10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

  ___________________________________ 

FORM 10-Q

  ___________________________________

(Mark One)

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

For the quarterly period ended September 30, 2022

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)

(248) 596-5900

(Registrant’s telephone number, including area code)

 ______________________________

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	CPS	New York Stock Exchange

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 emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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

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

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

As of October 26, 2022, there were 17,108,029 shares of the registrant’s common stock, $0.001 par value, outstanding.

1

COOPER-STANDARD HOLDINGS INC.

Form 10-Q

For the period ended September 30, 2022

		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)
	Condensed Consolidated Statements of Operations	3
	Condensed Consolidated Statements of Comprehensive Loss	4
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Changes in Equity	6
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	38
	PART II. OTHER INFORMATION
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 6.	Exhibits	40
SIGNATURES		41

2

PART I — FINANCIAL INFORMATION

Item 1.         Financial Statements

COOPER-STANDARD HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollar amounts in thousands except per share amounts) 

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Sales	$	657,153	$	526,690	$	1,876,054	$	1,728,842
Cost of products sold	618,594		534,817		1,800,577		1,669,610
Gross profit (loss)	38,559		(8,127)		75,477		59,232
Selling, administration & engineering expenses	44,847		60,367		149,033		168,506
Gain on sale of business, net	—		—		—		(696)
Gain on sale of fixed assets, net	—		—		(33,391)		—
Amortization of intangibles	1,693		1,819		5,176		5,524
Restructuring charges	1,701		1,573		13,014		34,251
Impairment charges	379		1,006		837		1,847
Operating loss	(10,061)		(72,892)		(59,192)		(150,200)
Interest expense, net of interest income	(20,747)		(18,243)		(57,378)		(54,152)
Equity in (losses) earnings of affiliates	(3,391)		(1,114)		(8,193)		65
Other income (expense), net	146		(494)		(2,574)		(4,221)
Loss before income taxes	(34,053)		(92,743)		(127,337)		(208,508)
Income tax (benefit) expense	(833)		32,121		1,824		15,598
Net loss	(33,220)		(124,864)		(129,161)		(224,106)
Net loss attributable to noncontrolling interests	534		1,691		1,868		3,458
Net loss attributable to Cooper-Standard Holdings Inc.	$	(32,686)	$	(123,173)	$	(127,293)	$	(220,648)
Loss per share:
Basic	$	(1.90)	$	(7.20)	$	(7.41)	$	(12.96)
Diluted	$	(1.90)	$	(7.20)	$	(7.41)	$	(12.96)

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

3

COOPER-STANDARD HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(Dollar amounts in thousands) 

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net loss	$	(33,220)	$	(124,864)	$	(129,161)	$	(224,106)
Other comprehensive income (loss):
Currency translation adjustment	(18,960)		(6,215)		(27,679)		(4,074)
Benefit plan liabilities adjustment, net of tax	2,398		4,978		5,445		8,328
Fair value change of derivatives, net of tax	2,422		(2,132)		3,830		(1,952)
Other comprehensive (loss) income, net of tax	(14,140)		(3,369)		(18,404)		2,302
Comprehensive loss	(47,360)		(128,233)		(147,565)		(221,804)
Comprehensive loss attributable to noncontrolling interests	185		1,916		1,253		3,744
Comprehensive loss attributable to Cooper-Standard Holdings Inc.	$	(47,175)	$	(126,317)	$	(146,312)	$	(218,060)

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

4

COOPER-STANDARD HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands except share amounts)

	September 30, 2022		December 31, 2021
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	231,177	$	248,010
Accounts receivable, net	366,824		317,469
Tooling receivable, net	93,832		88,900
Inventories	195,003		158,075
Prepaid expenses	31,348		26,313
Income tax receivable and refundable credits	12,474		82,813
Other current assets	74,525		73,317
Total current assets	1,005,183		994,897
Property, plant and equipment, net	667,117		784,348
Operating lease right-of-use assets, net	95,803		111,052
Goodwill	141,958		142,282
Intangible assets, net	48,413		60,375
Other assets	143,727		133,539
Total assets	$	2,102,201	$	2,226,493
Liabilities and Equity
Current liabilities:
Debt payable within one year	$	48,890	$	56,111
Accounts payable	373,481		348,133
Payroll liabilities	94,712		69,353
Accrued liabilities	130,257		101,466
Current operating lease liabilities	20,172		22,552
Total current liabilities	667,512		597,615
Long-term debt	978,435		980,604
Pension benefits	113,521		129,880
Postretirement benefits other than pensions	40,960		43,498
Long-term operating lease liabilities	79,222		92,760
Other liabilities	47,289		50,776
Total liabilities	1,926,939		1,895,133
Equity:
Common stock, $0.001 par value, 190,000,000 shares authorized; 19,173,838 shares issued and 17,108,029 shares outstanding as of September 30, 2022, and 19,057,788 shares issued and 16,991,979 outstanding as of December 31, 2021	17		17
Additional paid-in capital	506,971		504,497
Retained (loss) earnings	(101,740)		25,553
Accumulated other comprehensive loss	(224,203)		(205,184)
Total Cooper-Standard Holdings Inc. equity	181,045		324,883
Noncontrolling interests	(5,783)		6,477
Total equity	175,262		331,360
Total liabilities and equity	$	2,102,201	$	2,226,493

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

5

COOPER-STANDARD HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

(Dollar amounts in thousands except share amounts)

	Total Equity
	Common Shares	Common Stock		Additional Paid-In Capital		Retained Earnings (Loss)		Accumulated Other Comprehensive Loss		Cooper-Standard Holdings Inc. Equity		Noncontrolling Interests		Total Equity
Balance as of December 31, 2021	16,991,979	$	17	$	504,497	$	25,553	$	(205,184)	$	324,883	$	6,477	$	331,360
Share-based compensation, net	69,716	—		437		—		—		437		—		437
Deconsolidation of noncontrolling interest	—	—		—		—		—		—		(11,007)		(11,007)
Net loss	—	—		—		(61,360)		—		(61,360)		(430)		(61,790)
Other comprehensive income (loss)	—	—		—		—		11,791		11,791		(11)		11,780
Balance as of March 31, 2022	17,061,695	$	17	$	504,934	$	(35,807)	$	(193,393)	$	275,751	$	(4,971)	$	270,780
Share-based compensation, net	39,426	—		1,128		—		—		1,128		—		1,128
Net loss	—	—		—		(33,247)		—		(33,247)		(904)		(34,151)
Other comprehensive income (loss)	—	—		—		—		(16,321)		(16,321)		277		(16,044)
Balance as of June 30, 2022	17,101,121	$	17	$	506,062	$	(69,054)	$	(209,714)	$	227,311	$	(5,598)	$	221,713
Share-based compensation, net	6,908	—		909		—		—		909		—		909
Net loss	—	—		—		(32,686)		—		(32,686)		(534)		(33,220)
Other comprehensive income (loss)	—	—		—		—		(14,489)		(14,489)		349		(14,140)
Balance as of September 30, 2022	17,108,029	$	17	$	506,971	$	(101,740)	$	(224,203)	$	181,045	$	(5,783)	$	175,262

	Total Equity
	Common Shares	Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Cooper-Standard Holdings Inc. Equity		Noncontrolling Interests		Total Equity
Balance as of December 31, 2020	16,897,085	$	17	$	498,719	$	350,270	$	(241,896)	$	607,110	$	17,001	$	624,111
Share-based compensation, net	45,467	—		952		—		—		952		—		952
Net loss	—	—		—		(33,864)		—		(33,864)		(849)		(34,713)
Other comprehensive loss	—	—		—		—		(4,152)		(4,152)		(252)		(4,404)
Balance as of March 31, 2021	16,942,552	$	17	$	499,671	$	316,406	$	(246,048)	$	570,046	$	15,900	$	585,946
Share-based compensation, net	45,962	—		1,677		—		—		1,677		—		1,677
Net loss	—	—		—		(63,611)		—		(63,611)		(918)		(64,529)
Other comprehensive income	—	—		—		—		9,884		9,884		191		10,075
Balance as of June 30, 2021	16,988,514	$	17	$	501,348	$	252,795	$	(236,164)	$	517,996	$	15,173	$	533,169
Share-based compensation, net	2,116	—		1,516		—		—		1,516		—		1,516
Net loss	—	—		—		(123,173)		—		(123,173)		(1,691)		(124,864)
Other comprehensive loss	—	—		—		—		(3,144)		(3,144)		(225)		(3,369)
Balance as of September 30, 2021	16,990,630	$	17	$	502,864	$	129,622	$	(239,308)	$	393,195	$	13,257	$	406,452

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

6

COOPER-STANDARD HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollar amounts in thousands)

	Nine Months Ended September 30,
	2022		2021
Operating Activities:
Net loss	$	(129,161)	$	(224,106)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	88,997		99,497
Amortization of intangibles	5,176		5,524
Gain on sale of business, net	—		(696)
Gain on sale of fixed assets, net	(33,391)		—
Impairment charges	837		1,847
Share-based compensation expense	2,593		4,781
Equity in losses of affiliates, net of dividends related to earnings	11,195		2,146
Deferred income taxes	(5,478)		9,785
Other	2,383		2,219
Changes in operating assets and liabilities	46,489		(12,485)
Net cash used in operating activities	(10,360)		(111,488)
Investing activities:
Capital expenditures	(58,491)		(75,965)
Proceeds from sale of fixed assets	52,956		3,095
Other	167		35
Net cash used in investing activities	(5,368)		(72,835)
Financing activities:
Principal payments on long-term debt	(3,786)		(4,227)
Decrease in short-term debt, net	(977)		(597)
Taxes withheld and paid on employees' share-based payment awards	(607)		(777)
Other	(688)		884
Net cash used in financing activities	(6,058)		(4,717)
Effects of exchange rate changes on cash, cash equivalents and restricted cash	9,296		7,853
Changes in cash, cash equivalents and restricted cash	(12,490)		(181,187)
Cash, cash equivalents and restricted cash at beginning of period	251,128		443,578
Cash, cash equivalents and restricted cash at end of period	$	238,638	$	262,391
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:
	Balance as of
	September 30, 2022		December 31, 2021
Cash and cash equivalents	$	231,177	$	248,010
Restricted cash included in other current assets	5,846		961
Restricted cash included in other assets	1,615		2,157
Total cash, cash equivalents and restricted cash	$	238,638	$	251,128

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

7

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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

1. Overview

Basis of Presentation

Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company” or “Cooper Standard”), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”), is a leading manufacturer of sealing, fuel and brake delivery, 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 accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”), as filed with the SEC. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These financial statements include all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation of the financial position and results of operations of the Company. The operating results for the interim period ended September 30, 2022 are not necessarily indicative of results for the full year. In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

2. Deconsolidation and Divestiture

2022 Joint Venture Deconsolidation

In the first quarter of 2022, a joint venture in the Asia Pacific region that was previously consolidated with a noncontrolling interest amended the governing document underlying the joint venture. The amendment to the agreement did not change the Company’s 51% ownership. However, as a result of the amendment and effective as of January 1, 2022, the joint venture was deconsolidated and accounted for as an investment under the equity method. The Company remeasured the retained investment using the income approach method and performed a discounted cash flow analysis of the projected free cash flows of the joint venture. As a result of the deconsolidation, during the nine months ended September 30, 2022, the Company recorded a loss of $2,257, included in other income (expense), net in the condensed consolidated statements of operations.

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. On July 1, 2020, the Company completed the divestiture to Mutares SE & Co. KGaA (“Mutares”). During the nine months ended September 30, 2021, the Company recorded subsequent adjustments resulting in a net gain of $696.

3. Revenue

Revenue is recognized for manufactured parts at a point in time, generally when products are shipped or delivered. 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. Customers typically pay for parts based on customary business practices with payment terms generally between 30 and 90 days.

Revenue by customer group for the three months ended September 30, 2022 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	343,012	$	108,628	$	129,167	$	27,069	$	—	$	607,876
Commercial	4,132		4,957		326		4		1,725		11,144
Other	3,867		85		—		—		34,181		38,133
Revenue	$	351,011	$	113,670	$	129,493	$	27,073	$	35,906	$	657,153

8

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

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

Revenue by customer group for the nine months ended September 30, 2022 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	981,131	$	354,689	$	317,909	$	74,838	$	—	$	1,728,567
Commercial	11,855		16,426		1,114		15		5,047		34,457
Other	11,606		256		2		—		101,166		113,030
Revenue	$	1,004,592	$	371,371	$	319,025	$	74,853	$	106,213	$	1,876,054

Revenue by customer group for the three months ended September 30, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	262,821	$	93,766	$	109,187	$	15,973	$	—	$	481,747
Commercial	3,341		4,773		337		8		1,333		9,792
Other	4,430		143		2		—		30,576		35,151
Revenue	$	270,592	$	98,682	$	109,526	$	15,981	$	31,909	$	526,690

Revenue by customer group for the nine months ended September 30, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	834,545	$	380,519	$	325,178	$	45,597	$	—	$	1,585,839
Commercial	11,027		16,125		2,484		23		4,029		33,688
Other	11,581		435		4		—		97,295		109,315
Revenue	$	857,153	$	397,079	$	327,666	$	45,620	$	101,324	$	1,728,842

The passenger and light duty customer group consists of sales to automotive OEMs and automotive suppliers, while the commercial customer group represents sales to OEMs of on- and off-highway commercial equipment and vehicles. The other customer group includes sales related to specialty and adjacent markets.

Substantially all of the Company’s revenues were generated from sealing, fuel and brake delivery and fluid transfer systems for use in passenger vehicles and light trucks manufactured by global OEMs.

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

Revenue by product line for the three months ended September 30, 2022 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	133,347	$	91,078	$	85,309	$	21,654	$	—	$	331,388
Fuel and brake delivery systems	113,755		19,572		27,540		3,715		—		164,582
Fluid transfer systems	103,909		3,020		16,644		1,704		—		125,277
Other	—		—		—		—		35,906		35,906
Revenue	$	351,011	$	113,670	$	129,493	$	27,073	$	35,906	$	657,153

9

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

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

Revenue by product line for the nine months ended September 30, 2022 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	388,244	$	298,163	$	198,219	$	56,999	$	—	$	941,625
Fuel and brake delivery systems	324,090		64,248		71,768		12,090		—		472,196
Fluid transfer systems	292,258		8,960		49,038		5,764		—		356,020
Other	—		—		—		—		106,213		106,213
Revenue	$	1,004,592	$	371,371	$	319,025	$	74,853	$	106,213	$	1,876,054

Revenue by product line for the three months ended September 30, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	102,636	$	75,824	$	69,872	$	12,114	$	—	$	260,446
Fuel and brake delivery systems	80,549		18,989		23,446		2,286		—		125,270
Fluid transfer systems	87,407		3,869		16,208		1,581		—		109,065
Other	—		—		—		—		31,909		31,909
Revenue	$	270,592	$	98,682	$	109,526	$	15,981	$	31,909	$	526,690

Revenue by product line for the nine months ended September 30, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	313,985	$	310,063	$	201,873	$	34,921	$	—	$	860,842
Fuel and brake delivery systems	275,594		73,770		76,981		7,299		—		433,644
Fluid transfer systems	267,574		13,246		48,812		3,400		—		333,032
Other	—		—		—		—		101,324		101,324
Revenue	$	857,153	$	397,079	$	327,666	$	45,620	$	101,324	$	1,728,842

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, which are infrequent, 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 the 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. Contract assets were not materially impacted by any other factors during the nine months ended September 30, 2022.

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

	September 30, 2022		December 31, 2021		Change
Contract assets	$	3,690	$	—	$	3,690
Contract liabilities	(13)		(143)		130
Net contract assets (liabilities)	$	3,677	$	(143)	$	3,820

10

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

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

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 September 30, 2022 and December 31, 2021 were current liabilities of $13,968 and $12,045, respectively, and long-term liabilities of $5,733 and $7,214, 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.

4. 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”), along with other related exit costs and asset impairments related to restructuring activities (collectively, “other exit costs”). 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 three and nine months ended September 30, 2022 and 2021 was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
North America	$	(66)	$	307	$	(152)	$	3,513
Europe	1,383		1,113		11,518		27,284
Asia Pacific	319		282		1,318		1,265
South America	147		(129)		252		1,858
Total Automotive	1,783		1,573		12,936		33,920
Corporate and other	(82)		—		78		331
Total	$	1,701	$	1,573	$	13,014	$	34,251

Restructuring activity for the nine months ended September 30, 2022 was as follows:

	Employee Separation Costs		Other Exit Costs		Total
Balance as of December 31, 2021	$	20,957	$	5,627	$	26,584
Expense	8,654		4,360		13,014
Cash payments	(15,361)		(2,455)		(17,816)
Foreign exchange translation and other	(2,074)		(517)		(2,591)
Balance as of September 30, 2022	$	12,176	$	7,015	$	19,191

Other exit costs for the nine months ended September 30, 2022 included an immaterial gain on sale of fixed assets related to a closed facility in the Asia Pacific region.

5. Inventories

Inventories consist of the following:

	September 30, 2022		December 31, 2021
Finished goods	$	52,462	$	43,186
Work in process	47,136		37,045
Raw materials and supplies	95,405		77,844
	$	195,003	$	158,075

11

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

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

6. 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 condensed 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 condensed consolidated balance sheets.

The components of lease expense were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease expense	$	6,954	$	7,827	$	21,578	$	23,258
Short-term lease expense	1,413		1,719		3,558		5,324
Variable lease expense	326		191		792		620
Finance lease expense:
Amortization of right-of-use assets	523		519		1,500		1,586
Interest on lease liabilities	318		356		980		1,094
Total lease expense	$	9,534	$	10,612	$	28,408	$	31,882

Other information related to leases was as follows:

	Nine Months Ended September 30,
	2022			2021
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	21,944		$	25,641
Operating cash flows for finance leases	988			1,093
Financing cash flows for finance leases	1,488			1,677
Non-cash right-of-use assets obtained in exchange for lease obligations:
Operating leases	11,012			14,968
Finance leases	128			606
Weighted Average Remaining Lease Term (in years)
Operating leases	7.4			7.6
Finance leases	9.1			9.9
Weighted Average Discount Rate
Operating leases	6.1		%	5.7		%
Finance leases	5.9		%	5.8		%

12

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

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

Future minimum lease payments under non-cancellable leases as of September 30, 2022 were as follows:

Year	Operating Leases		Finance Leases
Remainder of 2022	$	6,567	$	756
2023	24,425		3,059
2024	18,619		3,250
2025	15,136		3,274
2026	11,060		3,033
Thereafter	48,714		16,396
Total future minimum lease payments	124,521		29,768
Less imputed interest	(25,127)		(7,015)
Total	$	99,394	$	22,753

Amounts recognized on the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 were as follows:

	September 30, 2022		December 31, 2021
Operating Leases
Operating lease right-of-use assets, net	$	95,803	$	111,052
Current operating lease liabilities	20,172		22,552
Long-term operating lease liabilities	79,222		92,760
Finance Leases
Property, plant and equipment, net	22,260		25,690
Debt payable within one year	2,067		2,153
Long-term debt	20,686		23,590

As of September 30, 2022, the Company had additional leases, primarily for real estate, that had not yet commenced with undiscounted lease payments of approximately $3,163.

7. Property, Plant and Equipment

Property, plant and equipment consists of the following:

	September 30, 2022		December 31, 2021
Land and improvements	$	40,889	$	44,495
Buildings and improvements	253,181		285,240
Machinery and equipment	1,198,754		1,269,330
Construction in progress	79,252		80,868
	1,572,076		1,679,933
Accumulated depreciation	(904,959)		(895,585)
Property, plant and equipment, net	$	667,117	$	784,348

During the three and nine months ended September 30, 2022, the Company recorded impairment charges of $379 and $837, respectively, primarily due to idle assets in Europe and North America. The fair value was determined using salvage value. During the three and nine months ended September 30, 2021, the Company recorded impairment charges of $1,006 and $1,847, respectively, due to idle assets, primarily in certain North American and European locations. The fair value was determined using salvage value.

The deconsolidation of a joint venture during the three months ended March 31, 2022 included the removal of property, plant and equipment with gross carrying value of $29,590 and accumulated depreciation of $11,625, which is reflected in the balance sheet as of September 30, 2022.

13

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

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

In the first quarter of 2022, the Company closed on a sale-leaseback transaction related to one of its European facilities. The sale-leaseback was effective and control transferred to the Company on April 1, 2022. During the nine months ended September 30, 2022, the Company recorded a gain on the sale transaction of $33,391. The transaction included the removal of property, plant and equipment with a gross carrying value of $16,890 and accumulated depreciation of $4,013, which is reflected in the balance sheet as of September 30, 2022.

8. Goodwill and Intangible Assets

Goodwill

Changes in the carrying amount of goodwill by reporting unit for the nine months ended September 30, 2022 were as follows:

	North America		Industrial Specialty Group		Total
Balance as of December 31, 2021	$	128,246	$	14,036	$	142,282
Foreign exchange translation	(324)		—		(324)
Balance as of September 30, 2022	$	127,922	$	14,036	$	141,958

Goodwill is tested for impairment by reporting unit annually or more frequently if events or circumstances indicate that an impairment may exist. There were no indicators of potential impairment during the nine months ended September 30, 2022.

Intangible Assets

Intangible assets and accumulated amortization balances as of September 30, 2022 and December 31, 2021 were as follows:

	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	152,210	$	(128,099)	$	24,111
Other	37,662		(13,360)		24,302
Balance as of September 30, 2022	$	189,872	$	(141,459)	$	48,413
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

The deconsolidation of a joint venture in the first quarter of 2022 included the removal of intangible assets (primarily land use rights) with net carrying value of $5,258, which is reflected in the table above as of September 30, 2022.

14

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

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

9. Debt

A summary of outstanding debt as of September 30, 2022 and December 31, 2021 is as follows:

	September 30, 2022		December 31, 2021
Senior Notes	$	397,080	$	396,544
Senior Secured Notes	243,700		241,683
Term Loan	319,393		321,212
Finance leases	22,753		25,743
Other borrowings	44,399		51,533
Total debt	1,027,325		1,036,715
Less current portion	(48,890)		(56,111)
Total long-term debt	$	978,435	$	980,604

5.625% Senior Notes due 2026

In November 2016, the Company issued $400,000 aggregate principal amount of its 5.625% Senior Notes due 2026 (the “Senior Notes”). The Senior Notes mature on November 15, 2026. Interest on the Senior Notes is payable semi-annually in arrears in cash on May 15 and November 15 of each year.

