XML 89 R32.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Business Segments
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Business Segments Business Segments
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, and fluid transfer systems. During the first quarter of 2019 and in prior periods, the Company also operated an anti-vibration systems product line. On April 1, 2019, the Company completed the divestiture of the AVS product line.
The accounting policies of the Company’s segments are consistent with those described in Note 2. “Basis of Presentation and Summary of Significant Accounting Policies.”
Effective January 1, 2019, the Company changed the measurement of its operating segments to segment adjusted EBITDA. The results of each segment include certain allocations for general, administrative and other shared costs. Segment adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
Certain financial information on the Company’s reportable segments was as follows:
 
  Year Ended December 31,
 
2019
 
2018
 
2017
Sales to external customers
 
 
 
 
 
North America
$
1,641,724

 
$
1,924,717

 
$
1,882,670

Europe
868,188

 
1,030,102

 
1,043,738

Asia Pacific
503,953

 
571,160

 
584,808

South America
94,535

 
98,063

 
106,557

Consolidated
$
3,108,400

 
$
3,624,042

 
$
3,617,773

 
 
 
 
 
 
Intersegment sales
 
 
 
 
 
North America
$
18,939

 
$
14,102

 
$
13,760

Europe
11,732

 
15,178

 
15,985

Asia Pacific
3,048

 
5,115

 
5,256

South America
193

 
103

 
49

Eliminations and other
(33,912
)
 
(34,498
)
 
(35,050
)
Consolidated
$
—

 
$
—

 
$
—

 
 
 
 
 
 
Adjusted EBITDA
 
 
 
 
 
North America
$
212,530

 
$
320,955

 
$
326,584

Europe
22,702

 
45,105

 
74,598

Asia Pacific
(29,496
)
 
13,849

 
54,356

South America
(4,128
)
 
(7,251
)
 
(3,891
)
Consolidated
$
201,608

 
$
372,658

 
$
451,647

 
 
 
 
 
 
Net interest expense
 
 
 
 
 
North America
$
13,033

 
$
16,585

 
$
16,824

Europe
6,898

 
10,894

 
12,287

Asia Pacific
22,785

 
12,646

 
11,884

South America
1,397

 
879

 
1,117

Consolidated
$
44,113

 
$
41,004

 
$
42,112

 
 
 
 
 
 
Depreciation and amortization expense
 
 
 
 
 
North America
$
74,941

 
$
70,566

 
$
66,734

Europe
40,824

 
43,974

 
40,899

Asia Pacific
33,110

 
29,699

 
27,085

South America
3,078

 
2,459

 
3,370

Consolidated
$
151,953

 
$
146,698

 
$
138,088

 
 
 
 
 
 

 
  Year Ended December 31,
 
2019
 
2018
 
2017
Capital expenditures
 
 
 
 
 
North America
$
65,357

 
$
72,467

 
$
67,333

Europe
35,671

 
53,542

 
45,881

Asia Pacific
40,219

 
70,672

 
51,182

South America
7,340

 
5,734

 
4,919

Corporate
15,879

 
15,656

 
17,480

Consolidated
$
164,466

 
$
218,071

 
$
186,795


 
  Year Ended December 31,
 
2019
 
2018
 
2017
Adjusted EBITDA
$
201,608

 
$
372,658

 
$
451,647

Gain on sale of business
191,571

 
—

 
—

Gain on sale of land
—

 
10,377

 
—

Restructuring charges
(51,102
)
 
(29,722
)
 
(35,137
)
Goodwill impairment charges
—

 
(39,818
)
 
—

Other impairment charges
(23,139
)
 
(43,706
)
 
(14,763
)
Project costs
(2,090
)
 
(4,881
)
 
—

Amortization of inventory write-up
—

 
(1,460
)
 
—

Lease termination costs
(1,167
)
 
—

 
—

Pension settlement charges
(15,997
)
 
(775
)
 
(6,427
)
Foreign tax amnesty program
—

 
—

 
(4,623
)
Loss on refinancing and extinguishment of debt
—

 
(770
)
 
(1,020
)
EBITDA
$
299,684

 
$
261,903

 
$
389,677

Income tax (expense) benefit
(36,089
)
 
29,400

 
(71,506
)
Interest expense, net of interest income
(44,113
)
 
(41,004
)
 
(42,112
)
Depreciation and amortization
(151,953
)
 
(146,698
)
 
(138,088
)
Net income attributable to Cooper-Standard Holdings Inc.
$
67,529

 
$
103,601

 
$
137,971


 
December 31,
 
2019
 
2018
Segment assets
 
 
 
North America
$
1,127,621

 
$
1,174,604

Europe
567,641

 
541,495

Asia Pacific
614,952

 
616,093

South America
65,438

 
54,629

Eliminations and other
259,930

 
237,324

Consolidated
$
2,635,582

 
$
2,624,145



Product Line Information
Product line information for revenues was as follows:
 
  Year Ended December 31,
 
2019
 
2018
 
2017
Revenues
 
 
 
 
 
Sealing systems
$
1,534,456

 
$
1,797,945

 
$
1,909,202

Fuel and brake delivery systems
740,889

 
796,035

 
756,495

Fluid transfer systems
598,172

 
563,342

 
521,553

Anti-vibration systems
78,728

 
339,903

 
326,684

Other
156,155

 
126,817

 
103,839

Consolidated
$
3,108,400

 
$
3,624,042

 
$
3,617,773


Geographic Information
Geographic information for revenues, based on country of origin, and property, plant and equipment, net, is as follows:
 
  Year Ended December 31,
 
2019
 
2018
 
2017
Revenues
 
 
 
 
 
United States
$
729,866

 
$
883,273

 
$
872,025

Mexico
723,228

 
763,094

 
723,423

China
355,667

 
466,119

 
494,595

France
159,859

 
305,416

 
299,257

Canada
188,652

 
278,349

 
287,222

Poland
270,197

 
245,853

 
253,109

Germany
151,441

 
187,374

 
192,959

Other
529,490

 
494,564

 
495,183

Consolidated
$
3,108,400

 
$
3,624,042

 
$
3,617,773

 
 
 
 
 
 
 
 
 
December 31,
 
 
 
2019
 
2018
Property, plant and equipment, net
 
 
 
 
 
United States
 
 
$
218,640

 
$
216,036

Mexico
 
 
153,414

 
128,242

China
 
 
196,502

 
214,770

France
 
 
32,938

 
47,088

Canada
 
 
31,568

 
34,405

Poland
 
 
88,162

 
70,956

Germany
 
 
78,967

 
81,935

Other
 
 
188,086

 
190,809

Consolidated
 
 
$
988,277

 
$
984,241


Customer Concentration
Sales to customers of the Company which contributed 10% or more of its total consolidated sales and the related percentage of consolidated Company sales for 2019, 2018 and 2017 are as follows:
 
2019 Percentage of Net Sales
 
2018 Percentage of Net Sales
 
2017 Percentage of Net Sales
Customer
 
 
 
 
 
Ford
25
%
 
27
%
 
28
%
General Motors
18
%
 
19
%
 
19
%
Fiat Chrysler Automobiles
12
%
 
11
%
 
11
%