10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark one)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021

OR

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

For the transition period from                     to                    

Commission file number 001-36127

COOPER-STANDARD HOLDINGS INC.

(Exact name of registrant as specified in its charter)

Delaware	20-1945088
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

40300 Traditions Drive

Northville, Michigan 48168

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (248) 596-5900

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

Title of Each Class	Trading Symbol(s)	Name of Exchange on Which Registered
Common Stock, par value $0.001 per share	CPS	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☒    No  ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No  ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

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

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

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

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

The aggregate market value of voting and non-voting common stock held by non-affiliates as of June 30, 2021 was $354,398,212.

The number of the registrant’s shares of common stock, $0.001 par value per share, outstanding as of February 9, 2022 was 16,994,122 shares.

Documents Incorporated by Reference

Certain portions, as expressly described in this report, of the Registrant’s Proxy Statement for the 2022 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K.

TABLE OF CONTENTS

		Page
PART I
Item 1.	Business	3
Item 1A.	Risk Factors	12
Item 1B.	Unresolved Staff Comments	22
Item 2.	Properties	23
Item 3.	Legal Proceedings	23
Item 4.	Mine Safety Disclosures	23
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	24
Item 6.	[Reserved]	25
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 8.	Financial Statements and Supplementary Data	42
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	90
Item 9A.	Controls and Procedures	90
Item 9B.	Other Information	90
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	90
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	91
Item 11.	Executive Compensation	91
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	91
Item 13.	Certain Relationships and Related Transactions, and Director Independence	91
Item 14.	Principal Accounting Fees and Services	91
PART IV
Item 15.	Exhibits and Financial Statement Schedules	92
Signatures		99

PART I

Item 1.        Business

Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company,” “Cooper Standard,” “we,” “our” or “us”) is a leading manufacturer of sealing, fuel and brake delivery, and fluid transfer systems. Our products are primarily for use in passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers (“OEMs”) and replacement markets. We conduct substantially all of our activities through our subsidiaries.

Cooper Standard is listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “CPS.” The Company has approximately 22,600 employees, including 2,600 contingent workers, with 129 facilities in 21 countries. We are the largest global producer of sealing systems and are the second largest global producer of the types of fuel and brake delivery products that we manufacture and the largest North American producer of the types of fluid transfer systems that we manufacture. We design and manufacture our products in each major region of the world through a disciplined and sustained approach to engineering and operational excellence. We operate in 74 manufacturing locations and 55 design, engineering, administrative and logistics locations.

On January 1, 2020, we changed our organizational structure and created a global automotive business (“Automotive”) and the Advanced Technology Group (“ATG”). Our business is now organized in the following reportable segments: North America, Europe, Asia Pacific and South America. ATG and all other business activities are reported in Corporate, eliminations and other. This operating structure allows us to offer our full portfolio of products and support our global and regional customers with complete engineering and manufacturing expertise in all major regions of the world. We have ongoing restructuring, expansion and cost reduction initiatives to improve competitiveness.

Approximately 82% of our sales in 2021 were to OEMs, including Ford Motor Company (“Ford”), General Motors Company (“GM”), Stellantis, Volkswagen Group, Daimler, Renault-Nissan, BMW, Toyota, Volvo, Jaguar/Land Rover, Honda and various other OEMs based in China. The remaining 18% of our 2021 sales were primarily to Tier I and Tier II automotive suppliers, non-automotive customers, and replacement market distributors. The Company’s products can be found on over 460 nameplates globally.

Corporate History and Business Developments

Cooper-Standard Holdings Inc. was established in 2004 as a Delaware corporation and began operating on December 23, 2004 when it acquired the automotive segment of Cooper Tire & Rubber Company. Cooper-Standard Holdings Inc. operates the business primarily through its principal operating subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”). Since the 2004 acquisition, the Company has expanded and diversified its customer base through a combination of organic growth and strategic acquisitions.

In 2018, we established ATG, which incorporated our Industrial and Specialty Group, to accelerate and maximize the value stream of Cooper Standard’s materials science technology in industrial and specialty markets. We furthered the expansion of our Industrial and Specialty Group through the acquisition of Lauren Manufacturing and Lauren Plastics in 2018 and signed multiple joint development agreements for our Fortrex™ chemistry platform throughout 2018 to 2021.

In 2019, we finalized the divestiture of our anti-vibration systems business (“AVS”) product line within our North America, Europe and Asia Pacific segments. In 2020, we completed the divestiture of our European rubber fluid transfer and specialty sealing businesses, as well as our Indian operations.

3

Business Strategy

We have set a clear vision for achieving profitable growth with a defined, focused plan to return to double-digit return on invested capital (“ROIC”). At the beginning of 2022, the Company introduced a new Purpose Statement - Creating Sustainable Solutions Together - which represents the importance of sustainability for the long-term health of the business as a whole and the sustained value that we work each day to deliver to our stakeholders (customers, investors, employees, suppliers and communities). Our key strategic imperatives are defined as:

Financial Strength:	Execute our Driving Value plan, achieving and sustaining double digit adjusted EBITDA margins and ROIC.
Growth – Building For The Future:	Leverage our materials science and manufacturing expertise. Pursue opportunities for both organic and inorganic growth. Continue to build an exceptional workforce.
World-Class Functional Expertise and Execution:	Attain world-class results across all functions allowing the Company to be the first choice of our stakeholders.
Sustainability:	Deliver value to all our stakeholders through Environmental, Social, and Governance (ESG) initiatives to ensure the long-term sustainability of the Company.

Cooper Standard’s global alignment around these imperatives continues to drive further value in many areas of the business, including:

Operational and Strategic Initiatives

As part of Cooper Standard’s world-class operations, the Company implemented CSOS (Cooper Standard Operating System) to fully position the Company for growth and ensure global consistency in engineering design, program management, manufacturing process, purchasing and IT systems. Standardization across all regions is especially critical in support of customers’ global platforms that require the same design, quality and delivery standards everywhere across the world. As a result of these initiatives, the Company has leveraged CSOS to drive an average savings from improved operating efficiency of approximately $60 million each of the past five years.

In addition, as part of our continued focus on sustainability and corporate responsibility, Cooper Standard recently formed a Global Sustainability Council to provide executive level oversight for the Company’s sustainability strategy and ensure alignment and integration with business goals and stakeholder priorities. The council maintains a holistic look at the Company’s ESG (environmental, social and governance) initiatives, tracks rapidly evolving best practices and further develops long-term goals to drive world-class ESG performance.

Cooper Standard continues to progress its diversification strategy through its Advanced Technology Group which is charged with accelerating and maximizing expertise in the Company’s core process types for applications in the industrial and specialty markets. This business also drives growth and diversification through the Company’s applied materials science offerings, which include the Fortrex™ chemistry platform that provides performance advantages over many other materials, as well as a significantly reduced carbon footprint.

The Company’s CS Open Innovation initiative aims to position Cooper Standard as the partner of choice for start-ups, universities and other suppliers through a proactive outreach program. The initiative is focused in the areas of materials science, manufacturing and process technology, digital/artificial intelligence and advanced product technology.

In addition, the Company has implemented its Driving Value plan to return to double-digit adjusted EBITDA margins and ROIC to help deliver sustained value for all of our stakeholders.

Leverage Technology and Materials Science for Innovative Solutions 

We utilize our technical and materials science expertise to provide customers with innovative solutions. Our engineers combine product design with a broad understanding of materials science for enhanced vehicle performance. We believe our

4

reputation for successful innovation in product design and materials is the reason our customers consult us early in their vehicle development and design process of their next generation vehicles.

Cooper Standard utilizes its i3 Innovation Process (Imagine, Initiate, Innovate) and CS Open Innovation as mechanisms to capture ideas while promoting a culture of innovation. Ideas are carefully evaluated by our global technology council, and those that are selected are put on an accelerated development cycle. We are developing innovative technologies based on materials expertise, process know-how, and application vision, which may drive future product direction. Fortrex™, the Company’s chemistry platform, offers reduced weight while delivering superior material performance and aesthetics. We have also developed several other significant technologies, especially related to advanced materials, processing and weight reduction. These include: FlushSeal™, an advanced integrated solution for frame under glass static sealing systems offering better appearance, improved aerodynamics, quieter ride and reduced weight; MagAlloy™, a processing technology for brake lines that increases long term durability through superior corrosion resistance; and Easy-Lock™, a small package coolant and fuel vapor quick connect. Given the trajectory and anticipated future growth of electric vehicles, Cooper Standard has developed innovations to provide lightweight plastic tubing with our PlastiCool® 2000 multilayer tubing, smooth and CVT mid temperature multilayer tubing, and our next generation Ergo-Lock™ and Ergo-Lock™ + VDA quick connectors for glycol thermal management needs.

Among our newer technologies is Cooper Standard’s artificial intelligence (A.I.)-enhanced development cycle for polymer compounds that has shortened material development times while realizing rapid discovery of new compounds that offer superior performance properties, which yield superior products. We have also developed proprietary technology for A.I.-enhanced continuous processes controls. This technology enables full automation of polymer extrusion and other complex continuous processes, reducing process variation (a top driver of scrap), increasing product quality, improving operational metrics and reducing our carbon footprint.

Our innovations are receiving industry recognition. Cooper Standard has been named a General Motors Overdrive Award winner for Fortrex® in the category of ‘Sustainability’, in addition to the chemistry platform being named a 2018 Automotive News PACE Award winner and a 2018 and 2019 Society of Plastics Engineers Innovation Award finalist. Also, Cooper Standard’s artificial intelligence-enhanced development cycle for polymer compound development was named a finalist for the 2019 Automotive News PACE Awards.

Pursue Acquisitions and Alliances to Enhance Capabilities and Accelerate Growth

We may, from time to time, consider and selectively pursue complementary acquisitions and joint ventures to enhance our customer base, geographic penetration, scale and technology. Consolidation is an industry trend, which has been encouraged by the OEMs’ desire for global automotive suppliers. We believe we have a strong platform for growth through acquisitions based on our past integration successes, experienced management team, global presence and operational excellence.

Industry

The automotive industry is one of the world’s largest and most competitive markets. Consumer demand for new vehicles largely determines sales and production volumes of global OEMs. The business and commercial environment in each region also plays a role in vehicle demand as it relates to fleet vehicle sales and industrial use vehicles such as light and heavy trucks.

OEMs compete for market share in a variety of ways including pricing and incentives, the development of new, more attractive models, branding and advertising, and the ability to customize vehicle features and options to meet specific consumer needs or demands. They rely heavily on thousands of specialized suppliers to provide the many distinct components and systems that comprise the modern vehicle. They also rely on these automotive suppliers to develop technological innovations that will help them meet consumer demands as well as regulatory requirements.

The supplier industry is a highly competitive industry and is generally characterized by high barriers to entry, significant start-up costs and long-standing customer relationships. The criteria by which OEMs judge automotive suppliers include quality, price, service, performance, design and engineering capabilities, innovation, timely delivery, financial stability and global footprint. Over the last decade, suppliers that have been able to achieve manufacturing scale globally, reduce structural costs, diversify their customer base and provide innovative, value-added technologies have been the most successful.

The technology of today’s vehicles is evolving rapidly. This evolution is being driven by many factors including consumer preferences and social behaviors, a competitive drive for differentiation, regulatory requirements, environmental impact and safety. Cooper Standard supports these trends by providing innovations that reduce weight, increase life-cycle and durability, reduce interior noise, enhance exterior appearance, simplify the manufacturing and assembly process, and help reduce a vehicle’s environmental impact. These are innovations that can be applicable and valuable to virtually any vehicle (including internal combustion, hybrid or battery electric powertrains) or vehicle manufacturer and, in many cases, can also be transferred

5

to non-automotive applications in adjacent markets. Cooper Standard remains closely aligned with our customers and is prepared to meet their evolving needs as they shift their fleets and offer more EV options. We are focused on growing our business in the EV segment by leveraging our technology and innovation to provide value-add solutions for increasingly specialized technical requirements.

Markets Served

Our automotive business is focused on the passenger car and light truck market, up to and including Class 3 full-size, full-frame trucks, better known as the global light vehicle market. This is our largest market and accounts for approximately 92% of our global sales.

Customers

We are a leading supplier to the following OEMs and are increasing our presence with major OEMs throughout the world. The following charts show the percentage of sales to our top customers for the years ended December 31, 2021, 2020 and 2019:

Our other customers include OEMs such as Renault-Nissan, BMW, Toyota, Volvo, Jaguar/Land Rover, Honda and various other OEMs based in China. Our business with any given customer is typically split among several contracts for different parts on a number of platforms.

6

Products

We currently have three distinct product lines: sealing systems; fuel and brake delivery systems; and fluid transfer systems. These products are produced and supplied globally to a broad range of customers in multiple markets. On April 1, 2019, we completed the divestiture of the AVS product line within our North America, Europe and Asia Pacific segments. On July 1, 2020, we completed the divestiture of the European rubber fluid transfer and specialty sealing businesses, as well as our Indian operations.

In addition to these product lines, we also have sales to other adjacent markets. The percentage of sales by product line and other markets for the years ended December 31, 2021, 2020 and 2019 are as follows:    

7

Product Lines					Market Position*
SEALING SYSTEMS	Protect vehicle interiors from weather, dust and noise intrusion for improved driving experience; provide aesthetic and functional class-A exterior surface treatment				Global leader
	Products:		–	Obstacle detection sensor system
	–	Fortrex®	–	FlushSeal™ systems
	–	Dynamic seals	–	Variable extrusion
	–	Static seals	–	Specialty sealing products
	–	Encapsulated glass	–	Stainless steel trim
	–	Tex-A-Fib (Textured Surface with Cloth Appearance)
FUEL & BRAKE DELIVERY SYSTEMS	Sense, deliver and control fluids to fuel and brake systems				Top 2 globally
	Products:
	–	Chassis and tank fuel lines and bundles (fuel lines, vapor lines and bundles)	–	Direct injection & port fuel rails (fuel rails and fuel charging assemblies)
	–	Metallic brake lines and bundles	–	MagAlloy™ tube coatings
	–	Quick connects	–	Gen III Posi-Lock™ quick connects
	–	Low Oligomer Multi-layer Convoluted Tube	–	Series 300 and S300LT (low temperature) quick connects
	–	Brake jounce lines
FLUID TRANSFER SYSTEMS	Sense, deliver, connect and control fluid and vapors for optimal thermal management, powertrain & HVAC operation				Top 3 globally
	Products:
	–	Heater/coolant hoses	–	Turbo charger hoses
	–	Quick connects (SAE and VDA)	–	Charged air cooler ducts/assemblies
	–	DPF and SCR emission lines	–	Secondary air hoses
	–	Degas tanks	–	Brake and clutch hoses
	–	Air intake and charge	–	Easy-Lock™ quick connect
	–	Transmission Oil Cooling Hoses	–	Ergo-Lock™ VDA quick connect
	–	Multilayer tubing for glycol thermal management	–	Ergo-Lock™ + VDA quick connect
	–	PlastiCool® 5000 high temperature MLT	–	PlastiCool® 2000

*Market position data from PwC (2019) and company estimates

Competition

We believe that the principal competitive factors in our industry are quality, price, service, launch performance, design and engineering capabilities, innovation, timely delivery, financial stability and global footprint. We believe that our capabilities in these core competencies are integral to our position as a market leader in each of our product lines. Our sealing systems products compete with Toyoda Gosei, Henniges, Standard Profil, HSR&A, SaarGummi and JianXin, among others. Our fuel and brake delivery products compete with TI Automotive, Sanoh, Martinrea, Maruyasu and SeAH, among others. Our fluid transfer products compete with Conti-Tech, Hutchinson, Teklas, Tristone, Akwel and Fränkische, among others.

Joint Ventures and Strategic Alliances

Joint ventures represent an important part of our business, both operationally and strategically. We have utilized joint ventures to enter into and expand in geographic markets such as China, India and Thailand, to acquire new customers and to develop new technologies. When entering new geographic markets, teaming with a local partner can reduce capital investment by leveraging pre-existing infrastructure. In addition, local partners in these markets can provide knowledge and insight into local practices and access to local suppliers of raw materials and components.

8

The following table shows our significant unconsolidated joint ventures as of December 31, 2021:

Country	Name (1)	Product Line	Ownership Percentage
United States	Nishikawa Cooper LLC	Sealing systems	40%
India	Polyrub Cooper Standard FTS Private Limited	Fluid transfer systems	35%
Thailand	Nishikawa Tachaplalert Cooper Ltd.	Sealing systems	20%
China	Yantai Leading Solutions Auto Parts Co., Ltd.	Fuel and brake delivery systems	50%

(1) Subsequent to December 31, 2021, a joint venture in the Asia Pacific region that was previously consolidated with a noncontrolling interest will be deconsolidated and accounted for as an investment under the equity method beginning in the first quarter of 2022.

Research and Development

We have a dedicated team of technical and engineering resources for each product line, some of which are located at our customers’ facilities. We utilize simulation, digital tools, best practices, standardization and track key process indicators to drive efficiency in execution with an emphasis on manufacturability and quality. Our development teams work closely with our customers to design and deliver innovative solutions, unique for their applications. Amounts spent on engineering, research and development, and program management were as follows:

Year	Amount		Percentage of Sales
(Dollar amounts in millions)
2021	$	90.0	3.9	%
2020	$	101.6	4.3	%
2019	$	114.9	3.7	%

Intellectual Property

We believe that one of our key competitive advantages is our ability to translate customer needs and our ideas into innovation through the development of intellectual property. We hold a significant number of patents and trademarks worldwide.

Our patents are grouped into two major categories: (1) specific product invention claims and (2) specific manufacturing processes that are used for producing products. The vast majority of our patents fall within the product invention category. We consider these patents to be of value and seek to protect our rights throughout the world against infringement. While in the aggregate these patents are important to our business, we do not believe that the loss or expiration of any one patent would materially affect our Company. We continue to seek patent protection for our new products and we develop significant technologies that we treat as trade secrets and choose not to disclose to the public through the patent process. These technologies nonetheless provide significant competitive advantages and contribute to our global leadership position in various markets. We believe that our trademarks, including FlushSeal™, Gen III Posi-Lock™, Easy-Lock™, MagAlloy™, Ergo-Lock™, Ergo-Lock™ +, PlastiCool® 2000 and Fortrex™, help differentiate us and lead customers to seek our partnership.

We also have technology sharing and licensing agreements with various third parties, including Nishikawa Rubber Company, one of our joint venture partners in sealing products. We have mutual agreements with Nishikawa Rubber Company for sales, marketing and engineering services on certain sealing products. Under those agreements, each party pays for services provided by the other and royalties on certain products for which the other party provides design or development services. We also have licensing and joint development agreements for commercial applications of our Fortrex™ chemistry platform in non-automotive industries.

Innovation, Materials, and Product Lifecycle

The international response to risks and opportunities of climate change is transforming our global economy. Our most significant opportunity to contribute to this low-carbon and circular economy is through the sustainability impacts of our products. We purposefully apply sustainable principles in the design and production of our products, reducing the environmental impact from sourcing through end-of-life. These efforts also enable our customers to reduce their environmental impacts.

When obtaining or innovating materials for our products, we seek to sustainably source raw materials, increase the use of recycled content or recyclable material where feasible, decrease our use of hazardous chemicals where possible, and properly

9

disclose restricted materials to customers and regulators. We believe our culture of innovation is a key differentiator, allowing us to compete and succeed within our dynamic global markets.

Supplies and Raw Materials

Cooper Standard is committed to building strong relationships with our supply partners. We recognize the importance of engaging with suppliers to create value for our customers.

The principal raw materials for our business include synthetic and natural rubber, carbon black, process oils, and plastic resins. Principal procured components are primarily made from plastic, carbon steel, aluminum and stainless steel. We manage the procurement of our direct and indirect materials to assure supply continuity and to obtain the most favorable total cost. Procurement arrangements include short-term and long-term supply agreements that may contain formula-based pricing, based on commodity indices. These arrangements provide quantities needed to satisfy normal manufacturing demands. We believe we have adequate sources for the supply of raw materials and components for our products with suppliers located around the world, although we continue to manage, with our supplier partners, short-term disruptions in production and logistics throughout our supply chain caused by the COVID-19 pandemic.

Raw material prices are susceptible to fluctuations which may place operational and profitability burdens on the entire supply chain. Costs related to raw materials, such as steel, aluminum, and oil and oil-derived commodities, continue to be volatile, which led to extended and magnified increases in these costs in 2021. It is generally difficult to pass through such increases to our customers. As such, we have implemented strategies with both our suppliers and our customers to help manage these fluctuations. These actions include material substitutions and leveraging global purchases. Our global supply chain optimization efforts include using benchmarks and selective sourcing from strategic suppliers. We have also made process improvements to ensure the efficient use of materials through scrap reduction, as well as standardization of material specifications to maximize leverage over higher volume purchases. With some suppliers, on certain raw materials, we have implemented indices that allow price changes as underlying material costs fluctuate.

Seasonality

Our principal operations are directly related to the automotive industry. Sales to OEMs are lowest during the months prior to model changeovers or during assembly plant shutdowns. Automotive production is traditionally reduced during July, August and year-end holidays, and our quarterly results may reflect these trends. However, economic conditions and consumer demand may change the traditional seasonality of the industry. In 2021, while demand remained strong, production was more volatile due to supply chain disruptions, which resulted in late-notice shutdowns of certain customer facilities for an intermediate period of time.

Backlog

Our OEM sales are generally based upon purchase orders issued by the OEMs, with updated releases for volume adjustments. As such, we typically do not have a firm and definitive backlog of orders at any point in time. Once selected to supply products for a particular platform, we typically supply those products for the platform life, which is normally five to eight years, although there is no guarantee that this will occur. In addition, when we are the incumbent supplier to a given platform, we believe we have a competitive advantage in winning the redesign or replacement platform, although there is no guarantee that this will occur.

Human Capital and Safety

As of December 31, 2021, we had approximately 22,600 employees, including 2,600 contingent workers. We maintain good relations with both our union and non-union employees and, in the past ten years, have not experienced any major work stoppages. We renegotiated some of our non-domestic union and works council agreements in 2021, and have several contracts set to expire in the next twelve months.

Our people have always been the driving force of value at Cooper Standard. The emergence of new ways of working during the COVID-19 pandemic, a growing international movement for civil rights, and our unwavering dedication to keeping our employees healthy and safe has only made them more critical to our success. We accomplish this by developing the capabilities of our employees through continuous learning and performance management processes. Additionally, building an internal talent pipeline supports the achievement of this priority. In 2021, our internal fill rate was approximately 60%. This metric, which is based on salaried director level positions and above, helps us to understand where employees are advancing in their career and the effectiveness of our internal development programs. For 2021, our voluntary employee turnover rate was approximately 20%. While this metric has increased compared to prior years and despite the current competitive environment for talent, we believe that our culture and continued effort to provide our employees with growth opportunities contributes to retaining our strong talent.

10

In addition, we aim to diversify our workforce because we recognize the value of engaging different opinions and backgrounds in a global company. We are committed to recruiting, developing and retaining a high-performing and diverse workforce. A global measurement for our diversity is women in the company and women in leadership. In 2021, women made up approximately 38% of our workforce. Of our leadership positions, defined as vice president positions and above, women held approximately 22% of such roles.

Safety continues to be a top priority and primary focus of management. An emphasis on reducing workplace incidents helps Cooper Standard to maintain a safe workforce and continue to deliver world class results for product quality. In 2021, our total incident rate (“TIR”) was 0.40, which represents an Occupational Safety and Health Administration measurement of on-the-job injuries in relation to total hours worked. Based on our review of industry peer sustainability reports, we have a lower TIR relative to our peer group. Additionally, throughout the COVID-19 pandemic, we have remained focused on protecting the health and safety of our employees while meeting the needs of our customers. After the onset of COVID-19, we adopted enhanced safety measures and practices across our facilities to protect employee health and safety and ensure a reliable supply of products to our customers. We monitor and track the impact of the pandemic on our employees and within our operations and proactively modify or adopt new practices to promote their health and safety.

Also in 2021, the Company was named to Newsweek’s list of America’s Most Responsible Companies for the third consecutive year and was recognized as one of the 2021 World’s Most Ethical Companies by Ethisphere for the second consecutive year. These awards are a further testament to Cooper Standard’s commitment to ESG (environmental, social and governance) topics, including our core value of integrity.

Community Involvement

Supported by the Cooper Standard Foundation, our employees are highly engaged in their local communities. The Foundation’s mission is to strengthen the communities where Cooper Standard employees work and live through the passionate support of children’s charities, education, health and wellness, and community revitalization. The Cooper Standard Foundation is a 501(c)(3) organization with oversight by its Board of Directors, Board of Trustees and Philanthropic Committee. For more information on the Company’s community involvement, please visit our Corporate Responsibility Report located on the Cooper Standard website.

Environmental

Cooper Standard considers itself a steward of the environment, and we monitor the environmental impact of our business and products. We prioritize our environmental management as a means of driving and sustaining excellence. We are subject to a broad range of federal, state, and local environmental and occupational safety and health laws and regulations in the United States and other countries, including regulations governing: emissions to air, discharges to water, noise and odor emissions; the generation, handling, storage, transportation, treatment, reclamation and disposal of chemicals and waste materials; the cleanup of contaminated properties; and human health and safety. We have made, and will continue to make, expenditures to comply with environmental requirements. While our costs to defend and settle known claims arising under environmental laws have not been material in the past and are not currently estimated to have a material adverse effect on our financial condition, such costs could be material to our financial statements in the future. Further details regarding our commitments and contingencies are provided in Note 21. “Contingent Liabilities” to the consolidated financial statements included in Item 8. “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K (the “Report”).

Market Data

Some market data and other statistical information used throughout this Annual Report on Form 10-K is based on data from independent firms such as IHS Markit and PwC. Other data is based on good faith estimates, which are derived from our review of internal analyses, as well as third party sources. Although we believe these third party sources are reliable, we have not independently verified the information and cannot guarantee its accuracy and completeness. To the extent that we have been unable to obtain information from third party sources, we have expressed our belief on the basis of our own internal analyses of our products and capabilities in comparison to our competitors.

Available Information

We make available free of charge on our website (www.cooperstandard.com) our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S. Securities and Exchange Commission (“SEC”). Our reports filed with the SEC also may be found on the SEC’s website at www.sec.gov. Neither the information on our website nor the information on the SEC’s website is incorporated by reference into this Report unless expressly noted.

11

Forward-Looking Statements

This Annual Report on Form 10-K includes “forward-looking statements” within the meaning of U.S. federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. Our use of words “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “outlook,” “guidance,” “forecast,” or future or conditional verbs, such as “will,” “should,” “could,” “would,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, we cannot assure you that these expectations, beliefs and projections will be achieved. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. Among other items, such factors may include: the impact, and expected continued impact, of the ongoing COVID-19 pandemic on our financial condition and results of operations; significant risks to our liquidity presented by the risks of the ongoing COVID-19 pandemic and global supply chain disruptions; availability and increasing volatility in costs of manufactured components and raw materials; disruption in our supply base; work stoppages or other disruptions; cyber-attacks, data privacy concerns, other disruptions in, or the inability to implement upgrades to, our information technology systems; our ability to execute new program launches; our ability to meet customers’ needs for new and improved products; product liability, warranty and recall claims brought against us; our ability to identify, attract, develop and retain a skilled, engaged and diverse workforce; prolonged or material contractions in automotive sales and production volumes; our inability to realize sales represented by awarded business; escalating pricing pressures; loss of large customers or significant platforms; our ability to successfully compete in the automotive parts industry; effectiveness of continuous improvement programs and other cost savings plans; risks associated with our international operations, including changes in laws, regulations, and policies governing the terms of foreign trade such as increased trade restrictions and tariffs; manufacturing facility closings or consolidation; our ability to control the operations of our joint ventures for our sole benefit; the possibility that our acquisitions and divestitures may not be successful; competitive threats and commercial risks associated with our diversification strategy through Advanced Technology Group; our substantial amount of indebtedness and variable rates of interest; our ability to obtain adequate financing sources in the future; operating and financial restrictions imposed on us under our debt instruments; the possible volatility of our annual effective tax rate; possible variability of our working capital requirements; foreign currency exchange rate fluctuations; the possibility of future impairment charges to our goodwill and long-lived assets; the underfunding of certain of our pension plans; significant changes in discount rates and the actual return on pension assets; the possibility of a failure to maintain effective controls and procedures; our dependence on our subsidiaries for cash to satisfy our obligations; our ability to procure insurance at reasonable rates; legal and regulatory proceedings, claims or investigations against us; the ability of our intellectual property to withstand legal challenges; and laws and regulations, including environmental, health and safety laws and regulations.

You should not place undue reliance on these forward-looking statements. Our forward-looking statements speak only as of the date of this Annual Report on Form 10-K and we undertake no obligation to publicly update or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except where we are expressly required to do so by law.

This Annual Report on Form 10-K also contains estimates and other information that is based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.

Item 1A.    Risk Factors

We have listed below (not necessarily in order of importance or probability of occurrence) the most significant risk factors that could cause our actual results to vary materially from recent or anticipated results and could materially and adversely affect our business, results of operations, financial condition and cash flows.

Operational Risks

Our financial condition and results of operations have been, and are expected to continue to be, adversely affected by the ongoing COVID-19 pandemic.

We face risks related to public health issues, including epidemics and pandemics such as the global outbreak of COVID-19. The COVID-19 pandemic and preventative measures taken to contain or mitigate the COVID-19 pandemic have caused, and are continuing to cause, business slowdowns or shutdowns and significant disruption in the financial markets both in the United States and globally. The continued spread of COVID-19 and efforts to contain the virus and its related variants (including, but not limited to, vaccination, social distancing policies, restrictions on travel and reduced operations and extended closures of many businesses and institutions) may materially impact our financial condition and results of operations.

12

•Facilities. A resurgence of the virus or new variant of concern could cause shutdowns of our and our customers’ facilities. Although our automotive operations generally do not realize revenue while our facilities are shut down, we continue to incur significant operating and non-operating expenses associated with these facilities. In addition, government regulations and safety and social distancing procedures that we have implemented in our facilities have increased our operating costs, and we may not be able to pass along these increased costs to our customers.

•Supply chain. Our business relies on a number of third parties, including suppliers and distribution and logistics providers. One or more of these third parties may experience financial distress, staffing shortages or liquidity challenges, file for bankruptcy protection, go out of business, or suffer disruptions in their business due to the ongoing COVID-19 pandemic. As a result, it is possible that one or more of these suppliers may also choose to change which products they offer with limited advance notification. These supply chain effects may have an adverse effect on our ability to meet customer demand and may result in an increase in our costs of production and distribution, including increased freight and logistics costs and other expenses. A continued significant disruption to our production schedule will have an adverse effect on our financial condition, liquidity and results of operations.

•Workforce. If a significant percentage of our workforce, or the workforces of our suppliers and other third-party partners, is unable to work, whether because of illness, quarantine, limitations on travel or other government restrictions in connection with COVID-19, our operations may be negatively impacted. We also depend on senior management and other key personnel and contractors, and the illness of certain personnel or contractors could result in the loss of expertise and negatively affect our operations.

•Demand. An economic slowdown attributable to COVID-19 could lead to a sustained decline in new vehicle sales in regions where we operate, and particularly reduced new vehicle sales by our key customers, which could lead to reduced vehicle production, and, therefore, reduced demand for our products which could adversely affect our business, results of operations and financial condition. See also the risk factor entitled “We are highly dependent on the automotive industry. A prolonged or material contraction in automotive sales and production volumes could adversely affect our business, results of operations and financial condition.”

•Liquidity. The COVID-19 pandemic has also caused significant disruptions to global financial markets. Such disruptions, together with the impact of COVID-19 on the automotive industry, may have a negative impact on our ability to access capital in the future on favorable terms or at all.

The full impact of the COVID-19 pandemic on our financial condition and results of operations will depend on future developments, such as the ultimate duration and scope of the pandemic, its impact on our customers, suppliers and logistics partners, how quickly normal operations can resume and the duration and magnitude of the economic downturn caused by the pandemic in our key markets. In particular, the emergence of new variants could lead people to continue to self-isolate and not participate in the economy at pre-pandemic levels for a prolonged period of time. Further, government-sponsored liquidity or stimulus programs in response to the COVID-19 pandemic may not be available to our customers, suppliers or us and, if available, may nevertheless be insufficient to address the impacts of COVID-19. Therefore, it remains difficult to predict the extent or nature of these impacts at this time. The ongoing COVID-19 pandemic may also exacerbate the other risks disclosed in this Item 1A. Risk Factors.

Increases in the costs, or reduced availability, of raw materials and manufactured components may adversely affect our profitability.

Raw material costs can be volatile. The principal raw materials to produce our products include synthetic and natural rubber, carbon black, process oils, and plastic resins. Principal procured components are primarily made from plastic, carbon steel, aluminum and stainless steel. Material costs represented approximately 47% of our total cost of products sold in 2021. The costs and availability of raw materials and manufactured components can fluctuate due to factors beyond our control, including as a result of existing and potential changes to U.S. policies related to global trade and tariffs. Further, climate change may have an adverse impact on global temperatures, weather patterns, and the frequency and severity of extreme weather and natural disasters, which may adversely affect the availability or pricing for certain raw materials including natural rubber. A significant increase in the price of raw materials, or a restriction in their availability, could materially increase our operating costs and adversely affect our profitability because it is generally difficult to pass through these increased costs to our customers. The recent disruptions to the global supply chain also have had an adverse impact on the cost and availability of raw materials, components, energy and other inputs used in our business, or in the businesses of our customers and suppliers, and has adversely affected and may continue to adversely affect our results of operations, financial condition and business.

13

Disruptions in the supply chain could have an adverse effect on our business, financial condition, results of operations and cash flows.

We obtain components and other products and services from numerous suppliers and other vendors throughout the world. We are responsible for managing our supply chain, including suppliers that may be the sole sources of products that we require, that our customers direct us to use or that have unique capabilities that would make it difficult and/or expensive to re-source. In certain instances, entire industries may experience short-term capacity constraints. The global economy has experienced an increased risk of shortages and other disruptions to global supply chains due to strong demand, the potential effects of trade laws and tariffs, capacity constraints, financial instability, public health crises, such as pandemics and epidemics, or other circumstances. In particular, significant disruptions in supply have occurred, are occurring, and are expected to continue in the automotive industry due to these industry-wide parts shortages and global supply chain constraints which have adversely affected our operations and financial performance. The current uncertain economic or industry conditions could result in financial distress within our supply base, thereby further increasing the risk of supply disruption. As the uncertainty in the market conditions remain, any economic downturn or other unfavorable conditions in one or more of the regions in which we operate could cause further supply disruptions and thereby adversely affect our financial condition, operating results and cash flows.

Material supply shortages experienced by our customers either directly or as a result of a supply shortage at another supplier, such as the semiconductor shortage faced by the automotive industry, have caused customers to halt or limit the purchase of our products, which have adversely affected and may continue to adversely affect our business, results of operations and financial condition.

Work stoppages or other disruptions to our operations could negatively affect our operations and financial performance.

We may experience work stoppages caused by labor disputes under existing collective bargaining agreements or in connection with the negotiation of new agreements given that we have a number of agreements that expire in any given year. Further, there is no certainty that we will be successful in negotiating new collective bargaining agreements that extend beyond the current expiration dates or that new agreements will be on terms as favorable to us as past labor agreements. In addition, it is possible that our workforce will become more unionized in the future. Unionization activities could increase our costs, which could negatively affect our results of operations.

Our operations may also be disrupted by other labor issues, including absenteeism, public health issues, and pandemic-related government restrictions; major equipment failure with prolonged downtime or a complete loss of critical equipment where either no other comparable equipment exists or the remaining equipment does not have enough capacity to pick up the demand; or natural disaster-related plant closures or disruptions. In particular, natural disasters and adverse weather conditions can be caused or exacerbated by climate change, and the spate of extreme weather events experienced during 2021 presents an alarming trend.

Regardless of the cause, any significant disruption to our production could negatively affect our operations, customer relationships and financial performance. Similar disruptions at one or more of our suppliers or our customers’ suppliers could adversely affect our operations if an alternative source of supply were not readily available. Additionally, similar disruptions at our customers’ facilities could result in reduced demand for our products causing us to delay or cancel production and could have an adverse effect on our business.

A disruption in, or the inability to successfully implement upgrades to, our information technology systems, including disruptions relating to cybersecurity as well as data privacy concerns, could adversely affect our business and financial performance.

We rely upon information technology networks, systems and processes, including the information technology networks of third parties such as suppliers and joint venture partners, to manage and support our business. We have implemented a number of procedures and practices designed to protect against breaches or failures of our systems. Despite the security measures that we have implemented, including those measures to prevent cyber-attacks, our systems could be breached or damaged by computer viruses or unauthorized physical or electronic access. Like other public companies, our computer systems and those of our third-party vendors, partners and service providers are regularly subject to, and will continue to be the target of, computer viruses, malware or other malicious codes (including ransomware), unauthorized access, cyber-attacks or other computer-related penetrations which have caused, and may continue to cause, disruptions to our operations. While we have experienced threats to our data and systems, to date, we are not aware that we have experienced a material cyber-security breach. Over time, however, the sophistication of these threats continues to increase. The preventative actions we take to reduce the risk of cyber incidents and protect our information may be insufficient. A breach of our information technology systems, or those of the third parties on whom we rely, could result in theft of our intellectual property, disruption to business or unauthorized access to customer or

14

personal information. Such a breach could adversely impact our operations and/or our reputation and may cause us to incur significant time and expense to cure or remediate the breach.

Further, we continually update and expand our information technology systems to enable us to more efficiently run our business. If these systems are not implemented successfully, our operations and business could be disrupted and our ability to report accurate and timely financial results could be adversely affected.

Our inability to effectively manage the timing, quality and costs of new program launches could adversely affect our financial performance.

In connection with the award of new business, we may obligate ourselves to deliver new products that are subject to our customers’ timing, performance and quality standards. Given the number and complexity of new program launches, we may experience difficulties managing product quality, timeliness and associated costs. In addition, new program launches require a significant ramp up of costs. However, our sales related to these new programs generally are dependent upon the timing and success of our customers’ introduction of new vehicles. Our inability to effectively manage the timing, quality and costs of these new program launches could adversely affect our financial condition, operating results and cash flows.

Our success depends in part on our development of improved products, and our efforts may fail to meet the needs of customers on a timely or cost-effective basis.

Our continued success depends on our ability to maintain advanced technological capabilities and knowledge necessary to adapt to changing market demands, as well as to develop and commercialize innovative products. We may be unable to develop new products successfully or to keep pace with technological developments by our competitors and the industry in general. In addition, we may develop specific technologies and capabilities in anticipation of customers’ demands for new innovations and technologies. If such demand does not materialize, we may be unable to recover the costs incurred in the development of such technologies and capabilities. If we are unable to recover these costs or if any such programs do not progress as expected, our business, results of operations and financial condition could be adversely affected.

We may incur material losses and costs as a result of product liability and warranty and recall claims that may be brought against us.

We may be exposed to product liability and warranty claims in the event that our products actually or allegedly fail to perform as expected or the use of our products results, or is alleged to result, in bodily injury and/or property damage. Accordingly, we could experience material warranty or product liability expenses in the future and incur significant costs to defend against these claims. In addition, if any of our products are, or are alleged to be, defective, we may be required to participate in a recall of that product if the defect or the alleged defect relates to automotive safety. Product recalls could cause us to incur material costs and could harm our reputation or cause us to lose customers, particularly if any such recall causes customers to question the safety or reliability of our products. Also, while we possess considerable historical warranty and recall data with respect to the products we currently produce, we do not have such data relating to new products, assembly programs or technologies, including any new fuel and emissions technology and systems being brought into production, to allow us to accurately estimate future warranty or recall costs. 

In addition, the increased focus on systems integration platforms utilizing fuel and emissions technology with more sophisticated components from multiple sources could result in an increased risk of component warranty costs over which we have little or no control and for which we may be subject to an increasing share of liability to the extent any of the other component suppliers are in financial distress or are otherwise incapable of fulfilling their warranty or product recall obligations. Our costs associated with providing product warranties and responding to product recall claims could be material. Product liability, warranty and recall costs may adversely affect our business, results of operations and financial condition.

Our commitment to drive value through culture, innovation and results is dependent on our ability to identify, attract, develop and retain a skilled, engaged and diverse workforce.

Our people are the driving force behind our success at Cooper Standard. Our ability to pursue breakthrough technology innovations, implement cutting-edge manufacturing and business processes, and achieve our operating and strategic goals is dependent on the engagement, skills, experience and knowledge of our employees. Any failure or delay in attracting, retaining and developing such a workforce, including the loss of key technological and leadership personnel, could adversely impact our business, financial condition and operating results.

15

Strategic Risks

We are highly dependent on the automotive industry. A prolonged or material contraction in automotive sales and production volumes could adversely affect our business, results of operations and financial condition.

Automotive sales and production are cyclical and depend on, among other things, general economic conditions and consumer spending, vehicle demand and preferences (which can be affected by a number of factors, including fuel costs, employment levels and the availability of consumer financing). These factors could make it difficult for us, our suppliers and our customers to forecast accurately and plan future business activities. As the volume of automotive production and the mix of vehicles produced fluctuate, the demand for our products also fluctuates. Prolonged or material contraction in automotive sales and production volumes, or significant changes in the mix of vehicles produced, could cause our customers to reduce orders of our products, which could adversely affect our business, results of operations and financial condition and our ability to provide accurate forecasts and guidance.

We may not realize sales represented by awarded business, which could adversely affect our business, financial condition, results of operations and cash flows.

The realization of future sales from awarded business is subject to risks and uncertainties inherent in the cyclicality of vehicle production. In addition, our customers generally have the right to resource awarded business without penalty. Therefore, the ultimate amount of our sales is not guaranteed. If actual production orders from our customers are not consistent with the projections we use in calculating the amount of awarded business, we could realize substantially less sales and profit over the life of these awards than currently projected.

Escalating pricing pressures may adversely affect our business.

Pricing pressure in the automotive supply industry has been substantial and is likely to continue. Nearly all vehicle manufacturers seek price reductions in both the initial bidding process and during the term of the contract. Price reductions have adversely impacted our sales and profit margins and are expected to do so in the future. If we are not able to offset continued price reductions through improved operating efficiencies and reduced expenditures, those price reductions may have a negative impact on our financial condition.

Our business could be adversely affected if we lose any of our largest customers or significant platforms.

While we provide parts to virtually every major global OEM for use on a wide range of different platforms, sales to our three largest customers, Ford, GM, and Stellantis, on a worldwide basis represented approximately 55% of our sales for the year ended December 31, 2021. Our ability to reduce the risks inherent in certain concentrations of business will depend, in part, on our ability to continue to diversify our sales on a customer, product, platform and geographic basis. Although business with each customer is typically split among numerous contracts, the loss of a major customer, significant reduction in purchases of our products by such customer, or any discontinuance or resourcing of a significant platform could adversely affect our business, results of operations and financial condition.

We operate in a highly competitive industry and efforts by our competitors to gain market share could adversely affect our financial performance.

The automotive parts industry is highly competitive. We face numerous competitors in each of our product lines. In general, there are three or more significant competitors and numerous smaller competitors for most of the products we offer. We also face competition for certain of our products from suppliers producing in lower-cost regions such as Asia and Eastern Europe. Our competitors’ efforts to grow market share could exert downward pressure on the pricing of our products and our margins.

The benefits of our continuous improvement program and other cost savings plans may not be fully realized.

Our operations strategy includes continuous improvement programs and implementation of lean manufacturing tools across all facilities to achieve cost savings and increased performance. Further, we have and may continue to initiate restructuring actions designed to improve future profitability and competitiveness. The cost savings that we anticipate from these initiatives may not be achieved on schedule or at the level we anticipate. If we are unable to realize these anticipated savings, our operating results and financial condition may be adversely affected.

We are subject to other risks associated with our international operations.

We have significant manufacturing operations outside the United States, including joint ventures and other alliances. Our operations are located in 21 countries, and we export to several other countries. In 2021, approximately 77% of our sales were attributable to products manufactured outside the United States. Risks inherent in our international operations include:

16

•currency exchange rate fluctuations, currency controls and restrictions, and the ability to hedge currencies;

•changes in local economic conditions;

•repatriation restrictions or requirements, including tax increases on remittances and other payments by our foreign subsidiaries;

•global sovereign fiscal uncertainty and hyperinflation in certain foreign countries;

•changes in laws and regulations, including laws or policies governing the terms of foreign trade, and in particular increased trade restrictions, tariffs, or taxes or the imposition of embargoes on imports from countries where we manufacture products;

•operating in foreign jurisdictions where the ability to enforce rights over intellectual property is limited as a statutory or practical matter;

•continued political, economic and regulatory uncertainty as a result of the United Kingdom’s withdrawal from the European Union (“Brexit”) on January 31, 2020, and the expiration of the transition period on December 31, 2020, including with respect to potential import/export restrictions or reduced trade levels that would affect products we ship to U.K. customers primarily from continental Europe;

•exposure to possible expropriation or other government actions;

•disease, pandemics or other severe public health events; and

•exposure to local political or social unrest including resultant acts of war, terrorism, or similar events.

The occurrence of any of these risks may adversely affect the results of operations and financial condition of our international operations and our business as a whole.

Expanding our sales and manufacturing operations in the Asia Pacific region, particularly in China, is an integral part of our strategy, and, as a result, our exposure to the risks described above is substantial. Further, the uncertainty surrounding the consequences of Brexit may also cause disruptions to, and create a uncertainty surrounding our business, including potential import and export restrictions between the United Kingdom and the European Union, change in demand for our products due to the economic conditions created by Brexit and increased foreign exchange rate volatility.

In addition, we are subject to the Foreign Corrupt Practices Act (the “FCPA”) and other laws which prohibit improper payments to foreign governments and their officials by U.S. and other business entities. Certain of the countries in which we operate present heightened corruption risks, which therefore increases the risks of our exposure under the FCPA and other applicable anti-bribery and corruption laws and regulations.

We may continue to incur significant costs related to manufacturing facility closings or consolidation which could have an adverse effect on our financial condition.

If we must close or consolidate manufacturing locations, the exit costs associated with such closures or consolidation, including employee termination costs, may be significant. Such costs could negatively affect our cash flows, results of operations and financial condition.

A portion of our operations are conducted by joint ventures which have unique risks.

Certain of our operations are carried out by joint ventures. In joint ventures, we share the management of the company with one or more partners who may not have the same goals, resources or priorities as we do. The operations of our joint ventures are subject to agreements with our partners, which typically include additional organizational formalities as well as requirements to share information and decision making and may also limit our ability to sell our interest. Additional risks include one or more partners failing to satisfy contractual obligations, a change in ownership of any of our partners and our limited ability to control our partners’ compliance with applicable laws, including the FCPA. Any such occurrences could adversely affect our financial condition, operating results, cash flow or reputation.

Any acquisitions or divestitures we make may be unsuccessful, may take longer than anticipated or may negatively impact our business, financial condition, results of operations and cash flows.

We may pursue acquisitions or divestitures in the future as part of our strategy. Acquisitions and divestitures involve numerous risks, including identifying attractive target acquisitions, undisclosed risks affecting the target, difficulties integrating acquired businesses, the assumption of unknown liabilities, potential adverse effects on existing customer or supplier relationships, and the diversion of management’s attention from day-to-day business. We may not have, or be able to raise on acceptable terms, sufficient financial resources to make acquisitions. Our ability to make investments may also be limited by the terms of our existing or future financing arrangements. Any acquisitions or divestitures we pursue may not be successful or prove to be beneficial to our operations and cash flow.

17

Our diversification strategy through the Advanced Technology Group poses new competitive threats and commercial risks.  

Our diversification strategy through the Advanced Technology Group is to leverage our core products in adjacent markets and license our innovation technology in non-automotive markets. We may be unsuccessful in leveraging our existing products and technology into new markets and thus in meeting the needs of these new customers and competing favorably in these new markets.

Financial Risks

The risks of the ongoing COVID-19 pandemic and global supply chain disruptions present significant risks to our liquidity.

Our continued access to sources of liquidity depends on multiple factors, including global economic conditions, the effects of the COVID-19 pandemic and global supply chain disruptions on our customers and their production rates, the condition of global financial markets, the availability of sufficient amounts of financing, our operating performance and our credit ratings. While we currently have no outstanding borrowings under our ABL facility, our ability to borrow against the ABL facility is limited to our borrowing base, which consists primarily of our U.S. and Canadian accounts receivable and inventory. Production shutdowns in both the US and Canada could lead to significant reductions in these working capital balances and significantly decrease our ability to borrow under our ABL facility.

In addition, if the Company has availability for borrowing under its ABL facility less than the greater of (i) $15.0 million and (ii) 10% of the Borrowing Base (as defined in the ABL facility), it must be in compliance with a springing Fixed Charge Coverage Ratio maintenance covenant of 1.00:1.00. As of December 31, 2021, the Company was not able to satisfy such covenant, and the effects of the COVID-19 pandemic and global supply chain disruptions on its business will adversely impact its ability to satisfy such covenant for the foreseeable future. Accordingly, the Company intends to manage any borrowings under its ABL facility to avoid triggering this maintenance covenant, which would further constrain its ability to utilize the ABL facility. As of December 31, 2021, there were no obligations outstanding under the ABL Facility. The Company’s borrowing base was $169.7 million. Net the greater of 10% of the borrowing base or $15.0 million that cannot be borrowed without triggering the fixed charge coverage ratio maintenance covenant and $5.2 million of outstanding letters of credit, the Company effectively had $147.5 million available for borrowing under its ABL facility.

Furthermore, production shutdowns will result in working capital swings which could result in increased outflows. As a result of the impacts of the ongoing COVID-19 pandemic and global supply chain disruptions, we may be required to raise additional capital, and our access to and cost of financing will depend on, among other things, global economic conditions, conditions in the global financing markets, the availability of sufficient amounts of financing, our prospects and our credit ratings. Such capital may not be available on favorable terms or at all.

We have a substantial amount of indebtedness, which could have a material adverse effect on our financial condition and our ability to obtain financing in the future and to react to changes in our business.

For discussion of our debt and financing arrangements, including our senior term loan facility (“Term Loan Facility”), 5.625% Senior Notes due 2026 (“Senior Notes”), 13.0% Senior Secured Notes due 2024 (“Senior Secured Notes”), our senior asset-based revolving credit facility (“ABL Facility”) and debt of certain foreign subsidiaries, see “Liquidity and Capital Resources - Financing Arrangements” in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 10. “Debt” to the consolidated financial statements included under Item 8. “Financial Statements and Supplementary Data” of this Report.

Our substantial amount of debt and our debt service obligations could limit our ability to satisfy our obligations, limit our ability to operate our business and impair our competitive position. For example, it could:

•make it more difficult for us to satisfy our obligations;

•increase our vulnerability to adverse economic and general industry conditions, including interest rate fluctuations, because a portion of our borrowings accrues interest at variable rates;

•require us to dedicate a substantial portion of our cash flows from operations to payments on our debt, which would reduce the availability of cash to fund working capital, capital expenditures or other general corporate purposes;

•limit our flexibility in planning for, or reacting to, changes in our business and industry;

•place us at a disadvantage compared to competitors that may have proportionately less debt;

•limit our ability to obtain additional debt or equity financing due to applicable financial and restrictive covenants in our debt agreements; and

•increase our cost of borrowing.

Our ability to make scheduled payments on our debt or to refinance these obligations depends on our financial condition, operating performance and our ability to generate cash in the future. If our cash flows and capital resources are insufficient to

18

fund our debt service obligations, we may be forced to reduce or delay investments and capital expenditures, sell material assets, seek additional capital or restructure or refinance our indebtedness, any of which could have a material adverse effect on our business, results of operations and financial condition. In addition, we may not be able to effect any of these actions, if necessary, on commercially reasonable terms or at all. Our ability to restructure or refinance our indebtedness will depend on the condition of the capital markets and our financial condition at such time. Any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants, which could further restrict our business operations. The terms of existing or future debt instruments, including the credit agreements governing the Term Loan Facility and the ABL Facility and the indentures governing the Senior Notes and the Senior Secured Notes, may limit or prevent us from taking any of these actions. In addition, a reduction of our credit rating could harm our ability to incur additional indebtedness on commercially reasonable terms or at all. An inability to generate sufficient cash flow to satisfy our debt service obligations, or to refinance or restructure our obligations on commercially reasonable terms or at all, would have an adverse effect, which could be material, on our business, financial condition and results of operations, as well as on our ability to satisfy our obligations in respect of the Term Loan Facility, the Senior Notes, the Senior Secured Notes, or the ABL Facility.

Although the credit agreements governing the Term Loan Facility and the ABL Facility and the indentures governing the Senior Notes and the Senior Secured Notes contain certain limitations on our ability to incur additional indebtedness, they do not prohibit us from incurring obligations that do not constitute indebtedness as defined therein. To the extent that we incur additional indebtedness or incur such other obligations that may be permitted under our debt instruments, the risks associated with our substantial indebtedness described above, including our potential inability to service our debt, will increase.

Our variable rate indebtedness subjects us to interest rate risk, which could cause our indebtedness service obligations to increase significantly.

The borrowings under the ABL Facility and the Term Loan Facility are at variable rates of interest and expose us to interest rate risk. If interest rates increase, our debt service obligations on the variable rate indebtedness would increase even though the amount borrowed remained the same, and our net income and cash flows, including cash available for servicing our indebtedness, would correspondingly decrease.

LIBOR and other interest rates that are indices deemed to be “benchmarks” are the subject of recent and ongoing national, international and other regulatory guidance and proposals for reform. Some of these reforms are already effective, while others are still to be implemented. These reforms may cause such benchmarks to perform differently than in the past, to be replaced or disappear entirely, or have other consequences that cannot be predicted. Any such consequence could have a material adverse effect on our existing facilities or our future debt linked to such a “benchmark” and our ability to service debt that bears interest at floating rates of interest.

Our debt instruments impose significant operating and financial restrictions on us and our subsidiaries.

The credit agreements governing the Term Loan Facility and the ABL Facility and the indentures governing the Senior Notes and the Senior Secured Notes impose significant operating and financial restrictions and limit our ability, among other things, to:

•incur, assume or permit to exist additional indebtedness (including guarantees thereof);

•pay dividends or certain other distributions on our capital stock or repurchase our capital stock or prepay subordinated indebtedness;

•incur liens on assets;

•make certain investments or other restricted payments;

•allow to exist certain restrictions on the ability of our restricted subsidiaries to pay dividends or make other payments to us;

•engage in transactions with affiliates;

•alter the business that we conduct; and

•sell certain assets or merge or consolidate with or into other companies.

Moreover, our ABL Facility provides the agent considerable discretion to impose reserves, which could materially reduce the amount of borrowings that would otherwise be available to us.

19

As a result of these covenants and restrictions (including borrowing base availability), we are limited in how we conduct our business, and we may be unable to raise additional debt or equity financing to compete effectively or to take advantage of new business opportunities or acquisitions. The terms of any future indebtedness we may incur could include more restrictive covenants. We may not be able to maintain compliance with these covenants in the future and, if we fail to do so, we may not be able to obtain waivers from the lenders and/or amend the covenants in such agreements. Our failure to comply with the restrictive covenants described above as well as others contained in our future debt instruments from time to time could result in an event of default, which, if not cured or waived, could result in our being required to repay these borrowings before their due date. If we are forced to refinance these borrowings on less favorable terms, our financial condition, results of operations and cash flows could be adversely affected.

If there were an event of default under any of the agreements relating to our outstanding indebtedness whether as a result of a payment default, covenant breach or otherwise, the holders of the defaulted debt could cause all amounts outstanding with respect to that debt to be due and payable immediately. Our assets or cash flow may not be sufficient to fully repay borrowings under our outstanding debt instruments if accelerated upon occurrence of an event of default. Further, if we are unable to repay, refinance or restructure our indebtedness under our secured debt, the holders of such debt could exercise remedies against the collateral securing that indebtedness. In addition, any event of default or declaration of acceleration under one debt instrument could also result in an event of default under one or more of our other debt instruments. As a result, any default by us on our indebtedness could have a material adverse effect on our business, financial condition and results of operation.

