4,003 | ) | (694 | ) | |||||||
Amortization of prior service cost and actuarial loss | 601 | 652 | 468 | 760 | |||||||||||
Settlement | — | — | — | 5,717 | |||||||||||
Net periodic benefit (income) cost | $ | (835 | ) | $ | 2,097 | $ | (406 | ) | $ | 7,941 | |||||
Pension Benefits | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | ||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||
Service cost | $ | 639 | $ | 3,200 | $ | 612 | $ | 2,926 | |||||||
Interest cost | 8,118 | 3,151 | 8,775 | 3,268 | |||||||||||
Expected return on plan assets | (13,063 | ) | (1,890 | ) | (12,009 | ) | (2,001 | ) | |||||||
Amortization of prior service cost and actuarial loss | 1,803 | 2,008 | 1,404 | 2,171 | |||||||||||
Settlement | — | — | — | 5,717 | |||||||||||
Net periodic benefit (income) cost | $ | (2,503 | ) | $ | 6,469 | $ | (1,218 | ) | $ | 12,081 |
Other Postretirement Benefits | |||||||||||||||
Three Months Ended September 30, | |||||||||||||||
2018 | 2017 | ||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||
Service cost | $ | 77 | $ | 123 | $ | 79 | $ | 110 | |||||||
Interest cost | 299 | 195 | 324 | 179 | |||||||||||
Amortization of prior service credit and actuarial gain | (418 | ) | 77 | (479 | ) | (4 | ) | ||||||||
Other | 2 | — | 1 | — | |||||||||||
Net periodic benefit (income) cost | $ | (40 | ) | $ | 395 | $ | (75 | ) | $ | 285 | |||||
Other Postretirement Benefits | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | ||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||
Service cost | $ | 231 | $ | 373 | $ | 237 | $ | 316 | |||||||
Interest cost | 899 | 591 | 972 | 516 | |||||||||||
Amortization of prior service credit and actuarial gain | (1,254 | ) | 231 | (1,437 | ) | (12 | ) | ||||||||
Other | 4 | — | 3 | — | |||||||||||
Net periodic benefit (income) cost | $ | (120 | ) | $ | 1,195 | $ | (225 | ) | $ | 820 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Foreign currency losses | $ | (1,184 | ) | $ | (1,455 | ) | $ | (2,893 | ) | $ | (4,033 | ) | |||
Components of net periodic benefit cost other than service cost | (165 | ) | (6,334 | ) | (598 | ) | (7,367 | ) | |||||||
Losses on sales of receivables | (348 | ) | (221 | ) | (1,065 | ) | (781 | ) | |||||||
Miscellaneous income | — | 1,225 | 583 | 1,538 | |||||||||||
Other expense, net | $ | (1,697 | ) | $ | (6,785 | ) | $ | (3,973 | ) | $ | (10,643 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Income tax expense (benefit) | $ | (1,190 | ) | $ | 7,838 | $ | 19,831 | $ | 40,258 | ||||||
Income before income taxes | 31,474 | 33,296 | 153,113 | 149,870 | |||||||||||
Effective tax rate | (4 | )% | 24 | % | 13 | % | 27 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 32,156 | $ | 24,640 | $ | 130,825 | $ | 106,802 | |||||||
Diluted net income available to Cooper-Standard Holdings Inc. common stockholders | $ | 32,156 | $ | 24,640 | $ | 130,825 | $ | 106,802 | |||||||
Basic weighted average shares of common stock outstanding | 17,828,358 | 17,703,660 | 17,939,544 | 17,769,808 | |||||||||||
Dilutive effect of common stock equivalents | 380,810 | 976,858 | 409,072 | 1,068,479 | |||||||||||
Diluted weighted average shares of common stock outstanding | 18,209,168 | 18,680,518 | 18,348,616 | 18,838,287 | |||||||||||
Basic net income per share attributable to Cooper-Standard Holdings Inc. | $ | 1.80 | $ | 1.39 | $ | 7.29 | $ | 6.01 | |||||||
Diluted net income per share attributable to Cooper-Standard Holdings Inc. | $ | 1.77 | $ | 1.32 | $ | 7.13 | $ | 5.67 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Foreign currency translation adjustment | ||||||||||||||||
Balance at beginning of period | $ | (120,386 | ) | $ | (119,405 | ) | $ | (95,485 | ) | $ | (143,481 | ) | ||||
Other comprehensive income (loss) before reclassifications | (14,623 | ) | (1) | 16,047 | (1) | (39,524 | ) | (1) | 40,123 | (1) | ||||||
Balance at end of period | $ | (135,009 | ) | $ | (103,358 | ) | $ | (135,009 | ) | $ | (103,358 | ) | ||||
Benefit plan liabilities | ||||||||||||||||
Balance at beginning of period | $ | (105,060 | ) | $ | (100,340 | ) | $ | (100,749 | ) | $ | (97,612 | ) | ||||
Other comprehensive income (loss) before reclassifications | (6 | ) | (2) | (1,714 | ) | (2) | 1,784 | (2) | (5,428 | ) | (2) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | 662 | (3) | 5,677 | (4) | (5,439 | ) | (5) | 6,663 | (6) | |||||||
Balance at end of period | $ | (104,404 | ) | $ | (96,377 | ) | $ | (104,404 | ) | $ | (96,377 | ) | ||||
Fair value change of derivatives | ||||||||||||||||
Balance at beginning of period | $ | (1,077 | ) | $ | 113 | $ | (1,397 | ) | $ | (1,470 | ) | |||||
Other comprehensive income (loss) before reclassifications | 1,736 | (7) | (619 | ) | (7) | 2,638 | (7) | 1,242 | (7) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (255 | ) | (8) | (347 | ) | (8) | (837 | ) | (8) | (625 | ) | (8) | ||||
Balance at end of period | $ | 404 | $ | (853 | ) | $ | 404 | $ | (853 | ) | ||||||
Accumulated other comprehensive income (loss), ending balance | $ | (239,009 | ) | $ | (200,588 | ) | $ | (239,009 | ) | $ | (200,588 | ) |
(1) | Includes other comprehensive income (loss) related to intra-entity foreign currency balances that are of a long-term investment nature of $(473) and $4,314 for the three months ended September 30, 2018 and 2017, respectively, and $(10,713) and $10,484 for the nine months ended September 30, 2018 and 2017, respectively. |
(2) | Net of tax expense (benefit) of $(97) and $(130) for the three months ended September 30, 2018 and 2017, respectively, and $8,628 and $(189) for the nine months ended September 30, 2018 and 2017, respectively. |
(3) | Includes actuarial losses of $995, offset by prior service credits of $85, net of tax of $248. See Note 13. |
(4) | Includes losses related to the U.K. pension settlement of $6,288, actuarial losses of $901, offset by prior service credits of $84, net of tax of $1,428. See Note 13. |
(5) | Includes the effect of the adoption of ASU 2018-02 of $8,569 and the amortization of prior service credits of $244, offset by curtailment loss of $1,123 and the amortization of actuarial losses of $2,981, net of tax of $730. See Note 13. |
(6) | Includes losses related to the U.K. pension settlement of $6,288, actuarial losses of $2,443, offset by prior service credits of $248, net of tax of $1,820. See Note 13. |
(7) | Net of tax expense (benefit) of $517 and $(122) for the three months ended September 30, 2018 and 2017, respectively, and $1,218 and $591 for the nine months ended September 30, 2018 and 2017, respectively. See Note 11. |
(8) | Net of tax expense (benefit) of $146 and $105 for the three months ended September 30, 2018 and 2017, respectively, and $280 and $(18) for the nine months ended September 30, 2018 and 2017, respectively. Includes the effect of the adoption of ASU 2018-02 of $70 for the nine months ended September 30, 2018. See Note 11. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
PUs | $ | 506 | $ | 4,327 | $ | 3,885 | $ | 9,171 | |||||||
RSUs | 2,467 | 2,052 | 7,776 | 6,896 | |||||||||||
Stock options | 802 | 933 | 2,456 | 2,939 | |||||||||||
Total | $ | 3,775 | $ | 7,312 | $ | 14,117 | $ | 19,006 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Sales(1) | $ | 7,222 | $ | 8,288 | $ | 23,302 | $ | 26,124 | |||||||
Purchases(1) | 204 | 186 | 614 | 580 | |||||||||||
Dividends received(2) | 239 | — | 4,747 | 5,382 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Sales to external customers | |||||||||||||||
North America | $ | 471,553 | $ | 437,406 | $ | 1,448,339 | $ | 1,403,270 | |||||||
Europe | 228,332 | 254,399 | 799,857 | 776,346 | |||||||||||
Asia Pacific | 136,155 | 148,493 | 433,324 | 421,926 | |||||||||||
South America | 25,613 | 28,718 | 75,786 | 78,670 | |||||||||||
Consolidated | $ | 861,653 | $ | 869,016 | $ | 2,757,306 | $ | 2,680,212 | |||||||
Intersegment sales | |||||||||||||||
North America | $ | 3,437 | $ | 3,285 | $ | 11,056 | $ | 10,108 | |||||||
Europe | 4,363 | 3,861 | 11,780 | 11,188 | |||||||||||
Asia Pacific | 1,307 | 1,566 | 4,301 | 3,876 | |||||||||||
South America | 17 | 2 | 72 | 11 | |||||||||||
Eliminations | (9,124 | ) | (8,714 | ) | (27,209 | ) | (25,183 | ) | |||||||
Consolidated | $ | — | $ | — | $ | — | $ | — | |||||||
Income before income taxes | |||||||||||||||
North America | $ | 48,930 | $ | 44,214 | $ | 173,282 | $ | 170,971 | |||||||
Europe | (3,205 | ) | (9,024 | ) | (6,033 | ) | (20,633 | ) | |||||||
Asia Pacific | (11,644 | ) | 3,050 | (6,633 | ) | 11,036 | |||||||||
South America | (2,607 | ) | (4,944 | ) | (7,503 | ) | (11,504 | ) | |||||||
Consolidated income before income taxes | $ | 31,474 | $ | 33,296 | $ | 153,113 | $ | 149,870 |
September 30, 2018 | December 31, 2017 | ||||||
Segment assets | |||||||
North America | $ | 1,161,902 | $ | 1,049,218 | |||
Europe | 601,705 | 644,586 | |||||
Asia Pacific | 626,952 | 686,329 | |||||
South America | 52,396 | 54,846 | |||||
Eliminations and other | 216,969 | 290,669 | |||||
Consolidated | $ | 2,659,924 | $ | 2,725,648 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions of units) | 2018(1) | 2017(1) | % Change | 2018(1) | 2017(1) | % Change | |||||||||
North America | 4.0 | 4.0 | 2.0% | 12.8 | 13.0 | (1.3)% | |||||||||
Europe | 4.7 | 4.9 | (5.1)% | 16.6 | 16.5 | 0.2% | |||||||||
Asia Pacific(2) | 11.8 | 12.1 | (2.1)% | 36.5 | 36.1 | 1.2% | |||||||||
South America | 0.9 | 0.9 | 2.2% | 2.6 | 2.4 | 7.4% |
(1) | Production data based on IHS Automotive, October 2018. |
(2) | Includes Greater China units of 6.3 million and 6.6 million for the three months ended September 30, 2018 and 2017, respectively, and 19.9 million and 19.6 million for the nine months ended September 30, 2018 and 2017, respectively. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2018 | 2017 | Change | 2018 | 2017 | Change | ||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Sales | $ | 861,653 | $ | 869,016 | $ | (7,363 | ) | $ | 2,757,306 | $ | 2,680,212 | $ | 77,094 | ||||||||||
Cost of products sold | 741,998 | 718,207 | 23,791 | 2,315,406 | 2,187,213 | 128,193 | |||||||||||||||||
Gross profit | 119,655 | 150,809 | (31,154 | ) | 441,900 | 492,999 | (51,099 | ) | |||||||||||||||
Selling, administration & engineering expenses | 82,134 | 87,791 | (5,657 | ) | 238,913 | 260,360 | (21,447 | ) | |||||||||||||||
Amortization of intangibles | 3,791 | 3,432 | 359 | 10,596 | 10,563 | 33 | |||||||||||||||||
Gain on sale of land | (10,714 | ) | — | (10,714 | ) | (10,714 | ) | — | (10,714 | ) | |||||||||||||
Impairment charges | — | — | — | — | 4,270 | (4,270 | ) | ||||||||||||||||
Restructuring charges | 2,703 | 9,909 | (7,206 | ) | 19,841 | 28,220 | (8,379 | ) | |||||||||||||||
Operating profit | 41,741 | 49,677 | (7,936 | ) | 183,264 | 189,586 | (6,322 | ) | |||||||||||||||
Interest expense, net of interest income | (9,983 | ) | (10,256 | ) | 273 | (29,756 | ) | (31,788 | ) | 2,032 | |||||||||||||
Equity in earnings of affiliates | 1,413 | 660 | 753 | 4,348 | 3,735 | 613 | |||||||||||||||||
Loss on refinancing and extinguishment of debt | — | — | — | (770 | ) | (1,020 | ) | 250 | |||||||||||||||
Other expense, net | (1,697 | ) | (6,785 | ) | 5,088 | (3,973 | ) | (10,643 | ) | 6,670 | |||||||||||||
Income before income taxes | 31,474 | 33,296 | (1,822 | ) | 153,113 | 149,870 | 3,243 | ||||||||||||||||
Income tax expense (benefit) | (1,190 | ) | 7,838 | (9,028 | ) | 19,831 | 40,258 | (20,427 | ) | ||||||||||||||
Net income | 32,664 | 25,458 | 7,206 | 133,282 | 109,612 | 23,670 | |||||||||||||||||
Net income attributable to noncontrolling interests | (508 | ) | (818 | ) | 310 | (2,457 | ) | (2,810 | ) | 353 | |||||||||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 32,156 | $ | 24,640 | $ | 7,516 | $ | 130,825 | $ | 106,802 | $ | 24,023 |
Three Months Ended September 30, | Variance Due To: | |||||||||||||||||||||||
2018 | 2017 | Change | Volume / Mix* | Foreign Exchange | Other** | |||||||||||||||||||
(dollar amounts in thousands) | ||||||||||||||||||||||||
Total sales | $ | 861,653 | $ | 869,016 | $ | (7,363 | ) | $ | (6,460 | ) | $ | (17,084 | ) | $ | 16,181 |
Three Months Ended September 30, | Variance Due To: | |||||||||||||||||||||||
