Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 17, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CPS | ||
Entity Registrant Name | Cooper-Standard Holdings Inc. | ||
Entity Central Index Key | 1320461 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 17,042,030 | ||
Entity Public Float | $442,149,132 |
CONSOLIDATED_STATEMENTS_OF_NET
CONSOLIDATED STATEMENTS OF NET INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Sales | $3,243,987 | $3,090,542 | $2,880,902 |
Cost of products sold | 2,734,558 | 2,617,804 | 2,442,014 |
Gross profit | 509,429 | 472,738 | 438,888 |
Selling, administration & engineering expenses | 301,724 | 293,446 | 281,268 |
Amortization of intangibles | 16,437 | 15,431 | 15,456 |
Impairment charges | 26,273 | 0 | 10,069 |
Restructuring | 17,414 | 21,720 | 28,763 |
Other operating profit | -16,927 | 0 | 0 |
Operating profit | 164,508 | 142,141 | 103,332 |
Interest expense, net of interest income | -45,604 | -54,921 | -44,762 |
Equity earnings | 6,037 | 11,070 | 8,778 |
Other expense, net | -36,658 | -7,437 | -63 |
Income before income taxes | 88,283 | 90,853 | 67,285 |
Income tax expense (benefit) | 42,810 | 45,599 | -31,531 |
Net income | 45,473 | 45,254 | 98,816 |
Net (income) loss attributable to noncontrolling interests | -2,694 | 2,687 | 3,988 |
Net income attributable to Cooper-Standard Holdings Inc. | 42,779 | 47,941 | 102,804 |
Net income available to Cooper-Standard Holdings Inc. common stockholders | $42,779 | $35,054 | $76,730 |
Earnings per share | |||
Basic (in dollars per share) | $2.56 | $2.39 | $4.40 |
Diluted (in dollars per share) | $2.39 | $2.24 | $4.14 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Statement of Comprehensive Income [Abstract] | ||||||
Net income | $45,473 | $45,254 | $98,816 | |||
Other comprehensive income (loss): | ||||||
Currency translation adjustment | -56,162 | -12,550 | 2,051 | |||
Benefit plan liability, net of tax | -53,455 | [1] | 30,612 | [1] | -36,360 | [1] |
Fair value change of derivatives, net of tax | -2,011 | [2] | -250 | [2] | 79 | [2] |
Other comprehensive income (loss), net of tax | -111,628 | 17,812 | -34,230 | |||
Comprehensive income (loss) | -66,155 | 63,066 | 64,586 | |||
Comprehensive (income) loss attributable to noncontrolling interests | -2,615 | 2,629 | 5,239 | |||
Comprehensive income (loss) attributable to Cooper-Standard Holdings Inc. | ($68,770) | $65,695 | $69,825 | |||
[1] | Other comprehensive income (loss) related to the benefit plan liability is net of a tax effect of $10,055, $(17,224) and $19,096 for the years ended December 31, 2012, 2013 and 2014, respectively. | |||||
[2] | Other comprehensive income (loss) related to the fair value change of derivatives is net of a tax effect of $(29), $99 and $1,253 for the years ended December 31, 2012, 2013 and 2014, respectively. |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Other comprehensive income (loss) Benefit plan liability, Tax | $19,096 | ($17,224) | $10,055 |
Other comprehensive income (loss) Fair value change of derivatives, Tax | $1,253 | $99 | ($29) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $267,270 | $184,370 |
Accounts receivable, net | 377,032 | 365,750 |
Tooling receivable | 124,015 | 156,205 |
Inventories | 166,531 | 179,766 |
Prepaid expenses | 25,626 | 26,940 |
Other | 93,524 | 82,301 |
Total current assets | 1,053,998 | 995,332 |
Property, plant and equipment, net | 716,013 | 732,902 |
Goodwill | 135,169 | 139,701 |
Intangibles, net | 82,309 | 101,436 |
Deferred tax assets | 41,059 | 34,235 |
Other assets | 104,219 | 99,148 |
Total assets | 2,132,767 | 2,102,754 |
Current liabilities: | ||
Debt payable within one year | 36,789 | 28,329 |
Accounts payable | 322,422 | 355,394 |
Payroll liabilities | 94,986 | 97,146 |
Accrued liabilities | 75,005 | 89,302 |
Total current liabilities | 529,202 | 570,171 |
Long-term debt | 749,085 | 656,095 |
Pension benefits | 191,805 | 151,113 |
Postretirement benefits other than pensions | 60,287 | 57,224 |
Deferred tax liabilities | 5,001 | 11,146 |
Other liabilities | 44,692 | 36,280 |
Total liabilities | 1,580,072 | 1,482,029 |
Redeemable noncontrolling interests | 3,981 | 5,153 |
7% Cumulative participating convertible preferred stock, $0.001 par value, 10,000,000 shares authorized at December 31, 2013, and December 31, 2014; no shares issued and outstanding | 0 | 0 |
Equity: | ||
Common stock, $0.001 par value, 190,000,000 shares authorized at December 31, 2013 and December 31, 2014; 18,226,223 shares issued and 16,676,539 outstanding at December 31, 2013 and 18,685,634 shares issued and 17,039,328 outstanding at December 31, 2014 | 17 | 17 |
Additional paid-in capital | 492,959 | 489,052 |
Retained earnings | 195,233 | 156,775 |
Accumulated other comprehensive loss | -139,243 | -27,694 |
Total Cooper-Standard Holdings Inc. equity | 548,966 | 618,150 |
Noncontrolling interests | -252 | -2,578 |
Total equity | 548,714 | 615,572 |
Total liabilities and equity | $2,132,767 | $2,102,754 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 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 | 18,685,634 | 18,226,223 |
Common stock, shares outstanding | 17,039,328 | 16,676,539 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Redeemable Noncontrolling Interests | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated other comprehensive loss [Member] | Cooper Standard Holdings Inc Equity Deficit [Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data | ||||||||
Beginning Balance at Dec. 31, 2011 | $601,203 | $14,344 | $17 | $485,637 | $124,674 | ($12,469) | $597,859 | $3,344 |
Beginning Balance (in shares) at Dec. 31, 2011 | 18,323,443 | |||||||
Shares issued under stock option plans | -346 | -346 | -346 | |||||
Shares issued under stock option plans (in shares) | 21,356 | |||||||
Preferred stock redemption premium | -1,376 | -1,376 | -1,376 | |||||
Repurchase of common stock | -36,895 | -1 | -24,933 | -11,961 | -36,895 | |||
Repurchase of common stock (in shares) | -1,030,319 | |||||||
Converted preferred stock shares | 68 | 68 | 68 | |||||
Converted preferred stock shares (in shares) | 2,278 | |||||||
Stock based compensation, net | 10,605 | 11,277 | -672 | 10,605 | ||||
Stock based compensation, net (in shares) | -40,906 | |||||||
Preferred stock dividends | -6,764 | -6,764 | -6,764 | |||||
Accretion of redeemable noncontrolling interest | -4,798 | 4,798 | -4,798 | -4,798 | ||||
Purchase of noncontrolling interest | -2,000 | 148 | 148 | -2,148 | ||||
Net income (loss) | 102,504 | -3,688 | 102,804 | 102,804 | -300 | |||
Other comprehensive income (loss) | -32,970 | -1,260 | -32,979 | -32,979 | 9 | |||
Ending Balance at Dec. 31, 2012 | 629,231 | 14,194 | 16 | 471,851 | 201,907 | -45,448 | 628,326 | 905 |
Ending Balance (in shares) at Dec. 31, 2012 | 17,275,852 | |||||||
Shares issued under stock option plans | -702 | -702 | -702 | |||||
Shares issued under stock option plans (in shares) | 32,176 | |||||||
Preferred stock redemption premium | 0 | |||||||
Repurchase of common stock | -217,549 | -5 | -122,067 | -95,477 | -217,549 | |||
Repurchase of common stock (in shares) | -5,044,109 | |||||||
Converted preferred stock shares | 121,912 | 4 | 121,908 | 121,912 | ||||
Converted preferred stock shares (in shares) | 4,130,742 | |||||||
Warrant exercise | 11,253 | 1 | 11,252 | 11,253 | ||||
Warrant exercise (in shares) | 419,124 | |||||||
Stock based compensation, net | 5,685 | 1 | 7,695 | -2,011 | 5,685 | |||
Stock based compensation, net (in shares) | -137,246 | |||||||
Preferred stock dividends | -4,454 | -4,454 | -4,454 | |||||
Remeasurement of redeemable noncontrolling interest | 8,249 | -8,249 | 8,869 | 8,869 | -620 | |||
Purchase of noncontrolling interest | -1,911 | -885 | -885 | -1,026 | ||||
Net income (loss) | 45,380 | -126 | 47,941 | 47,941 | -2,561 | |||
Other comprehensive income (loss) | 18,478 | -666 | 17,754 | 17,754 | 724 | |||
Ending Balance at Dec. 31, 2013 | 615,572 | 5,153 | 17 | 489,052 | 156,775 | -27,694 | 618,150 | -2,578 |
Ending Balance (in shares) at Dec. 31, 2013 | 16,676,539 | 16,676,539 | ||||||
Shares issued under stock option plans | -1,307 | -1,307 | -1,307 | |||||
Shares issued under stock option plans (in shares) | 42,014 | |||||||
Preferred stock redemption premium | 0 | |||||||
Repurchase of common stock | -5,162 | -2,338 | -2,824 | -5,162 | ||||
Repurchase of common stock (in shares) | -96,622 | |||||||
Warrant exercise | 9,022 | 9,022 | 9,022 | |||||
Warrant exercise (in shares) | 425,886 | |||||||
Stock based compensation, net | 9,961 | 11,458 | -1,497 | 9,961 | ||||
Excess tax benefits on stock options | 4,098 | 4,098 | 4,098 | |||||
Stock based compensation, net (in shares) | -8,489 | |||||||
Purchase of noncontrolling interest | -18,487 | -17,026 | -17,026 | -1,461 | ||||
Net income (loss) | 46,583 | -1,110 | 42,779 | 42,779 | 3,804 | |||
Other comprehensive income (loss) | -111,566 | -62 | -111,549 | -111,549 | -17 | |||
Ending Balance at Dec. 31, 2014 | $548,714 | $3,981 | $17 | $492,959 | $195,233 | ($139,243) | $548,966 | ($252) |
Ending Balance (in shares) at Dec. 31, 2014 | 17,039,328 | 17,039,328 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities: | |||
Net income | $45,473 | $45,254 | $98,816 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 96,143 | 95,597 | 107,275 |
Amortization of intangibles | 16,437 | 15,431 | 15,456 |
Impairment charges | 26,273 | 0 | 10,069 |
Stock-based compensation expense | 12,587 | 11,576 | 15,306 |
Equity earnings, net of dividends related to earnings | -3,767 | -5,723 | -5,377 |
Loss on extinguishment of debt | 30,488 | 0 | 0 |
Gain on divestitures and sale of investment | -18,809 | 0 | 0 |
Deferred income taxes | 8,816 | 27,479 | -41,386 |
Other | 542 | 2,902 | -1,269 |
Changes in operating assets and liabilities: | |||
Accounts and tooling receivable | -17,934 | -49,786 | -61,735 |
Inventories | 888 | -31,823 | -2,237 |
Prepaid expenses | 277 | -5,981 | 2,969 |
Accounts payable | -11,460 | 58,369 | 14,581 |
Accrued liabilities | -3,674 | -7,939 | -15,750 |
Other | -11,231 | -22,099 | -52,317 |
Net cash provided by operating activities | 171,049 | 133,257 | 84,401 |
Investing activities: | |||
Capital expenditures, including other intangible assets | -192,089 | -183,336 | -131,067 |
Proceeds from divestitures and sale of investment | -50,602 | 0 | 0 |
Return on equity investments | 951 | 2,120 | 0 |
Acquisition of businesses, net of cash acquired and deposit on acquisition of business | -21,217 | -13,504 | -1,084 |
Proceeds from sale of fixed assets and other | 4,357 | 3,636 | 14,581 |
Net cash used in investing activities | -157,396 | -191,084 | -117,570 |
Financing activities: | |||
Proceeds from issuance of long-term debt, net of debt issuance costs | 737,462 | 0 | 0 |
Repurchase of Senior Notes and Senior PIK Toggle Notes | -675,615 | 0 | 0 |
Proceeds from issuance of Senior PIK Toggle Notes, net of debt issuance costs | 0 | 194,357 | 0 |
Purchase of noncontrolling interest | -18,487 | -1,911 | -2,000 |
Repurchase of common stock | -5,162 | -217,549 | -36,895 |
Repurchase of preferred stock | 0 | 0 | -6,838 |
Proceeds from exercise of warrants | 9,022 | 11,253 | 0 |
Increase (decrease) in short term debt, net | 334 | -486 | -428 |
Borrowings on long-term debt | 6,609 | 7,073 | 0 |
Principal payments on long-term debt | -4,273 | -3,930 | -5,110 |
Preferred stock cash dividends paid | 0 | -4,747 | -6,784 |
Taxes withheld and paid on employees' share based payment awards | -4,214 | -5,985 | 0 |
Excess tax benefits on stock options | 4,098 | 0 | 0 |
Other | -363 | -1,122 | -21 |
Net cash provided by (used in) financing activities | 49,411 | -23,047 | -58,076 |
Effects of exchange rate changes on cash and cash equivalents | 19,836 | -5,311 | 55 |
Changes in cash and cash equivalents | 82,900 | -86,185 | -91,190 |