Our expected annual effective tax rate and cash tax liability could be volatile and could materially change as a result of changes in many items including mix of earnings, debt and capital structure and other factors.

Many items could impact our effective tax rate and cash tax liability including changes in our debt and capital structure, mix of earnings and many other factors. Our overall effective tax rate is based upon the consolidated tax expense as a percentage of consolidated earnings before tax. However, tax expenses and benefits are not recognized on a consolidated or global basis, but rather on a jurisdictional, legal entity basis. Further, certain jurisdictions in which we operate generate losses where no current financial statement tax benefit is realized. In addition, certain jurisdictions have statutory rates greater than or less than the United States statutory rate. As such, changes in the mix and source of earnings between jurisdictions could have a significant impact on our overall effective tax rate and cash tax liability in future years. Changes in rules related to accounting for income taxes, changes in tax laws and rates or adverse outcomes from tax audits that occur regularly in any of our jurisdictions could also have a significant impact on our overall effective tax rate and cash tax liability in future periods.

Our working capital requirements may negatively affect our liquidity and capital resources.

Our working capital requirements can vary significantly, depending in part on the level, variability and timing of our customers’ worldwide vehicle production and the payment terms with our customers and suppliers. If our working capital needs exceed our cash provided by operating activities, we would look to our cash balances and availability under our borrowing arrangements to satisfy those needs, as well as potential sources of additional capital, which may not be available on satisfactory terms and in adequate amounts, if at all.

Foreign currency exchange rate fluctuations could materially impact our operating results.

Our sales and manufacturing operations outside the United States expose us to currency risks. For our consolidated financial statements, our sales and earnings denominated in foreign currencies are translated into U.S. dollars. This translation is calculated based on average exchange rates during the reporting period. Accordingly, our reported international sales and earnings could be adversely impacted in periods of a strengthening U.S. dollar.

Although we generally produce in the same geographic region as our products are sold, we also produce in countries that predominately sell in another currency. Further, some of our commodities are purchased in or tied to the U.S. dollar; therefore our earnings could be adversely impacted during the periods of a strengthening U.S. dollar relative to other foreign currencies. While we employ financial instruments to hedge certain portions of our foreign currency exposures, our efforts to manage these risks may not be successful and may not completely insulate us from the effects of currency fluctuation.

Impairment charges relating to our goodwill, long-lived assets or intangible assets could adversely affect our results of operations.

We regularly monitor our goodwill, long-lived assets and intangible assets for impairment indicators. In conducting our goodwill impairment testing, we compare the fair value of our reporting units to their related net book value. In conducting our impairment analysis of long-lived and intangible assets, we compare the undiscounted cash flows expected to be generated from the long-lived or intangible assets to the related net book values. Changes in economic or operating conditions impacting our estimates and assumptions could result in the impairment of our goodwill, long-lived assets or intangible assets. In the event that

20

we determine that our goodwill, long-lived assets or intangible assets are impaired, we may be required to record a significant charge to earnings, which could adversely affect our results of operations.

Certain of our pension plans are currently underfunded, and we may have to make cash contributions to the plans, reducing the cash available for our business.

We sponsor various pension plans worldwide that are underfunded and will require cash contributions. Additionally, if the performance of the assets in our pension plans does not meet our expectations, or if other actuarial assumptions are modified, our required contributions may be higher than we expect. As of December 31, 2021, our U.S. pension plans were overfunded by $16.3 million and our non-U.S. pension plans were underfunded by $116.9 million. If our cash flow from operations is insufficient to fund our worldwide pension liabilities, it could have an adverse effect on our financial condition and results of operations.

Significant changes in discount rates, the actual return on pension assets and other factors could adversely affect our liquidity, results of operations and financial condition.

Our earnings may be positively or negatively impacted by the amount of income or expense recorded related to our pension plans. Generally accepted accounting principles in the United States (“U.S. GAAP”) require that income or expense related to the pension plans be calculated at the annual measurement date using actuarial calculations, which reflect certain assumptions. Because these assumptions have fluctuated and will continue to fluctuate in response to changing market conditions, the amount of gains or losses that will be recognized in subsequent periods, the impact on the funded status of the pension plans and the future minimum required contributions, if any, could adversely affect our liquidity, results of operations and financial condition.

Failure to maintain effective controls and procedures could adversely impact our business, financial condition and results of operations.

Regulatory provisions governing the financial reporting of U.S. public companies require that we establish and maintain disclosure controls and internal controls over financial reporting across our operations in 21 countries. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives; as such, they can be susceptible to human error, circumvention or override, and fraud. Failure to maintain adequate, effective controls and procedures could result in potential financial misstatements or other forms of noncompliance that could have an adverse impact on our business, results of operations, financial condition or organizational reputation.

We operate as a holding company and depend on our subsidiaries for cash to satisfy the obligations of the holding company.

 Cooper-Standard Holdings Inc. is a holding company. Our subsidiaries conduct all of our operations and own substantially all of our assets. Our cash flow and our ability to meet our obligations depend on the cash flow of our subsidiaries. In addition, the payment of funds in the form of dividends, intercompany payments, tax sharing payments and otherwise may be subject to restrictions under the laws of the countries of incorporation of our subsidiaries or their governing documents.

We may not be able to procure insurance at reasonable rates to fully meet our needs.

Integral to our risk management strategy and due to requirements under certain of our contracts, we procure insurance coverage from third party insurers. There can be no assurance that any of our existing insurance coverage will be renewable upon the expiration of the coverage period or that future coverage will be affordable at needed limits. Such circumstances will lead to an increase in both our overall risk exposure and our operational expenses, disrupt the management of our business, and could have a material adverse effect on our business, financial condition and results of our operations.

Legal and Compliance Risks

We are involved from time to time in legal and regulatory proceedings, claims or investigations which could have an adverse impact on our results of operations and financial condition.

We are involved in legal and regulatory proceedings, claims or investigations that, from time to time, may be significant. These matters typically arise in the normal course of business including, without limitation, commercial or contractual disputes, including warranty claims and other disputes with customers and suppliers; intellectual property matters; personal injury claims; environmental issues; tax matters; employment matters; antitrust matters; anti-corruption matters; or allegations relating to legal compliance by us or our employees.

For further information regarding our legal matters, see Item 3. “Legal Proceedings.” The industries in which we operate are also periodically reviewed or investigated by regulators, which could lead to enforcement actions, fines and penalties or the assertion of private litigation claims. It is not possible to predict with certainty the outcome of claims, investigations and

21

lawsuits, and we could in the future incur judgments, fines or penalties or enter into settlements of lawsuits and claims that could have an adverse effect on our business, results of operations and financial condition in any particular period.

If we are unable to protect our intellectual property or if a third party challenges our intellectual property rights, our business could be adversely affected.

We own or have rights to proprietary technology that is important to our business. We rely on intellectual property laws, patents, trademarks and trade secrets to protect such technology. Such protections, however, vary among the countries in which we market and sell our products, and as a result, we may be unable to prevent third parties from using our intellectual property without authorization. Any infringement or misappropriation of our technology could have an adverse effect on our business and results of operations. We also face exposure to claims by others for infringement of intellectual property rights and could incur significant costs or losses related to such claims. In addition, many of our supply agreements require us to indemnify our customers from third-party infringement claims. These claims, regardless of their merit or resolution, are frequently costly to prosecute, defend or settle and divert the efforts and attention of our management and employees. If any such claim were to result in an adverse outcome, we could be required to take actions which may include: ceasing the manufacture, use or sale of the infringing products; paying substantial damages to third parties, including to customers to compensate them for the discontinued use of a product or to replace infringing technology with non-infringing technology; or expending significant resources to develop or license non-infringing products, any of which could adversely affect our operations, business and financial condition.

We may be adversely affected by laws and regulations, including environmental, health and safety laws and regulations.

We are subject to various U.S. federal, state and local, and non-U.S. laws and regulations, including those related to environmental, health and safety, financial, tax, customs and other matters. We cannot predict the substance or impact of pending or future legislation or regulations, or the application thereof. The introduction of new laws or regulations or changes in existing laws or regulations, or the interpretations thereof, could increase the costs of doing business for us or our customers or suppliers or restrict our actions and adversely affect our financial condition, results of operations and cash flows.

In particular, we are subject to a broad range of laws and regulations governing emissions to air; discharges to water; noise and odor emissions; the generation, handling, storage, transportation, treatment, reclamation and disposal of chemicals and waste materials; the cleanup of contaminated properties; and health and safety. We may incur substantial costs in complying with these laws and regulations. Many of our current and former facilities have been subject to certain environmental investigations and remediation activities, and we maintain environmental reserves for certain of these sites. Through various acquisitions, we have acquired a number of manufacturing facilities, and we cannot assure that we will not incur material costs or liabilities relating to activities that predate our ownership. Material future expenditures may be necessary if compliance standards change or material unknown conditions that require remediation are discovered. Environmental laws could also restrict our ability to expand our facilities or could require us to acquire costly equipment or to incur other significant expenses. In addition, climate change poses regulatory risks that could harm our results of operations or affect the way we conduct our businesses. For example, new or modified regulations could require us to spend substantial funds to enhance our environmental compliance efforts. If we fail to comply with present and future environmental laws and regulations, we could be subject to future liabilities, which could adversely affect our financial condition, operating results and cash flows.

Item 1B.    Unresolved Staff Comments

None.

22

Item 2.        Properties

As of December 31, 2021, our operations were conducted through 129 wholly-owned, leased and consolidated joint venture facilities in 21 countries (North America: Canada, Costa Rica, Mexico, United States; Asia Pacific: China, India, Japan, South Korea, Thailand; Europe: Czech Republic, France, Germany, Italy, Netherlands, Poland, Romania, Serbia, Spain, Sweden, United Kingdom; South America: Brazil), of which 74 are predominantly manufacturing facilities and 55 have design, engineering, administrative or logistics designations. Our corporate headquarters are located in Northville, Michigan. Our manufacturing facilities are located in North America, Europe, Asia and South America. We believe that substantially all of our properties are in generally good condition and there is sufficient capacity to meet current and projected manufacturing, product development and logistics requirements. The following table summarizes our key property holdings:

Segment	Type	Total Facilities*	Owned Facilities
North America	Manufacturing (a)	34	21
	Other (b)	26	1
Asia Pacific	Manufacturing (a)	17	7
	Other (b)	9	—
Europe	Manufacturing (a)	19	12
	Other (b)	20	2
South America	Manufacturing (a)	4	1
	Other (b)	—	—

(a)Includes multi-activity sites which are predominantly manufacturing.

(b)Includes design, engineering, R&D, administrative and logistics locations.

(*) Excludes 4 unutilized facilities: 2 North America; 1 Europe; 1 South America

Item 3.        Legal Proceedings

The litigation process is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance. See Note 21. “Contingent Liabilities” to the consolidated financial statements included in Item 8. “Financial Statements and Supplementary Data” of this Report for discussion of loss contingencies.     

Item 4.        Mine Safety Disclosures

Not applicable.

23

PART II

Item 5.        Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity

Securities

Market Information

Our common stock has been traded on the NYSE since October 17, 2013 under the symbol “CPS.”

Holders of Common Stock

As of February 9, 2022, there were approximately 6 holders of record of our common stock. This stockholder figure does not include a substantially greater number of holders whose shares are held of record by banks, brokers and other financial institutions.

Dividends

Cooper-Standard Holdings Inc. has never paid or declared a dividend on its common stock. The declaration of any prospective dividends is at the discretion of the Board of Directors and would be dependent upon sufficient earnings, capital requirements, financial position, general economic conditions, state law requirements and other relevant factors. Additionally, our credit agreements governing our ABL Facility and Term Loan Facility and our indentures governing our Senior Notes and Senior Secured Notes contain covenants that, among other things, restrict our ability to pay certain dividends and distributions subject to certain qualifications and limitations. See “Liquidity and Capital Resources” under Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Report. We do not anticipate paying any dividends on our common stock in the foreseeable future.

Securities Repurchase Program

In June 2018, our Board of Directors approved a common stock repurchase program (the “2018 Program”) authorizing us to repurchase, in the aggregate, up to $150.0 million of our 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 our management and in accordance with prevailing market conditions and federal securities laws and regulations. We expect to fund any future repurchases from cash on hand and future cash flows from operations. We are not obligated to acquire a particular amount of securities, and the 2018 Program may be discontinued at any time at the Company’s discretion. The 2018 Program was effective beginning November 2018.

As of December 31, 2021, we had approximately $98.7 million of repurchase authorization remaining.

A summary of shares of our common stock repurchased during the three months ended December 31, 2021 is shown below:

Period	Total Number of Shares Purchased (1)	Average Price Paid per Share		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)
October 1, 2021 through October 31, 2021	205	$	23.76	—	$	98.7
November 1, 2021 through November 30, 2021	1,663	$	25.88	—	$	98.7
December 1, 2021 through December 31, 2021	270	$	25.97	—	$	98.7
Total	2,138			—	$	98.7

(1) Represents shares repurchased by the Company to satisfy employee tax withholding requirements due upon the vesting of restricted stock awards and the exercise of stock option awards.

24

Performance Graph

The following graph compares the cumulative total stockholder return for Cooper-Standard Holdings Inc. to the Standard & Poor’s 500 Index and the Standard & Poor’s Supercomposite Auto Parts & Equipment Index based on currently available data. The graph assumes an initial investment of $100 on December 30, 2016 and reflects the cumulative total return on that investment, including the reinvestment of all dividends where applicable, through December 31, 2021.

Comparison of Cumulative Return

	Ticker	12/30/2016*		12/29/2017*		12/31/2018		12/31/2019		12/31/2020		12/31/2021
Cooper-Standard Holdings Inc.	CPS	$	100.00	$	118.49	$	60.09	$	32.08	$	33.54	$	21.68
S&P 500	SPX	$	100.00	$	119.19	$	113.98	$	149.62	$	176.57	$	226.33
S&P Supercomposite Auto Parts & Equipment Index	S15AUTP	$	100.00	$	129.22	$	89.20	$	118.49	$	145.63	$	177.82

* Represents last trading day of the year

Item 6.        [Reserved]

25

Item 7.        Management’s Discussion and Analysis of Financial Condition and Results of Operations

This management’s discussion and analysis of financial condition and results of operations is intended to assist in understanding and assessing the trends and significant changes in our results of operations and financial condition. Our historical results may not indicate, and should not be relied upon as an indication of, our future performance. Our forward-looking statements reflect our current views about future events, are based on assumptions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those contemplated by these statements. See Item 1. “Business—Forward-Looking Statements” for a discussion of risks associated with reliance on forward-looking statements. Factors that may cause differences between actual results and those contemplated by forward-looking statements include, but are not limited to, those discussed below and in Item 1A. “Risk Factors.” Management’s discussion and analysis of financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes to those statements included in Item 8. “Financial Statements and Supplementary Data” of this Report.

Executive Overview

Our Business

We design, manufacture and sell sealing, fuel and brake delivery, and fluid transfer systems for use in passenger vehicles and light trucks manufactured by global OEMs. Prior to its divestiture on April 1, 2019, the Company also operated an AVS business. In 2021, approximately 82% of our sales consisted of original equipment sold directly to OEMs for installation on new vehicles. The remaining 18% of our sales were primarily to Tier I and Tier II suppliers and non-automotive manufacturers. Accordingly, sales of our products are directly affected by the annual vehicle production of OEMs and, in particular, the production levels of the vehicles for which we provide specific parts. Most of our products are custom designed and engineered for a specific vehicle platform. Our sales and product development personnel frequently work directly with the OEMs’ engineering departments in the design and development of our various products.

Although each OEM may emphasize different requirements as the primary criteria for judging its suppliers, we believe success as an automotive supplier generally requires outstanding performance with respect to quality, price, service, performance, design and engineering capabilities, innovation, timely delivery, financial stability and an extensive global footprint. Also, we believe our continued commitment to invest in global common processes is an important factor in servicing global customers with the same quality and consistency of product wherever we produce in the world. This is especially important when supplying products for global platforms.

In addition, to remain competitive and offset continued customer pricing pressure, we must also consistently achieve and sustain cost savings. In an ongoing effort to reduce our cost structure, we run a global continuous improvement program which includes training for our employees, as well as implementation of lean tools, structured problem solving, best business practices, standardized processes and change management. We also evaluate opportunities to consolidate facilities and to relocate certain operations to lower cost countries. We believe we will continue to be successful in our efforts to improve our design and engineering capability and manufacturing processes while achieving cost savings, including through our continuous improvement initiatives.

Our OEM sales are generally based upon purchase orders issued by the OEMs, with updated releases for volume adjustments. As such, we typically do not have a backlog of orders at any point in time. Once selected to supply products for a particular platform, we typically supply those products for the platform life, which is normally five to eight years, although there is no guarantee that this will occur. In addition, when we are the incumbent supplier to a given platform, we believe we have a competitive advantage in winning the redesign or replacement platform.

In 2021, approximately 54% of our sales were generated in North America. Because of our significant international operations, we are subject to the risks associated with doing business in other countries, such as currency volatility, high interest and inflation rates, and the general political and economic risk that are associated with some of these markets.

Recent Trends and Conditions

General Economic Conditions and Outlook

The global automotive industry is susceptible to uncertain economic conditions that could adversely impact new vehicle demand and production. Business conditions may vary significantly from period to period or region to region.

The COVID-19 pandemic created an unusually high degree of economic disruption and uncertainty during 2020. In 2021, global economic disruption was exacerbated by broad supply chain challenges caused, in part, by sharp increases in overall industrial demand and widespread labor shortages related to continuing COVID-19 restrictions and concerns. A considerable

26

amount of economic uncertainty remains heading into 2022. Many industries, including the automotive industry, remain significantly impacted by supply chain disruptions, labor shortages and persistent inflationary pressure. In addition, the potential for changes in fiscal and monetary policies by governments and interest rate increases by central banks around the world adds to an already uncertain global economic environment.

In North America, U.S. consumer confidence has trended downward since the second quarter of 2021. Key drivers of the decline are inflation, continuing supply chain disruptions and prospective interest rate hikes. Persistent concerns over new variants of COVID-19 are also a factor. However, U.S. households have benefited from past economic stimulus actions and personal savings rates remain high. In addition, the unemployment rate in the U.S. is near an all-time low. Finally, in 2022, the United States government is expected to take actions to control inflation. The Federal Reserve Bank has announced intentions to implement multiple interest rate hikes during the year and begin tapering asset purchases. However, recently passed infrastructure legislation and pent-up consumer demand are expected to support continued economic growth.

In Europe, the Eurozone economy has rebounded to near its pre-pandemic size and employment rates have largely returned to pre-pandemic levels. However, persistent impacts of the COVID-19 pandemic, supply chain constraints and inflationary pressures continue to create an uncertain economic outlook. As a result, the European Central Bank (ECB) has announced its intent to maintain its asset purchase program through the first quarter of 2022 and then to end emergency economic support and stimulus after March. The ECB also announced plans to leave borrowing rates at current levels. Automotive production levels in the region are expected to improve modestly in 2022 as supply chain issues alleviate.

In Asia Pacific, China’s economy experienced a strong rebound in 2021 with year-over-year growth of approximately 8%. This growth was achieved through continued fixed asset investment in industrial technology and infrastructure and more liberal credit policies, despite persistent impacts of the COVID-19 pandemic and global supply chain disruptions. In 2022, targeted stimulus policy easing, reduced export demand and additional restrictions on polluting industries are expected to weigh on economic activity and growth in 2022. Geopolitical tensions, further contractions in the property sector and ongoing COVID-19 outbreaks could pose additional risk to the outlook.

In South America, consumer and capital spending are expected to slow and export growth is likely to moderate following the cyclical, post-pandemic rebound in 2021. In addition, higher energy costs, severe drought conditions and supply chain constraints created an inflationary environment in the later part of 2021 that will likely continue into 2022, putting downward pressure on consumer spending. The Brazilian Central Bank is expected to prioritize actions to control inflation rather than stimulating additional growth. We remain cautious for the economic outlook in this market given the long history of political instability and economic volatility in the region.

Production Levels

Our business is directly affected by the automotive vehicle production rates in North America, Europe, Asia Pacific and South America. Beginning in the first quarter of 2020, as a result of COVID-19, we experienced the shutdown of effectively all of our facilities coinciding with the shutdown of our customer facilities in all regions. Production subsequently resumed in all regions, at steadily increasing rates throughout 2020.

In the first quarter of 2021 and continuing throughout the year, OEM production volumes were disrupted by the global shortage of semiconductors. The shortage has resulted in slowdowns and stoppages in the final production of vehicles. However, production volumes were more consistent in the fourth quarter. Further, current customer schedules and industry forecasts suggest production volumes will steadily increase throughout 2022. Therefore, we are collaborating closely with our customers to minimize production inefficiencies while supporting their needs.

According to the forecasting firm IHS Markit, global light vehicle production was approximately 76.4 million units in 2021. This reflects an increase of approximately 2.5% globally since 2020.

27

Light vehicle production in certain regions for 2021 and 2020, as well as projections for 2022, are provided in the following table:

(In millions of units)	2022(1)	2021(1)	2020(1)	Projected % Change 2021-2022		% Change 2020-2021
North America	15.2	13.0	13.0	16.6	%	0.1	%
Europe	18.5	15.7	16.6	17.5	%	(5.0)	%
Asia Pacific	44.3	43.1	41.0	2.8	%	5.1	%
Greater China	24.7	24.5	23.6	0.8	%	4.0	%
South America	2.9	2.6	2.2	12.8	%	16.1	%

(1) Production data based on IHS Markit, January 2022.

In the Europe region in 2021, vehicle production decreased compared to the prior year, as a result of the impact of semiconductor supply issues in the current year. While there were lengthy facility shutdowns due to the initial impacts of COVID-19 in all regions in 2020, the semiconductor supply issues in 2021 resulted in shutdowns for intermediate periods of time and inconsistent production volumes that particularly disrupted Europe for much of the year. Similarly, the North America region experienced effectively no growth in vehicle production compared to the prior year. This was primarily a result of semiconductor supply issues, which also led to facility shutdowns for intermediate periods of time. Conversely, while the Asia Pacific and South America regions were impacted by supply issues in 2021, vehicle production increased in these regions, compared to 2020, which was largely impacted by lengthy facility shutdowns. Following the shutdowns in 2020, there has been strong demand in all regions. While supply issues caused variable production volumes throughout 2021, all regions are expected to experience strong growth in 2022, as supply chains return to more consistent volume and timing.

Industry Overview

Competition in the automotive supplier industry is intense and has increased in recent years as OEMs have demonstrated a preference for stronger relationships with fewer suppliers. Because of a growing emphasis on global vehicle platforms, automotive suppliers with a global manufacturing footprint capable of fully servicing customers around the world will typically have a competitive advantage over smaller, regional competitors. This dynamic is likely to result in further consolidation of competing suppliers within our industry over time.

OEMs have shifted some research and development, design and testing responsibility to suppliers, while at the same time shortening new product cycle times. To remain competitive, suppliers must have state-of-the-art engineering and design capabilities and must be able to continuously improve their engineering, design and manufacturing processes to effectively service the customer. Suppliers are increasingly expected to collaborate on, or assume the product design and development of, key automotive components and to provide innovative solutions to meet evolving technologies aimed at improved emissions and fuel economy.

Increased competitiveness in the industry, as well as customer focus on costs, has resulted in continued pressure on suppliers for price reductions, even in an inflationary environment, which reduces the overall profitability of the industry. Consolidations and market share shifts among vehicle manufacturers continue to put additional pressures on the supply chain. These pricing and market pressures will continue to drive our focus on reducing our overall cost structure through continuous improvement initiatives, capital redeployment, restructuring and other cost management processes. Nonetheless, we continue to negotiate with OEM customers to recover the costs associated with the significant commodity inflation that we have incurred during 2021 and anticipate to incur in 2022.

In addition to the above, other factors will present opportunities for automotive suppliers who are positioned for the changing environment, including autonomous and connected vehicles, evolving government regulation, and consumer preference for environmentally friendly products and technology, including hybrid and electric vehicle (EV) architectures.

Raw Materials

Our business is susceptible to inflationary pressures with respect to raw materials which may place operational and profitability burdens on the entire supply chain. Costs related to raw materials, such as steel, aluminum, and oil and oil-derived commodities, continue to be volatile, which led to extended and magnified increases in these costs in 2021. Further, we expect these increases to have an impact on our results and cash flows in 2022. As such, on an ongoing basis, we work with our customers and suppliers to mitigate both inflationary pressures and our material-related cost exposures.

28

Critical Accounting Policies and Estimates

Our significant accounting policies are more fully described in Note 2. “Basis of Presentation and Summary of Significant Accounting Policies” to the consolidated financial statements included in Item 8. “Financial Statements and Supplementary Data” of this Report. Certain of our accounting policies require the application of significant judgment by management in selecting the appropriate assumptions for calculating financial estimates. These policies require the most difficult, subjective or complex judgments that management makes in the preparation of the financial statements and accompanying notes. We consider an accounting estimate to be critical if (i) it requires us to make assumptions about matters that were uncertain at the time we were making the estimate, and (ii) changes in the estimate or different estimates that we could have selected could have had a material impact on our financial condition or results of operations. Such critical accounting estimates are discussed below. For these, materially different amounts could be reported under varied conditions and assumptions. While other items in our consolidated financial statements require estimation, however, in our judgment, they are not as critical as those discussed below.

Goodwill. Our organizational structure changed on January 1, 2020. Prior to this change in organizational structure, our North America operating segment was the only reporting unit in which goodwill was recorded. As a result of the change in organizational structure, a portion of the goodwill that was previously attributable to the North America reporting unit was reallocated to the Industrial Specialty Group reporting unit based on the relative fair value approach. The Industrial Specialty Group reporting unit is a component of the Advanced Technology Group operating segment, which is reflected in “Corporate, eliminations and other”. The change in organizational structure of the business represented a triggering event to test goodwill for impairment as of January 1, 2020. No impairment was identified as a result of completing the goodwill impairment test. Additionally, in the second quarter of 2021, we recorded goodwill as a result of purchasing a supplier in our Europe reporting unit for an immaterial purchase consideration. The incremental goodwill amount was tested as part of our annual impairment testing.

Goodwill is tested for impairment by reporting unit as of October 1 of each year or more frequently if events or circumstances indicate that an impairment may exist. For our goodwill analysis, fair value is based on the cash flows projected in the reporting units’ strategic plans and long-range planning forecasts, discounted at a risk-adjusted rate of return. Our long-range planning forecasts are based on our assessment of revenue growth rates generally based on industry specific data, external vehicle build assumptions published by widely used external sources, and customer market share data based on known and targeted awards over a three-year period. The projected profit margin assumptions included in the plans are based on the current cost structure and adjustments for anticipated cost reductions or increases. If different assumptions were used in these plans, the related cash flows used in measuring fair value could be different and impairment of goodwill might be recorded. The annual goodwill impairment analysis for 2021 resulted in no impairment for the North America and Industrial Specialty Group reporting units. Additionally, a hypothetical 10 percent decrease in the fair value of these reporting units would not impact our conclusion that goodwill was not impaired. However, as a result of our recent operating performance, we recorded an impairment on goodwill that was recognized in the second quarter of 2021 for our Europe reporting unit. See Note 9. “Goodwill and Intangible Assets” to the consolidated financial statements included in Item 8. “Financial Statements and Supplementary Data” of this Report for additional information.

Long-Lived Assets. We monitor our long-lived assets for impairment indicators on an ongoing basis. If impairment indicators exist, we analyze the undiscounted cash flows expected to be generated from the long-lived assets compared to the related net book values. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived assets. Fair value of machinery and equipment is based upon either estimated salvage value or estimated orderly liquidation value. Fair value of leased buildings is based on a discounted cash flow approach. Fair value of owned buildings is based on a sales comparison approach or cost approach. Cash flows are estimated using internal budgets based on recent sales data, independent automotive production volume estimates and customer commitments, as well as assumptions related to discount rates. Changes in economic or operating conditions impacting these estimates and assumptions could result in the impairment of long-lived assets. In 2021 and 2020, we recorded impairment charges related to buildings and machinery and equipment in North America, Europe, Asia Pacific, and Corporate and other segments. See Note 8. “Property, Plant and Equipment” to the consolidated financial statements included in Item 8. “Financial Statements and Supplementary Data” of this Report for additional information.

Income Taxes. In determining the provision for income taxes for financial statement purposes, we make estimates and judgments which affect our evaluation of the carrying value of our deferred tax assets as well as our calculation of certain tax liabilities. We evaluate the carrying value of our deferred tax assets on a quarterly basis. In completing this evaluation, we consider all available positive and negative evidence. Such evidence includes historical operating results, the existence of

29

cumulative earnings and losses in the most recent fiscal years, taxable income in prior carryback year(s) if permitted under the tax law, expectations for future pretax operating income which considers forecasted revenue trends within the automotive industry, the time period over which our temporary differences will reverse, and the implementation of feasible and prudent tax planning strategies. Deferred tax assets are reduced by a valuation allowance if, based on the weight of this evidence, it is more likely than not that all or a portion of the recorded deferred tax assets will not be realized in future periods.

Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. We utilize three years’ cumulative pre-tax book results adjusted for significant permanent book to tax differences as a measure of cumulative results in recent years. In certain jurisdictions, our analysis indicates that we have cumulative three-year historical losses on this basis. This is considered significant negative evidence which is difficult to overcome. However, the three-year loss position is not solely determinative, and, accordingly, management considers all other available positive and negative evidence in its analysis. In the U.S. and certain foreign jurisdictions, we concluded that it is more likely than not that the net deferred tax assets may not be realized in the future. Accordingly, we continue to maintain and adjust as appropriate the valuation allowance related to those net deferred tax assets. However, since future financial results may differ from previous estimates, periodic adjustments to our valuation allowances may be necessary.

In addition, the calculation of our tax benefits and liabilities includes uncertainties in the application of complex tax regulations in a multitude of jurisdictions across our global operations. We recognize tax benefits and liabilities based on our estimate of whether, and the extent to which, additional taxes will be due. We adjust these liabilities based on changing facts and circumstances; however, due to the complexity of some of these uncertainties and the impact of any tax audits, the ultimate resolutions may be materially different from our estimated liabilities. See Note 16. “Income Taxes” to the consolidated financial statements included in Item 8. “Financial Statements and Supplementary Data” of this Report for additional information.

Pensions and Postretirement Benefits Other Than Pensions. Included in our results of operations are significant pension and postretirement benefit costs, which are measured using actuarial valuations. Inherent in these valuations are key assumptions, including discount rates, mortality rates, expected returns on plan assets and health care cost trend rates. These assumptions are determined as of the current year measurement date. We consider current market conditions, including changes in interest rates, in making these assumptions. Changes in pension and postretirement benefit costs may occur in the future due to changes in these assumptions. Our net pension and postretirement benefit costs, which included non-cash pension settlement charges of $1.3 million, were approximately $3.4 million and $1.1 million, respectively, for the year ended December 31, 2021.

To develop the discount rate for each pension plan, the expected cash flows underlying the plan’s benefit obligations were discounted using a December 31, 2021 pension index to determine a single equivalent rate. To develop our expected return on plan assets, we considered historical long-term asset return experience, the expected investment portfolio mix of plan assets and an estimate of long-term investment returns. To develop our portfolio of plan assets, we considered the duration of the plan liabilities and gave more weight to fixed-income positions than to public and private equity investments.

Weighted average assumptions used to determine pension benefit obligations as of December 31, 2021 were as follows:

	U.S.		Non-U.S.
Discount rate	2.84	%	1.83	%
Rate of compensation increase	N/A (*)		1.44	%
Cash balance interest credit rate	4.50	%	N/A

Weighted average assumptions used to determine net periodic benefit costs for the year ended December 31, 2021 were as follows:

	U.S.		Non-U.S.
Discount rate	2.48	%	1.63	%
Expected return on plan assets	5.50	%	2.48	%
Rate of compensation increase	N/A (*)		1.99	%

*As the U.S. plans are frozen, the rate of compensation increase was not applicable.

30

The sensitivity of our pension cost and obligations to changes in key assumptions, holding all other assumptions constant, is as follows:

Change in assumption	Impact on 2022 net periodic benefit cost	Impact on PBO as of December 31, 2021
1% increase in discount rate	+$0.2 million	-$46.3 million
1% decrease in discount rate	+$0.8 million	+$57.0 million
1% increase in expected return on plan assets	-$3.1 million	—
1% decrease in expected return on plan assets	+$3.1 million	—

Aggregate pension net periodic benefit cost is forecasted to be approximately $6.0 million in 2022.

Health care cost trend rates are assumed to reflect market trend, actual experience and future expectations. Health care cost trend rate assumptions used to determine the postretirement benefit obligation as of December 31, 2021 were as follows:

	U.S.		Non-U.S.
Health care cost trend rate	5.19	%	5.00	%
Ultimate health care cost trend rate	4.50	%	5.00	%
Year that the rate reaches the ultimate trend rate	2027		N/A

Aggregate other postretirement net periodic benefit cost is forecasted to be approximately $0.1 million in 2022.

The Company’s policy is to fund pension plans such that sufficient assets will be available to meet future benefit requirements and contribute amounts deductible for United States federal income tax purposes or amounts required by local statute. The Company estimates it will make funding cash contributions to its U.S. and non-U.S. pension plans of approximately $1.0 million and $4.1 million, respectively in 2022.

The Company does not prefund its postretirement benefit obligations. Rather, payments are made as costs are incurred by covered retirees. We expect net other postretirement benefit payments to be approximately $2.4 million in 2022.

Historical Periods

Refer to Part II - Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K for the fiscal year ended December 31, 2020 for discussion of the Results of Operations, Segment Results of Operations, and Liquidity and Capital Resources for the year ended December 31, 2020 compared to the year ended December 31, 2019, which is incorporated by reference herein.

31

Results of Operations

	Year Ended December 31,				Change
	2021		2020		2021 vs. 2020
	(Dollar amounts in thousands)
Sales	$	2,330,191	$	2,375,439	$	(45,248)
Cost of products sold	2,242,963		2,227,892		15,071
Gross profit	87,228		147,547		(60,319)
Selling, administration & engineering expenses	227,110		263,611		(36,501)
Gain on sale of business, net	(696)		(2,834)		2,138
Amortization of intangibles	7,347		11,611		(4,264)
Impairment charges	25,609		104,363		(78,754)
Restructuring charges	36,950		39,482		(2,532)
Operating loss	(209,092)		(268,686)		59,594
Interest expense, net of interest income	(72,511)		(59,167)		(13,344)
Equity in (losses) earnings of affiliates	(1,728)		396		(2,124)
Pension settlement charges	(1,279)		(184)		(1,095)
Other expense, net	(4,842)		(2,580)		(2,262)
Loss before income taxes	(289,452)		(330,221)		40,769
Income tax expense (benefit)	39,392		(60,847)		100,239
Net loss	(328,844)		(269,374)		(59,470)
Net loss attributable to noncontrolling interests	6,009		1,769		4,240
Net loss income attributable to Cooper-Standard Holdings Inc.	$	(322,835)	$	(267,605)	$	(55,230)

Year Ended December 31, 2021 Compared to Year Ended December 31, 2020.

Sales

Sales for the year ended December 31, 2021 decreased 1.9%, compared to the year ended December 31, 2020. The decrease in sales was driven by divestitures, and lower vehicle production volume due to the impact of semiconductor supply issues, partially offset by foreign exchange.

	Year Ended December 31,						Variance Due To:
	2021		2020		Change		Volume / Mix*		Foreign Exchange		Divestitures/Other
	(Dollar amounts in thousands)
Total sales	$	2,330,191	$	2,375,439	$	(45,248)	$	(30,922)	$	50,182	$	(64,508)

* Net of customer price adjustments

32

Gross Profit

	Year Ended December 31,								Variance Due To:
	2021			2020			Change		Volume / Mix*		Foreign Exchange		Cost (Decreases) / Increases**
	(Dollar amounts in thousands)
Cost of products sold	$	2,242,963		$	2,227,892		$	15,071	$	(23,967)	$	50,493	$	(11,455)
Gross profit	87,228			147,547			(60,319)		(6,955)		(311)		(53,053)
Gross profit percentage of sales	3.7		%	6.2		%

* Net of customer price adjustments

** Includes impact of divestitures

Cost of products sold is primarily comprised of material, labor, manufacturing overhead, freight, depreciation, warranty costs and other direct operating expenses. Cost of products sold for the year ended December 31, 2021 increased $15.1 million, or 0.7%, compared to the year ended December 31, 2020. Materials comprise the largest component of our cost of products sold and represented approximately 47% and 46% of total cost of products sold for the years ended December 31, 2021 and December 31, 2020, respectively. The change in the cost of products sold was impacted by higher commodity and material costs, wage inflation, foreign exchange, partially offset by vehicle volume and mix, divestitures, and continuous improvement, lean manufacturing and restructuring savings.

Gross profit for the year ended December 31, 2021 decreased $60.3 million compared to the year ended December 31, 2020. As a percentage of sales, gross profit was 3.7% and 6.2% for the years ended December 31, 2021 and 2020, respectively. The decrease was driven by commodity and wage inflation, volume and mix, and the non-recurrence of prior year government incentives primarily related to the COVID-19 pandemic. These items were partially offset by net favorable operational performance, lower variable employee compensation expenses, purchasing lean savings, restructuring savings, and divestitures.

Selling, Administration and Engineering. Selling, administration and engineering expense for the year ended December 31, 2021 was $227.1 million, or 9.7% of sales, compared to $263.6 million, or 11.1% of sales, for the year ended December 31, 2020. The decrease was primarily due to salaried headcount initiative savings, lower variable employee compensation expenses, lower professional fees, and divestitures.

Gain on Sale of Business, net. The gain on sale of business of $0.7 million for the year ended December 31, 2021 related to adjustments for the sale of our European fluid transfer and specialty sealing businesses and Indian operations. The gain on sale of business of $2.8 million for the year ended December 31, 2020 related to the net effect of our 2020 divestitures.

Amortization of Intangibles. Intangible amortization for the year ended December 31, 2021 decreased $4.3 million compared to the year ended December 31, 2020. The decrease was primarily driven by a customer relationship intangible asset in the North America region that was fully amortized during the second quarter of 2020.

Impairment Charges. Non-cash asset impairment charges of $25.6 million for the year ended December 31, 2021 related to property, plant and equipment and goodwill impairment charges. Non-cash asset impairment charges of $104.4 million for the year ended December 31, 2020 related to reducing the carrying value of our held for sale facilities to fair value less costs to sell, property, plant and equipment, and building operating lease impairment charges.

Restructuring. Restructuring charges for the year ended December 31, 2021 decreased $2.5 million compared to the year ended December 31, 2020. Our restructuring actions include plant and other facility closures and workforce reductions and are initiated to maintain our competitive footprint or in response to changes in global and regional automotive markets. The decreases were attributable to North America, Asia Pacific, and Corporate and other, and were primarily due to footprint rationalization actions that were completed in 2020. During 2021, increases attributable to Europe were primarily related to headcount initiatives and footprint rationalization.

Interest Expense, net. Net interest expense for the year ended December 31, 2021 increased $13.3 million compared to the year ended December 31, 2020, primarily due to higher outstanding debt balances including the Senior Secured Notes that were issued in the second quarter of 2020.

Pension Settlement Charges. Non-cash pension settlement charges of $1.3 million and $0.2 million for the years ended December 31, 2021 and 2020, respectively, related to our non-U.S. pension plans.

33

Other Expense, net. Other expense, net for the year ended December 31, 2021 increased $2.3 million compared to the year ended December 31, 2020. The increase was primarily due to higher foreign currency losses in the year ended December 31, 2021, partially offset by benefit related income.

Income Tax Expense (Benefit). Income tax expense for the year ended December 31, 2021 was $39.4 million on losses before taxes of $289.5 million. This compared to an income tax benefit of $60.8 million on losses before taxes of $330.2 million for the year ended December 31, 2020. The tax expense in 2021 differed from the statutory rate primarily due to incremental valuation allowances recorded on tax losses generated in the U.S. and certain foreign jurisdictions, the mix of income between the U.S. and foreign sources, tax credits and incentives, and other nonrecurring discrete items. The tax benefit in 2020 differed from the statutory rate due to incremental valuation allowances recorded on tax losses generated in certain foreign jurisdictions and U.S. states, permanent benefits generated by the ability to carry back net operating losses in the U.S. up to five years at the tax rates in effect during those periods under the business tax provisions of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) enacted during 2020, the mix of income between the U.S. and foreign sources, permanent impacts from the divestiture of our European rubber, fluid transfer, and specialty sealing businesses as well as our Indian operations, tax credits and incentives, and other non recurring discrete items.

Segment Results of Operations

Our business is organized into the following reportable segments: North America, Europe, Asia Pacific and South America. All other business activities are reported in Corporate, eliminations and other. We use Segment adjusted EBITDA as the measure of earnings to assess the performance of each segment and determine the resources to be allocated to the segments. We have defined adjusted EBITDA as net income before interest, taxes, depreciation, amortization, restructuring expense, and special items.

The following tables presents sales and segment adjusted EBITDA for each of the reportable segments.

Year Ended December 31, 2021 Compared with Year Ended December 31, 2020

Sales

	Year Ended December 31,						Variance Due To:
	2021		2020		Change		Volume / Mix*		Foreign Exchange		Divestitures / Other
	(Dollar amounts in thousands)
Sales to external customers
North America	$	1,148,257	$	1,141,368	$	6,889	$	2,118	$	4,771	$	—
Europe	518,245		586,739		(68,494)		(40,454)		21,177		(49,217)
Asia Pacific	458,306		468,042		(9,736)		(20,362)		25,917		(15,291)
South America	61,713		60,754		959		4,425		(3,466)		—
Total Automotive	2,186,521		2,256,903		(70,382)		(54,273)		48,399		(64,508)
Corporate, eliminations and other	143,670		118,536		25,134		23,351		1,783		—
Consolidated	$	2,330,191	$	2,375,439	$	(45,248)	$	(30,922)	$	50,182	$	(64,508)

* Net of customer price adjustments

•Volume and mix, net of customer price adjustments, was driven by the decline in vehicle production volume caused by the impact of semiconductor and other OEM supply chain issues.

•The impact of foreign currency exchange was primarily related to the Euro and the Brazilian Real.

34

Segment adjusted EBITDA

	Year Ended December 31,						Variance Due To:
	2021		2020		Change		Volume / Mix*		Foreign Exchange		Cost Decreases / (Increases)		Divestitures / Other
	(Dollar amounts in thousands)
Segment adjusted EBITDA
North America	$	54,616	$	90,638	$	(36,022)	$	3,668	$	(10,550)	$	(28,641)	$	(499)
Europe	(49,599)		(39,004)		(10,595)		(15,306)		(1,717)		4,078		2,350
Asia Pacific	(16,756)		12,472		(29,228)		(13,154)		(7)		(23,106)		7,039
South America	(9,852)		(13,841)		3,989		3,361		4,293		(3,665)		—
Total Automotive	(21,591)		50,265		(71,856)		(21,431)		(7,981)		(51,334)		8,890
Corporate, eliminations and other	13,557		(14,588)		$	28,145	14,476		(46)		13,715		—
Consolidated adjusted EBITDA	$	(8,034)	$	35,677	$	(43,711)	$	(6,955)	$	(8,027)	$	(37,619)	$	8,890

* Net of customer price adjustments

•Volume and mix, net of customer price adjustments, was driven by the decline in vehicle production volume caused by the impact of semiconductor and other OEM supply chain issues.

•Foreign currency exchange was impacted by the Mexican Peso, Canadian Dollar, Euro, Polish Zloty, Czech Koruna, Chinese Renminbi and the Brazilian Real.

•The Cost Decreases / (Increases) category above includes:

◦The one-time impact of an $11.2 million credit loss for certain accounts receivable related to the bankruptcy proceedings of a former joint venture in Asia;

◦Commodity cost, wage and allowance for credit loss increases;

◦The non-recurrence of prior year government incentives primarily related to the COVID-19 pandemic;

◦Reduction in compensation-related expenses, due to salaried headcount initiatives, purchasing savings through lean initiatives, variable employee compensation expenses, and restructuring savings; and

◦Net manufacturing efficiencies of $33 million, primarily driven by our European, North America and Asia Pacific segments.

Liquidity and Capital Resources

Short and Long-Term Liquidity Considerations and Risks

We intend to fund our ongoing working capital, capital expenditures, debt service and other funding requirements through a combination of cash flows from operations, cash on hand, borrowings under our senior asset-based revolving credit facility (“ABL Facility”) and receivables factoring. We utilize intercompany loans and equity contributions to fund our worldwide operations. There may be country-specific regulations which may restrict or result in increased costs in the repatriation of these funds. See Note 10. “Debt” to the consolidated financial statements in Item 8. “Financial Statements and Supplementary Data” of this Report for a detailed discussion of terms and conditions related to our debt.

We continue to actively preserve cash and enhance liquidity, including decreasing our capital expenditures. Based on those actions and current projections of OEM customer production, we believe that our cash flows from operations, cash on hand, borrowings under our ABL Facility and receivables factoring will enable us to meet our ongoing working capital, capital expenditures, debt service and other funding requirements for the next twelve months, despite the challenges presented by the ongoing COVID-19 pandemic and supply chain issues facing the industry. We continuously monitor and forecast our liquidity situation, take the necessary actions to preserve our liquidity and evaluate other financial alternatives that may be available to us should the need arise. Our ability to fund our working capital needs, debt payments and other obligations, and to comply with the financial covenants, including borrowing base limitations, under our ABL Facility, depend on our future operating performance and cash flows and many factors outside of our control, including the costs of raw materials and purchased components, the state

35

of the overall automotive industry and financial and economic conditions, including the continued impact of COVID-19, and other factors.

Cash Flows

Operating Activities. Net cash used in operating activities was $115.5 million for the year ended December 31, 2021, compared to net cash used in operating activities of $15.9 million for the year ended December 31, 2020. The change was primarily due to decreased cash earnings and accrued payroll liability outflows, partially offset by other working capital improvements.

Investing Activities. Net cash used in investing activities was $91.3 million for the year ended December 31, 2021, compared to net cash used in investing activities of $106.9 million for the year ended December 31, 2020. Cash used in investing activities consisted primarily of capital spending of $96.1 million and $91.8 million for the years ended December 31, 2021 and 2020, respectively. In response to the COVID-19 pandemic and subsequent supply chain issues, significant decreases in capital expenditures occurred throughout 2020 and 2021. We expect reduced capital expenditures will continue in 2022, primarily as part of initiatives to consistently lower overall capital spending. We anticipate that we will spend approximately $90 million to $100 million on capital expenditures in 2022.

Financing Activities. Net cash provided by financing activities totaled $3.2 million for the year ended December 31, 2021, compared to net cash provided by financing activities of $207.7 million for the year ended December 31, 2020. The inflow in 2021 was primarily due to increases in short-term debt, partially offset by payments on long-term debt and purchase of noncontrolling interest, while the inflow in 2020 was primarily due to proceeds from issuance of the Senior Secured Notes. There were also no share repurchases during the years ended December 31, 2021 or 2020.

Senior Notes

On November 2, 2016, the Company’s wholly-owned subsidiary CSA Inc. (the “Issuer”) completed a private offering of debt securities consisting of the issuance of $400.0 million aggregate principal amount of its 5.625% notes due 2026 (the “Senior Notes”). The proceeds from the sale of the Senior Notes were used to repay the non-extended term loans outstanding under the Term Loan Facility and to pay fees and expenses related to the refinancing. The Senior Notes are guaranteed by us, as well as each of CSA Inc.’s wholly-owned existing or subsequently organized U.S. subsidiaries, subject to certain exceptions, to the extent such subsidiary guarantees the ABL Facility and the Term Loan Facility. The Issuer may redeem all or part of the Senior Notes at various points in time prior to maturity, as described in the indenture. The Senior Notes will 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.

If a Change of Control (as defined in the indenture) occurs, we will be required to make an offer to repurchase all of the Senior Notes at a price equal to 101% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date.

Senior Secured Notes

On May 29, 2020, Cooper Standard Automotive Inc. (the “Issuer”) issued $250.0 million aggregate principal amount of its 13.0% Senior Secured Notes due 2024 (the “Senior Secured Notes”), pursuant to the Indenture, dated as of May 29, 2020 (the “Indenture”), by and among the Issuer, the other guarantors party thereto and U.S. Bank National Association, as trustee, in a transaction exempt from registration under Rule 144A and Regulation S of the Securities Act of 1933. Proceeds from the Senior Secured Notes were used to provide additional liquidity for the Company. The Senior Secured Notes are guaranteed on a senior secured basis by CS Intermediate HoldCo 1 LLC and each of the Issuer’s present and future subsidiaries that are obligors or guarantee the Term Loan Facility and each of the Issuer’s wholly owned domestic subsidiaries that are obligors under, or guarantee, certain other indebtedness, subject to certain exceptions. The notes are also guaranteed on a senior unsecured basis by Cooper-Standard Latin America B.V.

The Issuer may redeem all or part of the Senior Secured Notes prior to maturity at the prices set forth in the Indenture. The Senior Secured Notes mature on June 1, 2024. Interest on the Senior Secured Notes is payable semi-annually in arrears in cash on June 1 and December 1 of each year.

ABL Facility

On November 2, 2016, CS Intermediate Holdco 1 LLC (“Parent”), CSA U.S. (the “U.S. Borrower”), Cooper-Standard Automotive Canada Limited (the “Canadian Borrower”), Cooper-Standard Automotive International Holdings B.V. (the “Dutch Borrower”, and, together with the U.S. Borrower and the Canadian Borrower, the “Borrowers”) and certain subsidiaries of the U.S. Borrower, entered into a third amendment of our ABL Facility. In March 2020, the Company entered into the First Amendment of the Third Amended and Restated Loan Agreement (“the Amendment”). As a result of the Amendment, the senior

36

asset-based revolving credit facility (“ABL Facility”) maturity was extended to March 2025 and the aggregate revolving loan commitment was reduced to $180.0 million.

In addition, our ABL Facility provides for an uncommitted $100.0 million incremental loan facility, for a potential total ABL Facility of $280.0 million.

The ABL Facility includes affirmative and negative covenants that impose substantial restrictions on our financial and business operations. The ABL Facility also contains various events of default that are customary for comparable facilities.

Loan and letter of credit availability under the agreement is subject to a borrowing base, which at any time is limited to the lesser of: (A) the maximum facility amount (subject to certain adjustments) and (B) (i) up to 85% of eligible accounts receivable; plus (ii) the lesser of 70% of eligible inventory or 85% of the appraised net orderly liquidation value of eligible inventory; plus (iii) up to the lesser of $30.0 million and 85% of eligible tooling accounts receivable; minus reserves established by the agent. The obligations under the ABL Facility and the related guarantees are secured by various assets, as detailed in Note 10. “Debt” to the consolidated financial statements in Item 8. “Financial Statements and Supplementary Data” of this Report.

Borrowings under the ABL Facility bear interest at a rate equal to, at the Borrowers’ option:

•in the case of borrowings by U.S. Borrower, London Inter-Bank Offered Rate (“LIBOR”) or the base rate plus, in each case, an applicable margin; or

•in the case of borrowings by the Canadian Borrower, bankers’ acceptance (“BA”) rate, Canadian prime rate or Canadian base rate plus, in each case, an applicable margin; or

•in the case of borrowings by the Dutch Borrower, LIBOR plus an applicable margin.

The applicable margin may vary between 1.50% and 2.00% with respect to the LIBOR or Canadian BA rate-based borrowings and between 0.50% and 1.00% with respect to U.S. base rate, Canadian prime rate and Canadian base rate borrowings. The applicable margin is subject, in each case, to quarterly pricing adjustments (based on average facility availability).

As of December 31, 2021, the Company had $147.5 million in availability. As of December 31, 2021 and 2020, the Company had $0.8 million and $1.0 million, respectively, in unamortized debt issuance costs related to the ABL Facility.

Term Loan Facility – Amendments

On November 2, 2016, CSA U.S., as borrower, entered into the first amendment of our Term Loan Facility. The Term Loan Facility provides for loans in an aggregate principal amount of $340.0 million. 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 $400.0 million, plus any voluntary prepayments (including revolving facility and ABL Facility 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.

The Term Loan Facility contains incurrence-based negative covenants customary for high yield senior secured debt securities. These negative covenants are subject to exceptions, qualifications and certain carveouts.

On May 2, 2017, CSA U.S. 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.

All obligations of the borrower under the Term Loan Facility are guaranteed jointly and severally on a senior secured basis by us and the wholly-owned U.S. restricted subsidiaries of CSA U.S.

As of December 31, 2021, the principal amount of $323.0 million was outstanding, and the Company had $1.1 million unamortized debt issuance costs and $0.7 million of unamortized original issue discount related to the Term Loan Facility.

Off-Balance Sheet Arrangements

As a part of our working capital management, we sell certain European customers accounts receivable through a third party financial institution in off-balance sheet arrangements. The amount sold varies each month based on the amount of

37

underlying receivables and cash flow needs. As of December 31, 2021 and 2020, we had $52.7 million and $85.1 million, respectively, of receivables outstanding under receivable transfer agreements entered into by various locations. For the years ended December 31, 2021 and 2020, total accounts receivable factored were $366.9 million and $476.4 million, respectively. Costs incurred on the sale of receivables were $0.5 million, $0.8 million and $1.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. These amounts are recorded in other expense, net in the consolidated statements of operations. These are permitted transactions under the credit agreements governing our ABL Facility and Term Loan Facility and the indenture governing the Senior Notes and Senior Secured Notes.

Other Capital Transactions Impacting Liquidity

Share Repurchase Program

In June 2018, our Board of Directors approved a common stock repurchase program (the “2018 Program”) authorizing us to repurchase, in the aggregate, up to $150.0 million of our 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 management and in accordance with prevailing market conditions and federal securities laws and regulations. We expect to fund any future repurchases from cash on hand and future cash flows from operations. We are not obligated to acquire a particular amount of securities, and the 2018 Program may be discontinued at any time at our discretion. The 2018 Program was effective beginning November 2018. As of December 31, 2021, we had approximately $98.7 million of repurchase authorization under the 2018 Program.

We did not make any repurchases during the years ended December 31, 2021 or 2020.

Contractual Obligations

Our contractual obligations consist of legal commitments requiring us to make fixed or determinable cash payments, regardless of the contractual requirements of the vendor to provide future goods or services. Except as otherwise disclosed, this table does not include information on our recurring purchase of materials for use in production because our raw materials purchase contracts typically do not require fixed or minimum quantities.

The following table summarizes the total amounts due as of December 31, 2021 under all debt agreements at nominal value, undiscounted finance lease commitments and other contractual obligations.

	Payment due by period
	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
	(Dollar amounts in millions)
Debt obligations	$	1,024.5	$	54.9	$	569.6	$	400.0	$	—
Interest on debt obligations	212.2		66.0		101.2		45.0		—
Operating lease obligations	144.4		28.3		41.4		25.8		48.9
Finance lease obligations	34.0		3.3		6.7		6.7		17.3
Total	$	1,415.1	$	152.5	$	718.9	$	477.5	$	66.2

In addition to our contractual obligations and commitments set forth in the table above, we have employment arrangements with certain key executives that provide for continuity of management. These arrangements include payments of multiples of annual salary, certain incentives and continuation of benefits upon the occurrence of specified events in a manner believed to be consistent with comparable companies. As of December 31, 2021, the Company had additional operating leases, primarily for real estate, that have not yet commenced with undiscounted lease payments of approximately $1.3 million.

We also have funding requirements with respect to our pension obligations. We expect to make cash contributions to our U.S. and foreign pension plans of approximately $1.0 million and $4.1 million, respectively, in 2022. Our minimum funding requirements after 2022 will depend on several factors, including the investment performance of our retirement plans and prevailing interest rates. Our funding obligations may also be affected by changes in applicable legal requirements. We also have payments due with respect to our postretirement benefit obligations. We do not prefund our postretirement benefit obligations. Rather, payments are made as costs are incurred by covered retirees. We expect net other postretirement benefit payments to be approximately $2.4 million in 2022.