2018 | 2017 | Change | Volume / Mix* | Foreign Exchange | Cost Increases / (Decreases) | |||||||||||||||||||
(dollar amounts in thousands) | ||||||||||||||||||||||||
Cost of products sold | $ | 741,998 | $ | 718,207 | $ | 23,791 | $ | 18,630 | $ | (14,966 | ) | $ | 20,127 | |||||||||||
Gross profit | 119,655 | 150,809 | (31,154 | ) | (25,090 | ) | (2,118 | ) | (3,946 | ) | ||||||||||||||
Gross profit percentage of sales | 13.9 | % | 17.4 | % |
Nine Months Ended September 30, | Variance Due To: | |||||||||||||||||||||||
2018 | 2017 | Change | Volume / Mix* | Foreign Exchange | Other** | |||||||||||||||||||
(dollar amounts in thousands) | ||||||||||||||||||||||||
Total sales | $ | 2,757,306 | $ | 2,680,212 | $ | 77,094 | $ | 7,480 | $ | 64,713 | $ | 4,901 |
Nine Months Ended September 30, | Variance Due To: | |||||||||||||||||||||||
2018 | 2017 | Change | Volume / Mix* | Foreign Exchange | Cost Increases / (Decreases) | |||||||||||||||||||
(dollar amounts in thousands) | ||||||||||||||||||||||||
Cost of products sold | $ | 2,315,406 | $ | 2,187,213 | $ | 128,193 | $ | 81,760 | $ | 54,153 | $ | (7,720 | ) | |||||||||||
Gross profit | 441,900 | 492,999 | (51,099 | ) | (74,280 | ) | 10,560 | 12,621 | ||||||||||||||||
Gross profit percentage of sales | 16.0 | % | 18.4 | % |
Three Months Ended September 30, | Variance Due To: | |||||||||||||||||||||||
2018 | 2017 | Change | Volume / Mix* | Foreign Exchange | Other | |||||||||||||||||||
(dollar amounts in thousands) | ||||||||||||||||||||||||
Sales to external customers | ||||||||||||||||||||||||
North America | $ | 471,553 | $ | 437,406 | $ | 34,147 | $ | 20,184 | $ | (2,946 | ) | $ | 16,909 | |||||||||||
Europe | 228,332 | 254,399 | (26,067 | ) | (18,015 | ) | (3,529 | ) | (4,523 | ) | ||||||||||||||
Asia Pacific | 136,155 | 148,493 | (12,338 | ) | (11,881 | ) | (4,252 | ) | 3,795 | |||||||||||||||
South America | 25,613 | 28,718 | (3,105 | ) | 3,252 | (6,357 | ) | — | ||||||||||||||||
Consolidated | $ | 861,653 | $ | 869,016 | $ | (7,363 | ) | $ | (6,460 | ) | $ | (17,084 | ) | $ | 16,181 | |||||||||
• | The impact of foreign currency exchange primarily relates to the Brazilian Real, Chinese Renminbi, Euro, and the Canadian Dollar. |
• | Other includes the net impact of acquisitions and divestitures. |
Three Months Ended September 30, | Variance Due To: | |||||||||||||||||||||||||||
2018 | 2017 | Change | Volume / Mix* | Foreign Exchange | Cost (Increases) / Decreases | Other | ||||||||||||||||||||||
(dollar amounts in thousands) | ||||||||||||||||||||||||||||
Income before income taxes | ||||||||||||||||||||||||||||
North America | $ | 48,930 | $ | 44,214 | $ | 4,716 | $ | 2,027 | $ | (82 | ) | $ | (41 | ) | $ | 2,812 | ||||||||||||
Europe | (3,205 | ) | (9,024 | ) | 5,819 | (15,720 | ) | (1,738 | ) | 2,238 | 21,039 | |||||||||||||||||
Asia Pacific | (11,644 | ) | 3,050 | (14,694 | ) | (12,954 | ) | (200 | ) | (2,019 | ) | 479 | ||||||||||||||||
South America | (2,607 | ) | (4,944 | ) | 2,337 | 1,557 | (1,604 | ) | (810 | ) | 3,194 | |||||||||||||||||
Consolidated income before income taxes | $ | 31,474 | $ | 33,296 | $ | (1,822 | ) | $ | (25,090 | ) | $ | (3,624 | ) | $ | (632 | ) | $ | 27,524 |
• | The impact of foreign currency exchange is primarily driven by the Brazilian Real, Chinese Renminbi and Euro. |
• | The Cost (Increases) / Decreases category above includes: |
◦ | The increase in material cost pressure and wage inflation; |
◦ | Net operational efficiencies of $10.4 million primarily driven by our North America and Europe segment; |
◦ | The decrease in selling, administrative and engineering expense, due to lower compensation-related costs and efficiencies related to cost improvement initiatives; and |
• | The Other category above includes changes in the net impact of acquisitions and divestitures, restructuring expense and non-recurring items, including: |
◦ | The non-recurrence of the prior period settlement charges of $5.9 million in our Europe segment and the foreign tax amnesty program expense of $3.1 million in our South America segment; and |
◦ | The $7.2 million decrease in restructuring expenses primarily related to our North America, Europe and Asia Pacific segments. |
Nine Months Ended September 30, | Variance Due To: | |||||||||||||||||||||||
2018 | 2017 | Change | Volume / Mix* | Foreign Exchange | Other | |||||||||||||||||||
(dollar amounts in thousands) | ||||||||||||||||||||||||
Sales to external customers | ||||||||||||||||||||||||
North America | $ | 1,448,339 | $ | 1,403,270 | $ | 45,069 | $ | 31,327 | $ | 2,397 | $ | 11,345 | ||||||||||||
Europe | 799,857 | 776,346 | 23,511 | (16,669 | ) | 57,665 | (17,485 | ) | ||||||||||||||||
Asia Pacific | 433,324 | 421,926 | 11,398 | (14,320 | ) | 14,677 | 11,041 | |||||||||||||||||
South America | 75,786 | 78,670 | (2,884 | ) | 7,142 | (10,026 | ) | — | ||||||||||||||||
Consolidated | $ | 2,757,306 | $ | 2,680,212 | $ | 77,094 | $ | 7,480 | $ | 64,713 | $ | 4,901 | ||||||||||||
• | The impact of foreign currency exchange primarily relates to the Euro and the Chinese Renminbi. |
• | Other includes the net impact of acquisitions and divestitures. |
Nine Months Ended September 30, | Variance Due To: | |||||||||||||||||||||||||||
2018 | 2017 | Change | Volume / Mix* | Foreign Exchange | Cost (Increases) / Decreases | Other | ||||||||||||||||||||||
(dollar amounts in thousands) | ||||||||||||||||||||||||||||
Income before income taxes | ||||||||||||||||||||||||||||
North America | $ | 173,282 | $ | 170,971 | $ | 2,311 | $ | (20,437 | ) | $ | (559 | ) | $ | 21,868 | $ | 1,439 | ||||||||||||
Europe | (6,033 | ) | (20,633 | ) | 14,600 | (31,596 | ) | 3,673 | 14,051 | 28,472 | ||||||||||||||||||
Asia Pacific | (6,633 | ) | 11,036 | (17,669 | ) | (25,155 | ) | 1,710 | 3,515 | 2,261 | ||||||||||||||||||
South America | (7,503 | ) | (11,504 | ) | 4,001 | 2,908 | (2,935 | ) | 779 | 3,249 | ||||||||||||||||||
Consolidated income before income taxes | $ | 153,113 | $ | 149,870 | $ | 3,243 | $ | (74,280 | ) | $ | 1,889 | $ | 40,213 | $ | 35,421 |
• | The favorable impact of foreign currency exchange impact is primarily driven by the Euro and Chinese Renminbi, partially offset by the Polish Zloty, the Czech Koruna, and Brazilian Real. |
• | The Cost (Increases) / Decreases category above includes: |
◦ | Net operational efficiencies of $57.4 million primarily driven by our North America and Europe segments; |
◦ | The decrease in selling, administrative and engineering expense due to lower compensation-related costs and efficiencies related to cost improvement initiatives; and |
◦ | The increase in wage inflation and the increase in material cost pressure. |
• | The Other category above includes changes in the net impact of acquisitions and divestitures, restructuring expense, and non-recurring items, including: |
◦ | The non-recurrence of the prior period settlement charges of $5.9 million and impairment charges of $4.3 million in our Europe segment, and the foreign tax amnesty program expense of $3.1 million in our South America segment; |
◦ | The gain of $10.7 million related to the sale of land in our Europe segment; and |
◦ | The $8.4 million decrease in restructuring expenses related to our Europe and Asia Pacific segments, partially offset by higher restructuring charges in our North America segment. |
• | because similar measures are utilized in the calculation of the financial covenants and ratios contained in our financing arrangements; |
• | in developing our internal budgets and forecasts; |
• | as a significant factor in evaluating our management for compensation purposes; |
• | in evaluating potential acquisitions; |
• | in comparing our current operating results with corresponding historical periods and with the operational performance of other companies in our industry; and |
• | in presentations to the members of our board of directors to enable our board of directors to have the same measurement basis of operating performance as is used by management in their assessments of performance and in forecasting and budgeting for our company. |
• | they do not reflect our cash expenditures or future requirements for capital expenditure or contractual commitments; |
• | they do not reflect changes in, or cash requirements for, our working capital needs; |
• | they do not reflect interest expense or cash requirements necessary to service interest or principal payments under our ABL Facility, Term Loan Facility and Senior Notes; |
• | they do not reflect certain tax payments that may represent a reduction in cash available to us; |
• | although depreciation and amortization are non-cash charges, the assets being depreciated or amortized may have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect cash requirements for such replacements; and |
• | other companies, including companies in our industry, may calculate these measures differently and, as the number of differences in the way companies calculate these measures increases, the degree of their usefulness as a comparative measure correspondingly decreases. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(dollar amounts in thousands) | |||||||||||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 32,156 | $ | 24,640 | $ | 130,825 | $ | 106,802 | |||||||
Income tax expense (benefit) | (1,190 | ) | 7,838 | 19,831 | 40,258 | ||||||||||
Interest expense, net of interest income | 9,983 | 10,256 | 29,756 | 31,788 | |||||||||||
Depreciation and amortization | 36,098 | 34,368 | 109,271 | 99,413 | |||||||||||
EBITDA | $ | 77,047 | $ | 77,102 | $ | 289,683 | $ | 278,261 | |||||||
Gain on sale of land (1) | (10,714 | ) | — | (10,714 | ) | — | |||||||||
Restructuring charges | 2,703 | 9,909 | 19,841 | 28,220 | |||||||||||
Amortization of inventory write-up (2) | 535 | — | 535 | — | |||||||||||
Settlement charges (3) | — | 5,902 | — | 5,902 | |||||||||||
Foreign tax amnesty program (4) | — | 3,121 | — | 3,121 | |||||||||||
Loss on refinancing and extinguishment of debt (5) | — | — | 770 | 1,020 | |||||||||||
Impairment charges (6) | — | — | — | 4,270 | |||||||||||
Adjusted EBITDA | $ | 69,571 | $ | 96,034 | $ | 300,115 | $ | 320,794 |
(1) | Gain on sale of land in Europe that was contemplated in conjunction with our restructuring plan. See Note 6. “Restructuring.” |
(2) | Amortization of write-up of inventory to fair value for the Lauren acquisition. |
(3) | Non-cash settlement charges of $5.7 million and administrative fees of $0.2 million relating to U.K. pension plan. |
(4) | Relates to indirect taxes recorded in cost of products sold. |
(5) | Loss on refinancing and extinguishment of debt related to the applicable amendment of the Term Loan Facility entered into during such period. |
(6) | Non-cash impairment charges related to fixed assets. |
Period | Total Number of Shares Purchased(1) | Average Price Paid per Share(2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet be Purchased Under the Program (in millions)(3) | ||||||||||
July 1, 2018 through July 31, 2018 | — | $ | — | — | $ | 1.70 | ||||||||
August 1, 2018 through August 31, 2018 | — | $ | — | — | $ | 1.70 | ||||||||
September 1, 2018 through September 30, 2018(4) | 51,092 | $ | 135.51 | 51,092 | $ | 1.70 | ||||||||
Total | 51,092 | $ | 135.51 | 51,092 | $ | 1.70 |
(1) | Includes shares repurchased by the Company to satisfy employee tax withholding requirements due upon the vesting of restricted stock awards. |
(2) | Excluding commissions. |
(3) | Includes the $35 million up-front payment made under the ASR Agreement. |
(4) | Under the ASR agreement, the Company paid $35 million and received an initial delivery of approximately 207 thousand shares of its common stock in the second quarter of 2018. The Company then received approximately 51 thousand shares in the third quarter of 2018. The average price paid per share reflected in the table is based upon the overall weighted average price per share under the ASR agreement. See Note 18. “Common Stock” to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Report. |
Exhibit No. | Description of Exhibit | |
31.1* | ||
31.2* | ||
32** | ||
101.INS*** | XBRL Instance Document | |
101.SCH*** | XBRL Taxonomy Extension Schema Document | |