Cash and cash equivalents at beginning of period | 184,370 | 270,555 | 361,745 |
Cash and cash equivalents at end of period | $267,270 | $184,370 | $270,555 |
Description_of_Business
Description of Business | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business |
Description of business | |
Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company,” “Cooper Standard,” “we,” “our” or “us”), through its wholly-owned subsidiary CSA U.S., is a leading manufacturer of sealing, fuel and brake delivery, fluid transfer, and anti-vibration systems components, 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 Company believes that they are the largest global producer of sealing systems, the second largest global producer of the types of fuel and brake delivery products that they manufacture and one of the largest North American producers of fluid transfer and anti-vibration systems. The Company designs and manufactures their products in each major region of the world through a disciplined and sustained approach to engineering and operational excellence. The Company operates in 78 manufacturing locations and 19 design, engineering, administrative, logistics and transitional locations in 20 countries around the world. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Significant Accounting Policies | Significant Accounting Policies | |||||||
Principles of combination and consolidation – The consolidated financial statements include the accounts of the Company and the wholly-owned and less than wholly-owned subsidiaries controlled by the Company. All material intercompany accounts and transactions have been eliminated. Acquired businesses are included in the consolidated financial statements from the dates of acquisition. | ||||||||
The equity method of accounting is followed for investments in which the Company does not have control, but does have the ability to exercise significant influence over operating and financial policies. Generally this occurs when ownership is between 20% to 50%. The cost method is followed in those situations where the Company does not have the ability to exercise significant influence over operating and financial policies, generally when ownership is less than 20%. | ||||||||
The Company’s investment in Nishikawa Standard Company (“NISCO”), a 40% owned joint venture in the United States, is accounted for under the equity method. This investment is included in the Company’s North America segment. This investment totaled $17,162 and $16,525 at December 31, 2013 and 2014, respectively, and is included in other assets in the accompanying consolidated balance sheets. In 2013, the Company received from NISCO a dividend of $4,000, consisting of $1,880 related to earnings and a $2,120 return of capital. In 2014, the Company received from NISCO a dividend of $1,760, consisting of $809 related to earnings and a $951 return of capital. | ||||||||
The Company’s investment in Huayu-Cooper Standard Sealing Systems Co. Ltd. (“Huayu”), a 47.5% owned joint venture in China, is accounted for under the equity method. This investment is included in the Company’s Asia Pacific segment. This investment totaled $29,270 and $32,120 at December 31, 2013 and 2014, respectively, and is included in other assets in the accompanying consolidated balance sheets. In 2013, the Company received from Huayu a dividend of $2,094 all of which was related to earnings. | ||||||||
The Company’s investment in NISCO Thailand, a 20% owned joint venture in Thailand, is accounted for under the equity method. This investment is included in the Company’s Asia Pacific segment. This investment totaled $14,839 and $15,006 at December 31, 2013 and 2014, respectively, and is included in other assets in the accompanying consolidated balance sheets. In 2013, the Company received from NISCO Thailand a dividend of $1,374, all of which was related to earnings. In 2014, the Company received from NISCO Thailand a dividend of $1,236, all of which was related to earnings. | ||||||||
The Company’s investment in Sujan Barre Thomas AVS Private Limited, a 50% owned joint venture in India, is accounted for under the equity method. This investment is included in the Company’s Europe segment. This investment totaled $3,329 and $3,183 at December 31, 2013 and 2014, respectively, and is included in other assets in the accompanying consolidated balance sheets. | ||||||||
Foreign currency – The financial statements of foreign subsidiaries are translated to U.S. dollars at the end-of-period exchange rates for assets and liabilities and at a weighted average exchange rate for each period for revenues and expenses. Translation adjustments for those subsidiaries whose local currency is their functional currency are recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Transaction related gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in earnings as incurred, except for those intercompany balances which are designated as long-term. | ||||||||
Cash and cash equivalents – The Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. | ||||||||
Accounts receivable – The Company records trade accounts receivable when revenue is recorded in accordance with its revenue recognition policy and relieves accounts receivable when payments are received from customers. Generally the Company does not require collateral for its accounts receivable. | ||||||||
Allowance for doubtful accounts – The allowance for doubtful accounts is established through charges to the provision for bad debts when it is probable that the outstanding receivable will not be collected. The Company evaluates the adequacy of the allowance for doubtful accounts on a periodic basis. The evaluation includes historical trends in collections and write-offs, management’s judgment of the probability of collecting accounts and management’s evaluation of business risk. This evaluation is inherently subjective, as it requires estimates that are susceptible to revision as more information becomes available. The allowance for doubtful accounts was $6,317 and $4,331 at December 31, 2013 and 2014, respectively. | ||||||||
Advertising expense – Expenses incurred for advertising are generally expensed when incurred. Advertising expense was $1,839 for 2012, $3,059 for 2013 and $3,846 for 2014. | ||||||||
Inventories – Inventories are valued at lower of cost or market. Cost is determined using the first-in, first-out method. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. The Company records inventory reserves for inventory in excess of production and/or forecasted requirements and for obsolete inventory in production. As of December 31, 2013 and 2014, inventories are reflected net of reserves of $19,954 and $19,930, respectively. | ||||||||
December 31, | ||||||||
2013 | 2014 | |||||||
Finished goods | $ | 48,787 | $ | 45,485 | ||||
Work in process | 38,929 | 36,498 | ||||||
Raw materials and supplies | 92,050 | 84,548 | ||||||
$ | 179,766 | $ | 166,531 | |||||
Derivative financial instruments – Derivative financial instruments are utilized by the Company to reduce foreign currency exchange and interest rate risks. The Company has established policies and procedures for risk assessment and the approval, reporting, and monitoring of derivative financial instrument activities. On the date the derivative is established, the Company designates the derivative as either a fair value hedge, a cash flow hedge, or a net investment hedge in accordance with its established policy. The Company does not enter into financial instruments for trading or speculative purposes. | ||||||||
Income taxes – Income tax expense in the consolidated statements of net income is calculated in accordance with ASC Topic 740, "Accounting for Income Taxes," which requires the recognition of deferred income taxes using the liability method. | ||||||||
Deferred tax assets or liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax laws and rates. A valuation allowance is provided on deferred tax assets if it is determined that it is more likely than not that the asset will not be realized. | ||||||||
Long-lived assets – Property, plant, and equipment are recorded at cost and depreciated using primarily the straight-line method over their estimated useful lives. Leasehold improvements are amortized over the expected life of the asset or term of the lease, whichever is shorter. Intangibles with finite lives, which include technology and customer relationships, are amortized over their estimated useful lives. The Company evaluates the recoverability of long-lived assets when events and circumstances indicate that the assets may be impaired and the undiscounted net cash flows estimated to be generated by those assets are less than their carrying value. If the net carrying value exceeds the fair value, an impairment loss exists and is calculated based on a discounted cash flow analysis or estimated salvage value. Discounted cash flows are estimated using internal budgets and assumptions regarding discount rates and other factors. | ||||||||
Pre-Production Costs Related to Long Term Supply Arrangements – Costs for molds, dies, and other tools owned by the Company to produce products under long-term supply arrangements are recorded at cost in property, plant, and equipment and amortized over the lesser of three years or the term of the related supply agreement. The amounts capitalized were $2,026 and $2,955 at December 31, 2013 and 2014, respectively. The Company expenses all pre-production tooling costs related to customer-owned tools for which reimbursement is not contractually guaranteed by the customer. Reimbursable tooling costs included in other assets in the accompanying consolidated balance sheets were $13,786 and $12,500 at December 31, 2013 and 2014, respectively. Reimbursable tooling costs are recorded in tooling receivable in the accompanying consolidated balance sheets if considered a receivable in the next twelve months. Tooling receivable for customer-owned tooling for the years ended December 31, 2013 and 2014 was $156,205 and $125,380, respectively, of which $99,687 and $94,152, respectively, was not yet invoiced to the customer. | ||||||||
Goodwill – Goodwill is not amortized but is tested for impairment, either annually or when events or circumstances indicate that impairment may exist, by reporting unit which is determined in accordance with ASC 350 “Intangibles-Goodwill and Other.” The Company utilizes an income approach to estimate the fair value of each of its reporting units. The income approach is based on projected debt-free cash flow which is discounted to the present value using discount factors that consider the timing and risk of cash flows. The Company believes that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. Fair value is estimated using recent automotive industry and specific platform production volume projections, which are based on both third-party and internally-developed forecasts, as well as commercial, wage and benefit, inflation and discount rate assumptions. Other significant assumptions include the weighted average cost of capital, terminal value growth rate, terminal value margin rates, future capital expenditures and changes in future working capital requirements. While there are inherent uncertainties related to the assumptions used and to management’s application of these assumptions to this analysis, the Company believes that the income approach provides a reasonable estimate of the fair value of its reporting units. The guideline public company method, a form of the market approach, was used to corroborate the results of the Company’s income approach conclusions. The Company conducts its annual goodwill impairment analysis as of October 1st of each year. | ||||||||