Debt issuance costs related to the Senior Notes are amortized into interest expense over the term of the Senior Notes. As of September 30, 2022 and December 31, 2021, the Company had $2,920 and $3,456 of unamortized debt issuance costs, respectively, related to the Senior Notes, which are presented as direct deductions from the principal balance in the condensed consolidated balance sheets.

13.0% Senior Secured Notes due 2024

In May 2020, the Company issued $250,000 aggregate principal amount of its 13.0% Senior Secured Notes due 2024 (the “Senior Secured Notes”). 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 Company may redeem all or part of the Senior Secured Notes prior to maturity at the prices (inclusive of any applicable premium) set forth in the indenture.

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 September 30, 2022 and December 31, 2021, the Company had $3,452 and $4,594 of unamortized debt issuance costs, respectively, and $2,848 and $3,723 of unamortized original issue discount, respectively, 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.

Term Loan Facility

In November 2016, the Company entered into Amendment No. 1 to its senior term loan facility (“Term Loan Facility”), which provides for loans in an aggregate principal amount of $340,000. On May 2, 2017, the Company entered into Amendment No. 2 to the Term Loan Facility to modify the interest rate. Subsequently, on March 6, 2018, the Company entered into Amendment No. 3 to the Term Loan Facility to further modify the interest rate. In accordance with this amendment, borrowings under the Term Loan Facility bear interest, at the Company’s option, at either (1) with respect to Eurodollar rate loans, the greater of the applicable Eurodollar rate and 0.75% plus 2.0% per annum, or (2) with respect to base rate loans, the base rate, (which is the highest of the then current federal funds rate plus 0.5%, the prime rate most recently announced by the administrative agent under the term loan, and the one-month Eurodollar rate plus 1.0%) plus 1.0% per annum. The Term Loan Facility matures on November 2, 2023, unless earlier terminated. The Company has retained Goldman Sachs & Co. LLC as its financial advisor to analyze, evaluate and help arrange a refinancing of the Term Loan Facility and possibly certain other debt instruments. The Company’s ability to continue as a going concern is contingent upon its ability to refinance its Term Loan Facility. The Company continues its discussions with certain investors with respect to potential refinancing alternatives. While discussions are ongoing, the Company has not reached an agreement with respect to such a transaction for refinancing its capital structure and there can be no assurances that such an agreement will be reached in the future.

As of September 30, 2022 and December 31, 2021, the Company had $642 and $1,087 of unamortized debt issuance costs, respectively, and $414 and $701 of unamortized original issue discount, respectively, related to the Term Loan Facility, which are presented as direct deductions from the principal balance in the condensed consolidated balance sheets. Both the debt issuance costs and the original issue discount are amortized into interest expense over the term of the Term Loan Facility.

15

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

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

ABL Facility

In November 2016, the Company entered into a Third Amended and Restated Loan Agreement of its ABL Facility, which provided an aggregate revolving loan availability of up to $210,000, 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 availability 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 under the ABL Facility and the lenders agree to fund such increase. No consent of any lender is required to effect any such increase, except for those participating in the increase.

As of September 30, 2022, there were no loans outstanding under the ABL Facility. The Company’s borrowing base was $180,000. Net of 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 $6,310 of outstanding letters of credit, the Company effectively had $155,690 available for borrowing under its ABL facility.

Any borrowings under the ABL Facility will mature, and the commitments of the lenders under the ABL Facility will terminate, on the earlier of March 24, 2025 or the date 91 days prior to the maturity date of the Term Loan Facility (or another fixed asset facility replacing the Term Loan Facility).

As of September 30, 2022 and December 31, 2021, the Company had $597 and $782, respectively, of unamortized debt issuance costs related to the ABL Facility, which are presented in other assets in the condensed consolidated balance sheets.

Debt Covenants

The Company was in compliance with all covenants of the Senior Notes, Senior Secured Notes, Term Loan Facility and ABL Facility as of September 30, 2022.

Other

Other borrowings as of September 30, 2022 and December 31, 2021 reflect borrowings under local bank lines classified in debt payable within one year on the condensed consolidated balance sheet.

10. 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 derivative instruments are determined using exchange traded prices and rates. The Company also considers the risk of non-performance in the estimation of fair value and includes an adjustment for non-performance risk in the measure of fair value of derivative instruments. In certain instances where market data is not available, the Company uses management judgment to develop assumptions that are used to determine fair value. Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured or disclosed at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 were as follows:

	September 30, 2022		December 31, 2021		Input
Forward foreign exchange contracts - other current assets	$	3,624	$	647	Level 2
Forward foreign exchange contracts - accrued liabilities	(487)		(1,535)		Level 2

16

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

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

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. “Deconsolidation and Divestiture” and Note 7. “Property, Plant and Equipment.”

Items Not Carried at Fair Value

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

	September 30, 2022		December 31, 2021
Aggregate fair value	$	719,807	$	899,909
Aggregate carrying value (1)	970,450		973,000

(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 change in fair value of the derivative is recorded in accumulated other comprehensive income (loss) (“AOCI”) in the condensed consolidated balance sheet, to the extent that the hedges are effective, 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 condensed 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 flows arising from changes in currency exchange rates that impact the Company’s foreign currency transactions. The principal currencies hedged by the Company include various European currencies, the Canadian Dollar, and the Mexican Peso. As of September 30, 2022 and December 31, 2021, the notional amount of these contracts was $155,054 and $136,103, respectively, and consisted of hedges of transactions up to December 2023.

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
	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Forward foreign exchange contracts	$	3,168	$	(1,606)	$	5,064	$	(964)

Pretax amounts related to the Company’s cash flow hedges that were reclassified from AOCI and recognized in cost of products sold were as follows:

	Gain (Loss) Reclassified from AOCI to Income
	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Forward foreign exchange contracts	$	486	$	508	$	1,048	$	1,045

17

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

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

11. Accounts Receivable Factoring

As a part of its working capital management, the Company sells certain receivables through a single third-party financial institution (the “Factor”) in a pan-European program. 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 condensed consolidated statements of operations. The sale of receivables under this contract is considered an off-balance sheet arrangement to the Company and is accounted for as a true sale and is excluded from accounts receivable in the condensed consolidated balance sheet. Amounts outstanding under receivable transfer agreements entered into by various locations as of the period end were as follows:

	September 30, 2022		December 31, 2021
Off-balance sheet arrangements	$	49,155	$	52,743

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

	Off-Balance Sheet Arrangements
	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Accounts receivable factored	$	89,263	$	68,897	$	262,145	$	286,214
Costs	156		117		395		421

As of September 30, 2022 and December 31, 2021, cash collections on behalf of the Factor that have yet to be remitted were $5,216 and $673, respectively, and are reflected in other current assets as restricted cash in the condensed consolidated balance sheet.

18

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

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

12. Pension and Postretirement Benefits Other Than Pensions

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

	Pension Benefits
	Three Months Ended September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	193	$	658	$	223	$	878
Interest cost	1,766		690		1,629		659
Expected return on plan assets	(2,323)		(247)		(3,564)		(335)
Amortization of prior service cost and actuarial loss	222		376		418		509
Other	—		—		—		—
Net periodic benefit (income) cost	$	(142)	$	1,477	$	(1,294)	$	1,711
	Pension Benefits
	Nine Months Ended September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	579	$	2,071	$	669	$	2,705
Interest cost	5,298		2,139		4,887		1,967
Expected return on plan assets	(6,969)		(753)		(10,692)		(1,013)
Amortization of prior service cost and actuarial loss	666		1,187		1,254		2,374
Other	—		—		—		125
Net periodic benefit (income) cost	$	(426)	$	4,644	$	(3,882)	$	6,158

	Other Postretirement Benefits
	Three Months Ended September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	22	$	56	$	26	$	91
Interest cost	140		163		133		178
Amortization of prior service credit and actuarial (gain) loss	(394)		41		(349)		191
Net periodic benefit (income) cost	$	(232)	$	260	$	(190)	$	460
	Other Postretirement Benefits
	Nine Months Ended September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	66	$	171	$	78	$	274
Interest cost	420		498		399		538
Amortization of prior service credit and actuarial (gain) loss	(1,182)		125		(1,047)		577
Net periodic benefit (income) cost	$	(696)	$	794	$	(570)	$	1,389

The service cost component of net periodic benefit (income) cost is included in cost of products sold and selling, administrative and engineering expenses in the condensed consolidated statements of operations. All other components of net periodic benefit (income) cost are included in other income (expense), net in the condensed consolidated statements of operations for all periods presented.

On October 11, 2022, the Company’s Board of Directors approved a resolution to merge certain of the Company’s U.S. defined benefit pension plans, and terminate the resulting merged plan (“U.S. Pension Plan”) effective December 31, 2022. The

19

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

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

termination of the U.S. Pension Plan is expected to take twelve to eighteen months to complete. As part of the termination process, the Company expects to settle benefit obligations under the U.S. Pension Plan through a combination of lump sum payments to eligible plan participants and the purchase of a group annuity contract, under which future benefit obligations and administration will be transferred to a third-party insurance company. Such settlements will be funded primarily from plan assets. Ultimate settlement of benefit obligations is dependent upon the participants’ elections. As of September 30, 2022 and December 31, 2021, the U.S. Pension Plan was overfunded under U.S. generally accepted accounting principles by $31,307 and $29,804, respectively.

13. Other Income (Expense), Net

The components of other income (expense), net were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Deconsolidation of joint venture (1)	$	—	$	—	$	(2,257)	$	—
Foreign currency gains (losses)	649		(1,396)		993		(5,546)
Components of net periodic benefit (cost) income other than service cost	(434)		531		(1,429)		631
Factoring costs	(156)		(117)		(395)		(421)
Miscellaneous income	87		488		514		1,115
Other income (expense), net	$	146	$	(494)	$	(2,574)	$	(4,221)

(1)Loss attributable to deconsolidation of a joint venture in the Asia Pacific region, which required adjustment to fair value.

14. Income Taxes

The Company determines its effective tax rate each quarter based upon its estimated annual effective tax rate. The Company records the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. In addition, jurisdictions with a projected loss for the year where no tax benefit can be recognized are excluded from the estimated annual effective tax rate.

Income tax (benefit) expense, loss before income taxes and the corresponding effective tax rate for the three and nine months ended September 30, 2022 and 2021 were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Income tax (benefit) expense	$	(833)		$	32,121		$	1,824		$	15,598
Loss before income taxes	(34,053)			(92,743)			(127,337)			(208,508)
Effective tax rate	2		%	(35)		%	(1)		%	(7)		%

The effective tax rate for the three and nine months ended September 30, 2022 varied from the effective tax rate for the three and nine months ended September 30, 2021 primarily due to the initial recognition of valuation allowances in the U.S., resulting in tax expense of $31,740 and $13,278 recorded in the three and nine months ended September 30, 2021, respectively, the geographic mix of pre-tax losses, and the inability to record a benefit for pre-tax losses in the U.S. and certain foreign jurisdictions due to valuation allowances. Additionally the three and nine months ended September 30, 2022 were impacted by discrete tax impacts of the gain on sale-leaseback transaction in Europe, tax reserve changes, and other permanent items.

The income tax rate for the three and nine months ended September 30, 2022 and 2021 varied from the U.S. statutory rate primarily due to the inability to record a tax benefit for pre-tax losses in the U.S. and certain foreign jurisdictions, tax credits, the impact of income taxes on foreign earnings taxed at rates varying from the U.S. statutory rate, and other permanent items. Additionally, the income tax rate for the three and nine months ended September 30, 2021 varied from the U.S. statutory rate as a result of the initial recognition of valuation allowances in the U.S.

During the nine months ended September 30, 2022, the Company received $54,273 in cash payments from the United States Internal Revenue Service for tax refunds related to net operating loss carrybacks.

20

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

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

The Company’s current and future provision for income taxes is impacted by changes in valuation allowances in the U.S. and certain foreign jurisdictions. The Company’s future provision for income taxes will include no tax benefit with respect to losses incurred and, except for certain jurisdictions, no tax expense with respect to income generated in these countries until the respective valuation allowances are eliminated. Accordingly, income taxes are impacted by changes in valuation allowances and the mix of earnings among jurisdictions. The Company evaluates the realizability of its deferred tax assets on a quarterly basis. In completing this evaluation, the Company considers all available evidence in order to determine, based on the weight of the evidence, if a valuation allowance for its deferred tax assets is necessary. Such evidence includes historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. If, based on the weight of the evidence, it is more likely than not that all or a portion of the Company’s deferred tax assets will not be realized, a valuation allowance is recorded. If operating results improve or decline on a continual basis in a particular jurisdiction, the Company’s decision regarding the need for a valuation allowance could change, resulting in either the initial recognition or reversal of a valuation allowance in that jurisdiction, which could have a significant impact on income tax expense in the period recognized and subsequent periods. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments, which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities.

Inflation Reduction Action of 2022

On August 16, 2022, the U.S. enacted the Inflation Reduction Action of 2022, which, among other things, implements a 15% minimum tax on financial statement income of certain large corporations, a 1% excise tax on net stock repurchases and several tax incentives to promote clean energy. Based on its current analysis of the provisions, the Company does not believe this legislation will have a material impact on its consolidated financial statements, but the Company is continuing to evaluate the implications.

15. Net Loss Per Share Attributable to Cooper-Standard Holdings Inc.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net loss available to Cooper-Standard Holdings Inc. common stockholders	$	(32,686)	$	(123,173)	$	(127,293)	$	(220,648)
Basic weighted average shares of common stock outstanding	17,218,165		17,097,766		17,181,534		17,027,226
Dilutive effect of common stock equivalents	—		—		—		—
Diluted weighted average shares of common stock outstanding	17,218,165		17,097,766		17,181,534		17,027,226
Basic net loss per share attributable to Cooper-Standard Holdings Inc.	$	(1.90)	$	(7.20)	$	(7.41)	$	(12.96)
Diluted net loss per share attributable to Cooper-Standard Holdings Inc.	$	(1.90)	$	(7.20)	$	(7.41)	$	(12.96)

Securities excluded from the calculation of diluted loss per share were approximately 52,000 and 169,000 for the three months ended September 30, 2022 and 2021, respectively, and 52,000 and 159,000 for the nine months ended September 30, 2022 and 2021, respectively, because the inclusion of such securities in the calculation would have been anti-dilutive.

21

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

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

16. Accumulated Other Comprehensive Loss

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Foreign currency translation adjustment
Balance at beginning of period	$	(147,736)		$	(134,377)		$	(138,751)		$	(136,579)
Other comprehensive loss before reclassifications	(19,309)		(1)	(6,134)		(1)	(28,000)		(1)	(3,932)		(1)
Amounts reclassified from accumulated other comprehensive loss	—			144			(294)			144
Balance at end of period	$	(167,045)		$	(140,367)		$	(167,045)		$	(140,367)
Benefit plan liabilities
Balance at beginning of period	$	(62,256)		$	(102,729)		$	(65,303)		$	(106,079)
Other comprehensive income (loss) before reclassifications (net of tax expense (benefit) of $70, $27, $(174), and $(250), respectively)	2,227			4,119			4,765			5,160
Amounts reclassified from accumulated other comprehensive loss	171		(2)	859		(3)	680		(4)	3,168		(5)
Balance at end of period	$	(59,858)		$	(97,751)		$	(59,858)		$	(97,751)
Fair value change of derivatives
Balance at beginning of period	$	278		$	942		$	(1,130)		$	762
Other comprehensive income (loss) before reclassifications (net of tax expense of $419, $154, $500, and $220, respectively)	2,749			(1,760)			4,564			(1,184)
Amounts reclassified from accumulated other comprehensive loss (net of tax expense of $159, $136, $314, and $277, respectively)	(327)			(372)			(734)			(768)
Balance at end of period	$	2,700		$	(1,190)		$	2,700		$	(1,190)
Accumulated other comprehensive loss, ending balance	$	(224,203)		$	(239,308)		$	(224,203)		$	(239,308)

(1)Includes other comprehensive (loss) income related to intra-entity foreign currency balances that are of a long-term investment nature of $(24,098) and $(9,265) for the three months ended September 30, 2022 and 2021, respectively, and $(28,333) and $(5,986) for the nine months ended September 30, 2022 and 2021, respectively.  

(2)Includes the effect of the amortization of actuarial losses of $138, and amortization of prior service cost of $37, net of tax of $4.

(3)Includes the effect of the amortization of actuarial losses of $664, amortization of prior service cost of $41, and impact of curtailment of $193, net of tax of $39.

(4)Includes the effect of the amortization of actuarial losses of $562, and amortization of prior service cost of $130, net of tax of $12.

(5)Includes the effect of the amortization of actuarial losses of $2,916, amortization of prior service cost of $169, and impact of curtailment of $310, net of tax of $227.

22

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

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

17. Common Stock

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 became effective in November 2018. As of September 30, 2022, the Company had approximately $98,720 of repurchase authorization remaining under the 2018 Program. The Company did not make any repurchases under the 2018 Program during the nine months ended September 30, 2022 or 2021.

18. Share-Based Compensation

The Company’s long-term incentive plans allow for the grant of various types of share-based awards to key employees and directors of the Company and its affiliates. The Company generally awards grants on an annual basis.

In February 2022, the Company granted Restricted Stock Units (“RSUs”) and Performance Units (“PUs”). The number of PUs that will vest depends on the Company’s achievement of target performance goals related to the Company’s return on invested capital (“ROIC”) and total shareholder return, which may range from 0% to 200% of the target award amount. The PUs tied to total shareholder return cliff vest at the end of a three-year performance period. The PUs tied to ROIC cliff vest one year after the end of their individual performance periods. The RSUs vest ratably over three years.

Share-based compensation expense was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
PUs	$	203	$	357	$	515	$	51
RSUs	476		873		1,097		3,004
Stock options	289		549		981		1,726
Total	$	968	$	1,779	$	2,593	$	4,781

19. Commitments and Contingencies

The Company is periodically involved in claims, litigation and various legal matters that arise in the ordinary course of business. The Company accrues for litigation exposure when it is probable that future costs will be incurred and such costs can be reasonably estimated. Any resulting adjustments, which could be material, are recorded in the period the adjustments are identified. As of September 30, 2022, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for claims, litigation and various legal matters, if any, has been incurred. However, the ultimate resolutions of these proceedings and matters are inherently unpredictable. As such, the Company’s financial condition, results of operations or cash flows could be adversely affected in any particular period by the unfavorable resolution of one or more of these proceedings or matters.

In addition, the Company conducts and monitors environmental investigations and remedial actions at certain locations. As of September 30, 2022 and December 31, 2021, the Company had approximately $10,780 and $9,965, respectively, reserved in accrued liabilities and other liabilities on the condensed consolidated balance sheets on an undiscounted basis. 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.

20. Segment Reporting

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.

23

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

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

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.

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

	Three Months Ended September 30,
	2022						2021
	External Sales		Intersegment Sales		Adjusted EBITDA		External Sales		Intersegment Sales		Adjusted EBITDA
North America	$	351,011	$	3,223	$	19,401	$	270,592	$	2,711	$	8,817
Europe	113,670		2,142		(10,905)		98,682		1,903		(25,112)
Asia Pacific	129,493		1,065		7,523		109,526		306		(14,274)
South America	27,073		11		766		15,981		—		(3,422)
Total Automotive	621,247		6,441		16,785		494,781		4,920		(33,991)
Corporate, eliminations and other	35,906		(6,441)		3,720		31,909		(4,920)		132
Consolidated	$	657,153	$	—	$	20,505	$	526,690	$	—	$	(33,859)
	Nine Months Ended September 30,
	2022						2021
	External Sales		Intersegment Sales		Adjusted EBITDA		External Sales		Intersegment Sales		Adjusted EBITDA
North America	$	1,004,592	$	9,500	$	52,338	$	857,153	$	7,484	$	50,806
Europe	371,371		6,052		(40,878)		397,079		7,718		(40,992)
Asia Pacific	319,025		2,598		(1,018)		327,666		1,794		(13,024)
South America	74,853		16		(941)		45,620		15		(6,756)
Total Automotive	1,769,841		18,166		9,501		1,627,518		17,011		(9,966)
Corporate, eliminations and other	106,213		(18,166)		775		101,324		(17,011)		(79)
Consolidated	$	1,876,054	$	—	$	10,276	$	1,728,842	$	—	$	(10,045)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Adjusted EBITDA	$	20,505	$	(33,859)	$	10,276	$	(10,045)
Restructuring charges	(1,701)		(1,573)		(13,014)		(34,251)
Deconsolidation of joint venture	—		—		(2,257)		—
Impairment charges	(379)		(1,006)		(837)		(1,847)
(Loss) gain on sale of business, net	—		—		—		696
Gain on sale of fixed assets, net	—		—		33,391		—
Lease termination costs	—		(322)		—		(430)
Indirect tax and customs adjustments	(569)		—		(1,477)		—
EBITDA	$	17,856	$	(36,760)	$	26,082	$	(45,877)
Income tax expense	833		(32,121)		(1,824)		(15,598)
Interest expense, net of interest income	(20,747)		(18,243)		(57,378)		(54,152)
Depreciation and amortization	(30,628)		(36,049)		(94,173)		(105,021)
Net loss attributable to Cooper-Standard Holdings Inc.	$	(32,686)	$	(123,173)	$	(127,293)	$	(220,648)

24

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

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

	September 30, 2022		December 31, 2021
Segment assets:
North America	$	900,990	$	885,517
Europe	364,208		372,097
Asia Pacific	437,627		510,524
South America	78,142		61,479
Total Automotive	1,780,967		1,829,617
Corporate, eliminations and other	321,234		396,876
Consolidated	$	2,102,201	$	2,226,493

25

Item 2.        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 “Forward-Looking Statements” below 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 our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (“2021 Annual Report”), including Item 1A. “Risk Factors.” The following should be read in conjunction with our 2021 Annual Report and the other information included herein. Our discussion of trends and conditions supplements and updates such discussion included in our 2021 Annual Report. References in this quarterly report on Form 10-Q (the “Report”) to “we,” “our,” or the “Company” refer to Cooper-Standard Holdings Inc., together with its consolidated subsidiaries.

Executive Overview

Our Business

We design, manufacture and sell sealing, fuel and brake delivery, and fluid transfer systems for use primarily in passenger vehicles and light trucks manufactured by global automotive original equipment manufacturers (“OEMs”). We are primarily a “Tier 1” supplier, with approximately 83% of our sales in 2021 made directly to major OEMs. We operate our automotive business along the following reportable segments: North America, Europe, Asia Pacific and South America. All other business activities are reported in Corporate, eliminations and other.