101.CAL*** | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF*** | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB*** | XBRL Taxonomy Label Linkbase Document | |
101.PRE*** | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Filed with this Report. |
** | Furnished with this Report. |
*** | Submitted electronically with this Report in accordance with the provisions of Regulation S-T. |
COOPER-STANDARD HOLDINGS INC. | ||||
November 2, 2018 | /S/ JONATHAN P. BANAS | |||
Date | Jonathan P. Banas Chief Financial Officer (Principal Financial Officer) |
I, Jeffrey S. Edwards, certify that: |
1. | I have reviewed this Quarterly Report on Form 10-Q of Cooper-Standard Holdings 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: November 2, 2018 | By: | /S/ JEFFREY S. EDWARDS | ||||
Jeffrey S. Edwards | ||||||
Chairman and Chief Executive Officer | ||||||
(Principal Executive Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of Cooper-Standard Holdings 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: November 2, 2018 | By: | /S/ JONATHAN P. BANAS | ||||
Jonathan P. Banas | ||||||
Chief Financial Officer | ||||||
(Principal Financial Officer) |
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 results of operations of the Company. |
Date: November 2, 2018 | By: | /S/ JEFFREY S. EDWARDS | ||||
Jeffrey S. Edwards | ||||||
Chief Executive Officer | ||||||
(Principal Executive Officer) | ||||||
/S/ JONATHAN P. BANAS | ||||||
Jonathan P. Banas | ||||||
Chief Financial Officer | ||||||
(Principal Financial Officer) |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Oct. 26, 2018 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CPS | |
Entity Registrant Name | Cooper-Standard Holdings Inc. | |
Entity Central Index Key | 0001320461 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 17,774,669 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Income Statement [Abstract] | ||||
Sales | $ 861,653 | $ 869,016 | $ 2,757,306 | $ 2,680,212 |
Cost of products sold | 741,998 | 718,207 | 2,315,406 | 2,187,213 |
Gross profit | 119,655 | 150,809 | 441,900 | 492,999 |
Selling, administration & engineering expenses | 82,134 | 87,791 | 238,913 | 260,360 |
Amortization of intangibles | 3,791 | 3,432 | 10,596 | 10,563 |
Gain on sale of land | (10,714) | 0 | (10,714) | 0 |
Impairment charges | 0 | 0 | 0 | 4,270 |
Restructuring charges | 2,703 | 9,909 | 19,841 | 28,220 |
Operating profit | 41,741 | 49,677 | 183,264 | 189,586 |
Interest expense, net of interest income | (9,983) | (10,256) | (29,756) | (31,788) |
Equity in earnings of affiliates | 1,413 | 660 | 4,348 | 3,735 |
Loss on refinancing and extinguishment of debt | 0 | 0 | (770) | (1,020) |
Other expense, net | (1,697) | (6,785) | (3,973) | (10,643) |
Income before income taxes | 31,474 | 33,296 | 153,113 | 149,870 |
Income tax expense (benefit) | (1,190) | 7,838 | 19,831 | 40,258 |
Net income | 32,664 | 25,458 | 133,282 | 109,612 |
Net income attributable to noncontrolling interests | (508) | (818) | (2,457) | (2,810) |
Net income attributable to Cooper-Standard Holdings Inc. | $ 32,156 | $ 24,640 | $ 130,825 | $ 106,802 |
Earnings per share | ||||
Basic | $ 1.80 | $ 1.39 | $ 7.29 | $ 6.01 |
Diluted | $ 1.77 | $ 1.32 | $ 7.13 | $ 5.67 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Net income | $ 32,664 | $ 25,458 | $ 133,282 | $ 109,612 |
Currency translation adjustment | (15,715) | 16,535 | (41,277) | 41,204 |
Benefit plan liabilities adjustment, net of tax | 656 | 3,963 | 4,914 | 1,235 |
Fair value change of derivatives, net of tax | 1,481 | (966) | 1,871 | 617 |
Other comprehensive income (loss), net of tax | (13,578) | 19,532 | (34,492) | 43,056 |
Comprehensive income | 19,086 | 44,990 | 98,790 | 152,668 |
Comprehensive (income) loss attributable to noncontrolling interests | 584 | (1,306) | (704) | (3,891) |
Comprehensive income attributable to Cooper-Standard Holdings Inc. | $ 19,670 | $ 43,684 | $ 98,086 | $ 148,777 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Cumulative participating preferred stock | 7.00% | 7.00% |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares issued | 19,840,438 | 19,920,805 |
Common stock, shares outstanding | 17,774,629 | 17,914,599 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Cooper Standard Holdings Inc Equity [Member] |
Noncontrolling Interest [Member] |
---|---|---|---|---|---|---|---|
Beginning balance (shares) at Dec. 31, 2017 | 17,914,599 | 17,914,599 | |||||
Beginning balance at Dec. 31, 2017 | $ 855,089 | $ 18 | $ 512,815 | $ 511,367 | $ (197,631) | $ 826,569 | $ 28,520 |
Repurchase of common stock (shares) | (327,788) | ||||||
Repurchase of common stock | (43,525) | (8,088) | (35,437) | (43,525) | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 187,818 | ||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 0 | ||||||
Share-based compensation, net | 2,872 | 8,304 | (5,432) | 2,872 | |||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (2,370) | (2,682) | (2,682) | 312 | |||
Noncontrolling Interest, Increase from Business Combination | 299 | 299 | |||||
Net income | 133,282 | 130,825 | 130,825 | 2,457 | |||
Other Comprehensive Income, Net of Tax | $ (34,492) | (32,739) | (32,739) | (1,753) | |||
Ending balance (shares) at Sep. 30, 2018 | 17,774,629 | 17,774,629 | |||||
Ending balance at Sep. 30, 2018 | $ 911,155 | $ 18 | 510,349 | 609,962 | (239,009) | 881,320 | $ 29,835 |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 | $ 0 | $ 8,639 | $ (8,639) | $ 0 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Reconciliation of Cash, Cash Equivalents and Restricted Cash [Abstract] | ||
Cash and cash equivalents | $ 282,357 | $ 515,952 |
Restricted cash included in other current assets | 614 | 88 |
Restricted cash included in other assets | 2,853 | 2,421 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 285,824 | $ 518,461 |
Overview |
9 Months Ended |
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Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Overview | Overview Basis of Presentation Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company” or “Cooper Standard”), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”), is a leading manufacturer of sealing, fuel and brake delivery, fluid transfer, and anti-vibration systems. The Company’s products are primarily for use in passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers (“OEMs”) and replacement markets. The Company conducts substantially all of its activities through its subsidiaries. Subsequent to the end of the Company's third quarter, on November 2, 2018, the Company entered into a definitive agreement to divest the anti-vibration systems product line. See Note 3. Acquisitions and Divestitures and Note 4. Assets Held for Sale. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 Annual Report”), as filed with the SEC. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These financial statements include all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation of the financial position and results of operations of the Company. The operating results for the interim period ended September 30, 2018 are not necessarily indicative of results for the full year. In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Company’s financial statements for the three and nine months ended September 30, 2017 have been recast to reflect the effects of the adoption of Accounting Standards Update (“ASU”) 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, and ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, both of which were adopted in the first quarter of 2018. The financial statement line items affected due to the adoption of ASU 2017-07 were cost of products sold, selling, administration & engineering expenses and other expense, net. The financial statement line items affected due to the adoption of ASU 2016-18 were cash flows from operating activities and beginning and ending cash, cash equivalents and restricted cash. Amounts included in restricted cash are maintained to meet local regulatory requirements in Europe and Korea in support of employee related programs. |
New Accounting Pronouncements |
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New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | New Accounting Pronouncements Recently Adopted Accounting Pronouncements The Company adopted the following ASU during the three months ended September 30, 2018:
The Company adopted the following ASU during the nine months ended September 30, 2018: ASU 2014-09, Revenue from Contracts with Customers (Topic 606) On January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, and all related amendments using the modified retrospective method applied to contracts that were not completed at the date of initial application. The new standard replaced existing revenue recognition guidance with a five-step model and additional financial statement disclosures. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The Company did not recognize a cumulative effect adjustment to the opening balance of retained earnings because net income was not impacted upon adoption. However, the cumulative effect of the changes made to the Company’s consolidated January 1, 2018 balance sheet were as follows:
The new standard primarily impacted how the Company accounts for unbilled receivables associated with variable pricing arrangements, now recognized as contract assets. Before adoption, the Company recognized such amounts in accounts receivable. In accordance with the modified retrospective adoption method, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The following table summarizes the impact of adopting the new standard on the Company’s consolidated balance sheet as of September 30, 2018.
Recently Issued Accounting Pronouncements The Company considered the recently issued accounting pronouncement summarized as follows, which will have a material impact on its consolidated financial statements or disclosures:
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Acqusitions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions and Divestitures AMI Acquisition In the first quarter of 2018, the Company finalized its purchase of 100% equity interest of the China fuel and brake business of AMI Industries (“AMI China”) for cash consideration of $3,900. This acquisition directly aligns with the Company’s growth strategy by expanding the Company’s fuel and brake business. The results of operations of AMI China are included in the Company’s condensed consolidated financial statements from the date of acquisition, February 1, 2018, and reported within the Asia Pacific segment. The pro forma effect of this acquisition would not materially impact the Company’s reported results for any periods presented, and as a result no pro forma information has been presented. This acquisition was accounted for as a business combination, with the total purchase price allocated using information available. The fair value of identifiable assets acquired and liabilities assumed exceeded the fair value of the consideration transferred by an immaterial amount. INOAC Acquisition Also in the first quarter of 2018, the Company purchased the remaining 49% equity interest of Cooper-Standard INOAC Pte. Ltd., a fluid transfer systems joint venture, at a purchase price of $2,450. This acquisition was accounted for as an equity transaction. Subsequent to the transaction, the Company owns 100% of the equity interests of Cooper-Standard INOAC Pte. Ltd. Lauren Acquisition On August 1, 2018, the Company acquired the assets and liabilities of Lauren Manufacturing and Lauren Plastics, extruders and molders of organic, silicone, thermoplastic and engineered polymer products with expertise in sealing solutions, to further expand the Company’s Industrial and Specialty Group and non-automotive and adjacent markets. The base purchase price of the acquisition was $92,700, subject to certain adjustments. The results of operations of Lauren Manufacturing and Lauren Plastics are included in the Company’s condensed consolidated financial statements from the date of acquisition and reported within the North America segment. The pro forma effect of this acquisition would not materially impact the Company’s reported results for any periods presented, and as a result no pro forma information has been presented. This acquisition was accounted for as a business combination, with the total purchase price allocated on a preliminary basis which is subject to change as the Company continues its review during the measurement period. The following table summarizes the estimated fair value of Lauren assets acquired and liabilities assumed at the date of acquisition:
Accounts receivable, prepaid expenses, accounts payable and other current liabilities were stated at historical carrying values, which management believes approximates fair value given the short-term nature of these assets and liabilities. Inventories were recorded at fair value which is estimated for finished goods and work-in-process based upon the expected selling price less costs to complete, selling, and disposal costs, and a normal profit margin. Raw material inventory was recorded at historical carrying value as such value approximates the replacement cost. The Company has estimated the fair value of property, plant and equipment, intangibles and other liabilities based upon third party valuations, management's estimates, available information and reasonable assumptions. Goodwill represents the excess of the acquisition price over the fair value of the identifiable assets acquired and liabilities assumed. Subsequent Events On October 31, 2018, the Company acquired 80.1% of LS Mtron’s automotive parts business. Through the acquisition of the injection molding system and automotive parts supplier, the Company further expands its core product offerings and strategic footprint in the Asia Pacific segment. The base purchase price was approximately $25,100. On November 1, 2018, the Company acquired Hutchings Automotive Products, LLC, a North American supplier of high quality fluid carrying products for automotive powertrain and coolant systems applications. The base purchase price was approximately $41,600. On November 2, 2018, the Company entered into a definitive agreement to divest its anti-vibration systems product line. The expected sale price is approximately $265,500, subject to certain adjustments. See Note 4. Assets Held for Sale. |
Assets Held for Sale (Notes) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Assets Held for Sale In the third quarter of 2018, management approved a plan to sell the anti-vibration systems (“AVS”) product line within its North America, Europe and Asia Pacific segments. The Company expects to sell the business within one year from management's approval of the plan. The business and its associated assets and liabilities met the criteria for presentation as held for sale as of September 1, 2018, and as such the assets and liabilities associated with the transaction are separately classified as held for sale in the condensed consolidated balance sheet as of September 30, 2018 and depreciation of long-lived assets ceased. The planned divestiture did not meet the criteria for presentation as a discontinued operation. Subsequent to the end of the Company's third quarter, on November 2, 2018, the Company entered into a definitive agreement to divest the AVS product line. The expected sale price is approximately $265,500, subject to certain adjustments. The planned divestiture of the AVS product line is expected to close in the first half of 2019 and is subject to customary closing conditions, including regulatory and third-party approvals. The major classes of assets and liabilities held for sale were as follows:
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Revenue |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | Revenue The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, which was adopted on January 1, 2018 using the modified retrospective method. Revenue by customer group for the three months ended September 30, 2018 was as follows:
Revenue by customer group for the nine months ended September 30, 2018 was as follows:
The automotive group consists of sales to automotive OEMs and automotive suppliers, while the commercial group represents sales to OEMs of on- and off-highway commercial equipment and vehicles. The other customer group includes sales related to specialty and adjacent markets. Substantially all the Company’s revenues are generated from sealing, fuel and brake delivery, fluid transfer and anti-vibration systems for use in passenger vehicles and light trucks manufactured by global OEMs. A summary of the Company’s products is as follows:
Revenue by product line for the three months ended September 30, 2018 was as follows:
Revenue by product line for the nine months ended September 30, 2018 was as follows:
Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. The Company has one major performance obligation category: manufactured parts. A contract’s transaction price is allocated to each distinct performance obligation and recognized when the performance obligation is satisfied. It is not unusual for the Company’s contracts to include multiple performance obligations. For such contracts, the Company generally allocates the contract’s transaction price to each performance obligation based on the purchase order or other arranged pricing. The Company recognizes revenue at a point in time, generally when products are shipped or delivered. The point at which revenue is recognized often depends on the shipping terms. The Company usually enters agreements with customers to produce products at the beginning of a vehicle’s life. Blanket purchase orders received from customers and related documents generally establish the annual terms, including pricing, related to a vehicle model. Although purchase orders do not usually specify quantities, fulfillment of customers’ purchasing requirements can be the Company’s obligation for the entire production life of the vehicle. These agreements generally may be terminated by the Company’s customer at any time, but such cancellations have historically been minimal. Customers typically pay for parts based on customary business practices with payment terms generally between 30 and 90 days. The Company has no significant financing arrangements with customers. The Company applies the optional exemption to forgo disclosing information about its remaining performance obligations because its contracts usually have an original expected duration of one year or less. It also applies an accounting policy to treat shipping and handling costs that are incurred after revenue is recognizable as a fulfillment activity by expensing such costs as incurred, instead of as a separate performance obligation. This is consistent with the Company’s historical accounting practices. The Company has chosen to present revenue net of sales and other similar taxes, which is also consistent with its historical accounting practices. Contract Estimates The amount of revenue recognized is usually based on the purchase order price and adjusted for variable consideration, including pricing concessions. The Company accrues for pricing concessions by reducing revenue as products are shipped or delivered. The accruals are based on historical experience, anticipated performance and management’s best judgment. The Company also generally has ongoing adjustments to customer pricing arrangements based on the content and cost of its products. Such pricing accruals are adjusted as they are settled with customers. Customer returns are usually related to quality or shipment issues and are recorded as a reduction of revenue. The Company generally does not recognize significant return obligations due to their infrequent nature. Contract Balances The Company’s contract assets consist of unbilled amounts associated with variable pricing arrangements in its Asia Pacific region. Once pricing is finalized, contract assets are transferred to accounts receivable. As a result, the timing of revenue recognition and billings, as well as changes in foreign exchange rates, will impact contract assets on an ongoing basis. Changes during the nine month period ended September 30, 2018 were not materially impacted by any other factors. The Company’s contract liabilities consist of advance payments received and due from customers. Net contract assets (liabilities) consisted of the following:
Other The Company provides assurance-type warranties to its customers. Such warranties provide customers with assurance that the related product will function as intended and complies with any agreed-upon specifications, and are recognized in costs of products sold. |
Restructuring |
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Restructuring | Restructuring On an ongoing basis, the Company evaluates its business and objectives to ensure that it is properly configured and sized based on changing market conditions. Accordingly, the Company has implemented several restructuring initiatives, including closure or consolidation of facilities throughout the world and the reorganization of its operating structure. In January 2015, the Company announced its intention to further restructure its European manufacturing footprint based on anticipated market demands. This initiative is expected to be substantially complete by December 31, 2018. The estimated cost of this initiative is $121,000 to $125,000, of which approximately $113,500 has been incurred to date. The Company expects to incur total employee separation costs (as defined below) of approximately $61,000 to $63,000, other related exit costs of approximately $59,000 to $61,000 and non-cash asset impairments related to restructuring activities of approximately $500. The Company’s restructuring charges consist of severance, retention and outplacement services, and severance-related postemployment benefits (collectively, “employee separation costs”), other related exit costs and asset impairments related to restructuring activities. Restructuring expense by segment for the three and nine months ended September 30, 2018 and 2017 was as follows:
Restructuring activity for the nine months ended September 30, 2018 was as follows:
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consist of the following:
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Property, Plant and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | Property, Plant and Equipment Property, plant and equipment consists of the following:
During the three months ended September 30, 2018, the Company realized a gain on sale of land of $10,714 in its Europe segment. The net book value of the land was $5,446. The sale of land was contemplated in conjunction with our restructuring plan. Impairment of Long-Lived Assets Due to the Company’s decision to divest two of its inactive European sites, the Company recorded non-cash asset impairment charges of $4,270 in the nine months ended September 30, 2017. Fair value was determined based on current real estate market conditions. |
Goodwill and Intangibles |
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Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Changes in the carrying amount of goodwill by reportable operating segment for the nine months ended September 30, 2018 were as follows:
Goodwill is tested for impairment by reporting unit annually or more frequently if events or circumstances indicate that an impairment may exist. There were no indicators of potential impairment during the nine months ended September 30, 2018. Intangible Assets Intangible assets and accumulated amortization balances as of September 30, 2018 and December 31, 2017 were as follows:
On August 1, 2018, the Company acquired intangible assets of $34,910 with a weighted average useful life of 14.3 years as a result of the Lauren Acquisition. This consisted of $24,000 of supply agreements, $850 of license agreements and $10,060 of customer relationships. Amortization expense totaled $426 for the three months ended September 30, 2018. Estimated amortization expense for each of the next five years is $2,600 in each of the years 2019 through 2021, $2,500 for 2022, and $2,300 for 2023. |
Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt A summary of outstanding debt as of September 30, 2018 and December 31, 2017 is as follows:
5.625% Senior Notes due 2026 In November 2016, the Company issued $400,000 aggregate principal amount of its 5.625% Senior Notes due 2026 (the “Senior Notes”). The Senior Notes mature on November 15, 2026. Interest on the Senior Notes is payable semi-annually in arrears in cash on May 15 and November 15 of each year. Debt issuance costs related to the Senior Notes are amortized into interest expense over the term of the Senior Notes. As of September 30, 2018 and December 31, 2017, the Company had $5,780 and $6,316 of unamortized debt issuance costs, respectively, related to the Senior Notes, which are presented as direct deductions from the principal balance in the condensed consolidated balance sheets. Term Loan Facility Also in November 2016, the Company entered into Amendment No. 1 to its senior term loan facility (“Term Loan Facility”), which provides for loans in an aggregate principal amount of $340,000. Subject to certain conditions, the Term Loan Facility, without the consent of the then-existing lenders (but subject to the receipt of commitments), may be expanded (or a new term loan or revolving facility added) by an amount that will not cause the consolidated secured net debt ratio to exceed 2.25 to 1.00 plus $400,000 plus any voluntary prepayments, including the ABL Facility (as defined below) to the extent commitments are reduced, not funded from proceeds of long-term indebtedness. The Term Loan Facility matures on November 2, 2023, unless earlier terminated. On May 2, 2017, the Company entered into Amendment No. 2 to the Term Loan Facility to modify the interest rate. Subsequently, on March 6, 2018, the Company entered into Amendment No. 3 to the Term Loan Facility to further modify the interest rate. In accordance with this amendment, borrowings under the Term Loan Facility bear interest, at the Company’s option, at either (1) with respect to Eurodollar rate loans, the greater of the applicable Eurodollar rate and 0.75% plus 2.0% per annum, or (2) with respect to base rate loans, the base rate, (which is the highest of the then current federal funds rate plus 0.5%, the prime rate most recently announced by the administrative agent under the term loan, and the one-month Eurodollar rate plus 1.0%) plus 1.0% per annum. As a result of the Amendment No. 3, the Company recognized a loss on refinancing and extinguishment of debt of $770 in the nine months ended September 30, 2018, which was due to the partial write off of new and unamortized debt issuance costs and unamortized original issue discount. As of September 30, 2018 and December 31, 2017, the Company had $3,014 and $3,537 of unamortized debt issuance costs, respectively, and $1,944 and $2,281 of unamortized original issue discount, respectively, related to the Term Loan Facility, which are presented as direct deductions from the principal balance in the condensed consolidated balance sheets. Both the debt issuance costs and the original issue discount are amortized into interest expense over the term of the Term Loan Facility. ABL Facility In November 2016, the Company entered into a $210,000 Third Amended and Restated Loan Agreement of its senior asset-based revolving credit facility (“ABL Facility”). The ABL Facility provides for an aggregate revolving loan availability of up to $210,000, subject to borrowing base availability, including a $100,000 letter of credit sub-facility and a $25,000 swing line sub-facility. The ABL Facility also provides for an uncommitted $100,000 incremental loan facility, for a potential total ABL Facility of $310,000, if requested by the borrowers under the ABL Facility and the lenders agree to fund such increase. No consent of any lender is required to effect any such increase, except for those participating in the increase. As of September 30, 2018, there were no borrowings under the ABL Facility, and subject to borrowing base availability, the Company had $205,173 in availability, less outstanding letters of credit of $7,484. Any borrowings under our ABL Facility will mature, and the commitments of the lenders under our ABL Facility will terminate, on November 2, 2021. As of September 30, 2018 and December 31, 2017, the Company had $1,104 and $1,373, respectively, of unamortized debt issuance costs related to the ABL Facility, which are presented in other assets in the condensed consolidated balance sheets. Debt Covenants The Company was in compliance with all covenants of the Senior Notes, Term Loan Facility and ABL Facility, as of September 30, 2018. Other Other borrowings reflect borrowings under capital leases and local bank lines. |
Fair Value Measurements and Financial Instruments |
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Fair Value Measurements and Financial Instruments | Fair Value Measurements and Financial Instruments Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy is utilized, which prioritizes the inputs used in measuring fair value as follows:
Items Measured at Fair Value on a Recurring Basis Estimates of the fair value of foreign currency and interest rate derivative instruments are determined using exchange traded prices and rates. The Company also considers the risk of non-performance in the estimation of fair value, and includes an adjustment for non-performance risk in the measure of fair value of derivative instruments. In certain instances where market data is not available, the Company uses management judgment to develop assumptions that are used to determine fair value. Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured or disclosed at fair value on a recurring basis as of September 30, 2018 and December 31, 2017 were as follows:
Items Measured at Fair Value on a Nonrecurring Basis In addition to items that are measured at fair value on a recurring basis, the Company measures certain assets and liabilities at fair value on a nonrecurring basis, which are not included in the table above. As these nonrecurring fair value measurements are generally determined using unobservable inputs, these fair value measurements are classified within Level 3 of the fair value hierarchy. For further information on assets and liabilities measured at fair value on a nonrecurring basis see Note 3. “Acquisitions and Divestitures” and Note 8. “Property, Plant and Equipment.” Items Not Carried at Fair Value Fair values of the Company’s Senior Notes and Term Loan Facility were as follows:
(1) Excludes unamortized debt issuance costs and unamortized original issue discount. Fair values were based on quoted market prices and are classified within Level 1 of the fair value hierarchy. Derivative Instruments and Hedging Activities The Company is exposed to fluctuations in foreign currency exchange rates, interest rates and commodity prices. The Company enters into derivative instruments primarily to hedge portions of its forecasted foreign currency denominated cash flows and designates these derivative instruments as cash flow hedges in order to qualify for hedge accounting. Gains or losses on derivative instruments resulting from hedge ineffectiveness are reported in earnings. The Company formally documents its hedge relationships, including the identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the cash flow hedges. The Company also formally assesses whether a cash flow hedge is highly effective in offsetting changes in the cash flows of the hedged item. Derivatives are recorded at fair value in other current assets, other assets, accrued liabilities and other long-term liabilities. For a cash flow hedge, the effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive income (loss) (“AOCI”) in the condensed consolidated balance sheet and reclassified into earnings when the underlying hedged transaction is realized. The realized gains and losses are recorded on the same line as the hedged transaction in the consolidated statements of net income. The Company is exposed to credit risk in the event of nonperformance by its counterparties on its derivative financial instruments. The Company mitigates this credit risk exposure by entering into agreements directly with major financial institutions with high credit standards that are expected to fully satisfy their obligations under the contracts. Cash Flow Hedges Forward Foreign Exchange Contracts - The Company uses forward contracts to mitigate the potential volatility to earnings and cash flow arising from changes in currency exchange rates that impact the Company’s foreign currency transactions. The principal currencies hedged by the Company include various European currencies, the Canadian Dollar, the Mexican Peso, and the Brazilian Real. As of September 30, 2018, the notional amount of these contracts was $45,531 and consisted of hedges of transactions up to June 2019. Interest rate swaps - The Company has historically used interest rate swap contracts to manage cash flow variability associated with its variable rate Term Loan Facility. The interest rate swap contract, which fixes the interest payments of variable rate debt instruments, is used to manage exposure to fluctuations in interest rates. As of September 30, 2018, the interest rate swap contract reached maturity and was settled. Pretax amounts related to the Company’s cash flow hedges that were recognized in other comprehensive income (loss) (“OCI”) were as follows:
Pretax amounts related to the Company’s cash flow hedges that were reclassified from AOCI were as follows:
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Accounts Receivable Factoring |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable Factoring | Accounts Receivable Factoring As a part of its working capital management, the Company previously sold certain receivables through third-party financial institutions in on- and off-balance sheet arrangements. In December 2017, the Company completed the transition from multiple factoring providers to a pan-European program under a single third-party financial institution (the “Factor”). The amount sold varies each month based on the amount of underlying receivables and cash flow needs of the Company. These are permitted transactions under the Company’s credit agreements governing the ABL Facility and Term Loan Facility and the indenture governing the Senior Notes. Costs incurred on the sale of receivables are recorded in other expense, net and interest expense, net of interest income in the condensed consolidated statements of net income. The sale of receivables under this contract is considered an off-balance sheet arrangement to the Company and is accounted for as a true sale and is excluded from accounts receivable in the consolidated balance sheet. Amounts outstanding under receivable transfer agreements entered into by various locations as of the period end were as follows:
Accounts receivable factored and related costs throughout the period were as follows:
The Company continues to service sold receivables and acts as collection agent for the Factor. As of September 30, 2018 and December 31, 2017, cash collections on behalf of the Factor that have yet to be remitted were $19,892 and $36,248, respectively, and are reflected in cash and cash equivalents in the condensed consolidated balance sheet. |
Pension and Postretirement Benefits other than Pensions |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Postretirement Benefits other than Pensions | Pension and Postretirement Benefits Other Than Pensions The components of net periodic benefit (income) cost for the Company’s defined benefit plans and other postretirement benefit plans were as follows:
The Company adopted ASU 2017-07 during the first quarter of 2018. As a result, the service cost component of net periodic benefit (income) cost is included in cost of products sold and selling, administrative and engineering expenses in the condensed consolidated statements of net income. All other components of net periodic benefit (income) cost are included in other expense, net in the condensed consolidated statements of net income for all periods presented. Contributions The Company made a discretionary contribution of $15,000 to its U.S. pension plan in the three months ended September 30, 2018. |