The Company may first assess qualitative factors to determine if it is necessary to perform the two-step goodwill impairment test. The Company also has the option to bypass the qualitative assessment and proceed directly to the first step of the goodwill test. For 2014, the Company decided to bypass the qualitative assessment and proceed directly to the first step of the goodwill impairment test. The first step of the goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value exceeds the carrying value, then the Company concludes that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value, a second step is required to measure possible goodwill impairment loss. The second step includes hypothetically valuing the tangible and intangible assets and liabilities of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying value of that goodwill. If the carrying value of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, the Company would recognize an impairment loss in an amount equal to the excess, not to exceed the carrying value. The 2014 annual goodwill impairment analysis resulted in no impairment. | ||||||||
Revenue Recognition and Sales Commitments – Revenue is recognized when there is evidence of a sales agreement, the delivery of the goods has occurred, the sales price is fixed and deliverable and collectability is reasonably assured. The Company generally enters into agreements with its customers to produce products at the beginning of a vehicle’s life. Although such agreements do not generally provide for minimum quantities, once the Company enters into such agreements, fulfillment of its customers’ purchasing requirements can be the Company's obligation for an extended period or the entire production life of the vehicle. These agreements generally may be terminated by its customer at any time. Historically, terminations of these agreements have been minimal. In certain limited instances, the Company may be committed under existing agreements to supply products to its customers at selling prices which are not sufficient to cover the direct cost to produce such products. In such situations, the Company recognize losses as they are incurred. | ||||||||
The Company receives blanket purchase orders from many of its customers on an annual basis. Generally, such purchase orders and related documents set forth the annual terms, including pricing, related to a particular vehicle model. Such purchase orders generally do not specify quantities. The Company recognizes revenue based on the pricing terms included in the annual purchase orders as products are shipped to the customers. As part of certain agreements, the Company is asked to provide its customers with annual cost reductions. The Company accrues for such amounts as a reduction of revenue as products are shipped to the customers. In addition, the Company generally has ongoing adjustments to pricing arrangements with its customers based on the related content and cost of the products. Such pricing adjustments are recorded when probable and estimable. | ||||||||
Amounts billed to customers related to shipping and handling are included in sales in the Company’s consolidated statements of net income. Shipping and handling costs are included in cost of products sold in the Company’s consolidated statements of net income. | ||||||||
Research and development – Costs are charged to selling, administration and engineering expenses as incurred and totaled $94,171 for 2012, $103,475 for 2013 and $101,982 for 2014. | ||||||||
Stock-based compensation – The Company measures stock-based compensation expense at fair value in accordance with U.S. GAAP and recognizes such expenses on a straight-line basis over the vesting period of the stock-based employee awards. See Note 18. “Stock-Based Compensation” for additional information. | ||||||||
Use of estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of (1) revenues and expenses during the reporting period and (2) assets and liabilities, as well as disclosure of contingent assets and liabilities, at the date of the financial statements. Actual results could differ from those estimates. | ||||||||
Recent accounting pronouncements | ||||||||
In August 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-15, Presentation of Financial Statements: Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. This ASU requires management to perform interim and annual assessments of an entity's ability to continue as a going concern. This guidance is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. The adoption of this ASU is not expected to have a material impact on the consolidated financial statements. | ||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of this ASU is that a company should recognize revenue to depict the transfer of promised goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. To achieve this principle, a company must identify the contract with a customer, identify separate performance obligations in the contract, determine the transaction price, allocate the transaction price to the separate performance obligations and recognize revenue when each separate performance obligation is satisfied. The guidance is effective for fiscal years beginning after December 15, 2016 and early adoption is not permitted. The guidance allows for companies to use either a full retrospective or a modified retrospective approach when adopting. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. | ||||||||
In April 2014, FASB issued 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 limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have a major effect on a company's operations and financial results 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 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 consolidated financial statements. |
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Acquisitions | Acquisitions and Divestitures | ||||
In the third quarter of 2014, the Company completed the sale of its thermal and emissions product line to Halla Visteon Climate Control Corp. to allow the Company to focus resources on its four core product groups. The Company received proceeds of $44,937 and recognized a gain of $16,036, which is recorded in other operating profit in the consolidated statements of net income for the year ended December 31, 2014. This divestiture did not meet the discontinued operations criteria. | |||||
In the fourth quarter of 2014, the Company acquired the remaining 49% equity interests of Fonds de Modernisation des Equipementiers Automobiles (“FMEA”) interest in Cooper Standard France, a body sealing, anti-vibration systems and low pressure hoses joint venture for cash consideration of $18,487. This acquisition was accounted for as an equity transaction in accordance with ASC Topic 810 "Consolidations." | |||||
In 2014, the Company announced that it agreed to purchase an additional 47.5% of Huayu-Cooper Standard Sealing Systems Co., Ltd., its joint venture with Huayu Automotive Systems Co. and made a deposit of $17,846. | |||||
In the fourth quarter of 2014, the Company acquired Cikautxo Borja, S.L.U ("Cikautxo Borja"), a manufacturer of heating and cooling hoses, for cash consideration of $3,371. | |||||
In the fourth quarter of 2014, the Company completed the sale of its Australian business to allow the Company to focus resources on its four core product groups. The Company received proceeds of $2,449 and recognized a gain of $891, which is recorded in other operating profit in the consolidated statements of net income for the year ended December 31, 2014. This divestiture did not meet the discontinued operations criteria. | |||||
On July 31, 2013, the Company completed the acquisition of Jyco Sealing Technologies (“Jyco”) for cash consideration of $14,382. The business acquired in the transaction is operated from Jyco’s manufacturing locations in Canada, Mexico and China. Jyco provides Thermoplastic Vulcanizate (“TPV”) sealing technology and primarily supplies sealing systems and components to the automotive industry. This directly aligns with the Company’s growth strategy by strengthening important customer relationships in the automotive sealing systems. This acquisition was accounted for under ASC 805, “Business Combinations,” and the results of operations of Jyco are included in the Company’s consolidated financial statements from the date of acquisition. | |||||
The following table summarizes the estimated fair value of Jyco assets acquired and liabilities assumed at the date of acquisition: | |||||
Cash and cash equivalents | $ | 878 | |||
Accounts receivable | 8,596 | ||||
Tooling receivable | 1,870 | ||||
Inventories | 6,053 | ||||
Property, plant, and equipment | 7,428 | ||||
Goodwill and intangibles | 8,986 | ||||
Other assets | 838 | ||||
Total assets acquired | 34,649 | ||||
Accounts payable | 11,167 | ||||
Other current liabilities | 7,085 | ||||
Other long-term liabilities | 2,015 | ||||
Total liabilities assumed | 20,267 | ||||
Net assets acquired | $ | 14,382 | |||
Cash and cash equivalents, accounts receivable, accounts payable, and other current liabilities were stated at historical carrying values which management believes approximates fair value given the short-term nature of these assets and liabilities. Inventories were recorded at fair value which is estimated for finished goods and work-in-process based upon the expected selling price less costs to complete, selling, and disposal costs, and a normal profit to the buyer. Raw material inventory was recorded at carrying value as such value approximates the replacement cost. Management has estimated the fair value of property, plant and equipment, intangibles and other long-lived assets based upon financial estimates and projections prepared in conjunction with the transaction. The value assigned to all assets and liabilities did not exceed the acquisition price, therefore goodwill and intangibles were recorded related to this transaction as of December 31, 2013. |
Restructuring
Restructuring | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Restructuring | Restructuring | ||||||||||||||||
The following table summarizes the activity for all restructuring initiatives for the years ended December 31, 2013 and 2014: | |||||||||||||||||
Employee Separation Costs | Other Exit Costs | Asset Impairments | Total | ||||||||||||||
Balance at December 31, 2012 | $ | 15,561 | $ | 61 | $ | — | $ | 15,622 | |||||||||
Expense | 17,182 | 3,169 | 1,369 | 21,720 | |||||||||||||
Cash payments and foreign exchange translation | (18,033 | ) | (3,214 | ) | — | (21,247 | ) | ||||||||||
Utilization of reserve | — | — | (1,369 | ) | (1,369 | ) | |||||||||||
Balance at December 31, 2013 | $ | 14,710 | $ | 16 | $ | — | $ | 14,726 | |||||||||
Expense | 3,316 | 14,098 | — | 17,414 | |||||||||||||
Cash payments and foreign exchange translation | (7,189 | ) | (14,114 | ) | — | (21,303 | ) | ||||||||||
Balance at December 31, 2014 | $ | 10,837 | $ | — | $ | — | $ | 10,837 | |||||||||
European Initiative | |||||||||||||||||
The Company has initiated the restructure of certain facilities in Europe. The estimated cost of this initiative is $50,000 and is expected to be completed by 2016. The following table summarizes the restructuring expense and the restructuring liability for this initiative for the years ended December 31, 2013 and 2014: | |||||||||||||||||
Employee | Other | Asset | Total | ||||||||||||||
Separation | Exit | Impairments | |||||||||||||||
Costs | Costs | ||||||||||||||||
Expense | $ | 13,474 | $ | 623 | $ | 89 | $ | 14,186 | |||||||||
Cash payments and foreign exchange translation | 27 | (623 | ) | — | (596 | ) | |||||||||||
Utilization of reserve | — | — | (89 | ) | (89 | ) | |||||||||||
Balance at December 31, 2013 | $ | 13,501 | $ | — | $ | — | $ | 13,501 | |||||||||
Expense | 3,418 | 13,457 | — | 16,875 | |||||||||||||