We may be required to make significant cash outlays due to our unrecognized tax benefits. However, due to the uncertainty of the timing of future cash flows associated with our unrecognized tax benefits, we are unable to make reasonably reliable estimates of the period of cash settlement, if any, with the respective taxing authorities. Accordingly, unrecognized tax

38

benefits of $3.6 million as of December 31, 2021 have been excluded from the contractual obligations table above. See Note 16. “Income Taxes” to the consolidated financial statements included in Item 8. “Financial Statements and Supplementary Data” of this Report for additional information.

Excluded from the contractual obligations table above are open purchase orders as of December 31, 2021 for raw materials, supplies and capital expenditures in the normal course of business, supply contracts with customers, distribution agreements, joint venture agreements and other contracts without express funding requirements.

Non-GAAP Financial Measures

In evaluating our business, management considers EBITDA and Adjusted EBITDA to be key indicators of our operating performance. Our management also uses EBITDA and Adjusted EBITDA:

•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.

In addition, we believe EBITDA and Adjusted EBITDA and similar measures are widely used by investors, securities analysts and other interested parties in evaluating our performance. We define Adjusted EBITDA as net income (loss) plus income tax expense (benefit), interest expense, net of interest income, depreciation and amortization (or “EBITDA”), as adjusted for items that management does not consider to be reflective of our core operating performance. These adjustments include, but are not limited to, restructuring costs, impairment charges, non-cash fair value adjustments and acquisition related costs.

EBITDA and Adjusted EBITDA are not financial measurements recognized under U.S. GAAP, and when analyzing our operating performance, investors should use EBITDA and Adjusted EBITDA as a supplement to, and not as alternatives for, net income (loss), operating income, or any other performance measure derived in accordance with U.S. GAAP, nor as an alternative to cash flow from operating activities as a measure of our liquidity. EBITDA and Adjusted EBITDA have limitations as analytical tools, and they should not be considered in isolation or as substitutes for analysis of our results of operations as reported under U.S. GAAP. These limitations include the following:

•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, Senior Notes, and Senior Secured 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.

In addition, in evaluating Adjusted EBITDA, it should be noted that in the future, we may incur expenses similar to the adjustments in the below presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by special items.

39

The following table provides a reconciliation of EBITDA and Adjusted EBITDA from net income (loss), which is the most comparable financial measure in accordance with U.S. GAAP:

	Year Ended December 31,
	2021		2020		2019
	(Dollar amounts in thousands)
Net (loss) income attributable to Cooper-Standard Holdings Inc.	$	(322,835)	$	(267,605)	$	67,529
Income tax expense (benefit)	39,392		(60,847)		36,089
Interest expense, net of interest income	72,511		59,167		44,113
Depreciation and amortization	139,008		154,229		151,953
EBITDA	$	(71,924)	$	(115,056)	$	299,684
Impairment charges (1)	25,609		103,887		23,139
Restructuring charges	36,950		39,482		51,102
Pension settlement charges (2)	1,279		184		15,997
Lease termination costs (3)	748		771		1,167
Gain on sale of business, net (4)	(696)		(2,834)		(191,571)
Project costs (5)	—		5,648		2,090
Divested noncontrolling interest debt extinguishment	—		3,595		—
Adjusted EBITDA	$	(8,034)	$	35,677	$	201,608

(1)Non-cash impairment charges in 2021 related to fixed assets and goodwill. Impairment charges in 2020 included impairment of assets held for sale and other impairment charges related to fixed assets and right-of-use operating lease assets, net of portion attributable to our noncontrolling interests. Impairment charges in 2019 related to fixed assets.

(2)Non-cash pension settlement charges and administrative fees incurred related to certain of our U.S. and non-U.S. pension plans.

(3)Lease termination costs no longer recorded as restructuring charges in accordance with ASC 842.

(4)In 2021, subsequent adjustments were recorded to the net gain on sale of business, which related to the 2020 divestiture of our European rubber fluid transfer and specialty sealing businesses. In 2020, the gain on sale of business primarily related to divestitures. In 2019, the gain on sale of business related to the divestiture of the AVS product line.

(5)Project costs recorded in selling, administration and engineering expense related to acquisitions and divestitures.

Recent Accounting Pronouncements

See Note 3. “New Accounting Pronouncements” to the consolidated financial statements included in Item 8. “Financial Statements and Supplementary Data” of this Report for additional information.

Item 7A.    Quantitative and Qualitative Disclosures About Market Risk

We are exposed to fluctuations in interest rates, currency exchange rates and commodity prices. We actively manage our exposure to risk from changes in foreign currency exchange rates through the use of derivative financial instruments in accordance with management’s guidelines. We do not enter into derivative instruments for trading or speculative purposes. See Item 8. “Financial Statements and Supplementary Data,” specifically Note 11. “Fair Value Measurements and Financial Instruments” to the consolidated financial statements.

Foreign Currency Exchange Rate Risk. We use forward foreign exchange contracts to reduce the effect of fluctuations in foreign exchange rates on a portion of forecasted sales, material purchases and operating expenses. As of December 31, 2021, the notional amount of these contracts was $136.1 million. As of December 31, 2021, the fair value of the Company’s forward foreign exchange contracts was a liability of $0.9 million. The potential fair value of the forward foreign exchange contracts from a hypothetical 10% adverse or favorable movement in the foreign currency exchange rates in relation to the U.S. Dollar is as follows:

	December 31, 2021	December 31, 2020
10% strengthening of U.S. Dollar	($11.5) million	($5.6) million
10% weakening of U.S. Dollar	+ $12.2 million	+ $7.3 million

40

These estimates assume a parallel shift in all currency exchange rates and, as a result, may overstate the potential impact to earnings because currency exchange rates do not typically move all in the same direction.

In addition to transactional exposures, our operating results are impacted by the translation of our foreign operating income into U.S. dollars. In 2021, net sales outside of the United States accounted for 77% of our consolidated net sales, although certain non-U.S. sales are U.S. dollar denominated. We do not enter into foreign exchange contracts to mitigate this exposure.

Interest Rates. The Company historically used interest rate swap contracts to create fixed interest payments on variable rate debt instruments in order to manage exposure to fluctuations in interest rates. We did not enter into any interest rate swap contracts in 2021. As of December 31, 2021 and 2020, approximately 38.4% and 37.9%, respectively, of our total debt was at variable interest rates. The pre-tax earnings and cash flow impact of a 100 basis points increase or decrease in the interest rates on our variable rate debt outstanding at December 31, 2021 would be a $3.7 million increase or decrease, respectively, on an annualized basis.

Commodity Prices. We have commodity price risk with respect to purchases of certain raw materials, including natural gas and carbon black. Raw material, energy and commodity costs have been extremely volatile over the past several years. We did not enter into any commodity derivative instruments in 2021. We will continue to evaluate, and may use, derivative financial instruments to manage our exposure to raw material, energy and commodity price fluctuations in the future.

41

Item 8.        Financial Statements and Supplementary Data

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Annual Financial Statements

 

	Page
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm (PCAOB ID: 42)	43
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm, Internal Control over Financial Reporting	45
Consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019	46
Consolidated statements of comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019	47
Consolidated balance sheets as of December 31, 2021 and December 31, 2020	48
Consolidated statements of changes in equity for the years ended December 31, 2021, 2020 and 2019	49
Consolidated statements of cash flows for the years ended December 31, 2021, 2020 and 2019	50
Notes to consolidated financial statements	51
Schedule II—Valuation and Qualifying Accounts	89

42

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Cooper-Standard Holdings Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Cooper-Standard Holdings Inc. (the Company) as of December 31, 2021 and 2020, the related consolidated statements of operations, comprehensive income (loss), changes in equity and cash flows for each of the three years in the period ended December 31, 2021, and the related notes and financial statement schedule listed in the Index at Item 15(a)2 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 18, 2022 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

43

Impairment of property, plant and equipment

Description of the Matter

As of December 31, 2021, the Company’s property, plant and equipment balance was $784 million. As discussed in Note 8 to the consolidated financial statements, during 2021 the Company recorded property, plant and equipment impairment charges at certain locations within its Europe, North America and Asia Pacific segments due to recent operating performance. The Company evaluated its property, plant and equipment in these locations for recoverability and concluded that certain assets were impaired. The Company recognized a $20.1 million impairment charge, which is the amount by which the carrying value exceeded the estimated fair value of these assets. Auditing the Company’s impairment measurement involved a high degree of judgment as estimates underlying the determination of fair value of the long-lived assets were based on assumptions affected by current market and economic conditions. The Company determined fair value using estimated orderly liquidation value, the sales comparison approach or the cost approach.

How We Addressed the Matter in Our Audit

We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process to measure impairments of property, plant and equipment. Our audit procedures included among others, testing controls over the Company’s review of the significant assumptions and methodologies used in the calculation of the fair value of the related assets. Our testing of the Company’s impairment of property, plant and equipment included, among other procedures, evaluating the assumptions used to estimate the fair value of the property, plant and equipment. We reviewed the valuation methodology to assess whether the methodology is widely recognized and appropriate for use in the valuation of the property, plant and equipment, tested significant assumptions and the data used in the valuation, and recalculated the valuation estimate based on the applicable inputs. We also involved our valuation specialists to assist in our assessment of the valuation approach and assumptions used to estimate the fair value.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2005.

Detroit, Michigan

February 18, 2022

44

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Cooper-Standard Holdings Inc.

Opinion on Internal Control Over Financial Reporting

We have audited Cooper-Standard Holdings Inc.’s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Cooper-Standard Holdings Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2021 and 2020, the related consolidated statements of operations, comprehensive income (loss), changes in equity and cash flows for each of the three years in the period ended December 31, 2021, and the related notes and financial statement schedule listed in the Index at Item 15(a)2 and our report dated February 18, 2022 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Detroit, Michigan

February 18, 2022

45

COOPER-STANDARD HOLDINGS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollar amounts in thousands except per share amounts)

 

	Year Ended December 31,
	2021		2020		2019
Sales	$	2,330,191	$	2,375,439	$	3,108,400
Cost of products sold	2,242,963		2,227,892		2,749,278
Gross profit	87,228		147,547		359,122
Selling, administration & engineering expenses	227,110		263,611		302,496
Gain on sale of business, net	(696)		(2,834)		(191,571)
Amortization of intangibles	7,347		11,611		17,966
Impairment charges	25,609		104,363		23,139
Restructuring charges	36,950		39,482		51,102
Operating (loss) profit	(209,092)		(268,686)		155,990
Interest expense, net of interest income	(72,511)		(59,167)		(44,113)
Equity in (losses) earnings of affiliates	(1,728)		396		6,504
Pension settlement charges	(1,279)		(184)		(15,819)
Other expense, net	(4,842)		(2,580)		(4,260)
(Loss) income before income taxes	(289,452)		(330,221)		98,302
Income tax expense (benefit)	39,392		(60,847)		36,089
Net (loss) income	(328,844)		(269,374)		62,213
Net loss attributable to noncontrolling interests	6,009		1,769		5,316
Net (loss) income attributable to Cooper-Standard Holdings Inc.	$	(322,835)	$	(267,605)	$	67,529
(Loss) earnings per share:
Basic	$	(18.94)	$	(15.82)	$	3.94
Diluted	$	(18.94)	$	(15.82)	$	3.92

The accompanying notes are an integral part of these consolidated financial statements.

46

COOPER-STANDARD HOLDINGS INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Dollar amounts in thousands)

 

	Year Ended December 31,
	2021		2020		2019
Net (loss) income	$	(328,844)	$	(269,374)	$	62,213
Other comprehensive income (loss):
Currency translation adjustment	(2,290)		18,429		(13,308)
Benefit plan liabilities adjustment, net of tax	40,776		(5,919)		4,215
Fair value change of derivatives, net of tax	(1,892)		410		810
Other comprehensive income (loss), net of tax	36,594		12,920		(8,283)
Comprehensive (loss) income	(292,250)		(256,454)		53,930
Comprehensive loss attributable to noncontrolling interests	6,127		694		5,795
Comprehensive (loss) income attributable to Cooper-Standard Holdings Inc.	$	(286,123)	$	(255,760)	$	59,725

The accompanying notes are an integral part of these consolidated financial statements.

47

COOPER-STANDARD HOLDINGS INC.

CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands except share amounts)

	December 31,
	2021		2020
Assets
Current assets:
Cash and cash equivalents	$	248,010	$	438,438
Accounts receivable, net	317,469		379,564
Tooling receivable, net	88,900		82,150
Inventories	158,075		143,742
Prepaid expenses	26,313		29,748
Income tax receivable and refundable credits	82,813		85,977
Other current assets	73,317		100,110
Total current assets	994,897		1,259,729
Property, plant and equipment, net	784,348		892,309
Operating lease right-of-use assets, net	111,052		109,795
Goodwill	142,282		142,250
Intangible assets, net	60,375		67,679
Deferred tax assets	27,805		66,111
Other assets	105,734		74,071
Total assets	$	2,226,493	$	2,611,944
Liabilities and Equity
Current liabilities:
Debt payable within one year	$	56,111	$	40,731
Accounts payable	348,133		385,284
Payroll liabilities	69,353		112,727
Accrued liabilities	101,466		110,827
Current operating lease liabilities	22,552		21,711
Total current liabilities	597,615		671,280
Long-term debt	980,604		982,760
Pension benefits	129,880		152,230
Postretirement benefits other than pensions	43,498		49,613
Long-term operating lease liabilities	92,760		90,517
Deferred tax liabilities	8,414		8,638
Other liabilities	42,362		32,795
Total liabilities	1,895,133		1,987,833
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; 19,057,788 shares issued and 16,991,979 outstanding as of December 31, 2021 and 18,962,894 shares issued and 16,897,085 outstanding as of December 31, 2020	17		17
Additional paid-in capital	504,497		498,719
Retained earnings	25,553		350,270
Accumulated other comprehensive loss	(205,184)		(241,896)
Total Cooper-Standard Holdings Inc. equity	324,883		607,110
Noncontrolling interests	6,477		17,001
Total equity	331,360		624,111
Total liabilities and equity	$	2,226,493	$	2,611,944

The accompanying notes are an integral part of these consolidated financial statements.

48

COOPER-STANDARD HOLDINGS INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Dollar amounts in thousands except share amounts)

	Total Equity
	Common Shares	Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Cooper-Standard Holdings Inc. Equity		Noncontrolling Interest		Total Equity
Balance as of December 31, 2018	17,554,737	$	17	$	501,511	$	569,215	$	(245,937)	$	824,806	$	26,669	$	851,475
Cumulative effect of change in accounting principle	—	—		—		(2,607)		—		(2,607)		—		(2,607)
Repurchase of common stock	(817,954)	—		(21,459)		(14,478)		—		(35,937)		—		(35,937)
Share-based compensation, net	105,974	—		9,101		(211)		—		8,890		—		8,890
Purchase of noncontrolling interest	—	—		1,298		—		—		1,298		(6,057)		(4,759)
Contribution from noncontrolling interests	—	—		—		—		—		—		6,048		6,048
Dividends declared to noncontrolling interests	—	—		—		—		—		—		(1,058)		(1,058)
Net income (loss) for 2019	—	—		—		67,529		—		67,529		(5,316)		62,213
Other comprehensive loss	—	—		—		—		(7,804)		(7,804)		(479)		(8,283)
Balance as of December 31, 2019	16,842,757	17		490,451		619,448		(253,741)		856,175		19,807		875,982
Cumulative effect of change in accounting principle	—	—		—		(1,573)		—		(1,573)		—		(1,573)
Share-based compensation, net	54,328	—		8,268		—		—		8,268		—		8,268
Deconsolidation of noncontrolling interest	—	—		—		—		—		—		(2,112)		(2,112)
Net loss for 2020	—	—		—		(267,605)		—		(267,605)		(1,769)		(269,374)
Other comprehensive income	—	—		—		—		11,845		11,845		1,075		12,920
Balance as of December 31, 2020	16,897,085	17		498,719		350,270		(241,896)		607,110		17,001		624,111
Share-based compensation, net	94,894	—		5,778		—		—		5,778		—		5,778
Purchase of noncontrolling interest	—	—		—		(1,882)		—		(1,882)		(4,397)		(6,279)
Net loss for 2021	—	—		—		(322,835)		—		(322,835)		(6,009)		(328,844)
Other comprehensive income (loss)	—	—		—		—		36,712		36,712		(118)		36,594
Balance as of December 31, 2021	16,991,979	$	17	$	504,497	$	25,553	$	(205,184)	$	324,883	$	6,477	$	331,360

The accompanying notes are an integral part of these consolidated financial statements.

49

COOPER-STANDARD HOLDINGS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollar amounts in thousands)

	Year Ended December 31,
	2021		2020		2019
Operating Activities:
Net (loss) income	$	(328,844)	$	(269,374)	$	62,213
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation	131,661		142,618		133,987
Amortization of intangibles	7,347		11,611		17,966
Gain on sale of business, net	(696)		(2,834)		(191,571)
Impairment charges	25,609		104,363		23,139
Pension settlement charges	1,279		184		15,819
Share-based compensation expense	5,574		10,435		11,865
Equity in earnings, net of dividends related to earnings	4,872		6,847		(1,587)
Deferred income taxes	35,756		(8,722)		15,874
Other	3,222		5,232		5,230
Changes in operating assets and liabilities:
Accounts and tooling receivable	52,677		94,125		(26,534)
Inventories	(18,527)		(15,236)		29,430
Prepaid expenses	2,951		2,099		(150)
Income tax receivable and refundable credits	2,221		(52,374)		(3,620)
Accounts payable	(25,501)		(18,370)		(14,643)
Payroll and accrued liabilities	(45,392)		40,413		(1,258)
Other	30,281		(66,951)		21,537
Net cash (used in) provided by operating activities	(115,510)		(15,934)		97,697
Investing activities:
Capital expenditures	(96,107)		(91,794)		(164,466)
Proceeds from sale of business, net of cash divested	—		(17,006)		243,362
Acquisition of businesses, net of cash acquired	—		—		(452)
Proceeds from sale of fixed assets and other	4,845		1,920		5,586
Net cash (used in) provided by investing activities	(91,262)		(106,880)		84,030
Financing activities:
Proceeds from issuance of long-term debt, net of discount	—		245,000		—
Principal payments on long-term debt	(5,533)		(6,192)		(4,494)
Increase (decrease) in short-term debt, net	14,935		(22,372)		(40,406)
Debt issuance costs	—		(7,249)		—
Purchase of noncontrolling interest	(6,279)		—		(4,797)
Repurchase of common stock	—		—		(36,550)
Taxes withheld and paid on employees' share-based payment awards	(799)		(544)		(2,787)
Contribution from noncontrolling interests and other	885		(928)		5,042
Net cash provided by (used in) financing activities	3,209		207,715		(83,992)
Effects of exchange rate changes on cash, cash equivalents and restricted cash	11,113		(3,065)		(3,392)
Changes in cash, cash equivalents and restricted cash	(192,450)		81,836		94,343
Cash, cash equivalents and restricted cash at beginning of period	443,578		361,742		267,399
Cash, cash equivalents and restricted cash at end of period	$	251,128	$	443,578	$	361,742
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheet:
Cash and cash equivalents	$	248,010	$	438,438	$	359,536
Restricted cash included in other current assets	961		4,089		12
Restricted cash included in other assets	2,157		1,051		2,194
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	251,128	$	443,578	$	361,742
Supplemental Disclosure:
Cash paid for interest	$	73,221	$	55,685	$	47,580
Cash paid for income taxes, net of refunds	6,741		1,679		23,599

The accompanying notes are an integral part of these consolidated financial statements.

50

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands except per share and share amounts)

1. Description of Business

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, and fluid transfer 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.

The Company believes it is the largest global producer of sealing systems, the second largest global producer of the types of fuel and brake delivery products that it manufactures and the third largest global producer of fluid transfer systems. The Company designs and manufactures its products in each major region of the world through a disciplined and sustained approach to engineering and operational excellence. The Company operates in 74 manufacturing locations and 55 design, engineering, administrative and logistics locations in 21 countries around the world.

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Certain balances in prior periods have been conformed to the current presentation. 

Summary of Significant Accounting Policies

Principles of Consolidation – The consolidated financial statements include the accounts of the Company and the wholly-owned and less than wholly-owned subsidiaries controlled by the Company. All material intercompany accounts and transactions have been eliminated. Acquired businesses are included in the consolidated financial statements from the dates of acquisition or when the Company gained control.

The equity method of accounting is followed for investments in which the Company does not have control, but does have the ability to exercise significant influence over operating and financial policies. Generally, this occurs when ownership is between 20% to 50%.

Foreign Currency – The financial statements of foreign subsidiaries are translated to U.S. dollars at the end-of-period exchange rates for assets and liabilities and at a weighted average exchange rate for each period for revenues and expenses. Translation adjustments for those subsidiaries whose local currency is their functional currency are recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity (“AOCI”). Transaction related gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in earnings as incurred, except for those intercompany balances which are designated as long-term.

Cash and Cash Equivalents – The Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents.

Accounts Receivable – The Company records trade accounts receivable when revenue is recorded in accordance with its revenue recognition policy and relieves accounts receivable when payments are received from customers. Accounts receivable are written off when it is apparent such amounts are not collectible. Generally, the Company does not require collateral for its accounts receivable, nor is interest charged on accounts receivable balances.

The Company receives bank notes from its customers, which are classified as other current assets in the consolidated balance sheets, for certain amounts of accounts receivable, primarily in China. The Company may elect to hold such bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third party financial institutions in exchange for cash.

Allowance for Credit Losses – An allowance for credit losses is established through charges to the provision for credit losses when it is probable that the outstanding receivable or reimbursable tooling will not be collected. The Company evaluates the adequacy of the allowance for credit losses on a periodic basis, including historical trends in collections and write-offs, management’s judgment of the probability of collecting accounts and management’s evaluation of business risk. This evaluation is inherently subjective, as it requires estimates that are susceptible to revision as more information becomes available. The allowance for credit losses was $20,313 and $7,100 as of December 31, 2021 and 2020, respectively. The increase primarily related to bankruptcy proceedings of a divested joint venture. See Note 4. “Acquisition and Divestitures.”

51

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

Advertising Expense – Expenses incurred for advertising are generally expensed when incurred. Advertising expense was $443, $425 and $711 for the years ended December 31, 2021, 2020 and 2019, respectively.

Inventories – Inventories are valued at lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. The Company records inventory reserves for inventory in excess of production and/or forecasted requirements and for obsolete inventory.

	December 31,
	2021		2020
Finished goods	$	43,186	$	39,136
Work in process	37,045		35,477
Raw materials and supplies	77,844		69,129
	$	158,075	$	143,742

Derivative Financial Instruments – Derivative financial instruments are utilized by the Company to reduce foreign currency exchange. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. On the date the derivative is established, the Company designates the derivative as either a fair value hedge, a cash flow hedge or a net investment hedge in accordance with its established policy. The Company does not enter into derivative financial instruments for trading or speculative purposes.

Income Taxes – Deferred tax assets or liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax laws and rates. A valuation allowance is provided on deferred tax assets if the Company determines that it is more likely than not that the asset will not be realized.

Long-lived Assets – Property, plant and equipment are recorded at cost and depreciated using primarily the straight-line method over estimated useful lives. Leasehold improvements are amortized over the expected life of the asset or term of the lease, whichever is shorter. Intangibles with finite lives, which include technology and customer relationships, are amortized over estimated useful lives. The Company evaluates the recoverability of long-lived assets when events and circumstances indicate that the assets may be impaired and the undiscounted net cash flows estimated to be generated by those assets are less than their carrying value. If the net carrying value exceeds the fair value, an impairment loss exists and is calculated based on either estimated salvage value or estimated orderly liquidation value.

Pre-production Costs Related to Long Term Supply Arrangements – Costs for molds, dies and other tools owned by the Company to produce products under long-term supply arrangements are recorded at cost in property, plant and equipment and amortized over the lesser of three years or the term of the related supply agreement. The amounts capitalized were $4,266 and $5,131 as of December 31, 2021 and 2020, respectively. The Company expenses all pre-production tooling costs related to customer-owned tools for which reimbursement is not contractually guaranteed by the customer. Reimbursable tooling costs are recorded in tooling receivable in the accompanying consolidated balance sheets if considered to be receivable in the next twelve months, and in other assets if considered to be receivable beyond twelve months. Tooling receivable for customer-owned tooling as of December 31, 2021 and 2020 was $88,900 and $82,150, respectively. Reimbursable tooling costs included in other assets in the accompanying consolidated balance sheets were $18,297 and $15,219 as of December 31, 2021 and 2020, respectively.

Goodwill – The Company tests goodwill for impairment on an annual basis in the fourth quarter, or more frequently if an event occurs or circumstances indicate the carrying amount may be impaired. Goodwill impairment testing is performed at the reporting unit level. The impairment test involves first qualitatively assessing goodwill for impairment. If the qualitative assessment is not met, a quantitative assessment is performed by comparing the estimated fair value of each reporting unit to its carrying value. If the carrying value exceeds the fair value, an impairment charge is recorded based on that difference.

In the fourth quarter of 2021, the Company completed a quantitative goodwill impairment assessment, and after evaluating the results, events and circumstances, the Company concluded that sufficient evidence existed to assert quantitatively that the estimated fair value of the North America and Industrial Specialty Group reporting units remained in excess of their carrying values. However, the estimated fair value of the Europe reporting unit did not exceed its carrying value. As a result, the Company recorded an impairment for the Europe reporting unit. See Note 9. “Goodwill and Intangible Assets”.

In the fourth quarter of 2020, the Company completed a quantitative goodwill impairment assessment, and no impairment was identified as a result of completing the goodwill impairment test.

Business Combinations – The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is

52

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

recorded as goodwill. Determining the fair values of assets acquired and liabilities assumed requires management’s judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items.

Revenue Recognition and Sales Commitments – In accordance with ASC 606, Revenue from Contracts with Customers, revenue is recognized when the performance obligations are satisfied. 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. The Company’s contracts may 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.

Revenue is recognized for manufactured parts 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 into 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.

Shipping and Handling – Amounts billed to customers related to shipping and handling are included in sales in the Company’s consolidated statements of operations. Shipping and handling costs are included in cost of products sold in the Company’s consolidated statements of operations.

Research and Development – Engineering, research and development, and program management costs are charged to selling, administration and engineering expenses as incurred and totaled $89,956, $101,607 and $114,854 for the years ended December 31, 2021, 2020 and 2019, respectively.

Share-based Compensation – The Company measures share-based compensation expense at fair value and generally recognizes such expenses on a straight-line basis over the vesting period of the share-based employee awards. See Note 20. “Share-Based Compensation” for additional information.

Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect amounts reflected in the consolidated financial statements, as well as disclosure of contingent assets and liabilities. Considerable judgment is often involved in making such estimates, and the use of different assumptions could result in different conclusions. Management believes its assumptions and estimates are reasonable and appropriate. However, actual results could differ from those estimates.

53

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

3. New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

The Company adopted the following Accounting Standards Updates (“ASU”) in 2021, which did not have a material impact on its consolidated financial statements:

Standard	Description	Effective Date
ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes	Modifies ASC Topic 740 by removing certain exceptions and amending existing guidance in order to simplify the accounting for income taxes.	January 1, 2021
ASU 2021-01, Reference Rate Reform (Topic 848): Scope	Clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition and tailors the existing guidance to derivative instruments affected by the discounting transition.	January 1, 2021

Recently Issued Accounting Pronouncements

The Company considered the recently issued accounting pronouncement summarized as follows, which is not expected to have a material impact on its consolidated finance statements or disclosures:

Standard	Description	Effective Date
ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance	Requires new annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model.	January 1, 2022

4. Acquisition and Divestitures

LS Mtron Automotive Parts Acquisition

In the fourth quarter of 2018, the Company acquired 80.1% of LS Mtron Ltd.’s South Korean automotive parts business. The acquisition agreement included an option for LS Mtron Ltd. to sell its remaining 19.9% noncontrolling interest to the Company, beginning three years from the acquisition date. In the fourth quarter of 2021, LS Mtron Ltd. exercised its option, requiring the Company to purchase the remaining 19.9% interest. As a result, the Company paid $6,279 to LS Mtron Ltd. in the fourth quarter of 2021 and subsequently owns 100% of the business.

2020 Divestiture

In the fourth quarter of 2019, management approved a plan to sell its European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations. The entities and the associated assets and liabilities met the criteria for presentation as held for sale as of March 31, 2020, and depreciation of long-lived assets ceased. The divestiture did not meet the criteria for presentation as a discontinued operation.

Upon meeting the criteria for held for sale classification, the Company recorded non-cash impairment charges of $86,470 during the six months ended June 30, 2020 to reduce the carrying value of the held for sale entities to fair value less costs to sell. Fair value, which is categorized within Level 3 of the fair value hierarchy, was determined using a market approach, estimated based on expected proceeds. The fair value less costs to sell were assessed each reporting period that the asset group remained classified as held for sale.

On July 1, 2020, the Company completed the divestiture of its European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations, to Mutares SE & Co. KGaA (“Mutares”). The transaction included payment denominated in Euro of €9,000, which consisted of €6,500 in cash paid and €2,500 in deferred payment obligations, which was settled in December 2021.

Upon finalizing the sale in the third quarter of 2020 and including subsequent adjustments in the fourth quarter of 2020, the Company recorded a net gain on deconsolidation of the businesses of $353 during the year ended December 31, 2020. During the year ended December 31, 2021, the Company recorded subsequent adjustments resulting in a net gain of $696.

54

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

2020 Joint Venture Deconsolidation

In the third quarter of 2020, management approved and completed a plan to sell the Company’s entire controlling equity interest of a joint venture in the Asia Pacific region. Upon finalizing the sale, the Company recorded a gain on deconsolidation of the business of $1,334. In the third quarter of 2021, the Company recorded an allowance for credit loss of $11,218 in selling, administration and engineering expenses. The credit loss resulted from the bankruptcy proceedings of the divested joint venture and represented accounts receivable balances with the divested joint venture. These accounts receivable amounts primarily represented sales to the joint venture prior to deconsolidation in the third quarter of 2020.

2019 Divestiture

During the first quarter of 2019 and in prior periods, the Company also operated an AVS product line. On April 1, 2019, the Company completed its sale of the AVS product line to Continental AG. The total sale price of the transaction was $265,000, subject to certain adjustments. Cash proceeds received in 2019 were $243,362 after adjusting for certain liabilities assumed by the purchaser. The Company recognized a gain on the divestiture of $191,571 during the year ended December 31, 2019. In 2020, the Company finalized adjustments to the gain recorded in 2019 by recording an additional gain on divestiture of $1,147, primarily due to working capital adjustments.

Subsequent Event

In the first quarter of 2022, a joint venture in the Asia Pacific region that was previously consolidated with a noncontrolling interest amended the joint venture governing document. The amendment to the agreement did not change the Company’s 51% ownership. However, as a result of the amendment and effective January 1, 2022, the joint venture will be deconsolidated and accounted for as an investment under the equity method.

55

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

5. Revenue

The passenger and light duty 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.

Revenue by customer group for the year ended December 31, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	1,119,736	$	496,169	$	455,445	$	61,683	$	—	$	2,133,033
Commercial	14,092		21,417		2,855		30		5,165		43,559
Other	14,429		659		6		—		138,505		153,599
Revenue	$	1,148,257	$	518,245	$	458,306	$	61,713	$	143,670	$	2,330,191

Revenue by customer group for the year ended December 31, 2020 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	1,110,294	$	554,349	$	463,586	$	60,676	$	—	$	2,188,905
Commercial	11,291		18,134		4,338		22		3,731		37,516
Other	19,783		14,256		118		56		114,805		149,018
Revenue	$	1,141,368	$	586,739	$	468,042	$	60,754	$	118,536	$	2,375,439

Revenue by customer group for the year ended December 31, 2019 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	1,504,136	$	765,766	$	503,676	$	94,310	$	5	$	2,867,893
Commercial	17,784		28,068		73		114		1,213		47,252
Other	21,925		32,501		204		111		138,514		193,255
Revenue	$	1,543,845	$	826,335	$	503,953	$	94,535	$	139,732	$	3,108,400

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. On April 1, 2019, the Company completed the divestiture of its AVS product line. See Note 4. “Acquisition and Divestitures” for additional information.

A summary of the Company’s products is as follows:

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 (Divested on April 1, 2019)	Control and isolate vibration and noise in the vehicle to improve ride and handling

56

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

Revenue by product line for the year ended December 31, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	425,388	$	406,677	$	287,117	$	46,748	$	—	$	1,165,930
Fuel and brake delivery systems	364,309		94,751		107,137		9,789		—		575,986
Fluid transfer systems	358,560		16,817		64,052		5,176		—		444,605
Other	—		—		—		—		143,670		143,670
Consolidated	$	1,148,257	$	518,245	$	458,306	$	61,713	$	143,670	$	2,330,191

Revenue by product line for the year ended December 31, 2020 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	433,291	$	438,012	$	298,028	$	39,354	$	—	$	1,208,685
Fuel and brake delivery systems	371,397		95,516		110,403		16,968		—		594,284
Fluid transfer systems	336,680		41,102		59,611		4,432		—		441,825
Other	—		12,109		—		—		118,536		130,645
Consolidated	$	1,141,368	$	586,739	$	468,042	$	60,754	$	118,536	$	2,375,439

Revenue by product line for the year ended December 31, 2019 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	553,901	$	563,529	$	334,056	$	69,111	$	—	$	1,520,597
Fuel and brake delivery systems	479,962		124,803		112,253		23,871		—		740,889
Fluid transfer systems	453,064		87,375		56,180		1,553		—		598,172
Anti-vibration systems	56,457		20,807		1,464		—		—		78,728
Other	461		29,821		—		—		139,732		170,014
Consolidated	$	1,543,845	$	826,335	$	503,953	$	94,535	$	139,732	$	3,108,400

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 year ended December 31, 2021 were not materially impacted by any other factors.

57

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

The Company’s contract liabilities consist of advance payments received and due from customers. Net contract (liabilities) assets consisted of the following:

	December 31, 2021		December 31, 2020		Change
Contract assets	$	—	$	777	$	(777)
Contract liabilities	(143)		(27)		(116)
Net contract (liabilities) assets	$	(143)	$	750	$	(893)

Other

The Company at times enters into agreements that provide for lump sum payments to customers. These payment agreements are recorded as a reduction of revenue during the period the commitment is made. Amounts related to commitments of future payments to customers on the condensed consolidated balance sheets as of December 31, 2021 and December 31, 2020 were current liabilities of $12,045 and $16,932, respectively, and long-term liabilities of $7,214 and $6,828, respectively.

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.

6. 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.

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. Employee separation costs are recorded based on existing union and employee contracts, statutory requirements, completed negotiations and Company policy.

Restructuring expense by segment for the years ended December 31, 2021, 2020 and 2019 was as follows:

	Year Ended December 31,
	2021		2020		2019
North America	$	5,710	$	16,499	$	10,831
Europe	27,986		14,573		23,525
Asia Pacific	2,013		4,773		6,781
South America	580		2,129		37
Total Automotive	36,289		37,974		41,174
Corporate and other	661		1,508		9,928
Total	$	36,950	$	39,482	$	51,102

58

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

Restructuring activity for all restructuring initiatives for the years ended December 31, 2021 and 2020 was as follows:

	Employee Separation Costs		Other Exit Costs		Total
Balance as of December 31, 2019	$	22,990	$	4,005	$	26,995
Expense	17,926		21,556		39,482
Cash payments	(25,261)		(15,071)		(40,332)
Non-cash fixed asset and intangible impairments included in expense	—		(2,558)		(2,558)
Foreign exchange translation and other	(626)		474		(152)
Balance as of December 31, 2020	$	15,029	$	8,406	$	23,435
Expense	32,000		4,950		36,950
Cash payments	(24,820)		(7,952)		(32,772)
Non-cash fixed asset impairments included in expense	—		(214)		(214)
Foreign exchange translation and other	(1,252)		437		(815)
Balance as of December 31, 2021	$	20,957	$	5,627	$	26,584

Restructuring expense for the year ended December 31, 2021 includes expenses incurred due to the termination of contracts by a customer in the South America region and offsetting expense due to cost recoveries from this customer to reimburse the severance costs for the Company’s employees and also obsolete inventories. Other exit costs for the year ended December 31, 2021 include non-cash fixed asset impairment charges related to closed facilities.

7. Leases

The Company primarily has operating and finance leases for certain manufacturing facilities, corporate offices and certain equipment. Operating leases are included in operating lease right-of-use assets, current operating lease liabilities and long-term operating lease liabilities on the Company’s consolidated balance sheets. Finance leases are included in property, plant and equipment, net, debt payable within one year, and long-term debt on the Company’s consolidated balance sheets.

Lease right-of-use assets are recognized at commencement date based upon the present value of the remaining future minimum lease payments over the lease term. The Company’s lease terms include options to renew or terminate the lease when it is reasonably certain that it will exercise the option. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based upon information available at the commencement date to determine the present value of future lease payments.

The Company has lease agreements with lease and non-lease components. For real estate leases, these components are accounted for separately, while for equipment leases, the Company accounts for the lease and non-lease components as a single lease component.

Variable lease expense includes payments based upon changes in a rate or index, such as consumer price indexes, as well as usage of the leased asset. Short-term lease expense includes leases with terms, at lease commencement, of 12 months or less and no purchase option reasonably certain to be exercised. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

59

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

The components of lease expense were as follows:

	Year Ended December 31,
	2021		2020		2019
Operating lease expense	$	31,912	$	32,053	$	33,360
Short-term lease expense	6,736		5,069		3,557
Variable lease expense	907		942		1,619
Finance lease expense:
Amortization of right-of-use assets	2,102		2,564		2,550
Interest on lease liabilities	1,444		1,551		1,438
Total lease expense	$	43,101	$	42,179	$	42,524

The Company recorded impairment charges of $647 due to the deterioration of financial results at a certain location in North America during the year ended December 31, 2020. The fair value was determined using estimated market rate for the leased right-of-use asset. Additionally, the Company recorded sublease income of $256 and $374 for the years ended December 31, 2021 and 2020, respectively.

Other information related to leases was as follows:

	Year Ended December 31,
	2021			2020			2019
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	33,402		$	30,830		$	34,235
Operating cash flows for finance leases	1,440			1,563			1,438
Financing cash flows for finance leases	2,133			2,081			1,284
Non-cash right-of-use assets obtained in exchange for lease obligations:
Operating leases	25,010			50,663			11,143
Finance leases	644			549			22,671
Weighted Average Remaining Lease Term (in years)
Operating leases	7.5			8.0			5.2
Finance leases	9.7			10.5			11.3
Weighted Average Discount Rate
Operating leases	5.9		%	5.4		%	4.7		%
Finance leases	5.8		%	5.7		%	6.1		%

60

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

Future minimum lease payments under non-cancellable leases as of December 31, 2021 were as follows:

Year	Operating Leases		Finance Leases
2022	$	28,267	$	3,281
2023	23,948		3,207
2024	17,492		3,445
2025	14,722		3,494
2026	11,076		3,206
Thereafter	48,879		17,343
Total future minimum lease payments	144,384		33,976
Less imputed interest	(29,072)		(8,233)
Total	$	115,312	$	25,743

Amounts recognized on the consolidated balance sheets as of December 31, 2021 and December 31, 2020 were as follows:

	December 31, 2021		December 31, 2020
Operating Leases
Operating lease right-of-use assets, net	$	111,052	$	109,795
Current operating lease liabilities	22,552		21,711
Long-term operating lease liabilities	92,760		90,517
Finance Leases
Debt payable within one year	2,153		2,300
Long-term debt	23,590		26,152

As of December 31, 2021 and December 31, 2020, assets recorded under finance leases, net of accumulated depreciation were $25,690 and $30,847, respectively. As of December 31, 2021, the Company had additional operating leases, primarily for real estate, that have not yet commenced with undiscounted lease payments of approximately $1,282. These operating leases will commence in 2022 with lease terms up to nine years.

8. Property, Plant and Equipment

Property, plant and equipment consists of the following:

 

	December 31,				Estimated
	2021		2020		Useful Lives
Land and improvements	$	44,495	$	61,226	10 to 25 years
Buildings and improvements	285,240		298,431		10 to 40 years
Machinery and equipment	1,269,330		1,277,624		5 to 10 years
Construction in progress	80,868		96,706
	$	1,679,933	$	1,733,987
Accumulated depreciation	(895,585)		(841,678)
Property, plant and equipment, net	$	784,348	$	892,309

The Company recorded impairment charges of $20,118 related to machinery and equipment and $1,775 related to a leased building, due to recent operating performance in certain locations in North America, Europe, and Asia Pacific for the year ended December 31, 2021. The fair value of owned buildings was determined using a sales comparison approach or the cost approach while the fair value of leased buildings was determined using a discounted cash flow approach. The fair value of machinery and equipment was determined using estimated orderly liquidation value, which was deemed the highest and best use of the assets. The Company also recorded impairment charges of $3,326 due to equipment no longer being utilized, primarily in certain North America and Europe locations, for the year ended December 31, 2021. The fair value was determined using estimated salvage value.

61

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

For the year ended December 31, 2020, the Company recorded impairment charges of $13,084 due to the deterioration of financial results at certain locations in North America, Europe, and Asia Pacific. The fair value of buildings was determined using a value-in-exchange cost method while the fair value of machinery and equipment was determined using estimated orderly liquidation value, which was deemed the highest and best use of the assets. The Company also recorded impairment charges of $4,162 related to equipment no longer being utilized at certain locations in Europe, Asia Pacific, and Corporate and other for the year ended December 31, 2020. The fair value of equipment was determined using estimated salvage value, which was deemed the highest and best use of the assets.

For the year ended December 31, 2019, the Company recorded impairment charges for property, plant and equipment of $21,968 due to the deterioration of financial results at certain locations in Europe and Asia Pacific and the termination of certain customer programs in the Asia Pacific region and recorded impairment charges of $1,171 related to equipment no longer being utilized at certain locations in Europe and Corporate and other.

A summary of these asset impairment charges is as follows:

	Year Ended December 31,
	2021		2020		2019
North America	$	8,479	$	947	$	—
Europe	9,179		11,938		9,943
Asia Pacific	7,071		4,080		13,146
Total Automotive	24,729		16,965		23,089
Corporate and other	490		281		50
Total	$	25,219	$	17,246	$	23,139

Subsequent Event

In the first quarter of 2022, the Company signed a sale-leaseback agreement on one of its European facilities. Based on the sales price, the Company expects to record a gain on the sales transaction of approximately $34,000 to $37,000. The Company expects the transaction to close in the second quarter of 2022.

9. Goodwill and Intangible Assets

Goodwill

Changes in the carrying amount of goodwill by reporting unit for the years ended December 31, 2021 and 2020 were as follows:

	North America		Industrial Specialty Group		Total
Balance as of December 31, 2019	$	142,187	$	—	$	142,187
Change in organizational structure	(14,036)		14,036		—
Foreign exchange translation	63		—		63
Balance as of December 31, 2020	$	128,214	$	14,036	$	142,250
Foreign exchange translation	32		—		32
Balance as of December 31, 2021	$	128,246	$	14,036	$	142,282

The Company performed its annual impairment analysis of goodwill during the fourth quarter of 2021. Prior to the analysis, the Company recorded additional goodwill in the second quarter of 2021 as a result of purchasing a supplier in its Europe reporting unit for an immaterial purchase consideration. The fair value of each reporting unit is determined and compared to the carrying value. If the carrying value exceeds the fair value, an impairment charge is recorded based on that difference. The annual impairment analysis resulted in no impairment for the North America and Industrial Specialty Group reporting units. However, as a result of recent operating performance, the Company recorded an impairment on goodwill that was recognized in the second quarter of 2021 for the Europe reporting unit of $390.

62

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

The Company’s organizational structure changed on January 1, 2020. Prior to this change in organizational structure, the Company’s North America operating segment was the only reporting unit in which goodwill was recorded. As a result of the change in organizational structure, a portion of the goodwill that was previously attributable to the North America reporting unit was reallocated to the Industrial Specialty Group reporting unit based on the relative fair value approach. The Industrial Specialty Group reporting unit is a component of the Advanced Technology Group operating segment, which is reflected in “Corporate, eliminations and other”.

The change in organizational structure of the business represented a triggering event to test goodwill for impairment as of January 1, 2020. No impairment was identified as a result of completing the goodwill impairment test. The Company's annual goodwill impairment analysis during the fourth quarter resulted in no impairment for 2020.

The Company's annual goodwill impairment analysis resulted in no impairment for 2019.

Intangible Assets

Definite-lived intangible assets and accumulated amortization balances as of December 31, 2021 and 2020 were as follows:

	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	154,767	$	(126,626)	$	28,141
Other	44,955		(12,721)		32,234
Balance as of December 31, 2021	$	199,722	$	(139,347)	$	60,375
Customer relationships	$	155,409	$	(122,657)	$	32,752
Other	44,826		(9,899)		34,927
Balance as of December 31, 2020	$	200,235	$	(132,556)	$	67,679

Estimated amortization expense for the next five years is shown in the table below:

Year	Expense
2022	$	7,320
2023	7,315
2024	7,052
2025	6,609
2026	4,831

63

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

10. Debt

A summary of outstanding debt as of December 31, 2021 and 2020 was as follows:

	December 31,
	2021		2020
Senior Notes	$	396,544	$	395,829
Senior Secured Notes	241,683		239,567
Term Loan Facility	321,212		323,636
Finance Leases	25,743		28,452
Other borrowings	51,533		36,007
Total debt	1,036,715		1,023,491
Less current portion	(56,111)		(40,731)
Total long-term debt	$	980,604	$	982,760

The principal maturities of debt, at nominal value, as of December 31, 2021 are as follows:

Year	Debt and Finance Lease Obligations
2022	$	57,578
2023	322,171
2024	252,692
2025	2,687
2026	402,432
Thereafter	12,716
Total	$	1,050,276

The weighted average interest rate of our short-term debt was 3.9% as of December 31, 2021 and 4.1% as of December 31, 2020.

5.625% Senior Notes due 2026

On November 2, 2016, the Company’s wholly-owned subsidiary, CSA Inc. (the “Issuer”), issued $400,000 aggregate principal amount of its 5.625% Senior Notes due 2026 (the “Senior Notes”), pursuant to the Indenture, dated November 2, 2016 (the “Indenture”), by and among the Issuer, the Company and the other guarantors party thereto (collectively, the “Guarantors”) and U.S. Bank National Association, as trustee, in a transaction exempt from registration under Rule 144A and Regulation S of the Securities Act of 1933 (“the Securities Act”). The net proceeds from the Senior Notes were used to repay the non-extended term loan outstanding under the Term Loan Facility, defined below, and to pay fees and expenses related to the refinancing.

The Senior Notes are guaranteed by the Company, CS Intermediate HoldCo 1 LLC, as well as each of the Issuer’s wholly-owned existing or subsequently organized U.S. subsidiaries, subject to certain exceptions, to the extent such subsidiary guarantees the senior asset-based revolving credit facility (“ABL Facility”) and the senior term loan facility (“Term Loan Facility”).

The Issuer may redeem all or part of the Senior Notes at various points in time prior to maturity, as described in the Indenture. 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.

Upon the occurrence of certain events constituting a Change of Control (as defined in the Indenture), the Issuer will be required to make an offer to repurchase all of the Senior Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any.

The Indenture contains certain covenants that limit the Issuer’s and its subsidiaries’ ability to, among other things, make restricted payments; sell assets; create or incur liens; enter into sale and lease-back transactions; and merge or consolidate with other entities. These covenants are subject to a number of important limitations and exceptions. The Indenture also provides for events of default, which, if any occur, would permit or require the principal, premium, if any, interest and any other monetary obligations on all the then-outstanding Senior Notes to be due and payable immediately.

64

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

The Company paid approximately $7,055 of debt issuance costs in connection with the transaction. The debt issuance costs are being amortized into interest expense over the term of the Senior Notes. As of December 31, 2021 and 2020, the Company had $3,456 and $4,171, respectively, of unamortized debt issuance costs related to the Senior Notes, which is classified as a discount in the consolidated balance sheet.

13.0% Senior Secured Notes due 2024

On May 29, 2020, Cooper Standard Automotive Inc. (the “Issuer”), a wholly-owned subsidiary of the Company, issued $250,000 aggregate principal amount of its 13.0% Senior Secured Notes due 2024 (the “Senior Secured Notes”), pursuant to the Indenture, dated as of May 29, 2020 (the “Indenture”), by and among the Issuer, the other guarantors party thereto and U.S. Bank National Association, as trustee, in a transaction exempt from registration under Rule 144A and Regulation S of the Securities Act of 1933. Proceeds from the Senior Secured Notes were used to provide additional liquidity for the Company, as a result of uncertainty from the COVID-19 pandemic.

The Senior Secured Notes are guaranteed on a senior secured basis by CS Intermediate HoldCo 1 LLC and each of the Issuer’s present and future subsidiaries that are obligors or guarantee the Term Loan Facility and each of the Issuer’s wholly owned domestic subsidiaries that are obligors under, or guarantee, certain other indebtedness, subject to certain exceptions. The notes are also guaranteed on a senior unsecured basis by Cooper-Standard Latin America B.V.

The Issuer may redeem all or part of the Senior Secured Notes prior to maturity at the prices set forth in the Indenture. The Senior Secured Notes mature on June 1, 2024. Interest on the Senior Secured Notes is payable semi-annually in arrears in cash on June 1 and December 1 of each year.

The Indenture contains certain covenants that limit the Issuer’s and its subsidiaries’ ability to, among other things, incur or guarantee additional indebtedness or issue certain preferred stock; make restricted payments; sell assets; create or incur liens; and merge or consolidate with other entities. These covenants are subject to a number of important limitations and exceptions. The Indenture also provides for customary events of default for non-investment grade debt securities, which, if any occur, would permit or require the principal, interest and any other monetary obligations on all the then-outstanding Senior Secured Notes to be due and payable immediately.

The Company paid approximately $6,431 of debt issuance costs in connection with the transaction. Additionally, the Senior Secured Notes were issued at a discount of $5,000. As of December 31, 2021 and 2020, the Company had $4,594 and $5,828, respectively, of unamortized debt issuance costs and $3,723 and $4,605, respectively, of unamortized original issue discount related to the Senior Secured Notes, 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 Senior Secured Notes.

ABL Facility

On November 2, 2016, CS Intermediate Holdco 1 LLC (“Parent”), CSA U.S. (the “U.S. Borrower”), Cooper-Standard Automotive Canada Limited (the “Canadian Borrower”), Cooper-Standard Automotive International Holdings B.V. (the “Dutch Borrower”, and, together with the U.S. Borrower and the Canadian Borrower, the “Borrowers”) and certain subsidiaries of the U.S. Borrower, entered into a $210,000 Third Amended and Restated Loan Agreement with certain lenders, subject to borrowing base availability. In March 2020, the Company entered into the First Amendment of the Third Amended and Restated Loan Agreement (“the Amendment”). As a result of the Amendment, the senior asset-based revolving credit facility (“ABL Facility”) maturity was extended to March 2025 and the aggregate revolving loan commitment was reduced to $180,000.

The aggregate revolving loan availability includes 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 $280,000 (if requested by the Borrowers and the lenders agree to fund such increase). No consent of any lender (other than those participating in the increase) is required to effect any such increase. The Company’s borrowing base was $169,687. Net the greater of 10% of the borrowing base or $15,000 that cannot be borrowed without triggering the fixed charge coverage ratio maintenance covenant and $5,210 of outstanding letters of credit, the Company effectively had $147,508 available for borrowing under its ABL facility.

As of December 31, 2021, there were no obligations outstanding under the ABL Facility.

Maturity. Any borrowings under our ABL Facility will mature, and the commitments of the lenders under our ABL Facility will terminate, on March 24, 2025.

Borrowing Base. Loan and letter of credit availability under the ABL Facility is subject to a borrowing base, which at any time is limited to the lesser of: (A) the maximum facility amount (subject to certain adjustments) and (B) (i) up to 85% of eligible accounts receivable; plus (ii) the lesser of 70% of eligible inventory or 85% of the appraised net orderly liquidation value

65

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

of eligible inventory; plus (iii) up to the lesser of $30.0 million and 85% of eligible tooling accounts receivable; minus reserves established by the Agent. The accounts receivable portion of the borrowing base is subject to certain formulaic limitations (including concentration limits). The inventory portion of the borrowing base is limited to eligible inventory, as determined by the Agent. The borrowing base is also subject to certain reserves, which are established by the Agent (which may include changes to the advance rates indicated above). Loan availability under the ABL Facility is apportioned as follows: $180,000 to the U.S. Borrower, which includes a $40,000 sublimit to the Dutch Borrower and $20,000 to the Canadian Borrower.

Guarantees; Security. The obligations of the U.S. Borrower, the Canadian Borrower and the Dutch Borrower under the ABL Facility, as well as certain cash management arrangements and interest rate, foreign currency or commodity swaps entered into by the such Borrowers and their subsidiaries, and certain credit lines entered into by non-U.S. subsidiaries, in each case with the lenders and their affiliates (collectively, “Additional ABL Secured Obligations”) are guaranteed on a senior secured basis by the Company and its U.S. subsidiaries (with certain exceptions), and the obligations of the Canadian Borrower under the ABL Facility and Additional ABL Secured Obligations of the Canadian Borrower and its Canadian subsidiaries are, in addition, guaranteed on a senior secured basis by the Canadian subsidiaries of the Canadian Borrower. The obligations under the ABL Facility and related guarantees are secured by (1) a first priority lien on all of each Borrower’s and each guarantor’s existing and future personal property consisting of accounts receivable, payment intangibles, inventory, documents, instruments, chattel paper and investment property, certain money, deposit accounts and securities accounts and certain related assets and proceeds of the foregoing, with various enumerated exceptions, including that: (i) the collateral owned by Canadian Borrower or any of its Canadian subsidiaries that are Guarantors only secure the obligations of Canadian Borrower and such subsidiaries arising under the ABL Facility and Additional ABL Secured Obligations and (ii) no liens have been granted on any assets or properties of the Dutch Borrower or any other non-U.S. subsidiaries of the Company (other than the Canadian Borrower and Canadian Guarantors, as otherwise specified above) in connection with the ABL Facility and (2) a second priority lien on all the capital stock in restricted subsidiaries directly held by the U.S. Borrower and each of the U.S. Guarantors, and equipment of the U.S. Borrower and the U.S.-domiciled guarantors and all other material personal property of the U.S. Borrower and the U.S.-domiciled guarantors.

Interest. Borrowings under the ABL Facility bear interest at a rate equal to, at the Borrowers’ option:

•in the case of borrowings by the U.S. Borrower, LIBOR or the base rate plus, in each case, an applicable margin; or

•in the case of borrowings by the Canadian Borrower, bankers’ acceptance (“BA”) rate, Canadian prime rate or Canadian base rate plus, in each case, an applicable margin; or

•in the case of borrowings by the Dutch Borrower, LIBOR plus an applicable margin.

The initial applicable margin was 1.50% with respect to the LIBOR or Canadian BA rate-based borrowings and 0.50% with respect to U.S. base rate, Canadian prime rate and Canadian base rate borrowings, until April 1, 2020. The applicable margin may vary between 1.50% and 2.00% with respect to the LIBOR or Canadian BA rate-based borrowings and between 0.50% and 1.00% with respect to U.S. base rate, Canadian prime rate and Canadian base rate borrowings. The applicable margin is subject, in each case, to quarterly pricing adjustments (based on average facility availability).

Fees. The Borrowers are required to pay a fee in respect of committed but unutilized commitments. The ABL Facility also requires the payment of customary agency and administrative fees.

Voluntary Prepayments. The Borrowers are able to voluntarily reduce the unutilized portion of the commitment amount and repay outstanding loans, in each case, in whole or in part, at any time without premium or penalty (other than customary breakage and related reemployment costs with respect to repayments of LIBOR-based borrowings).

Covenants; Events of Default. The ABL Facility includes affirmative and negative covenants that will impose substantial restrictions on the Company’s financial and business operations, including its ability to incur and secure debt, make investments, sell assets, pay dividends or make acquisitions. The ABL Facility also includes a requirement to maintain a monthly fixed charge coverage ratio of no less than 1.0 to 1.0 when availability under the ABL Facility is less than specified levels. The ABL Facility also contains various events of default that are customary for comparable facilities.

