Accumulated Other Comprehensive Income , Equity and Redeemable Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2014 |
Equity [Abstract] | ' |
Changes in Accumulated Other Comprehensive Income (Loss) | ' |
The changes in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2013 and 2014, net of related tax, are as follows: |
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| Three Months Ended June 30, 2013 |
| Cumulative currency translation adjustment | | Benefit plan | | Unrealized gain on investment securities | | Fair value change of derivatives | | Accumulated other comprehensive loss |
liability |
Balance at April 1, 2013 | $ | 9,028 | | | $ | (63,010 | ) | | $ | — | | | $ | 734 | | | $ | (53,248 | ) |
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Other comprehensive income (loss) before reclassifications | (14,139 | ) | | 113 | | | — | | | (674 | ) | | (14,700 | ) |
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Amounts reclassified from accumulated other comprehensive income (loss) | — | | | 224 | | | — | | | (226 | ) | | (2 | ) |
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Net current period other comprehensive income (loss)(1) | (14,139 | ) | | 337 | | | — | | | (900 | ) | | (14,702 | ) |
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Balance at June 30, 2013 | $ | (5,111 | ) | | $ | (62,673 | ) | | $ | — | | | $ | (166 | ) | | $ | (67,950 | ) |
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Amounts in parentheses indicate debits. |
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-1 | Other comprehensive income (loss) related to the benefit plan liability is net of a tax effect of ($498). Other comprehensive income (loss) related to the fair value change of derivatives is net of a tax effect of $212. | | | | | | | | | | | | | | | | | | |
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| Three Months Ended June 30, 2014 |
| Cumulative currency translation adjustment | | Benefit plan | | Unrealized gain on investment securities (2) | | Fair value change of derivatives | | Accumulated other comprehensive loss |
liability |
Balance at April 1, 2014 | $ | 3,692 | | | $ | (33,413 | ) | | $ | 1,146 | | | $ | 78 | | | $ | (28,497 | ) |
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Other comprehensive income (loss) before reclassifications | 5,591 | | | 175 | | | — | | | 76 | | | 5,842 | |
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Amounts reclassified from accumulated other comprehensive income (loss) | — | | | (251 | ) | | (1,146 | ) | | (55 | ) | | (1,452 | ) |
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Net current period other comprehensive income (loss)(1) | 5,591 | | | (76 | ) | | (1,146 | ) | | 21 | | | 4,390 | |
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Balance at June 30, 2014 | $ | 9,283 | | | $ | (33,489 | ) | | $ | — | | | $ | 99 | | | $ | (24,107 | ) |
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Amounts in parentheses indicate debits. |
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-1 | Other comprehensive income (loss) related to the benefit plan liability is net of a tax effect of $(20). Other comprehensive income (loss) related to the unrealized gain on investment securities is net of a tax effect of $736. Other comprehensive income (loss) related to the fair value change of derivatives is net of a tax effect of $(22). | | | | | | | | | | | | | | | | | | |
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-2 | The unrealized gain on investment securities that was reclassified out of accumulated other comprehensive income (loss) related to the gain on the sale of investment of $1,882, which is recorded in other expense, net, less income tax expense of $736. | | | | | | | | | | | | | | | | | | |
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| Six Months Ended June 30, 2013 |
| Cumulative currency translation adjustment | | Benefit plan | | Unrealized gain 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 | ) |
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Other comprehensive loss before reclassifications | (23,431 | ) | | 905 | | | — | | | (183 | ) | | (22,709 | ) |
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Amounts reclassified from accumulated other comprehensive income (loss) | — | | | 440 | | | — | | | (233 | ) | | 207 | |
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Net current period other comprehensive income (loss)(1) | (23,431 | ) | | 1,345 | | | — | | | (416 | ) | | (22,502 | ) |
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Balance at June 30, 2013 | $ | (5,111 | ) | | $ | (62,673 | ) | | $ | — | | | $ | (166 | ) | | $ | (67,950 | ) |
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Amounts in parentheses indicate debits. |
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-1 | Other comprehensive income (loss) related to the benefit plan liability is net of a tax effect of ($400). Other comprehensive income (loss) related to the fair value change of derivatives is net of a tax effect of $125. | | | | | | | | | | | | | | | | | | |
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| Six Months Ended June 30, 2014 |