Cash payments and foreign exchange translation | (6,095 | ) | (13,457 | ) | — | (19,552 | ) | ||||||||||
Balance at December 31, 2014 | $ | 10,824 | $ | — | $ | — | $ | 10,824 | |||||||||
In January 2015, the Company announced its intention to further restructure its European manufacturing footprint based on current and anticipated market demands. The estimated cost of this initiative is approximately $125,000 and is expected to be completed by 2017. | |||||||||||||||||
Other Initiatives | |||||||||||||||||
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. These initiatives are substantially complete, however, the Company continues to incur costs on some of these initiatives related principally to the disposal of the respective facilities. | |||||||||||||||||
The following table summarizes the restructuring expense for these initiatives for the years ended December 31, 2012, 2013 and 2014: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||
Employee separation costs | $ | 19,935 | $ | 3,708 | $ | (102 | ) | ||||||||||
Other exit costs | 6,212 | 2,546 | 641 | ||||||||||||||
Asset impairments | 4,155 | 1,280 | — | ||||||||||||||
Postretirement benefit curtailment gain | (1,539 | ) | — | — | |||||||||||||
$ | 28,763 | $ | 7,534 | $ | 539 | ||||||||||||
The following table summarizes the activity in the restructuring liability for these initiatives for the years ended December 31, 2013 and 2014: | |||||||||||||||||
Employee | Other | Asset | Total | ||||||||||||||
Separation | Exit | Impairments | |||||||||||||||
Costs | Costs | ||||||||||||||||
Balance at December 31, 2012 | $ | 15,561 | $ | 61 | $ | — | $ | 15,622 | |||||||||
Expense | 3,708 | 2,546 | 1,280 | 7,534 | |||||||||||||
Cash payments and foreign exchange translation | (18,060 | ) | (2,591 | ) | — | (20,651 | ) | ||||||||||
Utilization of reserve | — | — | (1,280 | ) | (1,280 | ) | |||||||||||
Balance at December 31, 2013 | $ | 1,209 | $ | 16 | $ | — | $ | 1,225 | |||||||||
Expense | (102 | ) | 641 | — | 539 | ||||||||||||
Cash payments and foreign exchange translation | (1,094 | ) | (657 | ) | — | (1,751 | ) | ||||||||||
Balance at December 31, 2014 | $ | 13 | $ | — | $ | — | $ | 13 | |||||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property, Plant and Equipment | Property, Plant and Equipment | |||||||||
Property, plant and equipment is comprised of the following: | ||||||||||
December 31, | Estimated | |||||||||
2013 | 2014 | Useful Lives | ||||||||
Land and improvements | $ | 92,605 | $ | 80,638 | 10 to 25 years | |||||
Buildings and improvements | 210,944 | 222,825 | 10 to 40 years | |||||||
Machinery and equipment | 633,126 | 669,030 | 5 to 10 years | |||||||
Construction in progress | 168,861 | 133,398 | ||||||||
$ | 1,105,536 | $ | 1,105,891 | |||||||
Accumulated depreciation | (372,634 | ) | (389,878 | ) | ||||||
Property, plant and equipment, net | $ | 732,902 | $ | 716,013 | ||||||
During 2012, the Company impaired property, plant and equipment at one of its European facilities with a carrying value of approximately $16,700 to the fair value of approximately $9,400, resulting in an impairment charge of approximately $7,300. Fair value was determined using discounted cash flows, revenue growth of 2% and a discount rate of 15%. | ||||||||||
During 2014, the Company impaired property, plant and equipment at certain of its European and North American facilities with a carrying value of approximately $48,600 to the fair value of approximately $24,000, resulting in an impairment charge of approximately $24,600. Fair value was determined using discounted cash flows, revenue growth of 2% and a discount rate of 14.5% and 14% for Europe and North America, respectively. | ||||||||||
Depreciation expense totaled $107,275, $95,597 and $96,143 for the years ended December 31, 2012, 2013 and 2014, respectively. |
Goodwill_and_Intangibles
Goodwill and Intangibles | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Goodwill and Intangibles | Goodwill and Intangibles | |||||||||||||||||||
Goodwill | ||||||||||||||||||||
The changes in the carrying amount of goodwill by reportable operating segment for the years ended December 31, 2013 and 2014 are summarized as follows: | ||||||||||||||||||||
North America | Europe | South America | Asia Pacific | Total | ||||||||||||||||
Balance at December 31, 2012 | $ | 115,420 | $ | 13,836 | $ | — | $ | 4,460 | $ | 133,716 | ||||||||||
Acquisition | 4,736 | — | — | 781 | 5,517 | |||||||||||||||
Foreign exchange translation | (286 | ) | 624 | — | 130 | 468 | ||||||||||||||
Balance at December 31, 2013 | $ | 119,870 | $ | 14,460 | $ | — | $ | 5,371 | $ | 139,701 | ||||||||||
Acquisition | — | 218 | — | — | 218 | |||||||||||||||
Divestitures | (1,746 | ) | (595 | ) | — | (44 | ) | (2,385 | ) | |||||||||||
Foreign exchange translation | (515 | ) | (1,717 | ) | — | (133 | ) | (2,365 | ) | |||||||||||
Balance at December 31, 2014 | $ | 117,609 | $ | 12,366 | $ | — | $ | 5,194 | $ | 135,169 | ||||||||||
Goodwill is not amortized but is tested for impairment, either annually or when events or circumstances indicate that impairment may exist, by reporting units determined in accordance with ASC 350, “Goodwill and Other Intangible Assets.” During the fourth quarter of 2012, the Company recorded a goodwill impairment charge of $2,787 in its South America reporting segment. This charge was due to changes in the forecast for this reporting unit resulting from launch activities and operating inefficiencies incurred in 2012 that were expected to continue into the future as additional time would be required to improve operational performance. The Company's annual goodwill impairment analysis, completed as of the first day of the fourth quarter, resulted in no impairment for 2013 or 2014. | ||||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||
The following table presents intangible assets and accumulated amortization balances of the Company as of December 31, 2013 and 2014, respectively: | ||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Useful Life (Years) | |||||||||||||||||
Customer relationships | $ | 135,483 | $ | (46,466 | ) | $ | 89,017 | 10.1 | ||||||||||||
Developed technology | 9,757 | (5,817 | ) | 3,940 | 6.2 | |||||||||||||||
Other | 9,530 | (1,051 | ) | 8,479 | ||||||||||||||||
Balance at December 31, 2013 | $ | 154,770 | $ | (53,334 | ) | $ | 101,436 | 9.7 | ||||||||||||
Customer relationships | $ | 133,471 | $ | (59,773 | ) | $ | 73,698 | 10.1 | ||||||||||||
Developed technology | 9,252 | (6,842 | ) | 2,410 | 6.3 | |||||||||||||||
Other | 6,701 | (500 | ) | 6,201 | ||||||||||||||||
Balance at December 31, 2014 | $ | 149,424 | $ | (67,115 | ) | $ | 82,309 | 10 | ||||||||||||
During the fourth quarter of 2014, certain patents in the Company's North America segment were written down to their estimated fair values, resulting in an impairment charge of $1,700. | ||||||||||||||||||||
Amortization expense totaled $15,456, $15,431 and $16,437 for the years ended December 31, 2012, 2013 and 2014, respectively. | ||||||||||||||||||||
Estimated amortization expense for the next five years is shown in the table below: | ||||||||||||||||||||
Year | Expense | |||||||||||||||||||
2015 | $ | 14,385 | ||||||||||||||||||
2016 | 14,021 | |||||||||||||||||||
2017 | 13,326 | |||||||||||||||||||
2018 | 12,930 | |||||||||||||||||||
2019 | 12,873 | |||||||||||||||||||
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | Debt | ||||||||
Outstanding debt consisted of the following at December 31, 2013 and 2014: | |||||||||
December 31, | |||||||||
2013 | 2014 | ||||||||
Term loan | $ | — | $ | 742,902 | |||||
Senior notes | 450,000 | — | |||||||
Senior PIK toggle notes | 196,484 | — | |||||||
Other borrowings | 37,940 | 42,972 | |||||||
Total debt | $ | 684,424 | $ | 785,874 | |||||
Less current portion | (28,329 | ) | (36,789 | ) | |||||
Total long-term debt | $ | 656,095 | $ | 749,085 | |||||
8 1/2% Senior Notes due 2018 (“Senior Notes”) | |||||||||
On May 11, 2010, the Company sold $450,000 aggregate principal amount of the Senior Notes. The Senior Notes are unconditionally guaranteed, jointly and severally, on a senior unsecured basis, by Cooper-Standard Holdings Inc. and all of CSA U.S.’s wholly-owned domestic restricted subsidiaries (collectively, the “guarantors” and together with CSA U.S., the “obligors”). If CSA U.S. or any of its domestic restricted subsidiaries acquires or creates another wholly-owned domestic restricted subsidiary that guarantees certain debt of CSA U.S. or a guarantor, such newly acquired or created subsidiary is also required to guarantee the Senior Notes. The Senior Notes bear an interest rate of 8.50% and mature on May 1, 2018. Interest is payable semi-annually on May 1 and November 1. | |||||||||
Senior PIK Toggle Notes | |||||||||
On April 3, 2013, the Company issued 175,000 aggregate principal amount of its 7 3/8% Senior PIK Toggle Notes due 2018 (the “Senior PIK Toggle Notes”). The Senior PIK Toggle Notes bear an interest rate of 7.375%, mature on April 1, 2018 and were issued at an aggregate discount of $3,938. On May 20, 2013, the Company issued an additional $25,000 Senior PIK Toggle Notes. These additional Senior PIK Toggle Notes were issued at an aggregate discount of $188. All of the Senior PIK Toggle Notes were issued pursuant to an indenture dated April 3, 2013. The Company used the proceeds from the issuance of the Senior PIK Toggle Notes, together with cash on hand, to finance the purchase of shares pursuant to the Company’s cash tender offer (“Equity Tender Offer”) to purchase up to 4,651,162 shares of its common stock at a price of $43.00 per share, which settled on May 2, 2013. See Note 17. “Equity and 7% Preferred Stock” for additional information. | |||||||||
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 Notes and Senior PIK Toggle Notes. Approximately 49% of the Senior Notes and 99% of the Senior PIK Toggle Notes were tendered and purchased on April 4, 2014, and the funds to redeem the remainder were deposited with the Trustee. The remaining redemptions were completed on April 21, 2014 for the Senior Notes and May 5, 2014 for the Senior PIK Toggle Notes. | |||||||||
As a result of the purchases and redemptions, the Company recognized a loss on extinguishment of $30,488, which was primarily due to call and make-whole premiums and the write off of approximately $4,500 in original issue discount and debt issuance costs. | |||||||||
The Company used borrowings under the Term Loan Facility (described below), together with cash on hand, to finance the repurchase and redemption of the Senior PIK Toggle Notes and the Senior Notes. | |||||||||
Senior ABL Facility | |||||||||
On April 8, 2013, the Company and certain of its subsidiaries ("Borrowers") entered into the Amended and Restated Senior Loan and Security Agreement (the "Amended Senior ABL Facility"), with certain lenders, which amended and restated the then existing senior secured asset-based revolving credit facility of the Company, dated May 27, 2010. The Amended Senior ABL Facility provided for an aggregate revolving loan availability of up to $150,000, subject to borrowing base availability. | |||||||||
On April 4, 2014, the Company and certain of its subsidiaries entered into the Second Amended and Restated Loan Agreement (the "Senior ABL Facility"), which amended and restated the Amended Senior ABL Facility, in order to permit the Term Loan Facility (described below) and other related transactions. The Senior ABL Facility continues to provide for an aggregate revolving loan availability of up to $150,000, subject to borrowing base availability, including a $60,000 letter of credit sub-facility and the same $25,000 swing line sub-facility. The Senior ABL Facility also provided for an uncommitted $105,000 incremental loan facility, for a potential total Senior ABL Facility of $255,000 (if requested by the Borrowers and the lenders agree to fund such increase). | |||||||||
