Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 28, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'CPS | ' |
Entity Registrant Name | 'Cooper-Standard Holdings Inc. | ' |
Entity Central Index Key | '0001320461 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 16,953,708 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Sales | $837,606 | $747,577 |
Cost of products sold | 703,347 | 627,264 |
Gross profit | 134,259 | 120,313 |
Selling, administration & engineering expenses | 79,571 | 75,094 |
Amortization of intangibles | 4,436 | 3,891 |
Restructuring | 3,089 | 4,760 |
Operating profit | 47,163 | 36,568 |
Interest expense, net of interest income | -15,008 | -11,207 |
Equity earnings | 1,236 | 2,735 |
Other income (expense), net | 30 | -332 |
Income before income taxes | 33,421 | 27,764 |
Income tax expense (benefit) | 12,064 | 7,891 |
Net income | 21,357 | 19,873 |
Net (income) loss attributable to noncontrolling interests | -1,622 | 828 |
Net income attributable to Cooper-Standard Holdings Inc. | 19,735 | 20,701 |
Net income available to Cooper-Standard Holdings Inc. common stockholders | 19,735 | 15,300 |
Earnings per share | ' | ' |
Basic | $1.18 | $0.92 |
Diluted | $1.10 | $0.86 |
Comprehensive income attributable to Cooper-Standard Holdings Inc. | ' | ' |
Comprehensive income | 20,730 | 11,943 |
Comprehensive (income) loss attributable to noncontrolling interests | -1,798 | 958 |
Comprehensive income attributable to Cooper-Standard Holdings Inc. | $18,932 | $12,901 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $138,045 | $184,370 |
Accounts receivable, net | 439,142 | 365,750 |
Tooling receivable | 147,533 | 156,205 |
Inventories | 188,589 | 179,766 |
Prepaid expenses | 26,138 | 26,940 |
Other | 85,095 | 82,301 |
Total current assets | 1,024,542 | 995,332 |
Property, plant and equipment, net | 757,258 | 732,902 |
Goodwill | 139,318 | 139,701 |
Intangibles, net | 97,814 | 101,436 |
Deferred tax assets | 27,705 | 34,235 |
Other assets | 101,276 | 99,148 |
Total assets | 2,147,913 | 2,102,754 |
Current liabilities: | ' | ' |
Debt payable within one year | 31,853 | 28,329 |
Accounts payable | 326,862 | 355,394 |
Payroll liabilities | 116,308 | 97,146 |
Accrued liabilities | 105,516 | 89,302 |
Total current liabilities | 580,539 | 570,171 |
Long-term debt | 661,291 | 656,095 |
Pension benefits | 148,666 | 151,113 |
Postretirement benefits other than pensions | 56,225 | 57,224 |
Deferred tax liabilities | 11,447 | 11,146 |
Other liabilities | 40,542 | 36,280 |
Total liabilities | 1,498,710 | 1,482,029 |
Redeemable noncontrolling interests | 5,320 | 5,153 |
7% Cumulative participating convertible preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Equity: | ' | ' |
Common stock, $0.001 par value, 190,000,000 shares authorized at December 31, 2013 and March 31, 2014; 18,226,223 shares issued and 16,676,539 outstanding at December 31, 2013 and 18,498,843 shares issued and 16,949,159 outstanding at March 31, 2014 | 17 | 17 |
Additional paid-in capital | 496,971 | 489,052 |
Retained earnings | 176,339 | 156,775 |
Accumulated other comprehensive loss | -28,497 | -27,694 |
Total Cooper-Standard Holdings Inc. equity | 644,830 | 618,150 |
Noncontrolling interests | -947 | -2,578 |
Total equity | 643,883 | 615,572 |
Total liabilities and equity | $2,147,913 | $2,102,754 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Cumulative participating convertible preferred stock, dividend rate percentage | 7.00% | 7.00% |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares issued | 18,498,843 | 18,226,223 |
Common stock, shares outstanding | 16,949,159 | 16,676,539 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Repurchase Of Preferred And Common Stock | ' | $11,098 |
Operating Activities: | ' | ' |
Net income | 21,357 | 19,873 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation | 23,816 | 25,956 |
Amortization of intangibles | 4,436 | 3,891 |
Stock-based compensation expense | 3,906 | 3,800 |
Equity earnings, net of dividends related to earnings | 1,033 | 519 |
Deferred income taxes | 6,830 | 862 |
Other | -881 | 403 |
Changes in operating assets and liabilities | -56,626 | -68,605 |
Net cash provided by (used in) operating activities | 3,871 | -13,301 |
Investing activities: | ' | ' |
Capital expenditures | -63,817 | -34,269 |
Return on equity investments | 951 | 2,120 |
Proceeds from sale of fixed assets and other | 2,125 | 218 |
Net cash used in investing activities | -60,741 | -31,931 |
Financing activities: | ' | ' |
Increase in short term debt, net | 2,289 | 4,897 |
Borrowings on long-term debt | 4,435 | 0 |
Principal payments on long-term debt | -121 | -1,763 |
Debt issuance costs | -671 | 0 |
Preferred stock cash dividends paid | 0 | -1,651 |
Purchase of noncontrolling interest | 0 | -1,911 |
Repurchase of common stock | 0 | ' |
Proceeds from exercise of warrants | 4,571 | 0 |
Other | -927 | -8 |
Net cash provided by (used in) financing activities | 9,576 | -11,534 |
Effects of exchange rate changes on cash and cash equivalents | 969 | 2,924 |
Changes in cash and cash equivalents | -46,325 | -53,842 |
Cash and cash equivalents at beginning of period | 184,370 | 270,555 |
Cash and cash equivalents at end of period | $138,045 | $216,713 |
Overview
Overview | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Overview | ' |
1. Overview | |
Basis of presentation | |
Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company,” “Cooper-Standard,” “we,” “our,” or “us”) is a leading manufacturer of sealing and trim, fuel and brake delivery, fluid transfer, thermal and emissions and anti-vibration systems (“AVS”) components, systems, subsystems, and modules. 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 Securities and Exchange Commission (“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, 2013 (the "2013 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 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. Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. The operating results for the interim period ended March 31, 2014 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. | |
Recent accounting pronouncements | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This ASU changes the criteria for reporting discontinued operations and requires expanded disclosures about discontinued operations. The guidance is effective for fiscal years beginning on or after December 15, 2014 and should be applied prospectively. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the condensed consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU requires that a liability related to an unrecognized tax benefit be offset against a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward if certain criteria are met. The Company adopted this guidance effective January 1, 2014. The adoption of this ASU did not have a material impact on the condensed consolidated financial statements. |
Goodwill_and_Intangibles
Goodwill and Intangibles | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Goodwill and Intangibles | ' | |||||||||||||||||||
2. Goodwill and Intangibles | ||||||||||||||||||||
The changes in the carrying amount of goodwill by reportable operating segment for the three months ended March 31, 2014 are summarized as follows: | ||||||||||||||||||||
North America | Europe | South America | Asia Pacific | Total | ||||||||||||||||
Balance at January 1, 2014 | $ | 119,870 | $ | 14,460 | $ | — | $ | 5,371 | $ | 139,701 | ||||||||||
Foreign exchange translation | (236 | ) | (7 | ) | — | (140 | ) | (383 | ) | |||||||||||
Balance at March 31, 2014 | $ | 119,634 | $ | 14,453 | $ | — | $ | 5,231 | $ | 139,318 | ||||||||||
Goodwill is not amortized, but is tested for impairment by reporting unit either annually or when events or circumstances indicate that impairment may exist. There were no indicators of potential impairment as of March 31, 2014. | ||||||||||||||||||||
The following table presents intangible assets and accumulated amortization balances of the Company as of December 31, 2013 and March 31, 2014, respectively: | ||||||||||||||||||||
Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Carrying | ||||||||||||||||||
Amount | Amount | |||||||||||||||||||
Customer relationships | $ | 135,483 | $ | (46,466 | ) | $ | 89,017 | |||||||||||||
Developed technology | 9,757 | (5,817 | ) | 3,940 | ||||||||||||||||
Other | 9,530 | (1,051 | ) | 8,479 | ||||||||||||||||
Balance at December 31, 2013 | $ | 154,770 | $ | (53,334 | ) | $ | 101,436 | |||||||||||||
Customer relationships | $ | 136,430 | $ | (50,718 | ) | $ | 85,712 | |||||||||||||
Developed technology | 9,755 | (6,207 | ) | 3,548 | ||||||||||||||||
Other | 9,740 | (1,186 | ) | 8,554 | ||||||||||||||||
Balance at March 31, 2014 | $ | 155,925 | $ | (58,111 | ) | $ | 97,814 | |||||||||||||
Amortization expense totaled $3,891 and $4,436 for the three months ended March 31, 2013 and 2014, respectively. Amortization expense is estimated to be approximately $15,800 for the year ending December 31, 2014. |
Restructuring
Restructuring | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Restructuring | ' | |||||||||||||||
3. Restructuring | ||||||||||||||||
Restructuring activities initiated prior to 2013 | ||||||||||||||||
The Company implemented several restructuring initiatives in prior years including the closure or consolidation of facilities throughout the world, the establishment of a centralized shared services function in Europe and the reorganization of the Company’s operating structure. The Company commenced these initiatives prior to January 1, 2013 and continued to execute these initiatives during 2014. The majority of the costs associated with these initiatives were incurred shortly after the original implementation. However, the Company continues to incur costs on some of the initiatives related principally to the disposal of the respective facilities. | ||||||||||||||||
The following table summarizes the restructuring expense for these initiatives for the three months ended March 31, 2013 and 2014: | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2013 | 2014 | |||||||||||||||
Employee separation costs | $ | 2,149 | $ | 242 | ||||||||||||
Other exit costs | 903 | 288 | ||||||||||||||
Asset Impairments | 87 | — | ||||||||||||||
$ | 3,139 | $ | 530 | |||||||||||||
The following table summarizes the activity in the restructuring liability for these initiatives for the three months ended March 31, 2014: | ||||||||||||||||
Employee Separation Costs | Other Exit Costs | Asset Impairments | Total | |||||||||||||
Balance at January 1, 2014 | $ | 819 | $ | 16 | $ | — | $ | 835 | ||||||||
Expense | 242 | 288 | — | 530 | ||||||||||||
Cash payments and foreign exchange translation | (283 | ) | (289 | ) | — | (572 | ) | |||||||||
Balance at March 31, 2014 | $ | 778 | $ | 15 | $ | — | $ | 793 | ||||||||
Restructuring activities initiated in 2013 | ||||||||||||||||
In the first quarter of 2013, the Company eliminated certain positions within the organization that resulted in restructuring expense of $1,621, all of which is paid. No additional expense is expected to be incurred related to this initiative. | ||||||||||||||||
In the third quarter of 2013, the Company initiated the closure of a facility in Korea and the transfer of equipment to another facility in Korea. The Company has recognized $750 of costs related to this initiative and, as of March 31, 2014, this initiative was substantially completed. For the three months ended March 31, 2014, the Company recorded $128 of other exit costs related to this initiative. As of March 31, 2014, the liability associated with this initiative is $16. | ||||||||||||||||
In the fourth quarter of 2013, the Company initiated the restructure of a facility in Europe. The estimated cost of this initiative is $21,100 and is expected to be completed in 2016. The Company has recognized $16,459 of costs related to this initiative. The following table summarizes the activity in the restructuring liability for this initiative for the three months ended March 31, 2014: | ||||||||||||||||
Employee Separation Costs | Other Exit Costs | Asset Impairments | Total | |||||||||||||
Balance at January 1, 2014 | $ | 13,501 | $ | — | $ | — | $ | 13,501 | ||||||||
Expense | — | 2,273 | — | 2,273 | ||||||||||||
Cash payments and foreign exchange translation | (7 | ) | (2,273 | ) | — | (2,280 | ) | |||||||||
Balance at March 31, 2014 | $ | 13,494 | $ | — | $ | — | $ | 13,494 | ||||||||
Restructuring activities initiated in 2014 | ||||||||||||||||
In the first quarter of 2014, the Company initiated the restructure of a facility in Europe. The estimated cost of this initiative is $1,400 and is expected to be completed in 2014. For the three months ended March 31, 2014, the Company recorded $158 of other exit costs related to this initiative. As of March 31, 2014, there was no liability associated with this initiative. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
4. Inventories | ||||||||
Inventories were comprised of the following at December 31, 2013 and March 31, 2014: | ||||||||
December 31, | March 31, | |||||||
2013 | 2014 | |||||||
Finished goods | $ | 48,787 | $ | 48,059 | ||||
Work in process | 38,929 | 43,914 | ||||||
Raw materials and supplies | 92,050 | 96,616 | ||||||
$ | 179,766 | $ | 188,589 | |||||
Debt
Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
5. Debt | |||||||||
Outstanding debt consisted of the following at December 31, 2013 and March 31, 2014: | |||||||||
December 31, | March 31, | ||||||||
2013 | 2014 | ||||||||
Senior notes | $ | 450,000 | $ | 450,000 | |||||
Senior PIK toggle notes | 196,484 | 196,686 | |||||||
Other borrowings | 37,940 | 46,458 | |||||||
Total debt | $ | 684,424 | $ | 693,144 | |||||
Less current portion | (28,329 | ) | (31,853 | ) | |||||
Total long-term debt | $ | 656,095 | $ | 661,291 | |||||
Senior ABL Facility | |||||||||
On April 8, 2013 the Company and certain of its subsidiaries entered into the Amended and Restated Senior Loan and Security Agreement (“the Senior ABL Facility”), with certain lenders, which amended and restated the then existing of its senior secured asset-based revolving credit facility. The Senior ABL Facility provided for an aggregate revolving loan availability of up to $150,000, subject to borrowing base availability and certain provisions of the Senior ABL Facility, including a $50,000 letter of credit sub-facility and a $25,000 swing line sub-facility. The Senior ABL Facility also provided for an uncommitted $75,000 incremental loan facility, for a potential total Senior ABL Facility of $225,000 (if requested by the Company and the lenders agree to fund such increase). No consent of any lender (other than those participating in the increase) was required to effect any such increase. As of March 31, 2014, subject to borrowing base availability under the facility, the Company had $150,000 in availability less outstanding letters of credit of $37,023. | |||||||||
On April 4, 2014, the Company and certain of its subsidiaries entered into the Second Amended and Restated Loan Agreement (the "Amended Senior ABL Facility"), which amended and restated the existing Senior ABL facility in order to permit the Term Loan Facility (described below) and other related transactions and to implement other necessary conforming and administrative changes in connection with such transactions. The Amended Senior ABL Facility provides for an aggregate revolving loan availability of up to $150,000, subject to borrowing base availability and certain provisions of the Amended Senior ABL Facility, including a $60,000 letter of credit sub-facility and a $25,000 swing line sub-facility. The Amended Senior ABL Facility also provides for an uncommitted $105,000 incremental loan facility, for a potential total Amended Senior ABL Facility of $255,000 (if requested by the Company and the lenders agree to fund such increase). No consent of any lender (other than those participating in the increase) is required to effect any such increase. | |||||||||
Senior PIK Toggle Notes | |||||||||
On April 3, 2013, the Company issued $175,000 aggregate principal amount of its Senior PIK Toggle Notes (the “Senior PIK Toggle Notes”). The Senior PIK Toggle Notes bear an interest rate of 7.375% and mature on April 1, 2018. The Senior PIK Toggle Notes were issued pursuant to an indenture dated April 3, 2013. The Senior PIK Toggle Notes were issued at a discount of $3,938. On May 20, 2013, the Company issued an additional $25,000 Senior PIK Toggle Notes pursuant to the indenture dated April 3, 2013. The Senior PIK Toggle Notes were issued at a discount of $188. | |||||||||
Prepayment of the Notes | |||||||||