Debt Issuance Costs. As of December 31, 2021 and 2020, the Company had $782 and $1,029, respectively, of unamortized debt issuance costs related to the ABL Facility.

Term Loan Facility

On November 2, 2016, CSA U.S., as borrower, entered into Amendment No. 1 to the 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

66

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

$400,000 plus any voluntary prepayments (including revolving facility and ABL Facility to the extent commitments are reduced) not funded from proceeds of long-term indebtedness.

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 2.00% 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 0.50%, 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 Amendment No. 3, the Company recognized a loss on refinancing and extinguishment of debt of $770 in the twelve months ended December 31, 2018, which was due to the partial write off of new and unamortized debt issuance costs and unamortized original issue discount

Maturity. The Term Loan Facility matures on November 2, 2023, unless earlier terminated.

Guarantees. All obligations of the borrower under the Term Loan Facility are guaranteed jointly and severally on a senior secured basis by the direct parent company of the borrower and each existing and subsequently acquired or organized direct or indirect wholly owned U.S. restricted subsidiary of the borrower.

Security. The obligations under the Term Loan Facility are secured by (a) a first priority security interest (subject to permitted liens and other customary exceptions) on (i) all the capital stock in restricted subsidiaries directly held by the borrower and each of the guarantors, (ii) substantially all plant, material owned real property located in the U.S. and equipment of the borrower and the guarantors and (iii) all other personal property of the borrower and the guarantors, including, without limitation, accounts and investment property, contracts, patents, copyrights, trademarks, other general intangibles, intercompany notes and proceeds of the foregoing, and (b) a second priority security interest (subject to permitted liens and other customary exceptions) in accounts receivable of the borrowers and the guarantors arising from the sale of goods and services, inventory, tax refunds, cash, deposit accounts and books and records related to the foregoing and, in each case, proceeds thereof, in each case, excluding certain collateral and subject to certain limitations.

Interest. 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 2.00% 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 0.50%, 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.

Voluntary Prepayments. The borrower may voluntarily prepay loans in whole or in part, with prior notice and without premium or penalty, subject to the actual LIBOR breakage costs, payment of accrued and unpaid interest, and customary limitations as to minimum amounts of prepayments.

Covenants. The Term Loan Facility contains incurrence-based negative covenants customary for high yield senior secured debt securities, including, but not limited to, restrictions on the ability of the borrower and its restricted subsidiaries to merge and consolidate with other companies, incur indebtedness, grant liens or security interests on assets, pay dividends or make other restricted payments, sell or otherwise transfer assets, or enter into transactions with affiliates. These negative covenants are subject to exceptions, qualifications and certain carveouts.

Events of Default. The Term Loan Facility provides that, upon the occurrence of certain events of default, obligations thereunder may be accelerated. Such events of default include payment defaults to the lenders, material inaccuracies of representations and warranties, covenant defaults, cross-defaults to other material indebtedness, voluntary and involuntary bankruptcy proceedings, material money judgments, material pension-plan events, certain change of control events and other customary events of default.

Debt Issuance Costs. As of December 31, 2021 and 2020, the Company had $1,087 and $1,680, respectively, of unamortized debt issuance costs and $701 and $1,084, respectively, of unamortized original issue discount related to the Term Loan Facility. Both the debt issuance costs and the original issue discount are amortized into interest expense over the term of the Term Loan Facility.

Debt Covenants 

The Company was in compliance with all covenants of the ABL Facility, Term Loan Facility, Senior Notes, and Senior Secured Notes, as of December 31, 2021.

67

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

Other

Other borrowings as of December 31, 2021 and 2020 reflect borrowings under local bank lines classified in debt payable within one year on the consolidated balance sheet.

11. 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:

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.

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 liabilities measured or disclosed at fair value on a recurring basis as of December 31, 2021 and 2020, was as follows:

	December 31, 2021		December 31, 2020		Input
Forward foreign exchange contracts - other current assets	$	647	$	1,826	Level 2
Forward foreign exchange contracts - accrued liabilities	$	(1,535)	$	(750)	Level 2

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 2. “Basis of Presentation and Summary of Significant Accounting Policies”, Note 4. “Acquisition and Divestitures”, Note 8. “Property, Plant and Equipment.” and Note 9. “Goodwill and Intangible Assets”.

Items Not Carried at Fair Value

Fair values of the Company’s Senior Notes, Senior Secured Notes, and Term Loan Facility were as follows:

	December 31, 2021		December 31, 2020
Aggregate fair value	$	899,909	$	965,052
Aggregate carrying value (1)	$	973,000	$	976,400

(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.

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

68

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

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 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 operations.

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 other than the Euro, the Canadian Dollar, the Mexican Peso, and the Brazilian Real. As of December 31, 2021 and 2020, the notional amount of these contracts was $136,103 and $97,503, respectively, and consisted of hedges of transactions up to December 2022.

Pretax amounts related to the Company’s cash flow hedges that were recognized in other comprehensive income (loss) (“OCI”) were as follows:

	Gain (Loss) Recognized in OCI
	Year Ended December 31,
	2021		2020
Forward foreign exchange contracts	$	(545)	$	(6,280)

Pretax amounts related to the Company’s cash flow hedges that were reclassified from AOCI were as follows:

		Gain (Loss) Reclassified from AOCI to Income
		Year Ended December 31,
	Classification	2021		2020
Forward foreign exchange contracts	Cost of products sold	$	1,432	$	(6,945)

12. Accounts Receivable Factoring

As a part of its working capital management, the Company sells certain receivables through a third-party financial institution in a pan-European program (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 indentures governing the Senior Notes and Senior Secured Notes. The European factoring facility, which was renewed in March 2020, allows the Company to factor up to €120 million of its Euro-denominated accounts receivable, accelerating access to cash and reducing credit risk. The factoring facility expires in December 2023.

Costs incurred on the sale of receivables are recorded in other expense, net in the consolidated statements of operations. Liabilities related to the factoring program are recorded in accrued liabilities in the consolidated balance sheet. 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 excluded from accounts receivable in the consolidated balance sheet.

69

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

Amounts outstanding under receivable transfer agreements entered into by various locations as of the period end were as follows:

	December 31, 2021		December 31, 2020
Off-balance sheet arrangements	$	52,743	$	85,108

Accounts receivable factored and related costs throughout the period were as follows:

	Off-Balance Sheet Arrangements
	Year Ended December 31,
	2021		2020
Accounts receivable factored	$	366,878	$	476,405

	Off-Balance Sheet Arrangements
	Year Ended December 31,
	2021		2020		2019
Costs	$	528	$	776	$	1,007

As of December 31, 2021 and 2020, cash collections on behalf of the Factor that had yet to be remitted were $673 and $1,786, respectively, and are reflected in other current assets as restricted cash in the consolidated balance sheet.

13. Pension

The Company maintains defined benefit pension plans covering employees located in the United States as well as certain international locations. The majority of these plans are frozen, and all are closed to new employees. Benefits generally are based on compensation, length of service and age for salaried employees and on length of service for hourly employees. The Company’s policy is to fund pension plans such that sufficient assets will be available to meet future benefit requirements and contribute amounts deductible for United States federal income tax purposes or amounts required by local statute.

The Company also sponsors voluntary defined contribution plans for certain salaried and hourly U.S. employees of the Company. The Company matches contributions of participants, up to various limits in all plans. The Company also sponsors retirement plans that include Company non-elective contributions. Non-elective and matching contributions under these plans totaled $12,809, $13,537 and $14,514 for the years ended December 31, 2021, 2020 and 2019, respectively.

70

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

Information related to the Company’s defined benefit pension plans was as follows:

	Year Ended December 31,
	2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Change in projected benefit obligations:
Projected benefit obligations at beginning of period	$	271,397	$	195,407	$	255,935	$	184,364
Service cost	891		3,345		853		3,992
Interest cost	6,516		2,558		8,132		3,200
Net actuarial (gain) loss	(8,589)		(12,976)		19,755		8,704
Benefits paid	(13,107)		(5,324)		(13,278)		(6,925)
Foreign exchange translation	—		(9,610)		—		11,582
Settlements	—		(8,210)		—		(5,170)
Divestiture	—		—		—		(4,392)
Other	—		(233)		—		52
Projected benefit obligations at end of period	$	257,108	$	164,957	$	271,397	$	195,407
Change in plan assets:
Fair value of plan assets at beginning of period	$	267,343	$	54,548	$	244,613	$	54,806
Actual return on plan assets	18,175		1,280		34,971		5,313
Employer contributions	1,037		5,526		1,037		5,673
Benefits paid	(13,107)		(5,324)		(13,278)		(6,925)
Foreign exchange translation	—		225		—		940
Settlements	—		(8,210)		—		(5,170)
Divestiture	—		—		—		(108)
Other	—		2		—		19
Fair value of plan assets at end of period	$	273,448	$	48,047	$	267,343	$	54,548
Funded status of the plans	$	16,340	$	(116,910)	$	(4,054)	$	(140,859)

	December 31, 2021				December 31, 2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Amounts recognized in the consolidated balance sheet:
Other assets	$	29,804	$	4,245	$	10,513	$	1,921
Accrued liabilities	(1,018)		(3,721)		(1,020)		(4,097)
Pension benefits (long term)	(12,446)		(117,434)		(13,547)		(138,683)

71

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

Pre-tax amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit (income) cost as of December 31, 2021 and 2020 were as follows:

	December 31, 2021				December 31, 2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Prior service costs	$	(56)	$	(185)	$	(76)	$	(497)
Actuarial losses	(43,574)		(33,742)		(57,731)		(53,657)

The Company uses the corridor approach when amortizing actuarial gains or losses. Under the corridor approach, net unrecognized actuarial losses in excess of 10% of the greater of i) the projected benefit obligation or ii) the fair value of plan assets are amortized over future periods.  

The accumulated benefit obligation for all domestic and international defined benefit pension plans was $257,108 and $158,074 as of December 31, 2021 and $271,397 and $186,652 as of December 31, 2020, respectively. As of December 31, 2021, the fair value of plan assets for three of the Company’s defined benefit plans exceeded the projected benefit obligations of $270,296 by $34,049.

The components of net periodic benefit (income) cost for the Company’s defined benefit plans were as follows:

	Year Ended December 31,
	2021				2020				2019
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	891	$	3,345	$	853	$	3,992	$	809	$	3,893
Interest cost	6,516		2,558		8,132		3,200		10,955		4,037
Expected return on plan assets	(14,257)		(1,320)		(13,683)		(2,415)		(16,353)		(2,400)
Amortization of prior service cost and actuarial loss	1,670		2,635		1,940		3,478		2,914		2,373
Settlements	—		1,279		—		184		15,247		572
Other	—		118		—		(11)		—		956
Net periodic benefit (income) cost	$	(5,180)	$	8,615	$	(2,758)	$	8,428	$	13,572	$	9,431

Pension Settlements

In addition to the settlements shown in the table above, the Company recognized $744 of Non-U.S. pension net settlement and curtailment charges due to the divestiture of certain businesses in Europe and India during the year ended December 31, 2020 that are recorded as a reduction to gain on sale of business, net in the consolidated statements of operations. The Company also recognized $836 of Non-U.S. pension settlement charges during the year ended December 31, 2020 that are recorded as restructuring in the consolidated statements of operations.

The Company recognized $2,730 of Non-U.S. pension settlement charges due to the divestiture of the Company’s AVS product line during the year ended December 31, 2019. The charges are recorded as a reduction to gain on sale of business, net in the consolidated statements of operations.

During the year ended December 31, 2019, the Company undertook an initiative to de-risk pension obligations in the U.S. by purchasing a bulk annuity policy utilizing plan assets, which was designed to match the liabilities of the plan. The resulting non-cash settlement charge of $15,247 was recorded in pension settlement charges, and administrative expenses of $178 were recorded in selling, administration & engineering expenses in the consolidated statements of operations. As a result of the settlement, the Company’s overall projected benefit obligation as of December 31, 2019 was reduced by $58,198.

72

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

Plan Assumptions

Weighted average assumptions used to determine benefit obligations as of December 31, 2021 and 2020 were as follows:

 

	2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	2.84	%	1.83	%	2.48	%	1.36	%
Rate of compensation increase	N/A		1.44	%	N/A		1.23	%
Cash balance interest credit rate	4.50	%	N/A		4.50	%	N/A

Weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2021, 2020 and 2019 were as follows:

	2021				2020				2019
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	2.48	%	1.63	%	3.28	%	2.33	%	4.25	%	2.40	%
Expected return on plan assets	5.50	%	2.48	%	5.75	%	3.73	%	6.50	%	4.63	%
Rate of compensation increase	N/A		1.99	%	N/A		3.99	%	N/A		3.31	%

To develop the expected return on plan assets assumption, the Company considered the historical returns and the future expected returns for each asset class, as well as the target asset allocation of the pension portfolio. As the U.S. plans are frozen, the rate of compensation increase was not applicable in determining net periodic benefit cost.

Plan Assets

The goals and investment objectives of the asset strategy are to ensure that there is an adequate level of assets to meet benefit obligations to participants and retirees over the life of the participants and maintain liquidity in the plan assets sufficient to cover monthly benefit obligations. Risk is managed by investing in a broad range of investment vehicles, e.g., equity mutual funds, bond mutual funds, real estate mutual funds, hedge funds, etc. There are no equity securities of the Company in the equity asset category.

Investments in equity securities and debt securities are valued at fair value using a market approach and observable inputs, such as quoted market prices in active markets (Level 1). Investments in balanced funds are valued at fair value using a market approach and inputs that are primarily directly or indirectly observable (Level 2). Investments in equity securities and balanced funds in which the Company holds participation units in a fund, the net asset value of which is based on the underlying assets and liabilities of the respective fund, are considered an unobservable input (Level 3). Investments in real estate funds are primarily valued at net asset value depending on the investment.

73

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

The fair value of the Company’s pension plan assets by category using the three-level hierarchy (see Note 11. “Fair Value Measurements and Financial Instruments”) as of December 31, 2021 and 2020 was as follows:

2021	Level 1		Level 2		Assets measured at NAV (1)		Total
Equity funds	$	1,231	$	11,586	$	—	$	12,817
Equity funds measured at net asset value	—		—		41,032		41,032
Bond funds	—		36,133		—		36,133
Bond funds measured at net asset value	—		—		210,492		210,492
Real estate measured at net asset value	—		—		11,270		11,270
Cash and cash equivalents	9,751		—		—		9,751
Total	$	10,982	$	47,719	$	262,794	$	321,495

2020	Level 1		Level 2		Assets measured at NAV (1)		Total
Equity funds	$	18,218	$	16,647	$	—	$	34,865
Equity funds measured at net asset value	—		—		117,309		117,309
Bond funds	—		37,901		—		37,901
Bond funds measured at net asset value	—		—		104,880		104,880
Real estate measured at net asset value	—		—		25,070		25,070
Cash and cash equivalents	1,866		—		—		1,866
Total	$	20,084	$	54,548	$	247,259	$	321,891

(1) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These assets are included in this table to present total pension plan assets at fair value.

There were no transfers of Level 3 assets and no Level 3 assets in the ending balance for the years ended December 31, 2021 and December 31, 2020.

Expected Future Benefit Payments

The Company estimates its benefit payments for domestic and foreign pension plans during the next ten years to be as follows: 

Years Ending December 31,	U.S.		Non-U.S.		Total
2022	$	16,902	$	5,785	$	22,687
2023	16,482		6,069		22,551
2024	15,497		21,944		37,441
2025	15,275		7,325		22,600
2026	16,092		7,165		23,257
2027 - 2031	74,195		40,825		115,020

Contributions

The Company estimates it will make minimum funding cash contributions of approximately $1,000 to its U.S. pension plans and minimum funding cash contributions of approximately $4,100 to its non-U.S. pension plans in 2022.

14. Postretirement Benefits Other Than Pensions

The Company provides certain retiree health care and life insurance benefits covering certain U.S. salaried and hourly employees and employees in Canada. Employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. The Company’s policy is to fund the cost of these postretirement benefits as these benefits become payable.

74

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

Information related to the Company’s postretirement benefit plans was as follows:

	Year Ended December 31,
	2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Change in benefit obligation:
Benefit obligations at beginning of year	$	23,419	$	27,032	$	22,436	$	23,949
Service cost	105		357		103		404
Interest cost	531		701		680		726
Net actuarial (gain) loss	(1,717)		(5,065)		1,603		2,221
Benefits paid	(1,127)		(716)		(1,403)		(663)
Foreign currency exchange rate effect	—		167		—		395
Benefit obligation at end of year	$	21,211	$	22,476	$	23,419	$	27,032
Funded status of the plan	$	(21,211)	$	(22,476)	$	(23,419)	$	(27,032)
Net amount recognized as of December 31	$	(21,211)	$	(22,476)	$	(23,419)	$	(27,032)

	December 31, 2021				December 31, 2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Amounts recognized in the consolidated balance sheet:
Accrued liabilities	$	(1,576)	$	(766)	$	(1,648)	$	(968)
Postretirement benefits other than pension (long term)	(19,635)		(21,710)		(21,771)		(26,064)

Pre-tax amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit (income) cost as of December 31, 2021 and 2020 were as follows:

	December 31, 2021				December 31, 2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Actuarial gains (losses)	$	11,339	$	(3,760)	$	11,018	$	(9,563)

The components of net periodic benefit (income) costs for the Company’s other postretirement benefit plans were as follows:

	Year Ended December 31,
	2021				2020				2019
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	105	$	357	$	103	$	404	$	118	$	397
Interest cost	531		701		680		726		864		752
Amortization of prior service credit and recognized actuarial (gain) loss	(1,396)		752		(1,930)		448		(2,441)		320
Other	—		—		—		—		—		48
Net periodic benefit (income) cost	$	(760)	$	1,810	$	(1,147)	$	1,578	$	(1,459)	$	1,517

During the year ended December 31, 2019, the Company recognized a gain of $3,452 for the U.S. plan and a net charge of $453 for the Non-U.S. plan, related to settlements and curtailments due to the divestiture of the Company’s AVS product line. See Note 4. “Acquisition and Divestitures.” The amounts are recorded in gain on sale of business, net in the consolidated statements of operations.

75

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

Plan Assumptions

Weighted average assumptions used to determine benefit obligations as of December 31, 2021 and 2020 were as follows:

	2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	2.75	%	3.05	%	2.35	%	2.65	%

Weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2021, 2020 and 2019 were as follows:

 

	2021				2020				2019
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	2.35	%	2.65	%	3.15	%	3.05	%	4.20	%	3.65	%

The assumed health care cost trend rates used to measure the postretirement benefit obligation as of December 31, 2021 were as follows:

	U.S.		Non-U.S.
Health care cost trend rate	5.19	%	5.00	%
Ultimate health care cost trend rate	4.50	%	5.00	%
Year that the rate reaches the ultimate trend rate	2027		N/A

Expected Future Postretirement Benefit Payments

The Company estimates its benefit payments for its postretirement benefit plans during the next ten years to be as follows:

	U.S.		Non-U.S.		Total
2022	$	1,598	$	778	$	2,376
2023	1,597		777		2,374
2024	1,569		812		2,381
2025	1,542		825		2,367
2026	1,509		846		2,355
2027 - 2031	6,766		4,631		11,397

Other

Other postretirement benefits recorded in the Company’s consolidated balance sheets include $2,153 and $1,778 as of December 31, 2021 and 2020, respectively, for termination indemnity plans in Europe.

15. Other Expense, net

The components of other expense, net were as follows:

	Year Ended December 31,
	2021		2020		2019
Foreign currency losses	$	(6,887)	$	(1,429)	$	(3,022)
Components of net periodic benefit income (cost) other than service cost	1,610		(576)		(1,069)
Factoring costs	(528)		(776)		(1,007)
Miscellaneous income	963		201		838
Other expense, net	$	(4,842)	$	(2,580)	$	(4,260)

76

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

16. Income Taxes

Components of the Company’s (loss) income before income taxes and adjustment for noncontrolling interests were as follows:

	Year Ended December 31,
	2021		2020		2019
Domestic	$	(142,883)	$	(235,574)	$	53,425
Foreign	(146,569)		(94,647)		44,877
	$	(289,452)	$	(330,221)	$	98,302

The Company’s income tax expense (benefit) consists of the following:

	Year Ended December 31,
	2021		2020		2019
Current
Federal	$	5,158	$	(65,565)	$	(227)
State	68		(196)		(171)
Foreign	(1,590)		13,636		20,613
Deferred
Federal	12,217		(15,060)		4,405
State	(484)		1,297		(767)
Foreign	24,023		5,041		12,236
	$	39,392	$	(60,847)	$	36,089

A reconciliation of the U.S. statutory federal rate to the income tax provision was as follows:  

	Year Ended December 31,
	2021			2020			2019
Tax at U.S. statutory rate	$	(60,785)		$	(69,346)		$	20,643
State and local taxes	(3,276)			(4,933)			209
Tax credits and incentives	(7,634)			(5,750)			(8,034)
Changes in tax law, other	(361)			352			2,909
U.S. tax reform/Global Intangible Low-Taxed Income ("GILTI")/foreign derived intangible income	—			(1,046)			1,102
Effect of foreign tax rates	(13,525)			(15,432)			(1,656)
Nonrecurring permanent items	(3,710)			(3,069)			(5,250)
CARES Act	—			(27,844)			—
Foreign branch	1,641			(1,215)			(2,258)
Stock compensation (ASU 2016-09)	1,257			1,640			1,596
Non deductible expenses	6,618			9,335			2,820
Tax reserves/audit settlements	(5,043)			1,071			(206)
Valuation allowance	124,228			51,609			24,625
Other, net	(18)			3,781			(411)
Income tax expense (benefit)	$	39,392		$	(60,847)		$	36,089
Effective income tax rate	(13.6)		%	18.4		%	36.7		%

In the first quarter of 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted into law. The CARES Act allows net operating losses generated by the Company to be carried back up to five years at the tax rates in effect during those periods, rather than carried forward at current federal tax rates of 21%. The Company recorded a $27,844 benefit for this CARES Act provision in the period ended December 31, 2020.

77

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

Nonrecurring permanent items in 2021 relate to an intercompany legal entity sale. In 2020, nonrecurring permanent items were the result of the divestiture of our European rubber, fluid transfer, and specialty sealing businesses as well as our Indian operation, including a worthless security deduction and in 2019, a result of the sale of the AVS product line.

Deferred tax assets and liabilities reflect the estimated tax effect of accumulated temporary differences between the basis of assets and liabilities for tax and financial reporting purposes, as well as net operating losses, tax credit and other carryforwards. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows:

	2021		2020
Deferred tax assets:
Pension, postretirement and other benefits	$	40,026	$	53,229
Capitalized expenditures	12,521		14,411
Net operating loss and tax credit carryforwards	275,222		215,980
Operating lease	27,934		26,160
All other items	61,785		53,290
Total deferred tax assets	417,488		363,070
Deferred tax liabilities:
Property, plant and equipment	(21,745)		(29,415)
Operating lease right-of-use	(26,863)		(26,160)
All other items	(14,506)		(15,597)
Total deferred tax liabilities	(63,114)		(71,172)
Valuation allowances	(334,983)		(234,425)
Net deferred tax assets	$	19,391	$	57,473

As of December 31, 2021, the Company’s U.S. and foreign subsidiaries, primarily in France, Brazil, Italy and Germany, had operating loss carryforwards aggregating $639,000, with indefinite expiration periods. Other foreign subsidiaries in China, Mexico, Netherlands, Spain, Czech Republic and Korea had operating losses aggregating $303,000, with expiration dates beginning in 2022. The Company has research tax credit carryforwards and foreign tax credit carryforwards totaling $39,000 in the U.S. with expiration dates beginning in 2029. The Company and its domestic subsidiaries have anticipated tax benefits of state net operating losses and credit carryforwards of $12,300 with expiration dates beginning in 2022.

As of December 31, 2021, the Company has consolidated deferred tax assets of $417,488 with valuation allowances of $334,983 related to tax losses, credit carryforwards, and other deferred tax assets in the U.S. and certain foreign jurisdictions. The Company’s valuation allowance increased in 2021 primarily from current year losses generated in certain foreign jurisdictions as well as new valuation allowances established during 2021 in the U.S., France and Canada. Current and future provision for income taxes is significantly impacted by the initial recognition of and changes in valuation allowances in certain countries. The Company intends to maintain these allowances until it is more likely than not that the deferred tax assets will be realized. In the future, provision for income taxes will include no tax benefit with respect to losses incurred and no tax expense with respect to income generated in these countries until the respective valuation allowance is eliminated.

As of December 31, 2021, no material deferred income taxes have been recorded on the undistributed earnings of foreign subsidiaries, since a majority of these earnings will not be taxable upon repatriation to the United States. These earnings will be primarily treated as previously taxed income from either the one time transition tax or GILTI, or they will be offset with a 100% dividends received deduction. The Company has not recorded a deferred tax liability for foreign withholding taxes or state income taxes that may be incurred upon repatriation in the future as such undistributed foreign earnings are considered permanently reinvested or could be remitted with no tax implications.

As of December 31, 2021, the Company had $3,571 ($4,281 including interest and penalties) of total unrecognized tax benefits, of which $2,004 represents the amount of unrecognized tax benefits that, if recognized, would affect the effective income tax rate.

78

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:

 

	2021		2020
Balance at beginning of period	$	11,272	$	10,123
Tax positions related to the current period
Gross additions	337		1,115
Gross reductions	—		—
Tax positions related to prior years
Gross additions	10		342
Gross reductions	(5,143)		—
Settlements	(2,905)		(232)
Lapses on statutes of limitations	—		(76)
Balance at end of period	$	3,571	$	11,272

The Company, or one of its subsidiaries, files income tax returns in the United States and other foreign jurisdictions. The Internal Revenue Service has effectively settled the examination of the Company’s U.S. income tax returns from 2014 through 2018 during 2021. As a result, unrecognized tax benefits were either settled or released related to those tax years during 2021.

The statute of limitations for U.S. state and local jurisdictions is closed for taxable years ending prior to 2014. The Company’s major foreign jurisdictions are Brazil, Canada, China, France, Germany, Italy, Mexico, and Poland. The Company is no longer subject to income tax examinations in major foreign jurisdictions for years prior to 2017.

During the next twelve months, it is reasonably possible that, as a result of audit settlements and the completion of current examinations, the Company may decrease the amount of its gross unrecognized tax benefits by approximately $1,359, all of which, if recognized, would impact the effective tax rate.

The Company classifies all income tax related interest and penalties as income tax expense. The Company has liabilities of $710 and $1,277 recorded as of December 31, 2021 and 2020, respectively, for tax related interest and penalties on its consolidated balance sheet.

79

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

17. Net (Loss) Income Per Share Attributable to Cooper-Standard Holdings Inc.

Basic net (loss) income per share attributable to Cooper-Standard Holdings Inc. was computed by dividing net (loss) income attributable to Cooper-Standard Holdings Inc. by the weighted average number of shares of common stock outstanding during the period. Diluted net (loss) income per share attributable to Cooper-Standard Holdings Inc. was computed using the treasury stock method by dividing diluted net (loss) 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 (loss) income per share attributable to Cooper-Standard Holdings Inc. was as follows:

	Year Ended December 31,
	2021		2020		2019
Net (loss) income available to Cooper-Standard Holdings Inc. common stockholders	$	(322,835)	$	(267,605)	$	67,529
Basic weighted average shares of common stock outstanding	17,045,353		16,913,850		17,146,124
Dilutive effect of common stock equivalents	—		—		62,644
Diluted weighted average shares of common stock outstanding	17,045,353		16,913,850		17,208,768
Basic net (loss) income per share attributable to Cooper-Standard Holdings Inc.	$	(18.94)	$	(15.82)	$	3.94
Diluted net (loss) income per share attributable to Cooper-Standard Holdings Inc.	$	(18.94)	$	(15.82)	$	3.92

Approximately 166,000 and 71,000 securities were excluded from the calculation of diluted (loss) earnings per share for the years ended December 31, 2021 and 2020, because the inclusion of such securities in the calculation would have been anti-dilutive. There were no anti-dilutive securities during the year ended December 31, 2019.

80

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

18. Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) by component, net of related tax, were as follows:

	Cumulative currency translation adjustment			Benefit plan  liabilities			Fair value change of derivatives			Total
Balance as of December 31, 2019	$	(153,933)		$	(100,160)		$	352		$	(253,741)
Other comprehensive income (loss) before reclassifications	15,708		(1)	(11,254)		(2)	(4,700)		(3)	(246)
Amounts reclassified from accumulated other comprehensive income (loss)	1,646			5,335		(4)	5,110		(5)	12,091
Balance as of December 31, 2020	(136,579)			(106,079)			762			(241,896)
Other comprehensive income (loss) before reclassifications	(2,316)		(1)	35,506		(2)	(843)		(3)	32,347
Amounts reclassified from accumulated other comprehensive income (loss)	144			5,270		(6)	(1,049)		(5)	4,365
Balance as of December 31, 2021	$	(138,751)		$	(65,303)		$	(1,130)		$	(205,184)

(1)Includes $(5,077) and $4,430 of other comprehensive income (loss) for the years ended December 31, 2021 and 2020, respectively, that are related to intra-entity foreign currency balances that are of a long-term investment nature.

(2)Net of tax benefit of $248 and $571 for the years ended December 31, 2021 and 2020, respectively.

(3)Net of tax expense (benefit) of $298 and $(1,580) for the years ended December 31, 2021 and 2020, respectively.

(4)Includes the effect of the amortization of actuarial losses of $3,851, settlement losses of $1,020, net losses of $744 related to the divestiture of certain businesses in Europe and India, and the amortization of prior service costs of $106, net of tax of $386.

(5)Net of tax expense (benefit) of $383 and $(1,835) for the years ended December 31, 2021 and 2020, respectively.

(6)Includes the effect of the amortization of actuarial losses of $3,484, net settlement losses of $1,291, net curtailment losses of $305, and the amortization of prior service costs of $205, net of tax of $15.

19. Equity

Common Stock

The Company is authorized to issue up to 190,000,000 shares of common stock, par value $0.001 per share. As of December 31, 2021, an aggregate of 19,057,788 shares of its common stock were issued, and 16,991,979 shares were outstanding.

Holders of shares of common stock are entitled to one vote for each share on each matter on which holders of common stock are entitled to vote. Holders of common stock are entitled to ratably receive dividends and other distributions when, as and if declared by the Company’s board of directors out of assets or funds legally available therefore. The ABL Facility, the Term Loan Facility, the Senior Notes, and the Senior Secured Notes each contain covenants that restrict the Company’s ability to pay dividends or make distributions on the common stock, subject to certain exceptions.

In the event of the liquidation, dissolution or winding up of the Company, holders of common stock are entitled to share ratably in the Company assets, if any, remaining after the payment of all the Company’s debts and liabilities.

Share Repurchase Program

In June 2018, the Company’s Board of Directors approved a 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 management and in accordance with prevailing market conditions and federal securities laws and regulations. The Company expects to fund any future repurchases from cash on hand and future cash flows from operations. The Company is not obligated to acquire a particular amount of securities, and the 2018 Program may be discontinued at any time at the Company’s discretion. The 2018 Program was effective beginning November 2018. As of December 31, 2021, the Company had approximately $98,720 of repurchase authorization under the 2018 Program.

The Company did not make any repurchases during the years ended December 31, 2021 or 2020.

81

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

20. 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. There are 1,453,092 shares of common stock authorized for awards granted under the current plan. Under previous plans, a total of 5,873,103 shares were authorized for awards. The plans provide for the grant of stock options, stock appreciation rights, shares of common stock, restricted stock, restricted stock units (“RSUs”), performance-vested restricted stock units (“PUs”), incentive awards and certain other types of awards to key employees and directors of the Company and its affiliates.

The Company measures share-based compensation expense at fair value and recognizes such expense on a straight-line basis over the vesting period of the share-based employee awards. The compensation expense related to stock options, restricted stock and performance units granted to key employees and directors of the Company, which is quantified below, does not represent payments actually made to these employees. Rather, the amounts represent the non-cash compensation expense recognized by the Company in connection with these awards for financial reporting purposes. The actual value of these awards to the recipients will depend on the trading price of the Company’s stock when the awards vest. In accordance with the Company’s long-term incentive plans, share-based compensation awards that settle in shares of Company stock may be delivered on a gross settlement basis or a net settlement basis, as determined by the recipient.

Share-based compensation expense (income) was as follows:

	Year Ended December 31,
	2021		2020		2019
PUs	$	(916)	$	916	$	277
RSUs	4,201		6,994		8,432
Stock options	2,289		2,525		3,156
Total	$	5,574	$	10,435	$	11,865

Stock Options

Stock option awards are granted at the fair market value of the Company’s stock price at the date of the grant and have a 10 year term. The stock option grants vest over three years from the date of grant.

Stock option transactions and related information for the year ended December 31, 2021 was as follows:

	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding as of January 1, 2021	741,419	$	62.64
Granted	145,815	$	35.74
Exercised	(13,811)	$	25.19
Forfeited	(53,646)	$	34.40
Expired	(19,758)	$	91.56
Outstanding as of December 31, 2021	800,019	$	59.57	5.1	$	—
Exercisable as of December 31, 2021	518,479	$	72.25	4.0	$	—

The weighted-average grant date fair value of stock options granted during the years ended December 31, 2021, 2020 and 2019 was $16.46, $8.85 and $24.22, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2021 and 2019 was $142 and $243, respectively. There were no stock options exercised during the year ended December 31, 2020.

As of December 31, 2021, unrecognized compensation expense for stock options amounted to $2,129. Such cost is expected to be recognized over a weighted average period of approximately 1.8 years.

82

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

The fair value of the options was estimated at the date of the grant using the Black-Scholes option pricing model. Expected volatility was based on the historical volatility of the Company’s common stock. The expected option life was calculated using the simplified method. The risk-free rate is based on the U.S. Treasury zero-coupon issues with a term equal to the expected option life on the date the stock options were granted. The fair value of each option was estimated using the following assumptions:

	2021		2020		2019
Expected volatility	48.65% - 50.50%		33.74	%	29.48% - 31.10%
Dividend yield	0.00	%	0.00	%	0.00	%
Expected option life - years	6.0		6.0		6.0
Risk-free rate	0.6% - 0.9%		1.50	%	1.8% - 2.5%

Restricted Stock and Restricted Stock Units

The fair value of the restricted stock and restricted stock units is determined based on the closing price of the common stock on the date of grant. The restricted stock and restricted stock units vest over one or three years.

Restricted stock and restricted stock units transactions and related information for the year ended December 31, 2021 was as follows:

	Restricted Stock and Restricted Units	Weighted Average Grant Date Fair Value
Non-vested as of January 1, 2021	385,635	$	54.10
Granted	87,513	$	32.38
Vested	(199,473)	$	46.62
Forfeited	(31,661)	$	51.14
Non-vested as of December 31, 2021	242,014	$	48.38

The weighted-average grant date fair value of restricted stock and restricted stock units granted during the years ended December 31, 2021, 2020 and 2019 was $32.38, $17.62 and $66.12, respectively. The total fair value of restricted stock and restricted stock units vested during the years ended December 31, 2021, 2020 and 2019 was $9,299, $7,786 and $9,859, respectively.

As of December 31, 2021, unrecognized compensation expense for restricted stock and restricted stock units amounted to $2,223. Such cost is expected to be recognized over a weighted-average period of approximately 1.3 years.

Performance-Vested Restricted Stock Units

The actual number of performance units that will vest depends on the Company’s achievement of target performance goals related to the Company’s ROIC and total shareholder return over a performance period, which may range from 0% to 200% of the target award amount. The PUs cliff vest at the end of their three-year performance period or vest ratably over three years after their initial two-year performance period. PUs that are expected to be settled in shares of the Company’s common stock are accounted for as equity awards, and the fair value is determined based on the closing price of the common stock on the date of grant. PUs that are expected to be settled in cash are accounted for as liability awards.

83

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

A summary of activity for performance-vested restricted stock units transactions and related information for the year ended December 31, 2021 was as follows:

	Stock Settled Performance Units	Cash Settled Performance Units	Weighted Average Grant Date Fair Value
Non-vested as of January 1, 2021	131,751	126,489	$	51.45
Granted	—	94,856	$	39.70
Vested at 0% payout	(43,038)	(602)	$	111.45
Forfeited	(7,703)	(31,857)	$	46.81
Non-vested as of December 31, 2021	81,010	188,886	$	51.19

The weighted-average grant date fair value of performance units granted during the years ended December 31, 2021, 2020 and 2019 was $39.70, $10.10 and $78.41, respectively. The total fair value of PUs vested during the years ended December 31, 2021, 2020 and 2019 was $4,864, $5,243, and $5,450, respectively. Actual payout of units vested was 0% and no cash was paid to settle PUs during the years ended December 31, 2021 and 2020. Cash paid to settle PUs during the year ended December 31, 2019 was $3,345.

As of December 31, 2021, there was no unrecognized compensation expense for the PUs.

The fair value of the performance units is estimated using a Monte Carlo simulation. Expected volatility was calculated based on historical stock price volatility over the previous year. The risk-free rate was based on the U.S. Treasury yield curve, generally represented by U.S. Treasury securities, with a term equal to the expected life of the performance units. The dividend yield was assumed to be zero based on Company’s historical patterns and future expectation. The fair value of the performance units were estimated using the following assumptions:

	2021		2020
Expected volatility	99.40	%	116.60	%
Dividend yield	0.00	%	0.00	%
Risk-free rate	0.14	%	0.10	%

21. Contingent Liabilities

Litigation and Claims

Various legal actions, proceedings, and claims (generally, “matters”) are pending or may be instituted or asserted against the Company. The Company accrues for matters when losses are deemed probable and reasonably estimable. Any resulting adjustments, which could be material, are recorded in the period the adjustments are identified. As of December 31, 2021, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already accrued for matters, if any, has been incurred. However, the ultimate resolutions of these matters are inherently unpredictable and could require payment substantially in excess of the amounts that have been accrued or disclosed.

 Environmental

The Company is subject to a broad range of federal, state and local environmental and occupational safety and health laws and regulations in the United States and other countries, including those governing: emissions to air, discharges to water, noise and odor emissions; the generation, handling, storage, transportation, treatment, reclamation and disposal of chemicals and waste materials; the cleanup of contaminated properties; and human health and safety. The Company may incur substantial costs associated with hazardous substance contamination or exposure, including cleanup costs, fines, and civil or criminal sanctions, third party property or natural resource damage, personal injury claims or costs to upgrade or replace existing equipment as a result of violations of or liabilities under environmental laws or the failure to maintain or comply with environmental permits required at their locations. In addition, many of the Company’s current and former facilities are located on properties with long histories of industrial or commercial operations, and some of these properties have been subject to certain environmental investigations and remediation activities. The Company maintains environmental reserves for certain of these sites. As of December 31, 2021 and 2020, the Company had $9,965 and $13,302, respectively, reserved in accrued liabilities and other liabilities on the consolidated balance sheet on an undiscounted basis, which it believes are adequate. Because some environmental laws (such as the Comprehensive Environmental Response, Compensation and Liability Act and analogous state laws) can impose liability retroactively and regardless of fault on potentially responsible parties for the entire cost of cleanup at

84

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

currently or formerly owned or operated facilities, as well as sites at which such parties disposed or arranged for disposal of hazardous waste, the Company could become liable for investigating or remediating contamination at their current or former properties or other properties (including offsite waste disposal locations). The Company may not always be in complete compliance with all applicable requirements of environmental laws or regulation, and the Company may receive notices of violation or become subject to enforcement actions or incur material costs or liabilities in connection with such requirements. In addition, new environmental requirements or changes to interpretations of existing requirements, or in their enforcement, could have a material adverse effect on the Company’s business, results of operations, and financial condition. The Company has made and will continue to make expenditures to comply with environmental requirements. While the Company’s costs to defend and settle known claims arising under environmental laws have not been material in the past and are not currently estimated to have a material adverse effect on the Company’s financial condition, such costs may be material to the Company’s financial statements in the future.

Brazil Indirect Tax Claim

In 2019, the Superior Judicial Court of Brazil rendered a favorable decision on a case challenging whether a certain state value-added tax should be included in the calculation of federal gross receipts taxes. The decision will allow the Company the right to recover, through offset of federal tax liabilities, amounts collected by the government. As a result of the favorable decision, the Company recorded pre-tax recoveries of $8,000 in the South America segment and in cost of products sold for the year ended December 31, 2019. As of December 31, 2021, the Company had $5,375 of pre-tax recoveries remaining. Timing on realization of these remaining recoveries is dependent upon generation of federal tax liabilities eligible for offset.

22. Business Segments

The Company’s automotive business is organized in the following reportable segments: North America, Europe, Asia Pacific and South America. All other business activities are reported in Corporate, eliminations and other. The Company’s principal products within each of the reportable segments are sealing, fuel and brake delivery, and fluid transfer systems.

The Company uses Segment adjusted EBITDA as the measure of earnings to assess the performance of each segment and determine the resources to be allocated to the segments. 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.

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.”

Certain financial information on the Company’s reportable segments was as follows:

	Year Ended December 31,
	2021		2020		2019
Sales to external customers
North America	$	1,148,257	$	1,141,368	$	1,543,845
Europe	518,245		586,739		826,335
Asia Pacific	458,306		468,042		503,953
South America	61,713		60,754		94,535
Total Automotive	2,186,521		2,256,903		2,968,668
Corporate, eliminations and other	143,670		118,536		139,732
Consolidated	$	2,330,191	$	2,375,439	$	3,108,400

85

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

	Year Ended December 31,
	2021		2020		2019
Intersegment sales
North America	$	9,775	$	12,267	$	19,701
Europe	9,502		9,569		11,744
Asia Pacific	1,863		2,406		3,050
South America	15		72		193
Total Automotive	21,155		24,314		34,688
Corporate, eliminations and other	(21,155)		(24,314)		(34,688)
Consolidated	$	—	$	—	$	—
Adjusted EBITDA
North America	$	54,616	$	90,638	$	213,250
Europe	(49,599)		(39,004)		22,922
Asia Pacific	(16,756)		12,472		(27,497)
South America	(9,852)		(13,841)		(3,446)
Total Automotive	(21,591)		50,265		205,229
Corporate, eliminations and other	13,557		(14,588)		(3,621)
Consolidated	$	(8,034)	$	35,677	$	201,608
Net interest expense
North America	$	470	$	504	$	96
Europe	1,274		1,082		318
Asia Pacific	1,445		2,205		4,139
South America	362		225		3
Total Automotive	3,551		4,016		4,556
Corporate, eliminations and other	68,960		55,151		39,557
Consolidated	$	72,511	$	59,167	$	44,113
Depreciation and amortization expense
North America	$	54,779	$	60,193	$	62,604
Europe	32,655		36,707		38,572
Asia Pacific	32,426		31,789		31,881
South America	2,531		2,392		2,658
Total Automotive	122,391		131,081		135,715
Corporate, eliminations and other	16,617		23,148		16,238
Consolidated	$	139,008	$	154,229	$	151,953

86

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

	Year Ended December 31,
	2021		2020		2019
Capital expenditures
North America	$	36,370	$	30,921	$	64,887
Europe	27,384		25,369		34,587
Asia Pacific	20,473		21,809		40,214
South America	3,959		2,476		7,340
Total Automotive	88,186		80,575		147,028
Corporate, eliminations and other	7,921		11,219		17,438
Consolidated	$	96,107	$	91,794	$	164,466

	Year Ended December 31,
	2021		2020		2019
Adjusted EBITDA	$	(8,034)	$	35,677	$	201,608
Impairment charges	(25,609)		(103,887)		(23,139)
Restructuring charges	(36,950)		(39,482)		(51,102)
Pension settlement charges	(1,279)		(184)		(15,997)
Lease termination costs	(748)		(771)		(1,167)
Gain on sale of business, net	696		2,834		191,571
Project costs	—		(5,648)		(2,090)
Divested noncontrolling interest debt extinguishment	—		(3,595)		—
EBITDA	$	(71,924)	$	(115,056)	$	299,684
Income tax (expense) benefit	(39,392)		60,847		(36,089)
Interest expense, net of interest income	(72,511)		(59,167)		(44,113)
Depreciation and amortization	(139,008)		(154,229)		(151,953)
Net (loss) income attributable to Cooper-Standard Holdings Inc.	$	(322,835)	$	(267,605)	$	67,529

	December 31,
	2021		2020
Segment assets
North America	$	885,517	$	907,652
Europe	372,097		465,031
Asia Pacific	510,524		587,610
South America	61,479		64,800
Total Automotive	1,829,617		2,025,093
Corporate, eliminations and other	396,876		586,851
Consolidated	$	2,226,493	$	2,611,944

87

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollar amounts in thousands except per share and share amounts)

Geographic Information

Geographic information for revenues, based on country of origin, and property, plant and equipment, net, is as follows:

	Year Ended December 31,
	2021		2020		2019
Revenues
Mexico	$	592,777	$	578,790	$	723,228
United States	539,528		518,497		729,866
China	371,811		364,207		355,667
Poland	168,357		191,530		270,197
Canada	116,854		125,729		188,652
Germany	116,509		114,221		151,441
France	94,334		97,289		159,859
Other	330,021		385,176		529,490
Consolidated	$	2,330,191	$	2,375,439	$	3,108,400
			December 31,
			2021		2020
Property, plant and equipment, net
China			$	182,298	$	192,005
United States			161,780		188,246
Mexico			139,630		145,452
Poland			67,521		77,789
Germany			47,885		72,979
Canada			29,482		29,500
France			21,921		33,087
Other			133,831		153,251
Consolidated			$	784,348	$	892,309

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 2021, 2020 and 2019 are as follows:

	2021 Percentage of Net Sales		2020 Percentage of Net Sales		2019 Percentage of Net Sales
Customer
Ford	24	%	24	%	25	%
General Motors	17	%	19	%	18	%
Stellantis (1)	14	%	14	%	17	%

(1) 2019 and 2020 percentages include FCA and Groupe PSA

88

SCHEDULE II

Valuation and Qualifying Accounts

(dollars in millions)

 

Description	Balance at beginning of period			Charged to Expenses		Charged (credited) to other accounts (1)	Deductions (2)	Balance at end of period
Allowance for credit losses
Year ended December 31, 2021	$	7.1		16.4	(3)	(0.3)	(2.9)	$	20.3
Year ended December 31, 2020	$	10.7	(4)	0.7		0.5	(4.8)	$	7.1
Year ended December 31, 2019	$	5.6		5.5	(5)	(0.1)	(1.9)	$	9.1

(1) Primarily foreign currency translation.

(2) Includes impact of divestitures.

(3) Includes $11.2 resulting from the bankruptcy proceedings of a divested joint venture.

(4) Includes $1.6 adjustment due to adoption of ASU 2016-13 as of January 1, 2020.

(5) Increase in 2019 relates to commercial settlements in China.

Description	Balance at beginning of period		Additions					Balance at end of period
			Charged to Income		Charged to Equity (6)	Deductions
Tax valuation allowance
Year ended December 31, 2021	$	234.4	124.2	(7)	(23.6)	—		$	335.0
Year ended December 31, 2020	$	194.8	51.6	(8)	7.3	(19.3)	(9)	$	234.4
Year ended December 31, 2019	$	171.2	24.6	(10)	(1.0)	—		$	194.8

(6) Includes foreign currency translation.

(7) Primarily related to 2021 losses with no benefit in the U.S. and certain foreign jurisdictions in addition to new valuation allowance in the U.S., France and Canada.

(8) Primarily related to 2020 losses with no benefit in certain foreign jurisdictions and U.S. states and new valuation allowances in foreign jurisdictions and U.S. states.

(9) Deductions a result of the divestiture of our European rubber, fluid transfer, and specialty sealing businesses as well as our Indian operations.         

(10) Primarily related to 2019 losses with no benefit in certain foreign jurisdictions.

89

Item 9.        Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Not applicable.

Item 9A.    Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company has evaluated, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of December 31, 2021. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. However, based on that evaluation, the Company’s Chief Executive Officer along with the Chief Financial Officer have concluded that the Company’s disclosure controls and procedures were effective at a reasonable assurance level as of December 31, 2021.

Management’s Report on Internal Control over Financial Reporting

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. Based on the evaluation under the framework in Internal Control—Integrated Framework, management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2021.

The attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting is set forth in Item 8. “Financial Statements and Supplementary Data” of this Report under the caption “Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting” and incorporated herein by reference.

Changes in Internal Control over Financial Reporting

There was no change in the Company’s internal control over financial reporting that occurred during the fourth quarter ended December 31, 2021 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Item 9B.    Other Information

None.

Item 9C.    Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

90

PART III

Item 10.        Directors, Executive Officers and Corporate Governance

Directors and Executive Officers

The information required by Item 10 regarding the Company’s directors is incorporated by reference from the information under the headings “Proposals - Proposal 1: Election of Directors” in the Company’s definitive Proxy Statement for its 2022 Annual Meeting of Stockholders (the “2022 Proxy Statement”). The information required by Item 10 regarding the Company’s executive officers is incorporated by reference from the information under the headings “Corporate Governance, Board and Committee Matters - Executive Officers” in the 2022 Proxy Statement.

Audit Committee

The information required by Item 10 regarding the Audit Committee, including the identification of the Audit Committee members and the “audit committee financial expert,” is incorporated by reference from the information in the 2022 Proxy Statement under the heading “Corporate Governance, Board and Committee Matters - Board Committees and Their Functions - Audit Committee.”

Compliance with Section 16(a) of The Exchange Act

The information required by Item 10 regarding compliance with Section 16(a) of the Exchange Act, if any, is incorporated by reference from the information in the 2022 Proxy Statement under the heading “Corporate Governance, Board and Committee Matters - Delinquent Section 16(a) Reports.”

Code of Conduct

The information required by Item 10 regarding our code of ethics is incorporated by reference from the information in the 2022 Proxy Statement under the heading “Corporate Governance.” The Company’s Code of Conduct applies to all of the Company’s officers, directors and employees and is available on the Company’s website at www.cooperstandard.com. To access the Code of Conduct, first click on “Investors” and then click on “Corporate Governance.”

Item 11.        Executive Compensation

The information required by Item 11 regarding executive and director compensation, Compensation Committee Interlocks and Insider Participation, and the Compensation Committee Report is incorporated by reference from the information in the 2022 Proxy Statement under the headings “Corporate Governance, Board and Committee Matters - Director Compensation,” “Proposal 2: Advisory Vote on Named Executive Officer Compensation - Compensation Discussion and Analysis,” “Proposal 2: Advisory Vote on Named Executive Officer Compensation - Compensation Committee Report” and “Proposal 2: Advisory Vote on Named Executive Officer Compensation - Executive Compensation.”

Item 12.        Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information required by Item 12 is incorporated by reference from the information in the 2022 Proxy Statement under the heading “Corporate Governance, Board and Committee Matters - Stock Ownership and Related Stockholder Matters.”

Item 13.        Certain Relationships and Related Transactions, and Director Independence

The information required by Item 13 regarding transactions with related persons is incorporated by reference from the information in 2022 Proxy Statement under the heading “Transactions with Related Persons.” The information required by Item 13 regarding the independence of the Company’s directors is incorporated by reference from the information in the 2022 Proxy Statement under the heading “Corporate Governance - Board of Directors - Independence of Directors.”

Item 14.        Principal Accounting Fees and Services

The information required under Item 14 is incorporated by reference from the information in the 2022 Proxy Statement under the heading “Fees and Services of Independent Registered Public Accounting Firm.”

91

PART IV

Item 15.        Exhibits and Financial Statement Schedules

(a) Documents Filed as Part of this Annual Report on Form 10-K:

	10-K Report page(s)
1. Financial Statements
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm	43
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm, Internal Control over Financial Reporting	45
Consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019	46
Consolidated statements of comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019	47
Consolidated balance sheets as of December 31, 2021 and December 31, 2020	48
Consolidated statements of changes in equity for the years ended December 31, 2021, 2020 and 2019	49
Consolidated statements of cash flows for the years ended December 31, 2021, 2020 and 2019	50
Notes to consolidated financial statements	51
2. Financial Statement Schedules
Schedule II—Valuation and Qualifying Accounts	89
All other financial statement schedules are not required under the related instructions or are inapplicable and therefore have been omitted.
3. Exhibits listed on the “Index to Exhibits”

92

Index to Exhibits

Unless otherwise provided, the SEC File Number under which each document incorporated by reference herein was filed is 001-36127. 

Exhibit No.	Description of Exhibit
2.1*	Debtors’ Second Amended Joint Chapter 11 Plan of Reorganization, dated March 26, 2010 (incorporated by reference to Exhibit 2.1 to Cooper-Standard Holdings Inc.’s Current Report on Form 8-K filed May 24, 2010 (File No. 333-123708)).
3.1*	Third Amended and Restated Certificate of Incorporation of Cooper-Standard Holdings Inc., dated May 27, 2010 (incorporated by reference to Exhibit 3.1 to Cooper-Standard Holdings Inc.’s Registration Statement on Form S-1 (File No. 333-168316)).
3.2*	Amended and Restated Bylaws of Cooper-Standard Holdings Inc. (incorporated by reference to Exhibit 3.2 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016).
3.3*	Cooper-Standard Holdings Inc. Certificate of Designations 7% Cumulative Participating Convertible Preferred Stock (incorporated by reference to Exhibit 3.3 to Cooper-Standard Holdings Inc.’s Registration Statement on Form S-1 (File No. 333-168316)).
4.1*	Registration Rights Agreement, dated as of May 27, 2010, by and among Cooper-Standard Holdings Inc., the Backstop Purchasers and the other holders party thereto (incorporated by reference to Exhibit 4.3 to Cooper-Standard Holdings Inc.’s Current Report on Form 8-K filed June 3, 2010 (File No. 333-123708)).
4.2*	Indenture, dated as of November 2, 2016, by and among Cooper-Standard Automotive Inc., the guarantors party thereto and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to Cooper-Standard Holdings Inc.’s Current Report on Form 8-K filed November 7, 2016).
4.3**	Description of Securities.
4.4*	Indenture, dated as of May 29, 2020, by and among Cooper-Standard Automotive Inc., the Guarantors party thereto and U.S. Bank National Association, as Trustee and Collateral Agent (incorporated by reference to Exhibit 4.1 to Cooper-Standard Holdings Inc.'s Current Report on Form 8-K filed June 1, 2020 (File No. 001-36127)).
10.1*	Third Amended and Restated Loan Agreement, dated as of November 2, 2016, among Cooper-Standard Automotive Inc., Cooper-Standard Automotive Canada Limited, Cooper-Standard Automotive International Holdings B.V., and certain subsidiaries of Cooper-Standard Automotive Inc., as guarantors, CS Intermediate HoldCo 1 LLC, as Holdings, the lenders party thereto and Bank of America, N.A. as agent for such lenders (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.’s Current Report on Form 8-K filed November 7, 2016).
10.2*	Credit Agreement, dated as of April 4, 2014, among CS Intermediate HoldCo 2 LLC, CS Intermediate HoldCo 1 LLC, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.’s Current Report on Form 8-K filed April 8, 2014).
10.3*	Amendment No. 1, dated as of November 2, 2016, to the Term Loan Credit Agreement, among Cooper-Standard Automotive Inc., as the borrower, certain subsidiaries of Cooper-Standard Automotive Inc., as guarantors, CS Intermediate HoldCo 1 LLC, as Holdings, Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent and other lenders party thereto (incorporated by reference to Exhibit 10.2 to Cooper-Standard Holdings Inc.’s Current Report on Form 8-K filed November 7, 2016).