On June 11, 2014, the Company and certain of its subsidiaries entered into Amendment No. 1 to the Senior ABL Facility, which increased the aggregate revolving loan availability to $180,000, subject to borrowing base availability, principally by expanding a tooling receivable category of eligible borrowing base availability for the U.S. borrower and Canadian borrower. The Senior ABL Facility, as amended, also now provides for an uncommitted $75,000 incremental loan facility, for a potential total Senior ABL Facility of $255,000 (if requested by the Company and one or more new or existing 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. As of December 31, 2014, subject to borrowing base availability, the Company had $180,000 in availability less outstanding letters of credit of $35,576. | |||||||||
Any borrowings under the Senior ABL Facility will mature, and the commitments of the lenders under the Senior ABL Facility will terminate, on March 1, 2018. Proceeds of the Senior ABL Facility may be used to issue commercial and standby letters of credit, to finance ongoing working capital needs and for general corporate purposes. Loan (and letter of credit) availability under the Senior ABL Facility is subject to a borrowing base, which at any time is limited to the lesser of: (A) the maximum facility amount (subject to certain adjustments) and (B) (i) up to 85% of eligible accounts receivable; plus (ii) up to the lesser of 70% of eligible inventory or 85% of the appraised net orderly liquidation value of eligible inventory; minus reserves established by the Agent. The accounts receivable portion of the borrowing base is subject to certain formulaic limitations (including concentration limits). The inventory portion of the borrowing base is limited to eligible inventory, as determined by an independent appraisal. The borrowing base is also subject to certain reserves, which are established by the Agent (which may include changes to the advance rates indicated above). Loan availability under the Senior ABL Facility is apportioned to the Borrowers as follows: $150,000 to CSA U.S. which includes a $60,000 sublimit to Cooper-Standard Automotive International Holdings B.V. and $30,000 to CSA Canada. | |||||||||
Obligations under the Senior ABL Facility and cash management arrangements and interest rate and foreign currency swaps, in each case with the lenders and their affiliates (collectively “Additional ABL Secured Obligations”) entered into by CSA U.S. are guaranteed on a senior secured basis by the Company and all of our U.S. subsidiaries (other than CS Automotive LLC). Obligations of CSA Canada under the Senior ABL Facility and Additional ABL Secured Obligations of CSA Canada and its Canadian subsidiaries are guaranteed on a senior secured basis by the Company, its U.S. subsidiaries and CSA Canada and Canadian subsidiaries. Obligations of Cooper-Standard International Holdings BV under the Senior ABL Facility are guaranteed on a secured basis by the Company and all of our U.S. subsidiaries (other than CS Automotive LLC). The obligations under the Senior ABL Facility are secured by amongst other items (a) a first priority security interest in accounts receivable of the U.S. borrower and the U.S. guarantors arising from the sale of goods and services, and inventory, excluding certain property and subject to certain limitations (with obligations of the Canadian borrower secured also by comparable assets of the Canadian borrower and Canadian guarantors) and (b) a second priority security interest (subject to permitted liens and other customary exceptions) on (i) all the capital stock in restricted subsidiaries directly held by the U.S. borrower and each of the U.S. guarantors, (ii) substantially all material owned real property located in the U.S. and equipment of the U.S. borrower and the U.S. guarantors and (iii) all other material personal property of the U.S. borrower and the U.S. guarantors. | |||||||||
Borrowings under the Senior ABL Facility bear interest at a rate equal to, at the Borrowers’ option: | |||||||||
• | in the case of borrowings by the U.S. Borrower or European Borrower, LIBOR or the base rate plus, in each case, an applicable margin; or | ||||||||
• | in the case of borrowings by the Canadian Borrower, BA rate, Canadian prime rate or Canadian base rate plus, in each case, an applicable margin. | ||||||||
The applicable margin may vary between 1.50% and 2.00% with respect to the LIBOR or BA-based borrowings and between 0.50% and 1.00% with respect to base rate, Canadian prime rate and Canadian base rate borrowings. The applicable margin is subject, in each case, to quarterly pricing adjustments based on usage over the immediately preceding quarter. | |||||||||
In addition to paying interest on outstanding principal under the Senior ABL Facility, the Borrowers are required to pay a fee in respect of committed but unutilized commitments. The Borrowers are also required to pay a fee on outstanding letters of credit under the Senior ABL Facility, together with customary issuance and other letter of credit fees. The Senior ABL Facility also requires the payment of customary agency and administrative fees. | |||||||||
The Borrowers are able to voluntarily reduce the unutilized portion of the commitment amount and repay outstanding loans, in each case, in whole or in part, at any time without premium or penalty (other than customary breakage and related reemployment costs with respect to repayments of outstanding borrowings). | |||||||||
The Senior ABL Facility includes affirmative and negative covenants that impose substantial restrictions on the Company’s financial and business operations, including their ability to incur and secure debt, make investments, sell assets, pay dividends or make acquisitions. The Senior ABL Facility also includes a requirement to maintain a monthly fixed charge coverage ratio of no less than 1.0 to 1.0 when availability under the Senior ABL Facility is less than specified levels. The Senior ABL Facility also contains various events of default that are customary for comparable facilities. | |||||||||
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 Senior Notes 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 obligations are secured by amongst other items (a) a first priority security interest (subject to permitted liens and other customary exceptions) on (i) all the capital stock in restricted subsidiaries directly held by the borrower and each of the guarantors, (ii) substantially all plant, material owned real property located in the U.S. and equipment of the borrower and the guarantors and (iii) all other personal property of the borrower and the guarantors, and (b) a second priority security interest (subject to permitted liens and other customary exceptions) in accounts receivable of the borrowers and the guarantors arising from the sale of goods and services, inventory, excluding certain collateral and subject to certain limitations. Loans under the Term Loan Facility bear interest at a rate equal to, at the Borrower’s option, LIBOR, subject to a 1.00% LIBOR Floor or the base rate option (the highest of the Federal Funds rate, prime rate, or one-month Eurodollar rate plus the appropriate spread), in each case, plus an applicable margin of 3.00%. The Term Loan Facility matures on April 4, 2021. On April 4, 2014, the aggregate principal amount of $750,000 was fully drawn to extinguish the Senior PIK Toggle Notes and the Senior Notes and to pay related fees and expenses. As of December 31, 2014, the principle amount of $746,250 was outstanding. Debt issuance costs of approximately $7,900 were incurred on this transaction, along with the original issue discount of $3,750. Both the debt issuance costs and the original issue discount will be amortized into interest expense over the term of the Term Loan Facility. As of December 31, 2014, the Company had $3,348 of unamortized original issue discount. | |||||||||
The Company was in compliance with all covenants of the Senior ABL Facility and Term Loan Facility as of December 31, 2014. | |||||||||
Other borrowings at December 31, 2013 and 2014 reflect borrowings under capital leases, local bank lines and accounts receivable factoring sold with recourse classified in debt payable within one year on the consolidated balance sheet. | |||||||||
The maturities of debt at December 31, 2014 are as follows: | |||||||||
Year | Debt and Capital Lease Obligations | ||||||||
2015 | $ | 36,789 | |||||||
2016 | 10,850 | ||||||||
2017 | 9,467 | ||||||||
2018 | 9,303 | ||||||||
2019 | 9,176 | ||||||||
Thereafter | 710,289 | ||||||||
Total | $ | 785,874 | |||||||
Interest paid on third party debt was $45,752, $52,925 and $56,488 for the years ended December 31, 2012, 2013 and 2014, respectively. |
Pensions
Pensions | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Pensions | Pensions | |||||||||||||||||||||||
The Company maintains defined benefit pension plans covering employees located in the United States. The majority of these plans are frozen and all are closed to new employees. Benefits generally are based on compensation, length of service and age for salaried employees and on length of service for hourly employees. The Company’s policy is to fund pension plans such that sufficient assets will be available to meet future benefit requirements. The Company also sponsors defined benefit pension plans for employees in some of its international locations. | ||||||||||||||||||||||||
The Company also sponsors defined contribution pension plans for certain salaried and hourly U.S. employees of the Company. Participation is voluntary. The Company matches contributions of participants, up to various limits based on its profitability, in substantially all plans. The Company also sponsors a retirement plan that includes Company non-elective contributions. Non-elective and matching contributions under these plans totaled $12,851, $13,609 and $14,489 for the years ended December 31, 2012, 2013 and 2014, respectively. | ||||||||||||||||||||||||
The following tables disclose information related to the Company’s defined benefit pension plans: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||||||||||
Projected benefit obligations at beginning of period | $ | 325,755 | $ | 196,071 | $ | 293,488 | $ | 196,495 | ||||||||||||||||
Service cost | 1,221 | 3,544 | 850 | 3,367 | ||||||||||||||||||||
Interest cost | 12,207 | 6,816 | 13,479 | 7,069 | ||||||||||||||||||||
Actuarial loss (gain) | (24,197 | ) | (6,861 | ) | 47,944 | 36,857 | ||||||||||||||||||
Amendments | — | 2,478 | — | — | ||||||||||||||||||||
Benefits paid | (21,498 | ) | (8,209 | ) | (14,331 | ) | (9,588 | ) | ||||||||||||||||
Foreign currency exchange rate effect | — | 1,758 | — | (23,226 | ) | |||||||||||||||||||
Curtailment/settlements | — | (271 | ) | (19,100 | ) | (692 | ) | |||||||||||||||||
Other | — | 1,169 | — | 438 | ||||||||||||||||||||
Projected benefit obligations at end of period | $ | 293,488 | $ | 196,495 | $ | 322,330 | $ | 210,720 | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 246,529 | $ | 68,139 | $ | 269,601 | $ | 70,929 | ||||||||||||||||
Actual return on plan assets | 22,422 | 5,299 | 22,892 | 9,874 | ||||||||||||||||||||
Employer contributions | 22,148 | 9,301 | 9,800 | 9,979 | ||||||||||||||||||||
Benefits paid | (21,498 | ) | (8,209 | ) | (14,331 | ) | (9,588 | ) | ||||||||||||||||
Foreign currency exchange rate effect | — | (3,159 | ) | — | (5,842 | ) | ||||||||||||||||||
Settlements | — | (442 | ) | (19,100 | ) | (692 | ) | |||||||||||||||||
Fair value of plan assets at end of period | $ | 269,601 | $ | 70,929 | $ | 268,862 | $ | 74,660 | ||||||||||||||||
Funded status of the plans | $ | (23,887 | ) | $ | (125,566 | ) | $ | (53,468 | ) | $ | (136,060 | ) | ||||||||||||