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. In 2021, global automotive production was negatively impacted by lingering impacts of the COVID-19 pandemic and broad supply chain challenges stemming, in part, from a sharp rebound in overall industrial demand. In 2022, rising inflation, interest rates and continuing supply chain challenges are contributing to global economic uncertainty. In addition, recent pandemic related restrictions imposed in certain large population centers in China, the threat of additional lockdowns, and continuing military actions in Eastern Europe are having broad negative impacts on key sectors of the global economy.

In North America, U.S. consumer confidence has trended downward since the second quarter of 2021. Key drivers of the decline are significant inflation, continuing supply chain disruptions and rising interest rates. Geopolitical tensions and uncertainty surrounding the upcoming mid-term elections in the United States are also important factors. However, low unemployment rates, rising wages, continued government spending and private spending related to pent-up consumer demand continue to support economic growth. Economists at the International Monetary Fund (IMF) are expecting the economies of the United States, Canada and Mexico to grow by 1.6 percent, 3.3 percent and 2.1 percent, respectively, in 2022 with growth expectations moderating to 1.0 percent, 1.3 percent and 1.2 percent, respectively, in 2023.

In Europe, the war in Ukraine, related sanctions imposed on Russia and infrastructure disruptions are having a dramatic impact on energy prices and energy security. This is translating into lower output and higher inflation for most Eurozone countries. Supply chain disruptions have also hurt certain industries including the automobile sector, with the war and sanctions hindering the production of key input materials. With the European Central Bank having ended stimulative asset purchases and aggressively raising policy interest rates to stem inflation, economic growth is expected to moderate in the fourth quarter of 2022. Economists at the IMF are currently expecting the economy in the Eurozone region to grow by approximately 3.1 percent for the full year 2022 but just 0.5 percent in 2023.

In the Asia Pacific region, the combination of more transmissible variants and the strict zero-COVID strategy in China has led to repeated mobility restrictions and localized lockdowns that have weighed on economic activity and private consumption. Moreover, real estate investment in China, once a key driver of economic growth, has slowed significantly. However, higher infrastructure investment and government spending are expected to support growth for the remainder of 2022 and into 2023. Economists at the IMF are expecting the Chinese economy to grow 4.3 percent in 2022, with expected growth moderating to just 2.6 percent in 2023.

In South America, the Brazilian economy continues to expand amid fiscal support and the lessening impact of the COVID-19 pandemic. Increasing exports of goods and services have provided strong support and the unemployment rate remains low. Certain fiscal interventions such as recently enacted tax cuts and fuel subsidies have provided stimulative support

26

to the Brazilian economy in the second half of 2022 but may expire following the runoff presidential elections in late October. This would likely result in slower economic growth rates going forward. Economists at the IMF are now estimating the Brazilian economy will grow 2.9 percent for the full year 2022, with growth moderating to just 0.7 percent in 2023. We remain cautious for the economic outlook in this market given the long history of political instability and economic volatility in the region.

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-derived commodities, continue to be volatile, which led to significant increases in these costs in 2021. Current global events continue to add further price pressure and uncertainty to raw material costs for 2022. In addition, we continue to see significant inflationary pressure on wages, energy, transportation and other general costs. As such, we will continue to work on an ongoing basis with our customers and suppliers to mitigate both inflationary pressures and our material-related cost exposures through a combination of expanded index-based agreements and other commercial enhancements.

Production Levels

Our business is directly affected by the automotive vehicle production rates in North America, Europe, Asia Pacific and South America which have been adversely affected by a series of events in recent years. Beginning in the first quarter of 2020, we experienced production shutdowns related to the COVID-19 pandemic. Beginning in the first quarter of 2021, OEM production volumes were disrupted by the global shortage of semiconductors, but have improved sequentially quarter over quarter. In 2022, disruptions stemming from the Russia-Ukraine crisis and lockdowns in key Chinese manufacturing and trading hubs such as Shenzhen and Shanghai have further exacerbated supply chain disruptions and vehicle production levels. We continue to collaborate closely with our customers to minimize production inefficiencies while supporting their needs.

Light vehicle production in certain regions for the three and nine months ended September 30, 2022 and 2021 was as follows:

	Three Months Ended September 30,			Nine Months Ended September 30,
(In millions of units)	2022(1)	2021(1)	% Change	2022(1)	2021(1)	% Change
North America	3.7	3.0	24.2%	10.8	9.8	10.6%
Europe	3.6	3.0	20.3%	11.5	11.9	(3.3)%
Asia Pacific	12.5	9.6	29.9%	34.1	31.0	9.9%
Greater China	7.2	5.5	31.2%	19.0	17.1	10.9%
South America	0.8	0.6	33.4%	2.1	1.9	10.0%

(1)Production data based on S&P Global (formerly IHS Markit), October 2022.

In all regions, production volumes were impacted by the global shortage of semiconductors which began in the first quarter of 2021 and deteriorated thereafter throughout the year. Production stoppages related to semiconductor and other supply chain shortages continued into 2022, but have improved sequentially quarter over quarter. In Europe, vehicle production in the nine months ended September 30, 2022 was negatively impacted by additional supply chain issues related to the Russia-Ukraine crisis.

27

Results of Operations

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022		2021		Change		2022		2021		Change
	(dollar amounts in thousands)
Sales	$	657,153	$	526,690	$	130,463	$	1,876,054	$	1,728,842	$	147,212
Cost of products sold	618,594		534,817		83,777		1,800,577		1,669,610		130,967
Gross profit (loss)	38,559		(8,127)		46,686		75,477		59,232		16,245
Selling, administration & engineering expenses	44,847		60,367		(15,520)		149,033		168,506		(19,473)
Gain on sale of business, net	—		—		—		—		(696)		696
Gain on sale of fixed assets, net	—		—		—		(33,391)		—		(33,391)
Amortization of intangibles	1,693		1,819		(126)		5,176		5,524		(348)
Restructuring charges	1,701		1,573		128		13,014		34,251		(21,237)
Impairment charges	379		1,006		(627)		837		1,847		(1,010)
Operating loss	(10,061)		(72,892)		62,831		(59,192)		(150,200)		91,008
Interest expense, net of interest income	(20,747)		(18,243)		(2,504)		(57,378)		(54,152)		(3,226)
Equity in (losses) earnings of affiliates	(3,391)		(1,114)		(2,277)		(8,193)		65		(8,258)
Other income (expense), net	146		(494)		640		(2,574)		(4,221)		1,647
Loss before income taxes	(34,053)		(92,743)		58,690		(127,337)		(208,508)		81,171
Income tax (benefit) expense	(833)		32,121		(32,954)		1,824		15,598		(13,774)
Net loss	(33,220)		(124,864)		91,644		(129,161)		(224,106)		94,945
Net loss attributable to noncontrolling interests	534		1,691		(1,157)		1,868		3,458		(1,590)
Net loss attributable to Cooper-Standard Holdings Inc.	$	(32,686)	$	(123,173)	$	90,487	$	(127,293)	$	(220,648)	$	93,355

Three Months Ended September 30, 2022 Compared with Three Months Ended September 30, 2021

Sales

	Three Months Ended September 30,						Variance Due To:
	2022		2021		Change		Volume / Mix*		Foreign Exchange		Deconsolidation
	(dollar amounts in thousands)
Total sales	$	657,153	$	526,690	$	130,463	$	168,724	$	(32,114)	$	(6,147)

* Net of customer price adjustments, including recoveries

Sales for the three months ended September 30, 2022 increased 24.8%, compared to the three months ended September 30, 2021. The increase in sales was driven by volume and mix (higher net vehicle production volume due to the impact of lessening semiconductor supply issues in the current year) and net customer price adjustments including recovery of cost increases. This was partially offset by the negative impact of foreign exchange, and the deconsolidation of a joint venture in the Asia Pacific region. See Note 2. “Deconsolidation and Divestiture” to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Report for additional information.

28

Gross Profit

	Three Months Ended September 30,								Variance Due To:
	2022			2021			Change		Volume / Mix*		Foreign Exchange		Cost Increases/(Decreases)**
	(dollar amounts in thousands)
Cost of products sold	$	618,594		$	534,817		$	83,777	$	100,132	$	(30,584)	$	14,229
Gross profit	38,559			(8,127)			46,686		68,592		(1,530)		(20,376)
Gross profit percentage of sales	5.9		%	(1.5)		%

* Net of customer price adjustments, including recoveries

** Net of deconsolidation

Cost of products sold is primarily comprised of material, labor, manufacturing overhead, freight, depreciation, warranty costs and other direct operating expenses. The Company’s material cost of products sold was approximately 52% and 47% of total cost of products sold for the three months ended September 30, 2022 and 2021, respectively. The change in cost of products sold was impacted by higher volume and mix, commodity inflation, higher labor and overhead costs due to inconsistent volume production schedules, higher compensation related costs, and higher energy and transportation costs. These costs were partially offset by foreign exchange, manufacturing efficiencies, purchasing lean savings, restructuring savings and the deconsolidation of a joint venture in the Asia Pacific region.

Gross profit for the three months ended September 30, 2022 increased $46.7 million, compared to the three months ended September 30, 2021. The change was driven by volume and mix, net customer price adjustments including recovery of cost increases, manufacturing efficiencies, purchasing lean savings and restructuring savings, partially offset by commodity and wage inflation, higher compensation related costs, higher energy and transportation costs and foreign exchange.

Selling, Administration and Engineering Expense. Selling, administration and engineering expense includes administrative expenses as well as product engineering and design and development costs. Selling, administration and engineering expense for the three months ended September 30, 2022 was 6.8% of sales compared to 11.5% for the three months ended September 30, 2021. The decrease was primarily due to the non-recurrence of a prior year credit loss, salaried headcount initiative savings and foreign exchange partially offset by higher compensation related costs.

Amortization of Intangibles. Intangible amortization for the three months ended September 30, 2022 was comparable to the three months ended September 30, 2021.

Restructuring. Restructuring charges for the three months ended September 30, 2022 was comparable to the three months ended September 30, 2021.

Impairment Charges. Non-cash impairment charges for the three months ended September 30, 2022 decreased $0.6 million compared to the three months ended September 30, 2021, primarily due to impairments in Europe in the prior year period.

Interest Expense, Net. Net interest expense for the three months ended September 30, 2022 increased $2.5 million compared to the three months ended September 30, 2021, primarily due to an increase in interest rates on variable rate debt.

Other Income, Net. Other income, net, for the three months ended September 30, 2022 increased $0.6 million compared to the three months ended September 30, 2021, primarily due to the favorable impact of foreign exchange.

Income Tax Expense. Income tax benefit for the three months ended September 30, 2022 was $0.8 million on losses before income taxes of $34.1 million compared to an income tax expense of $32.1 million on losses before income taxes of $92.7 million for the three months ended September 30, 2021. The effective tax rate for the three months ended September 30, 2022 differed from the effective tax rate for the three months ended September 30, 2021 primarily due to the geographic mix of pre-tax losses, the inability to record a tax benefit for pre-tax losses in the U.S. and certain foreign jurisdictions due to valuation allowances, and other permanent items during the three-month period ended September 30, 2022. Additionally, a discrete expense of $31.7 million for the initial recognition of valuation allowance against net deferred tax assets in the U.S. was recorded in the three months ended September 30, 2021.

29

Nine Months Ended September 30, 2022 Compared with Nine Months Ended September 30, 2021

Sales

Sales for the nine months ended September 30, 2022 increased 8.5%, compared to the nine months ended September 30, 2021. The increase in sales was driven by volume and mix (higher net vehicle production volume due to the impact of lessening semiconductor supply issues in the current year partially offset by the impact of COVID-19 in China and the Ukraine conflict in Europe) and net customer price adjustments including recovery of cost increases. This was partially offset by foreign exchange, and the deconsolidation of a joint venture in the Asia Pacific region. See Note 2. “Deconsolidation and Divestiture” to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Report for additional information.

	Nine Months Ended September 30,						Variance Due To:
	2022		2021		Change		Volume / Mix*		Foreign Exchange		Deconsolidation
	(dollar amounts in thousands)
Total sales	$	1,876,054	$	1,728,842	$	147,212	$	233,148	$	(64,776)	$	(21,160)

* Net of customer price adjustments, including recoveries

Gross Profit

	Nine Months Ended September 30,								Variance Due To:
	2022			2021			Change		Volume / Mix*		Foreign Exchange		Cost Increases / (Decreases)**
	(dollar amounts in thousands)
Cost of products sold	$	1,800,577		$	1,669,610		$	130,967	$	113,720	$	(58,619)	$	75,866
Gross profit	75,477			59,232			16,245		119,428		(6,157)		(97,026)
Gross profit percentage of sales	4.0		%	3.4		%

* Net of customer price adjustments, including recoveries

** Net of deconsolidation

Cost of products sold is primarily comprised of material, labor, manufacturing overhead, freight, depreciation, warranty costs and other direct operating expenses. The Company’s material cost of products sold was approximately 51% and 47% of total cost of products sold for the nine months ended September 30, 2022 and 2021, respectively. The change in the cost of products sold was impacted by higher volume and mix, commodity inflation, increased labor and overhead costs due to inconsistent volume production schedules, higher compensation related costs and higher energy and transportation costs. These costs were partially offset by foreign exchange, manufacturing efficiencies, purchasing lean savings, restructuring savings and the deconsolidation of a joint venture in the Asia Pacific region.

Gross profit for the nine months ended September 30, 2022 increased 27.4%, compared to the nine months ended September 30, 2021. The change was driven by volume and mix net of customer price reductions including recovery of cost increases, manufacturing efficiencies, purchasing lean savings and restructuring savings. These items were partially offset by commodity and wage inflation, higher compensation related costs and the negative impact of foreign exchange.

Selling, Administration and Engineering Expense. Selling, administration and engineering expense includes administrative expenses as well as product engineering and design and development costs. Sales, administration and engineering expense for the nine months ended September 30, 2022 was 7.9% of sales compared to 9.7% for the nine months ended September 30, 2021. The decrease was primarily due the non-recurrence of a prior year credit loss, salaried headcount initiative savings, customer recovery of engineering expense, and foreign exchange, partially offset by higher compensation related costs.

Gain on Sale of Business, Net. The gain on sale of business, net of $0.7 million for the nine months ended September 30, 2021 related to the net effect of our 2020 divestitures.

Gain on Sale of Fixed Assets, Net. The gain on sale of fixed assets for the nine months ended September 30, 2022 was attributable to the gain on the sale-leaseback of a European facility of $33.4 million.

Amortization of Intangibles. Intangible amortization for the nine months ended September 30, 2022 was comparable to the nine months ended September 30, 2021.

30

Restructuring. Restructuring charges for the nine months ended September 30, 2022 decreased $21.2 million compared to the nine months ended September 30, 2021. The decrease was primarily driven by lower restructuring charges in Europe.

Impairment Charges. Impairment charges for the nine months ended September 30, 2022 decreased $1.0 million, as compared to the nine months ended September 30, 2021. The decrease was driven by lower impairment charges in Europe in the current year period.

Interest Expense, Net. Net interest expense for the nine months ended September 30, 2022 increased $3.2 million compared to the nine months ended September 30, 2022, primarily due to an increase in interest rates on variable rate debt.

Other Expense, Net. Other expense for the nine months ended September 30, 2022 decreased $1.6 million compared to the nine months ended September 30, 2021, primarily due to favorable foreign currency, offset by a loss on deconsolidation.

Income Tax Expense (Benefit). Income tax expense for the nine months ended September 30, 2022 was $1.8 million on losses before income taxes of $127.3 million compared to income tax expense of $15.6 million on losses before income taxes of $208.5 million for the nine months ended September 30, 2021. The effective tax rate for the nine months ended September 30, 2022 differed primarily from the effective tax rate for the nine months ended September 30, 2021 due to the geographic mix of pre-tax losses, the inability to record a tax benefit for pre-tax losses in the U.S. and certain foreign jurisdictions due to valuation allowances, discrete tax impacts of the gain on sale transaction in Europe, other tax reserve changes, and other permanent items during the nine months ended September 30, 2022. Additionally, a discrete expense of $13.3 million for the initial recognition of valuation allowance against net deferred tax assets in the U.S. was recorded in the nine months ended September 30, 2021.

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. 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. We have defined adjusted EBITDA as net income before interest, taxes, depreciation, amortization, restructuring expense, and special items.

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

Three Months Ended September 30, 2022 Compared with Three Months Ended September 30, 2021

Sales

	Three Months Ended September 30,						Variance Due To:
	2022		2021		Change		Volume/ Mix*		Foreign Exchange		Deconsolidation
	(dollar amounts in thousands)
Sales to external customers
North America	$	351,011	$	270,592	$	80,419	$	80,840	$	(421)	$	—
Europe	113,670		98,682		14,988		34,726		(19,738)		—
Asia Pacific	129,493		109,526		19,967		35,932		(9,818)		(6,147)
South America	27,073		15,981		11,092		11,129		(37)		—
Total Automotive	621,247		494,781		126,466		162,627		(30,014)		(6,147)
Corporate, eliminations and other	35,906		31,909		3,997		6,097		(2,100)		—
Consolidated	$	657,153	$	526,690	$	130,463	$	168,724	$	(32,114)	$	(6,147)

* Net of customer price adjustments, including recoveries

•Volume and mix, net of customer price adjustments including recoveries, was driven by vehicle production volume increases due to the lessening impact of semiconductor-related supply issues.

•The impact of foreign currency exchange was primarily related to the Euro, Chinese Renminbi and Korean Won.

31

Segment adjusted EBITDA

	Three Months Ended September 30,						Variance Due To:
	2022		2021		Change		Volume/ Mix*		Foreign Exchange		Cost (Increases)/ Decreases**
	(dollar amounts in thousands)
Segment adjusted EBITDA
North America	$	19,401	$	8,817	$	10,584	$	29,273	$	(1,355)	$	(17,334)
Europe	(10,905)		(25,112)		14,207		16,942		1,205		(3,940)
Asia Pacific	7,523		(14,274)		21,797		10,612		(10)		11,195
South America	766		(3,422)		4,188		2,750		1,060		378
Total Automotive	16,785		(33,991)		50,776		59,577		900		(9,701)
Corporate, eliminations and other	3,720		132		3,588		9,015		28		(5,455)
Consolidated adjusted EBITDA	$	20,505	$	(33,859)	$	54,364	$	68,592	$	928	$	(15,156)

* Net of customer price adjustments, including recoveries

** Net of deconsolidation

•Volume and mix, net of customer price adjustments including recoveries, was driven by vehicle production volume increases due to a lessening impact on customer production schedules for semiconductor-related supply issues in the current year period.

•The impact of foreign currency exchange was primarily related to the Euro and Brazilian Real, partially offset by the Mexican Peso.

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

◦Commodity cost and inflationary economics;

◦Manufacturing efficiencies and purchasing savings through lean initiatives;

◦Increased compensation-related expenses; and

◦Decreased costs related to ongoing salaried headcount initiatives and restructuring savings.

Nine Months Ended September 30, 2022 Compared with Nine Months Ended September 30, 2021

Sales

	Nine Months Ended September 30,						Variance Due To:
	2022		2021		Change		Volume/ Mix*		Foreign Exchange		Deconsolidation
	(dollar amounts in thousands)
Sales to external customers
North America	$	1,004,592	$	857,153	$	147,439	$	149,236	$	(1,797)	$	—
Europe	371,371		397,079		(25,708)		20,605		(46,313)		—
Asia Pacific	319,025		327,666		(8,641)		27,397		(14,878)		(21,160)
South America	74,853		45,620		29,233		26,357		2,876		—
Total Automotive	1,769,841		1,627,518		142,323		223,595		(60,112)		(21,160)
Corporate, eliminations and other	106,213		101,324		4,889		9,553		(4,664)		—
Consolidated	$	1,876,054	$	1,728,842	$	147,212	$	233,148	$	(64,776)	$	(21,160)

* Net of customer price adjustments, including recoveries

•Volume and mix, net of customer price adjustments including recoveries, was driven by vehicle production volume increases due to a lessening impact on customer production schedules for semiconductor related supply issues in the current year period partially offset by the impact of COVID-19 shutdowns in China and the Ukraine conflict in Europe.

32

•The impact of foreign currency exchange was primarily related to the Euro, Chinese Renminbi and Korean Won.

Segment adjusted EBITDA

	Nine Months Ended September 30,						Variance Due To:
	2022		2021		Change		Volume/ Mix*		Foreign Exchange		Cost (Increases)/ Decreases**
	(dollar amounts in thousands)
Segment adjusted EBITDA
North America	$	52,338	$	50,806	$	1,532	$	56,443	$	(1,857)	$	(53,054)
Europe	(40,878)		(40,992)		114		25,202		3,545		(28,633)
Asia Pacific	(1,018)		(13,024)		12,006		14,631		(2,599)		(26)
South America	(941)		(6,756)		5,815		7,279		2,181		(3,645)
Total Automotive	9,501		(9,966)		19,467		103,555		1,270		(85,358)
Corporate, eliminations and other	775		(79)		854		15,873		375		(15,394)
Consolidated adjusted EBITDA	$	10,276	$	(10,045)	$	20,321	$	119,428	$	1,645	$	(100,752)

* Net of customer price adjustments, including recoveries

** Net of deconsolidation

•Volume and mix, net of customer price adjustments including recoveries, was driven by vehicle production volume increases due to a lessening impact on vehicle manufacturers of the semiconductor related supply issues partially offset by the impact of COVID-19 shutdowns in China and the Ukraine conflict in Europe.

•The impact of foreign currency exchange was primarily related to the Euro and Brazilian Real partially offset by the Mexican Peso, Chinese Renminbi and Korean Won.

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

◦Commodity cost and inflationary economics;

◦Manufacturing efficiencies and purchasing savings through lean initiatives;

◦Increased compensation-related expenses; and

◦Decreased costs related to ongoing salaried headcount initiatives and restructuring savings.

Liquidity and Capital Resources

Short and Long-Term Liquidity Considerations and Risks

The sources to fund our ongoing working capital, capital expenditures, debt service and other funding requirements are a combination of cash flows from operations, cash on hand, borrowings under our senior asset-based revolving credit facility (“ABL Facility”) and receivables factoring. The Company utilizes intercompany loans and equity contributions to fund its worldwide operations. There may be country-specific regulations which may restrict or result in increased costs in the repatriation of these funds. See Note 9. “Debt” to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Report for additional information.

We continue to actively preserve cash and enhance liquidity, including decreasing our capital expenditures. 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, the state of the overall automotive industry and financial and economic conditions, including the continued impact of COVID-19, and other factors. 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 requirements and capital expenditures for the next twelve months, despite the challenges presented by the COVID-19 pandemic and supply chain issues facing the industry. Our ability to meet our debt service requirements for the next twelve months is contingent upon our ability to refinance our Term Loan Facility.