On March 21, 2014, the Company and Cooper-Standard Automotive Inc. commenced cash tender offers for any and all of the outstanding Senior PIK Toggle Notes and Senior Notes, respectively. Pursuant to these cash tender offers, on the early tender deadline of April 3, 2014, (i) $198,000 principal amount of the Senior PIK Toggle Notes had been tendered and not validly withdrawn, representing approximately 99.00% of the aggregate outstanding principal amount of the Senior PIK Toggle Notes and (ii) $220,328 principal amount of the Senior Notes had been tendered and not validly withdrawn, representing approximately 48.96% of the aggregate outstanding principal amount of the Senior Notes. On April 4, 2014, the Company purchased the Senior Notes and Senior PIK Toggle Notes tendered up to the early tender deadline and deposited sufficient funds with the trustee to redeem the remaining outstanding Senior Notes and Senior PIK Toggle Notes and pay accrued and unpaid interest thereon to, but not including, the redemption dates of April 21, 2014 and May 5, 2014, respectively. On April 18, 2014, the cash tender offers expired. On April 21, 2014, the Company purchased the additional Senior Notes (and Senior PIK Toggle Notes) tendered up to the expiration time and redeemed the remaining outstanding Senior Notes. The Company used borrowings under the Term Loan Facility, together with cash on hand, to finance the repurchase and redemption of the Senior PIK Toggle Notes and the Senior Notes. The approximate redemption prices for the Senior PIK Toggle Notes and the Senior Notes were 102.4% and 104.6%, respectively. | |||||||||
Term Loan Facility | |||||||||
On April 4, 2014, certain subsidiaries of the Company entered into a term loan facility (the “Term Loan Facility”) in order to (i) refinance the Senior PIK Toggle Notes due 2018 of the Company and the 8 1/2% Senior Notes due 2018 of Cooper-Standard Automotive Inc. (the "Senior Notes"), including applicable call premiums and accrued and unpaid interest, (ii) pay related fees and expenses and (iii) provide for working capital and other general corporate purposes. The Term Loan Facility provides for loans in an aggregate principal amount of $750,000 and may be expanded (or a new term loan facility added) by an amount that will not cause the consolidated first lien debt ratio to exceed 2.25 to 1.00 plus $300,000. All obligations of the borrower are guaranteed jointly and severally on a senior secured basis by the direct parent company of the borrower and each existing and subsequently acquired or organized direct or indirect wholly-owned U.S. restricted subsidiary of the borrower. The Term Loan Facility matures on April 4, 2021, unless earlier terminated. On April 4, 2014, the aggregate principal amount was fully drawn to refinance the Senior PIK Toggle Notes and the Senior Notes and to pay related fees and expenses. |
Pension_and_Postretirement_Ben
Pension and Postretirement Benefits other than Pensions | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Pension and Postretirement Benefits other than Pensions | ' | |||||||||||||||
6. Pension and Postretirement Benefits other than Pensions | ||||||||||||||||
The following tables disclose the amount of net periodic benefit cost for the three months ended March 31, 2013 and 2014 for the Company’s defined benefit plans and other postretirement benefit plans: | ||||||||||||||||
Pension Benefits | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2013 | 2014 | |||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||
Service cost | $ | 305 | $ | 888 | $ | 213 | $ | 861 | ||||||||
Interest cost | 3,052 | 1,710 | 3,370 | 1,802 | ||||||||||||
Expected return on plan assets | (4,342 | ) | (949 | ) | (4,764 | ) | (958 | ) | ||||||||
Amortization of prior service cost and recognized actuarial loss | 344 | 330 | 16 | 231 | ||||||||||||
Net periodic benefit cost (gain) | $ | (641 | ) | $ | 1,979 | $ | (1,165 | ) | $ | 1,936 | ||||||
Other Postretirement Benefits | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2013 | 2014 | |||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||
Service cost | $ | 147 | $ | 168 | $ | 106 | $ | 136 | ||||||||
Interest cost | 407 | 188 | 397 | 188 | ||||||||||||
Amortization of prior service credit and recognized actuarial gain | (281 | ) | (36 | ) | (481 | ) | (71 | ) | ||||||||
Other | 6 | — | 6 | — | ||||||||||||
Net periodic benefit cost | $ | 279 | $ | 320 | $ | 28 | $ | 253 | ||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
7. Income Taxes | |
Under ASC Topic 270, “Interim Reporting,” the Company is required to determine its effective tax rate each quarter based upon its estimated annual effective tax rate. The Company is also required to record 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. | |
The effective tax rate for the three months ended March 31, 2014 was 36% as compared to 28% for the three months ended March 31, 2013. The higher effective tax rate for the three months ended March 31, 2014 as compared to the three months ended March 31, 2013 is primarily due to the tax benefits related to the retroactive reinstatement of the U.S. research and development tax credit under The American Taxpayer Relief Act of 2012 which was enacted in the three months ended March 31, 2013. The income tax rate for the three months ended March 31, 2014 varies from statutory rates due to income taxes on foreign earnings taxed at rates different from the U.S. statutory rate, the inability to record a tax benefit for pre-tax losses in certain foreign jurisdictions to the extent not offset by other categories of income, tax credits, income tax incentives, withholding taxes, and other permanent items. Further, the Company’s current and future provision for income taxes may be impacted by the recognition of valuation allowances in certain countries. The Company intends to maintain these allowances until it is more likely than not that the deferred tax assets will be realized. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss), Equity and Redeemable Noncontrolling Interests | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Equity and Redeemable Noncontrolling Interests | ' | |||||||||||||||||||
8. Accumulated Other Comprehensive Income (Loss), Equity and Redeemable Noncontrolling Interests | ||||||||||||||||||||
The changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2013 and 2014, net of related tax, are as follows: | ||||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Cumulative currency translation adjustment | Benefit plan | Unrealized gains on investment securities | Fair value change of derivatives | Accumulated other comprehensive loss | ||||||||||||||||
liability | ||||||||||||||||||||
Balance at January 1, 2013 | $ | 18,320 | $ | (64,018 | ) | $ | — | $ | 250 | $ | (45,448 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (9,292 | ) | 792 | — | 491 | (8,009 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 216 | — | (7 | ) | 209 | ||||||||||||||
Net current period other comprehensive income (loss)(1) | (9,292 | ) | 1,008 | — | 484 | (7,800 | ) | |||||||||||||
Balance at March 31, 2013 | $ | 9,028 | $ | (63,010 | ) | $ | — | $ | 734 | $ | (53,248 | ) | ||||||||
Amounts in parentheses indicate debits. | ||||||||||||||||||||
-1 | Other comprehensive income (loss) related to the benefit plan liability is net of a tax effect of $98. Other comprehensive income (loss) related to the fair value change of derivatives is net of a tax effect of $(87). | |||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Cumulative currency translation adjustment | Benefit plan | Unrealized gains on investment securities | Fair value change of derivatives | Accumulated other comprehensive loss | ||||||||||||||||
liability | ||||||||||||||||||||
Balance at January 1, 2014 | $ | 5,712 | $ | (33,406 | ) | $ | — | $ | — | $ | (27,694 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (2,020 | ) | 159 | 1,146 | 73 | (642 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (166 | ) | — | 5 | (161 | ) | |||||||||||||
Net current period other comprehensive income (loss)(1) | (2,020 | ) | (7 | ) | 1,146 | 78 | (803 | ) | ||||||||||||
Balance at March 31, 2014 | $ | 3,692 | $ | (33,413 | ) | $ | 1,146 | $ | 78 | $ | (28,497 | ) | ||||||||
Amounts in parentheses indicate debits. | ||||||||||||||||||||
-1 | Other comprehensive income (loss) related to the benefit plan liability is net of a tax effect of $(74). Other comprehensive income (loss) related to the unrealized gains on investment securities is net of a tax effect of $(703). Other comprehensive income (loss) related to the fair value change of derivatives is net of a tax effect of $(59). | |||||||||||||||||||
The reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2013 and 2014 are as follows: | ||||||||||||||||||||
Gain (loss) reclassified | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
Details about accumulated other comprehensive loss components | 2013 | 2014 | Location of gain (loss) reclassified into income | |||||||||||||||||
Fair value change of derivatives | ||||||||||||||||||||
Interest rate contracts | $ | (40 | ) | $ | — | Interest expense, net of interest income | ||||||||||||||
Foreign exchange contracts | 50 | (7 | ) | Cost of products sold | ||||||||||||||||
10 | (7 | ) | Income before income taxes | |||||||||||||||||
(3 | ) | 2 | Income tax expense | |||||||||||||||||
$ | 7 | $ | (5 | ) | Consolidated net income | |||||||||||||||
Amortization of defined benefit and other postretirement benefit plans | ||||||||||||||||||||
Prior service credits | $ | 159 | $ | 82 | -1 | |||||||||||||||
Actuarial losses | (472 | ) | 224 | -1 | ||||||||||||||||
(313 | ) | 306 | Income before income taxes | |||||||||||||||||
97 | (140 | ) | Income tax expense | |||||||||||||||||
$ | (216 | ) | $ | 166 | Consolidated net income | |||||||||||||||
Total reclassifications for the period | $ | (209 | ) | $ | 161 | |||||||||||||||
-1 | These accumulated other comprehensive income components are included in the computation of net periodic pension cost. (See Note 6. “Pension and Postretirement Benefits other than Pensions” for additional details.) | |||||||||||||||||||
The following table summarizes the Company’s equity and redeemable noncontrolling interest activity for the three months ended March 31, 2014: | ||||||||||||||||||||
Cooper-Standard Holdings Inc. | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interest | |||||||||||||||||
Equity at January 1, 2014 | $ | 618,150 | $ | (2,578 | ) | $ | 615,572 | $ | 5,153 | |||||||||||
Net income | 19,735 | 1,621 | 21,356 | 1 | ||||||||||||||||
Warrant exercise | 4,571 | — | 4,571 | — | ||||||||||||||||
Other comprehensive income (loss) | (803 | ) | 10 | (793 | ) | 166 | ||||||||||||||
Stock-based compensation | 3,631 | — | 3,631 | — | ||||||||||||||||
Shares issued under stock option plans | (454 | ) | — | (454 | ) | — | ||||||||||||||
Equity at March 31, 2014 | $ | 644,830 | $ | (947 | ) | $ | 643,883 | $ | 5,320 | |||||||||||
Net_Income_Per_Share_Attributa
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. | ' | |||||||
9. Net Income Per Share Attributable to Cooper-Standard Holdings Inc. | ||||||||
Basic net income per share attributable to Cooper-Standard Holdings Inc. was computed by dividing net income attributable to Cooper-Standard Holdings Inc. by the weighted average number of shares of common stock outstanding during the period excluding unvested restricted shares. Diluted net income per share attributable to Cooper-Standard Holdings Inc. was computed using the treasury stock method by dividing diluted net income available to Cooper-Standard Holdings Inc. by the weighted average number of shares of common stock outstanding, including the dilutive effect of common stock equivalents, using the average share price during the period. | ||||||||
A summary of information used to compute basic and diluted net income per share attributable to Cooper-Standard Holdings Inc. is shown below: | ||||||||
Three Months Ended March 31, | ||||||||
2013 | 2014 | |||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 20,701 | $ | 19,735 | ||||
Less: 7% Preferred stock dividends (paid or unpaid) | (1,677 | ) | — | |||||
Less: Undistributed earnings allocated to participating securities | (3,724 | ) | — | |||||
Net income available to Cooper-Standard Holdings Inc. common stockholders | $ | 15,300 | $ | 19,735 | ||||
Basic weighted average shares of common stock outstanding | 16,621,120 | 16,656,600 | ||||||
Dilutive effect of: | ||||||||
Restricted common stock | 252,817 | 151,772 | ||||||
Restricted 7% preferred stock | 32,315 | — | ||||||
Warrants | 693,043 | 1,038,338 | ||||||
Options | 112,083 | 73,561 | ||||||
Diluted weighted average shares of common stock outstanding | 17,711,378 | 17,920,271 | ||||||
Basic net income per share attributable to Cooper-Standard Holdings Inc. | $ | 0.92 | $ | 1.18 | ||||
Diluted net income per share attributable to Cooper-Standard Holdings Inc. | $ | 0.86 | $ | 1.1 | ||||
The effect of certain common stock equivalents was excluded from the computation of weighted average diluted shares outstanding as inclusion would have been antidilutive. A summary of common stock equivalents excluded from the computation of weighted average diluted shares outstanding is shown below: | ||||||||
Three Months Ended March 31, | ||||||||
2013 | 2014 | |||||||
Number of options | 471,898 | 479,211 | ||||||
Exercise price | $43.50-52.50 | $25.52-66.23 | ||||||
Restricted common stock | — | 70,420 | ||||||
7% Preferred stock, as if converted | 4,045,852 | — | ||||||
7% Preferred stock dividends, undistributed earnings and premium allocated to participating securities that would be added back in the diluted calculation | $ | 5,401 | $ | — | ||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Stock-Based Compensation | ' |
10. Stock-Based Compensation | |
Under the Company's Omnibus incentive plans, stock options, restricted common stock, restricted 7% preferred stock, unrestricted common stock and restricted stock units have been granted to key employees and directors. Total compensation expense recognized was $3,800 and $3,906 for the three months ended March 31, 2013 and 2014, respectively. |
Other_Income_Expense_Net
Other Income (Expense), Net | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Income and Expenses [Abstract] | ' | |||||||
Other Income (Expense), Net | ' | |||||||
11. Other Income (Expense), Net | ||||||||
The components of other income (expense), net are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2013 | 2014 | |||||||
Foreign currency gains | $ | 260 | $ | 532 | ||||
Unrealized losses related to forward contracts | (188 | ) | (38 | ) | ||||
Loss on sale of receivables | (373 | ) | (464 | ) | ||||
Miscellaneous expense | (31 | ) | — | |||||
Other income (expense), net | $ | (332 | ) | $ | 30 | |||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
12. Related Party Transactions | |
Sales to Nishikawa Standard Company ("NISCO"), a 40% owned joint venture, totaled $11,570 and $10,850 for the three months ended March 31, 2013 and 2014, respectively. In March 2013, the Company received from NISCO a dividend of $4,000, consisting of $1,880 related to earnings and a $2,120 return on capital. In March 2014, the Company received from NISCO a dividend of $1,760, consisting of $809 related to earnings and a $951 return of capital. | |
Purchases of materials from Guyoung Technology Co. Ltd ("Guyoung"), a Korean corporation of which the Company owned approximately 20% and 17% of the common stock at March 31, 2013 and 2014, respectively, totaled $690 and $441 for the three months ended March 31, 2013 and 2014, respectively. In March, 2014, the Company received from Guyoung a dividend of $224, all of which was related to earnings. The Company recorded an unrealized gain on investment of $1,849 for the three months ended March 31, 2014. At March 31, 2014, the amortized cost and fair value of the investment was $1,299 and $3,148, respectively. |
Business_Segments
Business Segments | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Business Segments | ' | |||||||
13. Business Segments | ||||||||