In September 2014, the Company announced a one-time voluntary program allowing eligible deferred vested U.S. pension participants the ability to elect to receive the value of their pension benefit, either as a lump sum payment or a monthly annuity payment. Such election settles our obligation to the electing participants. The voluntary program resulted in lump sum payments of $16,287. In addition, lump sum payments made outside of this program to certain vested U.S. participants totaled $2,813. The total of $19,100 lump sum payments were paid from plan assets. As a result of these lump sum payments, we recorded settlement losses of $3,637 in 2014 reflecting the accelerated recognition of unamortized losses in the plans proportionate to the obligation that was settled. | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||
Amounts recognized in the balance sheets: | ||||||||||||||||||||||||
Accrued liabilities (current) | $ | (956 | ) | $ | (4,497 | ) | $ | (924 | ) | $ | (4,016 | ) | ||||||||||||
Pension benefits (long term) | (22,931 | ) | (128,182 | ) | (52,544 | ) | (139,261 | ) | ||||||||||||||||
Other assets | — | 7,113 | — | 7,217 | ||||||||||||||||||||
Net amount recognized at December 31 | $ | (23,887 | ) | $ | (125,566 | ) | $ | (53,468 | ) | $ | (136,060 | ) | ||||||||||||
Included in cumulative other comprehensive loss at December 31, 2014 are the following amounts that have not yet been recognized in net periodic benefit cost: unrecognized prior service costs of $2,147 ($2,053 net of tax) and unrecognized actuarial losses of $111,990 ($100,024 net of tax). The amounts included in cumulative other comprehensive loss and expected to be recognized in net periodic benefit cost during the fiscal year-ended December 31, 2015 are $263 and $3,763, respectively. | ||||||||||||||||||||||||
The accumulated benefit obligation for all domestic and international defined benefit pension plans was $293,488 and $186,798 at December 31, 2013 and $322,330 and $200,289 at December 31, 2014, respectively. As of December 31, 2013, the fair value of plan assets for one of the Company’s defined benefit plans exceeded the projected benefit obligation of $63,719 by $7,113. As of December 31, 2014, the fair value of plan assets for two of the Company’s defined benefit plans exceeded the projected benefit obligation of $37,224 by $7,217. | ||||||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations at December 31, 2013 and 2014: | ||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||
Discount rate | 4.74 | % | 3.79 | % | 3.94 | % | 2.66 | % | ||||||||||||||||
Rate of compensation increase | N/A | 3.17 | % | N/A | 3.11 | % | ||||||||||||||||||
The following table provides the components of net periodic benefit cost for the plans: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||
Service cost | $ | 1,150 | $ | 3,126 | $ | 1,221 | $ | 3,544 | $ | 850 | $ | 3,367 | ||||||||||||
Interest cost | 13,902 | 7,793 | 12,207 | 6,816 | 13,479 | 7,069 | ||||||||||||||||||
Expected return on plan assets | (15,471 | ) | (4,027 | ) | (17,368 | ) | (3,741 | ) | (19,055 | ) | (3,828 | ) | ||||||||||||
Amortization of prior service cost and actuarial loss | 496 | 377 | 1,375 | 1,315 | 67 | 894 | ||||||||||||||||||
Curtailment/settlements | 80 | 473 | 783 | 121 | 3,637 | 444 | ||||||||||||||||||
Other | — | — | — | 1,018 | — | (1 | ) | |||||||||||||||||
Net periodic benefit cost (income) | $ | 157 | $ | 7,742 | $ | (1,782 | ) | $ | 9,073 | $ | (1,022 | ) | $ | 7,945 | ||||||||||
The following table provides weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2012, 2013 and 2014: | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||
Discount rate | 4.63 | % | 5.26 | % | 3.8 | % | 3.55 | % | 4.68 | % | 3.72 | % | ||||||||||||
Expected return on plan assets | 7.25 | % | 6.62 | % | 7 | % | 5.73 | % | 7.15 | % | 5.63 | % | ||||||||||||
Rate of compensation increase | N/A | 3.69 | % | N/A | 3.59 | % | N/A | 3.69 | % | |||||||||||||||
Plan Assets | ||||||||||||||||||||||||
To develop the expected return on assets assumption, the Company considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. | ||||||||||||||||||||||||
The weighted average asset allocations for the Company’s pension plans at December 31, 2013 and 2014 by asset category are approximately as follows: | ||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||
Equity securities | 28 | % | 44 | % | 23 | % | 34 | % | ||||||||||||||||
Debt securities | 30 | % | 55 | % | 33 | % | 66 | % | ||||||||||||||||
Real estate | 4 | % | 0 | % | 4 | % | 0 | % | ||||||||||||||||
Balanced funds(1) | 38 | % | 0 | % | 40 | % | 0 | % | ||||||||||||||||
Cash and cash equivalents | 0 | % | 1 | % | 0 | % | 0 | % | ||||||||||||||||
100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||
(1) Invested primarily in equity, fixed income and cash instruments. | ||||||||||||||||||||||||
Equity security investments are structured to achieve an equal balance between growth and value stocks. The Company determines the annual rate of return on pension assets by first analyzing the composition of its asset portfolio. Historical rates of return are applied to the portfolio. This computed rate of return is reviewed by the Company’s investment advisors and actuaries. Industry comparables and other outside guidance is also considered in the annual selection of the expected rates of return on pension assets. | ||||||||||||||||||||||||
Investments in equity securities and debt securities are valued at fair value using a market approach and observable inputs, such as quoted market prices in active markets (Level 1 input based on the U.S. GAAP fair value hierarchy). Investments in equity securities and balanced funds in which the Company holds participation units in a fund, the Net Asset Value of which is based on the underlying assets and liabilities of the respective fund, are considered an unobservable input (Level 3 input based on the U.S. GAAP fair value hierarchy). Investments in Balanced Funds are valued at fair value using a market approach and inputs that are primarily directly or indirectly observable (Level 2 input based on the U.S. GAAP fair value hierarchy). Investments in Real Estate funds are primarily valued at Net Asset Value depending on the investment. See Note 20. “Fair Value of Financial Instruments” for additional information on the U.S. GAAP fair value hierarchy. | ||||||||||||||||||||||||
The following table sets forth by level, within the fair value hierarchy established by ASC 820, "Fair Value Measurement," the Company’s pension plan assets at fair value as of December 31, 2013 and December 31, 2014: | ||||||||||||||||||||||||
2013 | Level One | Level Two | Level Three | Total | ||||||||||||||||||||
Investments | ||||||||||||||||||||||||
Equity securities | $ | 43,860 | $ | 50,281 | $ | 13,548 | $ | 107,689 | ||||||||||||||||
Debt securities | 34,438 | 84,327 | — | 118,765 | ||||||||||||||||||||
Real Estate | — | 10,321 | — | 10,321 | ||||||||||||||||||||
Balanced funds | 37,572 | 62,393 | 3,585 | 103,550 | ||||||||||||||||||||
Cash and cash equivalents | 205 | — | — | 205 | ||||||||||||||||||||
Total | $ | 116,075 | $ | 207,322 | $ | 17,133 | $ | 340,530 | ||||||||||||||||
2014 | Level One | Level Two | Level Three | Total | ||||||||||||||||||||
Investments | ||||||||||||||||||||||||
Equity securities | $ | 29,069 | $ | 47,702 | $ | 10,286 | $ | 87,057 | ||||||||||||||||
Debt securities | 36,391 | 99,869 | — | 136,260 | ||||||||||||||||||||
Real Estate | — | 11,654 | — | 11,654 | ||||||||||||||||||||
Balanced funds | 40,891 | 63,999 | 3,538 | 108,428 | ||||||||||||||||||||
Cash and cash equivalents | 123 | — | — | 123 | ||||||||||||||||||||
Total | $ | 106,474 | $ | 223,224 | $ | 13,824 | $ | 343,522 | ||||||||||||||||
The following is a reconciliation for which Level 3 inputs were used in determining fair value: | ||||||||||||||||||||||||
Beginning balance of assets classified as Level 3 as of January 1, 2013 | $ | 19,408 | ||||||||||||||||||||||
Purchases, sales and settlements, net | 21 | |||||||||||||||||||||||
Total losses | (1,511 | ) | ||||||||||||||||||||||
Transfers into (out of) Level 3 | (785 | ) | ||||||||||||||||||||||
Ending balance of assets classified as Level 3 as of December 31, 2013 | $ | 17,133 | ||||||||||||||||||||||
Purchases, sales and settlements, net | (2,987 | ) | ||||||||||||||||||||||
Total losses | (136 | ) | ||||||||||||||||||||||
Transfers into (out of) Level 3 | (186 | ) | ||||||||||||||||||||||
Ending balance of assets classified as Level 3 as of December 31, 2014 | $ | 13,824 | ||||||||||||||||||||||
The Company estimates its benefit payments for its domestic and foreign pension plans during the next ten years to be as follows: | ||||||||||||||||||||||||
U.S | Non-U.S | Total | ||||||||||||||||||||||
2015 | $ | 18,418 | $ | 6,410 | $ | 24,828 | ||||||||||||||||||
2016 | 17,754 | 6,987 | 24,741 | |||||||||||||||||||||
2017 | 17,772 | 9,222 | 26,994 | |||||||||||||||||||||
2018 | 18,218 | 9,350 | 27,568 | |||||||||||||||||||||
2019 | 18,599 | 10,404 | 29,003 | |||||||||||||||||||||
2020-2024 | 94,536 | 57,427 | 151,963 | |||||||||||||||||||||
The Company estimates it will make minimum funding cash contributions of approximately $3,000 and discretionary cash contributions of approximately $5,000 to its pension plans in 2015. |
Postretirement_Benefits_Other_
Postretirement Benefits Other Than Pensions | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than Pensions | |||||||||||||||||||||||
The Company provides certain retiree health care and life insurance benefits covering substantially all U.S. salaried and certain hourly employees and employees in Canada. Employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. Independent actuaries determine postretirement benefit costs for each applicable subsidiary of the Company. The Company’s policy is to fund the cost of these postretirement benefits as these benefits become payable. | ||||||||||||||||||||||||
The following table discloses information related to the Company’s postretirement benefit plans: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligations at beginning of year | $ | 44,063 | $ | 20,450 | $ | 35,785 | $ | 16,905 | ||||||||||||||||
Service cost | 586 | 659 | 422 | 545 | ||||||||||||||||||||
Interest cost | 1,626 | 738 | 1,589 | 752 | ||||||||||||||||||||
Actuarial loss (gain) | (7,659 | ) | (2,276 | ) | 2,556 | 3,533 | ||||||||||||||||||
Benefits paid | (2,856 | ) | (659 | ) | (2,624 | ) | (668 | ) | ||||||||||||||||
Plan change | — | (715 | ) | — | — | |||||||||||||||||||
Other | 25 | — | 25 | — | ||||||||||||||||||||
Foreign currency exchange rate effect | — | (1,292 | ) | — | (1,580 | ) | ||||||||||||||||||
Benefit obligation at end of year | $ | 35,785 | $ | 16,905 | $ | 37,753 | $ | 19,487 | ||||||||||||||||
Funded status of the plan | $ | (35,785 | ) | $ | (16,905 | ) | $ | (37,753 | ) | $ | (19,487 | ) | ||||||||||||
Net amount recognized at December 31 | $ | (35,785 | ) | $ | (16,905 | ) | $ | (37,753 | ) | $ | (19,487 | ) | ||||||||||||
Included in cumulative other comprehensive loss at December 31, 2014 are the following amounts that have not yet been recognized in net periodic benefit cost: unrecognized prior service credits of $3,280 ($2,914 net of tax) and unrecognized actuarial gains of $10,283 ($12,303 net of tax). The amounts included in cumulative other comprehensive loss and expected to be recognized in net periodic benefit cost during the fiscal year ended December 31, 2015 is ($1,606). | ||||||||||||||||||||||||
The following table provides the components of net periodic benefit costs for the plans: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||
Service cost | $ | 542 | $ | 650 | $ | 586 | $ | 659 | $ | 422 | $ | 545 | ||||||||||||