Other Expense, Net |
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Other (Expense) Income, Net | Other Expense, Net The components of other expense, net were as follows:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The Company determines its effective tax rate each quarter based upon its estimated annual effective tax rate. The Company records the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. In addition, jurisdictions with a projected loss for the year where no tax benefit can be recognized are excluded from the estimated annual effective tax rate. Income tax expense, income before income taxes and the corresponding effective tax rate for the three and nine months ended September 30, 2018 and 2017, were as follows:
The effective tax rate for the three and nine months ended September 30, 2018 compared to the three and nine months ended September 30, 2017 was lower primarily due to the lower U.S. statutory rate and benefits recorded from adjustments to provisional amounts recorded as a result of the U.S. Tax Cuts and Jobs Act in the three and nine months ended September 30, 2018. The income tax rate for the three and nine months ended September 30, 2018 and 2017 varies from statutory rates primarily due to adjustments to provisional amounts recorded as a result of the U.S. Tax Cuts and Jobs Act, tax credits, the impact of income taxes on foreign earnings taxed at rates varying from the U.S. statutory rate, the inability to record a tax benefit for pre-tax losses in certain foreign jurisdictions to the extent not offset by other categories of income, income tax incentives, excess tax benefits related to share-based compensation and other permanent items. Further, the Company’s current and future provision for income taxes may be impacted by the recognition of valuation allowances in certain countries. The Company intends to maintain these valuation allowances until it is more likely than not that the deferred tax assets will be realized. On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Act”) was enacted into law. The Act reduces the U.S. federal corporate tax rate from 35% to 21% and requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously deferred. Additional changes potentially impacting the Company include limitations on the deductibility of executive compensation and new taxes on certain foreign sourced earnings. Staff Accounting Bulletin 118 allows the Company to record provisional amounts and reflect changes to such amounts through income tax expense during the one-year measurement period following enactment. All amounts recorded by the Company for the impact of the Act have been recorded provisionally beginning in the period ended December 31, 2017. As discussed further below, during the three and nine months ended September 30, 2018, the Company recognized benefits of $7,070 to the provisional amounts recorded at December 31, 2017 and included these adjustments as a component of income tax expense from continuing operations. In all cases, the Company will continue to make and refine its calculations as additional analysis is completed. The Company’s estimates may also be affected as future guidance is issued. These changes could be material to income tax expense. The Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%, and recorded a benefit of $2,875 for the U.S. federal tax rate change in the period ending December 31, 2017. Upon further analysis of certain aspects of the Act and refinement of the Company’s calculations, the Company adjusted its provisional amount by recording a benefit of $3,062 during the three and nine months ended September 30, 2018, which is included as a component of income tax expense from continuing operations. The Company continues to analyze and refine its calculations related to the remeasurement of these balances and consider the amounts provisional while completing its analysis during the one-year measurement period following enactment. In addition, the Company early adopted ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which permits entities to reclassify the tax effects stranded in accumulated other comprehensive income as a result of the Act to retained earnings. The adoption resulted in the reclassification of $8,639 from accumulated other comprehensive loss to retained earnings. A one-time transition tax based on the Company’s total post-1986 earnings and profits (E&P) which it had deferred from U.S. income taxes under previous U.S. law was recorded on a provisional basis in the amount of $32,533 in the period ended December 31, 2017. Upon further analysis of certain aspects of the Act and refinement of the Company’s calculations during the three and nine months ended September 30, 2018, the Company recorded a benefit decreasing the provisional amount by $4,008, which is included as a component of income tax expense from continuing operations. The Company continues to analyze and refine its calculations related to the remeasurement of these balances and consider the amounts provisional while completing its analysis during the one-year measurement period following enactment. As of September 30, 2018, the Company made its best estimate of the annual effective tax rate (“EAETR”) for the full year of 2018. The Company continues to examine the potential impact of certain provisions of the Act that could affect its 2018 EAETR, including the provisions related to global intangible low-taxed income (“GILTI”), foreign derived intangible income (“FDII”) and the base erosion and anti-abuse tax (“BEAT”). Accordingly, the Company’s 2018 tax expense could be impacted as additional analysis is completed. The Company has elected to recognize the resulting tax on GILTI as a period expense in the period the tax is incurred and expects to incur tax for the year ended December 31, 2018. |
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. | Net Income Per Share Attributable to Cooper-Standard Holdings Inc. Basic net income per share attributable to Cooper-Standard Holdings Inc. was computed by dividing net income attributable to Cooper-Standard Holdings Inc. by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share attributable to Cooper-Standard Holdings Inc. was computed using the treasury stock method by dividing diluted net income available to Cooper-Standard Holdings Inc. by the weighted average number of shares of common stock outstanding, including the dilutive effect of common stock equivalents, using the average share price during the period. Information used to compute basic and diluted net income per share attributable to Cooper-Standard Holdings Inc. was as follows:
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Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component, net of related tax, were as follows:
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Common Stock |
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Equity [Abstract] | |
Common Stock | Common Stock Share Repurchase Program In June 2018, the Company entered into an accelerated share repurchase ("ASR") agreement with a third-party financial institution to repurchase the Company's common stock. Under the ASR agreement, the Company made an up-front payment of $35,000 and received an initial delivery of 207,193 shares in the second quarter of 2018. The repurchase was completed in the third quarter of 2018 when the Company received an additional 51,092 shares. A total of 258,285 shares were repurchased at a weighted average purchase price of $135.51 per share during the nine months ended September 30, 2018 under the ASR agreement. In addition to the repurchase under the ASR agreement, during the nine months ended September 30, 2018, the Company repurchased 69,503 shares of its common stock at an average purchase price of $122.64 per share, excluding commissions, for a total cost of $8,524. Also in June 2018, the Company’s Board of Directors approved a new common stock repurchase program (the “2018 Program”) authorizing the Company to repurchase, in the aggregate, up to $150,000 of its outstanding common stock. Under the 2018 Program, repurchases may be made on the open market, through private transactions, accelerated share repurchases, round lot or block transactions on the New York Stock Exchange or otherwise, as determined by the Company’s management and in accordance with prevailing market conditions and federal securities laws and regulations. The 2018 Program, which is effective in November 2018, replaces the prior $125,000 authorization to repurchase shares approved by the board in March 2016 (the “2016 Program”). As of September 30, 2018, the Company had approximately $1,700 of repurchase authorization remaining under the 2016 Program. During the nine months ended September 30, 2017, the Company repurchased 306,072 shares at an average purchase price of $102.76 per share, excluding commissions, for a total cost of $31,452, of which $30,680 was settled in cash during the quarter. |
Share-Based Compensation |
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Share-Based Compensation | Share-Based Compensation The Company’s long-term incentive plans allow for the grant of various types of share-based awards to key employees and directors of the Company and its affiliates. The Company generally awards grants on an annual basis. In February 2018, the Company granted Restricted Stock Units (“RSUs”), Performance Units (“PUs”) and stock options. The RSUs cliff vest after three years, the PUs cliff vest at the end of their three-year performance period, and the stock options vest ratably over three years. The number of PUs that will vest depends on the Company’s achievement of target performance goals related to the Company’s return on invested capital (“ROIC”), which may range from 0% to 200% of the target award amount. The grant-date fair value of the RSUs and PUs was determined using the closing price of the Company’s common stock on the date of grant. The grant-date fair value of the stock options was determined using the Black-Scholes option pricing model. During the nine months ended September 30, 2018 and 2017, the Company paid $13,279 and $4,296 of cash to settle PUs that vested in February 2018 and February 2017, respectively. Share-based compensation expense was as follows:
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Related Party Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions A summary of the material related party transactions with affiliates accounted for under the equity method was as follows:
(1) Relates to transactions with Nishikawa Cooper LLC (“NISCO”) (2) From NISCO and Nishikawa Tachaplalert Cooper Ltd. inclusive of any gross up of dividend related to withholding tax Amounts receivable from NISCO and Sujan Cooper Standard AVS Private Limited as of September 30, 2018 and December 31, 2017 were $6,547 and $3,109, respectively. |
Commitments and Contingencies |
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Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is periodically involved in claims, litigation and various legal matters that arise in the ordinary course of business. The Company accrues for litigation exposure when it is probable that future costs will be incurred and such costs can be reasonably estimated. Any resulting adjustments, which could be material, are recorded in the period the adjustments are identified. As of September 30, 2018, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for claims, litigation and various legal matters, if any, has been incurred. However, the ultimate resolutions of these proceedings and matters are inherently unpredictable. As such, the Company’s financial condition, results of operations or cash flows could be adversely affected in any particular period by the unfavorable resolution of one or more of these proceedings or matters. In addition, the Company conducts and monitors environmental investigations and remedial actions at certain locations. As of September 30, 2018 and December 31, 2017, the undiscounted reserve for environmental investigation and remediation was approximately $6,359 and $7,363, respectively. The Company does not believe that the environmental liabilities associated with its current and former properties will have a material adverse impact on its financial condition, results of operations or cash flows; however, no assurances can be given in this regard. |
Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure | Segment Reporting The Company has determined that it operates in four reportable segments: North America, Europe, Asia Pacific and South America. The Company’s principal products within each of these segments are sealing, fuel and brake delivery, fluid transfer, and anti-vibration systems. The Company evaluates segment performance based on segment profit before tax. The results of each segment include certain allocations for general, administrative, interest, and other shared costs. Certain financial information on the Company’s reportable segments was as follows:
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Overview (Policies) |
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Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of Presentation Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company” or “Cooper Standard”), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”), is a leading manufacturer of sealing, fuel and brake delivery, fluid transfer, and anti-vibration systems. The Company’s products are primarily for use in passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers (“OEMs”) and replacement markets. The Company conducts substantially all of its activities through its subsidiaries. Subsequent to the end of the Company's third quarter, on November 2, 2018, the Company entered into a definitive agreement to divest the anti-vibration systems product line. See Note 3. Acquisitions and Divestitures and Note 4. Assets Held for Sale. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 Annual Report”), as filed with the SEC. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These financial statements include all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation of the financial position and results of operations of the Company. The operating results for the interim period ended September 30, 2018 are not necessarily indicative of results for the full year. In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Company’s financial statements for the three and nine months ended September 30, 2017 have been recast to reflect the effects of the adoption of Accounting Standards Update (“ASU”) 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, and ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, both of which were adopted in the first quarter of 2018. The financial statement line items affected due to the adoption of ASU 2017-07 were cost of products sold, selling, administration & engineering expenses and other expense, net. The financial statement line items affected due to the adoption of ASU 2016-18 were cash flows from operating activities and beginning and ending cash, cash equivalents and restricted cash. Amounts included in restricted cash are maintained to meet local regulatory requirements in Europe and Korea in support of employee related programs. |
New Accounting Pronouncements New Accounting Pronouncements, Policy (Policies) |
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New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements The Company adopted the following ASU during the three months ended September 30, 2018:
The Company adopted the following ASU during the nine months ended September 30, 2018: ASU 2014-09, Revenue from Contracts with Customers (Topic 606) On January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, and all related amendments using the modified retrospective method applied to contracts that were not completed at the date of initial application. The new standard replaced existing revenue recognition guidance with a five-step model and additional financial statement disclosures. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The Company did not recognize a cumulative effect adjustment to the opening balance of retained earnings because net income was not impacted upon adoption. However, the cumulative effect of the changes made to the Company’s consolidated January 1, 2018 balance sheet were as follows:
The new standard primarily impacted how the Company accounts for unbilled receivables associated with variable pricing arrangements, now recognized as contract assets. Before adoption, the Company recognized such amounts in accounts receivable. In accordance with the modified retrospective adoption method, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The following table summarizes the impact of adopting the new standard on the Company’s consolidated balance sheet as of September 30, 2018.
Recently Issued Accounting Pronouncements The Company considered the recently issued accounting pronouncement summarized as follows, which will have a material impact on its consolidated financial statements or disclosures:
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Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | However, the cumulative effect of the changes made to the Company’s consolidated January 1, 2018 balance sheet were as follows:
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Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The following table summarizes the impact of adopting the new standard on the Company’s consolidated balance sheet as of September 30, 2018.
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Acquisitions Acquisitions and Divestitures (Tables) |
Aug. 01, 2018 |
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Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the estimated fair value of Lauren assets acquired and liabilities assumed at the date of acquisition:
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Assets Held for Sale (Tables) |
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Disposal Groups, Including Discontinued Operations [Table Text Block] | The major classes of assets and liabilities held for sale were as follows:
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Revenue (Tables) |
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Disaggregation of Revenue [Table Text Block] | Revenue by customer group for the three months ended September 30, 2018 was as follows:
Revenue by customer group for the nine months ended September 30, 2018 was as follows:
Revenue by product line for the three months ended September 30, 2018 was as follows:
Revenue by product line for the nine months ended September 30, 2018 was as follows:
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Contract with Customer, Asset and Liability [Table Text Block] | Net contract assets (liabilities) consisted of the following:
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Restructuring (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity of Restructuring | Restructuring expense by segment for the three and nine months ended September 30, 2018 and 2017 was as follows:
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Schedule of Restructuring Reserve by Type of Cost | Restructuring activity for the nine months ended September 30, 2018 was as follows:
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Inventories | Inventories consist of the following:
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Property, Plant and Equipment (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following:
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Goodwill and Intangibles (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount of Goodwill by Reportable Operating Segment | Changes in the carrying amount of goodwill by reportable operating segment for the nine months ended September 30, 2018 were as follows:
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Intangible Assets and Accumulated Amortization Balances | Intangible assets and accumulated amortization balances as of September 30, 2018 and December 31, 2017 were as follows:
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Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Debt | A summary of outstanding debt as of September 30, 2018 and December 31, 2017 is as follows:
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Fair Value Measurements and Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy Level for Company's Liabilities Measured | Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured or disclosed at fair value on a recurring basis as of September 30, 2018 and December 31, 2017 were as follows:
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Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair values of the Company’s Senior Notes and Term Loan Facility were as follows:
(1) Excludes unamortized debt issuance costs and unamortized original issue discount. |
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Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Pretax amounts related to the Company’s cash flow hedges that were recognized in other comprehensive income (loss) (“OCI”) were as follows:
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Pretax amounts related to the Company’s cash flow hedges that were reclassified from AOCI were as follows:
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Accounts Receivable Factoring (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables Outstanding Under Transfer Arrangements [Table Text Block] | Amounts outstanding under receivable transfer agreements entered into by various locations as of the period end were as follows:
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Receivables Factored and Costs Incurred [Table Text Block] | Accounts receivable factored and related costs throughout the period were as follows:
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Pension and Postretirement Benefits other than Pensions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost of Defined Benefit Plans and Other Postretirement Benefit Plans | The components of net periodic benefit (income) cost for the Company’s defined benefit plans and other postretirement benefit plans were as follows:
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Other Expense, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details of Components of Other Income Expense, Net | The components of other expense, net were as follows:
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Income tax expense, income before income taxes and the corresponding effective tax rate for the three and nine months ended September 30, 2018 and 2017, were as follows:
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Net Income Per Share Attributable to Cooper-Standard Holdings Inc. (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted net income per share attributable | Information used to compute basic and diluted net income per share attributable to Cooper-Standard Holdings Inc. was as follows:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) by component, net of related tax, were as follows:
|
Share-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Expense By Type [Table Text Block] | Share-based compensation expense was as follows:
|
Related Party Transactions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | A summary of the material related party transactions with affiliates accounted for under the equity method was as follows:
(1) Relates to transactions with Nishikawa Cooper LLC (“NISCO”) (2) From NISCO and Nishikawa Tachaplalert Cooper Ltd. |
Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information on Company's Business Segments | Certain financial information on the Company’s reportable segments was as follows:
|
New Accounting Pronouncements Cumulative effect of adoption (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts Receivable, Net, Current | $ 462,619 | $ 489,445 | $ 494,049 |
Other Assets, Current | $ 86,547 | 105,382 | $ 100,778 |