ASC 280, “Segment Reporting,” establishes the standards for reporting information about operating segments in financial statements. The Company organized, managed and reported its global business operations through two geographic segments in the first quarter of 2013. In April 2013, the Company implemented organizational and management changes of its global business operations resulting in four reportable segments associated with geographic regions. In applying the criteria set forth in ASC 280, the Company revised its segment disclosures beginning with the second quarter of 2013 from the two reportable segments, North America and International, to four reportable segments, North America, Europe, South America and Asia Pacific. The Company’s principal product lines within each of these segments are sealing and trim systems, fuel and brake delivery systems, fluid transfer systems, thermal and emissions systems, and anti-vibration systems. The Company evaluates segment performance based on segment profit before tax. The results of each segment include certain allocations for general, administrative, interest, and other shared costs. Prior periods have been revised to conform to the current period presentation. | ||||||||
The following tables detail information on the Company’s business segments: | ||||||||
Three Months Ended March 31, | ||||||||
2013 | 2014 | |||||||
Sales to external customers | ||||||||
North America | $ | 382,808 | $ | 432,605 | ||||
Europe | 264,487 | 308,161 | ||||||
South America | 45,402 | 39,766 | ||||||
Asia Pacific | 54,860 | 57,074 | ||||||
Consolidated | $ | 747,557 | $ | 837,606 | ||||
Intersegment sales | ||||||||
North America | $ | 3,734 | $ | 3,359 | ||||
Europe | 1,847 | 2,227 | ||||||
South America | — | — | ||||||
Asia Pacific | 2,105 | 1,847 | ||||||
Eliminations and other | (7,686 | ) | (7,433 | ) | ||||
Consolidated | $ | — | $ | — | ||||
Segment profit (loss) | ||||||||
North America | $ | 33,806 | $ | 38,460 | ||||
Europe | (6,053 | ) | (3,182 | ) | ||||
South America | (3,381 | ) | (2,507 | ) | ||||
Asia Pacific | 3,392 | 650 | ||||||
Income before income taxes | $ | 27,764 | $ | 33,421 | ||||
Restructuring cost included in segment profit (loss) | ||||||||
North America | $ | 1,784 | $ | 98 | ||||
Europe | 2,970 | 2,863 | ||||||
South America | — | — | ||||||
Asia Pacific | 6 | 128 | ||||||
Consolidated | $ | 4,760 | $ | 3,089 | ||||
December 31, | March 31, | |||||||
2013 | 2014 | |||||||
Segment assets | ||||||||
North America | $ | 866,847 | $ | 926,044 | ||||
Europe | 680,920 | 705,154 | ||||||
South America | 138,469 | 144,275 | ||||||
Asia Pacific | 243,736 | 245,378 | ||||||
Eliminations and other | 172,782 | 127,062 | ||||||
Consolidated | $ | 2,102,754 | $ | 2,147,913 | ||||
Guarantor_and_NonGuarantor_Sub
Guarantor and Non-Guarantor Subsidiaries | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Guarantor Condensed Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Guarantor and Non-Guarantor Subsidiaries | ' | |||||||||||||||||||||||
14. Guarantor and Non-Guarantor Subsidiaries | ||||||||||||||||||||||||
On May 27, 2010, Cooper-Standard Automotive Inc. (the “Issuer”), a wholly-owned subsidiary of Cooper-Standard Holdings Inc., issued 8.5% senior notes due 2018 (“the Senior Notes”) with a total principal amount of $450,000. Cooper-Standard Holdings Inc. and all wholly-owned domestic subsidiaries of Cooper-Standard Automotive Inc. (the “Guarantors”) unconditionally guarantee the Senior Notes. The following condensed consolidated financial data provides information regarding the financial position, results of operations, and cash flows of the Guarantors. The Guarantors account for their investments in the non-guarantor subsidiaries on the equity method. The principal elimination entries are to eliminate the investments in subsidiaries and intercompany balances and transactions. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated Totals | |||||||||||||||||||
(dollar amounts in millions) | ||||||||||||||||||||||||
Sales | $ | — | $ | 145.2 | $ | 165.7 | $ | 486.3 | $ | (49.6 | ) | $ | 747.6 | |||||||||||
Cost of products sold | — | 120.5 | 133.2 | 423.2 | (49.6 | ) | 627.3 | |||||||||||||||||
Selling, administration, & engineering expenses | — | 34.8 | 3.1 | 37.2 | — | 75.1 | ||||||||||||||||||
Amortization of intangibles | — | 2.9 | — | 1 | — | 3.9 | ||||||||||||||||||
Restructuring | — | 1.6 | 0.1 | 3 | — | 4.7 | ||||||||||||||||||
Operating profit (loss) | — | (14.6 | ) | 29.3 | 21.9 | — | 36.6 | |||||||||||||||||
Interest expense, net of interest income | — | (8.3 | ) | — | (2.9 | ) | — | (11.2 | ) | |||||||||||||||
Equity earnings | — | 1 | 0.9 | 0.8 | — | 2.7 | ||||||||||||||||||
Other income (expense), net | — | 7.5 | 0.1 | (7.9 | ) | — | (0.3 | ) | ||||||||||||||||
Income (loss) before income taxes | — | (14.4 | ) | 30.3 | 11.9 | — | 27.8 | |||||||||||||||||
Income tax expense (benefit) | — | (2.7 | ) | 5.5 | 5.1 | — | 7.9 | |||||||||||||||||
Income (loss) before equity in income of subsidiaries | — | (11.7 | ) | 24.8 | 6.8 | — | 19.9 | |||||||||||||||||
Equity in net income of subsidiaries | 20.7 | 32.4 | — | — | (53.1 | ) | — | |||||||||||||||||
Net income | 20.7 | 20.7 | 24.8 | 6.8 | (53.1 | ) | 19.9 | |||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 0.8 | — | 0.8 | ||||||||||||||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 20.7 | $ | 20.7 | $ | 24.8 | $ | 7.6 | $ | (53.1 | ) | $ | 20.7 | |||||||||||
Comprehensive income | $ | 12.9 | $ | 12.9 | $ | 24.8 | $ | 1.4 | $ | (40.1 | ) | $ | 11.9 | |||||||||||
Add: Comprehensive loss attributable to noncontrolling interests | — | — | — | 1 | — | 1 | ||||||||||||||||||
Comprehensive income attributable to Cooper-Standard Holdings Inc. | $ | 12.9 | $ | 12.9 | $ | 24.8 | $ | 2.4 | $ | (40.1 | ) | $ | 12.9 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated Totals | |||||||||||||||||||
(dollar amounts in millions) | ||||||||||||||||||||||||
Sales | $ | — | $ | 155.3 | $ | 175.1 | $ | 557.5 | $ | (50.3 | ) | $ | 837.6 | |||||||||||
Cost of products sold | — | 133.3 | 137.8 | 482.5 | (50.3 | ) | 703.3 | |||||||||||||||||
Selling, administration, & engineering expenses | — | 36.8 | (0.2 | ) | 43 | — | 79.6 | |||||||||||||||||
Amortization of intangibles | — | 2.9 | — | 1.5 | — | 4.4 | ||||||||||||||||||
Restructuring | — | — | 0.1 | 3 | — | 3.1 | ||||||||||||||||||
Operating profit (loss) | — | (17.7 | ) | 37.4 | 27.5 | — | 47.2 | |||||||||||||||||
Interest expense, net of interest income | (4.0 | ) | (7.2 | ) | — | (3.8 | ) | — | (15.0 | ) | ||||||||||||||
Equity earnings | — | 0.3 | — | 0.9 | — | 1.2 | ||||||||||||||||||
Other income (expense), net | — | 6.9 | 0.1 | (7.0 | ) | — | — | |||||||||||||||||
Income (loss) before income taxes | (4.0 | ) | (17.7 | ) | 37.5 | 17.6 | — | 33.4 | ||||||||||||||||
Income tax expense (benefit) | (1.7 | ) | (7.0 | ) | 15.8 | 5 | — | 12.1 | ||||||||||||||||
Income (loss) before equity in income of subsidiaries | (2.3 | ) | (10.7 | ) | 21.7 | 12.6 | — | 21.3 | ||||||||||||||||
Equity in net income of subsidiaries | 22 | 32.7 | — | — | (54.7 | ) | — | |||||||||||||||||
Net income | 19.7 | 22 | 21.7 | 12.6 | (54.7 | ) | 21.3 | |||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | (1.6 | ) | — | (1.6 | ) | ||||||||||||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 19.7 | $ | 22 | $ | 21.7 | $ | 11 | $ | (54.7 | ) | $ | 19.7 | |||||||||||
Comprehensive income | $ | 18.9 | $ | 21.2 | $ | 21.7 | $ | 11.4 | $ | (52.5 | ) | $ | 20.7 | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | — | (1.8 | ) | — | (1.8 | ) | ||||||||||||||||
Comprehensive income attributable to Cooper-Standard Holdings Inc. | $ | 18.9 | $ | 21.2 | $ | 21.7 | $ | 9.6 | $ | (52.5 | ) | $ | 18.9 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated Totals | |||||||||||||||||||
(dollar amounts in millions) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 13.1 | $ | 83 | $ | — | $ | 88.3 | $ | — | $ | 184.4 | ||||||||||||
Accounts receivable, net | — | 55.5 | 70.9 | 239.4 | — | 365.8 | ||||||||||||||||||
Tooling receivable | — | 27.1 | 15.7 | 113.4 | — | 156.2 | ||||||||||||||||||
Inventories | — | 24.6 | 32.3 | 122.9 | — | 179.8 | ||||||||||||||||||
Prepaid expenses | — | 6.2 | 0.6 | 20.1 | — | 26.9 | ||||||||||||||||||
Other | — | 26.4 | 0.7 | 55.2 | — | 82.3 | ||||||||||||||||||
Total current assets | 13.1 | 222.8 | 120.2 | 639.3 | — | 995.4 | ||||||||||||||||||
Investments in affiliates and intercompany accounts, net | 800.5 | 231.8 | 1,191.60 | (110.2 | ) | (2,047.2 | ) | 66.5 | ||||||||||||||||
Property, plant, and equipment, net | — | 103.6 | 58.6 | 570.7 | — | 732.9 | ||||||||||||||||||
Goodwill | — | 111.1 | — | 28.6 | — | 139.7 | ||||||||||||||||||
Other assets | 4.8 | 150.1 | (40.8 | ) | 54.2 | — | 168.3 | |||||||||||||||||
$ | 818.4 | $ | 819.4 | $ | 1,329.60 | $ | 1,182.60 | $ | (2,047.2 | ) | $ | 2,102.80 | ||||||||||||
LIABILITIES & EQUITY | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Debt payable within one year | $ | — | $ | — | $ | — | $ | 28.3 | $ | — | $ | 28.3 | ||||||||||||
Accounts payable | — | 53.8 | 54.6 | 247 | — | 355.4 | ||||||||||||||||||
Accrued liabilities | 3.7 | 40.8 | 3.7 | 138.3 | — | 186.5 | ||||||||||||||||||
Total current liabilities | 3.7 | 94.6 | 58.3 | 413.6 | — | 570.2 | ||||||||||||||||||
Long-term debt | 196.5 | 450 | — | 9.6 | — | 656.1 | ||||||||||||||||||
Other liabilities | — | 115.3 | (0.1 | ) | 140.5 | — | 255.7 | |||||||||||||||||
Total liabilities | 200.2 | 659.9 | 58.2 | 563.7 | — | 1,482.00 | ||||||||||||||||||
Redeemable noncontrolling interests | — | — | — | 5.2 | — | 5.2 | ||||||||||||||||||
Total Cooper-Standard Holdings Inc. equity | 618.2 | 159.5 | 1,271.40 | 616.3 | (2,047.2 | ) | 618.2 | |||||||||||||||||
Noncontrolling interests | — | — | — | (2.6 | ) | — | (2.6 | ) | ||||||||||||||||
Total equity | 618.2 | 159.5 | 1,271.40 | 613.7 | (2,047.2 | ) | 615.6 | |||||||||||||||||
Total liabilities and equity | $ | 818.4 | $ | 819.4 | $ | 1,329.60 | $ | 1,182.60 | $ | (2,047.2 | ) | $ | 2,102.80 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated Totals | |||||||||||||||||||
(dollar amounts in millions) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 13.1 | $ | 56.3 | $ | — | $ | 68.6 | $ | — | $ | 138 | ||||||||||||
Accounts receivable, net | — | 77.1 | 88.2 | 273.8 | — | 439.1 | ||||||||||||||||||
Tooling receivable | — | 22.9 | 18.9 | 105.7 | — | 147.5 | ||||||||||||||||||
Inventories | — | 24.2 | 32.5 | 131.9 | — | 188.6 | ||||||||||||||||||
Prepaid expenses | — | 5.6 | 0.6 | 19.9 | — | 26.1 | ||||||||||||||||||
Other | — | 27 | 0.6 | 57.6 | — | 85.2 | ||||||||||||||||||
Total current assets | 13.1 | 213.1 | 140.8 | 657.5 | — | 1,024.50 | ||||||||||||||||||
Investments in affiliates and intercompany accounts, net | 829.4 | 237.4 | 1,200.80 | (126.5 | ) | (2,076.0 | ) | 65.1 | ||||||||||||||||
Property, plant, and equipment, net | — | 105.5 | 59.3 | 592.5 | — | 757.3 | ||||||||||||||||||
Goodwill | — | 111.1 | — | 28.2 | — | 139.3 | ||||||||||||||||||
Other assets | 6.4 | 155.2 | (56.7 | ) | 56.8 | — | 161.7 | |||||||||||||||||
$ | 848.9 | $ | 822.3 | $ | 1,344.20 | $ | 1,208.50 | $ | (2,076.0 | ) | $ | 2,147.90 | ||||||||||||
LIABILITIES & EQUITY | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Debt payable within one year | $ | — | $ | 0.5 | $ | — | $ | 31.4 | $ | — | $ | 31.9 | ||||||||||||
Accounts payable | — | 46.7 | 47.7 | 232.5 | — | 326.9 | ||||||||||||||||||
Accrued liabilities | 7.4 | 56.2 | 3.5 | 154.6 | — | 221.7 | ||||||||||||||||||
Total current liabilities | 7.4 | 103.4 | 51.2 | 418.5 | — | 580.5 | ||||||||||||||||||
Long-term debt | 196.7 | 450 | — | 14.6 | — | 661.3 | ||||||||||||||||||
Other liabilities | — | 111.8 | (0.1 | ) | 145.2 | — | 256.9 | |||||||||||||||||
Total liabilities | 204.1 | 665.2 | 51.1 | 578.3 | — | 1,498.70 | ||||||||||||||||||
Redeemable noncontrolling interests | — | — | — | 5.3 | — | 5.3 | ||||||||||||||||||
Total Cooper-Standard Holdings Inc. equity | 644.8 | 157.1 | 1,293.10 | 625.8 | (2,076.0 | ) | 644.8 | |||||||||||||||||
Noncontrolling interests | — | — | — | (0.9 | ) | — | (0.9 | ) | ||||||||||||||||
Total equity | 644.8 | 157.1 | 1,293.10 | 624.9 | (2,076.0 | ) | 643.9 | |||||||||||||||||
Total liabilities and equity | $ | 848.9 | $ | 822.3 | $ | 1,344.20 | $ | 1,208.50 | $ | (2,076.0 | ) | $ | 2,147.90 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated Totals | |||||||||||||||||||
(dollar amounts in millions) | ||||||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1.7 | $ | (4.4 | ) | $ | (2.4 | ) | $ | (8.2 | ) | $ | — | $ | (13.3 | ) | ||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (6.4 | ) | (4.1 | ) | (23.8 | ) | — | (34.3 | ) | ||||||||||||||
Return on equity investments | — | — | 2.1 | — | — | 2.1 | ||||||||||||||||||
Proceeds from the sale of fixed assets | — | — | — | 0.2 | — | 0.2 | ||||||||||||||||||
Net cash used in investing activities | — | (6.4 | ) | (2.0 | ) | (23.6 | ) | — | (32.0 | ) | ||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Increase in short-term debt | — | — | — | 4.9 | — | 4.9 | ||||||||||||||||||
Principal payments on long-term debt | — | — | — | (1.8 | ) | — | (1.8 | ) | ||||||||||||||||
Purchase of noncontrolling interest | — | — | — | (1.9 | ) | — | (1.9 | ) | ||||||||||||||||
Repurchase of common stock | — | (11.1 | ) | — | — | — | (11.1 | ) | ||||||||||||||||
Other | (1.7 | ) | (2.8 | ) | — | 2.9 | — | (1.6 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | (1.7 | ) | (13.9 | ) | — | 4.1 | — | (11.5 | ) | |||||||||||||||
Effects of exchange rate changes on cash and cash equivalents | — | — | — | 2.9 | — | 2.9 | ||||||||||||||||||
Changes in cash and cash equivalents | — | (24.7 | ) | (4.4 | ) | (24.8 | ) | — | (53.9 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 177.5 | 4.4 | 88.7 | — | 270.6 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 152.8 | $ | — | $ | 63.9 | $ | — | $ | 216.7 | ||||||||||||
Depreciation and amortization | $ | — | $ | 7.1 | $ | 3.4 | $ | 19.3 | $ | — | $ | 29.8 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated Totals | |||||||||||||||||||
(dollar amounts in millions) | ||||||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | — | $ | (18.4 | ) | $ | 3 | $ | 19.3 | $ | — | $ | 3.9 | |||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (10.8 | ) | (4.0 | ) | (49.0 | ) | — | (63.8 | ) | ||||||||||||||
Return on equity investments | — | — | 1 | — | — | 1 | ||||||||||||||||||
Proceeds from the sale of fixed assets and other | — | (0.1 | ) | — | 2.2 | — | 2.1 | |||||||||||||||||
Net cash used in investing activities | — | (10.9 | ) | (3.0 | ) | (46.8 | ) | — | (60.7 | ) | ||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Increase in short-term debt, net | — | — | — | 2.3 | — | 2.3 | ||||||||||||||||||
Borrowings on long-term debt | — | — | — | 4.4 | — | 4.4 | ||||||||||||||||||
Principal payments on long-term debt | — | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||||||
Debt issuance costs | — | (0.7 | ) | — | — | — | (0.7 | ) | ||||||||||||||||
Proceeds from exercise of warrants | — | 4.6 | — | — | — | 4.6 | ||||||||||||||||||
Other | — | (1.3 | ) | — | 0.3 | — | (1.0 | ) | ||||||||||||||||
Net cash provided by financing activities | — | 2.6 | — | 6.9 | — | 9.5 | ||||||||||||||||||
Effects of exchange rate changes on cash and cash equivalents | — | — | — | 0.9 | — | 0.9 | ||||||||||||||||||
Changes in cash and cash equivalents | — | (26.7 | ) | — | (19.7 | ) | — | (46.4 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | 13.1 | 83 | — | 88.3 | — | 184.4 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | 13.1 | $ | 56.3 | $ | — | $ | 68.6 | $ | — | $ | 138 | ||||||||||||
Depreciation and amortization | $ | — | $ | 7 | $ | 2.8 | $ | 18.5 | $ | — | $ | 28.3 | ||||||||||||
Financial_Instruments
Financial Instruments | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||
Financial Instruments | ' | |||||||||
15. Financial Instruments | ||||||||||
Fair values of the Senior Notes approximated $477,000 and $471,375 at December 31, 2013 and March 31, 2014, respectively, based on quoted market prices, compared to the recorded value of $450,000. This fair value measurement is classified within Level 1 of the fair value hierarchy. | ||||||||||
Fair values of the Senior PIK Toggle Notes approximated $197,466 and $200,620 at December 31, 2013 and March 31, 2014, respectively, based on quoted market prices, compared to the recorded values of $196,484 and $196,686 at December 31, 2013 and March 31, 2014, respectively. This fair value measurement is classified within Level 1 of the fair value hierarchy. | ||||||||||
The Company completed an agreement with Fonds de Modernisation des Equipementiers Automobiles (“FMEA”) on May 2, 2011, to establish a joint venture that combined the Company’s French body sealing operations and the operations of Société des Polymères Barre-Thomas (“SPBT”). SPBT was a French supplier of anti-vibration systems and low pressure hoses, as well as body sealing products, which FMEA acquired as a preliminary step to the joint venture transaction. SPBT changed its name to Cooper Standard France SAS (“CS France”) subsequent to the transaction. The Company has 51% ownership and FMEA has 49% ownership in CS France. In connection with the investment in CS France, the noncontrolling shareholders have the option, which is embedded in the noncontrolling interest, to require the Company to purchase the remaining 49% noncontrolling share at a formula price designed to approximate fair value based on operating results of the entity. | ||||||||||