Interest cost | 1,795 | 822 | 1,626 | 738 | 1,589 | 752 | ||||||||||||||||||
Amortization of prior service credit and recognized actuarial gain | (1,777 | ) | (54 | ) | (1,125 | ) | (139 | ) | (1,926 | ) | (286 | ) | ||||||||||||
Curtailment gain | (1,539 | ) | — | — | — | — | — | |||||||||||||||||
Other | 75 | — | 25 | — | 25 | — | ||||||||||||||||||
Net periodic benefit cost (income) | $ | (904 | ) | $ | 1,418 | $ | 1,112 | $ | 1,258 | $ | 110 | $ | 1,011 | |||||||||||
The curtailment gain for the year ended December 31, 2012 in the table above was recorded as a reduction to restructuring expense. | ||||||||||||||||||||||||
The following table provides weighted average assumptions used to determine benefit obligations at December 31, 2013 and 2014: | ||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||
Discount rate | 4.6 | % | 4.7 | % | 3.85 | % | 3.9 | % | ||||||||||||||||
The following table provides weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2012, 2013 and 2014: | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||
Discount rate | 4.7 | % | 4.25 | % | 3.8 | % | 3.95 | % | 4.6 | % | 4.7 | % | ||||||||||||
At December 31, 2014, the weighted average assumed annual rate of increase in the cost of health care benefits (health care cost trend rate) for 2015 was 6.44% for the U.S. and 6.00% for Non-U.S. with both grading down over time to 5.00% in 2018. A one-percentage point change in the assumed health care cost trend rate would have had the following effects: | ||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||
Effect on service and interest cost components | $ | 247 | $ | (218 | ) | |||||||||||||||||||
Effect on projected benefit obligations | 3,516 | (2,846 | ) | |||||||||||||||||||||
The Company estimates its benefit payments for its postretirement benefit plans during the next ten years to be as follows: | ||||||||||||||||||||||||
U.S. | Non-U.S. | Total | ||||||||||||||||||||||
2015 | $ | 2,216 | $ | 626 | $ | 2,842 | ||||||||||||||||||
2016 | 2,269 | 643 | 2,912 | |||||||||||||||||||||
2017 | 2,318 | 647 | 2,965 | |||||||||||||||||||||
2018 | 2,349 | 648 | 2,997 | |||||||||||||||||||||
2019 | 2,378 | 698 | 3,076 | |||||||||||||||||||||
2020 - 2024 | 11,951 | 4,241 | 16,192 | |||||||||||||||||||||
Other post retirement benefits recorded in the Company’s consolidated balance sheets include $7,526 and $5,836 as of December 31, 2013 and 2014, respectively, for termination indemnity plans for two of the Company’s European locations. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
Components of the Company’s income (loss) before income taxes and adjustment for noncontrolling interests are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Domestic | $ | 69,914 | $ | 72,720 | $ | 83,577 | ||||||
Foreign | (2,629 | ) | 18,133 | 4,706 | ||||||||
$ | 67,285 | $ | 90,853 | $ | 88,283 | |||||||
The Company’s income tax expense (benefit) consists of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Current | ||||||||||||
Federal | $ | 2,558 | $ | 1,980 | $ | 10,655 | ||||||
State | 480 | 400 | 1,843 | |||||||||
Foreign | 6,817 | 15,740 | 21,496 | |||||||||
Deferred | ||||||||||||
Federal | (35,883 | ) | 18,706 | 17,528 | ||||||||
State | (4,279 | ) | 1,559 | 40 | ||||||||
Foreign | (1,224 | ) | 7,214 | (8,752 | ) | |||||||
$ | (31,531 | ) | $ | 45,599 | $ | 42,810 | ||||||
The following schedule reconciles the United States statutory federal rate to the income tax provision: | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Tax at U.S. statutory rate | $ | 23,550 | $ | 31,798 | $ | 30,899 | ||||||
State and local taxes | 1,469 | 3,196 | 2,203 | |||||||||
Tax credits | (2,875 | ) | (8,269 | ) | (23,956 | ) | ||||||
Foreign withholding taxes | 242 | 196 | 28 | |||||||||
Effect of foreign tax rates | (6,147 | ) | (4,536 | ) | (767 | ) | ||||||
Tax audits & assessments | 2,541 | 243 | 2,803 | |||||||||
Valuation allowance | (57,652 | ) | 20,386 | 28,985 | ||||||||
Other, net | 7,341 | 2,585 | 2,615 | |||||||||
Income tax provision | $ | (31,531 | ) | $ | 45,599 | $ | 42,810 | |||||
Effective income tax rate | (46.9 | )% | 50.2 | % | 48.5 | % | ||||||
Payments, net of refunds, for income taxes for the years ended December 31, 2012, 2013 and 2014 were $17,555, $7,110 and $19,152, respectively. These amounts do not include any payments or refunds of income taxes related to the US-Canada Advanced Pricing Agreement settlement. | ||||||||||||
Deferred tax assets and liabilities reflect the estimated tax effect of accumulated temporary differences between the basis of assets and liabilities for tax and financial reporting purposes, as well as net operating losses, tax credit and other carryforwards. Significant components of the Company’s deferred tax assets and liabilities at December 31, 2013 and 2014 are as follows: | ||||||||||||
2013 | 2014 | |||||||||||
Deferred tax assets: | ||||||||||||
Postretirement and other benefits | $ | 52,097 | $ | 83,003 | ||||||||
Capitalized expenditures | 3,563 | 1,790 | ||||||||||
Net operating loss and tax credit carryforwards | 143,182 | 130,353 | ||||||||||
All other items | 48,302 | 44,764 | ||||||||||
Total deferred tax assets | 247,144 | 259,910 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | (56,200 | ) | (36,701 | ) | ||||||||
Intangibles | (32,130 | ) | (24,698 | ) | ||||||||
All other items | (3,864 | ) | (6,261 | ) | ||||||||
Total deferred tax liabilities | (92,194 | ) | (67,660 | ) | ||||||||
Valuation allowances | (122,771 | ) | (144,080 | ) | ||||||||
Net deferred tax assets | $ | 32,179 | $ | 48,170 | ||||||||
Net deferred taxes in the consolidated balance sheets at December 31, 2013 and 2014 are as follows: | ||||||||||||
2013 | 2014 | |||||||||||
Current assets | $ | 12,570 | $ | 15,176 | ||||||||
Non-current assets | 34,235 | 41,059 | ||||||||||
Current liabilities | (3,480 | ) | (3,064 | ) | ||||||||
Non-current liabilities | (11,146 | ) | (5,001 | ) | ||||||||
$ | 32,179 | $ | 48,170 | |||||||||
At December 31, 2014, certain of the Company’s foreign subsidiaries, primarily in France, Brazil, Italy and Germany, have operating loss carryforwards aggregating $230,000, with indefinite expiration periods. Other foreign subsidiaries in China, Mexico, Netherlands, Poland, Spain, India and Korea have operating losses aggregating $84,000, with expiration dates beginning in 2015. The Company has tax credit carryforwards totaling $22,500 in Poland with expiration dates beginning in 2017. The Company and its domestic subsidiaries have anticipated tax benefits of state net operating losses and credit carryforwards of $15,800 with expiration dates beginning in 2015. | ||||||||||||
The Company continues to maintain a valuation allowance related to their net deferred tax assets in several foreign jurisdictions. As of December 31, 2014, the Company had valuation allowances of $144,080 related to tax loss and credit carryforwards and other deferred tax assets in several foreign jurisdictions. The Company’s valuation allowance increased in 2014 primarily as result of recording a valuation allowance against our net deferred tax asset in two Mexican entities and current year losses with no benefit in certain foreign jurisdictions. The Company’s current and future provision for income taxes is significantly impacted by the initial recognition of and changes in valuation allowances in certain countries. The Company intends to maintain these allowances until it is more likely than not that the deferred tax assets will be realized. The Company’s future provision for income taxes will include no tax benefit with respect to losses incurred and no tax expense with respect to income generated in these countries until the respective valuation allowance is eliminated. | ||||||||||||
Deferred income taxes have not been provided on approximately $335,000 of undistributed earnings of foreign subsidiaries as such amounts are considered permanently reinvested. It is not practicable to estimate any additional income taxes and applicable withholding taxes that would be payable on remittance of such undistributed earnings. | ||||||||||||
At December 31, 2014, the Company has $8,738 ($9,876 including interest and penalties) of total unrecognized tax benefits. Of this total, $8,738 represents the amount of unrecognized tax benefits that, if recognized, would affect the effective income tax rate. | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Balance at beginning of period | $ | 3,303 | $ | 4,900 | $ | 7,012 | ||||||
Tax positions related to the current period | ||||||||||||
Gross additions | 2,294 | 908 | 1,210 | |||||||||
Gross reductions | — | — | — | |||||||||
Tax positions related to prior years | ||||||||||||
Gross additions | 110 | 1,896 | 1,902 | |||||||||
Gross reductions | (396 | ) | (692 | ) | (1,106 | ) | ||||||
Settlements | (411 | ) | — | (280 | ) | |||||||
Lapses on statutes of limitations | — | — | — | |||||||||
Balance at end of period | $ | 4,900 | $ | 7,012 | $ | 8,738 | ||||||
The Company, or one of its subsidiaries, files income tax returns in the United States and other foreign jurisdictions. The Internal Revenue Service completed an examination of the Company’s U.S. income tax returns through 2011. U.S. state and local jurisdictions tax claims for any taxable year prior to 2009 are generally limited to the amount of any claims they filed in the Bankruptcy Court by February 3, 2010. The Company’s major foreign jurisdictions are Brazil, Canada, France, Germany, Italy, Mexico, and Poland. The Company is no longer subject to income tax examinations in major foreign jurisdictions for years prior to 2009. | ||||||||||||
During the next twelve months, it is reasonably possible that, as a result of audit settlements, the conclusion of current examinations and the expiration of the statute of limitations in certain jurisdictions, the Company may decrease the amount of its gross unrecognized tax benefits by approximately $2,254, of which an immaterial amount, if recognized, could impact the effective tax rate. | ||||||||||||
The Company classifies all tax related interest and penalties as income tax expense. The Company has recorded in liabilities for the years ended December 31, 2013 and 2014, $61 and $1,138 respectively, for tax related interest and penalties on its consolidated balance sheets. |
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Lease Commitments | Lease Commitments | ||||
The Company leases certain manufacturing facilities and equipment under long-term leases expiring at various dates. Rental expense for operating leases was $24,340, $26,853 and $31,693 for the years ended December 31, 2012, 2013 and 2014, respectively. | |||||
Future minimum payments for all non-cancelable operating leases are as follows: | |||||
Year | Minimum Future Operating Lease Commitments | ||||
2015 | $ | 25,443 | |||
2016 | 15,824 | ||||
2017 | 10,111 | ||||
2018 | 6,328 | ||||
2019 | 5,575 | ||||
Thereafter | 12,680 | ||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
The changes in accumulated other comprehensive income (loss) by component, net of related tax, are as follows: | ||||||||||||||||||||
Cumulative currency translation adjustment | Benefit plan | Unrealized gain on investment securities | Fair value change of derivatives | Accumulated other comprehensive loss | ||||||||||||||||
liability | ||||||||||||||||||||
Balance at December 31, 2011 | $ | 15,018 | $ | (27,658 | ) | $ | — | $ | 171 | $ | (12,469 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 3,302 | (35,811 | ) | — | 69 | (32,440 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (549 | ) | — | 10 | (539 | ) | |||||||||||||
Net current period other comprehensive income (loss)(1) | 3,302 | (36,360 | ) | — | 79 | (32,979 | ) | |||||||||||||