33

Our Term Loan Facility matures on November 2, 2023. The Company has retained Goldman Sachs & Co. LLC as its financial advisor to analyze, evaluate and help arrange a refinancing of the Term Loan Facility and possibly certain other debt instruments. To the extent the Company is not able to refinance its Term Loan Facility prior to the issuance of the financial statements for the year ended December 31, 2022, our independent auditors may issue an audit opinion including an explanatory paragraph that indicates there is substantial doubt about our ability to continue as a going concern. The inclusion of such an explanatory paragraph in the report of our independent auditors would breach a covenant under our Term Loan Facility which, unless cured, would constitute an event of default thereunder. Such an event of default would cause a cross-default or cross-acceleration of other indebtedness. In such a case, the Company would not expect that it would have sufficient liquidity to repay all of its outstanding indebtedness at such time. The Company continues its discussions with certain investors with respect to potential refinancing alternatives. While discussions are ongoing, the Company has not reached an agreement with respect to such a transaction for refinancing its capital structure and there can be no assurances that such an agreement will be reached in the future.

Cash Flows

Operating Activities. Net cash used in operations was $10.4 million for the nine months ended September 30, 2022, compared to net cash used in operations of $111.5 million for the nine months ended September 30, 2021. The net change was primarily due to improved operating results and the receipt of $54.3 million in cash payments from the United States Internal Revenue Service for tax refunds related to net operating loss carrybacks.

Investing Activities. Net cash used in investing activities was $5.4 million for the nine months ended September 30, 2022, compared to net cash used in investing activities of $72.8 million for the nine months ended September 30, 2021. The change was primarily related to proceeds of $50.0 million related to the sale-leaseback of a certain European facility which were received in the nine months ended September 30, 2022 along with reduced capital spending in 2022. We expect to continue initiatives to reduce overall capital spending and anticipate that we will spend approximately $80 - $90 million on capital expenditures in 2022.

Financing Activities. Net cash used in financing activities totaled $6.1 million for the nine months ended September 30, 2022, compared to net cash provided by financing activities of $4.7 million for the nine months ended September 30, 2021. The outflow in 2022 was relatively consistent with the outflow in 2021.

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 us 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. The specific timing and amount of any future repurchase will vary based on market and business conditions, changes in tax laws (including the Inflation Reduction Act) and other factors. We are not obligated to acquire a particular amount of securities, and the 2018 Program may be discontinued at any time at our discretion. As of September 30, 2022, we had approximately $98.7 million of repurchase authorization remaining under the 2018 Program. We did not make any repurchases under the 2018 Program during the nine months ended September 30, 2022 or 2021.

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

34

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:

•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.

35

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(dollar amounts in thousands)
Net loss attributable to Cooper-Standard Holdings Inc.	$	(32,686)	$	(123,173)	$	(127,293)	$	(220,648)
Income tax (benefit) expense	(833)		32,121		1,824		15,598
Interest expense, net of interest income	20,747		18,243		57,378		54,152
Depreciation and amortization	30,628		36,049		94,173		105,021
EBITDA	$	17,856	$	(36,760)	$	26,082	$	(45,877)
Restructuring charges	1,701		1,573		13,014		34,251
Deconsolidation of joint venture (1)	—		—		2,257		—
Impairment charges (2)	379		1,006		837		1,847
Loss (gain) on sale of business, net (3)	—		—		—		(696)
Gain on sale of fixed assets, net (4)	—		—		(33,391)		—
Lease termination costs (5)	—		322		—		430
Indirect tax and customs adjustments (6)	569		—		1,477		—
Adjusted EBITDA	$	20,505	$	(33,859)	$	10,276	$	(10,045)

(1)Loss attributable to deconsolidation of a joint venture in the Asia Pacific region, which required adjustment to fair value.

(2)Non-cash impairment charges in 2022 and 2021 related to idle assets in Europe.

(3)During 2021, we recorded subsequent adjustments to the net gain on sale of business, which related to the 2020 divestiture of our European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations.

(4)In the first quarter of 2022, the Company signed a sale-leaseback agreement on one of its European facilities, and a gain was recognized in the second quarter of 2022.

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

(6)Impact of prior period indirect tax and customs adjustments.

36

Contingencies and Environmental Matters

The information concerning contingencies, including environmental contingencies and the amount currently held in reserve for environmental matters, contained in Note 19. “Commitments and Contingencies” to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Report, is incorporated herein by reference.

Critical Accounting Estimates

There have been no significant changes in our critical accounting estimates during the nine months ended September 30, 2022.

Forward-Looking Statements

This quarterly report on Form 10-Q 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: Volatility or decline of the Company’s stock price, or absence of stock price appreciation; impacts, including commodity cost increases and disruptions related to the war in Ukraine and the current COVID-related lockdowns in China; our ability to offset the adverse impact of higher commodity and other costs through negotiations with our customers; the impact, and expected continued impact, of the COVID-19 outbreak on our financial condition and results of operations; significant risks to our liquidity presented by the COVID-19 pandemic risk; 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; availability and increasing volatility in costs of manufactured components and raw materials; disruption in our supply base; competitive threats and commercial risks associated with our diversification strategy through our Advanced Technology Group; possible variability of our working capital requirements; 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; foreign currency exchange rate fluctuations; our ability to control the operations of our joint ventures for our sole benefit; 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 underfunding of our pension plans; significant changes in discount rates and the actual return on pension assets; effectiveness of continuous improvement programs and other cost savings plans; manufacturing facility closings or consolidation; our ability to execute new program launches; our ability to meet customers’ needs for new and improved products; the possibility that our acquisitions and divestitures may not be successful; product liability, warranty and recall claims brought against us; laws and regulations, including environmental, health and safety laws and regulations; legal and regulatory proceedings, claims or investigations against us; work stoppages or other labor disruptions; the ability of our intellectual property to withstand legal challenges; cyber-attacks, data privacy concerns, other disruptions in, or the inability to implement upgrades to, our information technology systems; the possible volatility of our annual effective tax rate; the possibility of a failure to maintain effective controls and procedures; the possibility of future impairment charges to our goodwill and long-lived assets; our ability to identify, attract, develop and retain a skilled, engaged and diverse workforce; our ability to procure insurance at reasonable rates; and our dependence on our subsidiaries for cash to satisfy our obligations.

You should not place undue reliance on these forward-looking statements. Our forward-looking statements speak only as of the date of this quarterly report on Form 10-Q, 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 quarterly report on Form 10-Q 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 3.        Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes to the quantitative and qualitative information about the Company’s market risk from those previously disclosed in the Company’s 2021 Annual Report.

37

Item 4.        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 Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Report. 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. 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 the end of the period covered by this Report.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the quarter ended September 30, 2022 that have materially affected, or are reasonably likely to affect, the Company’s internal control over financial reporting.

38

PART II — OTHER INFORMATION

Item 2.        Unregistered Sales of Equity Securities and Use of Proceeds

(c) Purchases of Equity Securities By the Issuer and Affiliated Purchasers

The Company is authorized to purchase, in the aggregate, up to $150 million of our outstanding common stock under our common stock repurchase program, which was effective in November 2018. As of September 30, 2022, we had approximately $98.7 million of repurchase authorization remaining under our common stock share repurchase program as discussed in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Share Repurchase Program,” and Note 17. “Common Stock” to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Report.

A summary of our shares of common stock repurchased during the three months ended September 30, 2022 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)
July 1, 2022 through July 31, 2022	2,152	$	4.90	—	$	98.7
August 1, 2022 through August 31, 2022	255	10.96		—	98.7
September 1, 2022 through September 30, 2022	—	—		—	98.7
Total	2,407			—

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

39

Item 6.        Exhibits

Exhibit No.	Description of Exhibit
10.1*†	Form of 2022 Cooper-Standard Holdings Inc. 2021 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (cash or stock-settled award) (interim awards).
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.INS***	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH***	Inline XBRL Taxonomy Extension Schema Document
101.CAL***	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.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

*	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.

40

SIGNATURES

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

	COOPER-STANDARD HOLDINGS INC.
November 2, 2022	/S/ JONATHAN P. BANAS
Date	Jonathan P. Banas Chief Financial Officer (Principal Financial Officer and Duly Authorized Officer)

41

EX-10.1

Exhibit 10.1

COOPER-STANDARD HOLDINGS INC.

RESTRICTED STOCK UNIT AWARD AGREEMENT

THIS AGREEMENT (this “Agreement”), which relates to a grant of Restricted Stock Units (“RSUs”) made on [Grant Date] (the “Date of Grant”), is between Cooper-Standard Holdings Inc., a Delaware corporation (the “Company”), and the individual whose name is set forth on the signature page hereof (the “Participant”):

RECITALS:

WHEREAS, the Company has adopted the Cooper-Standard Holdings Inc. 2021 Omnibus Incentive Plan (the “Plan”), which is incorporated herein by reference and made a part of this Agreement (capitalized terms not otherwise defined herein shall have the same meanings as in the Plan); and

WHEREAS, the Committee has determined that it would be in the best interests of the Company and its shareholders to grant the RSUs provided for herein to the Participant pursuant to the Plan and the terms set forth herein.

NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows:

1.    Grant. The Company hereby grants to the Participant [Number of Awards Granted] RSUs on the terms and conditions set forth in this Agreement. The Participant’s rights with respect to the RSUs will remain forfeitable at all times prior to vesting as described in this Agreement.

2. Restrictions on Transfer. In accordance with the Plan, the Participant shall have the right to designate a beneficiary to receive the RSUs that will vest upon, or be settled following, the Participant's death, all in the manner and to the extent set forth in this Agreement.  The designation may be changed at any time.  If no Designation of Beneficiary is made, then any RSUs that will vest at the time of death of the Participant, and any previously vested RSUs that have not yet been settled as of the date of death of the Participant, shall be paid to the Participant’s estate.  The Participant cannot otherwise sell, transfer, or dispose of or pledge or hypothecate or assign the unvested RSUs or the Shares underlying the vested RSUs prior to the date on which such vested RSUs are settled pursuant to Section 4 (collectively, the “Transfer Restrictions”).

3.    Vesting; Termination of Employment.

(a) Vesting. Subject to the Participant’s continued Employment with the Company or its Affiliates through the applicable vesting date, one-third of the RSUs shall vest on each of the first three anniversaries of the Date of Grant (each, a “Vesting Date”).

(b) Termination of Employment. If the Participant’s Employment with the Company and its Affiliates terminates for any reason other than the Participant’s death, Disability or Retirement, then the RSUs shall, to the extent not then vested, be canceled by the Company without consideration. Upon termination of the Participant’s Employment due to the Participant’s death or Disability, the Participant shall become immediately vested as of the date of such termination of the Participant’s Employment in any RSUs subject to this Agreement not otherwise then vested. Upon termination of the Participant’s Employment due to the Participant’s Retirement between the Grant Date and a Vesting Date, or between Vesting Dates, a pro rata portion of the RSUs (in addition to any RSUs that have already vested due to continued Employment through one or more Vesting Dates) will be deemed vested as of the date of such termination. Such pro rata portion will be equal to the product of the total number of RSUs that are subject to immediate vesting on the following Vesting Date multiplied by a fraction equal to: (i) the number of days of Employment that have elapsed since the most recent Vesting Date (or the Date of Grant if no Vesting Dates have passed) through the date of such termination; divided by (ii) 365. Any remaining RSUs shall be canceled by the Company without consideration. For purposes hereof, the RSUs that vest upon a Participant’s termination of Employment shall be paid only upon the Participant’s separation from service within the meaning of Code Section 409A.

(c) Change of Control. Notwithstanding the foregoing, in the event of a Change of Control while the Participant remains in Employment with the Company or its Affiliate, the following will apply:

(i) If the purchaser, successor or surviving entity (or parent thereof) in the Change of Control (the “Survivor”) so agrees, then some or all of the RSUs shall be assumed, or replaced with the same type of award with similar terms and conditions, by the Survivor in the Change of Control

1

transaction. If applicable, each Restricted Stock Unit that is assumed by the Survivor shall be appropriately adjusted, immediately after such Change of Control, to apply to the number and class of securities which would have been issuable to the Participant upon the consummation of such Change of Control had the RSUs been actual shares immediately prior to such Change of Control. Upon termination of the Participant’s Employment (A) by the Company and its Affiliates without Cause or (B) if the Participant is then or was at the time of the Change of Control a Section 16 Participant, by such Section 16 Participant for Good Reason, in each case within two years after a Change of Control, any unvested portion of this Award (or the replacement award) shall immediately become fully vested.

(ii) To the extent the Survivor does not assume the RSUs or issue replacement awards as provided in clause (i), then, immediately prior to the date of the Change of Control, all of the RSUs shall become immediately and fully vested.

4.    Settlement.

(a) General. Except as otherwise provided in Section 4(b), as soon as practicable after RSUs vest (but no later than two-and-one-half months from the date on which vesting occurs), the Company, at its sole discretion, will settle such vested RSUs by electing either to (i) make an appropriate book entry in the Participant’s name for a number of Shares equal to the number of RSUs that have vested or (ii) deliver an amount of cash equal to the Fair Market Value, determined as of the applicable Vesting Date, of a number of Shares equal to the number of RSUs that have vested. The Transfer Restrictions applicable to any Shares issued in respect of the RSUs shall lapse upon such issuance.

(b) Six-Month Delay for Specified Employees. Notwithstanding any other provision in the Plan or this Agreement to the contrary, if (i) the RSUs become vested as a result of the Participant’s separation from service other than as a result of death, and (ii) the Participant is a “specified employee” within the meaning of Code Section 409A as of the date of such separation from service, then settlement of such vested RSUs shall occur on the date that is six months after the date of the Participant’s separation from service to the extent necessary to comply with Code Section 409A.

(c) Restrictions. The Company shall not be liable to the Participant for damages relating to any delays in making an appropriate book entry, or any mistakes or errors in the making of the book entry, provided that the Company shall correct any such errors caused by it. Any such book entry shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares are listed, and any applicable Federal or state laws, and the Company may make an appropriate book entry notation to make appropriate reference to such restrictions.

5.    No Voting Rights; Dividend Equivalents. The Participant shall not have voting rights with respect to the Shares underlying the RSUs unless and until such Shares are reflected as issued and outstanding shares on the Company’s stock ledger. The Participant shall be credited with an amount of cash equivalent to any dividends or other distributions paid with respect to the Shares underlying the RSUs, so long as the applicable record date occurs on or after the Date of Grant and before such RSUs are forfeited or settled; provided that such cash amounts shall be subject to the same risk of forfeiture as the RSUs to which such amounts relate. If, however, any dividends or other distributions with respect to the Shares underlying the RSUs are paid in Shares rather than cash, then the Participant shall be credited with additional restricted stock units equal to the number of Shares that the Participant would have received had the RSUs been actual Shares, and such restricted stock units shall be deemed RSUs subject to the same risk of forfeiture and other terms of this Agreement and the Plan as apply to the RSUs to which such dividends or other distributions relate. Any amounts due to the Participant under this provision shall be paid to the Participant or distributed, as applicable, at the same time as payment is made in respect of the RSUs to which such dividends or other distributions relate.

6.    No Right to Continued Employment or Future Awards. The granting of the RSUs shall impose no obligation on the Company or any of its Affiliates to continue the Employment of the Participant and shall not lessen or affect the Company’s or its Affiliate’s right to terminate the Employment of the Participant. In addition, the granting of the RSUs shall impose no obligation on the Company or any of its Affiliates to make awards under the Plan to the Participant in the future.

7.    Taxes. The Company and its Affiliates shall have the right and are hereby authorized to withhold any applicable withholding taxes in respect of the RSUs or any transfer under or with respect to the

2

RSUs and to take such other action as may be necessary to satisfy all obligations for the payment of such withholding taxes, including by deducting cash (or requiring an Affiliate to deduct cash) from any payments of any kind otherwise due to the Participant, or withholding Shares otherwise deliverable hereunder to satisfy such tax obligations.

8.    Securities Laws. Upon the acquisition of any Shares pursuant to the RSUs, the Participant will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement.

9.    Notices. Any notice necessary under this Agreement shall be addressed to the Company in care of its Secretary at the principal executive office of the Company and to the Participant at the address appearing in the personnel records of the Company for the Participant or to either party at such other address as either party may designate in writing to the other. Any such notice shall be deemed effective upon receipt by the addressee.

10.    Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICTS OF LAWS.

11.    RSUs Subject to Plan. By entering into this Agreement, the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan. The RSUs are subject to the Plan. The terms and provisions of the Plan as they may be amended from time to time are incorporated herein by reference. In the event of a conflict between any term or provision in this Agreement and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern.

12.    Recoupment. This Award, and any compensation received by the Participant under this Award, shall be subject to the terms of any recoupment or clawback policy that may be adopted by the Company from time to time and to any requirement of applicable law, regulation or listing standard that requires the Company to recoup or clawback compensation paid under this Award.

13.    Amendments. The Company may amend this Award at any time, provided that the Participant’s consent to any amendment is required to the extent the amendment materially diminishes the rights of the Participant or that results in the cancellation of the Award. Notwithstanding the foregoing, the Company need not obtain Participant (or other interested party) consent for: (a) the adjustment or cancellation of an Award pursuant to the adjustment provisions of the Plan; (b) the modification of the Award to the extent deemed necessary to comply with any applicable law, the listing requirements of any principal securities exchange or market on which the Shares are then traded; (c) the modification of the Award to preserve favorable accounting or tax treatment of the Award for the Company; or (d) the modification of the Award to the extent the Committee determines that such action does not materially and adversely affect the value of an Award or that such action is in the best interest of the affected Participant or any other person(s) as may then have an interest in the Award.

14.    Committee Interpretation. As a condition to the grant of this Award, the Participant agrees (with such agreement being binding upon the Participant’s legal representatives, guardians, legatees or beneficiaries) that this Agreement will be interpreted by the Committee and that any interpretation by the Committee of the terms of this Agreement or the Plan, and any determination made by the Committee under this Agreement or the Plan, will be final, binding and conclusive.

15.    Data Privacy Consent. The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Participant’s personal data as described in this Agreement and any other option grant materials (“Data”) by and among, as applicable, the Company and its affiliates for the exclusive purpose of implementing, administering and managing the Participant’s participation in the Plan. The Participant understands that the Company and the Company's affiliates may hold certain personal information about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor, for the exclusive purpose of implementing, administering and managing the Plan. The Participant understands that Data will be transferred to a designated third party external broker or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. The Participant understands that the recipients of the Data may be

3

located in the United States or elsewhere, and that the recipient’s country (e.g., the United States or otherwise) may have different data privacy laws and regulations and thus the level of data protection provided may not be equivalent to the one offered in Participant’s country of residence.

Where Data are to be transferred to a Third Country, as defined in the EU General Data Protection Regulation (GDPR) no. 2016/679, or an international organization, the Company and its affiliates shall ensure that the level of data protection offered is equivalent to the one offered in the Participant’s country of residence, especially if such country is part of the European Economic Area; such level shall be in particular guaranteed, by implementing adequate safeguards in the form of contractual arrangements between the Company and such third parties recipients; in particular by executing appropriate Standard Contractual Clauses (SCCs) as adopted and published by the European Commission for that purpose. The Participant understands that if the Participant resides outside the United States, the Participant may request at any given time a list with the names and addresses of any potential third-party recipients of the Data by contacting the Participant’s local human resources representative.

The Participant authorizes the Company, the Company's selected broker and any other third-party recipients which assist the Company with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes of implementing, administering and managing the Participant’s participation in the Plan. A list of such third-party recipients is available upon request. The Company undertakes to provide prior notice to the Participant of any changes to the aforementioned list of third-party recipients; such changes to third-party recipients will be accepted by the Participant unless reasonably objected to for just cause. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan in accordance with applicable data protection laws and regulations, as well as the Company’s policies on the retention and disposal of records in effect from time to time. The Participant understands that if the Participant resides outside the United States, the Participant may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost and without providing any reason for such a withdrawal, by contacting in writing the Participant’s local human resources representative. Further, the Participant understands that the Participant is providing the consents herein on a free and purely voluntary basis. If the Participant does not consent, or if the Participant later seeks to revoke the Participant’s consent, the Participant’s employment status or service and career will not be adversely affected; the only adverse consequence of refusing or withdrawing the Participant’s consent is that the Company would not be able to grant the Participant options or other equity awards or administer or maintain such awards. Therefore, the Participant understands that refusing or withdrawing the Participant’s consent may affect the Participant’s ability to participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal of consent, the Participant understands that he or she may contact the Participant’s local human resources representative. The Participant is also entitled to lodge a complaint with the competent supervisory authorities should he or she does not receive a reply or is not otherwise satisfied with a reply received by the Company concerning the exercise of his/her aforementioned rights.

16.    Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures were upon the same instrument.

4

IN WITNESS WHEREOF, the parties hereto have executed this Agreement.

COOPER-STANDARD HOLDINGS INC.

By:

Agreed and acknowledged as of the date first above written:

Participant: [Participant Name]

5

EX-31.1

Exhibit 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)

I, Jeffrey S. Edwards, certify that:

1 I have reviewed this Quarterly Report on Form 10-Q of Cooper-Standard Holdings Inc.;

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

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

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

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

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

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

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

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

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

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

Date: November 2, 2022	By:	/S/ JEFFREY S. EDWARDS
		Jeffrey S. Edwards
		Chairman and Chief Executive Officer
		(Principal Executive Officer)

EX-31.2

Exhibit 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)

I, Jonathan P. Banas, certify that:

1 I have reviewed this Quarterly Report on Form 10-Q of Cooper-Standard Holdings Inc.;

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

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

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

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

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

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

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

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

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

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

Date: November 2, 2022	By:	/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 quarterly report of Cooper-Standard Holdings Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2022, 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.