93

Exhibit No.	Description of Exhibit
10.4*	Amendment No. 2, dated as of May 2, 2017 to the Term Loan Credit Agreement, among Cooper-Standard Automotive Inc., as the borrower, certain subsidiaries of Cooper-Standard Automotive Inc., as guarantors, CS Intermediate Holdco 1 LL, as Holdings, Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent and the other lenders party thereto (incorporated by reference to Exhibit 10.2 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2017).
10.5*	Amendment No. 3, dated as of March 6, 2018 to the Term Loan Credit Agreement, among Cooper-Standard Automotive Inc., as the borrower, certain subsidiaries of Cooper-Standard Automotive Inc., as guarantors, CS Intermediate Holdco 1 LL, as Holdings, Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent and the other lenders party thereto (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2018).
10.6*	Amendment No. 1, dated as of March 24, 2020, to the Third Amended and Restated Loan Agreement and Limited Waiver by and among CS Intermediate Holdco 1 LLC, Cooper-Standard Automotive Inc., Cooper-Standard Automotive Canada Limited, Cooper-Standard Automotive International Holdings B.V., certain subsidiaries of Cooper-Standard Automotive Inc., the lenders party thereto and Bank of America, N.A. as agent for such lenders (incorporated by reference to Exhibit 10.4 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2020).
10.7*	Amendment No. 2, dated as of May 18, 2020, to the Third Amended and Restated Loan Agreement by and among Cooper-Standard Automotive Inc., as loan party agent, and Bank of America, N.A. as agent for such lenders (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2020).
10.8*†	Cooper-Standard Automotive Inc. Deferred Compensation Plan, effective January 1, 2005 with Amendments through December 31, 2008 (incorporated by reference to Exhibit 10.33 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008).
10.9*†	Cooper-Standard Automotive Inc. Supplemental Executive Retirement Plan, effective January 1, 2011 (incorporated by reference to Exhibit 10.10 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010).
10.10*†	Cooper-Standard Automotive Inc. Long-Term Incentive Plan (incorporated by reference to Exhibit 10.13 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010).
10.11*†	2011 Cooper-Standard Holdings Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.22 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010).
10.12*†	Amended and Restated 2011 Cooper-Standard Holdings Inc. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.12 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013).
10.13*†	Amended and Restated Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2017).
10.14*†	Letter Agreement between Jeffrey S. Edwards, Cooper-Standard Holdings Inc., Cooper-Standard Automotive Inc. dated October 1, 2012 (incorporated by reference to Exhibit 10.2 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2012).

94

Exhibit No.	Description of Exhibit
10.15*†	Letter Agreement between D. William Pumphrey, Jr., Cooper-Standard Holdings Inc. and Cooper-Standard Automotive Inc. dated August 16, 2011 (incorporated by reference to Exhibit 10.30 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012).
10.16*†	Service Contract between CSA Germany Verwaltungs GmbH and Juan Fernando de Miguel Posada dated March 1, 2013 (incorporated by reference to Exhibit 10.26 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013).
10.17*†	Cooper-Standard Automotive Inc. Long-Term Incentive Plan, Amended and Restated effective as of January 1, 2014 (incorporated by reference to Exhibit 10.28 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013).
10.18*†	Form of Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Nonqualified Stock Option Agreement (incorporated by reference to Exhibit 10.38 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014).
10.19*†	Form of 2015 Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.40 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014).
10.20*†	Offer Letter between Jonathan P. Banas and Cooper-Standard Automotive Inc. dated August 17, 2015 (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.’s Current Report on Form 8-K filed on August 28, 2015).
10.21*†	Form of Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (Non-Employee Directors) (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2015).
10.22*†	Form of Cooper-Standard Holdings Inc. Amended and Restated Indemnification Agreement for officers and directors (incorporated by reference to Exhibit 10.36 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018).
10.23*†	Form of Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan Special Retention Award Agreement (stock-settled award) (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016).
10.24*†	Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.36 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019).
10.25*†	Cooper-Standard Automotive Inc. Long-Term Incentive Plan Amended and Restated effective as of May 18, 2017 (incorporated by reference to Exhibit 10.37 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019).
10.26*†	Form of Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.4 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2017).
10.27*†	Form of Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Nonqualified Stock Option Award Agreement (incorporated by reference to Exhibit 10.5 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2017).

95

Exhibit No.	Description of Exhibit
10.28*†	Form of Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (Non-Employee Directors) (incorporated by reference to Exhibit 10.42 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019).
10.29*†	Form of 2018 Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Nonqualified Stock Option Agreement. (incorporated by reference to Exhibit 10.2 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2018).
10.30*†	Form of 2018 Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Performance Unit Award Agreement (cash-settled award) (incorporated by reference to Exhibit 10.3 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2018).
10.31*†	Form of 2018 Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Performance Unit Award Agreement (stock-settled award) (incorporated by reference to Exhibit 10.4 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2018).
10.32*†	Form of 2018 Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (cash-settled award) (incorporated by reference to Exhibit 10.5 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2018).
10.33*†	Offer Letter between Jeffrey A. DeBest, Cooper-Standard Holdings Inc. and Cooper-Standard Automotive Inc. dated January 24, 2018 (incorporated by reference to Exhibit 10.47 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019).
10.34*†	Form of 2019 Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Nonqualified Stock Option Agreement (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc. Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2019).
10.35*†	Form of 2019 Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Performance Unit Award Agreement (cash-settled award) (incorporated by reference to Exhibit 10.2 to Cooper-Standard Holdings Inc. Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2019).
10.36*†	Form of 2019 Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Performance Unit Award Agreement (stock-settled award) (incorporated by reference to Exhibit 10.3 to Cooper-Standard Holdings Inc. Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2019).
10.37*†	Form of 2019 Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (cash or stock-settled award) (incorporated by reference to Exhibit 10.4 to Cooper-Standard Holdings Inc. Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2019).
10.38*†	Form of 2019 Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (cash-settled award) (incorporated by reference to Exhibit 10.5 to Cooper-Standard Holdings Inc. Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2019).
10.39*†	Form of 2020 Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Nonqualified Stock Option Agreement (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2020).

96

Exhibit No.	Description of Exhibit
10.40*†	Form of 2020 Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Performance Unit Award Agreement (cash-settled award) (incorporated by reference to Exhibit 10.2 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2020).
10.41*†	Form of 2020 Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (cash-settled award) (incorporated by reference to Exhibit 10.3 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2020).
10.42*†	Supplementary Agreement to the Employment Contract of Juan Fernando de Miguel Posada, dated May 14, 2020, about the Cooper Standard European Salary Deferral Program (incorporated by reference to Exhibit 10.4 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2020).
10.43*†	Separation Agreement by and between Cooper Standard Europe GmbH and Mr. Juan Fernando de Miguel Posada (incorporated by reference to Exhibit 10.61 to Cooper-Standard Holdings Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021).
10.44*†	Form of 2021 Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Nonqualified Stock Option Agreement (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021).
10.45*†	Form of 2021 Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Performance Unit Award Agreement (cash-settled award) (incorporated by reference to Exhibit 10.2 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021).
10.46*†	Form of 2021 Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (cash or stock-settled award) (incorporated by reference to Exhibit 10.3 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021).
10.47*†	Separation Agreement between Jeffrey DeBest, Cooper-Standard Holdings Inc. and Cooper-Standard Automotive Inc. effective as of March 1, 2021 (incorporated by reference to Exhibit 10.4 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021).
10.48*†	Cooper-Standard Holdings Inc. 2021 Omnibus Incentive Plan (incorporated by reference to Exhibit 4.4 to Cooper-Standard Holdings Inc.’s Post-Effective Amendment No. 1 to Form S-8 filed on Form S-8POS on May 20, 2021).
10.49*†	Cooper-Standard Automotive Inc. Executive Severance Pay Plan, Amended and Restated as of June 9, 2021 (incorporated by reference to Exhibit 10.2 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2021).
10.50*†	Cooper-Standard Automotive Inc. Annual Incentive Plan Amended and Restated effective as of January 1, 2021(incorporated by reference to Exhibit 10.3 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2021).
10.51*†	Form of 2021 Cooper-Standard Holdings Inc. 2021 Omnibus Incentive Plan Nonqualified Stock Option Agreement (incorporated by reference to Exhibit 10.1 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2021).
10.52*†	Form of 2021 Cooper-Standard Holdings Inc. 2021 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (cash or stock-settled award) (incorporated by reference to Exhibit 10.2 to Cooper-Standard Holdings Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2021).

97

Exhibit No.	Description of Exhibit
21.1**	List of Subsidiaries of Cooper-Standard Holdings Inc.
23.1**	Consent of Independent Registered Public Accounting Firm.
31.1**	Certification of Principal Executive Officer Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) (Section 302 of the Sarbanes-Oxley Act of 2002).
31.2**	Certification of Principal Financial Officer Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) (Section 302 of the Sarbanes-Oxley Act of 2002).
32***	Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.SCH****	Inline XBRL Taxonomy Extension Schema Document
101.CAL****	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF****	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB****	Inline XBRL Taxonomy Label Linkbase Document
101.PRE****	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104****	Cover Page Interactive Data File, formatted in Inline XBRL

*    Incorporated by reference as an exhibit to this Report.

**    Filed with this Report.

***    Furnished with this Report

****    Submitted electronically with this Report in accordance with the provisions of Regulation S-T.

†    Management contract or compensatory plan or arrangement.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

98

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

	COOPER-STANDARD HOLDINGS INC.
Date: February 18, 2022	/s/ Jeffrey S. Edwards
	Jeffrey S. Edwards
	Chairman and Chief Executive Officer
	(Principal Executive Officer)

99

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below on February 18, 2022 by the following persons on behalf of the Registrant in the capacities indicated.

 

Signature	Title
/s/ Jeffrey S. Edwards	Chairman and Chief Executive Officer (Principal Executive Officer)
Jeffrey S. Edwards
/s/ Jonathan P. Banas	Chief Financial Officer (Principal Financial Officer)
Jonathan P. Banas
/s/ Rebecca L. McCabe	Chief Accounting Officer (Principal Accounting Officer)
Rebecca L. McCabe
/s/ David J. Mastrocola	Director
David J. Mastrocola
/s/ John G. Boss	Director
John G. Boss
/s/ Richard J. Freeland	Director
Richard J. Freeland
/s/ Adriana E. Macouzet-Flores	Director
Adriana E. Macouzet-Flores
/s/ Justin E. Mirro	Director
Justin E. Mirro
/s/ Christine M. Moore	Director
Christine M. Moore
/s/ Robert J. Remenar	Director
Robert J. Remenar
/s/ Sonya F. Sepahban	Director
Sonya F. Sepahban
/s/ Thomas W. Sidlik	Director
Thomas W. Sidlik
/s/ Stephen A. Van Oss	Director
Stephen A. Van Oss

100

EX-4.3

Exhibit 4.3

DESCRIPTION OF SECURITIES

Authorized Capital Stock

We have the authority to issue a total of 200,000,000 shares of capital stock, consisting of 190,000,000 shares of common stock, par value $0.001 per share and 10,000,000 shares of preferred stock, par value $0.001 per share.

Common Stock

The rights, preferences and privileges of holders of our common stock are subject to, and may be adversely affected by, the rights of holders of shares of any series of our preferred stock which we may designate and issue in the future.

Voting rights

Holders of shares of common stock are entitled to one vote for each share on each matter properly submitted to our stockholders on which holders of common stock are entitled to vote. The holders of common stock do not have cumulative voting rights.

Dividend rights

Subject to limitations under the Delaware General Corporation Law and to the rights of holders of any outstanding series of preferred stock, the holders of shares of common stock are entitled to receive ratably dividends and other distributions when, as and if declared by our board of directors out of assets or funds legally available therefor.

Liquidation rights

In the event of the liquidation, dissolution or winding-up of the Company, holders of common stock are entitled to share ratably in proportion to their shareholding in our assets, if any, remaining after the payment of all our debts and liabilities, subject to any liquidation preference of any outstanding series of preferred stock.

Other rights

Holders of common stock are not entitled to preemptive rights, and no redemption or sinking fund provisions are applicable to our common stock. Shares of our common stock are not convertible. All outstanding shares of common stock are fully paid and non-assessable.

Preferred Stock

Preferred stock may be issued from time to time in one or more series. The Board of Directors (the “Board”) is hereby expressly authorized to provide for the issuance of shares of preferred stock in one or more series and to establish from time to time the number of shares to be included in each such series and to fix the voting powers, if any, designations, powers, preferences and relative, participating, optional and other special rights, if any, of each such series and the qualifications, limitations and restrictions thereof.

Exchange Listing

Our common stock is traded on the New York Stock Exchange under the symbol “CPS.”

Transfer Agent

Our transfer agent is Broadridge Corporate Issuer Solutions Inc..

Section 203 of the Delaware General Corporation Law Does Not Apply

We are not governed by Section 203 of the DGCL. Section 203 of the DGCL provides that an “interested stockholder” (a person who, together with affiliates and associates, owns, or within three years did own, 15% or more of the outstanding voting stock of a corporation) may not engage in business combinations (such as mergers, consolidations, asset sales and other transactions in which an interested stockholder receives or could receive a financial benefit on other than a pro rata basis with other stockholders) with the corporation for a period of three years after the date on which the person became an interested stockholder unless: (i) prior to such time, the corporation’s board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder; (ii) upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the corporation’s

outstanding voting stock at the time the transaction commenced; or (iii) at or after the time a person became an interested stockholder, the business combination is approved by the corporation’s board of directors and authorized at a meeting of stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

Anti-Takeover Effects of Certain Provisions of Our Certificate of Incorporation and Bylaws and Delaware Law

Certain provisions that are included in our certificate of incorporation and bylaws, which are summarized in the following paragraphs, and applicable provisions of the DGCL, may have the effect of discouraging transactions that involve an actual or threatened change of control of the Company or changing our board of directors and management. In addition, provisions of our certificate of incorporation and bylaws may be deemed to have anti-takeover effects and may delay, defer or prevent a tender offer or takeover attempt that a stockholder might consider in such stockholder’s best interest, including those attempts that might result in a premium over the market price of the shares held by our stockholders.

Blank check preferred

Our board of directors is authorized to create and issue from time to time, without stockholder approval, up to an aggregate of 10,000,000 shares of preferred stock in one or more series and to establish the number of shares to be included in each series and to fix the voting powers, if any, designations, powers, preferences and relative, participating, optional and other special rights, if any, of each series and the qualifications, limitations and restrictions thereof. We may issue our preferred stock in ways that may delay, deter or prevent a change in control of the Company without further action by our stockholders and may affect the voting and other rights of the holders of our common stock. The issuance of our preferred stock with voting and conversion rights also may adversely affect the voting power of the holders of our common stock, including the loss of voting control to others. Our board of directors may issue, or reserve for issuance, any series of preferred stock to be used in connection with a “poison pill” or similar “shareholder rights plan” which, if implemented, may delay, deter or prevent a change in control of the Company.

Directors, not stockholders, fix the size of our board of directors

Our certificate of incorporation provides that the number of directors on our board of directors is initially seven and shall be fixed from time to time by our board of directors.

Remaining directors, not stockholders, fill board vacancies

Newly created directorships resulting from any increase in our authorized number of directors and vacancies in our board of directors resulting from death, resignation, retirement, disqualification or removal from office may be filled solely by a majority vote of the directors then in office, even if less than a quorum, or by a sole remaining director (and not by stockholders).

Calling of special meetings of stockholders

Our certificate of incorporation provides that special meetings of our stockholders: (i) may be called by the chairman of the board, the chief executive officer, or any member of the board of directors pursuant to a resolution adopted by a majority of our board of directors; and (ii) must be called by the secretary at the written request (a “special meeting request”) of the holders of record of at least 20% of the voting power of the outstanding stock entitled to vote on the matter or matters to be brought before the proposed special meeting.

Stockholder action by written consent permitted in only limited circumstances

The DGCL permits stockholder action by written consent unless otherwise provided by a corporation’s certificate of incorporation. Our certificate of incorporation provides that our stockholders may not act by written consent, unless the action by written consent of the stockholders is approved in advance by a resolution of our board of directors or except as expressly provided by the terms of any series of preferred stock.

Advance notice requirements for stockholder proposals

Our bylaws establish advance notice procedures with respect to stockholder proposals. Stockholders will only be able to consider proposals at an annual meeting that are specified in the notice of meeting or brought before the

annual meeting by or at the direction of our board of directors or by a stockholder who was a stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has given to our secretary timely written notice, in proper form, of the stockholder’s intention to bring that business before the meeting. In order to bring business before an annual meeting, a stockholder’s notice must be received by the secretary of the Company at our principal executive offices not later than 90 calendar days or earlier than 120 calendar days before the first anniversary of the previous year’s annual meeting of stockholders, subject to certain exceptions contained in our bylaws. If the date of the applicable annual meeting is more than 30 days before or more than 60 days after such anniversary date, notice by a stockholder to be timely must be so received not earlier than 120 calendar days and not later than the later of 90 calendar days before the date of such annual meeting or the tenth day following the date on which public announcement of the date of the annual meeting is first made by the Company. The adjournment or postponement of an annual meeting or the public announcement thereof does not commence a new time period for the giving of a stockholder’s notice as described above.

Under our bylaws, the business transacted at any special meeting is limited to those matters stated (i) in the notice of such special meeting and (ii) if applicable, in the special meeting request or as otherwise permitted under Sections 2.7 and 3.2 of our bylaws. In the case of a special meeting called due to a special meeting request, a stockholder proper notice to our secretary must be received not later than 15 days prior to the meeting.

Advance notice requirements for director nominations

Our bylaws establish advance notice procedures with respect to stockholder nomination of candidates for election as directors (other than as may be provided by the terms of any series of preferred stock with respect to the rights of holders of such series of preferred stock to elect directors). Stockholders will only be able to consider nominations specified in the notice of meeting or brought before the meeting by or at the direction of our board of directors or by a stockholder who was a stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has given to our secretary timely written notice, in proper form, of the stockholder’s intention to bring that business before the meeting. In order to nominate directors to our board of directors at an annual meeting, a stockholder’s notice must be received by the secretary of the Company at our principal executive offices not later than 90 calendar days or earlier than 120 calendar days before the first anniversary of the previous year’s annual meeting of stockholders, subject to certain exceptions contained in our bylaws. If the date of the applicable annual meeting is more than 30 days before or more than 60 days after such anniversary date, notice by a stockholder to be timely must be so received not earlier than 120 calendar days and not later than the later of 90 calendar days before the date of such annual meeting or the tenth day following the date on which public announcement of the date of the annual meeting is first made by the Company. Notwithstanding the foregoing, if the number of directors to be elected to our board of directors at an annual meeting is greater than the number of nominees of the Company and there is no public announcement by us of a decrease in the size of the board of directors at the time notice of the meeting is given to stockholders, a stockholder’s notice shall be timely (but only with respect to the directorships for which the Company has not provided nominees) if proper notice is received not later than 10 days following the date that the notice of the meeting was given by us.

In order to nominate directors at a special meeting of stockholders called for the purpose of electing directors, a stockholder’s notice must be received by the secretary of the Company at our principal executive offices not earlier than 120 calendar days and not later than the later of 90 calendar days before the date of the special meeting or the tenth day following the date on which public announcement of the date of the special meeting is first made by the Company. In the case of a special meeting of stockholders called due to a special meeting request for the purpose of electing directors, proper notice must be received not later than 15 days prior to the meeting.

The adjournment or postponement of an annual meeting or special meeting or the public announcement thereof does not commence a new time period for the giving of a stockholder’s notice as described above.

Amendments to certificate of incorporation

The DGCL provides generally that the affirmative vote of a majority of the outstanding shares entitled to vote is required to amend a corporation’s certificate of incorporation, unless the certificate of incorporation requires a greater percentage. Our certificate of incorporation provides that the following provisions may be amended or

repealed by our stockholders only by a vote of at least two-thirds of the voting power of all then outstanding shares of our stock entitled to vote generally in the election of directors, voting together as a single class:

•the number, election and terms of the directors;

•the ability of our board of directors to fill vacancies on the board;

•the removal of directors;

•the rights of the holders of preferred stock to elect directors;

•the power of our board of directors to adopt, amend, alter or repeal the bylaws;

•the limitation on stockholder action by written consent;

•the limitation and notice requirements for special meetings; and

•the amendment provision requiring that the above provisions be amended only with a two-thirds supermajority vote of our stockholders.

Limitations on directors’ and officers’ liability

Our certificate of incorporation contains a provision eliminating the personal liability of our directors to the Company or any of our stockholders for monetary damages for breach of fiduciary duty to the fullest extent permitted by the DGCL. Our certificate of incorporation and our bylaws also contain provisions generally providing for indemnification and prepayment of expenses to our directors and officers to the fullest extent permitted by applicable law.

EX-21.1

Exhibit 21.1

Subsidiaries of Cooper-Standard Holdings Inc. (1)

Subsidiary Name	Jurisdiction of Organization
Cooper-Standard Automotive (Australia) Pty. Ltd.	Australia
CSA (Barbados) Investment Co. Ltd.	Barbados
Cooper-Standard Automotive Brasil Sealing Ltda.	Brazil
Itatiaia Standard Industrial Ltda.	Brazil
Cooper-Standard Automotive Canada Limited	Canada
Cooper (Wuhu) Automotive Co., Ltd.	China
Cooper Standard (Shandong) Automotive Parts Co., Ltd.	China
Cooper Standard Automotive (Kunshan) Co., Ltd.	China
Cooper Standard Automotive (Suzhou) Co., Ltd.	China
Cooper Standard Chongqing Automotive Co., Ltd.	China
Cooper Standard Fluid Systems (Kunshan) Co. Ltd.	China
Cooper Standard INOAC Automotive (Huai'an) Co Ltd	China
Cooper Standard Sealing (Guangzou) Co. Ltd. (51%)	China
Cooper Standard Sealing (Shanghai) Co., Ltd.	China
Cooper Standard Sealing (Shenyang) Co. Ltd.	China
Cooper-Standard Dongfeng Automotive Parts Co., Ltd. (70%)	China
Cooper-Standard FAWSN Automotive Systems (Changchun) Co., Ltd. (55%)	China
Cooper-Standard Investment Co., Ltd.	China
Shanghai Jyco Sealing Products Co., Ltd.	China
Shanghai Shumi Automotive Parts Co., Ltd.	China
Yantai Leading Solution Auto Parts Co., Ltd (50%)	China
CS Automotive Costa Rica S.A.	Costa Rica
Cooper-Standard Automotive Ceska Republika s.r.o.	Czech Republic
Cooper-Standard Automotive France S.A.S.	France
Cooper-Standard France SAS	France
Cooper Standard Europe GmbH	Germany
Cooper Standard GmbH	Germany
Cooper Standard Service GmbH	Germany
Cooper Standard Technical Rubber GmbH	Germany
Cooper-Standard Automotive (Deutschland) GmbH	Germany
Metzeler Kautschuk Unterstützungskasse Gesellschaft mit beschränkter Haftung	Germany
Cooper-Standard Services India Private Limited	India
Polyrub Cooper Standard FTS Private Ltd. (35%)	India
Cooper-Standard Automotive Italy S.p.A.	Italy
Cooper-Standard Automotive Italy Service SRL	Italy
Cooper Standard Automotive Japan Inc.	Japan
Cooper Standard Automotive Korea Inc.	Korea, Republic of
Cooper Standard Korea Inc.	Korea, Republic of
CooperStandard Automotive and Industrial Inc.	Korea, Republic of
Coopermex, S.A. de C.V.	Mexico
Cooper-Standard Automotive de Mexico S.A. de C.V.	Mexico
Cooper-Standard Automotive FHS, S. de R.L. de C.V.	Mexico
Cooper-Standard Automotive Fluid Systems de Mexico, S. de R.L. de C.V.	Mexico
Cooper-Standard Automotive Sealing de Mexico, S.A. de C.V.	Mexico
Cooper-Standard Automotive Services, S. de R.L. de C.V.	Mexico
Cooper-Standard de México S de RL de CV	Mexico

Subsidiary Name	Jurisdiction of Organization
Cooper-Standard Technical Services de Mexico, S. de R.L. de C.V.	Mexico
CS Mexico Holdings, S. de R.L. de C.V.	Mexico
Manufacturera El Jarudo, S. de R.L. de C.V.	Mexico
Cooper-Standard Automotive International Holdings B.V.	Netherlands
Cooper-Standard Latin America B.V.	Netherlands
Cooper Standard Polska Sp. z o.o.	Poland
S.C. Cooper-Standard Romania SRL	Romania
Cooper Standard Srbija DOO Sremska Mitrovica	Serbia
Cooper-Standard Holdings Singapore Pte. Ltd.	Singapore
Cooper-Standard Pte. Ltd.	Singapore
Cooper-Standard Automotive España, S.L.	Spain
Cooper Standard Sweden filial of Cooper-Standard Automotive International Holdings B.V.(2)	Sweden
Nishikawa Tachaplalert Cooper Ltd. (20%)	Thailand
Cooper-Standard Automotive UK Limited	United Kingdom
Cooper-Standard Automotive Fluid Systems Mexico Holding LLC	United States (Delaware)
Cooper-Standard Canada Holdings LLC	United States (Delaware)
Cooper-Standard FHS LLC	United States (Delaware)
CS Intermediate HoldCo 1 LLC	United States (Delaware)
NISCO Holding Company	United States (Delaware)
Nishikawa Cooper LLC (40%)	United States (Delaware)
Liveline Technologies Inc.	United States (Delaware)
Cooper-Standard Foundation Inc.(3)	United States (Michigan)
Cooper-Standard Automotive NC L.L.C.	United States (North Carolina)
Cooper-Standard Automotive Inc.	United States (Ohio)
Cooper-Standard Automotive OH, LLC	United States (Ohio)
Cooper-Standard Industrial and Specialty Group, LLC	United States (Ohio)
CSA Services Inc.	United States (Ohio)
(1) Subsidiaries as of January 31, 2022; wholly-owned except as otherwise indicated
(2) This is a branch office of Cooper-Standard Automotive International Holdings B.V.
(3) This is a Michigan non-profit corporation

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

(1)    Registration Statement (Form S-3 File No. 333.175637) of Cooper-Standard Holdings Inc.,

(2)    Registration Statement (Form S-8 File No. 333-188516) pertaining to the Cooper-Standard Holdings Inc. 2011 Omnibus Incentive Plan,

(3)    Registration Statement (Form S-3 File No. 333-189981) of Cooper-Standard Holdings Inc., and

(4)    Registration Statement (Form S-8 File No. 333-218127) pertaining to the Cooper-Standard Holdings Inc. 2017 Omnibus Incentive Plan and the Cooper-Standard Holdings Inc. 2021 Omnibus Incentive Plan;

of our reports dated February 18, 2022, with respect to the consolidated financial statements and schedule of Cooper-Standard Holdings Inc. and the effectiveness of internal control over financial reporting of Cooper-Standard Holdings Inc. included in this Annual Report (Form 10-K) of Cooper-Standard Holdings Inc. for the year ended December 31, 2021.

/s/ Ernst & Young LLP

Detroit, Michigan

February 18, 2022

EX-31.1

Exhibit 31.1

COOPER-STANDARD HOLDINGS INC.

Certification of the Principal Executive Officer

Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a)

(Section 302 of the Sarbanes-Oxley Act of 2002)

I, Jeffrey S. Edwards, certify that:

1. I have reviewed this annual report on Form 10-K 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 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 like to materially affect, the registrant’s internal control over financial reporting; and

5 The registrant’s other certifying officer 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 controls 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.

Dated: February 18, 2022	/s/ Jeffrey S. Edwards
	Jeffrey S. Edwards
	Chairman and Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

COOPER-STANDARD HOLDINGS INC.

Certification of the Principal Financial Officer

Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a)

(Section 302 of the Sarbanes-Oxley Act of 2002)

I, Jonathan P. Banas, certify that:

1 I have reviewed this annual report on Form 10-K 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 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 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.

Dated: February 18, 2022	/s/ Jonathan P. Banas
	Jonathan P. Banas
	Chief Financial Officer
	(Principal Financial Officer)

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT

TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the filing of this annual report on Form 10-K of Cooper-Standard Holdings Inc. (the "Company") for the period ended December 31, 2021, with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned officers certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to such officer's knowledge:

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.

Dated: February 18, 2022	/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)

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 09, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-36127
Entity Registrant Name	COOPER-STANDARD HOLDINGS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1945088
Entity Address, Address Line One	40300 Traditions Drive
Entity Address, City or Town	Northville
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48168
City Area Code	248
Local Phone Number	596-5900
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	CPS
Security Exchange Name	NYSE
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 354,398,212
Entity Common Stock, Shares Outstanding		16,994,122
Entity Central Index Key	0001320461
Amendment Flag	false
ICFR Auditor Attestation Flag	true

XML

Auditor	12 Months Ended
	Dec. 31, 2021
Auditor [Line Items]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Detroit, Michigan

XML

CONSOLIDATED STATEMENTS OF NET INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Sales	$ 2,330,191	$ 2,375,439	$ 3,108,400
Cost of products sold	2,242,963	2,227,892	2,749,278
Gross profit	87,228	147,547	359,122
Selling, administration & engineering expenses	227,110	263,611	302,496
Gain (Loss) on Disposition of Business	(696)	(2,834)	(191,571)
Amortization of intangibles	7,347	11,611	17,966
Impairment charges	25,609	104,363	23,139
Restructuring charges	36,950	39,482	51,102
Operating (loss) profit	(209,092)	(268,686)	155,990
Interest expense, net of interest income	(72,511)	(59,167)	(44,113)
Equity in earnings of affiliates	(1,728)	396	6,504
Pension Settlement Charges	(1,279)	(184)	(15,819)
Other expense, net	(4,842)	(2,580)	(4,260)
(Loss) income before income taxes	(289,452)	(330,221)	98,302
Income Tax Expense (Benefit)	39,392	(60,847)	36,089
Net (loss) income	(328,844)	(269,374)	62,213
Net loss attributable to noncontrolling interests	6,009	1,769	5,316
Net (loss) income attributable to Cooper-Standard Holdings Inc.	$ (322,835)	$ (267,605)	$ 67,529
Earnings per share
Basic (in dollars per share)	$ (18.94)	$ (15.82)	$ 3.94
Diluted (in dollars per share)	$ (18.94)	$ (15.82)	$ 3.92

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (328,844)	$ (269,374)	$ 62,213
Other comprehensive income (loss):
Currency translation adjustment	(2,290)	18,429	(13,308)
Benefit plan liabilities adjustment, net of tax	40,776	(5,919)	4,215
Fair value change of derivatives, net of tax	(1,892)	410	810
Other comprehensive income (loss), net of tax	36,594	12,920	(8,283)
Comprehensive (loss) income	(292,250)	(256,454)	53,930
Comprehensive (income) loss attributable to noncontrolling interests	6,127	694	5,795
Comprehensive (loss) income attributable to Cooper-Standard Holdings Inc.	$ (286,123)	$ (255,760)	$ 59,725

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 248,010	$ 438,438
Accounts receivable, net	317,469	379,564
Tooling receivable	88,900	82,150
Inventories	158,075	143,742
Prepaid expenses	26,313	29,748
Income tax receivable and refundable credits	82,813	85,977
Other current assets	73,317	100,110
Total current assets	994,897	1,259,729
Property, plant and equipment, net	784,348	892,309
Operating lease right-of-use assets, net	111,052	109,795
Goodwill	142,282	142,250
Intangibles assets, net	60,375	67,679
Deferred tax assets	27,805	66,111
Other assets	105,734	74,071
Total assets	2,226,493	2,611,944
Current liabilities:
Debt payable within one year	56,111	40,731
Accounts payable	348,133	385,284
Payroll liabilities	69,353	112,727
Accrued liabilities	101,466	110,827
Current operating lease liabilities	22,552	21,711
Total current liabilities	597,615	671,280
Long-term debt	980,604	982,760
Pension benefits	129,880	152,230
Postretirement benefits other than pensions	43,498	49,613
Long-term operating lease liabilities	92,760	90,517
Deferred tax liabilities	8,414	8,638
Other liabilities	42,362	32,795
Total liabilities	1,895,133	1,987,833
7% Cumulative participating convertible preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding	0	0
Equity:
Common stock, $0.001 par value, 190,000,000 shares authorized; 19,057,788 shares issued and 16,991,979 outstanding as of December 31, 2021 and 18,962,894 shares issued and 16,897,085 outstanding as of December 31, 2020	17	17
Additional paid-in capital	504,497	498,719
Retained earnings	25,553	350,270
Accumulated other comprehensive loss	(205,184)	(241,896)
Total Cooper-Standard Holdings Inc. equity	324,883	607,110
Noncontrolling interests	6,477	17,001
Total equity	331,360	624,111
Total liabilities and equity	$ 2,226,493	$ 2,611,944

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Cumulative participating convertible preferred stock, dividend rate percentage	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	19,057,788	18,962,894
Common stock, shares outstanding	16,991,979	16,897,085

XML

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive loss [Member]	Cooper Standard Holdings Inc Equity Deficit [Member]	Cooper Standard Holdings Inc Equity Deficit [Member] Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interest [Member]	Cooper Standard Holdings Inc Equity [Member]
Beginning Balance at Dec. 31, 2018	$ 851,475	$ (2,607)	$ 17	$ 501,511	$ 569,215	$ (2,607)	$ (245,937)	$ 824,806	$ (2,607)	$ 26,669
Beginning Balance (in shares) at Dec. 31, 2018			17,554,737
Treasury Stock, Shares, Acquired			(817,954)
Treasury Stock, Value, Acquired, Cost Method	(35,937)		$ 0	(21,459)	(14,478)			(35,937)
Share-based compensation, net (in shares)			105,974
Share-based compensation, net	8,890		$ 0	9,101	(211)			8,890
Purchase of noncontrolling interest	(4,759)			(1,298)				(1,298)		6,057
Contribution from noncontrolling interests	6,048									6,048
Dividends paid to noncontrolling interests	(1,058)									(1,058)
Net income (loss)	62,213				67,529			67,529		(5,316)
Other Comprehensive Income (Loss), Net of Tax	(8,283)						(7,804)	(7,804)		(479)
Ending Balance at Dec. 31, 2019	875,982	$ (1,573)	$ 17	490,451	619,448	$ (1,573)	(253,741)	856,175	$ (1,573)	19,807
Ending Balance (in shares) at Dec. 31, 2019			16,842,757
Share-based compensation, net (in shares)			54,328
Share-based compensation, net	8,268			8,268	0			8,268
Purchase of noncontrolling interest	(2,112)			0				0		2,112
Net income (loss)	(269,374)				(267,605)			(267,605)		(1,769)
Other Comprehensive Income (Loss), Net of Tax	12,920						11,845	11,845		1,075
Ending Balance at Dec. 31, 2020	$ 624,111		$ 17	498,719	350,270		(241,896)	607,110		17,001
Ending Balance (in shares) at Dec. 31, 2020	16,897,085		16,897,085
Share-based compensation, net (in shares)			94,894
Share-based compensation, net	$ 5,778		$ 0	5,778	0			5,778
Purchase of noncontrolling interest	(6,279)				1,882					4,397	$ 1,882
Net income (loss)	(328,844)				(322,835)			(322,835)		(6,009)
Other Comprehensive Income (Loss), Net of Tax	36,594						36,712	36,712		(118)
Ending Balance at Dec. 31, 2021	$ 331,360		$ 17	$ 504,497	$ 25,553		$ (205,184)	$ 324,883		$ 6,477
Ending Balance (in shares) at Dec. 31, 2021	16,991,979		16,991,979

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Operating Activities:
Net income (loss)	$ (328,844)	$ (269,374)	$ 62,213
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	131,661	142,618	133,987
Amortization of intangibles	7,347	11,611	17,966
Gain (Loss) on Disposition of Business	(696)	(2,834)	(191,571)
Impairment charges	25,609	104,363	23,139
Pension Settlement Charges	1,279	184	15,819
Share-based compensation expense	5,574	10,435	11,865
Equity in earnings, net of dividends related to earnings	4,872	6,847	(1,587)
Deferred income taxes	35,756	(8,722)	15,874
Other	3,222	5,232	5,230
Changes in operating assets and liabilities:
Accounts and tooling receivable	52,677	94,125	(26,534)
Inventories	(18,527)	(15,236)	29,430
Prepaid expenses	2,951	2,099	(150)
Increase (Decrease) in Income Taxes Receivable	2,221	(52,374)	(3,620)
Accounts payable	(25,501)	(18,370)	(14,643)
Payroll and accrued liabilities	(45,392)	40,413	(1,258)
Other	30,281	(66,951)	21,537
Net cash (used in) provided by operating activities	(115,510)	(15,934)	97,697
Investing activities:
Capital expenditures	(96,107)	(91,794)	(164,466)
Proceeds from Divestiture of Businesses	0	(17,006)	243,362
Acquisition of businesses, net of cash acquired	0	0	(452)
Proceeds from sale of fixed assets and other	4,845	1,920	5,586
Net cash (used in) provided by investing activities	(91,262)	(106,880)	84,030
Financing activities:
Proceeds from Issuance of Secured Debt	0	(245,000)	0
Principal payments on long-term debt	(5,533)	(6,192)	(4,494)
Increase (decrease) in short-term debt, net	14,935	(22,372)	(40,406)
Payments of Financing Costs	0	(7,249)	0
Purchase of noncontrolling interest	(6,279)	0	(4,797)
Repurchase of common stock	0	0	(36,550)
Taxes withheld and paid on employees' share-based payment awards	(799)	(544)	(2,787)
Contribution from noncontrolling interests and other	885	(928)	5,042
Net cash provided by (used in) financing activities	3,209	207,715	(83,992)
Effects of exchange rate changes on cash and cash equivalents	11,113	(3,065)	(3,392)
Changes in cash and cash equivalents	(192,450)	81,836	94,343
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	251,128	443,578	361,742
Supplemental Cash Flow Information [Abstract]
Cash paid for interest	73,221	55,685	47,580
Cash paid for income taxes, net of refunds	$ 6,741	$ 1,679	$ 23,599

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash and cash equivalents	$ 248,010	$ 438,438	$ 359,536
Restricted Cash and Investments, Current	961	4,089	12
Restricted Cash and Investments, Noncurrent	2,157	1,051	2,194
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 251,128	$ 443,578	$ 361,742

XML

Description of Business

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Description of Business

Description of Business

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, and fluid transfer 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.

The Company believes it is the largest global producer of sealing systems, the second largest global producer of the types of fuel and brake delivery products that it manufactures and the third largest global producer of fluid transfer systems. The Company designs and manufactures its products in each major region of the world through a disciplined and sustained approach to engineering and operational excellence. The Company operates in 74 manufacturing locations and 55 design, engineering, administrative and logistics locations in 21 countries around the world.

XML

Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Certain balances in prior periods have been conformed to the current presentation. 

Summary of Significant Accounting Policies

Principles of Consolidation – The consolidated financial statements include the accounts of the Company and the wholly-owned and less than wholly-owned subsidiaries controlled by the Company. All material intercompany accounts and transactions have been eliminated. Acquired businesses are included in the consolidated financial statements from the dates of acquisition or when the Company gained control.

The equity method of accounting is followed for investments in which the Company does not have control, but does have the ability to exercise significant influence over operating and financial policies. Generally, this occurs when ownership is between 20% to 50%.

Foreign Currency – The financial statements of foreign subsidiaries are translated to U.S. dollars at the end-of-period exchange rates for assets and liabilities and at a weighted average exchange rate for each period for revenues and expenses. Translation adjustments for those subsidiaries whose local currency is their functional currency are recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity (“AOCI”). Transaction related gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in earnings as incurred, except for those intercompany balances which are designated as long-term.

Cash and Cash Equivalents – The Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents.

Accounts Receivable – The Company records trade accounts receivable when revenue is recorded in accordance with its revenue recognition policy and relieves accounts receivable when payments are received from customers. Accounts receivable are written off when it is apparent such amounts are not collectible. Generally, the Company does not require collateral for its accounts receivable, nor is interest charged on accounts receivable balances.

The Company receives bank notes from its customers, which are classified as other current assets in the consolidated balance sheets, for certain amounts of accounts receivable, primarily in China. The Company may elect to hold such bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third party financial institutions in exchange for cash.

Allowance for Credit Losses – An allowance for credit losses is established through charges to the provision for credit losses when it is probable that the outstanding receivable or reimbursable tooling will not be collected. The Company evaluates the adequacy of the allowance for credit losses on a periodic basis, including historical trends in collections and write-offs, management’s judgment of the probability of collecting accounts and management’s evaluation of business risk. This evaluation is inherently subjective, as it requires estimates that are susceptible to revision as more information becomes available. The allowance for credit losses was $20,313 and $7,100 as of December 31, 2021 and 2020, respectively. The increase primarily related to bankruptcy proceedings of a divested joint venture. See Note 4. “Acquisition and Divestitures.”

Advertising Expense – Expenses incurred for advertising are generally expensed when incurred. Advertising expense was $443, $425 and $711 for the years ended December 31, 2021, 2020 and 2019, respectively.

Inventories – Inventories are valued at lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. The Company records inventory reserves for inventory in excess of production and/or forecasted requirements and for obsolete inventory.

	December 31,
	2021		2020
Finished goods	$	43,186	$	39,136
Work in process	37,045		35,477
Raw materials and supplies	77,844		69,129
	$	158,075	$	143,742

Derivative Financial Instruments – Derivative financial instruments are utilized by the Company to reduce foreign currency exchange. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. On the date the derivative is established, the Company designates the derivative as either a fair value hedge, a cash flow hedge or a net investment hedge in accordance with its established policy. The Company does not enter into derivative financial instruments for trading or speculative purposes.

Income Taxes – Deferred tax assets or liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax laws and rates. A valuation allowance is provided on deferred tax assets if the Company determines that it is more likely than not that the asset will not be realized.

Long-lived Assets – Property, plant and equipment are recorded at cost and depreciated using primarily the straight-line method over estimated useful lives. Leasehold improvements are amortized over the expected life of the asset or term of the lease, whichever is shorter. Intangibles with finite lives, which include technology and customer relationships, are amortized over estimated useful lives. The Company evaluates the recoverability of long-lived assets when events and circumstances indicate that the assets may be impaired and the undiscounted net cash flows estimated to be generated by those assets are less than their carrying value. If the net carrying value exceeds the fair value, an impairment loss exists and is calculated based on either estimated salvage value or estimated orderly liquidation value.

Pre-production Costs Related to Long Term Supply Arrangements – Costs for molds, dies and other tools owned by the Company to produce products under long-term supply arrangements are recorded at cost in property, plant and equipment and amortized over the lesser of three years or the term of the related supply agreement. The amounts capitalized were $4,266 and $5,131 as of December 31, 2021 and 2020, respectively. The Company expenses all pre-production tooling costs related to customer-owned tools for which reimbursement is not contractually guaranteed by the customer. Reimbursable tooling costs are recorded in tooling receivable in the accompanying consolidated balance sheets if considered to be receivable in the next twelve months, and in other assets if considered to be receivable beyond twelve months. Tooling receivable for customer-owned tooling as of December 31, 2021 and 2020 was $88,900 and $82,150, respectively. Reimbursable tooling costs included in other assets in the accompanying consolidated balance sheets were $18,297 and $15,219 as of December 31, 2021 and 2020, respectively.

Goodwill – The Company tests goodwill for impairment on an annual basis in the fourth quarter, or more frequently if an event occurs or circumstances indicate the carrying amount may be impaired. Goodwill impairment testing is performed at the reporting unit level. The impairment test involves first qualitatively assessing goodwill for impairment. If the qualitative assessment is not met, a quantitative assessment is performed by comparing the estimated fair value of each reporting unit to its carrying value. If the carrying value exceeds the fair value, an impairment charge is recorded based on that difference.

In the fourth quarter of 2021, the Company completed a quantitative goodwill impairment assessment, and after evaluating the results, events and circumstances, the Company concluded that sufficient evidence existed to assert quantitatively that the estimated fair value of the North America and Industrial Specialty Group reporting units remained in excess of their carrying values. However, the estimated fair value of the Europe reporting unit did not exceed its carrying value. As a result, the Company recorded an impairment for the Europe reporting unit. See Note 9. “Goodwill and Intangible Assets”.

In the fourth quarter of 2020, the Company completed a quantitative goodwill impairment assessment, and no impairment was identified as a result of completing the goodwill impairment test.

Business Combinations – The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is

recorded as goodwill. Determining the fair values of assets acquired and liabilities assumed requires management’s judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items.

Revenue Recognition and Sales Commitments – In accordance with ASC 606, Revenue from Contracts with Customers, revenue is recognized when the performance obligations are satisfied. 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. The Company’s contracts may 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.

Revenue is recognized for manufactured parts 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 into 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.

Shipping and Handling – Amounts billed to customers related to shipping and handling are included in sales in the Company’s consolidated statements of operations. Shipping and handling costs are included in cost of products sold in the Company’s consolidated statements of operations.

Research and Development – Engineering, research and development, and program management costs are charged to selling, administration and engineering expenses as incurred and totaled $89,956, $101,607 and $114,854 for the years ended December 31, 2021, 2020 and 2019, respectively.

Share-based Compensation – The Company measures share-based compensation expense at fair value and generally recognizes such expenses on a straight-line basis over the vesting period of the share-based employee awards. See Note 20. “Share-Based Compensation” for additional information.

Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect amounts reflected in the consolidated financial statements, as well as disclosure of contingent assets and liabilities. Considerable judgment is often involved in making such estimates, and the use of different assumptions could result in different conclusions. Management believes its assumptions and estimates are reasonable and appropriate. However, actual results could differ from those estimates.

XML

New Accounting Pronouncements

12 Months Ended

Dec. 31, 2021

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 Accounting Standards Updates (“ASU”) in 2021, which did not have a material impact on its consolidated financial statements:

Standard	Description	Effective Date
ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes	Modifies ASC Topic 740 by removing certain exceptions and amending existing guidance in order to simplify the accounting for income taxes.	January 1, 2021
ASU 2021-01, Reference Rate Reform (Topic 848): Scope	Clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition and tailors the existing guidance to derivative instruments affected by the discounting transition.	January 1, 2021

Recently Issued Accounting Pronouncements

The Company considered the recently issued accounting pronouncement summarized as follows, which is not expected to have a material impact on its consolidated finance statements or disclosures:

Standard	Description	Effective Date
ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance	Requires new annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model.	January 1, 2022

XML

Acquisition and Divestitures

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Acquisition and Divestitures

LS Mtron Automotive Parts Acquisition

In the fourth quarter of 2018, the Company acquired 80.1% of LS Mtron Ltd.’s South Korean automotive parts business. The acquisition agreement included an option for LS Mtron Ltd. to sell its remaining 19.9% noncontrolling interest to the Company, beginning three years from the acquisition date. In the fourth quarter of 2021, LS Mtron Ltd. exercised its option, requiring the Company to purchase the remaining 19.9% interest. As a result, the Company paid $6,279 to LS Mtron Ltd. in the fourth quarter of 2021 and subsequently owns 100% of the business.

2020 Divestiture

In the fourth quarter of 2019, management approved a plan to sell its European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations. The entities and the associated assets and liabilities met the criteria for presentation as held for sale as of March 31, 2020, and depreciation of long-lived assets ceased. The divestiture did not meet the criteria for presentation as a discontinued operation.

Upon meeting the criteria for held for sale classification, the Company recorded non-cash impairment charges of $86,470 during the six months ended June 30, 2020 to reduce the carrying value of the held for sale entities to fair value less costs to sell. Fair value, which is categorized within Level 3 of the fair value hierarchy, was determined using a market approach, estimated based on expected proceeds. The fair value less costs to sell were assessed each reporting period that the asset group remained classified as held for sale.

On July 1, 2020, the Company completed the divestiture of its European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations, to Mutares SE & Co. KGaA (“Mutares”). The transaction included payment denominated in Euro of €9,000, which consisted of €6,500 in cash paid and €2,500 in deferred payment obligations, which was settled in December 2021.

Upon finalizing the sale in the third quarter of 2020 and including subsequent adjustments in the fourth quarter of 2020, the Company recorded a net gain on deconsolidation of the businesses of $353 during the year ended December 31, 2020. During the year ended December 31, 2021, the Company recorded subsequent adjustments resulting in a net gain of $696.

2020 Joint Venture Deconsolidation

In the third quarter of 2020, management approved and completed a plan to sell the Company’s entire controlling equity interest of a joint venture in the Asia Pacific region. Upon finalizing the sale, the Company recorded a gain on deconsolidation of the business of $1,334. In the third quarter of 2021, the Company recorded an allowance for credit loss of $11,218 in selling, administration and engineering expenses. The credit loss resulted from the bankruptcy proceedings of the divested joint venture and represented accounts receivable balances with the divested joint venture. These accounts receivable amounts primarily represented sales to the joint venture prior to deconsolidation in the third quarter of 2020.

2019 Divestiture

During the first quarter of 2019 and in prior periods, the Company also operated an AVS product line. On April 1, 2019, the Company completed its sale of the AVS product line to Continental AG. The total sale price of the transaction was $265,000, subject to certain adjustments. Cash proceeds received in 2019 were $243,362 after adjusting for certain liabilities assumed by the purchaser. The Company recognized a gain on the divestiture of $191,571 during the year ended December 31, 2019. In 2020, the Company finalized adjustments to the gain recorded in 2019 by recording an additional gain on divestiture of $1,147, primarily due to working capital adjustments.

Subsequent Event

In the first quarter of 2022, a joint venture in the Asia Pacific region that was previously consolidated with a noncontrolling interest amended the joint venture governing document. The amendment to the agreement did not change the Company’s 51% ownership. However, as a result of the amendment and effective January 1, 2022, the joint venture will be deconsolidated and accounted for as an investment under the equity method.

XML

Revenue

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue

The passenger and light duty 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.

Revenue by customer group for the year ended December 31, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	1,119,736	$	496,169	$	455,445	$	61,683	$	—	$	2,133,033
Commercial	14,092		21,417		2,855		30		5,165		43,559
Other	14,429		659		6		—		138,505		153,599
Revenue	$	1,148,257	$	518,245	$	458,306	$	61,713	$	143,670	$	2,330,191

Revenue by customer group for the year ended December 31, 2020 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	1,110,294	$	554,349	$	463,586	$	60,676	$	—	$	2,188,905
Commercial	11,291		18,134		4,338		22		3,731		37,516
Other	19,783		14,256		118		56		114,805		149,018
Revenue	$	1,141,368	$	586,739	$	468,042	$	60,754	$	118,536	$	2,375,439

Revenue by customer group for the year ended December 31, 2019 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	1,504,136	$	765,766	$	503,676	$	94,310	$	5	$	2,867,893
Commercial	17,784		28,068		73		114		1,213		47,252
Other	21,925		32,501		204		111		138,514		193,255
Revenue	$	1,543,845	$	826,335	$	503,953	$	94,535	$	139,732	$	3,108,400

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. On April 1, 2019, the Company completed the divestiture of its AVS product line. See Note 4. “Acquisition and Divestitures” for additional information.

A summary of the Company’s products is as follows:

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 (Divested on April 1, 2019)	Control and isolate vibration and noise in the vehicle to improve ride and handling

Revenue by product line for the year ended December 31, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	425,388	$	406,677	$	287,117	$	46,748	$	—	$	1,165,930
Fuel and brake delivery systems	364,309		94,751		107,137		9,789		—		575,986
Fluid transfer systems	358,560		16,817		64,052		5,176		—		444,605
Other	—		—		—		—		143,670		143,670
Consolidated	$	1,148,257	$	518,245	$	458,306	$	61,713	$	143,670	$	2,330,191

Revenue by product line for the year ended December 31, 2020 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	433,291	$	438,012	$	298,028	$	39,354	$	—	$	1,208,685
Fuel and brake delivery systems	371,397		95,516		110,403		16,968		—		594,284
Fluid transfer systems	336,680		41,102		59,611		4,432		—		441,825
Other	—		12,109		—		—		118,536		130,645
Consolidated	$	1,141,368	$	586,739	$	468,042	$	60,754	$	118,536	$	2,375,439

Revenue by product line for the year ended December 31, 2019 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	553,901	$	563,529	$	334,056	$	69,111	$	—	$	1,520,597
Fuel and brake delivery systems	479,962		124,803		112,253		23,871		—		740,889
Fluid transfer systems	453,064		87,375		56,180		1,553		—		598,172
Anti-vibration systems	56,457		20,807		1,464		—		—		78,728
Other	461		29,821		—		—		139,732		170,014
Consolidated	$	1,543,845	$	826,335	$	503,953	$	94,535	$	139,732	$	3,108,400

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 year ended December 31, 2021 were not materially impacted by any other factors.

The Company’s contract liabilities consist of advance payments received and due from customers. Net contract (liabilities) assets consisted of the following:

	December 31, 2021		December 31, 2020		Change
Contract assets	$	—	$	777	$	(777)
Contract liabilities	(143)		(27)		(116)
Net contract (liabilities) assets	$	(143)	$	750	$	(893)

Other

The Company at times enters into agreements that provide for lump sum payments to customers. These payment agreements are recorded as a reduction of revenue during the period the commitment is made. Amounts related to commitments of future payments to customers on the condensed consolidated balance sheets as of December 31, 2021 and December 31, 2020 were current liabilities of $12,045 and $16,932, respectively, and long-term liabilities of $7,214 and $6,828, respectively.

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.

XML

Restructuring

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

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.

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. Employee separation costs are recorded based on existing union and employee contracts, statutory requirements, completed negotiations and Company policy.

Restructuring expense by segment for the years ended December 31, 2021, 2020 and 2019 was as follows:

	Year Ended December 31,
	2021		2020		2019
North America	$	5,710	$	16,499	$	10,831
Europe	27,986		14,573		23,525
Asia Pacific	2,013		4,773		6,781
South America	580		2,129		37
Total Automotive	36,289		37,974		41,174
Corporate and other	661		1,508		9,928
Total	$	36,950	$	39,482	$	51,102

Restructuring activity for all restructuring initiatives for the years ended December 31, 2021 and 2020 was as follows:

	Employee Separation Costs		Other Exit Costs		Total
Balance as of December 31, 2019	$	22,990	$	4,005	$	26,995
Expense	17,926		21,556		39,482
Cash payments	(25,261)		(15,071)		(40,332)
Non-cash fixed asset and intangible impairments included in expense	—		(2,558)		(2,558)
Foreign exchange translation and other	(626)		474		(152)
Balance as of December 31, 2020	$	15,029	$	8,406	$	23,435
Expense	32,000		4,950		36,950
Cash payments	(24,820)		(7,952)		(32,772)
Non-cash fixed asset impairments included in expense	—		(214)		(214)
Foreign exchange translation and other	(1,252)		437		(815)
Balance as of December 31, 2021	$	20,957	$	5,627	$	26,584

Restructuring expense for the year ended December 31, 2021 includes expenses incurred due to the termination of contracts by a customer in the South America region and offsetting expense due to cost recoveries from this customer to reimburse the severance costs for the Company’s employees and also obsolete inventories. Other exit costs for the year ended December 31, 2021 include non-cash fixed asset impairment charges related to closed facilities.

XML

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

Leases

The Company primarily has operating and finance leases for certain manufacturing facilities, corporate offices and certain equipment. Operating leases are included in operating lease right-of-use assets, current operating lease liabilities and long-term operating lease liabilities on the Company’s consolidated balance sheets. Finance leases are included in property, plant and equipment, net, debt payable within one year, and long-term debt on the Company’s consolidated balance sheets.

Lease right-of-use assets are recognized at commencement date based upon the present value of the remaining future minimum lease payments over the lease term. The Company’s lease terms include options to renew or terminate the lease when it is reasonably certain that it will exercise the option. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based upon information available at the commencement date to determine the present value of future lease payments.

The Company has lease agreements with lease and non-lease components. For real estate leases, these components are accounted for separately, while for equipment leases, the Company accounts for the lease and non-lease components as a single lease component.

Variable lease expense includes payments based upon changes in a rate or index, such as consumer price indexes, as well as usage of the leased asset. Short-term lease expense includes leases with terms, at lease commencement, of 12 months or less and no purchase option reasonably certain to be exercised. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The components of lease expense were as follows:

	Year Ended December 31,
	2021		2020		2019
Operating lease expense	$	31,912	$	32,053	$	33,360
Short-term lease expense	6,736		5,069		3,557
Variable lease expense	907		942		1,619
Finance lease expense:
Amortization of right-of-use assets	2,102		2,564		2,550
Interest on lease liabilities	1,444		1,551		1,438
Total lease expense	$	43,101	$	42,179	$	42,524

The Company recorded impairment charges of $647 due to the deterioration of financial results at a certain location in North America during the year ended December 31, 2020. The fair value was determined using estimated market rate for the leased right-of-use asset. Additionally, the Company recorded sublease income of $256 and $374 for the years ended December 31, 2021 and 2020, respectively.