The noncontrolling interest is redeemable at other than fair value as the put value is determined based on the formula described above. The Company records the noncontrolling interest in CS France at the greater of 1) the initial carrying amount, increased or decreased for the noncontrolling shareholders’ share of net income or loss and its share of other comprehensive income or loss and dividends (“carrying amount”) or 2) the cumulative amount required to accrete the initial carrying amount to the redemption value. According to authoritative accounting guidance, the redeemable noncontrolling interest was classified outside of permanent equity, in mezzanine equity, on the Company’s condensed consolidated balance sheets. | ||||||||||
At December 31, 2013 and March 31, 2014, the estimated redemption value of the put option relating to the noncontrolling interest in CS France was $0. The redemption amount, if any, related to the put option is guaranteed by the Company and secured with the CS France shares held by a subsidiary of the Company. The Company has determined that the non-recurring fair value measurement related to this calculation relies primarily on Company-specific inputs and the Company’s assumptions, as observable inputs are not available. As such, the Company has determined that this fair value measurement resides within Level 3 of the fair value hierarchy. To determine the fair value of the put option, the Company utilizes the projected cash flows expected to be generated by the joint venture, then discounts the future cash flows by using a risk-adjusted rate for the Company. | ||||||||||
According to authoritative accounting guidance for redeemable noncontrolling shareholders’ interests, to the extent the noncontrolling shareholders have a contractual right to receive an amount upon exercise of a put option that is other than fair value, and such amount is greater than carrying value, then the noncontrolling shareholder has, in substance, received a dividend distribution that is different than other common stockholders. Therefore the redemption amount in excess of fair value should be reflected in the computation of earnings per share available to the Company’s common stockholders. At March 31, 2014 there was no difference between redemption value and fair value. | ||||||||||
Derivative Instruments and Hedging Activities | ||||||||||
The Company uses derivative financial instruments, including forward and swap contracts, to manage its exposures to fluctuations in foreign exchange and interest rates. For a fair value hedge, both the effective and ineffective, if significant, portions are recorded in earnings and reflected in the condensed consolidated statement of comprehensive income. For a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in accumulated other comprehensive loss in the condensed consolidated balance sheet. The ineffective portion, if significant, is recorded in other income or expense. When the underlying hedged transaction is realized or the hedged transaction is no longer probable, the gain or loss included in accumulated other comprehensive loss is recorded in earnings and reflected in the condensed consolidated statement of comprehensive income on the same line as the gain or loss on the hedged item attributable to the hedged risk. | ||||||||||
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 and accrued liabilities. | ||||||||||
Cash Flow Hedges | ||||||||||
Forward foreign exchange contracts—The Company enters into forward contracts to hedge currency risk of the U.S. Dollar against the Mexican Peso and the Euro against the U.S. Dollar. The forward contracts are used to mitigate the potential volatility to earnings and cash flow arising from changes in currency exchange rates that impact the Company’s foreign currency transactions. As of March 31, 2014, the notional amount of these contracts was $17,326. The fair values of these contracts at March 31, 2014 were $217 in the asset position recorded in other current assets and $79 in the liability position recorded in accrued liabilities in the condensed consolidated balance sheet. The gains or losses on the forward contracts are reported as a component of accumulated other comprehensive loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The amount reclassified from accumulated other comprehensive loss into cost of products sold was $7 for the three months ended March 31, 2014. These foreign currency derivative contracts consist of hedges of transactions up to December 2014. | ||||||||||
Undesignated Derivatives | ||||||||||
As part of the FMEA joint venture, SPBT had undesignated derivative forward contracts to hedge currency risk of the Euro against the Polish Zloty which are included in the Company’s condensed consolidated financial statements. The forward contracts are used to mitigate the potential volatility of cash flows arising from changes in currency exchange rates that impact the Company’s foreign currency transactions. These foreign currency derivative contracts relate to hedge transactions through April 2014. As of March 31, 2014, the notional amount of these contracts was $930. At March 31, 2014, the fair value of the Company’s undesignated derivative forward contracts was a liability of $4 and is recorded in accrued liabilities in the Company’s condensed consolidated balance sheet. The unrealized gain or loss on the forward contracts is reported as a component of other income (expense), net. The unrealized loss amounted to $188 and $38 for the three months ended March 31, 2013 and 2014, respectively. | ||||||||||
Fair Value Measurements | ||||||||||
ASC 820 clarifies that fair value is 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, ASC 820 establishes a three-tier fair value hierarchy, 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. | |||||||||
Estimates of the fair value of foreign currency and interest rate derivative instruments are determined using exchange traded prices and rates. The Company also considers the risk of non-performance in the estimation of fair value, and includes an adjustment for non-performance risk in the measure of fair value of derivative instruments. In certain instances where market data is not available, the Company uses management judgment to develop assumptions that are used to determine fair value. Fair value measurements and the fair value hierarchy level for the Company’s liabilities measured or disclosed at fair value on a recurring basis as of December 31, 2013 and March 31, 2014, are shown below: | ||||||||||
December 31, 2013 | March 31, 2014 | Input | ||||||||
Forward foreign exchange contracts - other current assets | $ | 36 | $ | 217 | Level 2 | |||||
Forward foreign exchange contracts - accrued liabilities | (1 | ) | (83 | ) | Level 2 | |||||
Items measured at fair value on a non-recurring 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 non-recurring basis, which are not included in the table above. As these non-recurring 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 non-recurring basis, see Note 3. “Restructuring.” |
Accounts_Receivable_Factoring
Accounts Receivable Factoring | 3 Months Ended |
Mar. 31, 2014 | |
Receivables [Abstract] | ' |
Accounts Receivable Factoring | ' |
16. Accounts Receivable Factoring | |
As a part of its working capital management, the Company sells certain receivables through third party financial institutions with and without recourse. The amount sold varies each month based on the amount of underlying receivables and cash flow needs of the Company. The Company continues to service the receivables. These are permitted transactions under the Company’s Term Loan Facility, Amended Senior ABL Facility and Senior ABL Facility. | |
At March 31, 2013 and 2014, the Company had $89,015 and $120,366, respectively, outstanding under receivable transfer agreements without recourse entered into by various locations. The total amount of accounts receivable factored were $113,402 and $139,130 for the three months ended March 31, 2013 and 2014, respectively. Costs incurred on the sale of receivables were $645 and $798 for the three months ended March 31, 2013 and 2014, respectively. These amounts are recorded in other income (expense), net and interest expense, net of interest income in the condensed consolidated statements of comprehensive income. | |
At March 31, 2013 and 2014, the Company had $15,197 and $9,500, respectively, outstanding under receivable transfer agreements with recourse. The secured borrowings are recorded in debt payable within one year and receivables are pledged equal to the balance of the borrowings. The total amount of accounts receivable factored was $22,712 and $15,695 for the three months ended March 31, 2013 and 2014, respectively. Costs incurred on the sale of receivables were $84 and $92 for the three months ended March 31, 2013 and 2014, respectively. These amounts are recorded in other income (expense), net and interest expense, net of interest income in the condensed consolidated statements of comprehensive income. |
Overview_Policies
Overview (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of presentation | ' |
Basis of presentation | |
Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company,” “Cooper-Standard,” “we,” “our,” or “us”) is a leading manufacturer of sealing and trim, fuel and brake delivery, fluid transfer, thermal and emissions and anti-vibration systems (“AVS”) components, systems, subsystems, and modules. 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 Securities and Exchange Commission (“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, 2013 (the "2013 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 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. Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. The operating results for the interim period ended March 31, 2014 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. | |
Recent accounting pronouncements | ' |
Recent accounting pronouncements | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This ASU changes the criteria for reporting discontinued operations and requires expanded disclosures about discontinued operations. The guidance is effective for fiscal years beginning on or after December 15, 2014 and should be applied prospectively. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the condensed consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU requires that a liability related to an unrecognized tax benefit be offset against a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward if certain criteria are met. The Company adopted this guidance effective January 1, 2014. The adoption of this ASU did not have a material impact on the condensed consolidated financial statements. |
Goodwill_and_Intangibles_Table
Goodwill and Intangibles (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Carrying Amount of Goodwill by Reportable Operating Segment | ' | |||||||||||||||||||
The changes in the carrying amount of goodwill by reportable operating segment for the three months ended March 31, 2014 are summarized as follows: | ||||||||||||||||||||
North America | Europe | South America | Asia Pacific | Total | ||||||||||||||||
Balance at January 1, 2014 | $ | 119,870 | $ | 14,460 | $ | — | $ | 5,371 | $ | 139,701 | ||||||||||
Foreign exchange translation | (236 | ) | (7 | ) | — | (140 | ) | (383 | ) | |||||||||||
Balance at March 31, 2014 | $ | 119,634 | $ | 14,453 | $ | — | $ | 5,231 | $ | 139,318 | ||||||||||
Intangible Assets and Accumulated Amortization Balances | ' | |||||||||||||||||||
The following table presents intangible assets and accumulated amortization balances of the Company as of December 31, 2013 and March 31, 2014, respectively: | ||||||||||||||||||||
Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Carrying | ||||||||||||||||||
Amount | Amount | |||||||||||||||||||
Customer relationships | $ | 135,483 | $ | (46,466 | ) | $ | 89,017 | |||||||||||||
Developed technology | 9,757 | (5,817 | ) | 3,940 | ||||||||||||||||
Other | 9,530 | (1,051 | ) | 8,479 | ||||||||||||||||
Balance at December 31, 2013 | $ | 154,770 | $ | (53,334 | ) | $ | 101,436 | |||||||||||||
Customer relationships | $ | 136,430 | $ | (50,718 | ) | $ | 85,712 | |||||||||||||
Developed technology | 9,755 | (6,207 | ) | 3,548 | ||||||||||||||||
Other | 9,740 | (1,186 | ) | 8,554 | ||||||||||||||||
Balance at March 31, 2014 | $ | 155,925 | $ | (58,111 | ) | $ | 97,814 | |||||||||||||
Restructuring_Tables
Restructuring (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Summary of Activity of Restructuring | ' | |||||||||||||||
The following table summarizes the activity in the restructuring liability for these initiatives for the three months ended March 31, 2014: | ||||||||||||||||
Employee Separation Costs | Other Exit Costs | Asset Impairments | Total | |||||||||||||
Balance at January 1, 2014 | $ | 819 | $ | 16 | $ | — | $ | 835 | ||||||||
Expense | 242 | 288 | — | 530 | ||||||||||||
Cash payments and foreign exchange translation | (283 | ) | (289 | ) | — | (572 | ) | |||||||||
Balance at March 31, 2014 | $ | 778 | $ | 15 | $ | — | $ | 793 | ||||||||
The following table summarizes the activity in the restructuring liability for this initiative for the three months ended March 31, 2014: | ||||||||||||||||
Employee Separation Costs | Other Exit Costs | Asset Impairments | Total | |||||||||||||
Balance at January 1, 2014 | $ | 13,501 | $ | — | $ | — | $ | 13,501 | ||||||||
Expense | — | 2,273 | — | 2,273 | ||||||||||||
Cash payments and foreign exchange translation | (7 | ) | (2,273 | ) | — | (2,280 | ) | |||||||||
Balance at March 31, 2014 | $ | 13,494 | $ | — | $ | — | $ | 13,494 | ||||||||
Restructuring Charges [Member] | ' | |||||||||||||||
Summary of Activity of Restructuring | ' | |||||||||||||||
The following table summarizes the restructuring expense for these initiatives for the three months ended March 31, 2013 and 2014: | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2013 | 2014 | |||||||||||||||
Employee separation costs | $ | 2,149 | $ | 242 | ||||||||||||
Other exit costs | 903 | 288 | ||||||||||||||
Asset Impairments | 87 | — | ||||||||||||||
$ | 3,139 | $ | 530 | |||||||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Summary of Inventories | ' | |||||||
Inventories were comprised of the following at December 31, 2013 and March 31, 2014: | ||||||||
December 31, | March 31, | |||||||
2013 | 2014 | |||||||
Finished goods | $ | 48,787 | $ | 48,059 | ||||
Work in process | 38,929 | 43,914 | ||||||
Raw materials and supplies | 92,050 | 96,616 | ||||||
$ | 179,766 | $ | 188,589 | |||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Outstanding Debt | ' | ||||||||
Outstanding debt consisted of the following at December 31, 2013 and March 31, 2014: | |||||||||
December 31, | March 31, | ||||||||
2013 | 2014 | ||||||||
Senior notes | $ | 450,000 | $ | 450,000 | |||||
Senior PIK toggle notes | 196,484 | 196,686 | |||||||
Other borrowings | 37,940 | 46,458 | |||||||
Total debt | $ | 684,424 | $ | 693,144 | |||||
Less current portion | (28,329 | ) | (31,853 | ) | |||||
Total long-term debt | $ | 656,095 | $ | 661,291 | |||||
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefits other than Pensions (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Net Periodic Benefit Cost of Defined Benefit Plans and Other Postretirement Benefit Plans | ' | |||||||||||||||
The following tables disclose the amount of net periodic benefit cost for the three months ended March 31, 2013 and 2014 for the Company’s defined benefit plans and other postretirement benefit plans: | ||||||||||||||||
Pension Benefits | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2013 | 2014 | |||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||
Service cost | $ | 305 | $ | 888 | $ | 213 | $ | 861 | ||||||||
Interest cost | 3,052 | 1,710 | 3,370 | 1,802 | ||||||||||||
Expected return on plan assets | (4,342 | ) | (949 | ) | (4,764 | ) | (958 | ) | ||||||||
Amortization of prior service cost and recognized actuarial loss | 344 | 330 | 16 | 231 | ||||||||||||
Net periodic benefit cost (gain) | $ | (641 | ) | $ | 1,979 | $ | (1,165 | ) | $ | 1,936 | ||||||
Other Postretirement Benefits | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2013 | 2014 | |||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||