Date: November 2, 2022	By:	/S/ JEFFREY S. EDWARDS
		Jeffrey S. Edwards
		Chief Executive Officer
		(Principal Executive Officer)
		/S/ JONATHAN P. BANAS
		Jonathan P. Banas
		Chief Financial Officer
		(Principal Financial Officer)

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,108,029
Entity Central Index Key	0001320461
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Sales	$ 657,153	$ 526,690	$ 1,876,054	$ 1,728,842
Cost of products sold	618,594	534,817	1,800,577	1,669,610
Gross profit (loss)	38,559	(8,127)	75,477	59,232
Selling, administration & engineering expenses	44,847	60,367	149,033	168,506
Gain on sale of business, net	0	0	0	(696)
Gain on sale of fixed assets, net	0	0	(33,391)	0
Amortization of intangibles	1,693	1,819	5,176	5,524
Restructuring charges	1,701	1,573	13,014	34,251
Impairment charges	379	1,006	837	1,847
Operating loss	(10,061)	(72,892)	(59,192)	(150,200)
Interest expense, net of interest income	(20,747)	(18,243)	(57,378)	(54,152)
Equity in (losses) earnings of affiliates	(3,391)	(1,114)	(8,193)	65
Other income (expense), net	146	(494)	(2,574)	(4,221)
Loss before income taxes	(34,053)	(92,743)	(127,337)	(208,508)
Income tax expense	(833)	32,121	1,824	15,598
Net loss	(33,220)	(124,864)	(129,161)	(224,106)
Net loss attributable to noncontrolling interests	534	1,691	1,868	3,458
Net loss attributable to Cooper-Standard Holdings Inc.	$ (32,686)	$ (123,173)	$ (127,293)	$ (220,648)
Earnings per share
Basic	$ (1.90)	$ (7.20)	$ (7.41)	$ (12.96)
Diluted	$ (1.90)	$ (7.20)	$ (7.41)	$ (12.96)

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net loss	$ (33,220)	$ (124,864)	$ (129,161)	$ (224,106)
Currency translation adjustment	(18,960)	(6,215)	(27,679)	(4,074)
Benefit plan liabilities adjustment, net of tax	2,398	4,978	5,445	8,328
Fair value change of derivatives, net of tax	2,422	(2,132)	3,830	(1,952)
Other comprehensive (loss) income, net of tax	(14,140)	(3,369)	(18,404)	2,302
Comprehensive loss	(47,360)	(128,233)	(147,565)	(221,804)
Comprehensive loss attributable to noncontrolling interests	185	1,916	1,253	3,744
Comprehensive loss attributable to Cooper-Standard Holdings Inc.	$ (47,175)	$ (126,317)	$ (146,312)	$ (218,060)

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 231,177	$ 248,010
Accounts receivable, net	366,824	317,469
Tooling receivable, net	93,832	88,900
Inventories	195,003	158,075
Prepaid expenses	31,348	26,313
Income tax receivable and refundable credits	12,474	82,813
Other current assets	74,525	73,317
Total current assets	1,005,183	994,897
Property, plant and equipment, net	667,117	784,348
Operating lease right-of-use assets, net	95,803	111,052
Goodwill	141,958	142,282
Intangible assets, net	48,413	60,375
Other assets	143,727	133,539
Total assets	2,102,201	2,226,493
Current liabilities:
Debt payable within one year	48,890	56,111
Accounts payable	373,481	348,133
Payroll liabilities	94,712	69,353
Accrued liabilities	130,257	101,466
Current operating lease liabilities	20,172	22,552
Total current liabilities	667,512	597,615
Long-term debt	978,435	980,604
Pension benefits	113,521	129,880
Postretirement benefits other than pensions	40,960	43,498
Long-term operating lease liabilities	79,222	92,760
Other liabilities	47,289	50,776
Total liabilities	1,926,939	1,895,133
Equity:
Common stock, $0.001 par value, 190,000,000 shares authorized; 19,173,838 shares issued and 17,108,029 shares outstanding as of September 30, 2022, and 19,057,788 shares issued and 16,991,979 outstanding as of December 31, 2021	17	17
Additional paid-in capital	506,971	504,497
Retained (loss) earnings	(101,740)	25,553
Accumulated other comprehensive loss	(224,203)	(205,184)
Total Cooper-Standard Holdings Inc. equity	181,045	324,883
Noncontrolling interests	(5,783)	6,477
Total equity	175,262	331,360
Total liabilities and equity	$ 2,102,201	$ 2,226,493

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	190,000,000	190,000,000
Common stock, shares issued	19,173,838	19,057,788
Common stock, shares outstanding	17,108,029	16,991,979

XML

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Cooper Standard Holdings Inc Equity [Member]	Noncontrolling Interest [Member]
Beginning balance (shares) at Dec. 31, 2020		16,897,085
Beginning balance at Dec. 31, 2020	$ 624,111	$ 17	$ 498,719	$ 350,270	$ (241,896)	$ 607,110	$ 17,001
Share-based compensation, Shares		45,467
Share-based compensation, net	952		952	0		952
Net income (loss)	(34,713)			(33,864)		(33,864)	(849)
Other Comprehensive Income (Loss), Net of Tax	(4,404)				(4,152)	(4,152)	(252)
Ending balance (shares) at Mar. 31, 2021		16,942,552
Ending balance at Mar. 31, 2021	585,946	$ 17	499,671	316,406	(246,048)	570,046	15,900
Beginning balance (shares) at Dec. 31, 2020		16,897,085
Beginning balance at Dec. 31, 2020	624,111	$ 17	498,719	350,270	(241,896)	607,110	17,001
Net income (loss)	(224,106)
Other Comprehensive Income (Loss), Net of Tax	2,302
Ending balance (shares) at Sep. 30, 2021		16,990,630
Ending balance at Sep. 30, 2021	406,452	$ 17	502,864	129,622	(239,308)	393,195	13,257
Beginning balance (shares) at Mar. 31, 2021		16,942,552
Beginning balance at Mar. 31, 2021	585,946	$ 17	499,671	316,406	(246,048)	570,046	15,900
Share-based compensation, Shares		45,962
Share-based compensation, net	1,677		1,677	0		1,677
Net income (loss)	(64,529)			(63,611)		(63,611)	(918)
Other Comprehensive Income (Loss), Net of Tax	10,075				9,884	9,884	191
Ending balance (shares) at Jun. 30, 2021		16,988,514
Ending balance at Jun. 30, 2021	533,169	$ 17	501,348	252,795	(236,164)	517,996	15,173
Share-based compensation, Shares		2,116
Share-based compensation, net	1,516		1,516	0		1,516
Net income (loss)	(124,864)			(123,173)		(123,173)	(1,691)
Other Comprehensive Income (Loss), Net of Tax	(3,369)				(3,144)	(3,144)	(225)
Ending balance (shares) at Sep. 30, 2021		16,990,630
Ending balance at Sep. 30, 2021	$ 406,452	$ 17	502,864	129,622	(239,308)	393,195	13,257
Beginning balance (shares) at Dec. 31, 2021	16,991,979	16,991,979
Beginning balance at Dec. 31, 2021	$ 331,360	$ 17	504,497	25,553	(205,184)	324,883	6,477
Share-based compensation, Shares		69,716
Share-based compensation, net	437		437	0		437
Deconsolidation of noncontrolling interest	(11,007)						(11,007)
Net income (loss)	(61,790)			(61,360)		(61,360)	(430)
Other Comprehensive Income (Loss), Net of Tax	11,780				11,791	11,791	(11)
Ending balance (shares) at Mar. 31, 2022		17,061,695
Ending balance at Mar. 31, 2022	$ 270,780	$ 17	504,934	(35,807)	(193,393)	275,751	(4,971)
Beginning balance (shares) at Dec. 31, 2021	16,991,979	16,991,979
Beginning balance at Dec. 31, 2021	$ 331,360	$ 17	504,497	25,553	(205,184)	324,883	6,477
Net income (loss)	(129,161)
Other Comprehensive Income (Loss), Net of Tax	$ (18,404)
Ending balance (shares) at Sep. 30, 2022	17,108,029	17,108,029
Ending balance at Sep. 30, 2022	$ 175,262	$ 17	506,971	(101,740)	(224,203)	181,045	(5,783)
Beginning balance (shares) at Mar. 31, 2022		17,061,695
Beginning balance at Mar. 31, 2022	270,780	$ 17	504,934	(35,807)	(193,393)	275,751	(4,971)
Share-based compensation, Shares		39,426
Share-based compensation, net	1,128		1,128	0		1,128
Net income (loss)	(34,151)			(33,247)		(33,247)	(904)
Other Comprehensive Income (Loss), Net of Tax	(16,044)				(16,321)	(16,321)	277
Ending balance (shares) at Jun. 30, 2022		17,101,121
Ending balance at Jun. 30, 2022	221,713	$ 17	506,062	(69,054)	(209,714)	227,311	(5,598)
Share-based compensation, Shares		6,908
Share-based compensation, net	909		909	0		909
Net income (loss)	(33,220)			(32,686)		(32,686)	(534)
Other Comprehensive Income (Loss), Net of Tax	$ (14,140)				(14,489)	(14,489)	349
Ending balance (shares) at Sep. 30, 2022	17,108,029	17,108,029
Ending balance at Sep. 30, 2022	$ 175,262	$ 17	$ 506,971	$ (101,740)	$ (224,203)	$ 181,045	$ (5,783)

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating Activities:
Net loss	$ (129,161)	$ (224,106)
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	88,997	99,497
Amortization of intangibles	5,176	5,524
Gain on sale of business, net	0	(696)
Gain on sale of fixed assets, net	(33,391)	0
Impairment charges	837	1,847
Share-based compensation expense	2,593	4,781
Equity in losses of affiliates, net of dividends related to earnings	11,195	2,146
Deferred income taxes	(5,478)	9,785
Other	2,383	2,219
Changes in operating assets and liabilities	46,489	(12,485)
Net cash used in operating activities	(10,360)	(111,488)
Investing activities:
Capital expenditures	(58,491)	(75,965)
Proceeds from Sale of Other Assets	52,956	3,095
Other	167	35
Net cash used in investing activities	(5,368)	(72,835)
Financing activities:
Principal payments on long-term debt	(3,786)	(4,227)
Decrease in short-term debt, net	(977)	(597)
Taxes withheld and paid on employees' share-based payment awards	(607)	(777)
Other	(688)	884
Net cash used in financing activities	(6,058)	(4,717)
Effects of exchange rate changes on cash, cash equivalents and restricted cash	9,296	7,853
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	(12,490)	(181,187)
Cash, cash equivalents and restricted cash at beginning of period	251,128	443,578
Cash, cash equivalents and restricted cash at end of period	$ 238,638	$ 262,391

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Reconciliation of Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 231,177	$ 248,010
Restricted cash included in other current assets	5,846	961
Restricted cash included in other assets	1,615	2,157
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 238,638	$ 251,128

XML

Overview

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Overview

Overview

Basis of Presentation

Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company” or “Cooper Standard”), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”), is a leading manufacturer of sealing, fuel and brake delivery, 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 accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”), as filed with the SEC. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These financial statements include all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation of the financial position and results of operations of the Company. The operating results for the interim period ended September 30, 2022 are not necessarily indicative of results for the full year. In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

XML

Deconsolidation and Divestiture

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Deconsolidation and Divestiture

2022 Joint Venture Deconsolidation

In the first quarter of 2022, a joint venture in the Asia Pacific region that was previously consolidated with a noncontrolling interest amended the governing document underlying the joint venture. The amendment to the agreement did not change the Company’s 51% ownership. However, as a result of the amendment and effective as of January 1, 2022, the joint venture was deconsolidated and accounted for as an investment under the equity method. The Company remeasured the retained investment using the income approach method and performed a discounted cash flow analysis of the projected free cash flows of the joint venture. As a result of the deconsolidation, during the nine months ended September 30, 2022, the Company recorded a loss of $2,257, included in other income (expense), net in the condensed consolidated statements of operations.

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. On July 1, 2020, the Company completed the divestiture to Mutares SE & Co. KGaA (“Mutares”). During the nine months ended September 30, 2021, the Company recorded subsequent adjustments resulting in a net gain of $696.

XML

Revenue

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue

Revenue is recognized for manufactured parts at a point in time, generally when products are shipped or delivered. 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. Customers typically pay for parts based on customary business practices with payment terms generally between 30 and 90 days.

Revenue by customer group for the three months ended September 30, 2022 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	343,012	$	108,628	$	129,167	$	27,069	$	—	$	607,876
Commercial	4,132		4,957		326		4		1,725		11,144
Other	3,867		85		—		—		34,181		38,133
Revenue	$	351,011	$	113,670	$	129,493	$	27,073	$	35,906	$	657,153

Revenue by customer group for the nine months ended September 30, 2022 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	981,131	$	354,689	$	317,909	$	74,838	$	—	$	1,728,567
Commercial	11,855		16,426		1,114		15		5,047		34,457
Other	11,606		256		2		—		101,166		113,030
Revenue	$	1,004,592	$	371,371	$	319,025	$	74,853	$	106,213	$	1,876,054

Revenue by customer group for the three months ended September 30, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	262,821	$	93,766	$	109,187	$	15,973	$	—	$	481,747
Commercial	3,341		4,773		337		8		1,333		9,792
Other	4,430		143		2		—		30,576		35,151
Revenue	$	270,592	$	98,682	$	109,526	$	15,981	$	31,909	$	526,690

Revenue by customer group for the nine months ended September 30, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	834,545	$	380,519	$	325,178	$	45,597	$	—	$	1,585,839
Commercial	11,027		16,125		2,484		23		4,029		33,688
Other	11,581		435		4		—		97,295		109,315
Revenue	$	857,153	$	397,079	$	327,666	$	45,620	$	101,324	$	1,728,842

The passenger and light duty customer group consists of sales to automotive OEMs and automotive suppliers, while the commercial customer group represents sales to OEMs of on- and off-highway commercial equipment and vehicles. The other customer group includes sales related to specialty and adjacent markets.

Substantially all of the Company’s revenues were generated from sealing, fuel and brake delivery and fluid transfer systems for use in passenger vehicles and light trucks manufactured by global OEMs.

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

Revenue by product line for the three months ended September 30, 2022 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	133,347	$	91,078	$	85,309	$	21,654	$	—	$	331,388
Fuel and brake delivery systems	113,755		19,572		27,540		3,715		—		164,582
Fluid transfer systems	103,909		3,020		16,644		1,704		—		125,277
Other	—		—		—		—		35,906		35,906
Revenue	$	351,011	$	113,670	$	129,493	$	27,073	$	35,906	$	657,153

Revenue by product line for the nine months ended September 30, 2022 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	388,244	$	298,163	$	198,219	$	56,999	$	—	$	941,625
Fuel and brake delivery systems	324,090		64,248		71,768		12,090		—		472,196
Fluid transfer systems	292,258		8,960		49,038		5,764		—		356,020
Other	—		—		—		—		106,213		106,213
Revenue	$	1,004,592	$	371,371	$	319,025	$	74,853	$	106,213	$	1,876,054

Revenue by product line for the three months ended September 30, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	102,636	$	75,824	$	69,872	$	12,114	$	—	$	260,446
Fuel and brake delivery systems	80,549		18,989		23,446		2,286		—		125,270
Fluid transfer systems	87,407		3,869		16,208		1,581		—		109,065
Other	—		—		—		—		31,909		31,909
Revenue	$	270,592	$	98,682	$	109,526	$	15,981	$	31,909	$	526,690

Revenue by product line for the nine months ended September 30, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	313,985	$	310,063	$	201,873	$	34,921	$	—	$	860,842
Fuel and brake delivery systems	275,594		73,770		76,981		7,299		—		433,644
Fluid transfer systems	267,574		13,246		48,812		3,400		—		333,032
Other	—		—		—		—		101,324		101,324
Revenue	$	857,153	$	397,079	$	327,666	$	45,620	$	101,324	$	1,728,842

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, which are infrequent, 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 the 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. Contract assets were not materially impacted by any other factors during the nine months ended September 30, 2022.

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

	September 30, 2022		December 31, 2021		Change
Contract assets	$	3,690	$	—	$	3,690
Contract liabilities	(13)		(143)		130
Net contract assets (liabilities)	$	3,677	$	(143)	$	3,820

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 September 30, 2022 and December 31, 2021 were current liabilities of $13,968 and $12,045, respectively, and long-term liabilities of $5,733 and $7,214, 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

9 Months Ended

Sep. 30, 2022

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”), along with other related exit costs and asset impairments related to restructuring activities (collectively, “other exit costs”). 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 three and nine months ended September 30, 2022 and 2021 was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
North America	$	(66)	$	307	$	(152)	$	3,513
Europe	1,383		1,113		11,518		27,284
Asia Pacific	319		282		1,318		1,265
South America	147		(129)		252		1,858
Total Automotive	1,783		1,573		12,936		33,920
Corporate and other	(82)		—		78		331
Total	$	1,701	$	1,573	$	13,014	$	34,251

Restructuring activity for the nine months ended September 30, 2022 was as follows:

	Employee Separation Costs		Other Exit Costs		Total
Balance as of December 31, 2021	$	20,957	$	5,627	$	26,584
Expense	8,654		4,360		13,014
Cash payments	(15,361)		(2,455)		(17,816)
Foreign exchange translation and other	(2,074)		(517)		(2,591)
Balance as of September 30, 2022	$	12,176	$	7,015	$	19,191

Other exit costs for the nine months ended September 30, 2022 included an immaterial gain on sale of fixed assets related to a closed facility in the Asia Pacific region.

XML

Inventories

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consist of the following:

	September 30, 2022		December 31, 2021
Finished goods	$	52,462	$	43,186
Work in process	47,136		37,045
Raw materials and supplies	95,405		77,844
	$	195,003	$	158,075

XML

Leases

9 Months Ended

Sep. 30, 2022

Lease Expense Components [Abstract]

Lessee, Operating Leases

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 condensed 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 condensed consolidated balance sheets.

The components of lease expense were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease expense	$	6,954	$	7,827	$	21,578	$	23,258
Short-term lease expense	1,413		1,719		3,558		5,324
Variable lease expense	326		191		792		620
Finance lease expense:
Amortization of right-of-use assets	523		519		1,500		1,586
Interest on lease liabilities	318		356		980		1,094
Total lease expense	$	9,534	$	10,612	$	28,408	$	31,882

Other information related to leases was as follows:

	Nine Months Ended September 30,
	2022			2021
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	21,944		$	25,641
Operating cash flows for finance leases	988			1,093
Financing cash flows for finance leases	1,488			1,677
Non-cash right-of-use assets obtained in exchange for lease obligations:
Operating leases	11,012			14,968
Finance leases	128			606
Weighted Average Remaining Lease Term (in years)
Operating leases	7.4			7.6
Finance leases	9.1			9.9
Weighted Average Discount Rate
Operating leases	6.1		%	5.7		%
Finance leases	5.9		%	5.8		%

Future minimum lease payments under non-cancellable leases as of September 30, 2022 were as follows:

Year	Operating Leases		Finance Leases
Remainder of 2022	$	6,567	$	756
2023	24,425		3,059
2024	18,619		3,250
2025	15,136		3,274
2026	11,060		3,033
Thereafter	48,714		16,396
Total future minimum lease payments	124,521		29,768
Less imputed interest	(25,127)		(7,015)
Total	$	99,394	$	22,753

Amounts recognized on the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 were as follows:

	September 30, 2022		December 31, 2021
Operating Leases
Operating lease right-of-use assets, net	$	95,803	$	111,052
Current operating lease liabilities	20,172		22,552
Long-term operating lease liabilities	79,222		92,760
Finance Leases
Property, plant and equipment, net	22,260		25,690
Debt payable within one year	2,067		2,153
Long-term debt	20,686		23,590

As of September 30, 2022, the Company had additional leases, primarily for real estate, that had not yet commenced with undiscounted lease payments of approximately $3,163.

Lessee, Finance Leases

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 condensed 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 condensed consolidated balance sheets.

The components of lease expense were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease expense	$	6,954	$	7,827	$	21,578	$	23,258
Short-term lease expense	1,413		1,719		3,558		5,324
Variable lease expense	326		191		792		620
Finance lease expense:
Amortization of right-of-use assets	523		519		1,500		1,586
Interest on lease liabilities	318		356		980		1,094
Total lease expense	$	9,534	$	10,612	$	28,408	$	31,882

Other information related to leases was as follows:

	Nine Months Ended September 30,
	2022			2021
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	21,944		$	25,641
Operating cash flows for finance leases	988			1,093
Financing cash flows for finance leases	1,488			1,677
Non-cash right-of-use assets obtained in exchange for lease obligations:
Operating leases	11,012			14,968
Finance leases	128			606
Weighted Average Remaining Lease Term (in years)
Operating leases	7.4			7.6
Finance leases	9.1			9.9
Weighted Average Discount Rate
Operating leases	6.1		%	5.7		%
Finance leases	5.9		%	5.8		%

Future minimum lease payments under non-cancellable leases as of September 30, 2022 were as follows:

Year	Operating Leases		Finance Leases
Remainder of 2022	$	6,567	$	756
2023	24,425		3,059
2024	18,619		3,250
2025	15,136		3,274
2026	11,060		3,033
Thereafter	48,714		16,396
Total future minimum lease payments	124,521		29,768
Less imputed interest	(25,127)		(7,015)
Total	$	99,394	$	22,753

Amounts recognized on the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 were as follows:

	September 30, 2022		December 31, 2021
Operating Leases
Operating lease right-of-use assets, net	$	95,803	$	111,052
Current operating lease liabilities	20,172		22,552
Long-term operating lease liabilities	79,222		92,760
Finance Leases
Property, plant and equipment, net	22,260		25,690
Debt payable within one year	2,067		2,153
Long-term debt	20,686		23,590

As of September 30, 2022, the Company had additional leases, primarily for real estate, that had not yet commenced with undiscounted lease payments of approximately $3,163.

XML

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Property, Plant and Equipment

Property, plant and equipment consists of the following:

	September 30, 2022		December 31, 2021
Land and improvements	$	40,889	$	44,495
Buildings and improvements	253,181		285,240
Machinery and equipment	1,198,754		1,269,330
Construction in progress	79,252		80,868
	1,572,076		1,679,933
Accumulated depreciation	(904,959)		(895,585)
Property, plant and equipment, net	$	667,117	$	784,348

During the three and nine months ended September 30, 2022, the Company recorded impairment charges of $379 and $837, respectively, primarily due to idle assets in Europe and North America. The fair value was determined using salvage value. During the three and nine months ended September 30, 2021, the Company recorded impairment charges of $1,006 and $1,847, respectively, due to idle assets, primarily in certain North American and European locations. The fair value was determined using salvage value.

The deconsolidation of a joint venture during the three months ended March 31, 2022 included the removal of property, plant and equipment with gross carrying value of $29,590 and accumulated depreciation of $11,625, which is reflected in the balance sheet as of September 30, 2022.

In the first quarter of 2022, the Company closed on a sale-leaseback transaction related to one of its European facilities. The sale-leaseback was effective and control transferred to the Company on April 1, 2022. During the nine months ended September 30, 2022, the Company recorded a gain on the sale transaction of $33,391. The transaction included the removal of property, plant and equipment with a gross carrying value of $16,890 and accumulated depreciation of $4,013, which is reflected in the balance sheet as of September 30, 2022.