Other information related to leases was as follows:

	Year Ended December 31,
	2021			2020			2019
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	33,402		$	30,830		$	34,235
Operating cash flows for finance leases	1,440			1,563			1,438
Financing cash flows for finance leases	2,133			2,081			1,284
Non-cash right-of-use assets obtained in exchange for lease obligations:
Operating leases	25,010			50,663			11,143
Finance leases	644			549			22,671
Weighted Average Remaining Lease Term (in years)
Operating leases	7.5			8.0			5.2
Finance leases	9.7			10.5			11.3
Weighted Average Discount Rate
Operating leases	5.9		%	5.4		%	4.7		%
Finance leases	5.8		%	5.7		%	6.1		%

Future minimum lease payments under non-cancellable leases as of December 31, 2021 were as follows:

Year	Operating Leases		Finance Leases
2022	$	28,267	$	3,281
2023	23,948		3,207
2024	17,492		3,445
2025	14,722		3,494
2026	11,076		3,206
Thereafter	48,879		17,343
Total future minimum lease payments	144,384		33,976
Less imputed interest	(29,072)		(8,233)
Total	$	115,312	$	25,743

Amounts recognized on the consolidated balance sheets as of December 31, 2021 and December 31, 2020 were as follows:

	December 31, 2021		December 31, 2020
Operating Leases
Operating lease right-of-use assets, net	$	111,052	$	109,795
Current operating lease liabilities	22,552		21,711
Long-term operating lease liabilities	92,760		90,517
Finance Leases
Debt payable within one year	2,153		2,300
Long-term debt	23,590		26,152

As of December 31, 2021 and December 31, 2020, assets recorded under finance leases, net of accumulated depreciation were $25,690 and $30,847, respectively. As of December 31, 2021, the Company had additional operating leases, primarily for real estate, that have not yet commenced with undiscounted lease payments of approximately $1,282. These operating leases will commence in 2022 with lease terms up to nine years.

XML

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment consists of the following:

 

	December 31,				Estimated
	2021		2020		Useful Lives
Land and improvements	$	44,495	$	61,226	10 to 25 years
Buildings and improvements	285,240		298,431		10 to 40 years
Machinery and equipment	1,269,330		1,277,624		5 to 10 years
Construction in progress	80,868		96,706
	$	1,679,933	$	1,733,987
Accumulated depreciation	(895,585)		(841,678)
Property, plant and equipment, net	$	784,348	$	892,309

The Company recorded impairment charges of $20,118 related to machinery and equipment and $1,775 related to a leased building, due to recent operating performance in certain locations in North America, Europe, and Asia Pacific for the year ended December 31, 2021. The fair value of owned buildings was determined using a sales comparison approach or the cost approach while the fair value of leased buildings was determined using a discounted cash flow approach. The fair value of machinery and equipment was determined using estimated orderly liquidation value, which was deemed the highest and best use of the assets. The Company also recorded impairment charges of $3,326 due to equipment no longer being utilized, primarily in certain North America and Europe locations, for the year ended December 31, 2021. The fair value was determined using estimated salvage value.

For the year ended December 31, 2020, the Company recorded impairment charges of $13,084 due to the deterioration of financial results at certain locations in North America, Europe, and Asia Pacific. The fair value of buildings was determined using a value-in-exchange cost method while the fair value of machinery and equipment was determined using estimated orderly liquidation value, which was deemed the highest and best use of the assets. The Company also recorded impairment charges of $4,162 related to equipment no longer being utilized at certain locations in Europe, Asia Pacific, and Corporate and other for the year ended December 31, 2020. The fair value of equipment was determined using estimated salvage value, which was deemed the highest and best use of the assets.

For the year ended December 31, 2019, the Company recorded impairment charges for property, plant and equipment of $21,968 due to the deterioration of financial results at certain locations in Europe and Asia Pacific and the termination of certain customer programs in the Asia Pacific region and recorded impairment charges of $1,171 related to equipment no longer being utilized at certain locations in Europe and Corporate and other.

A summary of these asset impairment charges is as follows:

	Year Ended December 31,
	2021		2020		2019
North America	$	8,479	$	947	$	—
Europe	9,179		11,938		9,943
Asia Pacific	7,071		4,080		13,146
Total Automotive	24,729		16,965		23,089
Corporate and other	490		281		50
Total	$	25,219	$	17,246	$	23,139

Subsequent Event

In the first quarter of 2022, the Company signed a sale-leaseback agreement on one of its European facilities. Based on the sales price, the Company expects to record a gain on the sales transaction of approximately $34,000 to $37,000. The Company expects the transaction to close in the second quarter of 2022.

XML

Goodwill and Intangibles

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

Goodwill and Intangible Assets

Goodwill

Changes in the carrying amount of goodwill by reporting unit for the years ended December 31, 2021 and 2020 were as follows:

	North America		Industrial Specialty Group		Total
Balance as of December 31, 2019	$	142,187	$	—	$	142,187
Change in organizational structure	(14,036)		14,036		—
Foreign exchange translation	63		—		63
Balance as of December 31, 2020	$	128,214	$	14,036	$	142,250
Foreign exchange translation	32		—		32
Balance as of December 31, 2021	$	128,246	$	14,036	$	142,282

The Company performed its annual impairment analysis of goodwill during the fourth quarter of 2021. Prior to the analysis, the Company recorded additional goodwill in the second quarter of 2021 as a result of purchasing a supplier in its Europe reporting unit for an immaterial purchase consideration. The fair value of each reporting unit is determined and compared to the carrying value. If the carrying value exceeds the fair value, an impairment charge is recorded based on that difference. The annual impairment analysis resulted in no impairment for the North America and Industrial Specialty Group reporting units. However, as a result of recent operating performance, the Company recorded an impairment on goodwill that was recognized in the second quarter of 2021 for the Europe reporting unit of $390.

The Company’s organizational structure changed on January 1, 2020. Prior to this change in organizational structure, the Company’s North America operating segment was the only reporting unit in which goodwill was recorded. As a result of the change in organizational structure, a portion of the goodwill that was previously attributable to the North America reporting unit was reallocated to the Industrial Specialty Group reporting unit based on the relative fair value approach. The Industrial Specialty Group reporting unit is a component of the Advanced Technology Group operating segment, which is reflected in “Corporate, eliminations and other”.

The change in organizational structure of the business represented a triggering event to test goodwill for impairment as of January 1, 2020. No impairment was identified as a result of completing the goodwill impairment test. The Company's annual goodwill impairment analysis during the fourth quarter resulted in no impairment for 2020.

The Company's annual goodwill impairment analysis resulted in no impairment for 2019.

Intangible Assets

Definite-lived intangible assets and accumulated amortization balances as of December 31, 2021 and 2020 were as follows:

	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	154,767	$	(126,626)	$	28,141
Other	44,955		(12,721)		32,234
Balance as of December 31, 2021	$	199,722	$	(139,347)	$	60,375
Customer relationships	$	155,409	$	(122,657)	$	32,752
Other	44,826		(9,899)		34,927
Balance as of December 31, 2020	$	200,235	$	(132,556)	$	67,679

Estimated amortization expense for the next five years is shown in the table below:

Year	Expense
2022	$	7,320
2023	7,315
2024	7,052
2025	6,609
2026	4,831

XML

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Debt

A summary of outstanding debt as of December 31, 2021 and 2020 was as follows:

	December 31,
	2021		2020
Senior Notes	$	396,544	$	395,829
Senior Secured Notes	241,683		239,567
Term Loan Facility	321,212		323,636
Finance Leases	25,743		28,452
Other borrowings	51,533		36,007
Total debt	1,036,715		1,023,491
Less current portion	(56,111)		(40,731)
Total long-term debt	$	980,604	$	982,760

The principal maturities of debt, at nominal value, as of December 31, 2021 are as follows:

Year	Debt and Finance Lease Obligations
2022	$	57,578
2023	322,171
2024	252,692
2025	2,687
2026	402,432
Thereafter	12,716
Total	$	1,050,276

The weighted average interest rate of our short-term debt was 3.9% as of December 31, 2021 and 4.1% as of December 31, 2020.

5.625% Senior Notes due 2026

On November 2, 2016, the Company’s wholly-owned subsidiary, CSA Inc. (the “Issuer”), issued $400,000 aggregate principal amount of its 5.625% Senior Notes due 2026 (the “Senior Notes”), pursuant to the Indenture, dated November 2, 2016 (the “Indenture”), by and among the Issuer, the Company and the other guarantors party thereto (collectively, the “Guarantors”) and U.S. Bank National Association, as trustee, in a transaction exempt from registration under Rule 144A and Regulation S of the Securities Act of 1933 (“the Securities Act”). The net proceeds from the Senior Notes were used to repay the non-extended term loan outstanding under the Term Loan Facility, defined below, and to pay fees and expenses related to the refinancing.

The Senior Notes are guaranteed by the Company, CS Intermediate HoldCo 1 LLC, as well as each of the Issuer’s wholly-owned existing or subsequently organized U.S. subsidiaries, subject to certain exceptions, to the extent such subsidiary guarantees the senior asset-based revolving credit facility (“ABL Facility”) and the senior term loan facility (“Term Loan Facility”).

The Issuer may redeem all or part of the Senior Notes at various points in time prior to maturity, as described in the Indenture. 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.

Upon the occurrence of certain events constituting a Change of Control (as defined in the Indenture), the Issuer will be required to make an offer to repurchase all of the Senior Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any.

The Indenture contains certain covenants that limit the Issuer’s and its subsidiaries’ ability to, among other things, make restricted payments; sell assets; create or incur liens; enter into sale and lease-back transactions; and merge or consolidate with other entities. These covenants are subject to a number of important limitations and exceptions. The Indenture also provides for events of default, which, if any occur, would permit or require the principal, premium, if any, interest and any other monetary obligations on all the then-outstanding Senior Notes to be due and payable immediately.

The Company paid approximately $7,055 of debt issuance costs in connection with the transaction. The debt issuance costs are being amortized into interest expense over the term of the Senior Notes. As of December 31, 2021 and 2020, the Company had $3,456 and $4,171, respectively, of unamortized debt issuance costs related to the Senior Notes, which is classified as a discount in the consolidated balance sheet.

13.0% Senior Secured Notes due 2024

On May 29, 2020, Cooper Standard Automotive Inc. (the “Issuer”), a wholly-owned subsidiary of the Company, issued $250,000 aggregate principal amount of its 13.0% Senior Secured Notes due 2024 (the “Senior Secured Notes”), pursuant to the Indenture, dated as of May 29, 2020 (the “Indenture”), by and among the Issuer, the other guarantors party thereto and U.S. Bank National Association, as trustee, in a transaction exempt from registration under Rule 144A and Regulation S of the Securities Act of 1933. Proceeds from the Senior Secured Notes were used to provide additional liquidity for the Company, as a result of uncertainty from the COVID-19 pandemic.

The Senior Secured Notes are guaranteed on a senior secured basis by CS Intermediate HoldCo 1 LLC and each of the Issuer’s present and future subsidiaries that are obligors or guarantee the Term Loan Facility and each of the Issuer’s wholly owned domestic subsidiaries that are obligors under, or guarantee, certain other indebtedness, subject to certain exceptions. The notes are also guaranteed on a senior unsecured basis by Cooper-Standard Latin America B.V.

The Issuer may redeem all or part of the Senior Secured Notes prior to maturity at the prices set forth in the Indenture. The Senior Secured Notes mature on June 1, 2024. Interest on the Senior Secured Notes is payable semi-annually in arrears in cash on June 1 and December 1 of each year.

The Indenture contains certain covenants that limit the Issuer’s and its subsidiaries’ ability to, among other things, incur or guarantee additional indebtedness or issue certain preferred stock; make restricted payments; sell assets; create or incur liens; and merge or consolidate with other entities. These covenants are subject to a number of important limitations and exceptions. The Indenture also provides for customary events of default for non-investment grade debt securities, which, if any occur, would permit or require the principal, interest and any other monetary obligations on all the then-outstanding Senior Secured Notes to be due and payable immediately.

The Company paid approximately $6,431 of debt issuance costs in connection with the transaction. Additionally, the Senior Secured Notes were issued at a discount of $5,000. As of December 31, 2021 and 2020, the Company had $4,594 and $5,828, respectively, of unamortized debt issuance costs and $3,723 and $4,605, respectively, of unamortized original issue discount related to the Senior Secured Notes, 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 Senior Secured Notes.

ABL Facility

On November 2, 2016, CS Intermediate Holdco 1 LLC (“Parent”), CSA U.S. (the “U.S. Borrower”), Cooper-Standard Automotive Canada Limited (the “Canadian Borrower”), Cooper-Standard Automotive International Holdings B.V. (the “Dutch Borrower”, and, together with the U.S. Borrower and the Canadian Borrower, the “Borrowers”) and certain subsidiaries of the U.S. Borrower, entered into a $210,000 Third Amended and Restated Loan Agreement with certain lenders, subject to borrowing base availability. In March 2020, the Company entered into the First Amendment of the Third Amended and Restated Loan Agreement (“the Amendment”). As a result of the Amendment, the senior asset-based revolving credit facility (“ABL Facility”) maturity was extended to March 2025 and the aggregate revolving loan commitment was reduced to $180,000.

The aggregate revolving loan availability includes 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 $280,000 (if requested by the Borrowers and the lenders agree to fund such increase). No consent of any lender (other than those participating in the increase) is required to effect any such increase. The Company’s borrowing base was $169,687. Net the greater of 10% of the borrowing base or $15,000 that cannot be borrowed without triggering the fixed charge coverage ratio maintenance covenant and $5,210 of outstanding letters of credit, the Company effectively had $147,508 available for borrowing under its ABL facility.

As of December 31, 2021, there were no obligations outstanding under the ABL Facility.

Maturity. Any borrowings under our ABL Facility will mature, and the commitments of the lenders under our ABL Facility will terminate, on March 24, 2025.

Borrowing Base. Loan and letter of credit availability under the ABL Facility is subject to a borrowing base, which at any time is limited to the lesser of: (A) the maximum facility amount (subject to certain adjustments) and (B) (i) up to 85% of eligible accounts receivable; plus (ii) the lesser of 70% of eligible inventory or 85% of the appraised net orderly liquidation value

of eligible inventory; plus (iii) up to the lesser of $30.0 million and 85% of eligible tooling accounts receivable; minus reserves established by the Agent. The accounts receivable portion of the borrowing base is subject to certain formulaic limitations (including concentration limits). The inventory portion of the borrowing base is limited to eligible inventory, as determined by the Agent. The borrowing base is also subject to certain reserves, which are established by the Agent (which may include changes to the advance rates indicated above). Loan availability under the ABL Facility is apportioned as follows: $180,000 to the U.S. Borrower, which includes a $40,000 sublimit to the Dutch Borrower and $20,000 to the Canadian Borrower.

Guarantees; Security. The obligations of the U.S. Borrower, the Canadian Borrower and the Dutch Borrower under the ABL Facility, as well as certain cash management arrangements and interest rate, foreign currency or commodity swaps entered into by the such Borrowers and their subsidiaries, and certain credit lines entered into by non-U.S. subsidiaries, in each case with the lenders and their affiliates (collectively, “Additional ABL Secured Obligations”) are guaranteed on a senior secured basis by the Company and its U.S. subsidiaries (with certain exceptions), and the obligations of the Canadian Borrower under the ABL Facility and Additional ABL Secured Obligations of the Canadian Borrower and its Canadian subsidiaries are, in addition, guaranteed on a senior secured basis by the Canadian subsidiaries of the Canadian Borrower. The obligations under the ABL Facility and related guarantees are secured by (1) a first priority lien on all of each Borrower’s and each guarantor’s existing and future personal property consisting of accounts receivable, payment intangibles, inventory, documents, instruments, chattel paper and investment property, certain money, deposit accounts and securities accounts and certain related assets and proceeds of the foregoing, with various enumerated exceptions, including that: (i) the collateral owned by Canadian Borrower or any of its Canadian subsidiaries that are Guarantors only secure the obligations of Canadian Borrower and such subsidiaries arising under the ABL Facility and Additional ABL Secured Obligations and (ii) no liens have been granted on any assets or properties of the Dutch Borrower or any other non-U.S. subsidiaries of the Company (other than the Canadian Borrower and Canadian Guarantors, as otherwise specified above) in connection with the ABL Facility and (2) a second priority lien on all the capital stock in restricted subsidiaries directly held by the U.S. Borrower and each of the U.S. Guarantors, and equipment of the U.S. Borrower and the U.S.-domiciled guarantors and all other material personal property of the U.S. Borrower and the U.S.-domiciled guarantors.

Interest. Borrowings under the ABL Facility bear interest at a rate equal to, at the Borrowers’ option:

•in the case of borrowings by the U.S. Borrower, LIBOR or the base rate plus, in each case, an applicable margin; or

•in the case of borrowings by the Canadian Borrower, bankers’ acceptance (“BA”) rate, Canadian prime rate or Canadian base rate plus, in each case, an applicable margin; or

•in the case of borrowings by the Dutch Borrower, LIBOR plus an applicable margin.

The initial applicable margin was 1.50% with respect to the LIBOR or Canadian BA rate-based borrowings and 0.50% with respect to U.S. base rate, Canadian prime rate and Canadian base rate borrowings, until April 1, 2020. The applicable margin may vary between 1.50% and 2.00% with respect to the LIBOR or Canadian BA rate-based borrowings and between 0.50% and 1.00% with respect to U.S. base rate, Canadian prime rate and Canadian base rate borrowings. The applicable margin is subject, in each case, to quarterly pricing adjustments (based on average facility availability).

Fees. The Borrowers are required to pay a fee in respect of committed but unutilized commitments. The ABL Facility also requires the payment of customary agency and administrative fees.

Voluntary Prepayments. The Borrowers are able to voluntarily reduce the unutilized portion of the commitment amount and repay outstanding loans, in each case, in whole or in part, at any time without premium or penalty (other than customary breakage and related reemployment costs with respect to repayments of LIBOR-based borrowings).

Covenants; Events of Default. The ABL Facility includes affirmative and negative covenants that will impose substantial restrictions on the Company’s financial and business operations, including its ability to incur and secure debt, make investments, sell assets, pay dividends or make acquisitions. The ABL Facility also includes a requirement to maintain a monthly fixed charge coverage ratio of no less than 1.0 to 1.0 when availability under the ABL Facility is less than specified levels. The ABL Facility also contains various events of default that are customary for comparable facilities.

Debt Issuance Costs. As of December 31, 2021 and 2020, the Company had $782 and $1,029, respectively, of unamortized debt issuance costs related to the ABL Facility.

Term Loan Facility

On November 2, 2016, CSA U.S., as borrower, entered into Amendment No. 1 to the 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 revolving facility and ABL Facility to the extent commitments are reduced) not funded from proceeds of long-term indebtedness.

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 2.00% 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 0.50%, 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 Amendment No. 3, the Company recognized a loss on refinancing and extinguishment of debt of $770 in the twelve months ended December 31, 2018, which was due to the partial write off of new and unamortized debt issuance costs and unamortized original issue discount

Maturity. The Term Loan Facility matures on November 2, 2023, unless earlier terminated.

Guarantees. All obligations of the borrower under the Term Loan Facility are guaranteed jointly and severally on a senior secured basis by the direct parent company of the borrower and each existing and subsequently acquired or organized direct or indirect wholly owned U.S. restricted subsidiary of the borrower.

Security. The obligations under the Term Loan Facility are secured by (a) a first priority security interest (subject to permitted liens and other customary exceptions) on (i) all the capital stock in restricted subsidiaries directly held by the borrower and each of the guarantors, (ii) substantially all plant, material owned real property located in the U.S. and equipment of the borrower and the guarantors and (iii) all other personal property of the borrower and the guarantors, including, without limitation, accounts and investment property, contracts, patents, copyrights, trademarks, other general intangibles, intercompany notes and proceeds of the foregoing, and (b) a second priority security interest (subject to permitted liens and other customary exceptions) in accounts receivable of the borrowers and the guarantors arising from the sale of goods and services, inventory, tax refunds, cash, deposit accounts and books and records related to the foregoing and, in each case, proceeds thereof, in each case, excluding certain collateral and subject to certain limitations.

Interest. 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 2.00% 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 0.50%, 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.

Voluntary Prepayments. The borrower may voluntarily prepay loans in whole or in part, with prior notice and without premium or penalty, subject to the actual LIBOR breakage costs, payment of accrued and unpaid interest, and customary limitations as to minimum amounts of prepayments.

Covenants. The Term Loan Facility contains incurrence-based negative covenants customary for high yield senior secured debt securities, including, but not limited to, restrictions on the ability of the borrower and its restricted subsidiaries to merge and consolidate with other companies, incur indebtedness, grant liens or security interests on assets, pay dividends or make other restricted payments, sell or otherwise transfer assets, or enter into transactions with affiliates. These negative covenants are subject to exceptions, qualifications and certain carveouts.

Events of Default. The Term Loan Facility provides that, upon the occurrence of certain events of default, obligations thereunder may be accelerated. Such events of default include payment defaults to the lenders, material inaccuracies of representations and warranties, covenant defaults, cross-defaults to other material indebtedness, voluntary and involuntary bankruptcy proceedings, material money judgments, material pension-plan events, certain change of control events and other customary events of default.

Debt Issuance Costs. As of December 31, 2021 and 2020, the Company had $1,087 and $1,680, respectively, of unamortized debt issuance costs and $701 and $1,084, respectively, of unamortized original issue discount related to the Term Loan Facility. Both the debt issuance costs and the original issue discount are amortized into interest expense over the term of the Term Loan Facility.

Debt Covenants 

The Company was in compliance with all covenants of the ABL Facility, Term Loan Facility, Senior Notes, and Senior Secured Notes, as of December 31, 2021.

Other

Other borrowings as of December 31, 2021 and 2020 reflect borrowings under local bank lines classified in debt payable within one year on the consolidated balance sheet.

XML

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value of 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:

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.

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 liabilities measured or disclosed at fair value on a recurring basis as of December 31, 2021 and 2020, was as follows:

	December 31, 2021		December 31, 2020		Input
Forward foreign exchange contracts - other current assets	$	647	$	1,826	Level 2
Forward foreign exchange contracts - accrued liabilities	$	(1,535)	$	(750)	Level 2

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 2. “Basis of Presentation and Summary of Significant Accounting Policies”, Note 4. “Acquisition and Divestitures”, Note 8. “Property, Plant and Equipment.” and Note 9. “Goodwill and Intangible Assets”.

Items Not Carried at Fair Value

Fair values of the Company’s Senior Notes, Senior Secured Notes, and Term Loan Facility were as follows:

	December 31, 2021		December 31, 2020
Aggregate fair value	$	899,909	$	965,052
Aggregate carrying value (1)	$	973,000	$	976,400

(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.

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 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 operations.

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 other than the Euro, the Canadian Dollar, the Mexican Peso, and the Brazilian Real. As of December 31, 2021 and 2020, the notional amount of these contracts was $136,103 and $97,503, respectively, and consisted of hedges of transactions up to December 2022.

Pretax amounts related to the Company’s cash flow hedges that were recognized in other comprehensive income (loss) (“OCI”) were as follows:

	Gain (Loss) Recognized in OCI
	Year Ended December 31,
	2021		2020
Forward foreign exchange contracts	$	(545)	$	(6,280)

Pretax amounts related to the Company’s cash flow hedges that were reclassified from AOCI were as follows:

		Gain (Loss) Reclassified from AOCI to Income
		Year Ended December 31,
	Classification	2021		2020
Forward foreign exchange contracts	Cost of products sold	$	1,432	$	(6,945)

XML

Accounts Receivable Factoring

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Accounts Receivable Factoring

Accounts Receivable Factoring

As a part of its working capital management, the Company sells certain receivables through a third-party financial institution in a pan-European program (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 indentures governing the Senior Notes and Senior Secured Notes. The European factoring facility, which was renewed in March 2020, allows the Company to factor up to €120 million of its Euro-denominated accounts receivable, accelerating access to cash and reducing credit risk. The factoring facility expires in December 2023.

Costs incurred on the sale of receivables are recorded in other expense, net in the consolidated statements of operations. Liabilities related to the factoring program are recorded in accrued liabilities in the consolidated balance sheet. 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 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:

	December 31, 2021		December 31, 2020
Off-balance sheet arrangements	$	52,743	$	85,108

Accounts receivable factored and related costs throughout the period were as follows:

	Off-Balance Sheet Arrangements
	Year Ended December 31,
	2021		2020
Accounts receivable factored	$	366,878	$	476,405

	Off-Balance Sheet Arrangements
	Year Ended December 31,
	2021		2020		2019
Costs	$	528	$	776	$	1,007

As of December 31, 2021 and 2020, cash collections on behalf of the Factor that had yet to be remitted were $673 and $1,786, respectively, and are reflected in other current assets as restricted cash in the consolidated balance sheet.

XML

Pension

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Pensions

Pension

The Company maintains defined benefit pension plans covering employees located in the United States as well as certain international locations. The majority of these plans are frozen, and all are closed to new employees. Benefits generally are based on compensation, length of service and age for salaried employees and on length of service for hourly employees. The Company’s policy is to fund pension plans such that sufficient assets will be available to meet future benefit requirements and contribute amounts deductible for United States federal income tax purposes or amounts required by local statute.

The Company also sponsors voluntary defined contribution plans for certain salaried and hourly U.S. employees of the Company. The Company matches contributions of participants, up to various limits in all plans. The Company also sponsors retirement plans that include Company non-elective contributions. Non-elective and matching contributions under these plans totaled $12,809, $13,537 and $14,514 for the years ended December 31, 2021, 2020 and 2019, respectively.

Information related to the Company’s defined benefit pension plans was as follows:

	Year Ended December 31,
	2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Change in projected benefit obligations:
Projected benefit obligations at beginning of period	$	271,397	$	195,407	$	255,935	$	184,364
Service cost	891		3,345		853		3,992
Interest cost	6,516		2,558		8,132		3,200
Net actuarial (gain) loss	(8,589)		(12,976)		19,755		8,704
Benefits paid	(13,107)		(5,324)		(13,278)		(6,925)
Foreign exchange translation	—		(9,610)		—		11,582
Settlements	—		(8,210)		—		(5,170)
Divestiture	—		—		—		(4,392)
Other	—		(233)		—		52
Projected benefit obligations at end of period	$	257,108	$	164,957	$	271,397	$	195,407
Change in plan assets:
Fair value of plan assets at beginning of period	$	267,343	$	54,548	$	244,613	$	54,806
Actual return on plan assets	18,175		1,280		34,971		5,313
Employer contributions	1,037		5,526		1,037		5,673
Benefits paid	(13,107)		(5,324)		(13,278)		(6,925)
Foreign exchange translation	—		225		—		940
Settlements	—		(8,210)		—		(5,170)
Divestiture	—		—		—		(108)
Other	—		2		—		19
Fair value of plan assets at end of period	$	273,448	$	48,047	$	267,343	$	54,548
Funded status of the plans	$	16,340	$	(116,910)	$	(4,054)	$	(140,859)

	December 31, 2021				December 31, 2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Amounts recognized in the consolidated balance sheet:
Other assets	$	29,804	$	4,245	$	10,513	$	1,921
Accrued liabilities	(1,018)		(3,721)		(1,020)		(4,097)
Pension benefits (long term)	(12,446)		(117,434)		(13,547)		(138,683)

Pre-tax amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit (income) cost as of December 31, 2021 and 2020 were as follows:

	December 31, 2021				December 31, 2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Prior service costs	$	(56)	$	(185)	$	(76)	$	(497)
Actuarial losses	(43,574)		(33,742)		(57,731)		(53,657)

The Company uses the corridor approach when amortizing actuarial gains or losses. Under the corridor approach, net unrecognized actuarial losses in excess of 10% of the greater of i) the projected benefit obligation or ii) the fair value of plan assets are amortized over future periods.  

The accumulated benefit obligation for all domestic and international defined benefit pension plans was $257,108 and $158,074 as of December 31, 2021 and $271,397 and $186,652 as of December 31, 2020, respectively. As of December 31, 2021, the fair value of plan assets for three of the Company’s defined benefit plans exceeded the projected benefit obligations of $270,296 by $34,049.

The components of net periodic benefit (income) cost for the Company’s defined benefit plans were as follows:

	Year Ended December 31,
	2021				2020				2019
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	891	$	3,345	$	853	$	3,992	$	809	$	3,893
Interest cost	6,516		2,558		8,132		3,200		10,955		4,037
Expected return on plan assets	(14,257)		(1,320)		(13,683)		(2,415)		(16,353)		(2,400)
Amortization of prior service cost and actuarial loss	1,670		2,635		1,940		3,478		2,914		2,373
Settlements	—		1,279		—		184		15,247		572
Other	—		118		—		(11)		—		956
Net periodic benefit (income) cost	$	(5,180)	$	8,615	$	(2,758)	$	8,428	$	13,572	$	9,431

Pension Settlements

In addition to the settlements shown in the table above, the Company recognized $744 of Non-U.S. pension net settlement and curtailment charges due to the divestiture of certain businesses in Europe and India during the year ended December 31, 2020 that are recorded as a reduction to gain on sale of business, net in the consolidated statements of operations. The Company also recognized $836 of Non-U.S. pension settlement charges during the year ended December 31, 2020 that are recorded as restructuring in the consolidated statements of operations.

The Company recognized $2,730 of Non-U.S. pension settlement charges due to the divestiture of the Company’s AVS product line during the year ended December 31, 2019. The charges are recorded as a reduction to gain on sale of business, net in the consolidated statements of operations.

During the year ended December 31, 2019, the Company undertook an initiative to de-risk pension obligations in the U.S. by purchasing a bulk annuity policy utilizing plan assets, which was designed to match the liabilities of the plan. The resulting non-cash settlement charge of $15,247 was recorded in pension settlement charges, and administrative expenses of $178 were recorded in selling, administration & engineering expenses in the consolidated statements of operations. As a result of the settlement, the Company’s overall projected benefit obligation as of December 31, 2019 was reduced by $58,198.

Plan Assumptions

Weighted average assumptions used to determine benefit obligations as of December 31, 2021 and 2020 were as follows:

 

	2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	2.84	%	1.83	%	2.48	%	1.36	%
Rate of compensation increase	N/A		1.44	%	N/A		1.23	%
Cash balance interest credit rate	4.50	%	N/A		4.50	%	N/A

Weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2021, 2020 and 2019 were as follows:

	2021				2020				2019
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	2.48	%	1.63	%	3.28	%	2.33	%	4.25	%	2.40	%
Expected return on plan assets	5.50	%	2.48	%	5.75	%	3.73	%	6.50	%	4.63	%
Rate of compensation increase	N/A		1.99	%	N/A		3.99	%	N/A		3.31	%

To develop the expected return on plan assets assumption, the Company considered the historical returns and the future expected returns for each asset class, as well as the target asset allocation of the pension portfolio. As the U.S. plans are frozen, the rate of compensation increase was not applicable in determining net periodic benefit cost.

Plan Assets

The goals and investment objectives of the asset strategy are to ensure that there is an adequate level of assets to meet benefit obligations to participants and retirees over the life of the participants and maintain liquidity in the plan assets sufficient to cover monthly benefit obligations. Risk is managed by investing in a broad range of investment vehicles, e.g., equity mutual funds, bond mutual funds, real estate mutual funds, hedge funds, etc. There are no equity securities of the Company in the equity asset category.

Investments in equity securities and debt securities are valued at fair value using a market approach and observable inputs, such as quoted market prices in active markets (Level 1). Investments in balanced funds are valued at fair value using a market approach and inputs that are primarily directly or indirectly observable (Level 2). Investments in equity securities and balanced funds in which the Company holds participation units in a fund, the net asset value of which is based on the underlying assets and liabilities of the respective fund, are considered an unobservable input (Level 3). Investments in real estate funds are primarily valued at net asset value depending on the investment.

The fair value of the Company’s pension plan assets by category using the three-level hierarchy (see Note 11. “Fair Value Measurements and Financial Instruments”) as of December 31, 2021 and 2020 was as follows:

2021	Level 1		Level 2		Assets measured at NAV (1)		Total
Equity funds	$	1,231	$	11,586	$	—	$	12,817
Equity funds measured at net asset value	—		—		41,032		41,032
Bond funds	—		36,133		—		36,133
Bond funds measured at net asset value	—		—		210,492		210,492
Real estate measured at net asset value	—		—		11,270		11,270
Cash and cash equivalents	9,751		—		—		9,751
Total	$	10,982	$	47,719	$	262,794	$	321,495

2020	Level 1		Level 2		Assets measured at NAV (1)		Total
Equity funds	$	18,218	$	16,647	$	—	$	34,865
Equity funds measured at net asset value	—		—		117,309		117,309
Bond funds	—		37,901		—		37,901
Bond funds measured at net asset value	—		—		104,880		104,880
Real estate measured at net asset value	—		—		25,070		25,070
Cash and cash equivalents	1,866		—		—		1,866
Total	$	20,084	$	54,548	$	247,259	$	321,891

(1) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These assets are included in this table to present total pension plan assets at fair value.

There were no transfers of Level 3 assets and no Level 3 assets in the ending balance for the years ended December 31, 2021 and December 31, 2020.

Expected Future Benefit Payments

The Company estimates its benefit payments for domestic and foreign pension plans during the next ten years to be as follows: 

Years Ending December 31,	U.S.		Non-U.S.		Total
2022	$	16,902	$	5,785	$	22,687
2023	16,482		6,069		22,551
2024	15,497		21,944		37,441
2025	15,275		7,325		22,600
2026	16,092		7,165		23,257
2027 - 2031	74,195		40,825		115,020

Contributions

The Company estimates it will make minimum funding cash contributions of approximately $1,000 to its U.S. pension plans and minimum funding cash contributions of approximately $4,100 to its non-U.S. pension plans in 2022.

XML

Postretirement Benefits Other Than Pensions

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Postretirement Benefits Other Than Pensions

Postretirement Benefits Other Than PensionsThe Company provides certain retiree health care and life insurance benefits covering certain U.S. salaried and hourly employees and employees in Canada. Employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. The Company’s policy is to fund the cost of these postretirement benefits as these benefits become payable.

Information related to the Company’s postretirement benefit plans was as follows:

	Year Ended December 31,
	2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Change in benefit obligation:
Benefit obligations at beginning of year	$	23,419	$	27,032	$	22,436	$	23,949
Service cost	105		357		103		404
Interest cost	531		701		680		726
Net actuarial (gain) loss	(1,717)		(5,065)		1,603		2,221
Benefits paid	(1,127)		(716)		(1,403)		(663)
Foreign currency exchange rate effect	—		167		—		395
Benefit obligation at end of year	$	21,211	$	22,476	$	23,419	$	27,032
Funded status of the plan	$	(21,211)	$	(22,476)	$	(23,419)	$	(27,032)
Net amount recognized as of December 31	$	(21,211)	$	(22,476)	$	(23,419)	$	(27,032)

	December 31, 2021				December 31, 2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Amounts recognized in the consolidated balance sheet:
Accrued liabilities	$	(1,576)	$	(766)	$	(1,648)	$	(968)
Postretirement benefits other than pension (long term)	(19,635)		(21,710)		(21,771)		(26,064)

Pre-tax amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit (income) cost as of December 31, 2021 and 2020 were as follows:

	December 31, 2021				December 31, 2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Actuarial gains (losses)	$	11,339	$	(3,760)	$	11,018	$	(9,563)

The components of net periodic benefit (income) costs for the Company’s other postretirement benefit plans were as follows:

	Year Ended December 31,
	2021				2020				2019
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	105	$	357	$	103	$	404	$	118	$	397
Interest cost	531		701		680		726		864		752
Amortization of prior service credit and recognized actuarial (gain) loss	(1,396)		752		(1,930)		448		(2,441)		320
Other	—		—		—		—		—		48
Net periodic benefit (income) cost	$	(760)	$	1,810	$	(1,147)	$	1,578	$	(1,459)	$	1,517

During the year ended December 31, 2019, the Company recognized a gain of $3,452 for the U.S. plan and a net charge of $453 for the Non-U.S. plan, related to settlements and curtailments due to the divestiture of the Company’s AVS product line. See Note 4. “Acquisition and Divestitures.” The amounts are recorded in gain on sale of business, net in the consolidated statements of operations.

Plan Assumptions

Weighted average assumptions used to determine benefit obligations as of December 31, 2021 and 2020 were as follows:

	2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	2.75	%	3.05	%	2.35	%	2.65	%

Weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2021, 2020 and 2019 were as follows:

 

	2021				2020				2019
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	2.35	%	2.65	%	3.15	%	3.05	%	4.20	%	3.65	%

The assumed health care cost trend rates used to measure the postretirement benefit obligation as of December 31, 2021 were as follows:

	U.S.		Non-U.S.
Health care cost trend rate	5.19	%	5.00	%
Ultimate health care cost trend rate	4.50	%	5.00	%
Year that the rate reaches the ultimate trend rate	2027		N/A

Expected Future Postretirement Benefit Payments

The Company estimates its benefit payments for its postretirement benefit plans during the next ten years to be as follows:

	U.S.		Non-U.S.		Total
2022	$	1,598	$	778	$	2,376
2023	1,597		777		2,374
2024	1,569		812		2,381
2025	1,542		825		2,367
2026	1,509		846		2,355
2027 - 2031	6,766		4,631		11,397

Other

Other postretirement benefits recorded in the Company’s consolidated balance sheets include $2,153 and $1,778 as of December 31, 2021 and 2020, respectively, for termination indemnity plans in Europe.

XML

Other Expense, net

12 Months Ended

Dec. 31, 2021

Other Income and Expenses [Abstract]

Other Income and Other Expense Disclosure [Text Block]

Other Expense, netThe components of other expense, net were as follows:

	Year Ended December 31,
	2021		2020		2019
Foreign currency losses	$	(6,887)	$	(1,429)	$	(3,022)
Components of net periodic benefit income (cost) other than service cost	1,610		(576)		(1,069)
Factoring costs	(528)		(776)		(1,007)
Miscellaneous income	963		201		838
Other expense, net	$	(4,842)	$	(2,580)	$	(4,260)

XML

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Components of the Company’s (loss) income before income taxes and adjustment for noncontrolling interests were as follows:

	Year Ended December 31,
	2021		2020		2019
Domestic	$	(142,883)	$	(235,574)	$	53,425
Foreign	(146,569)		(94,647)		44,877
	$	(289,452)	$	(330,221)	$	98,302

The Company’s income tax expense (benefit) consists of the following:

	Year Ended December 31,
	2021		2020		2019
Current
Federal	$	5,158	$	(65,565)	$	(227)
State	68		(196)		(171)
Foreign	(1,590)		13,636		20,613
Deferred
Federal	12,217		(15,060)		4,405
State	(484)		1,297		(767)
Foreign	24,023		5,041		12,236
	$	39,392	$	(60,847)	$	36,089

A reconciliation of the U.S. statutory federal rate to the income tax provision was as follows:  

	Year Ended December 31,
	2021			2020			2019
Tax at U.S. statutory rate	$	(60,785)		$	(69,346)		$	20,643
State and local taxes	(3,276)			(4,933)			209
Tax credits and incentives	(7,634)			(5,750)			(8,034)
Changes in tax law, other	(361)			352			2,909
U.S. tax reform/Global Intangible Low-Taxed Income ("GILTI")/foreign derived intangible income	—			(1,046)			1,102
Effect of foreign tax rates	(13,525)			(15,432)			(1,656)
Nonrecurring permanent items	(3,710)			(3,069)			(5,250)
CARES Act	—			(27,844)			—
Foreign branch	1,641			(1,215)			(2,258)
Stock compensation (ASU 2016-09)	1,257			1,640			1,596
Non deductible expenses	6,618			9,335			2,820
Tax reserves/audit settlements	(5,043)			1,071			(206)
Valuation allowance	124,228			51,609			24,625
Other, net	(18)			3,781			(411)
Income tax expense (benefit)	$	39,392		$	(60,847)		$	36,089
Effective income tax rate	(13.6)		%	18.4		%	36.7		%

In the first quarter of 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted into law. The CARES Act allows net operating losses generated by the Company to be carried back up to five years at the tax rates in effect during those periods, rather than carried forward at current federal tax rates of 21%. The Company recorded a $27,844 benefit for this CARES Act provision in the period ended December 31, 2020.

Nonrecurring permanent items in 2021 relate to an intercompany legal entity sale. In 2020, nonrecurring permanent items were the result of the divestiture of our European rubber, fluid transfer, and specialty sealing businesses as well as our Indian operation, including a worthless security deduction and in 2019, a result of the sale of the AVS product line.

Deferred tax assets and liabilities reflect the estimated tax effect of accumulated temporary differences between the basis of assets and liabilities for tax and financial reporting purposes, as well as net operating losses, tax credit and other carryforwards. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows:

	2021		2020
Deferred tax assets:
Pension, postretirement and other benefits	$	40,026	$	53,229
Capitalized expenditures	12,521		14,411
Net operating loss and tax credit carryforwards	275,222		215,980
Operating lease	27,934		26,160
All other items	61,785		53,290
Total deferred tax assets	417,488		363,070
Deferred tax liabilities:
Property, plant and equipment	(21,745)		(29,415)
Operating lease right-of-use	(26,863)		(26,160)
All other items	(14,506)		(15,597)
Total deferred tax liabilities	(63,114)		(71,172)
Valuation allowances	(334,983)		(234,425)
Net deferred tax assets	$	19,391	$	57,473

As of December 31, 2021, the Company’s U.S. and foreign subsidiaries, primarily in France, Brazil, Italy and Germany, had operating loss carryforwards aggregating $639,000, with indefinite expiration periods. Other foreign subsidiaries in China, Mexico, Netherlands, Spain, Czech Republic and Korea had operating losses aggregating $303,000, with expiration dates beginning in 2022. The Company has research tax credit carryforwards and foreign tax credit carryforwards totaling $39,000 in the U.S. with expiration dates beginning in 2029. The Company and its domestic subsidiaries have anticipated tax benefits of state net operating losses and credit carryforwards of $12,300 with expiration dates beginning in 2022.

As of December 31, 2021, the Company has consolidated deferred tax assets of $417,488 with valuation allowances of $334,983 related to tax losses, credit carryforwards, and other deferred tax assets in the U.S. and certain foreign jurisdictions. The Company’s valuation allowance increased in 2021 primarily from current year losses generated in certain foreign jurisdictions as well as new valuation allowances established during 2021 in the U.S., France and Canada. Current and future provision for income taxes is significantly impacted by the initial recognition of and changes in valuation allowances in certain countries. The Company intends to maintain these allowances until it is more likely than not that the deferred tax assets will be realized. In the future, provision for income taxes will include no tax benefit with respect to losses incurred and no tax expense with respect to income generated in these countries until the respective valuation allowance is eliminated.

As of December 31, 2021, no material deferred income taxes have been recorded on the undistributed earnings of foreign subsidiaries, since a majority of these earnings will not be taxable upon repatriation to the United States. These earnings will be primarily treated as previously taxed income from either the one time transition tax or GILTI, or they will be offset with a 100% dividends received deduction. The Company has not recorded a deferred tax liability for foreign withholding taxes or state income taxes that may be incurred upon repatriation in the future as such undistributed foreign earnings are considered permanently reinvested or could be remitted with no tax implications.

As of December 31, 2021, the Company had $3,571 ($4,281 including interest and penalties) of total unrecognized tax benefits, of which $2,004 represents the amount of unrecognized tax benefits that, if recognized, would affect the effective income tax rate.

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:

 

	2021		2020
Balance at beginning of period	$	11,272	$	10,123
Tax positions related to the current period
Gross additions	337		1,115
Gross reductions	—		—
Tax positions related to prior years
Gross additions	10		342
Gross reductions	(5,143)		—
Settlements	(2,905)		(232)
Lapses on statutes of limitations	—		(76)
Balance at end of period	$	3,571	$	11,272

The Company, or one of its subsidiaries, files income tax returns in the United States and other foreign jurisdictions. The Internal Revenue Service has effectively settled the examination of the Company’s U.S. income tax returns from 2014 through 2018 during 2021. As a result, unrecognized tax benefits were either settled or released related to those tax years during 2021.

The statute of limitations for U.S. state and local jurisdictions is closed for taxable years ending prior to 2014. The Company’s major foreign jurisdictions are Brazil, Canada, China, France, Germany, Italy, Mexico, and Poland. The Company is no longer subject to income tax examinations in major foreign jurisdictions for years prior to 2017.

During the next twelve months, it is reasonably possible that, as a result of audit settlements and the completion of current examinations, the Company may decrease the amount of its gross unrecognized tax benefits by approximately $1,359, all of which, if recognized, would impact the effective tax rate.

The Company classifies all income tax related interest and penalties as income tax expense. The Company has liabilities of $710 and $1,277 recorded as of December 31, 2021 and 2020, respectively, for tax related interest and penalties on its consolidated balance sheet.

XML

Net Income Per Share Attributable to Cooper-Standard Holdings Inc.

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Income Per Share Attributable to Cooper-Standard Holdings Inc.

Net (Loss) Income Per Share Attributable to Cooper-Standard Holdings Inc.

Basic net (loss) income per share attributable to Cooper-Standard Holdings Inc. was computed by dividing net (loss) income attributable to Cooper-Standard Holdings Inc. by the weighted average number of shares of common stock outstanding during the period. Diluted net (loss) income per share attributable to Cooper-Standard Holdings Inc. was computed using the treasury stock method by dividing diluted net (loss) 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 (loss) income per share attributable to Cooper-Standard Holdings Inc. was as follows:

	Year Ended December 31,
	2021		2020		2019
Net (loss) income available to Cooper-Standard Holdings Inc. common stockholders	$	(322,835)	$	(267,605)	$	67,529
Basic weighted average shares of common stock outstanding	17,045,353		16,913,850		17,146,124
Dilutive effect of common stock equivalents	—		—		62,644
Diluted weighted average shares of common stock outstanding	17,045,353		16,913,850		17,208,768
Basic net (loss) income per share attributable to Cooper-Standard Holdings Inc.	$	(18.94)	$	(15.82)	$	3.94
Diluted net (loss) income per share attributable to Cooper-Standard Holdings Inc.	$	(18.94)	$	(15.82)	$	3.92

Approximately 166,000 and 71,000 securities were excluded from the calculation of diluted (loss) earnings per share for the years ended December 31, 2021 and 2020, because the inclusion of such securities in the calculation would have been anti-dilutive. There were no anti-dilutive securities during the year ended December 31, 2019.

XML

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

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:

	Cumulative currency translation adjustment			Benefit plan  liabilities			Fair value change of derivatives			Total
Balance as of December 31, 2019	$	(153,933)		$	(100,160)		$	352		$	(253,741)
Other comprehensive income (loss) before reclassifications	15,708		(1)	(11,254)		(2)	(4,700)		(3)	(246)
Amounts reclassified from accumulated other comprehensive income (loss)	1,646			5,335		(4)	5,110		(5)	12,091
Balance as of December 31, 2020	(136,579)			(106,079)			762			(241,896)
Other comprehensive income (loss) before reclassifications	(2,316)		(1)	35,506		(2)	(843)		(3)	32,347
Amounts reclassified from accumulated other comprehensive income (loss)	144			5,270		(6)	(1,049)		(5)	4,365
Balance as of December 31, 2021	$	(138,751)		$	(65,303)		$	(1,130)		$	(205,184)

(1)Includes $(5,077) and $4,430 of other comprehensive income (loss) for the years ended December 31, 2021 and 2020, respectively, that are related to intra-entity foreign currency balances that are of a long-term investment nature.

(2)Net of tax benefit of $248 and $571 for the years ended December 31, 2021 and 2020, respectively.

(3)Net of tax expense (benefit) of $298 and $(1,580) for the years ended December 31, 2021 and 2020, respectively.

(4)Includes the effect of the amortization of actuarial losses of $3,851, settlement losses of $1,020, net losses of $744 related to the divestiture of certain businesses in Europe and India, and the amortization of prior service costs of $106, net of tax of $386.

(5)Net of tax expense (benefit) of $383 and $(1,835) for the years ended December 31, 2021 and 2020, respectively.

(6)Includes the effect of the amortization of actuarial losses of $3,484, net settlement losses of $1,291, net curtailment losses of $305, and the amortization of prior service costs of $205, net of tax of $15.

XML

Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity

Equity

Common Stock

The Company is authorized to issue up to 190,000,000 shares of common stock, par value $0.001 per share. As of December 31, 2021, an aggregate of 19,057,788 shares of its common stock were issued, and 16,991,979 shares were outstanding.

Holders of shares of common stock are entitled to one vote for each share on each matter on which holders of common stock are entitled to vote. Holders of common stock are entitled to ratably receive dividends and other distributions when, as and if declared by the Company’s board of directors out of assets or funds legally available therefore. The ABL Facility, the Term Loan Facility, the Senior Notes, and the Senior Secured Notes each contain covenants that restrict the Company’s ability to pay dividends or make distributions on the common stock, subject to certain exceptions.

In the event of the liquidation, dissolution or winding up of the Company, holders of common stock are entitled to share ratably in the Company assets, if any, remaining after the payment of all the Company’s debts and liabilities.

Share Repurchase Program

In June 2018, the Company’s Board of Directors approved a 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 management and in accordance with prevailing market conditions and federal securities laws and regulations. The Company expects to fund any future repurchases from cash on hand and future cash flows from operations. The Company is not obligated to acquire a particular amount of securities, and the 2018 Program may be discontinued at any time at the Company’s discretion. The 2018 Program was effective beginning November 2018. As of December 31, 2021, the Company had approximately $98,720 of repurchase authorization under the 2018 Program.

The Company did not make any repurchases during the years ended December 31, 2021 or 2020.

XML

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-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. There are 1,453,092 shares of common stock authorized for awards granted under the current plan. Under previous plans, a total of 5,873,103 shares were authorized for awards. The plans provide for the grant of stock options, stock appreciation rights, shares of common stock, restricted stock, restricted stock units (“RSUs”), performance-vested restricted stock units (“PUs”), incentive awards and certain other types of awards to key employees and directors of the Company and its affiliates.

The Company measures share-based compensation expense at fair value and recognizes such expense on a straight-line basis over the vesting period of the share-based employee awards. The compensation expense related to stock options, restricted stock and performance units granted to key employees and directors of the Company, which is quantified below, does not represent payments actually made to these employees. Rather, the amounts represent the non-cash compensation expense recognized by the Company in connection with these awards for financial reporting purposes. The actual value of these awards to the recipients will depend on the trading price of the Company’s stock when the awards vest. In accordance with the Company’s long-term incentive plans, share-based compensation awards that settle in shares of Company stock may be delivered on a gross settlement basis or a net settlement basis, as determined by the recipient.

Share-based compensation expense (income) was as follows:

	Year Ended December 31,
	2021		2020		2019
PUs	$	(916)	$	916	$	277
RSUs	4,201		6,994		8,432
Stock options	2,289		2,525		3,156
Total	$	5,574	$	10,435	$	11,865

Stock Options

Stock option awards are granted at the fair market value of the Company’s stock price at the date of the grant and have a 10 year term. The stock option grants vest over three years from the date of grant.

Stock option transactions and related information for the year ended December 31, 2021 was as follows:

	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding as of January 1, 2021	741,419	$	62.64
Granted	145,815	$	35.74
Exercised	(13,811)	$	25.19
Forfeited	(53,646)	$	34.40
Expired	(19,758)	$	91.56
Outstanding as of December 31, 2021	800,019	$	59.57	5.1	$	—
Exercisable as of December 31, 2021	518,479	$	72.25	4.0	$	—

The weighted-average grant date fair value of stock options granted during the years ended December 31, 2021, 2020 and 2019 was $16.46, $8.85 and $24.22, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2021 and 2019 was $142 and $243, respectively. There were no stock options exercised during the year ended December 31, 2020.

As of December 31, 2021, unrecognized compensation expense for stock options amounted to $2,129. Such cost is expected to be recognized over a weighted average period of approximately 1.8 years.

The fair value of the options was estimated at the date of the grant using the Black-Scholes option pricing model. Expected volatility was based on the historical volatility of the Company’s common stock. The expected option life was calculated using the simplified method. The risk-free rate is based on the U.S. Treasury zero-coupon issues with a term equal to the expected option life on the date the stock options were granted. The fair value of each option was estimated using the following assumptions:

	2021		2020		2019
Expected volatility	48.65% - 50.50%		33.74	%	29.48% - 31.10%
Dividend yield	0.00	%	0.00	%	0.00	%
Expected option life - years	6.0		6.0		6.0
Risk-free rate	0.6% - 0.9%		1.50	%	1.8% - 2.5%

Restricted Stock and Restricted Stock Units

The fair value of the restricted stock and restricted stock units is determined based on the closing price of the common stock on the date of grant. The restricted stock and restricted stock units vest over one or three years.

Restricted stock and restricted stock units transactions and related information for the year ended December 31, 2021 was as follows:

	Restricted Stock and Restricted Units	Weighted Average Grant Date Fair Value
Non-vested as of January 1, 2021	385,635	$	54.10
Granted	87,513	$	32.38
Vested	(199,473)	$	46.62
Forfeited	(31,661)	$	51.14
Non-vested as of December 31, 2021	242,014	$	48.38

The weighted-average grant date fair value of restricted stock and restricted stock units granted during the years ended December 31, 2021, 2020 and 2019 was $32.38, $17.62 and $66.12, respectively. The total fair value of restricted stock and restricted stock units vested during the years ended December 31, 2021, 2020 and 2019 was $9,299, $7,786 and $9,859, respectively.

As of December 31, 2021, unrecognized compensation expense for restricted stock and restricted stock units amounted to $2,223. Such cost is expected to be recognized over a weighted-average period of approximately 1.3 years.

Performance-Vested Restricted Stock Units

The actual number of performance units that will vest depends on the Company’s achievement of target performance goals related to the Company’s ROIC and total shareholder return over a performance period, which may range from 0% to 200% of the target award amount. The PUs cliff vest at the end of their three-year performance period or vest ratably over three years after their initial two-year performance period. PUs that are expected to be settled in shares of the Company’s common stock are accounted for as equity awards, and the fair value is determined based on the closing price of the common stock on the date of grant. PUs that are expected to be settled in cash are accounted for as liability awards.

A summary of activity for performance-vested restricted stock units transactions and related information for the year ended December 31, 2021 was as follows:

	Stock Settled Performance Units	Cash Settled Performance Units	Weighted Average Grant Date Fair Value
Non-vested as of January 1, 2021	131,751	126,489	$	51.45
Granted	—	94,856	$	39.70
Vested at 0% payout	(43,038)	(602)	$	111.45
Forfeited	(7,703)	(31,857)	$	46.81
Non-vested as of December 31, 2021	81,010	188,886	$	51.19

The weighted-average grant date fair value of performance units granted during the years ended December 31, 2021, 2020 and 2019 was $39.70, $10.10 and $78.41, respectively. The total fair value of PUs vested during the years ended December 31, 2021, 2020 and 2019 was $4,864, $5,243, and $5,450, respectively. Actual payout of units vested was 0% and no cash was paid to settle PUs during the years ended December 31, 2021 and 2020. Cash paid to settle PUs during the year ended December 31, 2019 was $3,345.

As of December 31, 2021, there was no unrecognized compensation expense for the PUs.

The fair value of the performance units is estimated using a Monte Carlo simulation. Expected volatility was calculated based on historical stock price volatility over the previous year. The risk-free rate was based on the U.S. Treasury yield curve, generally represented by U.S. Treasury securities, with a term equal to the expected life of the performance units. The dividend yield was assumed to be zero based on Company’s historical patterns and future expectation. The fair value of the performance units were estimated using the following assumptions:

	2021		2020
Expected volatility	99.40	%	116.60	%
Dividend yield	0.00	%	0.00	%
Risk-free rate	0.14	%	0.10	%

XML

Contingent Liabilities

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Contingent Liabilities

Contingent Liabilities

Litigation and Claims

Various legal actions, proceedings, and claims (generally, “matters”) are pending or may be instituted or asserted against the Company. The Company accrues for matters when losses are deemed probable and reasonably estimable. Any resulting adjustments, which could be material, are recorded in the period the adjustments are identified. As of December 31, 2021, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already accrued for matters, if any, has been incurred. However, the ultimate resolutions of these matters are inherently unpredictable and could require payment substantially in excess of the amounts that have been accrued or disclosed.