Service cost | $ | 147 | $ | 168 | $ | 106 | $ | 136 | ||||||||
Interest cost | 407 | 188 | 397 | 188 | ||||||||||||
Amortization of prior service credit and recognized actuarial gain | (281 | ) | (36 | ) | (481 | ) | (71 | ) | ||||||||
Other | 6 | — | 6 | — | ||||||||||||
Net periodic benefit cost | $ | 279 | $ | 320 | $ | 28 | $ | 253 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income , Equity and Redeemable Noncontrolling Interests (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
The changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2013 and 2014, net of related tax, are as follows: | ||||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||
Cumulative currency translation adjustment | Benefit plan | Unrealized gains on investment securities | Fair value change of derivatives | Accumulated other comprehensive loss | ||||||||||||||||
liability | ||||||||||||||||||||
Balance at January 1, 2013 | $ | 18,320 | $ | (64,018 | ) | $ | — | $ | 250 | $ | (45,448 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (9,292 | ) | 792 | — | 491 | (8,009 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 216 | — | (7 | ) | 209 | ||||||||||||||
Net current period other comprehensive income (loss)(1) | (9,292 | ) | 1,008 | — | 484 | (7,800 | ) | |||||||||||||
Balance at March 31, 2013 | $ | 9,028 | $ | (63,010 | ) | $ | — | $ | 734 | $ | (53,248 | ) | ||||||||
Amounts in parentheses indicate debits. | ||||||||||||||||||||
-1 | Other comprehensive income (loss) related to the benefit plan liability is net of a tax effect of $98. Other comprehensive income (loss) related to the fair value change of derivatives is net of a tax effect of $(87). | |||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Cumulative currency translation adjustment | Benefit plan | Unrealized gains on investment securities | Fair value change of derivatives | Accumulated other comprehensive loss | ||||||||||||||||
liability | ||||||||||||||||||||
Balance at January 1, 2014 | $ | 5,712 | $ | (33,406 | ) | $ | — | $ | — | $ | (27,694 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (2,020 | ) | 159 | 1,146 | 73 | (642 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (166 | ) | — | 5 | (161 | ) | |||||||||||||
Net current period other comprehensive income (loss)(1) | (2,020 | ) | (7 | ) | 1,146 | 78 | (803 | ) | ||||||||||||
Balance at March 31, 2014 | $ | 3,692 | $ | (33,413 | ) | $ | 1,146 | $ | 78 | $ | (28,497 | ) | ||||||||
Amounts in parentheses indicate debits. | ||||||||||||||||||||
-1 | Other comprehensive income (loss) related to the benefit plan liability is net of a tax effect of $(74). Other comprehensive income (loss) related to the unrealized gains on investment securities is net of a tax effect of $(703). Other comprehensive income (loss) related to the fair value change of derivatives is net of a tax effect of $(59). | |||||||||||||||||||
Reclassifications out of accumulated other comprehensive income (loss) | ' | |||||||||||||||||||
The reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2013 and 2014 are as follows: | ||||||||||||||||||||
Gain (loss) reclassified | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
Details about accumulated other comprehensive loss components | 2013 | 2014 | Location of gain (loss) reclassified into income | |||||||||||||||||
Fair value change of derivatives | ||||||||||||||||||||
Interest rate contracts | $ | (40 | ) | $ | — | Interest expense, net of interest income | ||||||||||||||
Foreign exchange contracts | 50 | (7 | ) | Cost of products sold | ||||||||||||||||
10 | (7 | ) | Income before income taxes | |||||||||||||||||
(3 | ) | 2 | Income tax expense | |||||||||||||||||
$ | 7 | $ | (5 | ) | Consolidated net income | |||||||||||||||
Amortization of defined benefit and other postretirement benefit plans | ||||||||||||||||||||
Prior service credits | $ | 159 | $ | 82 | -1 | |||||||||||||||
Actuarial losses | (472 | ) | 224 | -1 | ||||||||||||||||
(313 | ) | 306 | Income before income taxes | |||||||||||||||||
97 | (140 | ) | Income tax expense | |||||||||||||||||
$ | (216 | ) | $ | 166 | Consolidated net income | |||||||||||||||
Total reclassifications for the period | $ | (209 | ) | $ | 161 | |||||||||||||||
-1 | These accumulated other comprehensive income components are included in the computation of net periodic pension cost. (See Note 6. “Pension and Postretirement Benefits other than Pensions” for additional details.) | |||||||||||||||||||
Summary of equity and redeemable noncontrolling interest activity | ' | |||||||||||||||||||
The following table summarizes the Company’s equity and redeemable noncontrolling interest activity for the three months ended March 31, 2014: | ||||||||||||||||||||
Cooper-Standard Holdings Inc. | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interest | |||||||||||||||||
Equity at January 1, 2014 | $ | 618,150 | $ | (2,578 | ) | $ | 615,572 | $ | 5,153 | |||||||||||
Net income | 19,735 | 1,621 | 21,356 | 1 | ||||||||||||||||
Warrant exercise | 4,571 | — | 4,571 | — | ||||||||||||||||
Other comprehensive income (loss) | (803 | ) | 10 | (793 | ) | 166 | ||||||||||||||
Stock-based compensation | 3,631 | — | 3,631 | — | ||||||||||||||||
Shares issued under stock option plans | (454 | ) | — | (454 | ) | — | ||||||||||||||
Equity at March 31, 2014 | $ | 644,830 | $ | (947 | ) | $ | 643,883 | $ | 5,320 | |||||||||||
Net_Income_Per_Share_Attributa1
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Basic and diluted net income per share attributable | ' | |||||||
A summary of information used to compute basic and diluted net income per share attributable to Cooper-Standard Holdings Inc. is shown below: | ||||||||
Three Months Ended March 31, | ||||||||
2013 | 2014 | |||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 20,701 | $ | 19,735 | ||||
Less: 7% Preferred stock dividends (paid or unpaid) | (1,677 | ) | — | |||||
Less: Undistributed earnings allocated to participating securities | (3,724 | ) | — | |||||
Net income available to Cooper-Standard Holdings Inc. common stockholders | $ | 15,300 | $ | 19,735 | ||||
Basic weighted average shares of common stock outstanding | 16,621,120 | 16,656,600 | ||||||
Dilutive effect of: | ||||||||
Restricted common stock | 252,817 | 151,772 | ||||||
Restricted 7% preferred stock | 32,315 | — | ||||||
Warrants | 693,043 | 1,038,338 | ||||||
Options | 112,083 | 73,561 | ||||||
Diluted weighted average shares of common stock outstanding | 17,711,378 | 17,920,271 | ||||||
Basic net income per share attributable to Cooper-Standard Holdings Inc. | $ | 0.92 | $ | 1.18 | ||||
Diluted net income per share attributable to Cooper-Standard Holdings Inc. | $ | 0.86 | $ | 1.1 | ||||
Summary of common stock equivalents excluded from the computation of weighted average diluted shares outstanding | ' | |||||||
A summary of common stock equivalents excluded from the computation of weighted average diluted shares outstanding is shown below: | ||||||||
Three Months Ended March 31, | ||||||||
2013 | 2014 | |||||||
Number of options | 471,898 | 479,211 | ||||||
Exercise price | $43.50-52.50 | $25.52-66.23 | ||||||
Restricted common stock | — | 70,420 | ||||||
7% Preferred stock, as if converted | 4,045,852 | — | ||||||
7% Preferred stock dividends, undistributed earnings and premium allocated to participating securities that would be added back in the diluted calculation | $ | 5,401 | $ | — | ||||
Other_Income_Expense_Net_Table
Other Income (Expense), Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Income and Expenses [Abstract] | ' | |||||||
Details of Components of Other Income Expense, Net | ' | |||||||
The components of other income (expense), net are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2013 | 2014 | |||||||
Foreign currency gains | $ | 260 | $ | 532 | ||||
Unrealized losses related to forward contracts | (188 | ) | (38 | ) | ||||
Loss on sale of receivables | (373 | ) | (464 | ) | ||||
Miscellaneous expense | (31 | ) | — | |||||
Other income (expense), net | $ | (332 | ) | $ | 30 | |||
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Information on Company's Business Segments | ' | |||||||
The following tables detail information on the Company’s business segments: | ||||||||
Three Months Ended March 31, | ||||||||
2013 | 2014 | |||||||
Sales to external customers | ||||||||
North America | $ | 382,808 | $ | 432,605 | ||||
Europe | 264,487 | 308,161 | ||||||
South America | 45,402 | 39,766 | ||||||
Asia Pacific | 54,860 | 57,074 | ||||||
Consolidated | $ | 747,557 | $ | 837,606 | ||||
Intersegment sales | ||||||||
North America | $ | 3,734 | $ | 3,359 | ||||
Europe | 1,847 | 2,227 | ||||||
South America | — | — | ||||||
Asia Pacific | 2,105 | 1,847 | ||||||
Eliminations and other | (7,686 | ) | (7,433 | ) | ||||
Consolidated | $ | — | $ | — | ||||
Segment profit (loss) | ||||||||
North America | $ | 33,806 | $ | 38,460 | ||||
Europe | (6,053 | ) | (3,182 | ) | ||||
South America | (3,381 | ) | (2,507 | ) | ||||
Asia Pacific | 3,392 | 650 | ||||||
Income before income taxes | $ | 27,764 | $ | 33,421 | ||||
Restructuring cost included in segment profit (loss) | ||||||||
North America | $ | 1,784 | $ | 98 | ||||
Europe | 2,970 | 2,863 | ||||||
South America | — | — | ||||||
Asia Pacific | 6 | 128 | ||||||
Consolidated | $ | 4,760 | $ | 3,089 | ||||
December 31, | March 31, | |||||||
2013 | 2014 | |||||||
Segment assets | ||||||||
North America | $ | 866,847 | $ | 926,044 | ||||
Europe | 680,920 | 705,154 | ||||||
South America | 138,469 | 144,275 | ||||||
Asia Pacific | 243,736 | 245,378 | ||||||
Eliminations and other | 172,782 | 127,062 | ||||||
Consolidated | $ | 2,102,754 | $ | 2,147,913 | ||||
Guarantor_and_NonGuarantor_Sub1
Guarantor and Non-Guarantor Subsidiaries (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Guarantor Condensed Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated Totals | |||||||||||||||||||
(dollar amounts in millions) | ||||||||||||||||||||||||
Sales | $ | — | $ | 145.2 | $ | 165.7 | $ | 486.3 | $ | (49.6 | ) | $ | 747.6 | |||||||||||
Cost of products sold | — | 120.5 | 133.2 | 423.2 | (49.6 | ) | 627.3 | |||||||||||||||||
Selling, administration, & engineering expenses | — | 34.8 | 3.1 | 37.2 | — | 75.1 | ||||||||||||||||||
Amortization of intangibles | — | 2.9 | — | 1 | — | 3.9 | ||||||||||||||||||
Restructuring | — | 1.6 | 0.1 | 3 | — | 4.7 | ||||||||||||||||||
Operating profit (loss) | — | (14.6 | ) | 29.3 | 21.9 | — | 36.6 | |||||||||||||||||
Interest expense, net of interest income | — | (8.3 | ) | — | (2.9 | ) | — | (11.2 | ) | |||||||||||||||
Equity earnings | — | 1 | 0.9 | 0.8 | — | 2.7 | ||||||||||||||||||
Other income (expense), net | — | 7.5 | 0.1 | (7.9 | ) | — | (0.3 | ) | ||||||||||||||||
Income (loss) before income taxes | — | (14.4 | ) | 30.3 | 11.9 | — | 27.8 | |||||||||||||||||
Income tax expense (benefit) | — | (2.7 | ) | 5.5 | 5.1 | — | 7.9 | |||||||||||||||||
Income (loss) before equity in income of subsidiaries | — | (11.7 | ) | 24.8 | 6.8 | — | 19.9 | |||||||||||||||||
Equity in net income of subsidiaries | 20.7 | 32.4 | — | — | (53.1 | ) | — | |||||||||||||||||
Net income | 20.7 | 20.7 | 24.8 | 6.8 | (53.1 | ) | 19.9 | |||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 0.8 | — | 0.8 | ||||||||||||||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 20.7 | $ | 20.7 | $ | 24.8 | $ | 7.6 | $ | (53.1 | ) | $ | 20.7 | |||||||||||
Comprehensive income | $ | 12.9 | $ | 12.9 | $ | 24.8 | $ | 1.4 | $ | (40.1 | ) | $ | 11.9 | |||||||||||
Add: Comprehensive loss attributable to noncontrolling interests | — | — | — | 1 | — | 1 | ||||||||||||||||||
Comprehensive income attributable to Cooper-Standard Holdings Inc. | $ | 12.9 | $ | 12.9 | $ | 24.8 | $ | 2.4 | $ | (40.1 | ) | $ | 12.9 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated Totals | |||||||||||||||||||
(dollar amounts in millions) | ||||||||||||||||||||||||
Sales | $ | — | $ | 155.3 | $ | 175.1 | $ | 557.5 | $ | (50.3 | ) | $ | 837.6 | |||||||||||
Cost of products sold | — | 133.3 | 137.8 | 482.5 | (50.3 | ) | 703.3 | |||||||||||||||||
Selling, administration, & engineering expenses | — | 36.8 | (0.2 | ) | 43 | — | 79.6 | |||||||||||||||||
Amortization of intangibles | — | 2.9 | — | 1.5 | — | 4.4 | ||||||||||||||||||
Restructuring | — | — | 0.1 | 3 | — | 3.1 | ||||||||||||||||||
Operating profit (loss) | — | (17.7 | ) | 37.4 | 27.5 | — | 47.2 | |||||||||||||||||
Interest expense, net of interest income | (4.0 | ) | (7.2 | ) | — | (3.8 | ) | — | (15.0 | ) | ||||||||||||||
Equity earnings | — | 0.3 | — | 0.9 | — | 1.2 | ||||||||||||||||||
Other income (expense), net | — | 6.9 | 0.1 | (7.0 | ) | — | — | |||||||||||||||||
Income (loss) before income taxes | (4.0 | ) | (17.7 | ) | 37.5 | 17.6 | — | 33.4 | ||||||||||||||||
Income tax expense (benefit) | (1.7 | ) | (7.0 | ) | 15.8 | 5 | — | 12.1 | ||||||||||||||||
Income (loss) before equity in income of subsidiaries | (2.3 | ) | (10.7 | ) | 21.7 | 12.6 | — | 21.3 | ||||||||||||||||
Equity in net income of subsidiaries | 22 | 32.7 | — | — | (54.7 | ) | — | |||||||||||||||||
Net income | 19.7 | 22 | 21.7 | 12.6 | (54.7 | ) | 21.3 | |||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | (1.6 | ) | — | (1.6 | ) | ||||||||||||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 19.7 | $ | 22 | $ | 21.7 | $ | 11 | $ | (54.7 | ) | $ | 19.7 | |||||||||||
Comprehensive income | $ | 18.9 | $ | 21.2 | $ | 21.7 | $ | 11.4 | $ | (52.5 | ) | $ | 20.7 | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | — | (1.8 | ) | — | (1.8 | ) | ||||||||||||||||
Comprehensive income attributable to Cooper-Standard Holdings Inc. | $ | 18.9 | $ | 21.2 | $ | 21.7 | $ | 9.6 | $ | (52.5 | ) | $ | 18.9 | |||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated Totals | |||||||||||||||||||
(dollar amounts in millions) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 13.1 | $ | 83 | $ | — | $ | 88.3 | $ | — | $ | 184.4 | ||||||||||||
Accounts receivable, net | — | 55.5 | 70.9 | 239.4 | — | 365.8 | ||||||||||||||||||
Tooling receivable | — | 27.1 | 15.7 | 113.4 | — | 156.2 | ||||||||||||||||||
Inventories | — | 24.6 | 32.3 | 122.9 | — | 179.8 | ||||||||||||||||||
Prepaid expenses | — | 6.2 | 0.6 | 20.1 | — | 26.9 | ||||||||||||||||||
Other | — | 26.4 | 0.7 | 55.2 | — | 82.3 | ||||||||||||||||||
Total current assets | 13.1 | 222.8 | 120.2 | 639.3 | — | 995.4 | ||||||||||||||||||
Investments in affiliates and intercompany accounts, net | 800.5 | 231.8 | 1,191.60 | (110.2 | ) | (2,047.2 | ) | 66.5 | ||||||||||||||||
Property, plant, and equipment, net | — | 103.6 | 58.6 | 570.7 | — | 732.9 | ||||||||||||||||||
Goodwill | — | 111.1 | — | 28.6 | — | 139.7 | ||||||||||||||||||
Other assets | 4.8 | 150.1 | (40.8 | ) | 54.2 | — | 168.3 | |||||||||||||||||
$ | 818.4 | $ | 819.4 | $ | 1,329.60 | $ | 1,182.60 | $ | (2,047.2 | ) | $ | 2,102.80 | ||||||||||||
LIABILITIES & EQUITY | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Debt payable within one year | $ | — | $ | — | $ | — | $ | 28.3 | $ | — | $ | 28.3 | ||||||||||||
Accounts payable | — | 53.8 | 54.6 | 247 | — | 355.4 | ||||||||||||||||||
Accrued liabilities | 3.7 | 40.8 | 3.7 | 138.3 | — | 186.5 | ||||||||||||||||||
Total current liabilities | 3.7 | 94.6 | 58.3 | 413.6 | — | 570.2 | ||||||||||||||||||
Long-term debt | 196.5 | 450 | — | 9.6 | — | 656.1 | ||||||||||||||||||
Other liabilities | — | 115.3 | (0.1 | ) | 140.5 | — | 255.7 | |||||||||||||||||
Total liabilities | 200.2 | 659.9 | 58.2 | 563.7 | — | 1,482.00 | ||||||||||||||||||
Redeemable noncontrolling interests | — | — | — | 5.2 | — | 5.2 | ||||||||||||||||||
Total Cooper-Standard Holdings Inc. equity | 618.2 | 159.5 | 1,271.40 | 616.3 | (2,047.2 | ) | 618.2 | |||||||||||||||||
Noncontrolling interests | — | — | — | (2.6 | ) | — | (2.6 | ) | ||||||||||||||||
Total equity | 618.2 | 159.5 | 1,271.40 | 613.7 | (2,047.2 | ) | 615.6 | |||||||||||||||||
Total liabilities and equity | $ | 818.4 | $ | 819.4 | $ | 1,329.60 | $ | 1,182.60 | $ | (2,047.2 | ) | $ | 2,102.80 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated Totals | |||||||||||||||||||
(dollar amounts in millions) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 13.1 | $ | 56.3 | $ | — | $ | 68.6 | $ | — | $ | 138 | ||||||||||||
Accounts receivable, net | — | 77.1 | 88.2 | 273.8 | — | 439.1 | ||||||||||||||||||
Tooling receivable | — | 22.9 | 18.9 | 105.7 | — | 147.5 | ||||||||||||||||||
Inventories | — | 24.2 | 32.5 | 131.9 | — | 188.6 | ||||||||||||||||||
Prepaid expenses | — | 5.6 | 0.6 | 19.9 | — | 26.1 | ||||||||||||||||||
Other | — | 27 | 0.6 | 57.6 | — | 85.2 | ||||||||||||||||||
Total current assets | 13.1 | 213.1 | 140.8 | 657.5 | — | 1,024.50 | ||||||||||||||||||