XML

Goodwill and Intangibles

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

Changes in the carrying amount of goodwill by reporting unit for the nine months ended September 30, 2022 were as follows:

	North America		Industrial Specialty Group		Total
Balance as of December 31, 2021	$	128,246	$	14,036	$	142,282
Foreign exchange translation	(324)		—		(324)
Balance as of September 30, 2022	$	127,922	$	14,036	$	141,958

Goodwill is tested for impairment by reporting unit annually or more frequently if events or circumstances indicate that an impairment may exist. There were no indicators of potential impairment during the nine months ended September 30, 2022.

Intangible Assets

Intangible assets and accumulated amortization balances as of September 30, 2022 and December 31, 2021 were as follows:

	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	152,210	$	(128,099)	$	24,111
Other	37,662		(13,360)		24,302
Balance as of September 30, 2022	$	189,872	$	(141,459)	$	48,413
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

The deconsolidation of a joint venture in the first quarter of 2022 included the removal of intangible assets (primarily land use rights) with net carrying value of $5,258, which is reflected in the table above as of September 30, 2022.

XML

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

Debt

A summary of outstanding debt as of September 30, 2022 and December 31, 2021 is as follows:

	September 30, 2022		December 31, 2021
Senior Notes	$	397,080	$	396,544
Senior Secured Notes	243,700		241,683
Term Loan	319,393		321,212
Finance leases	22,753		25,743
Other borrowings	44,399		51,533
Total debt	1,027,325		1,036,715
Less current portion	(48,890)		(56,111)
Total long-term debt	$	978,435	$	980,604

5.625% Senior Notes due 2026

In November 2016, the Company issued $400,000 aggregate principal amount of its 5.625% Senior Notes due 2026 (the “Senior Notes”). The Senior Notes mature on November 15, 2026. Interest on the Senior Notes is payable semi-annually in arrears in cash on May 15 and November 15 of each year.

Debt issuance costs related to the Senior Notes are amortized into interest expense over the term of the Senior Notes. As of September 30, 2022 and December 31, 2021, the Company had $2,920 and $3,456 of unamortized debt issuance costs, respectively, related to the Senior Notes, which are presented as direct deductions from the principal balance in the condensed consolidated balance sheets.

13.0% Senior Secured Notes due 2024

In May 2020, the Company issued $250,000 aggregate principal amount of its 13.0% Senior Secured Notes due 2024 (the “Senior Secured Notes”). 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 Company may redeem all or part of the Senior Secured Notes prior to maturity at the prices (inclusive of any applicable premium) set forth in the indenture.

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 September 30, 2022 and December 31, 2021, the Company had $3,452 and $4,594 of unamortized debt issuance costs, respectively, and $2,848 and $3,723 of unamortized original issue discount, respectively, 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.

Term Loan Facility

In November 2016, the Company entered into Amendment No. 1 to its senior term loan facility (“Term Loan Facility”), which provides for loans in an aggregate principal amount of $340,000. On May 2, 2017, the Company entered into Amendment No. 2 to the Term Loan Facility to modify the interest rate. Subsequently, on March 6, 2018, the Company entered into Amendment No. 3 to the Term Loan Facility to further modify the interest rate. In accordance with this amendment, borrowings under the Term Loan Facility bear interest, at the Company’s option, at either (1) with respect to Eurodollar rate loans, the greater of the applicable Eurodollar rate and 0.75% plus 2.0% per annum, or (2) with respect to base rate loans, the base rate, (which is the highest of the then current federal funds rate plus 0.5%, the prime rate most recently announced by the administrative agent under the term loan, and the one-month Eurodollar rate plus 1.0%) plus 1.0% per annum. The Term Loan Facility matures on November 2, 2023, unless earlier terminated. The Company has retained Goldman Sachs & Co. LLC as its financial advisor to analyze, evaluate and help arrange a refinancing of the Term Loan Facility and possibly certain other debt instruments. The Company’s ability to continue as a going concern is contingent upon its ability to refinance its Term Loan Facility. The Company continues its discussions with certain investors with respect to potential refinancing alternatives. While discussions are ongoing, the Company has not reached an agreement with respect to such a transaction for refinancing its capital structure and there can be no assurances that such an agreement will be reached in the future.

As of September 30, 2022 and December 31, 2021, the Company had $642 and $1,087 of unamortized debt issuance costs, respectively, and $414 and $701 of unamortized original issue discount, respectively, related to the Term Loan Facility, which are presented as direct deductions from the principal balance in the condensed consolidated balance sheets. Both the debt issuance costs and the original issue discount are amortized into interest expense over the term of the Term Loan Facility.

ABL Facility

In November 2016, the Company entered into a Third Amended and Restated Loan Agreement of its ABL Facility, which provided an aggregate revolving loan availability of up to $210,000, 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 availability 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 under the ABL Facility and the lenders agree to fund such increase. No consent of any lender is required to effect any such increase, except for those participating in the increase.

As of September 30, 2022, there were no loans outstanding under the ABL Facility. The Company’s borrowing base was $180,000. Net of 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 $6,310 of outstanding letters of credit, the Company effectively had $155,690 available for borrowing under its ABL facility.

Any borrowings under the ABL Facility will mature, and the commitments of the lenders under the ABL Facility will terminate, on the earlier of March 24, 2025 or the date 91 days prior to the maturity date of the Term Loan Facility (or another fixed asset facility replacing the Term Loan Facility).

As of September 30, 2022 and December 31, 2021, the Company had $597 and $782, respectively, of unamortized debt issuance costs related to the ABL Facility, which are presented in other assets in the condensed consolidated balance sheets.

Debt Covenants

The Company was in compliance with all covenants of the Senior Notes, Senior Secured Notes, Term Loan Facility and ABL Facility as of September 30, 2022.

Other

Other borrowings as of September 30, 2022 and December 31, 2021 reflect borrowings under local bank lines classified in debt payable within one year on the condensed consolidated balance sheet.

XML

Fair Value Measurements and Financial Instruments

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements and Financial Instruments

Fair Value Measurements and Financial Instruments

Fair Value Measurements

Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy is utilized, which prioritizes the inputs used in measuring fair value as follows:

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 derivative instruments are determined using exchange traded prices and rates. The Company also considers the risk of non-performance in the estimation of fair value and includes an adjustment for non-performance risk in the measure of fair value of derivative instruments. In certain instances where market data is not available, the Company uses management judgment to develop assumptions that are used to determine fair value. Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured or disclosed at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 were as follows:

	September 30, 2022		December 31, 2021		Input
Forward foreign exchange contracts - other current assets	$	3,624	$	647	Level 2
Forward foreign exchange contracts - accrued liabilities	(487)		(1,535)		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. “Deconsolidation and Divestiture” and Note 7. “Property, Plant and Equipment.”

Items Not Carried at Fair Value

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

	September 30, 2022		December 31, 2021
Aggregate fair value	$	719,807	$	899,909
Aggregate carrying value (1)	970,450		973,000

(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 change in fair value of the derivative is recorded in accumulated other comprehensive income (loss) (“AOCI”) in the condensed consolidated balance sheet, to the extent that the hedges are effective, 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 condensed 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 flows arising from changes in currency exchange rates that impact the Company’s foreign currency transactions. The principal currencies hedged by the Company include various European currencies, the Canadian Dollar, and the Mexican Peso. As of September 30, 2022 and December 31, 2021, the notional amount of these contracts was $155,054 and $136,103, respectively, and consisted of hedges of transactions up to December 2023.

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
	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Forward foreign exchange contracts	$	3,168	$	(1,606)	$	5,064	$	(964)

Pretax amounts related to the Company’s cash flow hedges that were reclassified from AOCI and recognized in cost of products sold were as follows:

	Gain (Loss) Reclassified from AOCI to Income
	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Forward foreign exchange contracts	$	486	$	508	$	1,048	$	1,045

XML

Accounts Receivable Factoring

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Accounts Receivable Factoring

Accounts Receivable Factoring

As a part of its working capital management, the Company sells certain receivables through a single third-party financial institution (the “Factor”) in a pan-European program. 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 condensed consolidated statements of operations. The sale of receivables under this contract is considered an off-balance sheet arrangement to the Company and is accounted for as a true sale and is excluded from accounts receivable in the condensed consolidated balance sheet. Amounts outstanding under receivable transfer agreements entered into by various locations as of the period end were as follows:

	September 30, 2022		December 31, 2021
Off-balance sheet arrangements	$	49,155	$	52,743

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

	Off-Balance Sheet Arrangements
	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Accounts receivable factored	$	89,263	$	68,897	$	262,145	$	286,214
Costs	156		117		395		421

As of September 30, 2022 and December 31, 2021, cash collections on behalf of the Factor that have yet to be remitted were $5,216 and $673, respectively, and are reflected in other current assets as restricted cash in the condensed consolidated balance sheet.

XML

Pension and Postretirement Benefits other than Pensions

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Pension and Postretirement Benefits other than Pensions

Pension and Postretirement Benefits Other Than Pensions

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

	Pension Benefits
	Three Months Ended September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	193	$	658	$	223	$	878
Interest cost	1,766		690		1,629		659
Expected return on plan assets	(2,323)		(247)		(3,564)		(335)
Amortization of prior service cost and actuarial loss	222		376		418		509
Other	—		—		—		—
Net periodic benefit (income) cost	$	(142)	$	1,477	$	(1,294)	$	1,711
	Pension Benefits
	Nine Months Ended September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	579	$	2,071	$	669	$	2,705
Interest cost	5,298		2,139		4,887		1,967
Expected return on plan assets	(6,969)		(753)		(10,692)		(1,013)
Amortization of prior service cost and actuarial loss	666		1,187		1,254		2,374
Other	—		—		—		125
Net periodic benefit (income) cost	$	(426)	$	4,644	$	(3,882)	$	6,158

	Other Postretirement Benefits
	Three Months Ended September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	22	$	56	$	26	$	91
Interest cost	140		163		133		178
Amortization of prior service credit and actuarial (gain) loss	(394)		41		(349)		191
Net periodic benefit (income) cost	$	(232)	$	260	$	(190)	$	460
	Other Postretirement Benefits
	Nine Months Ended September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	66	$	171	$	78	$	274
Interest cost	420		498		399		538
Amortization of prior service credit and actuarial (gain) loss	(1,182)		125		(1,047)		577
Net periodic benefit (income) cost	$	(696)	$	794	$	(570)	$	1,389

The service cost component of net periodic benefit (income) cost is included in cost of products sold and selling, administrative and engineering expenses in the condensed consolidated statements of operations. All other components of net periodic benefit (income) cost are included in other income (expense), net in the condensed consolidated statements of operations for all periods presented.

On October 11, 2022, the Company’s Board of Directors approved a resolution to merge certain of the Company’s U.S. defined benefit pension plans, and terminate the resulting merged plan (“U.S. Pension Plan”) effective December 31, 2022. The

termination of the U.S. Pension Plan is expected to take twelve to eighteen months to complete. As part of the termination process, the Company expects to settle benefit obligations under the U.S. Pension Plan through a combination of lump sum payments to eligible plan participants and the purchase of a group annuity contract, under which future benefit obligations and administration will be transferred to a third-party insurance company. Such settlements will be funded primarily from plan assets. Ultimate settlement of benefit obligations is dependent upon the participants’ elections. As of September 30, 2022 and December 31, 2021, the U.S. Pension Plan was overfunded under U.S. generally accepted accounting principles by $31,307 and $29,804, respectively.

XML

Other Income (Expense), Net

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

Other (Expense) Income, Net

Other Income (Expense), Net

The components of other income (expense), net were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Deconsolidation of joint venture (1)	$	—	$	—	$	(2,257)	$	—
Foreign currency gains (losses)	649		(1,396)		993		(5,546)
Components of net periodic benefit (cost) income other than service cost	(434)		531		(1,429)		631
Factoring costs	(156)		(117)		(395)		(421)
Miscellaneous income	87		488		514		1,115
Other income (expense), net	$	146	$	(494)	$	(2,574)	$	(4,221)

(1)Loss attributable to deconsolidation of a joint venture in the Asia Pacific region, which required adjustment to fair value.

XML

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company determines its effective tax rate each quarter based upon its estimated annual effective tax rate. The Company records the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. In addition, jurisdictions with a projected loss for the year where no tax benefit can be recognized are excluded from the estimated annual effective tax rate.

Income tax (benefit) expense, loss before income taxes and the corresponding effective tax rate for the three and nine months ended September 30, 2022 and 2021 were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Income tax (benefit) expense	$	(833)		$	32,121		$	1,824		$	15,598
Loss before income taxes	(34,053)			(92,743)			(127,337)			(208,508)
Effective tax rate	2		%	(35)		%	(1)		%	(7)		%

The effective tax rate for the three and nine months ended September 30, 2022 varied from the effective tax rate for the three and nine months ended September 30, 2021 primarily due to the initial recognition of valuation allowances in the U.S., resulting in tax expense of $31,740 and $13,278 recorded in the three and nine months ended September 30, 2021, respectively, the geographic mix of pre-tax losses, and the inability to record a benefit for pre-tax losses in the U.S. and certain foreign jurisdictions due to valuation allowances. Additionally the three and nine months ended September 30, 2022 were impacted by discrete tax impacts of the gain on sale-leaseback transaction in Europe, tax reserve changes, and other permanent items.

The income tax rate for the three and nine months ended September 30, 2022 and 2021 varied from the U.S. statutory rate primarily due to the inability to record a tax benefit for pre-tax losses in the U.S. and certain foreign jurisdictions, tax credits, the impact of income taxes on foreign earnings taxed at rates varying from the U.S. statutory rate, and other permanent items. Additionally, the income tax rate for the three and nine months ended September 30, 2021 varied from the U.S. statutory rate as a result of the initial recognition of valuation allowances in the U.S.

During the nine months ended September 30, 2022, the Company received $54,273 in cash payments from the United States Internal Revenue Service for tax refunds related to net operating loss carrybacks.

The Company’s current and future provision for income taxes is impacted by changes in valuation allowances in the U.S. and certain foreign jurisdictions. The Company’s future provision for income taxes will include no tax benefit with respect to losses incurred and, except for certain jurisdictions, no tax expense with respect to income generated in these countries until the respective valuation allowances are eliminated. Accordingly, income taxes are impacted by changes in valuation allowances and the mix of earnings among jurisdictions. The Company evaluates the realizability of its deferred tax assets on a quarterly basis. In completing this evaluation, the Company considers all available evidence in order to determine, based on the weight of the evidence, if a valuation allowance for its deferred tax assets is necessary. Such evidence includes historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. If, based on the weight of the evidence, it is more likely than not that all or a portion of the Company’s deferred tax assets will not be realized, a valuation allowance is recorded. If operating results improve or decline on a continual basis in a particular jurisdiction, the Company’s decision regarding the need for a valuation allowance could change, resulting in either the initial recognition or reversal of a valuation allowance in that jurisdiction, which could have a significant impact on income tax expense in the period recognized and subsequent periods. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments, which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities.

Inflation Reduction Action of 2022

On August 16, 2022, the U.S. enacted the Inflation Reduction Action of 2022, which, among other things, implements a 15% minimum tax on financial statement income of certain large corporations, a 1% excise tax on net stock repurchases and several tax incentives to promote clean energy. Based on its current analysis of the provisions, the Company does not believe this legislation will have a material impact on its consolidated financial statements, but the Company is continuing to evaluate the implications.

XML

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

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

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

Net Loss Per Share Attributable to Cooper-Standard Holdings Inc.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net loss available to Cooper-Standard Holdings Inc. common stockholders	$	(32,686)	$	(123,173)	$	(127,293)	$	(220,648)
Basic weighted average shares of common stock outstanding	17,218,165		17,097,766		17,181,534		17,027,226
Dilutive effect of common stock equivalents	—		—		—		—
Diluted weighted average shares of common stock outstanding	17,218,165		17,097,766		17,181,534		17,027,226
Basic net loss per share attributable to Cooper-Standard Holdings Inc.	$	(1.90)	$	(7.20)	$	(7.41)	$	(12.96)
Diluted net loss per share attributable to Cooper-Standard Holdings Inc.	$	(1.90)	$	(7.20)	$	(7.41)	$	(12.96)

Securities excluded from the calculation of diluted loss per share were approximately 52,000 and 169,000 for the three months ended September 30, 2022 and 2021, respectively, and 52,000 and 159,000 for the nine months ended September 30, 2022 and 2021, respectively, because the inclusion of such securities in the calculation would have been anti-dilutive.

XML

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Loss

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Foreign currency translation adjustment
Balance at beginning of period	$	(147,736)		$	(134,377)		$	(138,751)		$	(136,579)
Other comprehensive loss before reclassifications	(19,309)		(1)	(6,134)		(1)	(28,000)		(1)	(3,932)		(1)
Amounts reclassified from accumulated other comprehensive loss	—			144			(294)			144
Balance at end of period	$	(167,045)		$	(140,367)		$	(167,045)		$	(140,367)
Benefit plan liabilities
Balance at beginning of period	$	(62,256)		$	(102,729)		$	(65,303)		$	(106,079)
Other comprehensive income (loss) before reclassifications (net of tax expense (benefit) of $70, $27, $(174), and $(250), respectively)	2,227			4,119			4,765			5,160
Amounts reclassified from accumulated other comprehensive loss	171		(2)	859		(3)	680		(4)	3,168		(5)
Balance at end of period	$	(59,858)		$	(97,751)		$	(59,858)		$	(97,751)
Fair value change of derivatives
Balance at beginning of period	$	278		$	942		$	(1,130)		$	762
Other comprehensive income (loss) before reclassifications (net of tax expense of $419, $154, $500, and $220, respectively)	2,749			(1,760)			4,564			(1,184)
Amounts reclassified from accumulated other comprehensive loss (net of tax expense of $159, $136, $314, and $277, respectively)	(327)			(372)			(734)			(768)
Balance at end of period	$	2,700		$	(1,190)		$	2,700		$	(1,190)
Accumulated other comprehensive loss, ending balance	$	(224,203)		$	(239,308)		$	(224,203)		$	(239,308)

(1)Includes other comprehensive (loss) income related to intra-entity foreign currency balances that are of a long-term investment nature of $(24,098) and $(9,265) for the three months ended September 30, 2022 and 2021, respectively, and $(28,333) and $(5,986) for the nine months ended September 30, 2022 and 2021, respectively.  

(2)Includes the effect of the amortization of actuarial losses of $138, and amortization of prior service cost of $37, net of tax of $4.

(3)Includes the effect of the amortization of actuarial losses of $664, amortization of prior service cost of $41, and impact of curtailment of $193, net of tax of $39.

(4)Includes the effect of the amortization of actuarial losses of $562, and amortization of prior service cost of $130, net of tax of $12.

(5)Includes the effect of the amortization of actuarial losses of $2,916, amortization of prior service cost of $169, and impact of curtailment of $310, net of tax of $227.

XML

Common Stock	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Common Stock	Common StockShare 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 became effective in November 2018. As of September 30, 2022, the Company had approximately $98,720 of repurchase authorization remaining under the 2018 Program. The Company did not make any repurchases under the 2018 Program during the nine months ended September 30, 2022 or 2021.

XML

Share-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based Compensation

The Company’s long-term incentive plans allow for the grant of various types of share-based awards to key employees and directors of the Company and its affiliates. The Company generally awards grants on an annual basis.

In February 2022, the Company granted Restricted Stock Units (“RSUs”) and Performance Units (“PUs”). The number of PUs that will vest depends on the Company’s achievement of target performance goals related to the Company’s return on invested capital (“ROIC”) and total shareholder return, which may range from 0% to 200% of the target award amount. The PUs tied to total shareholder return cliff vest at the end of a three-year performance period. The PUs tied to ROIC cliff vest one year after the end of their individual performance periods. The RSUs vest ratably over three years.

Share-based compensation expense was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
PUs	$	203	$	357	$	515	$	51
RSUs	476		873		1,097		3,004
Stock options	289		549		981		1,726
Total	$	968	$	1,779	$	2,593	$	4,781

XML

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

The Company is periodically involved in claims, litigation and various legal matters that arise in the ordinary course of business. The Company accrues for litigation exposure when it is probable that future costs will be incurred and such costs can be reasonably estimated. Any resulting adjustments, which could be material, are recorded in the period the adjustments are identified. As of September 30, 2022, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for claims, litigation and various legal matters, if any, has been incurred. However, the ultimate resolutions of these proceedings and matters are inherently unpredictable. As such, the Company’s financial condition, results of operations or cash flows could be adversely affected in any particular period by the unfavorable resolution of one or more of these proceedings or matters.

In addition, the Company conducts and monitors environmental investigations and remedial actions at certain locations. As of September 30, 2022 and December 31, 2021, the Company had approximately $10,780 and $9,965, respectively, reserved in accrued liabilities and other liabilities on the condensed consolidated balance sheets on an undiscounted basis. 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.

XML

Segment Reporting

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Reporting Disclosure

Segment ReportingThe 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.