| Cumulative currency translation adjustment | | Benefit plan | | Unrealized gain on investment securities (2) | | Fair value change of derivatives | | Accumulated other comprehensive loss |
liability |
Balance at January 1, 2014 | $ | 5,712 | | | $ | (33,406 | ) | | $ | — | | | $ | — | | | $ | (27,694 | ) |
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Other comprehensive loss before reclassifications | 3,571 | | | 334 | | | 1,146 | | | 149 | | | 5,200 | |
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Amounts reclassified from accumulated other comprehensive income (loss) | — | | | (417 | ) | | (1,146 | ) | | (50 | ) | | (1,613 | ) |
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Net current period other comprehensive income (loss)(1) | 3,571 | | | (83 | ) | | — | | | 99 | | | 3,587 | |
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Balance at June 30, 2014 | $ | 9,283 | | | $ | (33,489 | ) | | $ | — | | | $ | 99 | | | $ | (24,107 | ) |
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Amounts in parentheses indicate debits. |
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-1 | Other comprehensive income (loss) related to the benefit plan liability is net of a tax effect of $(94). Other comprehensive income (loss) related to the fair value change of derivatives is net of a tax effect of $(81). | | | | | | | | | | | | | | | | | | |
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-2 | The unrealized gain on investment securities that was reclassified out of accumulated other comprehensive income (loss) related to the gain on the sale of investment of $1,882, which is recorded in other expense, net, less income tax expense of $736. | | | | | | | | | | | | | | | | | | |
Reclassifications out of accumulated other comprehensive income (loss) | ' |
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The reclassifications out of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2013 and 2014 are as follows: |
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| | Gain (loss) reclassified | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, | | | |
Details about accumulated other comprehensive loss components | | 2013 | | 2014 | | 2013 | | 2014 | | Location of gain (loss) reclassified into income | |
Fair value change of derivatives | | | | | | | | | | | |
Interest rate contracts | | $ | 270 | | | $ | — | | | $ | 230 | | | $ | — | | | Interest expense, net of interest income | |
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Foreign exchange contracts | | 63 | | | 81 | | | 113 | | | 74 | | | Cost of products sold | |
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| | 333 | | | 81 | | | 343 | | | 74 | | | Income before income taxes | |
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| | (107 | ) | | (26 | ) | | (110 | ) | | (24 | ) | | Income tax expense | |
| | $ | 226 | | | $ | 55 | | | $ | 233 | | | $ | 50 | | | Consolidated net income | |
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Amortization of defined benefit and other postretirement benefit plans | | | | | | | | | | | |
Prior service credits | | $ | 153 | | | $ | 169 | | | $ | 311 | | | $ | 251 | | | -1 | |
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Actuarial losses | | (461 | ) | | 226 | | | (932 | ) | | 450 | | | -1 | |
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| | (308 | ) | | 395 | | | (621 | ) | | 701 | | | Income before income taxes | |
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| | 84 | | | (144 | ) | | 181 | | | (284 | ) | | Income tax expense | |
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| | $ | (224 | ) | | $ | 251 | | | $ | (440 | ) | | $ | 417 | | | Consolidated net income | |
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Total reclassifications for the period | | $ | 2 | | | $ | 306 | | | $ | (207 | ) | | $ | 467 | | | | |
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-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 six months ended June 30, 2014: |
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| Cooper-Standard Holdings Inc. | | Noncontrolling Interests | | Total Equity | | Redeemable Noncontrolling Interest | | | | |
Equity at January 1, 2014 | $ | 618,150 | | | $ | (2,578 | ) | | $ | 615,572 | | | $ | 5,153 | | | | | |
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Net income | 32,929 | | | 2,820 | | | 35,749 | | | (140 | ) | | | | |
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Warrant exercise | 6,892 | | | — | | | 6,892 | | | — | | | | | |
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Other comprehensive income | 3,587 | | | 12 | | | 3,599 | | | 141 | | | | | |
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Stock-based compensation, net | 4,647 | | | — | | | 4,647 | | | — | | | | | |
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Shares issued under stock option plans | (712 | ) | | — | | | (712 | ) | | — | | | | | |
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Equity at June 30, 2014 | $ | 665,493 | | | $ | 254 | | | $ | 665,747 | | | $ | 5,154 | | | | | |
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