Investments in affiliates and intercompany accounts, net | 829.4 | 237.4 | 1,200.80 | (126.5 | ) | (2,076.0 | ) | 65.1 | ||||||||||||||||
Property, plant, and equipment, net | — | 105.5 | 59.3 | 592.5 | — | 757.3 | ||||||||||||||||||
Goodwill | — | 111.1 | — | 28.2 | — | 139.3 | ||||||||||||||||||
Other assets | 6.4 | 155.2 | (56.7 | ) | 56.8 | — | 161.7 | |||||||||||||||||
$ | 848.9 | $ | 822.3 | $ | 1,344.20 | $ | 1,208.50 | $ | (2,076.0 | ) | $ | 2,147.90 | ||||||||||||
LIABILITIES & EQUITY | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Debt payable within one year | $ | — | $ | 0.5 | $ | — | $ | 31.4 | $ | — | $ | 31.9 | ||||||||||||
Accounts payable | — | 46.7 | 47.7 | 232.5 | — | 326.9 | ||||||||||||||||||
Accrued liabilities | 7.4 | 56.2 | 3.5 | 154.6 | — | 221.7 | ||||||||||||||||||
Total current liabilities | 7.4 | 103.4 | 51.2 | 418.5 | — | 580.5 | ||||||||||||||||||
Long-term debt | 196.7 | 450 | — | 14.6 | — | 661.3 | ||||||||||||||||||
Other liabilities | — | 111.8 | (0.1 | ) | 145.2 | — | 256.9 | |||||||||||||||||
Total liabilities | 204.1 | 665.2 | 51.1 | 578.3 | — | 1,498.70 | ||||||||||||||||||
Redeemable noncontrolling interests | — | — | — | 5.3 | — | 5.3 | ||||||||||||||||||
Total Cooper-Standard Holdings Inc. equity | 644.8 | 157.1 | 1,293.10 | 625.8 | (2,076.0 | ) | 644.8 | |||||||||||||||||
Noncontrolling interests | — | — | — | (0.9 | ) | — | (0.9 | ) | ||||||||||||||||
Total equity | 644.8 | 157.1 | 1,293.10 | 624.9 | (2,076.0 | ) | 643.9 | |||||||||||||||||
Total liabilities and equity | $ | 848.9 | $ | 822.3 | $ | 1,344.20 | $ | 1,208.50 | $ | (2,076.0 | ) | $ | 2,147.90 | |||||||||||
Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated Totals | |||||||||||||||||||
(dollar amounts in millions) | ||||||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1.7 | $ | (4.4 | ) | $ | (2.4 | ) | $ | (8.2 | ) | $ | — | $ | (13.3 | ) | ||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (6.4 | ) | (4.1 | ) | (23.8 | ) | — | (34.3 | ) | ||||||||||||||
Return on equity investments | — | — | 2.1 | — | — | 2.1 | ||||||||||||||||||
Proceeds from the sale of fixed assets | — | — | — | 0.2 | — | 0.2 | ||||||||||||||||||
Net cash used in investing activities | — | (6.4 | ) | (2.0 | ) | (23.6 | ) | — | (32.0 | ) | ||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Increase in short-term debt | — | — | — | 4.9 | — | 4.9 | ||||||||||||||||||
Principal payments on long-term debt | — | — | — | (1.8 | ) | — | (1.8 | ) | ||||||||||||||||
Purchase of noncontrolling interest | — | — | — | (1.9 | ) | — | (1.9 | ) | ||||||||||||||||
Repurchase of common stock | — | (11.1 | ) | — | — | — | (11.1 | ) | ||||||||||||||||
Other | (1.7 | ) | (2.8 | ) | — | 2.9 | — | (1.6 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | (1.7 | ) | (13.9 | ) | — | 4.1 | — | (11.5 | ) | |||||||||||||||
Effects of exchange rate changes on cash and cash equivalents | — | — | — | 2.9 | — | 2.9 | ||||||||||||||||||
Changes in cash and cash equivalents | — | (24.7 | ) | (4.4 | ) | (24.8 | ) | — | (53.9 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 177.5 | 4.4 | 88.7 | — | 270.6 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 152.8 | $ | — | $ | 63.9 | $ | — | $ | 216.7 | ||||||||||||
Depreciation and amortization | $ | — | $ | 7.1 | $ | 3.4 | $ | 19.3 | $ | — | $ | 29.8 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated Totals | |||||||||||||||||||
(dollar amounts in millions) | ||||||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | — | $ | (18.4 | ) | $ | 3 | $ | 19.3 | $ | — | $ | 3.9 | |||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (10.8 | ) | (4.0 | ) | (49.0 | ) | — | (63.8 | ) | ||||||||||||||
Return on equity investments | — | — | 1 | — | — | 1 | ||||||||||||||||||
Proceeds from the sale of fixed assets and other | — | (0.1 | ) | — | 2.2 | — | 2.1 | |||||||||||||||||
Net cash used in investing activities | — | (10.9 | ) | (3.0 | ) | (46.8 | ) | — | (60.7 | ) | ||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Increase in short-term debt, net | — | — | — | 2.3 | — | 2.3 | ||||||||||||||||||
Borrowings on long-term debt | — | — | — | 4.4 | — | 4.4 | ||||||||||||||||||
Principal payments on long-term debt | — | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||||||
Debt issuance costs | — | (0.7 | ) | — | — | — | (0.7 | ) | ||||||||||||||||
Proceeds from exercise of warrants | — | 4.6 | — | — | — | 4.6 | ||||||||||||||||||
Other | — | (1.3 | ) | — | 0.3 | — | (1.0 | ) | ||||||||||||||||
Net cash provided by financing activities | — | 2.6 | — | 6.9 | — | 9.5 | ||||||||||||||||||
Effects of exchange rate changes on cash and cash equivalents | — | — | — | 0.9 | — | 0.9 | ||||||||||||||||||
Changes in cash and cash equivalents | — | (26.7 | ) | — | (19.7 | ) | — | (46.4 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | 13.1 | 83 | — | 88.3 | — | 184.4 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | 13.1 | $ | 56.3 | $ | — | $ | 68.6 | $ | — | $ | 138 | ||||||||||||
Depreciation and amortization | $ | — | $ | 7 | $ | 2.8 | $ | 18.5 | $ | — | $ | 28.3 | ||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||
Fair Value Hierarchy Level for Company's Liabilities Measured | ' | |||||||||
Fair value measurements and the fair value hierarchy level for the Company’s liabilities measured or disclosed at fair value on a recurring basis as of December 31, 2013 and March 31, 2014, are shown below: | ||||||||||
December 31, 2013 | March 31, 2014 | Input | ||||||||
Forward foreign exchange contracts - other current assets | $ | 36 | $ | 217 | Level 2 | |||||
Forward foreign exchange contracts - accrued liabilities | (1 | ) | (83 | ) | Level 2 | |||||
Goodwill_and_Intangibles_Addit
Goodwill and Intangibles - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2014 |
Scenario, Forecast [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expenses | $4,436 | $3,891 | ' |
Estimated Amortization Expenses | ' | ' | $15,800 |
Goodwill_and_Intangibles_Carry
Goodwill and Intangibles - Carrying Amount of Goodwill by Reportable Operating Segment (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | $139,701 |
Foreign exchange translation | -383 |
Goodwill, Ending Balance | 139,318 |
North America [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | 119,870 |
Foreign exchange translation | -236 |
Goodwill, Ending Balance | 119,634 |
Europe [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | 14,460 |
Foreign exchange translation | -7 |
Goodwill, Ending Balance | 14,453 |
South America [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | 0 |
Foreign exchange translation | 0 |
Goodwill, Ending Balance | 0 |
Asia Pacific [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | 5,371 |
Foreign exchange translation | -140 |
Goodwill, Ending Balance | $5,231 |
Goodwill_and_Intangibles_Intan
Goodwill and Intangibles - Intangible Assets and Accumulated Amortization Balances (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $155,925 | $154,770 |
Accumulated Amortization | -58,111 | -53,334 |
Net Carrying Amount | 97,814 | 101,436 |
Customer relationships [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 136,430 | 135,483 |
Accumulated Amortization | -50,718 | -46,466 |
Net Carrying Amount | 85,712 | 89,017 |
Developed technology [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 9,755 | 9,757 |
Accumulated Amortization | -6,207 | -5,817 |
Net Carrying Amount | 3,548 | 3,940 |
Other [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 9,740 | 9,530 |
Accumulated Amortization | -1,186 | -1,051 |
Net Carrying Amount | $8,554 | $8,479 |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Aggregate expense incurred related to restructuring | ' | $1,621 |
Estimated restructuring cost for initiative | 0 | ' |
Restructuring | 3,089 | 4,760 |
Korea Facility [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Aggregate expense incurred related to restructuring | 750 | ' |
Restructuring | 128 | ' |
Liability related to restructuring activities | 16 | ' |
Europe Facilities [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Aggregate expense incurred related to restructuring | 16,459 | ' |
Estimated restructuring cost for initiative | 21,100 | ' |
Completion period of initiative | '2016 | ' |
Europe Facilities 2014 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Estimated restructuring cost for initiative | 1,400 | ' |
Restructuring | 158 | ' |
Liability related to restructuring activities | $0 | ' |
Completion period of initiative | '2014 | ' |
Restructuring_Summary_of_Restr
Restructuring - Summary of Restructuring Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring | $3,089 | $4,760 |
Restructuring activities prior years [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring | 530 | 3,139 |
Restructuring activities prior years [Member] | Employee Separation Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring | 242 | 2,149 |
Restructuring activities prior years [Member] | Other Exit Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring | 288 | 903 |
Restructuring activities prior years [Member] | Asset Impairments [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring | $0 | $87 |
Restructuring_Summary_of_Activ
Restructuring - Summary of Activity of Restructuring (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring | $3,089 | $4,760 |
Restructuring activities prior years [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve, Beginning Balance | 835 | ' |
Restructuring | 530 | ' |
Cash payments and foreign exchange translation | -572 | ' |
Restructuring Reserve, Ending Balance | 793 | ' |
Restructuring activities 2013 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve, Beginning Balance | 13,501 | ' |
Restructuring | 2,273 | ' |
Cash payments and foreign exchange translation | -2,280 | ' |
Restructuring Reserve, Ending Balance | 13,494 | ' |
Employee Separation Costs [Member] | Restructuring activities prior years [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve, Beginning Balance | 819 | ' |
Restructuring | 242 | ' |
Cash payments and foreign exchange translation | -283 | ' |
Restructuring Reserve, Ending Balance | 778 | ' |
Employee Separation Costs [Member] | Restructuring activities 2013 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve, Beginning Balance | 13,501 | ' |
Restructuring | 0 | ' |
Cash payments and foreign exchange translation | -7 | ' |
Restructuring Reserve, Ending Balance | 13,494 | ' |
Other Exit Costs [Member] | Restructuring activities prior years [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve, Beginning Balance | 16 | ' |
Restructuring | 288 | ' |
Cash payments and foreign exchange translation | -289 | ' |
Restructuring Reserve, Ending Balance | 15 | ' |
Other Exit Costs [Member] | Restructuring activities 2013 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve, Beginning Balance | 0 | ' |
Restructuring | 2,273 | ' |
Cash payments and foreign exchange translation | -2,273 | ' |
Restructuring Reserve, Ending Balance | 0 | ' |
Asset Impairments [Member] | Restructuring activities prior years [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve, Beginning Balance | 0 | ' |
Restructuring | 0 | ' |
Cash payments and foreign exchange translation | 0 | ' |
Restructuring Reserve, Ending Balance | 0 | ' |
Asset Impairments [Member] | Restructuring activities 2013 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve, Beginning Balance | 0 | ' |
Restructuring | 0 | ' |
Cash payments and foreign exchange translation | 0 | ' |
Restructuring Reserve, Ending Balance | $0 | ' |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $48,059 | $48,787 |
Work in process | 43,914 | 38,929 |
Raw materials and supplies | 96,616 | 92,050 |
Inventories | $188,589 | $179,766 |
Debt_Outstanding_Debt_Detail
Debt - Outstanding Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Senior notes | $450,000 | ' |
Other borrowings | 46,458 | 37,940 |
Total debt | 693,144 | 684,424 |
Less current portion | -31,853 | -28,329 |
Total long-term debt | 661,291 | 656,095 |
Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior notes | 450,000 | 450,000 |
Senior PIK Toggle Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior PIK toggle notes | $196,686 | $196,484 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2014 | 20-May-13 | Apr. 03, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | 27-May-10 | Mar. 31, 2014 | Apr. 08, 2013 | Apr. 03, 2014 | Apr. 03, 2014 | Apr. 04, 2014 | Apr. 04, 2014 |
In Thousands, unless otherwise specified | Senior PIK Toggle Notes [Member] | Senior PIK Toggle Notes [Member] | Senior PIK Toggle Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Abl Facility [Member] | Senior Abl Facility [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Senior PIK Toggle Notes [Member] | Senior Notes [Member] | Medium-term Notes [Member] | Amended Senior ABL Facility [Member] | ||||||||||
Credit Facilities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate revolving loan availability | ' | ' | ' | ' | ' | ' | ' | $150,000 | $150,000 | ' | ' | ' | $150,000 |
Letter of credit sub-facility | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | 60,000 |
Swing line sub-facility | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | 25,000 |
Uncommitted incremental loan facility | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | 105,000 |
Total Senior ABL Facility | ' | ' | ' | ' | ' | ' | ' | ' | 225,000 | ' | ' | ' | 255,000 |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | 37,023 | ' | ' | ' | ' | ' |
Senior unsecured notes principal amount | 450,000 | ' | 25,000 | 175,000 | 450,000 | 450,000 | ' | ' | ' | ' | ' | ' | ' |
Senior secured PIK Toggle note maturity date | ' | 1-Apr-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount on Senior PIK Toggle Notes | ' | ' | 188 | 3,938 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior PIK Toggle Notes tendered | ' | ' | ' | ' | ' | ' | ' | ' | ' | 198,000 | ' | ' | ' |
Senior Notes tendered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 220,328 | ' | ' |
Interest rate accrue | 8.50% | 7.38% | ' | ' | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage tendered | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.00% | 48.96% | ' | ' |
Redemption price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102.40% | 104.60% | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | 450,000 | ' | ' | ' | ' | 750,000 | ' |
Consolidated First Lien Debt Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2.25 to 1.00 | ' |
Term loan accordion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' |
Pension_and_Postretirement_Ben2
Pension and Postretirement Benefits other than Pensions - Net Periodic Benefit Cost of Defined Benefit Plans and Other Postretirement Benefit Plans (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
U.S. Pension Benefits [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Service cost | $213 | $305 |
Interest cost | 3,370 | 3,052 |
Expected return on plan assets | -4,764 | -4,342 |
Amortization of prior service cost (credit) and recognized actuarial loss (gain) | 16 | 344 |
Net periodic benefit cost (gain) | -1,165 | -641 |
Non-U.S. Pension Benefits [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Service cost | 861 | 888 |
Interest cost | 1,802 | 1,710 |
Expected return on plan assets | -958 | -949 |
Amortization of prior service cost (credit) and recognized actuarial loss (gain) | 231 | 330 |
Net periodic benefit cost (gain) | 1,936 | 1,979 |
U.S. Other Postretirement Benefits [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Service cost | 106 | 147 |
Interest cost | 397 | 407 |
Amortization of prior service cost (credit) and recognized actuarial loss (gain) | -481 | -281 |
Other | 6 | 6 |
Net periodic benefit cost (gain) | 28 | 279 |
Non-U.S. Other Postretirement Benefits [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Service cost | 136 | 168 |
Interest cost | 188 | 188 |
Amortization of prior service cost (credit) and recognized actuarial loss (gain) | -71 | -36 |
Other | 0 | 0 |
Net periodic benefit cost (gain) | $253 | $320 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective tax rate | 36.00% | 28.00% |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income , Equity and Redeemable Noncontrolling Interests - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | Cumulative currency translation adjustment [Member] | Cumulative currency translation adjustment [Member] | Benefit plan liability [Member] | Benefit plan liability [Member] | Unrealized gains on investment securities [Member] | Unrealized gains on investment securities [Member] | Fair value change of derivatives [Member] | Fair value change of derivatives [Member] | Accumulated other comprehensive loss [Member] | Accumulated other comprehensive loss [Member] | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ($28,497) | ($27,694) | $5,712 | $18,320 | ($33,406) | ($64,018) | $0 | $0 | $0 | $250 | ($27,694) | ($45,448) |