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

	Three Months Ended September 30,
	2022						2021
	External Sales		Intersegment Sales		Adjusted EBITDA		External Sales		Intersegment Sales		Adjusted EBITDA
North America	$	351,011	$	3,223	$	19,401	$	270,592	$	2,711	$	8,817
Europe	113,670		2,142		(10,905)		98,682		1,903		(25,112)
Asia Pacific	129,493		1,065		7,523		109,526		306		(14,274)
South America	27,073		11		766		15,981		—		(3,422)
Total Automotive	621,247		6,441		16,785		494,781		4,920		(33,991)
Corporate, eliminations and other	35,906		(6,441)		3,720		31,909		(4,920)		132
Consolidated	$	657,153	$	—	$	20,505	$	526,690	$	—	$	(33,859)
	Nine Months Ended September 30,
	2022						2021
	External Sales		Intersegment Sales		Adjusted EBITDA		External Sales		Intersegment Sales		Adjusted EBITDA
North America	$	1,004,592	$	9,500	$	52,338	$	857,153	$	7,484	$	50,806
Europe	371,371		6,052		(40,878)		397,079		7,718		(40,992)
Asia Pacific	319,025		2,598		(1,018)		327,666		1,794		(13,024)
South America	74,853		16		(941)		45,620		15		(6,756)
Total Automotive	1,769,841		18,166		9,501		1,627,518		17,011		(9,966)
Corporate, eliminations and other	106,213		(18,166)		775		101,324		(17,011)		(79)
Consolidated	$	1,876,054	$	—	$	10,276	$	1,728,842	$	—	$	(10,045)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Adjusted EBITDA	$	20,505	$	(33,859)	$	10,276	$	(10,045)
Restructuring charges	(1,701)		(1,573)		(13,014)		(34,251)
Deconsolidation of joint venture	—		—		(2,257)		—
Impairment charges	(379)		(1,006)		(837)		(1,847)
(Loss) gain on sale of business, net	—		—		—		696
Gain on sale of fixed assets, net	—		—		33,391		—
Lease termination costs	—		(322)		—		(430)
Indirect tax and customs adjustments	(569)		—		(1,477)		—
EBITDA	$	17,856	$	(36,760)	$	26,082	$	(45,877)
Income tax expense	833		(32,121)		(1,824)		(15,598)
Interest expense, net of interest income	(20,747)		(18,243)		(57,378)		(54,152)
Depreciation and amortization	(30,628)		(36,049)		(94,173)		(105,021)
Net loss attributable to Cooper-Standard Holdings Inc.	$	(32,686)	$	(123,173)	$	(127,293)	$	(220,648)

	September 30, 2022		December 31, 2021
Segment assets:
North America	$	900,990	$	885,517
Europe	364,208		372,097
Asia Pacific	437,627		510,524
South America	78,142		61,479
Total Automotive	1,780,967		1,829,617
Corporate, eliminations and other	321,234		396,876
Consolidated	$	2,102,201	$	2,226,493

XML

Overview (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Basis of presentation

Basis of Presentation

Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company” or “Cooper Standard”), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”), is a leading manufacturer of sealing, fuel and brake delivery, 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 accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”), as filed with the SEC. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These financial statements include all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation of the financial position and results of operations of the Company. The operating results for the interim period ended September 30, 2022 are not necessarily indicative of results for the full year. In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

XML

Revenue (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

Revenue by customer group for the three months ended September 30, 2022 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	343,012	$	108,628	$	129,167	$	27,069	$	—	$	607,876
Commercial	4,132		4,957		326		4		1,725		11,144
Other	3,867		85		—		—		34,181		38,133
Revenue	$	351,011	$	113,670	$	129,493	$	27,073	$	35,906	$	657,153

Revenue by customer group for the nine months ended September 30, 2022 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	981,131	$	354,689	$	317,909	$	74,838	$	—	$	1,728,567
Commercial	11,855		16,426		1,114		15		5,047		34,457
Other	11,606		256		2		—		101,166		113,030
Revenue	$	1,004,592	$	371,371	$	319,025	$	74,853	$	106,213	$	1,876,054

Revenue by customer group for the three months ended September 30, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	262,821	$	93,766	$	109,187	$	15,973	$	—	$	481,747
Commercial	3,341		4,773		337		8		1,333		9,792
Other	4,430		143		2		—		30,576		35,151
Revenue	$	270,592	$	98,682	$	109,526	$	15,981	$	31,909	$	526,690

Revenue by customer group for the nine months ended September 30, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Passenger and Light Duty	$	834,545	$	380,519	$	325,178	$	45,597	$	—	$	1,585,839
Commercial	11,027		16,125		2,484		23		4,029		33,688
Other	11,581		435		4		—		97,295		109,315
Revenue	$	857,153	$	397,079	$	327,666	$	45,620	$	101,324	$	1,728,842

Revenue by product line for the three months ended September 30, 2022 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	133,347	$	91,078	$	85,309	$	21,654	$	—	$	331,388
Fuel and brake delivery systems	113,755		19,572		27,540		3,715		—		164,582
Fluid transfer systems	103,909		3,020		16,644		1,704		—		125,277
Other	—		—		—		—		35,906		35,906
Revenue	$	351,011	$	113,670	$	129,493	$	27,073	$	35,906	$	657,153

Revenue by product line for the nine months ended September 30, 2022 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	388,244	$	298,163	$	198,219	$	56,999	$	—	$	941,625
Fuel and brake delivery systems	324,090		64,248		71,768		12,090		—		472,196
Fluid transfer systems	292,258		8,960		49,038		5,764		—		356,020
Other	—		—		—		—		106,213		106,213
Revenue	$	1,004,592	$	371,371	$	319,025	$	74,853	$	106,213	$	1,876,054

Revenue by product line for the three months ended September 30, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	102,636	$	75,824	$	69,872	$	12,114	$	—	$	260,446
Fuel and brake delivery systems	80,549		18,989		23,446		2,286		—		125,270
Fluid transfer systems	87,407		3,869		16,208		1,581		—		109,065
Other	—		—		—		—		31,909		31,909
Revenue	$	270,592	$	98,682	$	109,526	$	15,981	$	31,909	$	526,690

Revenue by product line for the nine months ended September 30, 2021 was as follows:

	North America		Europe		Asia Pacific		South America		Corporate, Eliminations and Other		Consolidated
Sealing systems	$	313,985	$	310,063	$	201,873	$	34,921	$	—	$	860,842
Fuel and brake delivery systems	275,594		73,770		76,981		7,299		—		433,644
Fluid transfer systems	267,574		13,246		48,812		3,400		—		333,032
Other	—		—		—		—		101,324		101,324
Revenue	$	857,153	$	397,079	$	327,666	$	45,620	$	101,324	$	1,728,842

Contract with Customer, Asset and Liability [Table Text Block]

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

	September 30, 2022		December 31, 2021		Change
Contract assets	$	3,690	$	—	$	3,690
Contract liabilities	(13)		(143)		130
Net contract assets (liabilities)	$	3,677	$	(143)	$	3,820

XML

Restructuring (Tables)

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Summary of Activity of Restructuring

Restructuring expense by segment for the three and nine months ended September 30, 2022 and 2021 was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
North America	$	(66)	$	307	$	(152)	$	3,513
Europe	1,383		1,113		11,518		27,284
Asia Pacific	319		282		1,318		1,265
South America	147		(129)		252		1,858
Total Automotive	1,783		1,573		12,936		33,920
Corporate and other	(82)		—		78		331
Total	$	1,701	$	1,573	$	13,014	$	34,251

Schedule of Restructuring Reserve by Type of Cost

Restructuring activity for the nine months ended September 30, 2022 was as follows:

	Employee Separation Costs		Other Exit Costs		Total
Balance as of December 31, 2021	$	20,957	$	5,627	$	26,584
Expense	8,654		4,360		13,014
Cash payments	(15,361)		(2,455)		(17,816)
Foreign exchange translation and other	(2,074)		(517)		(2,591)
Balance as of September 30, 2022	$	12,176	$	7,015	$	19,191

XML

Inventories (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories consist of the following:

	September 30, 2022		December 31, 2021
Finished goods	$	52,462	$	43,186
Work in process	47,136		37,045
Raw materials and supplies	95,405		77,844
	$	195,003	$	158,075

XML

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Lease Expense Components [Abstract]

Lease, Cost [Table Text Block]

The components of lease expense were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease expense	$	6,954	$	7,827	$	21,578	$	23,258
Short-term lease expense	1,413		1,719		3,558		5,324
Variable lease expense	326		191		792		620
Finance lease expense:
Amortization of right-of-use assets	523		519		1,500		1,586
Interest on lease liabilities	318		356		980		1,094
Total lease expense	$	9,534	$	10,612	$	28,408	$	31,882

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

Other information related to leases was as follows:

	Nine Months Ended September 30,
	2022			2021
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	21,944		$	25,641
Operating cash flows for finance leases	988			1,093
Financing cash flows for finance leases	1,488			1,677
Non-cash right-of-use assets obtained in exchange for lease obligations:
Operating leases	11,012			14,968
Finance leases	128			606
Weighted Average Remaining Lease Term (in years)
Operating leases	7.4			7.6
Finance leases	9.1			9.9
Weighted Average Discount Rate
Operating leases	6.1		%	5.7		%
Finance leases	5.9		%	5.8		%

Lessee, Operating Lease, Liability, Maturity

Future minimum lease payments under non-cancellable leases as of September 30, 2022 were as follows:

Year	Operating Leases		Finance Leases
Remainder of 2022	$	6,567	$	756
2023	24,425		3,059
2024	18,619		3,250
2025	15,136		3,274
2026	11,060		3,033
Thereafter	48,714		16,396
Total future minimum lease payments	124,521		29,768
Less imputed interest	(25,127)		(7,015)
Total	$	99,394	$	22,753

Amounts recognized on the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 were as follows:

	September 30, 2022		December 31, 2021
Operating Leases
Operating lease right-of-use assets, net	$	95,803	$	111,052
Current operating lease liabilities	20,172		22,552
Long-term operating lease liabilities	79,222		92,760
Finance Leases
Property, plant and equipment, net	22,260		25,690
Debt payable within one year	2,067		2,153
Long-term debt	20,686		23,590

XML

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

Property, plant and equipment consists of the following:

	September 30, 2022		December 31, 2021
Land and improvements	$	40,889	$	44,495
Buildings and improvements	253,181		285,240
Machinery and equipment	1,198,754		1,269,330
Construction in progress	79,252		80,868
	1,572,076		1,679,933
Accumulated depreciation	(904,959)		(895,585)
Property, plant and equipment, net	$	667,117	$	784,348

XML

Goodwill and Intangibles (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying Amount of Goodwill by Reportable Operating Segment

Changes in the carrying amount of goodwill by reporting unit for the nine months ended September 30, 2022 were as follows:

	North America		Industrial Specialty Group		Total
Balance as of December 31, 2021	$	128,246	$	14,036	$	142,282
Foreign exchange translation	(324)		—		(324)
Balance as of September 30, 2022	$	127,922	$	14,036	$	141,958

Intangible Assets and Accumulated Amortization Balances

Intangible assets and accumulated amortization balances as of September 30, 2022 and December 31, 2021 were as follows:

	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	152,210	$	(128,099)	$	24,111
Other	37,662		(13,360)		24,302
Balance as of September 30, 2022	$	189,872	$	(141,459)	$	48,413
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

XML

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Outstanding Debt

A summary of outstanding debt as of September 30, 2022 and December 31, 2021 is as follows:

	September 30, 2022		December 31, 2021
Senior Notes	$	397,080	$	396,544
Senior Secured Notes	243,700		241,683
Term Loan	319,393		321,212
Finance leases	22,753		25,743
Other borrowings	44,399		51,533
Total debt	1,027,325		1,036,715
Less current portion	(48,890)		(56,111)
Total long-term debt	$	978,435	$	980,604

XML

Fair Value Measurements and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Hierarchy Level for Company's Liabilities Measured

Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured or disclosed at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 were as follows:

	September 30, 2022		December 31, 2021		Input
Forward foreign exchange contracts - other current assets	$	3,624	$	647	Level 2
Forward foreign exchange contracts - accrued liabilities	(487)		(1,535)		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:

	September 30, 2022		December 31, 2021
Aggregate fair value	$	719,807	$	899,909
Aggregate carrying value (1)	970,450		973,000

(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
	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Forward foreign exchange contracts	$	3,168	$	(1,606)	$	5,064	$	(964)

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 and recognized in cost of products sold were as follows:

	Gain (Loss) Reclassified from AOCI to Income
	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Forward foreign exchange contracts	$	486	$	508	$	1,048	$	1,045

XML

Accounts Receivable Factoring (Tables)

9 Months Ended

Sep. 30, 2022

Receivables [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:

	September 30, 2022		December 31, 2021
Off-balance sheet arrangements	$	49,155	$	52,743

Receivables Factored and Costs Incurred [Table Text Block]

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

	Off-Balance Sheet Arrangements
	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Accounts receivable factored	$	89,263	$	68,897	$	262,145	$	286,214
Costs	156		117		395		421

XML

Pension and Postretirement Benefits other than Pensions (Tables)

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Net Periodic Benefit Cost of Defined Benefit Plans and Other Postretirement Benefit Plans

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

	Pension Benefits
	Three Months Ended September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	193	$	658	$	223	$	878
Interest cost	1,766		690		1,629		659
Expected return on plan assets	(2,323)		(247)		(3,564)		(335)
Amortization of prior service cost and actuarial loss	222		376		418		509
Other	—		—		—		—
Net periodic benefit (income) cost	$	(142)	$	1,477	$	(1,294)	$	1,711
	Pension Benefits
	Nine Months Ended September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	579	$	2,071	$	669	$	2,705
Interest cost	5,298		2,139		4,887		1,967
Expected return on plan assets	(6,969)		(753)		(10,692)		(1,013)
Amortization of prior service cost and actuarial loss	666		1,187		1,254		2,374
Other	—		—		—		125
Net periodic benefit (income) cost	$	(426)	$	4,644	$	(3,882)	$	6,158

	Other Postretirement Benefits
	Three Months Ended September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	22	$	56	$	26	$	91
Interest cost	140		163		133		178
Amortization of prior service credit and actuarial (gain) loss	(394)		41		(349)		191
Net periodic benefit (income) cost	$	(232)	$	260	$	(190)	$	460
	Other Postretirement Benefits
	Nine Months Ended September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	66	$	171	$	78	$	274
Interest cost	420		498		399		538
Amortization of prior service credit and actuarial (gain) loss	(1,182)		125		(1,047)		577
Net periodic benefit (income) cost	$	(696)	$	794	$	(570)	$	1,389

XML

Other Income (Expense), Net (Tables)

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

Details of Components of Other Income Expense, Net

The components of other income (expense), net were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Deconsolidation of joint venture (1)	$	—	$	—	$	(2,257)	$	—
Foreign currency gains (losses)	649		(1,396)		993		(5,546)
Components of net periodic benefit (cost) income other than service cost	(434)		531		(1,429)		631
Factoring costs	(156)		(117)		(395)		(421)
Miscellaneous income	87		488		514		1,115
Other income (expense), net	$	146	$	(494)	$	(2,574)	$	(4,221)

(1)Loss attributable to deconsolidation of a joint venture in the Asia Pacific region, which required adjustment to fair value.

XML

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

Income tax (benefit) expense, loss before income taxes and the corresponding effective tax rate for the three and nine months ended September 30, 2022 and 2021 were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Income tax (benefit) expense	$	(833)		$	32,121		$	1,824		$	15,598
Loss before income taxes	(34,053)			(92,743)			(127,337)			(208,508)
Effective tax rate	2		%	(35)		%	(1)		%	(7)		%

XML

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

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Basic and diluted net income per share attributable

Information used to compute basic and diluted net loss per share attributable to Cooper-Standard Holdings Inc. was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net loss available to Cooper-Standard Holdings Inc. common stockholders	$	(32,686)	$	(123,173)	$	(127,293)	$	(220,648)
Basic weighted average shares of common stock outstanding	17,218,165		17,097,766		17,181,534		17,027,226
Dilutive effect of common stock equivalents	—		—		—		—
Diluted weighted average shares of common stock outstanding	17,218,165		17,097,766		17,181,534		17,027,226
Basic net loss per share attributable to Cooper-Standard Holdings Inc.	$	(1.90)	$	(7.20)	$	(7.41)	$	(12.96)
Diluted net loss per share attributable to Cooper-Standard Holdings Inc.	$	(1.90)	$	(7.20)	$	(7.41)	$	(12.96)

XML

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Changes in Accumulated Other Comprehensive Income (Loss)

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Foreign currency translation adjustment
Balance at beginning of period	$	(147,736)		$	(134,377)		$	(138,751)		$	(136,579)
Other comprehensive loss before reclassifications	(19,309)		(1)	(6,134)		(1)	(28,000)		(1)	(3,932)		(1)
Amounts reclassified from accumulated other comprehensive loss	—			144			(294)			144
Balance at end of period	$	(167,045)		$	(140,367)		$	(167,045)		$	(140,367)
Benefit plan liabilities
Balance at beginning of period	$	(62,256)		$	(102,729)		$	(65,303)		$	(106,079)
Other comprehensive income (loss) before reclassifications (net of tax expense (benefit) of $70, $27, $(174), and $(250), respectively)	2,227			4,119			4,765			5,160
Amounts reclassified from accumulated other comprehensive loss	171		(2)	859		(3)	680		(4)	3,168		(5)
Balance at end of period	$	(59,858)		$	(97,751)		$	(59,858)		$	(97,751)
Fair value change of derivatives
Balance at beginning of period	$	278		$	942		$	(1,130)		$	762
Other comprehensive income (loss) before reclassifications (net of tax expense of $419, $154, $500, and $220, respectively)	2,749			(1,760)			4,564			(1,184)
Amounts reclassified from accumulated other comprehensive loss (net of tax expense of $159, $136, $314, and $277, respectively)	(327)			(372)			(734)			(768)
Balance at end of period	$	2,700		$	(1,190)		$	2,700		$	(1,190)
Accumulated other comprehensive loss, ending balance	$	(224,203)		$	(239,308)		$	(224,203)		$	(239,308)

(1)Includes other comprehensive (loss) income related to intra-entity foreign currency balances that are of a long-term investment nature of $(24,098) and $(9,265) for the three months ended September 30, 2022 and 2021, respectively, and $(28,333) and $(5,986) for the nine months ended September 30, 2022 and 2021, respectively.  

(2)Includes the effect of the amortization of actuarial losses of $138, and amortization of prior service cost of $37, net of tax of $4.

(3)Includes the effect of the amortization of actuarial losses of $664, amortization of prior service cost of $41, and impact of curtailment of $193, net of tax of $39.

(4)Includes the effect of the amortization of actuarial losses of $562, and amortization of prior service cost of $130, net of tax of $12.

(5)Includes the effect of the amortization of actuarial losses of $2,916, amortization of prior service cost of $169, and impact of curtailment of $310, net of tax of $227.

XML

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-based Payment Arrangement [Abstract]

Share-Based Compensation Expense By Type [Table Text Block]

Share-based compensation expense was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
PUs	$	203	$	357	$	515	$	51
RSUs	476		873		1,097		3,004
Stock options	289		549		981		1,726
Total	$	968	$	1,779	$	2,593	$	4,781

XML

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Information on Company's Business Segments

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

	Three Months Ended September 30,
	2022						2021
	External Sales		Intersegment Sales		Adjusted EBITDA		External Sales		Intersegment Sales		Adjusted EBITDA
North America	$	351,011	$	3,223	$	19,401	$	270,592	$	2,711	$	8,817
Europe	113,670		2,142		(10,905)		98,682		1,903		(25,112)
Asia Pacific	129,493		1,065		7,523		109,526		306		(14,274)
South America	27,073		11		766		15,981		—		(3,422)
Total Automotive	621,247		6,441		16,785		494,781		4,920		(33,991)
Corporate, eliminations and other	35,906		(6,441)		3,720		31,909		(4,920)		132
Consolidated	$	657,153	$	—	$	20,505	$	526,690	$	—	$	(33,859)
	Nine Months Ended September 30,
	2022						2021
	External Sales		Intersegment Sales		Adjusted EBITDA		External Sales		Intersegment Sales		Adjusted EBITDA
North America	$	1,004,592	$	9,500	$	52,338	$	857,153	$	7,484	$	50,806
Europe	371,371		6,052		(40,878)		397,079		7,718		(40,992)
Asia Pacific	319,025		2,598		(1,018)		327,666		1,794		(13,024)
South America	74,853		16		(941)		45,620		15		(6,756)
Total Automotive	1,769,841		18,166		9,501		1,627,518		17,011		(9,966)
Corporate, eliminations and other	106,213		(18,166)		775		101,324		(17,011)		(79)
Consolidated	$	1,876,054	$	—	$	10,276	$	1,728,842	$	—	$	(10,045)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Adjusted EBITDA	$	20,505	$	(33,859)	$	10,276	$	(10,045)
Restructuring charges	(1,701)		(1,573)		(13,014)		(34,251)
Deconsolidation of joint venture	—		—		(2,257)		—
Impairment charges	(379)		(1,006)		(837)		(1,847)
(Loss) gain on sale of business, net	—		—		—		696
Gain on sale of fixed assets, net	—		—		33,391		—
Lease termination costs	—		(322)		—		(430)
Indirect tax and customs adjustments	(569)		—		(1,477)		—
EBITDA	$	17,856	$	(36,760)	$	26,082	$	(45,877)
Income tax expense	833		(32,121)		(1,824)		(15,598)
Interest expense, net of interest income	(20,747)		(18,243)		(57,378)		(54,152)
Depreciation and amortization	(30,628)		(36,049)		(94,173)		(105,021)
Net loss attributable to Cooper-Standard Holdings Inc.	$	(32,686)	$	(123,173)	$	(127,293)	$	(220,648)

	September 30, 2022		December 31, 2021
Segment assets:
North America	$	900,990	$	885,517
Europe	364,208		372,097
Asia Pacific	437,627		510,524
South America	78,142		61,479
Total Automotive	1,780,967		1,829,617
Corporate, eliminations and other	321,234		396,876
Consolidated	$	2,102,201	$	2,226,493

XML

Deconsolidation and Divestiture (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deconsolidation of Joint Venture	$ 0	$ 0	$ (2,257)	$ 0
Gain on sale of business	$ 0	$ 0	$ 0	696
Previously Consolidated Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	51.00%		51.00%
2022 Joint Venture Deconsolidation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deconsolidation of Joint Venture			$ 2,257
DivestitureMutares [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of business				$ 696

XML

Revenue by end customer (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 657,153	$ 526,690	$ 1,876,054	$ 1,728,842
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	351,011	270,592	1,004,592	857,153
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	113,670	98,682	371,371	397,079
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	129,493	109,526	319,025	327,666
South America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	27,073	15,981	74,853	45,620
Corporate and Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	35,906	31,909	106,213	101,324
Passenger and Light Duty
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	607,876	481,747	1,728,567	1,585,839
Passenger and Light Duty | North America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	343,012	262,821	981,131	834,545
Passenger and Light Duty | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	108,628	93,766	354,689	380,519
Passenger and Light Duty | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	129,167	109,187	317,909	325,178
Passenger and Light Duty | South America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	27,069	15,973	74,838	45,597
Passenger and Light Duty | Corporate and Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Commercial [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	11,144	9,792	34,457	33,688
Commercial [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	4,132	3,341	11,855	11,027
Commercial [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	4,957	4,773	16,426	16,125
Commercial [Member] | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	326	337	1,114	2,484
Commercial [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	4	8	15	23
Commercial [Member] | Corporate and Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,725	1,333	5,047	4,029
Other Customers [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	38,133	35,151	113,030	109,315
Other Customers [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	3,867	4,430	11,606	11,581
Other Customers [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	85	143	256	435
Other Customers [Member] | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	2	2	4
Other Customers [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Other Customers [Member] | Corporate and Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 34,181	$ 30,576	$ 101,166	$ 97,295