 Environmental

The Company is subject to a broad range of federal, state and local environmental and occupational safety and health laws and regulations in the United States and other countries, including those governing: emissions to air, discharges to water, noise and odor emissions; the generation, handling, storage, transportation, treatment, reclamation and disposal of chemicals and waste materials; the cleanup of contaminated properties; and human health and safety. The Company may incur substantial costs associated with hazardous substance contamination or exposure, including cleanup costs, fines, and civil or criminal sanctions, third party property or natural resource damage, personal injury claims or costs to upgrade or replace existing equipment as a result of violations of or liabilities under environmental laws or the failure to maintain or comply with environmental permits required at their locations. In addition, many of the Company’s current and former facilities are located on properties with long histories of industrial or commercial operations, and some of these properties have been subject to certain environmental investigations and remediation activities. The Company maintains environmental reserves for certain of these sites. As of December 31, 2021 and 2020, the Company had $9,965 and $13,302, respectively, reserved in accrued liabilities and other liabilities on the consolidated balance sheet on an undiscounted basis, which it believes are adequate. Because some environmental laws (such as the Comprehensive Environmental Response, Compensation and Liability Act and analogous state laws) can impose liability retroactively and regardless of fault on potentially responsible parties for the entire cost of cleanup at

currently or formerly owned or operated facilities, as well as sites at which such parties disposed or arranged for disposal of hazardous waste, the Company could become liable for investigating or remediating contamination at their current or former properties or other properties (including offsite waste disposal locations). The Company may not always be in complete compliance with all applicable requirements of environmental laws or regulation, and the Company may receive notices of violation or become subject to enforcement actions or incur material costs or liabilities in connection with such requirements. In addition, new environmental requirements or changes to interpretations of existing requirements, or in their enforcement, could have a material adverse effect on the Company’s business, results of operations, and financial condition. The Company has made and will continue to make expenditures to comply with environmental requirements. While the Company’s costs to defend and settle known claims arising under environmental laws have not been material in the past and are not currently estimated to have a material adverse effect on the Company’s financial condition, such costs may be material to the Company’s financial statements in the future.

Brazil Indirect Tax Claim

In 2019, the Superior Judicial Court of Brazil rendered a favorable decision on a case challenging whether a certain state value-added tax should be included in the calculation of federal gross receipts taxes. The decision will allow the Company the right to recover, through offset of federal tax liabilities, amounts collected by the government. As a result of the favorable decision, the Company recorded pre-tax recoveries of $8,000 in the South America segment and in cost of products sold for the year ended December 31, 2019. As of December 31, 2021, the Company had $5,375 of pre-tax recoveries remaining. Timing on realization of these remaining recoveries is dependent upon generation of federal tax liabilities eligible for offset.

XML

Business Segments

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Business Segments

Business Segments

The Company’s automotive business is organized in the following reportable segments: North America, Europe, Asia Pacific and South America. All other business activities are reported in Corporate, eliminations and other. The Company’s principal products within each of the reportable segments are sealing, fuel and brake delivery, and fluid transfer systems.

The Company uses Segment adjusted EBITDA as the measure of earnings to assess the performance of each segment and determine the resources to be allocated to the segments. 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.

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.”

Certain financial information on the Company’s reportable segments was as follows:

	Year Ended December 31,
	2021		2020		2019
Sales to external customers
North America	$	1,148,257	$	1,141,368	$	1,543,845
Europe	518,245		586,739		826,335
Asia Pacific	458,306		468,042		503,953
South America	61,713		60,754		94,535
Total Automotive	2,186,521		2,256,903		2,968,668
Corporate, eliminations and other	143,670		118,536		139,732
Consolidated	$	2,330,191	$	2,375,439	$	3,108,400

	Year Ended December 31,
	2021		2020		2019
Intersegment sales
North America	$	9,775	$	12,267	$	19,701
Europe	9,502		9,569		11,744
Asia Pacific	1,863		2,406		3,050
South America	15		72		193
Total Automotive	21,155		24,314		34,688
Corporate, eliminations and other	(21,155)		(24,314)		(34,688)
Consolidated	$	—	$	—	$	—
Adjusted EBITDA
North America	$	54,616	$	90,638	$	213,250
Europe	(49,599)		(39,004)		22,922
Asia Pacific	(16,756)		12,472		(27,497)
South America	(9,852)		(13,841)		(3,446)
Total Automotive	(21,591)		50,265		205,229
Corporate, eliminations and other	13,557		(14,588)		(3,621)
Consolidated	$	(8,034)	$	35,677	$	201,608
Net interest expense
North America	$	470	$	504	$	96
Europe	1,274		1,082		318
Asia Pacific	1,445		2,205		4,139
South America	362		225		3
Total Automotive	3,551		4,016		4,556
Corporate, eliminations and other	68,960		55,151		39,557
Consolidated	$	72,511	$	59,167	$	44,113
Depreciation and amortization expense
North America	$	54,779	$	60,193	$	62,604
Europe	32,655		36,707		38,572
Asia Pacific	32,426		31,789		31,881
South America	2,531		2,392		2,658
Total Automotive	122,391		131,081		135,715
Corporate, eliminations and other	16,617		23,148		16,238
Consolidated	$	139,008	$	154,229	$	151,953

	Year Ended December 31,
	2021		2020		2019
Capital expenditures
North America	$	36,370	$	30,921	$	64,887
Europe	27,384		25,369		34,587
Asia Pacific	20,473		21,809		40,214
South America	3,959		2,476		7,340
Total Automotive	88,186		80,575		147,028
Corporate, eliminations and other	7,921		11,219		17,438
Consolidated	$	96,107	$	91,794	$	164,466

	Year Ended December 31,
	2021		2020		2019
Adjusted EBITDA	$	(8,034)	$	35,677	$	201,608
Impairment charges	(25,609)		(103,887)		(23,139)
Restructuring charges	(36,950)		(39,482)		(51,102)
Pension settlement charges	(1,279)		(184)		(15,997)
Lease termination costs	(748)		(771)		(1,167)
Gain on sale of business, net	696		2,834		191,571
Project costs	—		(5,648)		(2,090)
Divested noncontrolling interest debt extinguishment	—		(3,595)		—
EBITDA	$	(71,924)	$	(115,056)	$	299,684
Income tax (expense) benefit	(39,392)		60,847		(36,089)
Interest expense, net of interest income	(72,511)		(59,167)		(44,113)
Depreciation and amortization	(139,008)		(154,229)		(151,953)
Net (loss) income attributable to Cooper-Standard Holdings Inc.	$	(322,835)	$	(267,605)	$	67,529

	December 31,
	2021		2020
Segment assets
North America	$	885,517	$	907,652
Europe	372,097		465,031
Asia Pacific	510,524		587,610
South America	61,479		64,800
Total Automotive	1,829,617		2,025,093
Corporate, eliminations and other	396,876		586,851
Consolidated	$	2,226,493	$	2,611,944

Geographic Information

Geographic information for revenues, based on country of origin, and property, plant and equipment, net, is as follows:

	Year Ended December 31,
	2021		2020		2019
Revenues
Mexico	$	592,777	$	578,790	$	723,228
United States	539,528		518,497		729,866
China	371,811		364,207		355,667
Poland	168,357		191,530		270,197
Canada	116,854		125,729		188,652
Germany	116,509		114,221		151,441
France	94,334		97,289		159,859
Other	330,021		385,176		529,490
Consolidated	$	2,330,191	$	2,375,439	$	3,108,400
			December 31,
			2021		2020
Property, plant and equipment, net
China			$	182,298	$	192,005
United States			161,780		188,246
Mexico			139,630		145,452
Poland			67,521		77,789
Germany			47,885		72,979
Canada			29,482		29,500
France			21,921		33,087
Other			133,831		153,251
Consolidated			$	784,348	$	892,309

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 2021, 2020 and 2019 are as follows:

	2021 Percentage of Net Sales		2020 Percentage of Net Sales		2019 Percentage of Net Sales
Customer
Ford	24	%	24	%	25	%
General Motors	17	%	19	%	18	%
Stellantis (1)	14	%	14	%	17	%

(1) 2019 and 2020 percentages include FCA and Groupe PSA

XML

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

Valuation and Qualifying Accounts

(dollars in millions)

 

Description	Balance at beginning of period			Charged to Expenses		Charged (credited) to other accounts (1)	Deductions (2)	Balance at end of period
Allowance for credit losses
Year ended December 31, 2021	$	7.1		16.4	(3)	(0.3)	(2.9)	$	20.3
Year ended December 31, 2020	$	10.7	(4)	0.7		0.5	(4.8)	$	7.1
Year ended December 31, 2019	$	5.6		5.5	(5)	(0.1)	(1.9)	$	9.1

(1) Primarily foreign currency translation.

(2) Includes impact of divestitures.

(3) Includes $11.2 resulting from the bankruptcy proceedings of a divested joint venture.

(4) Includes $1.6 adjustment due to adoption of ASU 2016-13 as of January 1, 2020.

(5) Increase in 2019 relates to commercial settlements in China.

Description	Balance at beginning of period		Additions					Balance at end of period
			Charged to Income		Charged to Equity (6)	Deductions
Tax valuation allowance
Year ended December 31, 2021	$	234.4	124.2	(7)	(23.6)	—		$	335.0
Year ended December 31, 2020	$	194.8	51.6	(8)	7.3	(19.3)	(9)	$	234.4
Year ended December 31, 2019	$	171.2	24.6	(10)	(1.0)	—		$	194.8

(6) Includes foreign currency translation.

(7) Primarily related to 2021 losses with no benefit in the U.S. and certain foreign jurisdictions in addition to new valuation allowance in the U.S., France and Canada.

(8) Primarily related to 2020 losses with no benefit in certain foreign jurisdictions and U.S. states and new valuation allowances in foreign jurisdictions and U.S. states.

(9) Deductions a result of the divestiture of our European rubber, fluid transfer, and specialty sealing businesses as well as our Indian operations.         

(10) Primarily related to 2019 losses with no benefit in certain foreign jurisdictions.

XML

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of presentation

The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”).

Principles of combination and consolidation

Principles of Consolidation – The consolidated financial statements include the accounts of the Company and the wholly-owned and less than wholly-owned subsidiaries controlled by the Company. All material intercompany accounts and transactions have been eliminated. Acquired businesses are included in the consolidated financial statements from the dates of acquisition or when the Company gained control.The equity method of accounting is followed for investments in which the Company does not have control, but does have the ability to exercise significant influence over operating and financial policies. Generally, this occurs when ownership is between 20% to 50%.

Foreign currency

Foreign Currency – The financial statements of foreign subsidiaries are translated to U.S. dollars at the end-of-period exchange rates for assets and liabilities and at a weighted average exchange rate for each period for revenues and expenses. Translation adjustments for those subsidiaries whose local currency is their functional currency are recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity (“AOCI”). Transaction related gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in earnings as incurred, except for those intercompany balances which are designated as long-term.

Cash and cash equivalents

Cash and Cash Equivalents – The Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents.

Accounts receivable

Accounts Receivable – The Company records trade accounts receivable when revenue is recorded in accordance with its revenue recognition policy and relieves accounts receivable when payments are received from customers. Accounts receivable are written off when it is apparent such amounts are not collectible. Generally, the Company does not require collateral for its accounts receivable, nor is interest charged on accounts receivable balances.The Company receives bank notes from its customers, which are classified as other current assets in the consolidated balance sheets, for certain amounts of accounts receivable, primarily in China. The Company may elect to hold such bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third party financial institutions in exchange for cash.

Allowance for doubtful accounts

Allowance for Credit Losses – An allowance for credit losses is established through charges to the provision for credit losses when it is probable that the outstanding receivable or reimbursable tooling will not be collected. The Company evaluates the adequacy of the allowance for credit losses on a periodic basis, including historical trends in collections and write-offs, management’s judgment of the probability of collecting accounts and management’s evaluation of business risk. This evaluation is inherently subjective, as it requires estimates that are susceptible to revision as more information becomes available. The allowance for credit losses was $20,313 and $7,100 as of December 31, 2021 and 2020, respectively. The increase primarily related to bankruptcy proceedings of a divested joint venture. See Note 4. “Acquisition and Divestitures.”

Advertising expense

Advertising Expense – Expenses incurred for advertising are generally expensed when incurred. Advertising expense was $443, $425 and $711 for the years ended December 31, 2021, 2020 and 2019, respectively.

Inventories

Inventories – Inventories are valued at lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. The Company records inventory reserves for inventory in excess of production and/or forecasted requirements and for obsolete inventory.

	December 31,
	2021		2020
Finished goods	$	43,186	$	39,136
Work in process	37,045		35,477
Raw materials and supplies	77,844		69,129
	$	158,075	$	143,742

Derivative financial instruments

Derivative Financial Instruments – Derivative financial instruments are utilized by the Company to reduce foreign currency exchange. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. On the date the derivative is established, the Company designates the derivative as either a fair value hedge, a cash flow hedge or a net investment hedge in accordance with its established policy. The Company does not enter into derivative financial instruments for trading or speculative purposes.

Income taxes

Income Taxes – Deferred tax assets or liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax laws and rates. A valuation allowance is provided on deferred tax assets if the Company determines that it is more likely than not that the asset will not be realized.

Long-lived assets

Long-lived Assets – Property, plant and equipment are recorded at cost and depreciated using primarily the straight-line method over estimated useful lives. Leasehold improvements are amortized over the expected life of the asset or term of the lease, whichever is shorter. Intangibles with finite lives, which include technology and customer relationships, are amortized over estimated useful lives. The Company evaluates the recoverability of long-lived assets when events and circumstances indicate that the assets may be impaired and the undiscounted net cash flows estimated to be generated by those assets are less than their carrying value. If the net carrying value exceeds the fair value, an impairment loss exists and is calculated based on either estimated salvage value or estimated orderly liquidation value.

Pre-production costs related to long term supply arrangements

Pre-production Costs Related to Long Term Supply Arrangements – Costs for molds, dies and other tools owned by the Company to produce products under long-term supply arrangements are recorded at cost in property, plant and equipment and amortized over the lesser of three years or the term of the related supply agreement. The amounts capitalized were $4,266 and $5,131 as of December 31, 2021 and 2020, respectively. The Company expenses all pre-production tooling costs related to customer-owned tools for which reimbursement is not contractually guaranteed by the customer. Reimbursable tooling costs are recorded in tooling receivable in the accompanying consolidated balance sheets if considered to be receivable in the next twelve months, and in other assets if considered to be receivable beyond twelve months. Tooling receivable for customer-owned tooling as of December 31, 2021 and 2020 was $88,900 and $82,150, respectively. Reimbursable tooling costs included in other assets in the accompanying consolidated balance sheets were $18,297 and $15,219 as of December 31, 2021 and 2020, respectively.

Goodwill

Goodwill – The Company tests goodwill for impairment on an annual basis in the fourth quarter, or more frequently if an event occurs or circumstances indicate the carrying amount may be impaired. Goodwill impairment testing is performed at the reporting unit level. The impairment test involves first qualitatively assessing goodwill for impairment. If the qualitative assessment is not met, a quantitative assessment is performed by comparing the estimated fair value of each reporting unit to its carrying value. If the carrying value exceeds the fair value, an impairment charge is recorded based on that difference.

In the fourth quarter of 2021, the Company completed a quantitative goodwill impairment assessment, and after evaluating the results, events and circumstances, the Company concluded that sufficient evidence existed to assert quantitatively that the estimated fair value of the North America and Industrial Specialty Group reporting units remained in excess of their carrying values. However, the estimated fair value of the Europe reporting unit did not exceed its carrying value. As a result, the Company recorded an impairment for the Europe reporting unit. See Note 9. “Goodwill and Intangible Assets”.

In the fourth quarter of 2020, the Company completed a quantitative goodwill impairment assessment, and no impairment was identified as a result of completing the goodwill impairment test.

Business Combinations Policy [Policy Text Block]

Business Combinations – The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. Determining the fair values of assets acquired and liabilities assumed requires management’s judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items.

Revenue recognition and sales commitments

Revenue Recognition and Sales Commitments – In accordance with ASC 606, Revenue from Contracts with Customers, revenue is recognized when the performance obligations are satisfied. 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. The Company’s contracts may 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.

Revenue is recognized for manufactured parts 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 into 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.

Shipping and Handling Cost, Policy [Policy Text Block]

Shipping and Handling – Amounts billed to customers related to shipping and handling are included in sales in the Company’s consolidated statements of operations. Shipping and handling costs are included in cost of products sold in the Company’s consolidated statements of operations.

Research and development

Research and Development – Engineering, research and development, and program management costs are charged to selling, administration and engineering expenses as incurred and totaled $89,956, $101,607 and $114,854 for the years ended December 31, 2021, 2020 and 2019, respectively.

Stock-based compensation

Share-based Compensation – The Company measures share-based compensation expense at fair value and generally recognizes such expenses on a straight-line basis over the vesting period of the share-based employee awards. See Note 20. “Share-Based Compensation” for additional information.

Use of estimates

Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect amounts reflected in the consolidated financial statements, as well as disclosure of contingent assets and liabilities. Considerable judgment is often involved in making such estimates, and the use of different assumptions could result in different conclusions. Management believes its assumptions and estimates are reasonable and appropriate. However, actual results could differ from those estimates.

XML

New Accounting Pronouncements (Policies)

12 Months Ended

Dec. 31, 2021

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Pronouncements

The Company adopted the following Accounting Standards Updates (“ASU”) in 2021, which did not have a material impact on its consolidated financial statements:

Standard	Description	Effective Date
ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes	Modifies ASC Topic 740 by removing certain exceptions and amending existing guidance in order to simplify the accounting for income taxes.	January 1, 2021
ASU 2021-01, Reference Rate Reform (Topic 848): Scope	Clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition and tailors the existing guidance to derivative instruments affected by the discounting transition.	January 1, 2021

Recently Issued Accounting Pronouncements

The Company considered the recently issued accounting pronouncement summarized as follows, which is not expected to have a material impact on its consolidated finance statements or disclosures:

Standard	Description	Effective Date
ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance	Requires new annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model.	January 1, 2022

XML

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Inventories

	December 31,
	2021		2020
Finished goods	$	43,186	$	39,136
Work in process	37,045		35,477
Raw materials and supplies	77,844		69,129
	$	158,075	$	143,742

XML

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

Revenue by customer group for the year ended December 31, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	1,119,736	$	496,169	$	455,445	$	61,683	$	—	$	2,133,033
Commercial	14,092		21,417		2,855		30		5,165		43,559
Other	14,429		659		6		—		138,505		153,599
Revenue	$	1,148,257	$	518,245	$	458,306	$	61,713	$	143,670	$	2,330,191

Revenue by customer group for the year ended December 31, 2020 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	1,110,294	$	554,349	$	463,586	$	60,676	$	—	$	2,188,905
Commercial	11,291		18,134		4,338		22		3,731		37,516
Other	19,783		14,256		118		56		114,805		149,018
Revenue	$	1,141,368	$	586,739	$	468,042	$	60,754	$	118,536	$	2,375,439

Revenue by customer group for the year ended December 31, 2019 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	1,504,136	$	765,766	$	503,676	$	94,310	$	5	$	2,867,893
Commercial	17,784		28,068		73		114		1,213		47,252
Other	21,925		32,501		204		111		138,514		193,255
Revenue	$	1,543,845	$	826,335	$	503,953	$	94,535	$	139,732	$	3,108,400

Revenue by product line for the year ended December 31, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	425,388	$	406,677	$	287,117	$	46,748	$	—	$	1,165,930
Fuel and brake delivery systems	364,309		94,751		107,137		9,789		—		575,986
Fluid transfer systems	358,560		16,817		64,052		5,176		—		444,605
Other	—		—		—		—		143,670		143,670
Consolidated	$	1,148,257	$	518,245	$	458,306	$	61,713	$	143,670	$	2,330,191

Revenue by product line for the year ended December 31, 2020 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	433,291	$	438,012	$	298,028	$	39,354	$	—	$	1,208,685
Fuel and brake delivery systems	371,397		95,516		110,403		16,968		—		594,284
Fluid transfer systems	336,680		41,102		59,611		4,432		—		441,825
Other	—		12,109		—		—		118,536		130,645
Consolidated	$	1,141,368	$	586,739	$	468,042	$	60,754	$	118,536	$	2,375,439

Revenue by product line for the year ended December 31, 2019 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	553,901	$	563,529	$	334,056	$	69,111	$	—	$	1,520,597
Fuel and brake delivery systems	479,962		124,803		112,253		23,871		—		740,889
Fluid transfer systems	453,064		87,375		56,180		1,553		—		598,172
Anti-vibration systems	56,457		20,807		1,464		—		—		78,728
Other	461		29,821		—		—		139,732		170,014
Consolidated	$	1,543,845	$	826,335	$	503,953	$	94,535	$	139,732	$	3,108,400

Contract with Customer, Asset and Liability [Table Text Block]

Net contract (liabilities) assets consisted of the following:

	December 31, 2021		December 31, 2020		Change
Contract assets	$	—	$	777	$	(777)
Contract liabilities	(143)		(27)		(116)
Net contract (liabilities) assets	$	(143)	$	750	$	(893)

XML

Restructuring (Tables)

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Expense

Restructuring expense by segment for the years ended December 31, 2021, 2020 and 2019 was as follows:

	Year Ended December 31,
	2021		2020		2019
North America	$	5,710	$	16,499	$	10,831
Europe	27,986		14,573		23,525
Asia Pacific	2,013		4,773		6,781
South America	580		2,129		37
Total Automotive	36,289		37,974		41,174
Corporate and other	661		1,508		9,928
Total	$	36,950	$	39,482	$	51,102

Summary of Activity of Restructuring

Restructuring activity for all restructuring initiatives for the years ended December 31, 2021 and 2020 was as follows:

	Employee Separation Costs		Other Exit Costs		Total
Balance as of December 31, 2019	$	22,990	$	4,005	$	26,995
Expense	17,926		21,556		39,482
Cash payments	(25,261)		(15,071)		(40,332)
Non-cash fixed asset and intangible impairments included in expense	—		(2,558)		(2,558)
Foreign exchange translation and other	(626)		474		(152)
Balance as of December 31, 2020	$	15,029	$	8,406	$	23,435
Expense	32,000		4,950		36,950
Cash payments	(24,820)		(7,952)		(32,772)
Non-cash fixed asset impairments included in expense	—		(214)		(214)
Foreign exchange translation and other	(1,252)		437		(815)
Balance as of December 31, 2021	$	20,957	$	5,627	$	26,584

XML

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lease, Cost [Table Text Block]

The components of lease expense were as follows:

	Year Ended December 31,
	2021		2020		2019
Operating lease expense	$	31,912	$	32,053	$	33,360
Short-term lease expense	6,736		5,069		3,557
Variable lease expense	907		942		1,619
Finance lease expense:
Amortization of right-of-use assets	2,102		2,564		2,550
Interest on lease liabilities	1,444		1,551		1,438
Total lease expense	$	43,101	$	42,179	$	42,524

Cash Flow, Supplemental Disclosures [Text Block]

Other information related to leases was as follows:

	Year Ended December 31,
	2021			2020			2019
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	33,402		$	30,830		$	34,235
Operating cash flows for finance leases	1,440			1,563			1,438
Financing cash flows for finance leases	2,133			2,081			1,284
Non-cash right-of-use assets obtained in exchange for lease obligations:
Operating leases	25,010			50,663			11,143
Finance leases	644			549			22,671
Weighted Average Remaining Lease Term (in years)
Operating leases	7.5			8.0			5.2
Finance leases	9.7			10.5			11.3
Weighted Average Discount Rate
Operating leases	5.9		%	5.4		%	4.7		%
Finance leases	5.8		%	5.7		%	6.1		%

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Future minimum lease payments under non-cancellable leases as of December 31, 2021 were as follows:

Year	Operating Leases		Finance Leases
2022	$	28,267	$	3,281
2023	23,948		3,207
2024	17,492		3,445
2025	14,722		3,494
2026	11,076		3,206
Thereafter	48,879		17,343
Total future minimum lease payments	144,384		33,976
Less imputed interest	(29,072)		(8,233)
Total	$	115,312	$	25,743

XML

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Summary of Property Plant and Equipment

Property, plant and equipment consists of the following:

 

	December 31,				Estimated
	2021		2020		Useful Lives
Land and improvements	$	44,495	$	61,226	10 to 25 years
Buildings and improvements	285,240		298,431		10 to 40 years
Machinery and equipment	1,269,330		1,277,624		5 to 10 years
Construction in progress	80,868		96,706
	$	1,679,933	$	1,733,987
Accumulated depreciation	(895,585)		(841,678)
Property, plant and equipment, net	$	784,348	$	892,309

Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block]

A summary of these asset impairment charges is as follows:

	Year Ended December 31,
	2021		2020		2019
North America	$	8,479	$	947	$	—
Europe	9,179		11,938		9,943
Asia Pacific	7,071		4,080		13,146
Total Automotive	24,729		16,965		23,089
Corporate and other	490		281		50
Total	$	25,219	$	17,246	$	23,139

XML

Goodwill and Intangibles (Tables)

12 Months Ended

Dec. 31, 2021

Finite-Lived Intangible Assets [Line Items]

Carrying Amount of Goodwill by Reportable Operating Segment

Changes in the carrying amount of goodwill by reporting unit for the years ended December 31, 2021 and 2020 were as follows:

	North America		Industrial Specialty Group		Total
Balance as of December 31, 2019	$	142,187	$	—	$	142,187
Change in organizational structure	(14,036)		14,036		—
Foreign exchange translation	63		—		63
Balance as of December 31, 2020	$	128,214	$	14,036	$	142,250
Foreign exchange translation	32		—		32
Balance as of December 31, 2021	$	128,246	$	14,036	$	142,282

Intangible Assets and Accumulated Amortization Balances

ntangible assets and accumulated amortization balances as of December 31, 2021 and 2020 were as follows:

	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	154,767	$	(126,626)	$	28,141
Other	44,955		(12,721)		32,234
Balance as of December 31, 2021	$	199,722	$	(139,347)	$	60,375
Customer relationships	$	155,409	$	(122,657)	$	32,752
Other	44,826		(9,899)		34,927
Balance as of December 31, 2020	$	200,235	$	(132,556)	$	67,679

Estimated Amortization Expense

Estimated amortization expense for the next five years is shown in the table below:

Year	Expense
2022	$	7,320
2023	7,315
2024	7,052
2025	6,609
2026	4,831

XML

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Outstanding Debt

A summary of outstanding debt as of December 31, 2021 and 2020 was as follows:

	December 31,
	2021		2020
Senior Notes	$	396,544	$	395,829
Senior Secured Notes	241,683		239,567
Term Loan Facility	321,212		323,636
Finance Leases	25,743		28,452
Other borrowings	51,533		36,007
Total debt	1,036,715		1,023,491
Less current portion	(56,111)		(40,731)
Total long-term debt	$	980,604	$	982,760

Maturities of Debt

The principal maturities of debt, at nominal value, as of December 31, 2021 are as follows:

Year	Debt and Finance Lease Obligations
2022	$	57,578
2023	322,171
2024	252,692
2025	2,687
2026	402,432
Thereafter	12,716
Total	$	1,050,276

XML

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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 liabilities measured or disclosed at fair value on a recurring basis as of December 31, 2021 and 2020, was as follows:

	December 31, 2021		December 31, 2020		Input
Forward foreign exchange contracts - other current assets	$	647	$	1,826	Level 2
Forward foreign exchange contracts - accrued liabilities	$	(1,535)	$	(750)	Level 2

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

Fair values of the Company’s Senior Notes, Senior Secured Notes, and Term Loan Facility were as follows:

	December 31, 2021		December 31, 2020
Aggregate fair value	$	899,909	$	965,052
Aggregate carrying value (1)	$	973,000	$	976,400

(1) Excludes unamortized debt issuance costs and unamortized original issue discount.

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:

	Gain (Loss) Recognized in OCI
	Year Ended December 31,
	2021		2020
Forward foreign exchange contracts	$	(545)	$	(6,280)

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:

		Gain (Loss) Reclassified from AOCI to Income
		Year Ended December 31,
	Classification	2021		2020
Forward foreign exchange contracts	Cost of products sold	$	1,432	$	(6,945)

XML

Accounts Receivable Factoring (Tables)

12 Months Ended

Dec. 31, 2021

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:

	December 31, 2021		December 31, 2020
Off-balance sheet arrangements	$	52,743	$	85,108

Receivables Factored and Costs Incurred [Table Text Block]

Accounts receivable factored and related costs throughout the period were as follows:

	Off-Balance Sheet Arrangements
	Year Ended December 31,
	2021		2020
Accounts receivable factored	$	366,878	$	476,405

	Off-Balance Sheet Arrangements
	Year Ended December 31,
	2021		2020		2019
Costs	$	528	$	776	$	1,007

XML

Pensions (Tables) - Pension Plan [Member]

12 Months Ended

Dec. 31, 2021

Defined Benefit Plan Disclosure [Line Items]

Schedule of Defined Benefit Pension Plans

Information related to the Company’s defined benefit pension plans was as follows:

	Year Ended December 31,
	2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Change in projected benefit obligations:
Projected benefit obligations at beginning of period	$	271,397	$	195,407	$	255,935	$	184,364
Service cost	891		3,345		853		3,992
Interest cost	6,516		2,558		8,132		3,200
Net actuarial (gain) loss	(8,589)		(12,976)		19,755		8,704
Benefits paid	(13,107)		(5,324)		(13,278)		(6,925)
Foreign exchange translation	—		(9,610)		—		11,582
Settlements	—		(8,210)		—		(5,170)
Divestiture	—		—		—		(4,392)
Other	—		(233)		—		52
Projected benefit obligations at end of period	$	257,108	$	164,957	$	271,397	$	195,407
Change in plan assets:
Fair value of plan assets at beginning of period	$	267,343	$	54,548	$	244,613	$	54,806
Actual return on plan assets	18,175		1,280		34,971		5,313
Employer contributions	1,037		5,526		1,037		5,673
Benefits paid	(13,107)		(5,324)		(13,278)		(6,925)
Foreign exchange translation	—		225		—		940
Settlements	—		(8,210)		—		(5,170)
Divestiture	—		—		—		(108)
Other	—		2		—		19
Fair value of plan assets at end of period	$	273,448	$	48,047	$	267,343	$	54,548
Funded status of the plans	$	16,340	$	(116,910)	$	(4,054)	$	(140,859)

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

	December 31, 2021				December 31, 2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Amounts recognized in the consolidated balance sheet:
Other assets	$	29,804	$	4,245	$	10,513	$	1,921
Accrued liabilities	(1,018)		(3,721)		(1,020)		(4,097)
Pension benefits (long term)	(12,446)		(117,434)		(13,547)		(138,683)

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

Pre-tax amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit (income) cost as of December 31, 2021 and 2020 were as follows:

	December 31, 2021				December 31, 2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Prior service costs	$	(56)	$	(185)	$	(76)	$	(497)
Actuarial losses	(43,574)		(33,742)		(57,731)		(53,657)

Components of Net Periodic Benefit Cost

The components of net periodic benefit (income) cost for the Company’s defined benefit plans were as follows:

	Year Ended December 31,
	2021				2020				2019
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	891	$	3,345	$	853	$	3,992	$	809	$	3,893
Interest cost	6,516		2,558		8,132		3,200		10,955		4,037
Expected return on plan assets	(14,257)		(1,320)		(13,683)		(2,415)		(16,353)		(2,400)
Amortization of prior service cost and actuarial loss	1,670		2,635		1,940		3,478		2,914		2,373
Settlements	—		1,279		—		184		15,247		572
Other	—		118		—		(11)		—		956
Net periodic benefit (income) cost	$	(5,180)	$	8,615	$	(2,758)	$	8,428	$	13,572	$	9,431

Weighted Average Assumptions Used to Determine Benefit Obligations

Weighted average assumptions used to determine benefit obligations as of December 31, 2021 and 2020 were as follows:

 

	2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	2.84	%	1.83	%	2.48	%	1.36	%
Rate of compensation increase	N/A		1.44	%	N/A		1.23	%
Cash balance interest credit rate	4.50	%	N/A		4.50	%	N/A

Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs

Weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2021, 2020 and 2019 were as follows:

	2021				2020				2019
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	2.48	%	1.63	%	3.28	%	2.33	%	4.25	%	2.40	%
Expected return on plan assets	5.50	%	2.48	%	5.75	%	3.73	%	6.50	%	4.63	%
Rate of compensation increase	N/A		1.99	%	N/A		3.99	%	N/A		3.31	%

Pension Plan Assets at Fair Value

The fair value of the Company’s pension plan assets by category using the three-level hierarchy (see Note 11. “Fair Value Measurements and Financial Instruments”) as of December 31, 2021 and 2020 was as follows:

2021	Level 1		Level 2		Assets measured at NAV (1)		Total
Equity funds	$	1,231	$	11,586	$	—	$	12,817
Equity funds measured at net asset value	—		—		41,032		41,032
Bond funds	—		36,133		—		36,133
Bond funds measured at net asset value	—		—		210,492		210,492
Real estate measured at net asset value	—		—		11,270		11,270
Cash and cash equivalents	9,751		—		—		9,751
Total	$	10,982	$	47,719	$	262,794	$	321,495

2020	Level 1		Level 2		Assets measured at NAV (1)		Total
Equity funds	$	18,218	$	16,647	$	—	$	34,865
Equity funds measured at net asset value	—		—		117,309		117,309
Bond funds	—		37,901		—		37,901
Bond funds measured at net asset value	—		—		104,880		104,880
Real estate measured at net asset value	—		—		25,070		25,070
Cash and cash equivalents	1,866		—		—		1,866
Total	$	20,084	$	54,548	$	247,259	$	321,891

(1) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These assets are included in this table to present total pension plan assets at fair value.

Estimated Benefit Payments for Domestic and Foreign Pension Plans

The Company estimates its benefit payments for domestic and foreign pension plans during the next ten years to be as follows: 

Years Ending December 31,	U.S.		Non-U.S.		Total
2022	$	16,902	$	5,785	$	22,687
2023	16,482		6,069		22,551
2024	15,497		21,944		37,441
2025	15,275		7,325		22,600
2026	16,092		7,165		23,257
2027 - 2031	74,195		40,825		115,020

XML

Postretirement Benefits Other Than Pensions (Tables) - Other Postretirement Benefits Plan [Member]

12 Months Ended

Dec. 31, 2021

Defined Benefit Plan Disclosure [Line Items]

Schedule of Postretirement Benefit Plans

Information related to the Company’s postretirement benefit plans was as follows:

	Year Ended December 31,
	2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Change in benefit obligation:
Benefit obligations at beginning of year	$	23,419	$	27,032	$	22,436	$	23,949
Service cost	105		357		103		404
Interest cost	531		701		680		726
Net actuarial (gain) loss	(1,717)		(5,065)		1,603		2,221
Benefits paid	(1,127)		(716)		(1,403)		(663)
Foreign currency exchange rate effect	—		167		—		395
Benefit obligation at end of year	$	21,211	$	22,476	$	23,419	$	27,032
Funded status of the plan	$	(21,211)	$	(22,476)	$	(23,419)	$	(27,032)
Net amount recognized as of December 31	$	(21,211)	$	(22,476)	$	(23,419)	$	(27,032)

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

	December 31, 2021				December 31, 2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Amounts recognized in the consolidated balance sheet:
Accrued liabilities	$	(1,576)	$	(766)	$	(1,648)	$	(968)
Postretirement benefits other than pension (long term)	(19,635)		(21,710)		(21,771)		(26,064)

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

Pre-tax amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit (income) cost as of December 31, 2021 and 2020 were as follows:

	December 31, 2021				December 31, 2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Actuarial gains (losses)	$	11,339	$	(3,760)	$	11,018	$	(9,563)

Components of Net Periodic Benefit Cost

The components of net periodic benefit (income) costs for the Company’s other postretirement benefit plans were as follows:

	Year Ended December 31,
	2021				2020				2019
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	105	$	357	$	103	$	404	$	118	$	397
Interest cost	531		701		680		726		864		752
Amortization of prior service credit and recognized actuarial (gain) loss	(1,396)		752		(1,930)		448		(2,441)		320
Other	—		—		—		—		—		48
Net periodic benefit (income) cost	$	(760)	$	1,810	$	(1,147)	$	1,578	$	(1,459)	$	1,517

Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations

Weighted average assumptions used to determine benefit obligations as of December 31, 2021 and 2020 were as follows:

	2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	2.75	%	3.05	%	2.35	%	2.65	%

Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs

Weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2021, 2020 and 2019 were as follows:

 

	2021				2020				2019
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	2.35	%	2.65	%	3.15	%	3.05	%	4.20	%	3.65	%

Schedule of Health Care Cost Trend Rates [Table Text Block]

The assumed health care cost trend rates used to measure the postretirement benefit obligation as of December 31, 2021 were as follows:

	U.S.		Non-U.S.
Health care cost trend rate	5.19	%	5.00	%
Ultimate health care cost trend rate	4.50	%	5.00	%
Year that the rate reaches the ultimate trend rate	2027		N/A

Estimated Benefit Payments for Domestic and Foreign Pension Plans

The Company estimates its benefit payments for its postretirement benefit plans during the next ten years to be as follows:

	U.S.		Non-U.S.		Total
2022	$	1,598	$	778	$	2,376
2023	1,597		777		2,374
2024	1,569		812		2,381
2025	1,542		825		2,367
2026	1,509		846		2,355
2027 - 2031	6,766		4,631		11,397

XML

Other (Expense) Income (Tables)

12 Months Ended

Dec. 31, 2021

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income (Expense) [Table Text Block]

The components of other expense, net were as follows:

	Year Ended December 31,
	2021		2020		2019
Foreign currency losses	$	(6,887)	$	(1,429)	$	(3,022)
Components of net periodic benefit income (cost) other than service cost	1,610		(576)		(1,069)
Factoring costs	(528)		(776)		(1,007)
Miscellaneous income	963		201		838
Other expense, net	$	(4,842)	$	(2,580)	$	(4,260)

XML

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Taxes and Adjustment for Noncontrolling Interests

Components of the Company’s (loss) income before income taxes and adjustment for noncontrolling interests were as follows:

	Year Ended December 31,
	2021		2020		2019
Domestic	$	(142,883)	$	(235,574)	$	53,425
Foreign	(146,569)		(94,647)		44,877
	$	(289,452)	$	(330,221)	$	98,302

Schedule of Income Tax Expense (Benefit)

The Company’s income tax expense (benefit) consists of the following:

	Year Ended December 31,
	2021		2020		2019
Current
Federal	$	5,158	$	(65,565)	$	(227)
State	68		(196)		(171)
Foreign	(1,590)		13,636		20,613
Deferred
Federal	12,217		(15,060)		4,405
State	(484)		1,297		(767)
Foreign	24,023		5,041		12,236
	$	39,392	$	(60,847)	$	36,089

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. statutory federal rate to the income tax provision was as follows:  

	Year Ended December 31,
	2021			2020			2019
Tax at U.S. statutory rate	$	(60,785)		$	(69,346)		$	20,643
State and local taxes	(3,276)			(4,933)			209
Tax credits and incentives	(7,634)			(5,750)			(8,034)
Changes in tax law, other	(361)			352			2,909
U.S. tax reform/Global Intangible Low-Taxed Income ("GILTI")/foreign derived intangible income	—			(1,046)			1,102
Effect of foreign tax rates	(13,525)			(15,432)			(1,656)
Nonrecurring permanent items	(3,710)			(3,069)			(5,250)
CARES Act	—			(27,844)			—
Foreign branch	1,641			(1,215)			(2,258)
Stock compensation (ASU 2016-09)	1,257			1,640			1,596
Non deductible expenses	6,618			9,335			2,820
Tax reserves/audit settlements	(5,043)			1,071			(206)
Valuation allowance	124,228			51,609			24,625
Other, net	(18)			3,781			(411)
Income tax expense (benefit)	$	39,392		$	(60,847)		$	36,089
Effective income tax rate	(13.6)		%	18.4		%	36.7		%

Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows:

	2021		2020
Deferred tax assets:
Pension, postretirement and other benefits	$	40,026	$	53,229
Capitalized expenditures	12,521		14,411
Net operating loss and tax credit carryforwards	275,222		215,980
Operating lease	27,934		26,160
All other items	61,785		53,290
Total deferred tax assets	417,488		363,070
Deferred tax liabilities:
Property, plant and equipment	(21,745)		(29,415)
Operating lease right-of-use	(26,863)		(26,160)
All other items	(14,506)		(15,597)
Total deferred tax liabilities	(63,114)		(71,172)
Valuation allowances	(334,983)		(234,425)
Net deferred tax assets	$	19,391	$	57,473

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:

 

	2021		2020
Balance at beginning of period	$	11,272	$	10,123
Tax positions related to the current period
Gross additions	337		1,115
Gross reductions	—		—
Tax positions related to prior years
Gross additions	10		342
Gross reductions	(5,143)		—
Settlements	(2,905)		(232)
Lapses on statutes of limitations	—		(76)
Balance at end of period	$	3,571	$	11,272

XML

Net Income Per Share Attributable to Cooper-Standard Holdings Inc. (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Basic and Diluted Net Income Per Share Attributable

Information used to compute basic and diluted net (loss) income per share attributable to Cooper-Standard Holdings Inc. was as follows:

	Year Ended December 31,
	2021		2020		2019
Net (loss) income available to Cooper-Standard Holdings Inc. common stockholders	$	(322,835)	$	(267,605)	$	67,529
Basic weighted average shares of common stock outstanding	17,045,353		16,913,850		17,146,124
Dilutive effect of common stock equivalents	—		—		62,644
Diluted weighted average shares of common stock outstanding	17,045,353		16,913,850		17,208,768
Basic net (loss) income per share attributable to Cooper-Standard Holdings Inc.	$	(18.94)	$	(15.82)	$	3.94
Diluted net (loss) income per share attributable to Cooper-Standard Holdings Inc.	$	(18.94)	$	(15.82)	$	3.92

XML

Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2021

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:

	Cumulative currency translation adjustment			Benefit plan  liabilities			Fair value change of derivatives			Total
Balance as of December 31, 2019	$	(153,933)		$	(100,160)		$	352		$	(253,741)
Other comprehensive income (loss) before reclassifications	15,708		(1)	(11,254)		(2)	(4,700)		(3)	(246)
Amounts reclassified from accumulated other comprehensive income (loss)	1,646			5,335		(4)	5,110		(5)	12,091
Balance as of December 31, 2020	(136,579)			(106,079)			762			(241,896)
Other comprehensive income (loss) before reclassifications	(2,316)		(1)	35,506		(2)	(843)		(3)	32,347
Amounts reclassified from accumulated other comprehensive income (loss)	144			5,270		(6)	(1,049)		(5)	4,365
Balance as of December 31, 2021	$	(138,751)		$	(65,303)		$	(1,130)		$	(205,184)

(1)Includes $(5,077) and $4,430 of other comprehensive income (loss) for the years ended December 31, 2021 and 2020, respectively, that are related to intra-entity foreign currency balances that are of a long-term investment nature.

(2)Net of tax benefit of $248 and $571 for the years ended December 31, 2021 and 2020, respectively.

(3)Net of tax expense (benefit) of $298 and $(1,580) for the years ended December 31, 2021 and 2020, respectively.

(4)Includes the effect of the amortization of actuarial losses of $3,851, settlement losses of $1,020, net losses of $744 related to the divestiture of certain businesses in Europe and India, and the amortization of prior service costs of $106, net of tax of $386.

(5)Net of tax expense (benefit) of $383 and $(1,835) for the years ended December 31, 2021 and 2020, respectively.

(6)Includes the effect of the amortization of actuarial losses of $3,484, net settlement losses of $1,291, net curtailment losses of $305, and the amortization of prior service costs of $205, net of tax of $15.

XML

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-Based Compensation Expense By Type [Table Text Block]

Share-based compensation expense (income) was as follows:

	Year Ended December 31,
	2021		2020		2019
PUs	$	(916)	$	916	$	277
RSUs	4,201		6,994		8,432
Stock options	2,289		2,525		3,156
Total	$	5,574	$	10,435	$	11,865

Schedule of Share-based Compensation, Stock Options, Activity

Stock option transactions and related information for the year ended December 31, 2021 was as follows:

	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding as of January 1, 2021	741,419	$	62.64
Granted	145,815	$	35.74
Exercised	(13,811)	$	25.19
Forfeited	(53,646)	$	34.40
Expired	(19,758)	$	91.56
Outstanding as of December 31, 2021	800,019	$	59.57	5.1	$	—
Exercisable as of December 31, 2021	518,479	$	72.25	4.0	$	—

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of each option was estimated using the following assumptions:

	2021		2020		2019
Expected volatility	48.65% - 50.50%		33.74	%	29.48% - 31.10%
Dividend yield	0.00	%	0.00	%	0.00	%
Expected option life - years	6.0		6.0		6.0
Risk-free rate	0.6% - 0.9%		1.50	%	1.8% - 2.5%

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

Restricted stock and restricted stock units transactions and related information for the year ended December 31, 2021 was as follows:

	Restricted Stock and Restricted Units	Weighted Average Grant Date Fair Value
Non-vested as of January 1, 2021	385,635	$	54.10
Granted	87,513	$	32.38
Vested	(199,473)	$	46.62
Forfeited	(31,661)	$	51.14
Non-vested as of December 31, 2021	242,014	$	48.38

Schedule of Nonvested Performance-based Units Activity [Table Text Block]

A summary of activity for performance-vested restricted stock units transactions and related information for the year ended December 31, 2021 was as follows:

	Stock Settled Performance Units	Cash Settled Performance Units	Weighted Average Grant Date Fair Value
Non-vested as of January 1, 2021	131,751	126,489	$	51.45
Granted	—	94,856	$	39.70
Vested at 0% payout	(43,038)	(602)	$	111.45
Forfeited	(7,703)	(31,857)	$	46.81
Non-vested as of December 31, 2021	81,010	188,886	$	51.19

Schedule of Share-based Payment Award, TSRs, Valuation Assumptions [Table Text Block]

The fair value of the performance units were estimated using the following assumptions:

	2021		2020
Expected volatility	99.40	%	116.60	%
Dividend yield	0.00	%	0.00	%
Risk-free rate	0.14	%	0.10	%

XML

Business Segments (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting Information [Line Items]

Information on Company's Business Segments

Certain financial information on the Company’s reportable segments was as follows:

	Year Ended December 31,
	2021		2020		2019
Sales to external customers
North America	$	1,148,257	$	1,141,368	$	1,543,845
Europe	518,245		586,739		826,335
Asia Pacific	458,306		468,042		503,953
South America	61,713		60,754		94,535
Total Automotive	2,186,521		2,256,903		2,968,668
Corporate, eliminations and other	143,670		118,536		139,732
Consolidated	$	2,330,191	$	2,375,439	$	3,108,400

	Year Ended December 31,
	2021		2020		2019
Intersegment sales
North America	$	9,775	$	12,267	$	19,701
Europe	9,502		9,569		11,744
Asia Pacific	1,863		2,406		3,050
South America	15		72		193
Total Automotive	21,155		24,314		34,688
Corporate, eliminations and other	(21,155)		(24,314)		(34,688)
Consolidated	$	—	$	—	$	—
Adjusted EBITDA
North America	$	54,616	$	90,638	$	213,250
Europe	(49,599)		(39,004)		22,922
Asia Pacific	(16,756)		12,472		(27,497)
South America	(9,852)		(13,841)		(3,446)
Total Automotive	(21,591)		50,265		205,229
Corporate, eliminations and other	13,557		(14,588)		(3,621)
Consolidated	$	(8,034)	$	35,677	$	201,608
Net interest expense
North America	$	470	$	504	$	96
Europe	1,274		1,082		318
Asia Pacific	1,445		2,205		4,139
South America	362		225		3
Total Automotive	3,551		4,016		4,556
Corporate, eliminations and other	68,960		55,151		39,557
Consolidated	$	72,511	$	59,167	$	44,113
Depreciation and amortization expense
North America	$	54,779	$	60,193	$	62,604
Europe	32,655		36,707		38,572
Asia Pacific	32,426		31,789		31,881
South America	2,531		2,392		2,658
Total Automotive	122,391		131,081		135,715
Corporate, eliminations and other	16,617		23,148		16,238
Consolidated	$	139,008	$	154,229	$	151,953

	Year Ended December 31,
	2021		2020		2019
Capital expenditures
North America	$	36,370	$	30,921	$	64,887
Europe	27,384		25,369		34,587
Asia Pacific	20,473		21,809		40,214
South America	3,959		2,476		7,340
Total Automotive	88,186		80,575		147,028
Corporate, eliminations and other	7,921		11,219		17,438
Consolidated	$	96,107	$	91,794	$	164,466

	Year Ended December 31,
	2021		2020		2019
Adjusted EBITDA	$	(8,034)	$	35,677	$	201,608
Impairment charges	(25,609)		(103,887)		(23,139)
Restructuring charges	(36,950)		(39,482)		(51,102)
Pension settlement charges	(1,279)		(184)		(15,997)
Lease termination costs	(748)		(771)		(1,167)
Gain on sale of business, net	696		2,834		191,571
Project costs	—		(5,648)		(2,090)
Divested noncontrolling interest debt extinguishment	—		(3,595)		—
EBITDA	$	(71,924)	$	(115,056)	$	299,684
Income tax (expense) benefit	(39,392)		60,847		(36,089)
Interest expense, net of interest income	(72,511)		(59,167)		(44,113)
Depreciation and amortization	(139,008)		(154,229)		(151,953)
Net (loss) income attributable to Cooper-Standard Holdings Inc.	$	(322,835)	$	(267,605)	$	67,529

	December 31,
	2021		2020
Segment assets
North America	$	885,517	$	907,652
Europe	372,097		465,031
Asia Pacific	510,524		587,610
South America	61,479		64,800
Total Automotive	1,829,617		2,025,093
Corporate, eliminations and other	396,876		586,851
Consolidated	$	2,226,493	$	2,611,944

Geographic Information for Revenues

Geographic information for revenues, based on country of origin, and property, plant and equipment, net, is as follows:

	Year Ended December 31,
	2021		2020		2019
Revenues
Mexico	$	592,777	$	578,790	$	723,228
United States	539,528		518,497		729,866
China	371,811		364,207		355,667
Poland	168,357		191,530		270,197
Canada	116,854		125,729		188,652
Germany	116,509		114,221		151,441
France	94,334		97,289		159,859
Other	330,021		385,176		529,490
Consolidated	$	2,330,191	$	2,375,439	$	3,108,400
			December 31,
			2021		2020
Property, plant and equipment, net
China			$	182,298	$	192,005
United States			161,780		188,246
Mexico			139,630		145,452
Poland			67,521		77,789
Germany			47,885		72,979
Canada			29,482		29,500
France			21,921		33,087
Other			133,831		153,251
Consolidated			$	784,348	$	892,309

Sales to Customers Contributing Ten Percent or More of Consolidated Sales

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 2021, 2020 and 2019 are as follows:

	2021 Percentage of Net Sales		2020 Percentage of Net Sales		2019 Percentage of Net Sales
Customer
Ford	24	%	24	%	25	%
General Motors	17	%	19	%	18	%
Stellantis (1)	14	%	14	%	17	%

(1) 2019 and 2020 percentages include FCA and Groupe PSA

XML

Description of Business - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021 Location Country
Collaboration Arrangement Disclosure [Abstract]
Number of operate company manufacturing locations	74
Number of design, engineering, administrative and logistic locations	55
Number of countries | Country	21

XML

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Accounting Policies [Line Items]
Allowance for doubtful accounts	$ 20,313	$ 7,100
Advertising expense	443	425	$ 711
Amounts capitalized for long-term supply arrangements	4,266	5,131
Tooling receivable	88,900	82,150
Reimbursable tooling costs	18,297	15,219
Research and Development Expense	$ 89,956	$ 101,607	$ 114,854
Property, Plant and Equipment, Other Types [Member]
Schedule Of Accounting Policies [Line Items]
Amortization period for molds, dies and other tools	3 years

XML

Significant Accounting Policies - Summary of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Regulatory Assets [Abstract]
Finished goods	$ 43,186	$ 39,136
Work in process	37,045	35,477
Raw materials and supplies	77,844	69,129
Total Inventory	$ 158,075	$ 143,742

XML

Acquisition and Divestitures (Details) € in Thousands, $ in Thousands			3 Months Ended		12 Months Ended
	Jul. 01, 2020 EUR (€)	Apr. 01, 2019 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses	€ 9,000	$ 265,000		$ 243,362	$ 0	$ (17,006)	$ 243,362
Gain (Loss) on Disposition of Business					(696)	(2,834)	(191,571)
Impairment of Long-Lived Assets to be Disposed of						86,470
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests					$ 6,279	2,112	$ 4,759
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease)			$ 11,218
Obligations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses | €	2,500
Cash and cash equivalents [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses | €	€ 6,500
DivestitureMutares [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Disposition of Business						(353)
Corporate Joint Venture [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Disposition of Business						(1,334)
Anti-vibration systems [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Disposition of Business						$ (1,147)

XML

Revenue End Customer (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Sales	$ 2,330,191	$ 2,375,439	$ 3,108,400
Automotive [Member]
Disaggregation of Revenue [Line Items]
Sales	2,133,033	2,188,905	2,867,893
Commercial [Member]
Disaggregation of Revenue [Line Items]
Sales	43,559	37,516	47,252
Other Customers [Member]
Disaggregation of Revenue [Line Items]
Sales	153,599	149,018	193,255
North America [Member]
Disaggregation of Revenue [Line Items]
Sales	1,148,257	1,141,368	1,543,845
North America [Member] | Automotive [Member]
Disaggregation of Revenue [Line Items]
Sales	1,119,736	1,110,294	1,504,136
North America [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Sales	14,092	11,291	17,784
North America [Member] | Other Customers [Member]
Disaggregation of Revenue [Line Items]
Sales	14,429	19,783	21,925
Europe [Member]
Disaggregation of Revenue [Line Items]
Sales	518,245	586,739	826,335
Europe [Member] | Automotive [Member]
Disaggregation of Revenue [Line Items]
Sales	496,169	554,349	765,766
Europe [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Sales	21,417	18,134	28,068
Europe [Member] | Other Customers [Member]
Disaggregation of Revenue [Line Items]
Sales	659	14,256	32,501
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Sales	458,306	468,042	503,953
Asia Pacific [Member] | Automotive [Member]
Disaggregation of Revenue [Line Items]
Sales	455,445	463,586	503,676
Asia Pacific [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Sales	2,855	4,338	73
Asia Pacific [Member] | Other Customers [Member]
Disaggregation of Revenue [Line Items]
Sales	6	118	204
South America [Member]
Disaggregation of Revenue [Line Items]
Sales	61,713	60,754	94,535
South America [Member] | Automotive [Member]
Disaggregation of Revenue [Line Items]
Sales	61,683	60,676	94,310
South America [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Sales	30	22	114
South America [Member] | Other Customers [Member]
Disaggregation of Revenue [Line Items]
Sales	0	56	111
Corporate and Other
Disaggregation of Revenue [Line Items]
Sales	143,670	118,536	139,732
Corporate and Other | Automotive [Member]
Disaggregation of Revenue [Line Items]
Sales	0	0	5
Corporate and Other | Commercial [Member]
Disaggregation of Revenue [Line Items]
Sales	5,165	3,731	1,213
Corporate and Other | Other Customers [Member]
Disaggregation of Revenue [Line Items]
Sales	$ 138,505	$ 114,805	$ 138,514