Other comprehensive income (loss) before reclassifications | ' | ' | -2,020 | -9,292 | 159 | 792 | 1,146 | 0 | 73 | 491 | -642 | -8,009 |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 0 | 0 | -166 | 216 | 0 | 0 | 5 | -7 | -161 | 209 |
Net current period other comprehensive income (loss) | ' | ' | -2,020 | -9,292 | -7 | 1,008 | 1,146 | 0 | 78 | 484 | -803 | -7,800 |
Ending Balance | ($28,497) | ($27,694) | $3,692 | $9,028 | ($33,413) | ($63,010) | $1,146 | $0 | $78 | $734 | ($28,497) | ($53,248) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income , Equity and Redeemable Noncontrolling Interests - Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Equity [Abstract] | ' | ' |
Other comprehensive income (loss) related to benefit plan liability, tax | ($74) | $98 |
Other comprehensive income (loss), unrealized holding gain (loss) on securities arising during period, tax | -703 | ' |
Other comprehensive income (loss) related to fair value change of derivatives, tax | ($59) | ($87) |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income , Equity and Redeemable Noncontrolling Interests - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair value change of derivatives | ' | ' |
Fair value change of derivatives, Income before income taxes | ($7) | $10 |
Fair value change of derivatives, Income tax expense | 2 | -3 |
Fair value change of derivatives, Consolidated net income | -5 | 7 |
Amortization of defined benefit and other postretirement benefit plans | ' | ' |
Amortization of defined benefit and other postretirement benefit plans, Prior service credits | 82 | 159 |
Amortization of defined benefit and other postretirement benefit plans, Actuarial losses | 224 | -472 |
Amortization of defined benefit and other postretirement benefit plans, Income before income taxes | 306 | -313 |
Amortization of defined benefit and other postretirement benefit plans, Income tax expense | -140 | 97 |
Amortization of defined benefit and other postretirement benefit plans, Consolidated net income | 166 | -216 |
Total reclassifications for the period | 161 | -209 |
Interest expense, net of interest income [Member] | Interest rate contract [Member] | ' | ' |
Fair value change of derivatives | ' | ' |
Fair value change of derivatives, Income before income taxes | 0 | -40 |
Cost of products sold [Member] | Foreign exchange contract [Member] | ' | ' |
Fair value change of derivatives | ' | ' |
Fair value change of derivatives, Income before income taxes | ($7) | $50 |
Accumulated_Other_Comprehensiv5
Accumulated Other Comprehensive Income , Equity and Redeemable Noncontrolling Interests - Summary of Equity and Redeemable Noncontrolling Interest Activity (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Equity And Noncontrolling Interests [Line Items] | ' | ' |
Equity at January 1, 2014 | $615,572 | ' |
Net income | 21,357 | 19,873 |
Warrant exercise | 4,571 | 0 |
Equity at March 31, 2014 | 643,883 | ' |
Cooper-Standard Holdings Inc. [Member] | ' | ' |
Equity And Noncontrolling Interests [Line Items] | ' | ' |
Equity at January 1, 2014 | 618,150 | ' |
Net income | 19,735 | ' |
Warrant exercise | 4,571 | ' |
Other comprehensive income (loss) | -803 | ' |
Stock-based compensation | 3,631 | ' |
Shares issued under stock option plans | -454 | ' |
Equity at March 31, 2014 | 644,830 | ' |
Noncontrolling Interests [Member] | ' | ' |
Equity And Noncontrolling Interests [Line Items] | ' | ' |
Equity at January 1, 2014 | -2,578 | ' |
Net income | 1,621 | ' |
Warrant exercise | 0 | ' |
Other comprehensive income (loss) | 10 | ' |
Stock-based compensation | 0 | ' |
Shares issued under stock option plans | 0 | ' |
Equity at March 31, 2014 | -947 | ' |
Redeemable Noncontrolling Interests [Member] | ' | ' |
Equity And Noncontrolling Interests [Line Items] | ' | ' |
Equity at January 1, 2014 | 5,153 | ' |
Net income | 1 | ' |
Warrant exercise | 0 | ' |
Other comprehensive income (loss) | 166 | ' |
Stock-based compensation | 0 | ' |
Shares issued under stock option plans | 0 | ' |
Equity at March 31, 2014 | 5,320 | ' |
Total Equity [Member] | ' | ' |
Equity And Noncontrolling Interests [Line Items] | ' | ' |
Equity at January 1, 2014 | 615,572 | ' |
Net income | 21,356 | ' |
Warrant exercise | 4,571 | ' |
Other comprehensive income (loss) | -793 | ' |
Stock-based compensation | 3,631 | ' |
Shares issued under stock option plans | -454 | ' |
Equity at March 31, 2014 | $643,883 | ' |
Net_Income_Per_Share_Attributa2
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. - Basic and Diluted Net Income Per Share Attributable (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income attributable to Cooper-Standard Holdings Inc. | $19,735 | $20,701 |
Less: 7% Preferred stock dividends (paid or unpaid) | 0 | -1,677 |
Less: Undistributed earnings allocated to participating securities | 0 | -3,724 |
Net income available to Cooper-Standard Holdings Inc. common stockholders | $19,735 | $15,300 |
Basic weighted average shares of common stock outstanding | 16,656,600 | 16,621,120 |
Dilutive effect of: | ' | ' |
Restricted common stock | 151,772 | 252,817 |
Restricted 7% preferred stock | 0 | 32,315 |
Warrants | 1,038,338 | 693,043 |
Options | 73,561 | 112,083 |
Diluted weighted average shares of common stock outstanding | 17,920,271 | 17,711,378 |
Basic net income per share attributable to Cooper-Standard Holdings Inc. | $1.18 | $0.92 |
Diluted net income per share attributable to Cooper-Standard Holdings Inc. | $1.10 | $0.86 |
Net_Income_Per_Share_Attributa3
Net Income Per Share Attributable to Cooper-Standard Holdings Inc -Common stock equivalents (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
7% Preferred dividends, undistributed earnings and premium allocated to participating securities that would be added back in the diluted calculation | $0 | $5,401 |
Stock Option [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 479,211 | 471,898 |
Stock Option [Member] | Minimum [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Exercise price | $25.52 | $43.50 |
Stock Option [Member] | Maximum [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Exercise price | $66.23 | $52.50 |
Restricted Stock [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 70,420 | 0 |
Convertible Preferred Stock [Member] | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 4,045,852 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Stock Comp [Line Items] | ' | ' |
Preferred stock dividend rate, percentage | 7.00% | ' |
Omnibus Incentive Plan [Member] | ' | ' |
Stock Comp [Line Items] | ' | ' |
Total compensation expense recognized | $3,906 | $3,800 |
Other_Income_Expense_Net_Detai
Other Income (Expense), Net - Details of Components of Other Income Expense, Net (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Income and Expenses [Abstract] | ' | ' |
Foreign currency gains | $532 | $260 |
Unrealized losses related to forward contracts | -38 | -188 |
Loss on sale of receivables | -464 | -373 |
Miscellaneous expense | 0 | -31 |
Other income (expense), net | $30 | ($332) |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Related Party Transaction Due From To Related Party [Line Items] | ' | ' |
Dividend related to return on Capital on investment made | $951,000 | $2,120,000 |
Nisco [Member] | ' | ' |
Related Party Transaction Due From To Related Party [Line Items] | ' | ' |
Joint Venture percentage | 40.00% | 40.00% |
Sales to related party | 10,850,000 | 11,570,000 |
Dividend received | 1,760,000 | 4,000,000 |
Dividend related to earnings | 809,000 | 1,880,000 |
Dividend related to return on Capital on investment made | 951,000 | 2,120,000 |
Guyoung [Member] | ' | ' |
Related Party Transaction Due From To Related Party [Line Items] | ' | ' |
Joint Venture percentage | 17.00% | 20.00% |
Dividend received | 224,000 | ' |
Dividend related to earnings | 224 | ' |
Total Purchases of materials | 441,000 | 690,000 |
Unrealized gain on investment | 1,849,000 | ' |
Amortized cost of the investment | 1,299,000 | ' |
Fair value of investment | $3,148,000 | ' |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reportable segments | 4 |
Scenario, Previously Reported [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of reportable segments | 2 |
Number of geographic regions | 2 |
Business_Segments_Information_
Business Segments - Information on Company's Business Segments (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to external customers | $837,606 | $747,577 | ' |
Intersegment sales | 0 | 0 | ' |
Segment profit (loss) | 33,421 | 27,764 | ' |
Restructuring | 3,089 | 4,760 | ' |
Segment assets | 2,147,913 | ' | 2,102,754 |
Reportable Geographical Components [Member] | North America [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to external customers | 432,605 | 382,808 | ' |
Intersegment sales | 3,359 | 3,734 | ' |
Segment profit (loss) | 38,460 | 33,806 | ' |
Restructuring | 98 | 1,784 | ' |
Segment assets | 926,044 | ' | 866,847 |
Reportable Geographical Components [Member] | Europe [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to external customers | 308,161 | 264,487 | ' |
Intersegment sales | 2,227 | 1,847 | ' |
Segment profit (loss) | -3,182 | -6,053 | ' |
Restructuring | 2,863 | 2,970 | ' |
Segment assets | 705,154 | ' | 680,920 |
Reportable Geographical Components [Member] | South America [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to external customers | 39,766 | 45,402 | ' |
Intersegment sales | 0 | 0 | ' |
Segment profit (loss) | -2,507 | -3,381 | ' |
Restructuring | 0 | 0 | ' |
Segment assets | 144,275 | ' | 138,469 |
Reportable Geographical Components [Member] | Asia Pacific [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to external customers | 57,074 | 54,860 | ' |
Intersegment sales | 1,847 | 2,105 | ' |
Segment profit (loss) | 650 | 3,392 | ' |
Restructuring | 128 | 6 | ' |
Segment assets | 245,378 | ' | 243,736 |
Reportable Geographical Components [Member] | Total geographical [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to external customers | 837,606 | 747,557 | ' |
Eliminations and other [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Intersegment sales | -7,433 | -7,686 | ' |
Segment assets | $127,062 | ' | $172,782 |
Guarantor_and_NonGuarantor_Sub2
Guarantor and Non-Guarantor Subsidiaries - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | 27-May-10 |
Proforma Debt Instrument [Line Items] | ' | ' |
Senior notes stated percentage | 8.50% | ' |
Senior Notes [Member] | ' | ' |
Proforma Debt Instrument [Line Items] | ' | ' |
Senior Notes, principal amount | ' | $450,000 |
Senior notes stated percentage | 8.50% | ' |
Senior notes maturity | '2018 | ' |
Guarantor_and_NonGuarantor_Sub3
Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Sales | $837,606 | $747,577 |
Cost of products sold | 703,347 | 627,264 |
Selling, administration, & engineering expenses | 79,571 | 75,094 |
Amortization of intangibles | 4,436 | 3,891 |
Restructuring | 3,089 | 4,760 |
Operating profit | 47,163 | 36,568 |
Interest expense, net of interest income | -15,008 | -11,207 |
Equity earnings | 1,236 | 2,735 |
Other income (expense), net | 30 | -332 |
Income (loss) before income taxes | 33,421 | 27,764 |
Income tax expense (benefit) | 12,064 | 7,891 |
Income (loss) before equity in income (loss) of subsidiaries | 21,357 | 19,873 |
Equity in net income of subsidiaries | 0 | 0 |
Net income | 21,357 | 19,873 |
Net (income) loss attributable to noncontrolling interests | -1,622 | 828 |
Net income attributable to Cooper-Standard Holdings Inc. | 19,735 | 20,701 |
Comprehensive income | 20,730 | 11,943 |
Add: comprehensive (income) loss attributable to noncontrolling interests | -1,798 | 958 |
Comprehensive income attributable to Cooper-Standard Holdings Inc. | 18,932 | 12,901 |
Parent [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Sales | 0 | 0 |
Cost of products sold | 0 | 0 |
Selling, administration, & engineering expenses | 0 | 0 |
Amortization of intangibles | 0 | 0 |
Restructuring | 0 | 0 |
Operating profit | 0 | 0 |
Interest expense, net of interest income | -4,000 | 0 |
Equity earnings | 0 | 0 |
Other income (expense), net | 0 | 0 |
Income (loss) before income taxes | -4,000 | 0 |
Income tax expense (benefit) | -1,700 | 0 |
Income (loss) before equity in income (loss) of subsidiaries | -2,300 | 0 |
Equity in net income of subsidiaries | 22,000 | 20,700 |
Net income | 19,700 | 20,700 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net income attributable to Cooper-Standard Holdings Inc. | 19,700 | 20,700 |
Comprehensive income | 18,900 | 12,900 |
Add: comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to Cooper-Standard Holdings Inc. | 18,900 | 12,900 |
Issuer [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Sales | 155,300 | 145,200 |
Cost of products sold | 133,300 | 120,500 |
Selling, administration, & engineering expenses | 36,800 | 34,800 |
Amortization of intangibles | 2,900 | 2,900 |
Restructuring | 0 | 1,600 |
Operating profit | -17,700 | -14,600 |
Interest expense, net of interest income | -7,200 | -8,300 |
Equity earnings | 300 | 1,000 |
Other income (expense), net | 6,900 | 7,500 |
Income (loss) before income taxes | -17,700 | -14,400 |
Income tax expense (benefit) | -7,000 | -2,700 |
Income (loss) before equity in income (loss) of subsidiaries | -10,700 | -11,700 |
Equity in net income of subsidiaries | 32,700 | 32,400 |
Net income | 22,000 | 20,700 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net income attributable to Cooper-Standard Holdings Inc. | 22,000 | 20,700 |
Comprehensive income | 21,200 | 12,900 |
Add: comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to Cooper-Standard Holdings Inc. | 21,200 | 12,900 |
Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Sales | 175,100 | 165,700 |
Cost of products sold | 137,800 | 133,200 |
Selling, administration, & engineering expenses | -200 | 3,100 |
Amortization of intangibles | 0 | 0 |
Restructuring | 100 | 100 |
Operating profit | 37,400 | 29,300 |
Interest expense, net of interest income | 0 | 0 |
Equity earnings | 0 | 900 |
Other income (expense), net | 100 | 100 |
Income (loss) before income taxes | 37,500 | 30,300 |
Income tax expense (benefit) | 15,800 | 5,500 |
Income (loss) before equity in income (loss) of subsidiaries | 21,700 | 24,800 |
Equity in net income of subsidiaries | 0 | 0 |
Net income | 21,700 | 24,800 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net income attributable to Cooper-Standard Holdings Inc. | 21,700 | 24,800 |
Comprehensive income | 21,700 | 24,800 |
Add: comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to Cooper-Standard Holdings Inc. | 21,700 | 24,800 |
Non-Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Sales | 557,500 | 486,300 |
Cost of products sold | 482,500 | 423,200 |
Selling, administration, & engineering expenses | 43,000 | 37,200 |
Amortization of intangibles | 1,500 | 1,000 |
Restructuring | 3,000 | 3,000 |
Operating profit | 27,500 | 21,900 |
Interest expense, net of interest income | -3,800 | -2,900 |
Equity earnings | 900 | 800 |
Other income (expense), net | -7,000 | -7,900 |
Income (loss) before income taxes | 17,600 | 11,900 |
Income tax expense (benefit) | 5,000 | 5,100 |
Income (loss) before equity in income (loss) of subsidiaries | 12,600 | 6,800 |
Equity in net income of subsidiaries | 0 | 0 |
Net income | 12,600 | 6,800 |
Net (income) loss attributable to noncontrolling interests | -1,600 | 800 |
Net income attributable to Cooper-Standard Holdings Inc. | 11,000 | 7,600 |
Comprehensive income | 11,400 | 1,400 |
Add: comprehensive (income) loss attributable to noncontrolling interests | -1,800 | 1,000 |
Comprehensive income attributable to Cooper-Standard Holdings Inc. | 9,600 | 2,400 |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Sales | -50,300 | -49,600 |
Cost of products sold | -50,300 | -49,600 |
Selling, administration, & engineering expenses | 0 | 0 |
Amortization of intangibles | 0 | 0 |
Restructuring | 0 | 0 |
Operating profit | 0 | 0 |
Interest expense, net of interest income | 0 | 0 |
Equity earnings | 0 | 0 |
Other income (expense), net | 0 | 0 |
Income (loss) before income taxes | 0 | 0 |
Income tax expense (benefit) | 0 | 0 |
Income (loss) before equity in income (loss) of subsidiaries | 0 | 0 |
Equity in net income of subsidiaries | -54,700 | -53,100 |
Net income | -54,700 | -53,100 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net income attributable to Cooper-Standard Holdings Inc. | -54,700 | -53,100 |