Accounts Receivable [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Adjustments due to adoption of ASC 606 | (4,604) | ||
Other Current Assets [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Adjustments due to adoption of ASC 606 | $ 4,604 |
New Accounting Pronouncements Impact of new accounting pronouncement (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accounts Receivable, Net, Current | $ 462,619 | $ 489,445 | $ 494,049 |
Other Assets, Current | 86,547 | $ 105,382 | $ 100,778 |
Accounts Receivable [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Balance without adoption of ASC 606 | 465,468 | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (2,849) | ||
Other Current Assets [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Balance without adoption of ASC 606 | 83,698 | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 2,849 |
New Accounting Pronouncements Impact of ASU adoption (Details) $ in Thousands |
Sep. 30, 2018
USD ($)
|
---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 |
Retained Earnings [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 8,639 |
Acquisitions - Divestiture of a Product Line (Details) $ in Thousands |
3 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Proceeds from Divestiture of Businesses | $ 265,500 |
Revenue Net contract assets (liabilities) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Jan. 01, 2018 |
|
Net contract assets (liabilities) [Abstract] | ||
Contract with Customer, Asset, Gross, Current | $ 2,849 | $ 4,604 |
Contract with Customer, Asset, Explanation of Change | (1,755) | |
Contract with Customer, Liability, Current | (646) | 0 |
Contract with Customer, Liability, Explanation of Change | (646) | |
Contract with Customer, Asset, Net, Current | 2,203 | $ 4,604 |
Contract with Customer, Net, Explanation of Change | $ (2,401) |
Restructuring - Summary of Restructuring Expense (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | $ 2,703 | $ 9,909 | $ 19,841 | $ 28,220 |
North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | 830 | 2,503 | 3,831 | 3,320 |
Europe [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | 1,212 | 6,236 | 14,465 | 22,341 |
Asia Pacific [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | 606 | 1,170 | 1,375 | 2,559 |
South America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | $ 55 | $ 0 | $ 170 | $ 0 |
Restructuring - Summary of Activity of Restructuring (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | $ 22,335 | |||
Restructuring | $ 2,703 | $ 9,909 | 19,841 | $ 28,220 |
Cash payments | (31,176) | |||
Foreign exchange translation and other | (623) | |||
Restructuring Reserve, Ending Balance | 10,377 | 10,377 | ||
Employee Separation Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 15,091 | |||
Restructuring | 13,118 | |||
Cash payments | (20,591) | |||
Foreign exchange translation and other | (521) | |||
Restructuring Reserve, Ending Balance | 7,097 | 7,097 | ||
Other Exit Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 7,244 | |||
Restructuring | 6,723 | |||
Cash payments | (10,585) | |||
Foreign exchange translation and other | (102) | |||
Restructuring Reserve, Ending Balance | $ 3,280 | $ 3,280 |
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 51,551 | $ 47,613 |
Work in process | 42,854 | 35,455 |
Raw materials and supplies | 88,338 | 87,128 |
Inventories | $ 182,743 | $ 170,196 |
Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Land and improvements | $ 68,793 | $ 73,419 |
Buildings and improvements, gross | 282,815 | 305,231 |
Machinery and equipment, gross | 1,049,711 | 1,022,279 |
Construction in progress, gross | 227,654 | 198,358 |
Property, Plant and Equipment, Gross | 1,628,973 | 1,599,287 |
Accumulated depreciation | (662,392) | (647,109) |
Property, plant and equipment, net | $ 966,581 | $ 952,178 |
Property, Plant and Equipment Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Property, Plant and Equipment [Abstract] | ||||
Gain (Loss) on Disposition of Assets | $ 10,714 | |||
Net Book Value of Disposed Property Plant Equipment | 5,446 | |||
Impairment charges | $ 0 | $ 0 | $ 0 | $ 4,270 |
Goodwill and Intangibles - Intangible Assets and Accumulated Amortization Balances (Detail) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 193,328 | $ 161,118 |
Accumulated Amortization | (101,935) | (92,027) |
Net Carrying Amount | 91,393 | 69,091 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 145,362 | 135,927 |
Accumulated Amortization | (95,690) | (86,342) |
Net Carrying Amount | 49,672 | 49,585 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,783 | 2,893 |
Accumulated Amortization | (2,783) | (2,893) |
Net Carrying Amount | 0 | 0 |
Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 45,183 | 22,298 |
Accumulated Amortization | (3,462) | (2,792) |
Net Carrying Amount | $ 41,721 | $ 19,506 |
Debt - Outstanding Debt (Detail) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Instrument [Line Items] | ||
Senior Notes | $ 394,220 | $ 393,684 |
Term Loan | 329,091 | 330,781 |
Other borrowings | 40,819 | 33,781 |
Total debt | 764,130 | 758,246 |
Less current portion | (36,947) | (34,921) |
Total long-term debt | $ 727,183 | $ 723,325 |
Fair Value Measurements and Financial Instruments - Fair Value Hierarchy Level for Company's Liabilities Measured (Detail) - Level 2 [Member] - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Other Current Assets [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Forward foreign exchange contract asset | $ 1,054 | $ 761 |
Accrued Liabilities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Forward foreign exchange contract liability | (221) | (2,363) |
Interest rate swap liability | $ 0 | $ (515) |
Fair Value Measurements and Financial Instruments - Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value of Debt Instruments [Abstract] | ||
Long-term Debt, Fair Value | $ 727,879 | $ 749,463 |
Long-term Debt, Gross | $ 734,050 | $ 736,600 |
Fair Value Measurements and Financial Instruments - Gains (losses) on Cash Flow Hedges Reported in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | $ 2,253 | $ (763) | $ 3,413 | $ 1,860 |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 0 | 22 | 443 | (27) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 2,253 | $ (741) | $ 3,856 | $ 1,833 |
Fair Value Measurements and Financial Instruments - Reclassifications out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 370 | $ 915 | $ 1,000 | $ 2,371 |
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness | 0 | 0 | 0 | 0 |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 31 | (570) | (162) | (2,048) |
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | 0 | 107 | 209 | 284 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 401 | 345 | 838 | 323 |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | $ 0 | $ 107 | $ 209 | $ 284 |
Fair Value Measurements and Financial Instruments - Additional Information (Detail) - Foreign Exchange Contract [Member] - Cash Flow Hedging [Member] $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Derivative, Notional Amount | $ 45,531 |
Derivative, Maturity Date | Jun. 30, 2019 |
Accounts Receivable Factoring Amounts outstanding under receivable transfer agreements (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Transfers and Servicing [Abstract] | ||
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | $ 94,004 | $ 96,588 |
Accounts Receivable Factoring Receivables Factored and Costs Incurred (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Transfers and Servicing [Abstract] | ||||
Total amount of accounts receivable factored without recourse | $ 149,136 | $ 98,244 | $ 518,808 | $ 390,354 |
Costs incurred on sale of receivables without recourse | (348) | (452) | (1,065) | (1,517) |
Total amount of accounts receivable factored with recourse | 0 | 6,326 | 0 | 20,432 |
Costs incurred on sale of receivables with recourse | $ 0 | $ (29) | $ 0 | $ (74) |
Accounts Receivable Factoring Additional Detail (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Accounts Receivable Factoring [Abstract] | ||
Cash collected on behalf of factor | $ 19,892 | $ 36,248 |
Pension and Postretirement Benefits other than Pensions Additional Detail (Details) |
3 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Defined Benefit Plan Disclosure [Line Items] | |
Payment for Pension Benefits | $ 15,000 |
Other Expense, Net - Details of Components of Other Income Expense, Net (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Other Income and Expenses [Abstract] | ||||
Foreign currency losses | $ (1,184) | $ (1,455) | $ (2,893) | $ (4,033) |
Components of Net Periodic Benefit Cost Other than Service Cost | (165) | (6,334) | (598) | (7,367) |
Losses on sales of receivables | (348) | (221) | (1,065) | (781) |
Miscellaneous income | 0 | 1,225 | 583 | 1,538 |
Other expense, net | $ (1,697) | $ (6,785) | $ (3,973) | $ (10,643) |
Income Taxes Effective Income Tax Rate (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Income Tax [Line Items] | |||||
Corporate Tax Rate | 21.00% | 35.00% | |||
Income Tax Expense (Benefit) | $ (1,190) | $ 7,838 | $ 19,831 | $ 40,258 | |
Deferred Income Tax Expense (Benefit) | 3,062 | $ 2,875 | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 4,008 | $ 32,533 | |||
Income before income taxes | $ 31,474 | $ 33,296 | $ 153,113 | $ 149,870 | |
Effective tax rate | (4.00%) | 24.00% | 13.00% | 27.00% | |
Tax Reform Provisional Amount [Member] | |||||
Income Tax [Line Items] | |||||
Income Tax Expense (Benefit) | $ 7,070 |
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. - Basic and Diluted Net Income Per Share Attributable (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Earnings Per Share [Abstract] | ||||
Net income attributable to Cooper-Standard Holdings Inc. | $ 32,156 | $ 24,640 | $ 130,825 | $ 106,802 |
Diluted net income available to Cooper-Standard Holdings Inc. common stockholders | $ 32,156 | $ 24,640 | $ 130,825 | $ 106,802 |
Basic weighted average shares of common stock outstanding | 17,828,358 | 17,703,660 | 17,939,544 | 17,769,808 |
Dilutive effect of common stock equivalents | 380,810 | 976,858 | 409,072 | 1,068,479 |
Diluted weighted average shares of common stock outstanding | 18,209,168 | 18,680,518 | 18,348,616 | 18,838,287 |
Basic net income per share attributable to Cooper-Standard Holdings Inc. (usd per share) | $ 1.80 | $ 1.39 | $ 7.29 | $ 6.01 |
Diluted net income per share attributable to Cooper-Standard Holdings Inc. (usd per share) | $ 1.77 | $ 1.32 | $ 7.13 | $ 5.67 |
Share-Based Compensation (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 3,775 | $ 7,312 | $ 14,117 | $ 19,006 |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | 506 | 4,327 | 3,885 | 9,171 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | 2,467 | 2,052 | 7,776 | 6,896 |
Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 802 | $ 933 | $ 2,456 | $ 2,939 |
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-Based Compensation, Performance Units, vesting percentage based on Return on Invested Capital, low end of range | 0.00% | |
Share-Based Compensation, Performance Units, vesting percentage based on Return on Invested Capital, high end of range | 200.00% | |
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $ 13,279 | $ 4,296 |
Related Party Transactions (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Related Party Transaction [Line Items] | ||||
Revenue From Related Parties | $ 7,222 | $ 8,288 | $ 23,302 | $ 26,124 |
Related Party Transaction, Purchases from Related Party | 204 | 186 | 614 | 580 |
Proceeds from Equity Method Investment, Distribution | $ 239 | $ 0 | $ 4,747 | $ 5,382 |
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Related Party Transaction Due From To Related Party [Line Items] | ||
Due from Related Party | $ 6,547 | $ 3,109 |
Commitments and Contingencies - Additional Information (Details) - USD ($) |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 6,359 | $ 7,363 |
Segment Reporting - Additional Information (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2018
Segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
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