XML

Revenue Product Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Sales	$ 2,330,191	$ 2,375,439	$ 3,108,400
Automotive [Member]
Disaggregation of Revenue [Line Items]
Sales	2,133,033	2,188,905	2,867,893
Commercial [Member]
Disaggregation of Revenue [Line Items]
Sales	43,559	37,516	47,252
Other Customers [Member]
Disaggregation of Revenue [Line Items]
Sales	153,599	149,018	193,255
Sealing systems [Member]
Disaggregation of Revenue [Line Items]
Sales	1,165,930	1,208,685	1,520,597
Fuel and brake delivery systems [Member]
Disaggregation of Revenue [Line Items]
Sales	575,986	594,284	740,889
Fluid transfer systems [Member]
Disaggregation of Revenue [Line Items]
Sales	444,605	441,825	598,172
Anti-vibration systems [Member]
Disaggregation of Revenue [Line Items]
Sales			78,728
Other products [Member]
Disaggregation of Revenue [Line Items]
Sales	143,670	130,645	170,014
North America [Member]
Disaggregation of Revenue [Line Items]
Sales	1,148,257	1,141,368	1,543,845
North America [Member] | Automotive [Member]
Disaggregation of Revenue [Line Items]
Sales	1,119,736	1,110,294	1,504,136
North America [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Sales	14,092	11,291	17,784
North America [Member] | Other Customers [Member]
Disaggregation of Revenue [Line Items]
Sales	14,429	19,783	21,925
North America [Member] | Sealing systems [Member]
Disaggregation of Revenue [Line Items]
Sales	425,388	433,291	553,901
North America [Member] | Fuel and brake delivery systems [Member]
Disaggregation of Revenue [Line Items]
Sales	364,309	371,397	479,962
North America [Member] | Fluid transfer systems [Member]
Disaggregation of Revenue [Line Items]
Sales	358,560	336,680	453,064
North America [Member] | Anti-vibration systems [Member]
Disaggregation of Revenue [Line Items]
Sales			56,457
North America [Member] | Other products [Member]
Disaggregation of Revenue [Line Items]
Sales	0	0	461
Europe [Member]
Disaggregation of Revenue [Line Items]
Sales	518,245	586,739	826,335
Europe [Member] | Automotive [Member]
Disaggregation of Revenue [Line Items]
Sales	496,169	554,349	765,766
Europe [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Sales	21,417	18,134	28,068
Europe [Member] | Other Customers [Member]
Disaggregation of Revenue [Line Items]
Sales	659	14,256	32,501
Europe [Member] | Sealing systems [Member]
Disaggregation of Revenue [Line Items]
Sales	406,677	438,012	563,529
Europe [Member] | Fuel and brake delivery systems [Member]
Disaggregation of Revenue [Line Items]
Sales	94,751	95,516	124,803
Europe [Member] | Fluid transfer systems [Member]
Disaggregation of Revenue [Line Items]
Sales	16,817	41,102	87,375
Europe [Member] | Anti-vibration systems [Member]
Disaggregation of Revenue [Line Items]
Sales			20,807
Europe [Member] | Other products [Member]
Disaggregation of Revenue [Line Items]
Sales	0	12,109	29,821
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Sales	458,306	468,042	503,953
Asia Pacific [Member] | Automotive [Member]
Disaggregation of Revenue [Line Items]
Sales	455,445	463,586	503,676
Asia Pacific [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Sales	2,855	4,338	73
Asia Pacific [Member] | Other Customers [Member]
Disaggregation of Revenue [Line Items]
Sales	6	118	204
Asia Pacific [Member] | Sealing systems [Member]
Disaggregation of Revenue [Line Items]
Sales	287,117	298,028	334,056
Asia Pacific [Member] | Fuel and brake delivery systems [Member]
Disaggregation of Revenue [Line Items]
Sales	107,137	110,403	112,253
Asia Pacific [Member] | Fluid transfer systems [Member]
Disaggregation of Revenue [Line Items]
Sales	64,052	59,611	56,180
Asia Pacific [Member] | Anti-vibration systems [Member]
Disaggregation of Revenue [Line Items]
Sales			1,464
Asia Pacific [Member] | Other products [Member]
Disaggregation of Revenue [Line Items]
Sales	0	0	0
South America [Member]
Disaggregation of Revenue [Line Items]
Sales	61,713	60,754	94,535
South America [Member] | Automotive [Member]
Disaggregation of Revenue [Line Items]
Sales	61,683	60,676	94,310
South America [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Sales	30	22	114
South America [Member] | Other Customers [Member]
Disaggregation of Revenue [Line Items]
Sales	0	56	111
South America [Member] | Sealing systems [Member]
Disaggregation of Revenue [Line Items]
Sales	46,748	39,354	69,111
South America [Member] | Fuel and brake delivery systems [Member]
Disaggregation of Revenue [Line Items]
Sales	9,789	16,968	23,871
South America [Member] | Fluid transfer systems [Member]
Disaggregation of Revenue [Line Items]
Sales	5,176	4,432	1,553
South America [Member] | Anti-vibration systems [Member]
Disaggregation of Revenue [Line Items]
Sales			0
South America [Member] | Other products [Member]
Disaggregation of Revenue [Line Items]
Sales	0	0	0
Corporate and Other
Disaggregation of Revenue [Line Items]
Sales	143,670	118,536	139,732
Corporate and Other | Automotive [Member]
Disaggregation of Revenue [Line Items]
Sales	0	0	5
Corporate and Other | Commercial [Member]
Disaggregation of Revenue [Line Items]
Sales	5,165	3,731	1,213
Corporate and Other | Other Customers [Member]
Disaggregation of Revenue [Line Items]
Sales	138,505	114,805	138,514
Corporate and Other | Sealing systems [Member]
Disaggregation of Revenue [Line Items]
Sales	0	0	0
Corporate and Other | Fuel and brake delivery systems [Member]
Disaggregation of Revenue [Line Items]
Sales	0	0	0
Corporate and Other | Fluid transfer systems [Member]
Disaggregation of Revenue [Line Items]
Sales	0	0	0
Corporate and Other | Anti-vibration systems [Member]
Disaggregation of Revenue [Line Items]
Sales			0
Corporate and Other | Other products [Member]
Disaggregation of Revenue [Line Items]
Sales	$ 143,670	$ 118,536	$ 139,732

XML

Revenue Net contract assets (liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Capitalized Contract Cost [Line Items]
Contract with Customer, Asset, Gross, Current	$ 0	$ 777
Increase (Decrease) in Contract with Customer, Asset	(777)
Contract with Customer, Liability, Current	(143)	(27)
Increase (Decrease) in Contract with Customer, Liability	(116)
Contract with Customer, Asset, Net, Current	(143)	$ 750
Contract with Customer, Net, Explanation of Change	$ (893)

XML

Revenue Other (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Accrued liabilities	$ 101,466	$ 110,827
Other liabilities	42,362	32,795
Short-term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Accrued liabilities	12,045	16,932
Long-term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Accrued liabilities	$ 7,214	$ 6,828

XML

Restructuring - Summary of Restructuring Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 36,950	$ 39,482	$ 51,102
Automotive [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	36,289	37,974	41,174
Corporate and Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	661	1,508	9,928
Reportable Geographical Components [Member] | North America [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5,710	16,499	10,831
Reportable Geographical Components [Member] | Europe [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	27,986	14,573	23,525
Reportable Geographical Components [Member] | Asia Pacific [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,013	4,773	6,781
Reportable Geographical Components [Member] | South America [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 580	$ 2,129	$ 37

XML

Restructuring - Summary of Activity of Restructuring (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance	$ 23,435	$ 26,995
Expense	36,950	39,482	$ 51,102
Cash payments	(32,772)	(40,332)
Restructuring Reserve, Settled without Cash	(214)	(2,558)
Foreign exchange translation and other	(815)	(152)
Restructuring Reserve, Ending Balance	26,584	23,435	26,995
Employee separation costs [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance	15,029	22,990
Expense	32,000	17,926
Cash payments	(24,820)	(25,261)
Restructuring Reserve, Settled without Cash	0	0
Foreign exchange translation and other	(1,252)	(626)
Restructuring Reserve, Ending Balance	20,957	15,029	22,990
Other exit costs [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance	8,406	4,005
Expense	4,950	21,556
Cash payments	(7,952)	(15,071)
Restructuring Reserve, Settled without Cash	(214)	(2,558)
Foreign exchange translation and other	437	474
Restructuring Reserve, Ending Balance	$ 5,627	$ 8,406	$ 4,005

XML

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	$ 31,912	$ 32,053	$ 33,360
Short-term Lease, Cost	6,736	5,069	3,557
Variable Lease, Cost	907	942	1,619
Finance Lease, Right-of-Use Asset, Amortization	2,102	2,564	2,550
Finance Lease, Interest Expense	1,444	1,551	1,438
Lease, Cost	$ 43,101	$ 42,179	$ 42,524

XML

Leases - Supplemental Lease Disclosure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating Lease, Payments	$ 33,402	$ 30,830	$ 34,235
Finance Lease, Principal Payments	1,440	1,563	1,438
Finance leases, finance cash flows	2,133	2,081	1,284
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	25,010	50,663	11,143
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 644	$ 549	$ 22,671
Operating Lease, Weighted Average Remaining Lease Term	7 years 6 months	8 years	5 years 2 months 12 days
Finance Lease, Weighted Average Remaining Lease Term	9 years 8 months 12 days	10 years 6 months	11 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	5.90%	5.40%	4.70%
Finance Lease, Weighted Average Discount Rate, Percent	5.80%	5.70%	6.10%

XML

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets, net	$ 111,052	$ 109,795
Current operating lease liabilities	22,552	21,711
Long-term operating lease liabilities	92,760	90,517
Operating Leases [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	28,267
Lessee, Operating Lease, Liability, Payments, Due Year Two	23,948
Lessee, Operating Lease, Liability, Payments, Due Year Three	17,492
Lessee, Operating Lease, Liability, Payments, Due Year Four	14,722
Lessee, Operating Lease, Liability, Payments, Due Year Five	11,076
Lessee, Operating Lease, Liability, Payments, Due after Year Five	48,879
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	144,384
Imputed Interest	(29,072)
Lessee, Operating Lease, Liability, Payments, Due	115,312
Operating lease right-of-use assets, net	111,052	109,795
Current operating lease liabilities	22,552	21,711
Long-term operating lease liabilities	92,760	90,517
Finance Leases [Member]
Lessee, Lease, Description [Line Items]
Finance Lease, Liability, Payments, Remainder of Fiscal Year	3,281
Finance Lease, Liability, Payments, Due Year Two	3,207
Finance Lease, Liability, Payments, Due Year Three	3,445
Finance Lease, Liability, Payments, Due Year Four	3,494
Finance Lease, Liability, Payments, Due Year Five	3,206
Finance Lease, Liability, Payments, Due after Year Five	17,343
Finance Lease, Liability, Undiscounted Excess Amount	33,976
Imputed Interest	(8,233)
Finance Lease, Liability, Payment, Due	25,743
Finance Lease, Liability, Current	2,153	2,300
Finance Lease, Liability, Noncurrent	$ 23,590	$ 26,152

XML

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Sublease Income	$ 256	$ 374
Finance Lease, Right-of-Use Asset	25,690	30,847
Lessee, Operating Lease, Lease Not yet Commenced, Amount	1,282
Other Asset Impairment Charges	25,609	104,363	$ 23,139
Operating Lease, Impairment Loss		647
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets, net	111,052	109,795
Current operating lease liabilities	22,552	21,711
Long-term operating lease liabilities	92,760	90,517
Finance Lease, Right-of-Use Asset	25,690	30,847
Operating Lease, Impairment Loss		647
Operating Leases [Member]
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets, net	111,052	109,795
Current operating lease liabilities	22,552	21,711
Long-term operating lease liabilities	92,760	90,517
Finance Leases [Member]
Lessee, Lease, Description [Line Items]
Finance Lease, Liability, Current	2,153	2,300
Finance Lease, Liability, Noncurrent	$ 23,590	$ 26,152

XML

Property, Plant and Equipment - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment	$ 1,679,933	$ 1,733,987
Accumulated depreciation	(895,585)	(841,678)
Property, Plant and Equipment, Net, Total	784,348	892,309
Land and improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment	44,495	61,226
Building and improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment	285,240	298,431
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment	1,269,330	1,277,624
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment	$ 80,868	$ 96,706
Minimum [Member] | Land and improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	10 years
Minimum [Member] | Building and improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	10 years
Minimum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Maximum [Member] | Land and improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	25 years
Maximum [Member] | Building and improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	40 years
Maximum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	10 years

XML

Property, Plant and Equipment Summary of Impairment charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Impaired Long-Lived Assets Held and Used [Line Items]
Tangible Asset Impairment Charges	$ 25,219	$ 17,246	$ 23,139
Reportable Geographical Components [Member] | North America [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Tangible Asset Impairment Charges	8,479	947	0
Reportable Geographical Components [Member] | Europe [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Tangible Asset Impairment Charges	9,179	11,938	9,943
Reportable Geographical Components [Member] | Asia Pacific [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Tangible Asset Impairment Charges	7,071	4,080	13,146
Automotive [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Tangible Asset Impairment Charges	24,729	16,965	23,089
Corporate and Other
Impaired Long-Lived Assets Held and Used [Line Items]
Tangible Asset Impairment Charges	490	281	50
Property, Plant and Equipment [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Tangible Asset Impairment Charges	20,118	13,084	21,968
Machinery and Equipment [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Tangible Asset Impairment Charges	$ 3,326	$ 4,162	$ 1,171

XML

Property, Plant and Equipment - Additional Information (Detail) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Tangible Asset Impairment Charges		$ 25,219	$ 17,246	$ 23,139
Finance Lease, Impairment Loss		1,775
Minimum [Member]
Property, Plant and Equipment [Line Items]
Sale and Leaseback Transaction, Gain (Loss), Net	$ 34,000
Maximum [Member]
Property, Plant and Equipment [Line Items]
Sale and Leaseback Transaction, Gain (Loss), Net	$ 37,000
Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Tangible Asset Impairment Charges		20,118	13,084	21,968
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Tangible Asset Impairment Charges		$ 3,326	$ 4,162	$ 1,171

XML

Goodwill and Intangibles - Carrying Amount of Goodwill by Reportable Operating Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible [Line Items]
Goodwill, Beginning Balance	$ 142,250	$ 142,187
Change in organizational structure		0
Foreign exchange translation	32	63
Goodwill impairment charges	(390)
Goodwill, Ending Balance	142,282	142,250
Industrial Specialty Group
Goodwill and Intangible [Line Items]
Goodwill, Beginning Balance	14,036	0
Change in organizational structure		14,036
Foreign exchange translation	0	0
Goodwill, Ending Balance	14,036	14,036
North America [Member]
Goodwill and Intangible [Line Items]
Goodwill, Beginning Balance	128,214	142,187
Change in organizational structure		(14,036)
Foreign exchange translation	32	63
Goodwill, Ending Balance	$ 128,246	$ 128,214

XML

Goodwill and Intangibles - Intangible Assets and Accumulated Amortization Balances (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 199,722	$ 200,235
Accumulated Amortization	(139,347)	(132,556)
Net Carrying Amount	60,375	67,679
Customer relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	154,767	155,409
Accumulated Amortization	(126,626)	(122,657)
Net Carrying Amount	28,141	32,752
Other [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	44,955	44,826
Accumulated Amortization	(12,721)	(9,899)
Net Carrying Amount	$ 32,234	$ 34,927

XML

Goodwill and Intangibles - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Goodwill and Intangible [Line Items]
Goodwill impairment charges	$ 390
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	7,320
Finite-Lived Intangible Assets, Amortization Expense, Year Two	7,315
Finite-Lived Intangible Assets, Amortization Expense, Year Three	7,052
Finite-Lived Intangible Assets, Amortization Expense, Year Four	6,609
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 4,831

XML

Debt - Outstanding Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Senior Notes	$ 396,544	$ 395,829
Medium-term Notes	321,212	323,636
Finance Lease, Liability	25,743	28,452
Other borrowings	51,533	36,007
Total debt	1,036,715	1,023,491
Less current portion	(56,111)	(40,731)
Total long-term debt	980,604	982,760
Line of Credit Facility [Line Items]
Senior Notes	396,544	395,829
Secured Debt
Debt Disclosure [Abstract]
Senior Notes	241,683	239,567
Line of Credit Facility [Line Items]
Senior Notes	$ 241,683	$ 239,567

XML

Debt - Maturities of Debt (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 57,578
2023	322,171
2024	252,692
2025	2,687
2026	402,432
Thereafter	12,716
Total	$ 1,050,276

XML

Debt - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2018	Dec. 31, 2020	May 29, 2020	Mar. 31, 2020	Dec. 31, 2016	Nov. 02, 2016
Extinguishment of Debt Disclosures [Abstract]
Loss on extinguishment of debt		$ 770
Line of Credit Facility [Line Items]
Short-term Debt, Weighted Average Interest Rate, at Point in Time	3.90%		4.10%
Aggregate revolving loan availability	$ 169,687
Letters of credit outstanding	5,210
Senior ABL Facility [Member] | Cooper Standard Automotive Inc Us [Member]
Line of Credit Facility [Line Items]
Aggregate revolving loan availability	180,000
Senior ABL Facility [Member] | Cooper Standard Automotive International Holdings B.V. [Member]
Line of Credit Facility [Line Items]
Aggregate revolving loan availability	40,000
Senior ABL Facility [Member] | CSA Canada [Member]
Line of Credit Facility [Line Items]
Aggregate revolving loan availability	20,000
Amended Senior Abl Facility [Member]
Line of Credit Facility [Line Items]
Unamortized Debt Issuance Expense	782		$ 1,029
Aggregate revolving loan availability	$ 147,508				$ 180,000		$ 210,000
Letter of credit sub-facility							100,000
Swing line sub-facility							25,000
Uncommitted incremental loan facility							100,000
Total Senior ABL Facility							280,000
Termination date of commitments of lenders	Mar. 24, 2025
Percentage of accounts receivable	85.00%
Percentage of inventory	70.00%
Percentage of appraised net orderly liquidation value of eligible inventory	85.00%
Applicable margin with respect to LIBOR or BA-based borrowings	1.50%
Applicable margin with respect to base rate, Canadian prime rate and Canadian base rate borrowings	0.50%
Senior Notes [Member]
Line of Credit Facility [Line Items]
Aggregate principal amount							$ 400,000
Interest rate accrue							5.625%
Debt Issuance Costs						$ 7,055
Unamortized Debt Issuance Expense	$ 3,456		4,171
Medium-term Notes [Member]
Line of Credit Facility [Line Items]
Aggregate principal amount							$ 340,000
Unamortized Debt Issuance Expense	$ 1,087		1,680
Debt Instrument, Maturity Date	Nov. 02, 2023
Debt Instrument, Unamortized Discount	$ 701		1,084
Term loan accordion feature							$ 400,000
Secured Debt
Line of Credit Facility [Line Items]
Aggregate principal amount				$ 250,000
Interest rate accrue							13.00%
Debt Issuance Costs			6,431
Unamortized Debt Issuance Expense	4,594		5,828
Debt Instrument, Unamortized Discount	$ 3,723		$ 4,605	$ 5,000
Minimum [Member] | Amended Senior Abl Facility [Member]
Line of Credit Facility [Line Items]
Applicable margin with respect to LIBOR or BA-based borrowings	1.50%
Applicable margin with respect to base rate, Canadian prime rate and Canadian base rate borrowings	0.50%
Maximum [Member] | Amended Senior Abl Facility [Member]
Line of Credit Facility [Line Items]
Applicable margin with respect to LIBOR or BA-based borrowings	2.00%
Applicable margin with respect to base rate, Canadian prime rate and Canadian base rate borrowings	1.00%

XML

Fair Value of Financial Instruments - Fair Value Hierarchy Level for Company's Liabilities Measured (Detail) - Level 2 [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Current Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, asset, fair value disclosure	$ 647	$ 1,826
Accrued Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liability, fair value disclosure	$ (1,535)	$ (750)

XML

Fair Value of Financial Instruments - Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Long-term Debt, Fair Value	$ 899,909	$ 965,052
Long-term Debt, Gross	$ 973,000	$ 976,400

XML

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash Flow Hedging [Member] | Foreign exchange contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative, Notional Amount	$ 136,103	$ 97,503

XML

Fair Value of Financial Instruments Gains (lossses) on Cash Flow Hedges Reported in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax	$ (545)	$ (6,280)

XML

Fair Value of Financial Instruments Reclassification out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Abstract]
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	$ 1,432	$ (6,945)

XML

Accounts Receivable Factoring - Additional Information (Detail) $ in Thousands, € in Millions	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Receivables [Abstract]
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | $		$ 52,743	$ 85,108
Qualitative and Quantitative Information, Transferor's Continuing Involvement, Arrangements of Financial Support, Amount | €	€ 120

XML

Accounts Receivable Factoring (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash collected on behalf of factor	$ 673	$ 1,786
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding	52,743	85,108
Amount Of Account Receivable Factoring Without Recourse	366,878	476,405
Loss On Sale Of Accounts Receivable Without Recourse	$ 528	$ 776	$ 1,007

XML

Pensions - Schedule of Defined Benefit Pension Plans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plans' assets at beginning of period	$ 321,891
Fair value of plans' assets at end of period	321,495	$ 321,891
Funded status of the plans	34,049
UNITED STATES
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Benefit obligations at beginning of year	23,419	22,436
Service cost	105	103	$ 118
Interest cost	531	680	864
Actuarial loss (gain)	(1,717)	1,603
Defined Benefit Plan, Benefit Obligation, Benefits Paid	1,127	1,403
Foreign currency exchange rate effect	0	0
Benefit obligation at end of year	21,211	23,419	22,436
Funded status of the plans	(21,211)	(23,419)
Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Benefit obligations at beginning of year	27,032	23,949
Service cost	357	404	397
Interest cost	701	726	752
Actuarial loss (gain)	(5,065)	2,221
Defined Benefit Plan, Benefit Obligation, Benefits Paid	716	663
Foreign currency exchange rate effect	167	395
Benefit obligation at end of year	22,476	27,032	23,949
Funded status of the plans	(22,476)	(27,032)
Pension Plan [Member] | UNITED STATES
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Benefit obligations at beginning of year	271,397	255,935
Service cost	891	853	809
Interest cost	6,516	8,132	10,955
Actuarial loss (gain)	(8,589)	19,755
Defined Benefit Plan, Benefit Obligation, Benefits Paid	13,107	13,278
Foreign currency exchange rate effect	0	0
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement	0	0
Defined Benefit Plan, Benefit Obligation, Business Combination	0	0
Other	0	0
Benefit obligation at end of year	257,108	271,397	255,935
Fair value of plans' assets at beginning of period	267,343	244,613
Actual return on plans' assets	18,175	34,971
Employer contributions	1,037	1,037
Defined Benefit Plan, Plan Assets, Benefits Paid	13,107	13,278
Foreign currency exchange rate effect	0	0
Settlements	0	0	(58,198)
Defined Benefit Plan, Plan Assets, Divestiture	0	0
Defined Benefit Plan, Plan Assets, Business Combination	0	0
Fair value of plans' assets at end of period	273,448	267,343	244,613
Funded status of the plans	16,340	(4,054)
Pension Plan [Member] | Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Benefit obligations at beginning of year	195,407	184,364
Service cost	3,345	3,992	3,893
Interest cost	2,558	3,200	4,037
Actuarial loss (gain)	(12,976)	8,704
Defined Benefit Plan, Benefit Obligation, Benefits Paid	5,324	6,925
Foreign currency exchange rate effect	(9,610)	11,582
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement	8,210	5,170
Defined Benefit Plan, Benefit Obligation, Business Combination	0	(4,392)
Other	(233)	52
Benefit obligation at end of year	164,957	195,407	184,364
Fair value of plans' assets at beginning of period	54,548	54,806
Actual return on plans' assets	1,280	5,313
Employer contributions	5,526	5,673
Defined Benefit Plan, Plan Assets, Benefits Paid	5,324	6,925
Foreign currency exchange rate effect	225	940
Settlements	(8,210)	(5,170)
Defined Benefit Plan, Plan Assets, Divestiture	0	108
Defined Benefit Plan, Plan Assets, Business Combination	2	19
Fair value of plans' assets at end of period	48,047	54,548	$ 54,806
Funded status of the plans	$ (116,910)	$ (140,859)

XML

Pensions - Amounts Recognized in Balance Sheet (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
UNITED STATES | Accrued Liabilities [Member]
Amounts recognized in the balance sheet:
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	$ (1,576)	$ (1,648)
UNITED STATES | Pension Benefits Long Term [Member]
Amounts recognized in the balance sheet:
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	(19,635)	(21,771)
Foreign Plan [Member] | Accrued Liabilities [Member]
Amounts recognized in the balance sheet:
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	(766)	(968)
Foreign Plan [Member] | Pension Benefits Long Term [Member]
Amounts recognized in the balance sheet:
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	(21,710)	(26,064)
Pension Plan [Member] | UNITED STATES | Accrued Liabilities [Member]
Amounts recognized in the balance sheet:
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	(1,018)	(1,020)
Pension Plan [Member] | UNITED STATES | Pension Benefits Long Term [Member]
Amounts recognized in the balance sheet:
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	(12,446)	(13,547)
Pension Plan [Member] | UNITED STATES | Other assets [Member]
Amounts recognized in the balance sheet:
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	29,804	10,513
Pension Plan [Member] | Foreign Plan [Member] | Accrued Liabilities [Member]
Amounts recognized in the balance sheet:
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	(3,721)	(4,097)
Pension Plan [Member] | Foreign Plan [Member] | Pension Benefits Long Term [Member]
Amounts recognized in the balance sheet:
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	(117,434)	(138,683)
Pension Plan [Member] | Foreign Plan [Member] | Other assets [Member]
Amounts recognized in the balance sheet:
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	$ 4,245	$ 1,921

XML

Pensions - Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
UNITED STATES
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax	$ 11,339	$ 11,018
Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax	(3,760)	(9,563)
Pension Plan [Member] | UNITED STATES
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax	(43,574)	(57,731)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax	(56)	(76)
Pension Plan [Member] | Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax	(33,742)	(53,657)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax	$ (185)	$ (497)

XML

Pensions - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Settlements	$ 1,279	$ 184	$ 15,997
UNITED STATES
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Service cost	105	103	118
Interest cost	531	680	864
Settlements			(3,452)
Other	0	0	0
Net periodic benefit cost (income)	(760)	(1,147)	(1,459)
Foreign Plan [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Service cost	357	404	397
Interest cost	701	726	752
Settlements			453
Other	0	0	48
Net periodic benefit cost (income)	1,810	1,578	1,517
Pension Plan [Member] | UNITED STATES
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Service cost	891	853	809
Interest cost	6,516	8,132	10,955
Expected return on plan assets	(14,257)	(13,683)	(16,353)
Amortization of prior service cost and actuarial loss	1,670	1,940	2,914
Settlements	0	0	15,247
Other	0	0	0
Net periodic benefit cost (income)	(5,180)	(2,758)	13,572
Pension Plan [Member] | Foreign Plan [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Service cost	3,345	3,992	3,893
Interest cost	2,558	3,200	4,037
Expected return on plan assets	(1,320)	(2,415)	(2,400)
Amortization of prior service cost and actuarial loss	2,635	3,478	2,373
Settlements	1,279	184	572
Other	118	(11)	956
Net periodic benefit cost (income)	$ 8,615	$ 8,428	$ 9,431

XML

Pensions - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail)	Dec. 31, 2021	Dec. 31, 2020
UNITED STATES
Weighted average assumptions used to determine benefit obligations
Discount rate	2.75%	2.35%
Foreign Plan [Member]
Weighted average assumptions used to determine benefit obligations
Discount rate	3.05%	2.65%
Pension Plan [Member] | UNITED STATES
Weighted average assumptions used to determine benefit obligations
Discount rate	2.84%	2.48%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate	4.50%	4.50%
Pension Plan [Member] | Foreign Plan [Member]
Weighted average assumptions used to determine benefit obligations
Discount rate	1.83%	1.36%
Rate of compensation increase	1.44%	1.23%

XML

Pensions - Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
UNITED STATES
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate	2.35%	3.15%	4.20%
Foreign Plan [Member]
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate	2.65%	3.05%	3.65%
Pension Plan [Member] | UNITED STATES
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate	2.48%	3.28%	4.25%
Expected return on plan assets	5.50%	5.75%	6.50%
Pension Plan [Member] | Foreign Plan [Member]
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate	1.63%	2.33%	2.40%
Expected return on plan assets	2.48%	3.73%	4.63%
Rate of compensation increase	1.99%	3.99%	3.31%

XML

Pensions - Pension Plan Assets at Fair Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Of Pension Plan Assets [Line Items]
Pension plan assets at fair value	$ 321,495	$ 321,891
Equity securities [Member]
Fair Value Of Pension Plan Assets [Line Items]
Pension plan assets at fair value	12,817	34,865
Debt securities [Member]
Fair Value Of Pension Plan Assets [Line Items]
Pension plan assets at fair value	36,133	37,901
Cash and cash equivalents [Member]
Fair Value Of Pension Plan Assets [Line Items]
Pension plan assets at fair value	9,751	1,866
Net Asset Value [Member]
Fair Value Of Pension Plan Assets [Line Items]
Pension plan assets at fair value	262,794	247,259
Net Asset Value [Member] | Equity securities [Member]
Fair Value Of Pension Plan Assets [Line Items]
Pension plan assets at fair value	41,032	117,309
Net Asset Value [Member] | Debt securities [Member]
Fair Value Of Pension Plan Assets [Line Items]
Pension plan assets at fair value	210,492	104,880
Net Asset Value [Member] | Real Estate [Member]
Fair Value Of Pension Plan Assets [Line Items]
Pension plan assets at fair value	11,270	25,070
Level 1 [Member]
Fair Value Of Pension Plan Assets [Line Items]
Pension plan assets at fair value	10,982	20,084
Level 1 [Member] | Equity securities [Member]
Fair Value Of Pension Plan Assets [Line Items]
Pension plan assets at fair value	1,231	18,218
Level 1 [Member] | Debt securities [Member]
Fair Value Of Pension Plan Assets [Line Items]
Pension plan assets at fair value	0	0
Level 1 [Member] | Cash and cash equivalents [Member]
Fair Value Of Pension Plan Assets [Line Items]
Pension plan assets at fair value	9,751	1,866
Level 2 [Member]
Fair Value Of Pension Plan Assets [Line Items]
Pension plan assets at fair value	47,719	54,548
Level 2 [Member] | Equity securities [Member]
Fair Value Of Pension Plan Assets [Line Items]
Pension plan assets at fair value	11,586	16,647
Level 2 [Member] | Debt securities [Member]
Fair Value Of Pension Plan Assets [Line Items]
Pension plan assets at fair value	36,133	37,901
Level 2 [Member] | Cash and cash equivalents [Member]
Fair Value Of Pension Plan Assets [Line Items]
Pension plan assets at fair value	$ 0	$ 0

XML

Pensions - Estimated Benefit Payments for Domestic and Foreign Pension Plans (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
2022	$ 1,598
2023	1,597
2024	1,569
2025	1,542
2026	1,509
2027 - 2031	6,766
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
2022	778
2023	777
2024	812
2025	825
2026	846
2027 - 2031	4,631
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
2022	22,687
2023	22,551
2024	37,441
2025	22,600
2026	23,257
2027 - 2031	115,020
Pension Plan [Member] | UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
2022	16,902
2023	16,482
2024	15,497
2025	15,275
2026	16,092
2027 - 2031	74,195
Pension Plan [Member] | Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
2022	5,785
2023	6,069
2024	21,944
2025	7,325
2026	7,165
2027 - 2031	$ 40,825

XML

Pensions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Non-elective and matching contributions	$ 12,809	$ 13,537	$ 14,514
Settlement charges	(1,279)	(184)	(15,997)
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets	270,296
Increase (decrease) benefit plan exceed projected benefit obligation	34,049
UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Settlement charges			3,452
Increase (decrease) benefit plan exceed projected benefit obligation	(21,211)	(23,419)
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	1,000
UNITED STATES | Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlement charges	0	0	(15,247)
Defined Benefit Plan, Accumulated Benefit Obligation	257,108	271,397
Increase (decrease) benefit plan exceed projected benefit obligation	16,340	(4,054)
Other General and Administrative Expense			(178)
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement	0	0
Defined Benefit Plan, Plan Assets, Payment for Settlement	0	0	58,198
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlement charges			(453)
Increase (decrease) benefit plan exceed projected benefit obligation	(22,476)	(27,032)
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	4,100
Foreign Plan [Member] | Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlement charges	(1,279)	(184)	(572)
Defined Benefit Plan, Accumulated Benefit Obligation	158,074	186,652
Increase (decrease) benefit plan exceed projected benefit obligation	(116,910)	(140,859)
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement	8,210	5,170
Defined Benefit Plan, Plan Assets, Payment for Settlement	$ 8,210	5,170
Foreign Plan [Member] | Pension Plan [Member] | Other exit costs [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlement charges		(836)
Foreign Plan [Member] | Pension Plan [Member] | DivestitureMutares [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlement charges		$ (744)
Anti-vibration systems [Member] | Foreign Plan [Member] | Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlement charges			$ (2,730)

XML

Postretirement Benefits Other Than Pensions - Schedule of Postretirement Benefit Plans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Funded status of the plans	$ 34,049
Foreign Plan [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligations at beginning of year	27,032	$ 23,949
Service cost	357	404	$ 397
Interest cost	701	726	752
Actuarial loss (gain)	(5,065)	2,221
Benefits paid	(716)	(663)
Foreign currency exchange rate effect	167	395
Benefit obligation at end of year	22,476	27,032	23,949
Funded status of the plans	(22,476)	(27,032)
Net amount recognized at December 31	(22,476)	(27,032)
UNITED STATES
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligations at beginning of year	23,419	22,436
Service cost	105	103	118
Interest cost	531	680	864
Actuarial loss (gain)	(1,717)	1,603
Benefits paid	(1,127)	(1,403)
Foreign currency exchange rate effect	0	0
Benefit obligation at end of year	21,211	23,419	$ 22,436
Funded status of the plans	(21,211)	(23,419)
Net amount recognized at December 31	$ (21,211)	$ (23,419)

XML

Postretirement Benefits Other Than Pensions - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities [Member] | Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	$ (766)	$ (968)
Accrued Liabilities [Member] | UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	(1,576)	(1,648)
Pension Benefits Long Term [Member] | Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	(21,710)	(26,064)
Pension Benefits Long Term [Member] | UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	$ (19,635)	$ (21,771)

XML

Postretirement Benefits Other Than Pensions - Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax	$ (3,760)	$ (9,563)
UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax	$ 11,339	$ 11,018

XML

Postretirement Benefits Other Than Pensions - Schedule of Net Periodic Benefit Costs for Plans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 357	$ 404	$ 397
Interest cost	701	726	752
Amortization of prior service credit and recognized actuarial (gain) loss	752	448	320
Other	0	0	48
Net periodic benefit cost (income)	1,810	1,578	1,517
UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Service cost	105	103	118
Interest cost	531	680	864
Amortization of prior service credit and recognized actuarial (gain) loss	(1,396)	(1,930)	(2,441)
Other	0	0	0
Net periodic benefit cost (income)	$ (760)	$ (1,147)	$ (1,459)

XML

Postretirement Benefits Other Than Pensions - Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations (Detail)	Dec. 31, 2021	Dec. 31, 2020
Foreign Plan [Member]
Weighted average assumptions used to determine benefit obligations
Discount rate	3.05%	2.65%
UNITED STATES
Weighted average assumptions used to determine benefit obligations
Discount rate	2.75%	2.35%

XML

Postretirement Benefits Other Than Pensions - Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Foreign Plan [Member]
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate	2.65%	3.05%	3.65%
UNITED STATES
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate	2.35%	3.15%	4.20%

XML

Postretirement Benefits Other Than Pensions - Schedule of Health Care Cost Trend Rates (Details)	12 Months Ended
	Dec. 31, 2021
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year	5.00%
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	5.00%
UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year	5.19%
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	4.50%
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate	2027

XML

Postretirement Benefits Other Than Pensions - Estimated Benefit Payments for Domestic and Foreign Pension Plans (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2022	$ 2,376
2023	2,374
2024	2,381
2025	2,367
2026	2,355
2027 - 2031	11,397
Foreign Plan [Member]
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2022	778
2023	777
2024	812
2025	825
2026	846
2027 - 2031	4,631
UNITED STATES
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2022	1,598
2023	1,597
2024	1,569
2025	1,542
2026	1,509
2027 - 2031	$ 6,766

XML

Postretirement Benefits Other Than Pensions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Settlement charges	$ (1,279)	$ (184)	$ (15,997)
Other Postretirement Benefits Plan [Member]
Payment for Pension and Other Postretirement Benefits [Abstract]
Other post retirement benefits recorded in consolidated balance sheets	2,153	1,778
UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Settlement charges			3,452
Payment for Pension and Other Postretirement Benefits [Abstract]
Unrecognized actuarial gains, before tax	(11,339)	(11,018)
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlement charges			$ (453)
Payment for Pension and Other Postretirement Benefits [Abstract]
Unrecognized actuarial gains, before tax	$ 3,760	$ 9,563

XML

Other (Expense) Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Income and Expenses [Abstract]
Foreign Currency Transaction Gain (Loss), before Tax	$ (6,887)	$ (1,429)	$ (3,022)
Components of Net Periodic Benefit Cost Other than Service Cost	1,610	(576)	(1,069)
Gain (Loss) on Sale of Accounts Receivable	(528)	(776)	(1,007)
Miscellaneous Income Expense	963	201	838
Other Nonoperating Income (Expense)	$ (4,842)	$ (2,580)	$ (4,260)

XML

Income Taxes - Schedule of Income (Loss) Before Income Taxes and Adjustment for Noncontrolling Interests (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Domestic	$ (142,883)	$ (235,574)	$ 53,425
Foreign	(146,569)	(94,647)	44,877
(Loss) income before income taxes	$ (289,452)	$ (330,221)	$ 98,302

XML

Income Taxes - Schedule of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ 5,158	$ (65,565)	$ (227)
State	68	(196)	(171)
Foreign	(1,590)	13,636	20,613
Deferred
Federal	12,217	(15,060)	4,405
State	(484)	1,297	(767)
Foreign	24,023	5,041	12,236
Income tax provision	$ 39,392	$ (60,847)	$ 36,089

XML

Income Taxes - Schedule Reconciles United States Statutory Federal Rate to Income Tax Provision (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax at U.S. statutory rate	$ (60,785)	$ (69,346)	$ 20,643
State and local taxes	(3,276)	(4,933)	209
Tax credits and incentives	(7,634)	(5,750)	(8,034)
Effect of foreign tax rates	(13,525)	(15,432)	(1,656)
Nonrecurring permanent items	(3,710)	(3,069)	(5,250)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount	1,257	1,640	1,596
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount	6,618	9,335	2,820
Other changes in tax reserves	(5,043)	1,071	(206)
Valuation allowance	124,228	51,609	24,625
Income tax provision	$ 39,392	$ (60,847)	$ 36,089
Effective income tax rate	(13.60%)	18.40%	36.70%
U.S. Tax and Jobs Act [Member]
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Changes in tax law	$ 0	$ (1,046)	$ 1,102
Other legislation [Member]
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Changes in tax law	(361)	352	2,909
Other Adjustments [Member]
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	(18)	3,781	(411)
Outside Basis Difference [Member]
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	1,641	(1,215)	(2,258)
CARES Act
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	$ 0	$ (27,844)	$ 0

XML

Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Pension, postretirement and other benefits	$ 40,026	$ 53,229
Capitalized expenditures	12,521	14,411
Net operating loss and tax credit carryforwards	275,222	215,980
Deferred Tax Assets, Property, Plant and Equipment	27,934	26,160
All other items	61,785	53,290
Total deferred tax assets	417,488	363,070
Deferred tax liabilities:
Property, plant and equipment	(21,745)	(29,415)
Operating lease right-of-use	(26,863)	(26,160)
All other items	(14,506)	(15,597)
Total deferred tax liabilities	(63,114)	(71,172)
Valuation allowances	(334,983)	(234,425)
Net deferred tax assets	$ 19,391	$ 57,473

XML

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$ 11,272	$ 10,123
Tax positions related to the current period
Gross additions	337	1,115
Gross reductions	0	0
Tax positions related to prior years
Gross additions	10	342
Gross reductions	(5,143)	0
Settlements	(2,905)	(232)
Lapses on statutes of limitations	0	(76)
Balance at end of period	$ 3,571	$ 11,272

XML

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Line Items]
Income Tax Expense (Benefit)	$ 39,392	$ (60,847)	$ 36,089
Net operating losses and credit carryforwards	12,300
Valuation allowances related to tax loss and credit carryforwards and other deferred tax assets	334,983	234,425
Total unrecognized tax benefits	3,571	11,272	10,123
Total unrecognized tax benefits including interest and penalties	4,281
Income tax expense related to interest and penalties	710	1,277
Deferred Federal Income Tax Expense (Benefit)	12,217	(15,060)	4,405
Deferred Tax Assets, Gross	417,488	363,070
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	2,004
CARES Act
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	0	(27,844)	0
Foreign subsidiaries, primarily in France, Brazil, and Germany [Member]
Income Taxes [Line Items]
Foreign subsidiaries net operating loss Carryforward	$ 639,000
Operating loss carryforwards expiration dates	indefinite expiration periods
Foreign subsidiaries in China, Mexico, Italy, Netherlands, Poland, Spain, India and Korea [Member]
Income Taxes [Line Items]
Foreign subsidiaries net operating loss Carryforward	$ 303,000
U.S. Tax and Jobs Act [Member]
Income Taxes [Line Items]
Changes in tax law	$ 0	$ (1,046)	$ 1,102

XML

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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	166,000	71,000	0
Net income attributable to Cooper-Standard Holdings Inc.	$ (322,835)	$ (267,605)	$ 67,529
Diluted net income available to Cooper-Standard Holdings Inc. common stockholders	$ (322,835)	$ (267,605)	$ 67,529
Basic weighted average shares of common stock outstanding	17,045,353	16,913,850	17,146,124
Dilutive effect of:
Weighted Average Number Diluted Shares Outstanding Adjustment	0	0	62,644
Diluted weighted average shares of common stock outstanding	17,045,353	16,913,850	17,208,768
Basic net income per share attributable to Cooper-Standard Holdings Inc. (in dollars per share)	$ (18.94)	$ (15.82)	$ 3.94
Diluted net income per share attributable to Cooper-Standard Holdings Inc. (in dollars per share)	$ (18.94)	$ (15.82)	$ 3.92

XML

Net Income Per Share Attributable to Cooper-Standard Holdings Inc. - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	166,000	71,000	0

XML

Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ (241,896)
Ending Balance	(205,184)	$ (241,896)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax	3,484	3,851
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax	(15)	(386)
Cumulative currency translation adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(136,579)	(153,933)
Other comprehensive income (loss) before reclassifications	(2,316)	15,708
Amounts reclassified from accumulated other comprehensive income (loss)	144	1,646
Ending Balance	(138,751)	(136,579)
Benefit plan liabilities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(106,079)	(100,160)
Other comprehensive income (loss) before reclassifications	35,506	(11,254)
Amounts reclassified from accumulated other comprehensive income (loss)	5,270	5,335
Ending Balance	(65,303)	(106,079)
Fair value change of derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	762	352
Other comprehensive income (loss) before reclassifications	(843)	(4,700)
Amounts reclassified from accumulated other comprehensive income (loss)	(1,049)	5,110
Ending Balance	(1,130)	762
Accumulated other comprehensive loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(241,896)	(253,741)
Other comprehensive income (loss) before reclassifications	32,347	(246)
Amounts reclassified from accumulated other comprehensive income (loss)	4,365	12,091
Ending Balance	$ (205,184)	$ (241,896)

XML

Accumulated Other Comprehensive Income - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax	$ (5,077)	$ 4,430
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax	(248)	(571)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	298	(1,580)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax	383	(1,835)
Additional Detail [Line Items]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax	3,484	3,851
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax	205	106
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax	(15)	(386)
Anti-vibration systems [Member]
Additional Detail [Line Items]
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax		744
Settlement [Member]
Additional Detail [Line Items]
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax	1,291	$ 1,020
Curtailment [Member]
Additional Detail [Line Items]
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax	$ 305

XML

Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) commonStockNumberOfVotePerShare $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 shares
Common Stock And Preferred Stock [Line Items]
Common stock, shares authorized | shares	190,000,000	190,000,000
Common stock, par value | $ / shares	$ 0.001	$ 0.001
Common stock, shares issued | shares	19,057,788	18,962,894
Common stock, shares outstanding | shares	16,991,979	16,897,085
Common stock, number of vote per share | commonStockNumberOfVotePerShare	1
Payments for Repurchase of Common Stock | $	$ 0	$ 0	$ (36,550)
Treasury Stock, Value, Acquired, Cost Method | $			$ 35,937
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $	$ 98,720
Common Stock [Member]
Common Stock And Preferred Stock [Line Items]
Common stock, shares outstanding | shares	16,991,979	16,897,085	16,842,757	17,554,737
Treasury Stock, Shares, Acquired | shares			817,954
Treasury Stock, Value, Acquired, Cost Method | $			$ 0
2018 Program [Member]
Common Stock And Preferred Stock [Line Items]
Stock Repurchase Program, Authorized Amount | $	$ 150,000

XML

Stock-Based Compensation - Share-Based Compensation Expense By Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 5,574	$ 10,435	$ 11,865
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	2,289	2,525	3,156
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	(916)	916	277
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 4,201	$ 6,994	$ 8,432

XML

Stock-Based Compensation - Summary of Stock Option Transactions and Related Information (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options Outstanding, Beginning Balance (in shares) | shares	741,419
Options, Granted (in shares) | shares	145,815
Options, Exercised (in shares) | shares	(13,811)
Options, Forfeited (in shares) | shares	(53,646)
Options, Expired (in shares) | shares	(19,758)
Options Outstanding, Ending Balance (in shares) | shares	800,019
Options Exercisable, Ending Balance (in shares) | shares	518,479
Weighted Average Exercise Price, Outstanding Beginning Balance (in dollars per share) | $ / shares	$ 62.64
Weighted Average Exercise Price, Granted (in dollars per share) | $ / shares	35.74
Weighted Average Exercise Price, Exercised (in dollars per share) | $ / shares	25.19
Weighted Average Exercise Price, Forfeited (in dollars per share) | $ / shares	34.40
Weighted Average Exercise Price, Expired (in dollars per share) | $ / shares	91.56
Weighted Average Exercise Price, Outstanding Ending Balance (in dollars per share) | $ / shares	59.57
Weighted Average Exercise Price, Exercisable Ending Balance (in dollars per share) | $ / shares	$ 72.25
Weighted Average Remaining Contractual Life - Years, Outstanding Ending Balance	5 years 1 month 6 days
Weighted Average Remaining Contractual Life - Years, Exercisable Ending Balance	4 years
Aggregate Intrinsic Value, Outstanding Ending Balance | $	$ 0
Aggregate Intrinsic Value, Exercisable Ending Balance | $	$ 0

XML

Stock-Based Compensation - Assumptions Used Under Black-Scholes Option Pricing Model (Detail) - Equity Option [Member]	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		33.74%
Dividend yield	0.00%	0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	6 years	6 years	6 years
Risk-free rate, Minimum	0.60%		1.80%
Risk-free rate, Maximum	0.90%		2.50%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate		1.50%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum	48.65%		29.48%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum	50.50%		31.10%

XML

Stock-Based Compensation - Summary of Restricted Common Shares (Detail) - Restricted Stock And Units [Member]	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested Number, Beginning Balance (in shares) | shares	385,635
Granted (in shares) | shares	87,513
Vested (in shares) | shares	(199,473)
Forfeited (in shares) | shares	(31,661)
Non-vested Number, Ending Balance (in shares) | shares	242,014
Non-vested Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) | $ / shares	$ 54.10
Granted (in dollars per share) | $ / shares	32.38
Vested (in dollars per share) | $ / shares	46.62
Forfeited (in dollars per share) | $ / shares	51.14
Non-vested Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ / shares	$ 48.38

XML

Stock-Based Compensation - Summary of Performance Units (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	81,010	131,751
Granted (in shares)	0
Vested (in shares)	(43,038)
Forfeited (in shares)	(7,703)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 51.19	$ 51.45
Granted (in dollars per share)	39.70
Vested (in dollars per share)	111.45
Forfeited (in dollars per share)	$ 46.81
us-gaap_PerformanceSharesCashSettledMember
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	188,886	126,489
Granted (in shares)	94,856
Vested (in shares)	(602)
Forfeited (in shares)	(31,857)

XML

Stock-Based Compensation - Assumptions Used Monte Carlo (Details) - Performance Shares [Member]	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	99.40%	116.60%
Dividend yield	0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.14%	0.10%

XML

- Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under plan	1,453,092	5,873,103
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock award grants vest period first	3 years
Weighted-average grant date fair value of stock options granted	$ 16.46	$ 8.85	$ 24.22
Intrinsic value of stock options exercised	$ 142		$ 243
Unrecognized compensation expenses	$ 2,129
Recognized weighted average period	1 year 9 months 18 days
Stock Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option awards grant term	10 years
Restricted Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock award grants vest period first	1 year
Stock award grants vest period second	3 years
Weighted-average grant date fair value of stock options granted	$ 32.38	$ 17.62	$ 66.12
Recognized weighted average period	1 year 3 months 18 days
Total fair value of restricted common shares and units vested	$ 9,299	$ 7,786	$ 9,859
Unrecognized compensation expenses	$ 2,223
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value of stock options granted	$ 39.70	$ 10.10	$ 78.41
Total fair value of restricted common shares and units vested	$ 4,864	$ 5,243	$ 5,450
Share-based Payment Arrangement, Cash Used to Settle Award			$ 3,345
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	0.00%

XML

Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Accrual for Environmental Loss Contingencies		$ 9,965	$ 13,302
Gain (Loss) Related to Litigation Settlement	$ 8,000
Loss Contingency, Receivable		$ 5,375

XML

Business Segments - Information on Company's Business Segments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Sales	$ 2,330,191	$ 2,375,439	$ 3,108,400
Intersegment sales	0	0	0
Adjusted EBITDA	(8,034)	35,677	201,608
Segment profit (loss)	(289,452)	(330,221)	98,302
Net interest expense included in segment profit	72,511	59,167	44,113
Depreciation and amortization expense	139,008	154,229	151,953
Capital expenditures	96,107	91,794	164,466
Segment assets	2,226,493	2,611,944
Automotive [Member]
Segment Reporting Information [Line Items]
Sales	2,186,521	2,256,903	2,968,668
Intersegment sales	21,155	24,314	34,688
Adjusted EBITDA	(21,591)	50,265	205,229
Net interest expense included in segment profit	3,551	4,016	4,556
Depreciation and amortization expense	122,391	131,081	135,715
Capital expenditures	88,186	80,575	147,028
Segment assets	1,829,617	2,025,093
Corporate and Other
Segment Reporting Information [Line Items]
Sales	143,670	118,536	139,732
Intersegment sales	(21,155)	(24,314)	(34,688)
Adjusted EBITDA	13,557	(14,588)	(3,621)
Net interest expense included in segment profit	68,960	55,151	39,557
Depreciation and amortization expense	16,617	23,148	16,238
Capital expenditures	7,921	11,219	17,438
Segment assets	396,876	586,851
Reportable Geographical Components [Member] | North America [Member]
Segment Reporting Information [Line Items]
Sales	1,148,257	1,141,368	1,543,845
Intersegment sales	9,775	12,267	19,701
Adjusted EBITDA	54,616	90,638	213,250
Net interest expense included in segment profit	470	504	96
Depreciation and amortization expense	54,779	60,193	62,604
Capital expenditures	36,370	30,921	64,887
Segment assets	885,517	907,652
Reportable Geographical Components [Member] | Europe [Member]
Segment Reporting Information [Line Items]
Sales	518,245	586,739	826,335
Intersegment sales	9,502	9,569	11,744
Adjusted EBITDA	(49,599)	(39,004)	22,922
Net interest expense included in segment profit	1,274	1,082	318
Depreciation and amortization expense	32,655	36,707	38,572
Capital expenditures	27,384	25,369	34,587
Segment assets	372,097	465,031
Reportable Geographical Components [Member] | Asia Pacific [Member]
Segment Reporting Information [Line Items]
Sales	458,306	468,042	503,953
Intersegment sales	1,863	2,406	3,050
Adjusted EBITDA	(16,756)	12,472	(27,497)
Net interest expense included in segment profit	1,445	2,205	4,139
Depreciation and amortization expense	32,426	31,789	31,881
Capital expenditures	20,473	21,809	40,214
Segment assets	510,524	587,610
Reportable Geographical Components [Member] | South America [Member]
Segment Reporting Information [Line Items]
Sales	61,713	60,754	94,535
Intersegment sales	15	72	193
Adjusted EBITDA	(9,852)	(13,841)	(3,446)
Net interest expense included in segment profit	362	225	3
Depreciation and amortization expense	2,531	2,392	2,658
Capital expenditures	3,959	2,476	$ 7,340
Segment assets	$ 61,479	$ 64,800

XML

Business Segments - Geographic Information for Revenues (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Sales	$ 2,330,191	$ 2,375,439	$ 3,108,400
Property, plant and equipment, net	784,348	892,309
United States
Segment Reporting Information [Line Items]
Sales	539,528	518,497	729,866
Property, plant and equipment, net	161,780	188,246
Mexico [Member]
Segment Reporting Information [Line Items]
Sales	592,777	578,790	723,228
Property, plant and equipment, net	139,630	145,452
China [Member]
Segment Reporting Information [Line Items]
Sales	371,811	364,207	355,667
Property, plant and equipment, net	182,298	192,005
France [Member]
Segment Reporting Information [Line Items]
Sales	94,334	97,289	159,859
Property, plant and equipment, net	21,921	33,087
Canada [Member]
Segment Reporting Information [Line Items]
Sales	116,854	125,729	188,652
Property, plant and equipment, net	29,482	29,500
Poland [Member]
Segment Reporting Information [Line Items]
Sales	168,357	191,530	270,197
Property, plant and equipment, net	67,521	77,789
Germany [Member]
Segment Reporting Information [Line Items]
Sales	116,509	114,221	151,441
Property, plant and equipment, net	47,885	72,979
Other [Member]
Segment Reporting Information [Line Items]
Sales	330,021	385,176	$ 529,490
Property, plant and equipment, net	$ 133,831	$ 153,251

XML

Business Segments - Adjusted EBITDA to Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (8,034)	$ 35,677	$ 201,608
Impairment charges	(25,609)	(104,363)	(23,139)
Restructuring Charges	(36,950)	(39,482)	(51,102)
Settlement charges	(1,279)	(184)	(15,997)
Lease termination costs	(748)	(771)	(1,167)
Gain on sale of business, net	696	2,834	191,571
Project Costs	0	(5,648)	(2,090)
EBITDA	(71,924)	(115,056)	299,684
Income Tax Expense (Benefit)	(39,392)	60,847	(36,089)
Interest Income (Expense), Nonoperating, Net	(72,511)	(59,167)	(44,113)
Cost, Depreciation and Amortization	(139,008)	(154,229)	(151,953)
Net income attributable to Cooper-Standard Holdings Inc.	(322,835)	(267,605)	67,529
Parent
Segment Reporting Information [Line Items]
Impairment charges	(25,609)	(103,887)	(23,139)
Noncontrolling Interest [Member]
Segment Reporting Information [Line Items]
Gain on sale of business, net	$ 0	$ (3,595)	$ 0

XML

Business Segments - Sales to Customers Contributing Ten Percent or More of Consolidated Sales (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Ford [Member]
Revenue, Major Customer [Line Items]
Major customers	24.00%	24.00%	25.00%
General Motors [Member]
Revenue, Major Customer [Line Items]
Major customers	17.00%	19.00%	18.00%
Stellantis [Member]
Revenue, Major Customer [Line Items]
Major customers	14.00%	14.00%	17.00%

XML

Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease)	$ 11,218
SEC Schedule, 12-09, Allowance, Credit Loss [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning Balance		$ 7,100	$ 9,100	$ 5,600
Charge to Expenses		16,400	700	5,500
Charged (credited) to other accounts		(300)	500	(100)
Deductions		(2,900)	(4,800)	(1,900)
Balance at end of period		20,300	7,100	9,100
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning Balance			10,700
Balance at end of period				10,700
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Cumulative Effect, Period of Adoption, Adjustment
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning Balance		1,600
Balance at end of period			1,600
Tax Valuation Allowance [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning Balance		234,400	194,800	171,200
Additions Charged to Income		124,200	51,600	24,600
Additions Charged to Equity		(23,600)	7,300	(1,000)
Deductions		0	(19,300)	0
Balance at end of period		$ 335,000	$ 234,400	$ 194,800