Comprehensive income | -52,500 | -40,100 |
Add: comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to Cooper-Standard Holdings Inc. | ($52,500) | ($40,100) |
Guarantor_and_NonGuarantor_Sub4
Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Balance Sheet (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $138,045 | $184,370 | $216,713 | $270,555 |
Accounts receivable, net | 439,142 | 365,750 | ' | ' |
Tooling receivable | 147,533 | 156,205 | ' | ' |
Inventories | 188,589 | 179,766 | ' | ' |
Prepaid expenses | 26,138 | 26,940 | ' | ' |
Other | 85,095 | 82,301 | ' | ' |
Total current assets | 1,024,542 | 995,332 | ' | ' |
Investments in affiliates and intercompany accounts, net | 65,100 | 66,500 | ' | ' |
Property, plant, and equipment, net | 757,258 | 732,902 | ' | ' |
Goodwill | 139,318 | 139,701 | ' | ' |
Other assets | 161,700 | 168,300 | ' | ' |
Total assets | 2,147,913 | 2,102,754 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Debt payable within one year | 31,853 | 28,329 | ' | ' |
Accounts payable | 326,862 | 355,394 | ' | ' |
Accrued Liabilities | 221,700 | 186,500 | ' | ' |
Total current liabilities | 580,539 | 570,171 | ' | ' |
Long-term debt | 661,291 | 656,095 | ' | ' |
Other Liabilities | 256,900 | 255,700 | ' | ' |
Total liabilities | 1,498,710 | 1,482,029 | ' | ' |
Redeemable noncontrolling interests | 5,320 | 5,153 | ' | ' |
Total Cooper-Standard Holdings Inc. equity | 644,830 | 618,150 | ' | ' |
Noncontrolling interests | -947 | -2,578 | ' | ' |
Total equity | 643,883 | 615,572 | ' | ' |
Total liabilities and equity | 2,147,913 | 2,102,754 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 13,100 | 13,100 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Tooling receivable | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Prepaid expenses | 0 | 0 | ' | ' |
Other | 0 | 0 | ' | ' |
Total current assets | 13,100 | 13,100 | ' | ' |
Investments in affiliates and intercompany accounts, net | 829,400 | 800,500 | ' | ' |
Property, plant, and equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other assets | 6,400 | 4,800 | ' | ' |
Total assets | 848,900 | 818,400 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Debt payable within one year | 0 | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued Liabilities | 7,400 | 3,700 | ' | ' |
Total current liabilities | 7,400 | 3,700 | ' | ' |
Long-term debt | 196,700 | 196,500 | ' | ' |
Other Liabilities | 0 | 0 | ' | ' |
Total liabilities | 204,100 | 200,200 | ' | ' |
Redeemable noncontrolling interests | 0 | 0 | ' | ' |
Total Cooper-Standard Holdings Inc. equity | 644,800 | 618,200 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 644,800 | 618,200 | ' | ' |
Total liabilities and equity | 848,900 | 818,400 | ' | ' |
Issuer [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 56,300 | 83,000 | 152,800 | 177,500 |
Accounts receivable, net | 77,100 | 55,500 | ' | ' |
Tooling receivable | 22,900 | 27,100 | ' | ' |
Inventories | 24,200 | 24,600 | ' | ' |
Prepaid expenses | 5,600 | 6,200 | ' | ' |
Other | 27,000 | 26,400 | ' | ' |
Total current assets | 213,100 | 222,800 | ' | ' |
Investments in affiliates and intercompany accounts, net | 237,400 | 231,800 | ' | ' |
Property, plant, and equipment, net | 105,500 | 103,600 | ' | ' |
Goodwill | 111,100 | 111,100 | ' | ' |
Other assets | 155,200 | 150,100 | ' | ' |
Total assets | 822,300 | 819,400 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Debt payable within one year | 500 | 0 | ' | ' |
Accounts payable | 46,700 | 53,800 | ' | ' |
Accrued Liabilities | 56,200 | 40,800 | ' | ' |
Total current liabilities | 103,400 | 94,600 | ' | ' |
Long-term debt | 450,000 | 450,000 | ' | ' |
Other Liabilities | 111,800 | 115,300 | ' | ' |
Total liabilities | 665,200 | 659,900 | ' | ' |
Redeemable noncontrolling interests | 0 | 0 | ' | ' |
Total Cooper-Standard Holdings Inc. equity | 157,100 | 159,500 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 157,100 | 159,500 | ' | ' |
Total liabilities and equity | 822,300 | 819,400 | ' | ' |
Guarantors [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 4,400 |
Accounts receivable, net | 88,200 | 70,900 | ' | ' |
Tooling receivable | 18,900 | 15,700 | ' | ' |
Inventories | 32,500 | 32,300 | ' | ' |
Prepaid expenses | 600 | 600 | ' | ' |
Other | 600 | 700 | ' | ' |
Total current assets | 140,800 | 120,200 | ' | ' |
Investments in affiliates and intercompany accounts, net | 1,200,800 | 1,191,600 | ' | ' |
Property, plant, and equipment, net | 59,300 | 58,600 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other assets | -56,700 | -40,800 | ' | ' |
Total assets | 1,344,200 | 1,329,600 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Debt payable within one year | 0 | 0 | ' | ' |
Accounts payable | 47,700 | 54,600 | ' | ' |
Accrued Liabilities | 3,500 | 3,700 | ' | ' |
Total current liabilities | 51,200 | 58,300 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Other Liabilities | -100 | -100 | ' | ' |
Total liabilities | 51,100 | 58,200 | ' | ' |
Redeemable noncontrolling interests | 0 | 0 | ' | ' |
Total Cooper-Standard Holdings Inc. equity | 1,293,100 | 1,271,400 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 1,293,100 | 1,271,400 | ' | ' |
Total liabilities and equity | 1,344,200 | 1,329,600 | ' | ' |
Non-Guarantors [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 68,600 | 88,300 | 63,900 | 88,700 |
Accounts receivable, net | 273,800 | 239,400 | ' | ' |
Tooling receivable | 105,700 | 113,400 | ' | ' |
Inventories | 131,900 | 122,900 | ' | ' |
Prepaid expenses | 19,900 | 20,100 | ' | ' |
Other | 57,600 | 55,200 | ' | ' |
Total current assets | 657,500 | 639,300 | ' | ' |
Investments in affiliates and intercompany accounts, net | -126,500 | -110,200 | ' | ' |
Property, plant, and equipment, net | 592,500 | 570,700 | ' | ' |
Goodwill | 28,200 | 28,600 | ' | ' |
Other assets | 56,800 | 54,200 | ' | ' |
Total assets | 1,208,500 | 1,182,600 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Debt payable within one year | 31,400 | 28,300 | ' | ' |
Accounts payable | 232,500 | 247,000 | ' | ' |
Accrued Liabilities | 154,600 | 138,300 | ' | ' |
Total current liabilities | 418,500 | 413,600 | ' | ' |
Long-term debt | 14,600 | 9,600 | ' | ' |
Other Liabilities | 145,200 | 140,500 | ' | ' |
Total liabilities | 578,300 | 563,700 | ' | ' |
Redeemable noncontrolling interests | 5,300 | 5,200 | ' | ' |
Total Cooper-Standard Holdings Inc. equity | 625,800 | 616,300 | ' | ' |
Noncontrolling interests | -900 | -2,600 | ' | ' |
Total equity | 624,900 | 613,700 | ' | ' |
Total liabilities and equity | 1,208,500 | 1,182,600 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Tooling receivable | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Prepaid expenses | 0 | 0 | ' | ' |
Other | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Investments in affiliates and intercompany accounts, net | -2,076,000 | -2,047,200 | ' | ' |
Property, plant, and equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Total assets | -2,076,000 | -2,047,200 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Debt payable within one year | 0 | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued Liabilities | 0 | 0 | ' | ' |
Total current liabilities | 0 | 0 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Other Liabilities | 0 | 0 | ' | ' |
Total liabilities | 0 | 0 | ' | ' |
Redeemable noncontrolling interests | 0 | 0 | ' | ' |
Total Cooper-Standard Holdings Inc. equity | -2,076,000 | -2,047,200 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | -2,076,000 | -2,047,200 | ' | ' |
Total liabilities and equity | ($2,076,000) | ($2,047,200) | ' | ' |
Guarantor_and_NonGuarantor_Sub5
Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net cash provided by (used in) operating activities | $3,871 | ($13,301) |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -63,817 | -34,269 |
Return on equity investments | 951 | 2,120 |
Proceeds from the sale of fixed assets and other | 2,125 | 218 |
Net cash used in investing activities | -60,741 | -31,931 |
FINANCING ACTIVITIES | ' | ' |
Increase in short term debt, net | 2,289 | 4,897 |
Borrowings on long-term debt | 4,435 | 0 |
Principal payments on long-term debt | -121 | -1,763 |
Purchase of noncontrolling interest | 0 | -1,911 |
Repurchase of preferred and common stock | ' | -11,098 |
Debt issuance costs | -671 | 0 |
Proceeds from exercise of warrants | 4,571 | 0 |
Other financing activities | -927 | -1,600 |
Net cash provided by (used in) financing activities | 9,576 | -11,534 |
Effects of exchange rate changes on cash and cash equivalents | 969 | 2,924 |
Changes in cash and cash equivalents | -46,325 | -53,842 |
Cash and cash equivalents at beginning of period | 184,370 | 270,555 |
Cash and cash equivalents at end of period | 138,045 | 216,713 |
Depreciation and amortization | 28,300 | 29,800 |
Parent [Member] | ' | ' |
OPERATING ACTIVITIES | ' | ' |
Net cash provided by (used in) operating activities | 0 | 1,700 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | 0 | 0 |
Return on equity investments | 0 | 0 |
Proceeds from the sale of fixed assets and other | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
FINANCING ACTIVITIES | ' | ' |
Increase in short term debt, net | 0 | 0 |
Borrowings on long-term debt | 0 | ' |
Principal payments on long-term debt | 0 | 0 |
Purchase of noncontrolling interest | ' | 0 |
Repurchase of preferred and common stock | ' | 0 |
Debt issuance costs | 0 | ' |
Proceeds from exercise of warrants | 0 | ' |
Other financing activities | 0 | -1,700 |
Net cash provided by (used in) financing activities | 0 | -1,700 |
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 |
Changes in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 13,100 | 0 |
Cash and cash equivalents at end of period | 13,100 | 0 |
Depreciation and amortization | 0 | 0 |
Issuer [Member] | ' | ' |
OPERATING ACTIVITIES | ' | ' |
Net cash provided by (used in) operating activities | -18,400 | -4,400 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -10,800 | -6,400 |
Return on equity investments | 0 | 0 |
Proceeds from the sale of fixed assets and other | -100 | 0 |
Net cash used in investing activities | -10,900 | -6,400 |
FINANCING ACTIVITIES | ' | ' |
Increase in short term debt, net | 0 | 0 |
Borrowings on long-term debt | 0 | ' |
Principal payments on long-term debt | 0 | 0 |
Purchase of noncontrolling interest | ' | 0 |
Repurchase of preferred and common stock | ' | -11,100 |
Debt issuance costs | -700 | ' |
Proceeds from exercise of warrants | 4,600 | ' |
Other financing activities | -1,300 | -2,800 |
Net cash provided by (used in) financing activities | 2,600 | -13,900 |
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 |
Changes in cash and cash equivalents | -26,700 | -24,700 |
Cash and cash equivalents at beginning of period | 83,000 | 177,500 |
Cash and cash equivalents at end of period | 56,300 | 152,800 |
Depreciation and amortization | 7,000 | 7,100 |
Guarantors [Member] | ' | ' |
OPERATING ACTIVITIES | ' | ' |
Net cash provided by (used in) operating activities | 3,000 | -2,400 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -4,000 | -4,100 |
Return on equity investments | 1,000 | 2,100 |
Proceeds from the sale of fixed assets and other | 0 | 0 |
Net cash used in investing activities | -3,000 | -2,000 |
FINANCING ACTIVITIES | ' | ' |
Increase in short term debt, net | 0 | 0 |
Borrowings on long-term debt | 0 | ' |
Principal payments on long-term debt | 0 | 0 |
Purchase of noncontrolling interest | ' | 0 |
Repurchase of preferred and common stock | ' | 0 |
Debt issuance costs | 0 | ' |
Proceeds from exercise of warrants | 0 | ' |
Other financing activities | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 |
Changes in cash and cash equivalents | 0 | -4,400 |
Cash and cash equivalents at beginning of period | 0 | 4,400 |
Cash and cash equivalents at end of period | 0 | 0 |
Depreciation and amortization | 2,800 | 3,400 |
Non-Guarantors [Member] | ' | ' |
OPERATING ACTIVITIES | ' | ' |
Net cash provided by (used in) operating activities | 19,300 | -8,200 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -49,000 | -23,800 |
Return on equity investments | 0 | 0 |
Proceeds from the sale of fixed assets and other | 2,200 | 200 |
Net cash used in investing activities | -46,800 | -23,600 |
FINANCING ACTIVITIES | ' | ' |
Increase in short term debt, net | 2,300 | 4,900 |
Borrowings on long-term debt | 4,400 | ' |
Principal payments on long-term debt | -100 | -1,800 |
Purchase of noncontrolling interest | ' | -1,900 |
Repurchase of preferred and common stock | ' | 0 |
Debt issuance costs | 0 | ' |
Proceeds from exercise of warrants | 0 | ' |
Other financing activities | 300 | 2,900 |
Net cash provided by (used in) financing activities | 6,900 | 4,100 |
Effects of exchange rate changes on cash and cash equivalents | 900 | 2,900 |
Changes in cash and cash equivalents | -19,700 | -24,800 |
Cash and cash equivalents at beginning of period | 88,300 | 88,700 |
Cash and cash equivalents at end of period | 68,600 | 63,900 |
Depreciation and amortization | 18,500 | 19,300 |
Eliminations [Member] | ' | ' |
OPERATING ACTIVITIES | ' | ' |
Net cash provided by (used in) operating activities | 0 | 0 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | 0 | 0 |
Return on equity investments | 0 | 0 |
Proceeds from the sale of fixed assets and other | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
FINANCING ACTIVITIES | ' | ' |
Increase in short term debt, net | 0 | 0 |
Borrowings on long-term debt | 0 | ' |
Principal payments on long-term debt | 0 | 0 |
Purchase of noncontrolling interest | ' | 0 |
Repurchase of preferred and common stock | ' | 0 |
Debt issuance costs | 0 | ' |
Proceeds from exercise of warrants | 0 | ' |
Other financing activities | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 |
Changes in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Depreciation and amortization | $0 | $0 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Senior unsecured notes principal amount | $450,000 | ' | ' |
Ownership percentage by company | 51.00% | ' | ' |
Percentage of ownership Right of Non controlling to purchase by company | 49.00% | ' | ' |
Notional amount of foreign currency cash flow | 930 | ' | ' |
Fair value of contracts recorded in asset position in other current assets | 85,095 | ' | 82,301 |
Liability position recorded in accrued liabilities | 105,516 | ' | 89,302 |
Maturity date of foreign currency derivative contracts | 30-Apr-14 | ' | ' |
Undesignated derivative forward contracts | 4 | ' | ' |
Unrealized gains (loss) related to forward contracts | -38 | -188 | ' |
Temporary Equity, Redemption Value | 0 | ' | 0 |
Foreign Exchange Forward [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Fair value of contracts recorded in asset position in other current assets | 217 | ' | ' |
Liability position recorded in accrued liabilities | 79 | ' | ' |
Amount reclassified from AOCI into cost of products sold | 7 | ' | ' |
Forward Foreign Exchange Contracts Transaction Period | 31-Dec-14 | ' | ' |
Foreign Exchange Forward [Member] | Foreign exchange contract [Member] | Cash Flow Hedging [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Notional amount of foreign currency cash flow | 17,326 | ' | ' |
Senior Notes [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Fair values of the Senior Notes | 471,375 | ' | 477,000 |
Senior unsecured notes principal amount | 450,000 | ' | 450,000 |
Senior PIK Toggle Notes [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Fair values of the Senior Notes | 200,620 | ' | 197,466 |
Senior PIK Toggle notes principal amount | $196,686 | ' | $196,484 |
Financial_Instruments_Fair_Val
Financial Instruments - Fair Value Hierarchy Level for Company's Liabilities Measured (Detail) (Level 2 [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Level 2 [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | $217 | $36 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | ($83) | ($1) |
Accounts_Receivable_Factoring_
Accounts Receivable Factoring - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Receivables [Abstract] | ' | ' |
Amount outstanding under accounts receivable transfer agreements without recourse | $120,366 | $89,015 |
Total amount of accounts receivable factored without recourse | 139,130 | 113,402 |
Costs incurred on sale of receivables | 798 | 645 |
Amount outstanding under accounts receivable transfer agreements with recourse | 9,500 | 15,197 |
Secured debt maturity period | '1 year | ' |
Total amount of accounts receivable factored with recourse | 15,695 | 22,712 |
Costs incurred on sale of receivables | $92 | $84 |