XML

Revenue by type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 657,153	$ 526,690	$ 1,876,054	$ 1,728,842
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	351,011	270,592	1,004,592	857,153
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	113,670	98,682	371,371	397,079
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	129,493	109,526	319,025	327,666
South America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	27,073	15,981	74,853	45,620
Corporate and Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	35,906	31,909	106,213	101,324
Sealing systems [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	331,388	260,446	941,625	860,842
Sealing systems [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	133,347	102,636	388,244	313,985
Sealing systems [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	91,078	75,824	298,163	310,063
Sealing systems [Member] | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	85,309	69,872	198,219	201,873
Sealing systems [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	21,654	12,114	56,999	34,921
Sealing systems [Member] | Corporate and Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Fuel and brake delivery systems [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	164,582	125,270	472,196	433,644
Fuel and brake delivery systems [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	113,755	80,549	324,090	275,594
Fuel and brake delivery systems [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	19,572	18,989	64,248	73,770
Fuel and brake delivery systems [Member] | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	27,540	23,446	71,768	76,981
Fuel and brake delivery systems [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	3,715	2,286	12,090	7,299
Fuel and brake delivery systems [Member] | Corporate and Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Fluid transfer systems [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	125,277	109,065	356,020	333,032
Fluid transfer systems [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	103,909	87,407	292,258	267,574
Fluid transfer systems [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	3,020	3,869	8,960	13,246
Fluid transfer systems [Member] | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	16,644	16,208	49,038	48,812
Fluid transfer systems [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,704	1,581	5,764	3,400
Fluid transfer systems [Member] | Corporate and Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Other products [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	35,906	31,909	106,213	101,324
Other products [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Other products [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Other products [Member] | Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Other products [Member] | South America [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Other products [Member] | Corporate and Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 35,906	$ 31,909	$ 106,213	$ 101,324

XML

Revenue Net contract assets (liabilities) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Net contract assets (liabilities) [Abstract]
Contract with Customer, Asset, Gross, Current	$ 3,690	$ 0
Contract with Customer, Asset, Explanation of Change	3,690
Contract with Customer, Liability, Current	(13)	(143)
Contract with Customer, Liability, Explanation of Change	130
Contract with Customer, Asset, Net, Current	(3,677)	$ (143)
Contract with Customer, Net, Explanation of Change	$ 3,820

XML

Revenue other (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Accrued Liabilities, Current	$ 130,257	$ 101,466
Short-term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Accrued Liabilities, Current	13,968	12,045
Long-term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Accrued Liabilities, Current	$ 5,733	$ 7,214

XML

Restructuring - Summary of Restructuring Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1,701	$ 1,573	$ 13,014	$ 34,251
Corporate and Other [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(82)	0	78	331
North America [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(66)	307	(152)	3,513
Europe [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,383	1,113	11,518	27,284
Asia Pacific [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	319	282	1,318	1,265
South America [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	147	(129)	252	1,858
Automotive [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1,783	$ 1,573	$ 12,936	$ 33,920

XML

Restructuring - Summary of Activity of Restructuring (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	$ 26,584
Expense	13,014
Cash payments	(17,816)
Foreign exchange translation and other	(2,591)
Restructuring Reserve, Ending Balance	19,191
Employee Separation Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	20,957
Expense	8,654
Cash payments	(15,361)
Foreign exchange translation and other	(2,074)
Restructuring Reserve, Ending Balance	12,176
Other Exit Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Beginning Balance	5,627
Expense	4,360
Cash payments	(2,455)
Foreign exchange translation and other	(517)
Restructuring Reserve, Ending Balance	$ 7,015

XML

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 52,462	$ 43,186
Work in process	47,136	37,045
Raw materials and supplies	95,405	77,844
Inventories	$ 195,003	$ 158,075

XML

Leases Components of lease expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lease Expense Components [Abstract]
Operating Lease, Cost	$ 6,954	$ 7,827	$ 21,578	$ 23,258
Short-term Lease, Cost	1,413	1,719	3,558	5,324
Variable Lease, Cost	326	191	792	620
Finance Lease, Right-of-Use Asset, Amortization	523	519	1,500	1,586
Finance Lease, Interest Expense	318	356	980	1,094
Lease, Cost	$ 9,534	$ 10,612	$ 28,408	$ 31,882

XML

Leases Additional Lease Disclosure (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating Lease, Payments	$ 21,944	$ 25,641
Finance Lease, Principal Payments	988	1,093
Finance leases, finance cash flows	1,488	1,677
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	11,012	14,968
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 128	$ 606
Operating Lease, Weighted Average Remaining Lease Term	7 years 4 months 24 days	7 years 7 months 6 days
Finance Lease, Weighted Average Remaining Lease Term	9 years 1 month 6 days	9 years 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	6.10%	5.70%
Finance Lease, Weighted Average Discount Rate, Percent	5.90%	5.80%

XML

Leases Future minimum lease payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Operating Leases [Member]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 6,567
Lessee, Operating Lease, Liability, to be Paid, Year One	24,425
Lessee, Operating Lease, Liability, Payments, Due Year Two	18,619
Lessee, Operating Lease, Liability, Payments, Due Year Three	15,136
Lessee, Operating Lease, Liability, Payments, Due Year Four	11,060
Lessee, Operating Lease, Liability, to be Paid, Year Five	48,714
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	124,521
Imputed Interest	(25,127)
Lessee, Operating Lease, Liability, Payments, Due	99,394
Finance Leases [Member]
Finance Lease, Liability, Payments, Remainder of Fiscal Year	756
Lessee, Operating Lease, Liability, to be Paid, Year One	3,059
Lessee, Operating Lease, Liability, Payments, Due Year Two	3,250
Finance Lease, Liability, Payments, Due Year Three	3,274
Finance Lease, Liability, Payments, Due Year Four	3,033
Finance Lease, Liability, to be Paid, Year Five	16,396
Finance Lease, Liability, Undiscounted Excess Amount	29,768
Imputed Interest	(7,015)
Finance Lease, Liability, Payment, Due	$ 22,753

XML

Leases Lease Amounts Recognized on Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets, net	$ 95,803	$ 111,052
Current operating lease liabilities	20,172	22,552
Long-term operating lease liabilities	79,222	92,760
Operating Leases [Member]
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets, net	95,803	111,052
Current operating lease liabilities	20,172	22,552
Long-term operating lease liabilities	79,222	92,760
Finance Leases [Member]
Lessee, Lease, Description [Line Items]
Finance Lease, Liability, Current	2,067	2,153
Finance Lease, Liability, Noncurrent	$ 20,686	$ 23,590

XML

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Land and improvements	$ 40,889	$ 44,495
Buildings and improvements, gross	253,181	285,240
Machinery and equipment, gross	1,198,754	1,269,330
Construction in progress, gross	79,252	80,868
Property, Plant and Equipment, Gross	1,572,076	1,679,933
Accumulated depreciation	(904,959)	(895,585)
Property, plant and equipment, net	$ 667,117	$ 784,348

XML

Property, Plant and Equipment Additional Information (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022 USD ($)	Mar. 31, 2022 facility	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Property, Plant and Equipment [Line Items]
Impairment charges	$ 379		$ 1,006	$ 837	$ 1,847
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	29,590			29,590
Disposal Group, Including Discontinued Operation, Depreciation and Amortization				11,625
Gain on sale of fixed assets, net	0		$ 0	33,391	$ 0
Sale and Leaseback Transaction, Number of Facilities | facility		1
European Facilities
Property, Plant and Equipment [Line Items]
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	$ 16,890			16,890
Disposal Group, Including Discontinued Operation, Depreciation and Amortization				$ 4,013

XML

Goodwill and Intangibles - Carrying Amount of Goodwill by Reportable Operating Segment (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 142,282
Goodwill, Foreign Currency Translation Gain (Loss)	(324)
Goodwill, Ending Balance	141,958
North America [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	128,246
Goodwill, Foreign Currency Translation Gain (Loss)	(324)
Goodwill, Ending Balance	127,922
Industrial Specialty Group [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	14,036
Goodwill, Foreign Currency Translation Gain (Loss)	0
Goodwill, Ending Balance	$ 14,036

XML

Goodwill and Intangibles - Intangible Assets and Accumulated Amortization Balances (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 189,872	$ 199,722
Accumulated Amortization	(141,459)	(139,347)
Net Carrying Amount	48,413	60,375
Disposal Group, Including Discontinued Operation, Intangible Assets	5,258
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	152,210	154,767
Accumulated Amortization	(128,099)	(126,626)
Net Carrying Amount	24,111	28,141
Other
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	37,662	44,955
Accumulated Amortization	(13,360)	(12,721)
Net Carrying Amount	$ 24,302	$ 32,234

XML

Debt - Outstanding Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Senior Notes	$ 397,080	$ 396,544
Term Loan	319,393	321,212
Finance Lease, Liability	22,753	25,743
Other borrowings	44,399	51,533
Total debt	1,027,325	1,036,715
Less current portion	(48,890)	(56,111)
Total long-term debt	978,435	980,604
Secured Debt [Member]
Debt Instrument [Line Items]
Senior Notes	$ 243,700	$ 241,683

XML

Debt - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	May 29, 2020	Mar. 24, 2020	Nov. 02, 2016
Credit Facilities [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 155,690
Revolving Credit Facility [Member]
Credit Facilities [Line Items]
Debt Instrument, Maturity Date	Mar. 24, 2025
Unamortized Debt Issuance Expense	$ 597	$ 782
Line of Credit Facility, Commitment Amount				$ 180,000	$ 210,000
Letter of credit sub-facility				100,000
Swing line sub-facility				25,000
Uncommitted incremental loan facility				100,000
Line of Credit Facility, Maximum Borrowing Capacity				$ 280,000
Line of Credit Facility, Current Borrowing Capacity	180,000
Letters of Credit Outstanding, Amount	6,310
Line of Credit Facility, Covenant Compliance, FCCR Maintenance Covenant Amount	$ 15
Senior Notes [Member]
Credit Facilities [Line Items]
Debt Instrument, Face Amount					$ 400,000
Debt Instrument, Interest Rate, Stated Percentage					5.625%
Debt Instrument, Maturity Date	Nov. 15, 2026
Unamortized Debt Issuance Expense	$ 2,920	3,456
Secured Debt [Member]
Credit Facilities [Line Items]
Debt Instrument, Face Amount			$ 250,000
Debt Instrument, Interest Rate, Stated Percentage			13.00%
Debt Instrument, Maturity Date	Jun. 01, 2024
Unamortized Debt Issuance Expense	$ 3,452	4,594	$ 6,431
Debt Instrument, Unamortized Discount	$ 2,848	3,723	$ 5,000
Medium-term Notes [Member]
Credit Facilities [Line Items]
Debt Instrument, Face Amount					$ 340,000
Debt Instrument, Maturity Date	Nov. 02, 2023
Unamortized Debt Issuance Expense	$ 642	1,087
Debt Instrument, Unamortized Discount	$ 414	$ 701
Debt Instrument, Interest Rate Terms	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
Other
Credit Facilities [Line Items]
Debt instrument term (in years)	1 year

XML

Fair Value Measurements and Financial Instruments - Fair Value Hierarchy Level for Company's Liabilities Measured (Detail) - Level 2 [Member] - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Current Assets [Member]
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items]
Forward foreign exchange contract asset	$ 3,624	$ 647
Accrued Liabilities [Member]
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items]
Forward foreign exchange contract liability	$ (487)	$ (1,535)

XML

Fair Value Measurements and Financial Instruments - Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value of Debt Instruments [Abstract]
Long-term Debt, Fair Value	$ 719,807	$ 899,909
Long-term Debt, Gross	$ 970,450	$ 973,000

XML

Fair Value Measurements and Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative, Notional Amount	$ 155,054	$ 136,103

XML

Fair Value Measurements and Financial Instruments - Gains (losses) on Cash Flow Hedges Reported in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax	$ 3,168	$ (1,606)	$ 5,064	$ (964)

XML

Fair Value Measurements and Financial Instruments - Reclassifications out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	$ 486	$ 508	$ 1,048	$ 1,045

XML

Accounts Receivable Factoring Additional Detail (Details) $ in Thousands, € in Millions	Sep. 30, 2022 EUR (€)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Receivables [Abstract]
Account Receivable Factoring, Authorized Amount [Line Items] | €	€ 120
Cash collected on behalf of factor | $		$ 5,216	$ 673

XML

Accounts Receivable Factoring Amounts outstanding under receivable transfer agreements (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding	$ 49,155	$ 52,743

XML

Accounts Receivable Factoring Receivables Factored and Costs Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Receivables [Abstract]
Total amount of accounts receivable factored without recourse	$ 89,263	$ 68,897	$ 262,145	$ 286,214
Costs incurred on sale of receivables without recourse	$ 156	$ 117	$ 395	$ 421

XML

Pension and Postretirement Benefits other than Pensions - Net Periodic Benefit Cost of Defined Benefit Plans and Other Postretirement Benefit Plans (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
U.S. | Pension Plan
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Service cost	$ 193	$ 223	$ 579	$ 669
Interest cost	1,766	1,629	5,298	4,887
Expected return on plan assets	(2,323)	(3,564)	(6,969)	(10,692)
Amortization of prior service cost credit and recognized actuarial gain (loss)	222	418	666	1,254
Other	0	0	0	0
Net periodic benefit (income) cost	(142)	(1,294)	(426)	(3,882)
U.S. | Other Postretirement Benefits Plan
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Service cost	22	26	66	78
Interest cost	140	133	420	399
Amortization of prior service cost credit and recognized actuarial gain (loss)	(394)	(349)	(1,182)	(1,047)
Net periodic benefit (income) cost	(232)	(190)	(696)	(570)
Non-U.S. | Pension Plan
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Service cost	658	878	2,071	2,705
Interest cost	690	659	2,139	1,967
Expected return on plan assets	(247)	(335)	(753)	(1,013)
Amortization of prior service cost credit and recognized actuarial gain (loss)	376	509	1,187	2,374
Other	0	0	0	125
Net periodic benefit (income) cost	1,477	1,711	4,644	6,158
Non-U.S. | Other Postretirement Benefits Plan
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Service cost	56	91	171	274
Interest cost	163	178	498	538
Amortization of prior service cost credit and recognized actuarial gain (loss)	41	191	125	577
Net periodic benefit (income) cost	$ 260	$ 460	$ 794	$ 1,389

XML

Pension and Postretirement Benefits other than Pensions Pensions - Additional Information (Details) - U.S. - Pension Plan - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
U.S. Pension Plan was overfunded	$ 31,307	$ 29,804
Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
U.S. Pension Plan termination period (in months)	12 months
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
U.S. Pension Plan termination period (in months)	18 months

XML

Other Income (Expense), Net - Details of Components of Other Income Expense, Net (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Income and Expenses [Abstract]
Deconsolidation of Joint Venture	$ 0	$ 0	$ (2,257)	$ 0
Foreign currency gains (losses)	649	(1,396)	993	(5,546)
Components of Net Periodic Benefit Cost Other than Service Cost	(434)	531	(1,429)	631
Factoring costs	(156)	(117)	(395)	(421)
Miscellaneous income	87	488	514	1,115
Other income (expense), net	$ 146	$ (494)	$ (2,574)	$ (4,221)

XML

Income Taxes Effective Income Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (833)	$ 32,121	$ 1,824	$ 15,598
Loss before income taxes	$ (34,053)	$ (92,743)	$ (127,337)	$ (208,508)
Effective tax rate	2.00%	(35.00%)	(1.00%)	(7.00%)

XML

Income Taxes Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Contingency [Line Items]
Income tax expense	$ (833)	$ 32,121	$ 1,824	$ 15,598
Proceeds from income tax refund	$ 54,273
Domestic Tax Authority
Income Tax Contingency [Line Items]
Income tax expense		$ 31,740		$ 13,278

XML

Net Income (Loss) Per Share Attributable to Cooper-Standard Holdings Inc. - Basic and Diluted Net Income Per Share Attributable (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Available to Common Stockholders, Diluted	$ (32,686)	$ (123,173)	$ (127,293)	$ (220,648)
Basic weighted average shares of common stock outstanding	17,218,165	17,097,766	17,181,534	17,027,226
Dilutive effect of common stock equivalents	0	0	0	0
Diluted weighted average shares of common stock outstanding	17,218,165	17,097,766	17,181,534	17,027,226
Basic net income per share attributable to Cooper-Standard Holdings Inc.	$ (1.90)	$ (7.20)	$ (7.41)	$ (12.96)
Diluted net income per share attributable to Cooper-Standard Holdings Inc.	$ (1.90)	$ (7.20)	$ (7.41)	$ (12.96)

XML

Net Income (Loss) Per Share Attributable to Cooper-Standard Holdings Inc. - Common Stock Equivalents (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	52	169	52	159

XML

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items]
Beginning Balance			$ (205,184)
Ending Balance	$ (224,203)		(224,203)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax	(24,098)	$ (9,265)	(28,333)	$ (5,986)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax (Benefit) Expense	70	27	(174)	(250)
Other Comprehensive Income (Loss), Defined Benefit Plan, Amortization of Actuarial Losses, Reclassification Adjustment from AOCI, before Tax	138	664	562	2,916
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Credit, Reclassification Adjustment from AOCI, before Tax	37	41	130	169
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax Expense (Benefit)	(4)	(39)	(12)	(227)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	419	154	500	220
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	159	136	314	277
Curtailment [Member]
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items]
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax		193		310
Cumulative currency translation adjustment [Member]
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items]
Beginning Balance	(147,736)	(134,377)	(138,751)	(136,579)
Other comprehensive income (loss) before reclassifications	(19,309)	(6,134)	(28,000)	(3,932)
Amounts reclassified from accumulated other comprehensive income (loss)	0	(144)	(294)	(144)
Ending Balance	(167,045)	(140,367)	(167,045)	(140,367)
Benefit plan liabilities [Member]
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items]
Beginning Balance	(62,256)	(102,729)	(65,303)	(106,079)
Other comprehensive income (loss) before reclassifications	2,227	4,119	4,765	5,160
Amounts reclassified from accumulated other comprehensive income (loss)	171	859	680	3,168
Ending Balance	(59,858)	(97,751)	(59,858)	(97,751)
Fair value change of derivatives [Member]
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items]
Beginning Balance	278	942	(1,130)	762
Other comprehensive income (loss) before reclassifications	2,749	(1,760)	4,564	(1,184)
Amounts reclassified from accumulated other comprehensive income (loss)	(327)	(372)	(734)	(768)
Ending Balance	2,700	(1,190)	2,700	(1,190)
Accumulated other comprehensive loss [Member]
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items]
Ending Balance	$ (224,203)	$ (239,308)	$ (224,203)	$ (239,308)

XML

Common Stock (Details) - 2018 Program [Member] $ in Thousands	Sep. 30, 2022 USD ($)
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount	$ 150,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 98,720

XML

Share-Based Compensation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation, Performance Units, vesting percentage based on Return on Invested Capital, low end of range	0.00%
Share-Based Compensation, Performance Units, vesting percentage based on Return on Invested Capital, high end of range	200.00%
PUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Performance Units to ROIC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	1 year

XML

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 968	$ 1,779	$ 2,593	$ 4,781
PUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	203	357	515	51
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	476	873	1,097	3,004
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 289	$ 549	$ 981	$ 1,726

XML

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Accrual for Environmental Loss Contingencies	$ 10,780	$ 9,965

XML

Segment Reporting Information on Company's Business Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Sales	$ 657,153	$ 526,690	$ 1,876,054	$ 1,728,842
Intersegment sales	0	0	0	0
Adjusted EBITDA	20,505	(33,859)	10,276	(10,045)
Restructuring Charges	(1,701)	(1,573)	(13,014)	(34,251)
Gain on sale of business	0	0	0	696
Other impairment charges	(379)	(1,006)	(837)	(1,847)
Gain on sale of fixed assets, net	0	0	33,391	0
Lease termination costs	0	(322)	0	(430)
Indirect Tax Adjustments	(569)	0	(1,477)	0
EBITDA	17,856	(36,760)	26,082	(45,877)
Income Tax Expense (Benefit)	833	(32,121)	(1,824)	(15,598)
Interest expense, net of interest income	(20,747)	(18,243)	(57,378)	(54,152)
Cost, Depreciation and Amortization	(30,628)	(36,049)	(94,173)	(105,021)
Net (Loss) Income Attributable to Parent	(32,686)	(123,173)	(127,293)	(220,648)
Segment assets	2,102,201		2,102,201		$ 2,226,493
Noncontrolling Interest [Member]
Segment Reporting Information [Line Items]
Gain on sale of business	0	0	(2,257)	0
Parent [Member]
Segment Reporting Information [Line Items]
Other impairment charges			(837)	(1,847)
Automotive [Member]
Segment Reporting Information [Line Items]
Sales	621,247	494,781	1,769,841	1,627,518
Intersegment sales	6,441	4,920	18,166	17,011
Adjusted EBITDA	16,785	(33,991)	9,501	(9,966)
Segment assets	1,780,967		1,780,967		1,829,617
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Sales	35,906	31,909	106,213	101,324
Intersegment sales	(6,441)	(4,920)	(18,166)	(17,011)
Adjusted EBITDA	3,720	132	775	(79)
Restructuring Charges	82	0	(78)	(331)
Segment assets	321,234		321,234		396,876
North America [Member]
Segment Reporting Information [Line Items]
Sales	351,011	270,592	1,004,592	857,153
Restructuring Charges	66	(307)	152	(3,513)
Europe [Member]
Segment Reporting Information [Line Items]
Sales	113,670	98,682	371,371	397,079
Restructuring Charges	(1,383)	(1,113)	(11,518)	(27,284)
Asia Pacific [Member]
Segment Reporting Information [Line Items]
Sales	129,493	109,526	319,025	327,666
Restructuring Charges	(319)	(282)	(1,318)	(1,265)
South America [Member]
Segment Reporting Information [Line Items]
Sales	27,073	15,981	74,853	45,620
Restructuring Charges	(147)	129	(252)	(1,858)
Reportable Geographical Components [Member] | North America [Member]
Segment Reporting Information [Line Items]
Sales	351,011	270,592	1,004,592	857,153
Intersegment sales	3,223	2,711	9,500	7,484
Adjusted EBITDA	19,401	8,817	52,338	50,806
Segment assets	900,990		900,990		885,517
Reportable Geographical Components [Member] | Europe [Member]
Segment Reporting Information [Line Items]
Sales	113,670	98,682	371,371	397,079
Intersegment sales	2,142	1,903	6,052	7,718
Adjusted EBITDA	(10,905)	(25,112)	(40,878)	(40,992)
Segment assets	364,208		364,208		372,097
Reportable Geographical Components [Member] | Asia Pacific [Member]
Segment Reporting Information [Line Items]
Sales	129,493	109,526	319,025	327,666
Intersegment sales	1,065	306	2,598	1,794
Adjusted EBITDA	7,523	(14,274)	(1,018)	(13,024)
Segment assets	437,627		437,627		510,524
Reportable Geographical Components [Member] | South America [Member]
Segment Reporting Information [Line Items]
Sales	27,073	15,981	74,853	45,620
Intersegment sales	11	0	16	15
Adjusted EBITDA	766	$ (3,422)	(941)	$ (6,756)
Segment assets	$ 78,142		$ 78,142		$ 61,479