Balance at December 31, 2012 | $ | 18,320 | $ | (64,018 | ) | $ | — | $ | 250 | $ | (45,448 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (12,608 | ) | 29,559 | — | 47 | 16,998 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1,053 | — | (297 | ) | 756 | ||||||||||||||
Net current period other comprehensive income (loss)(1) | (12,608 | ) | 30,612 | — | (250 | ) | 17,754 | |||||||||||||
Balance at December 31, 2013 | $ | 5,712 | $ | (33,406 | ) | $ | — | $ | — | $ | (27,694 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (56,083 | ) | (53,587 | ) | 1,146 | (1,857 | ) | (110,381 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 132 | (1,146 | ) | (154 | ) | (1,168 | ) | ||||||||||||
Net current period other comprehensive income (loss)(1) | (56,083 | ) | (53,455 | ) | — | (2,011 | ) | (111,549 | ) | |||||||||||
Balance at December 31, 2014 | $ | (50,371 | ) | $ | (86,861 | ) | — | (2,011 | ) | $ | (139,243 | ) | ||||||||
-1 | Other comprehensive income (loss) related to the benefit plan liability is net of a tax effect of $10,055, $(17,224), and $19,096 for the years ended December 31, 2012, 2013 and 2014. Other comprehensive income (loss) related to the fair value change of derivatives is net of a tax effect of $(29), $99 and $1,253 for the years ended December 31, 2012, 2013 and 2014. | |||||||||||||||||||
-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 was recorded in other expense, net, less income tax expense of $736. | |||||||||||||||||||
The reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2014 are as follows: | ||||||||||||||||||||
Details about accumulated other comprehensive income (loss) components | Gain (loss) reclassified | Location of gain (loss) reclassified into income | ||||||||||||||||||
Fair value change of derivatives | ||||||||||||||||||||
Interest rate contracts | $ | — | Interest expense, net of interest income | |||||||||||||||||
Foreign exchange contracts | 182 | Cost of products sold | ||||||||||||||||||
182 | Income before income taxes | |||||||||||||||||||
(28 | ) | Income tax expense | ||||||||||||||||||
$ | 154 | Consolidated net income | ||||||||||||||||||
Amortization of defined benefit and other postretirement benefit plans | ||||||||||||||||||||
Prior service credits | $ | 364 | -1 | |||||||||||||||||
Actuarial losses | (61 | ) | -1 | |||||||||||||||||
303 | Income before income taxes | |||||||||||||||||||
(435 | ) | Income tax expense | ||||||||||||||||||
$ | (132 | ) | Consolidated net income | |||||||||||||||||
Total reclassifications for the period | $ | 22 | ||||||||||||||||||
-1 | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost. (See Note 8. “Pensions” and Note 9. “Postretirement Benefits other than Pensions” for additional details.) |
Contingent_Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Contingent Liabilities |
Employment Contracts | |
The Company has employment arrangements with certain key executives that provide for continuity of management. These arrangements include payments of multiples of annual salary, certain incentives, and continuation of benefits upon the occurrence of specified events in a manner that is believed to be consistent with comparable companies. | |
Unconditional Purchase Orders | |
Noncancellable purchase order commitments for capital expenditures made in the ordinary course of business were $65,459 and $39,692 at December 31, 2013 and 2014, respectively. | |
Legal and Other Claims | |
The Company is periodically involved in claims, litigation, and various legal matters that arise in the ordinary course of business. Each of these matters is subject to various uncertainties, and some of these matters may be resolved unfavorably with respect to the Company. If appropriate, the Company establishes a reserve estimate for each matter and updates such estimate as additional information becomes available. Based on the information currently known to the Company, they do not believe that the ultimate resolution of any of these matters will have a material adverse effect on their financial condition, results of operations, or cash flows. | |
Environmental | |
The Company is subject to a broad range of federal, state, and local environmental and occupational safety and health laws and regulations in the United States and other countries, including those governing: emissions to air, discharges to water, noise and odor emissions; the generation, handling, storage, transportation, treatment, reclamation and disposal of chemicals and waste materials; the cleanup of contaminated properties; and human health and safety. The Company may incur substantial costs associated with hazardous substance contamination or exposure, including cleanup costs, fines, and civil or criminal sanctions, third party property or natural resource damage, personal injury claims or costs to upgrade or replace existing equipment as a result of violations of or liabilities under environmental laws or the failure to maintain or comply with environmental permits required at their locations. In addition, many of the Company’s current and former facilities are located on properties with long histories of industrial or commercial operations and some of these properties have been subject to certain environmental investigations and remediation activities. The Company maintains environmental reserves for certain of these sites. As of December 31, 2014, the Company has $6,852 reserved in accrued liabilities and other liabilities on the consolidated balance sheet on an undiscounted basis, which they believe are adequate. Because some environmental laws (such as the Comprehensive Environmental Response, Compensation and Liability Act and analogous state laws) can impose liability retroactively and regardless of fault on potentially responsible parties for the entire cost of cleanup at currently or formerly owned or operated facilities, as well as sites at which such parties disposed or arranged for disposal of hazardous waste, the Company could become liable for investigating or remediating contamination at their current or former properties or other properties (including offsite waste disposal locations). The Company may not always be in complete compliance with all applicable requirements of environmental laws or regulation, and the Company may receive notices of violation or become subject to enforcement actions or incur material costs or liabilities in connection with such requirements. In addition, new environmental requirements or changes to interpretations of existing requirements, or in their enforcement, could have a material adverse effect on the Company’s business, results of operations, and financial condition. The Company has made and will continue to make expenditures to comply with environmental requirements. While the Company’s costs to defend and settle known claims arising under environmental laws have not been material in the past and are not currently estimated to be material, such costs may be material in the future. |
Other_Expense_net
Other Expense, net | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Other Income (Expense), net | Other Expense, net | |||||||||||
The components of other expense, net consists of: | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Loss on extinguishment of debt | $ | — | $ | — | $ | (30,488 | ) | |||||
Foreign currency losses | (6,824 | ) | (9,415 | ) | (7,055 | ) | ||||||
Gains (losses) related to forward contracts | 4,392 | 80 | (34 | ) | ||||||||
Loss on sale of receivables | (947 | ) | (1,702 | ) | (1,866 | ) | ||||||
Gain on sale of investment | — | — | 1,882 | |||||||||
Miscellaneous income | 3,316 | 3,600 | 903 | |||||||||
Other expense, net | $ | (63 | ) | $ | (7,437 | ) | $ | (36,658 | ) |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
Sales to NISCO, a 40% owned joint venture, totaled $44,620, $47,175 and $33,195 for the years ended December 31, 2012, 2013 and 2014, respectively. In March 2012, the Company received from NISCO a dividend of $800, all of which was related to earnings. 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 of capital. In March 2014, the Company received from NISCO a dividend of $1,760, consisting of $809 relating to earnings and a $951 return of capital. | |
In the second quarter of 2014, the Company sold the remaining 17% of the common stock in Guyoung Technology Co. Ltd. for $3,216 and recorded a gain on investment of $1,882. The gain is recorded in other expense, net on the Company's consolidated statements of net income. |
Net_Income_Per_Share_Attributa
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. | Net Income Per Share Attributable to Cooper-Standard Holdings Inc. | |||||||||||
For the years ended December 31, 2012 and 2013, basic net income per share attributable to Cooper-Standard Holdings Inc. was computed using the two-class method by dividing net income attributable to Cooper-Standard Holdings Inc., after deducting dividends on the Company’s 7% cumulative participating convertible preferred stock (“7% preferred stock”), premium paid for redemption of 7% preferred stock and undistributed earnings allocated to participating securities, by the weighted average number of shares of common stock outstanding during the period excluding unvested restricted shares. The Company’s shares of 7% preferred stock outstanding were considered participating securities. For the year ended December 31, 2014, 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 ordinary shares outstanding during the period. 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. Diluted net income per share attributable to Cooper-Standard Holdings Inc. computed using the two-class method was antidilutive. A summary of information used to compute basic and diluted net income per share attributable to Cooper-Standard Holdings Inc. is shown below: | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 102,804 | $ | 47,941 | $ | 42,779 | ||||||
Less: 7% Preferred stock dividends (paid or unpaid) | (6,764 | ) | (5,163 | ) | — | |||||||
Less: Premium paid for redemption of 7% preferred stock | (1,376 | ) | — | — | ||||||||
Less: Undistributed earnings allocated to participating securities | (17,934 | ) | (7,724 | ) | — | |||||||
Basic net income available to Cooper-Standard Holdings Inc.common stockholders | $ | 76,730 | $ | 35,054 | $ | 42,779 | ||||||
Increase in fair value of share-based awards | — | 205 | — | |||||||||
Diluted net income available to Cooper-Standard Holdings Inc.common stockholders | $ | 76,730 | $ | 35,259 | $ | 42,779 | ||||||
Basic weighted average shares of common stock outstanding | 17,444,980 | 14,679,369 | 16,695,356 | |||||||||
Dilutive effect of: | ||||||||||||
Restricted common stock | 260,150 | 199,083 | 154,707 | |||||||||
Restricted 7% preferred stock | 42,888 | 16,374 | — | |||||||||
Warrants | 666,546 | 832,353 | 950,263 | |||||||||
Options | 106,121 | 10,385 | 95,763 | |||||||||
Diluted weighted average shares of common stock outstanding | 18,520,685 | 15,737,564 | 17,896,089 | |||||||||
Basic net income per share attributable to Cooper-Standard Holdings Inc. | $ | 4.4 | $ | 2.39 | $ | 2.56 | ||||||
Diluted net income per share attributable to Cooper-Standard Holdings Inc. | $ | 4.14 | $ | 2.24 | $ | 2.39 | ||||||
The effect of certain common stock equivalents, including the 7% preferred stock and options, were excluded from the computation of weighted average diluted shares outstanding for years ended December 31, 2012, 2013 and 2014, as inclusion would have resulted in antidilution. A summary of these 7% preferred shares (as if converted) and options are shown below: | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Number of options | 519,100 | 537,543 | 461,454 | |||||||||
Exercise price | $43.50-52.50 | $25.52-52.50 | $25.52-70.20 | |||||||||
Restricted common stock | — | — | 14,306 | |||||||||
7% Preferred stock, as if converted | 4,077,284 | 3,234,449 | — | |||||||||
7% Preferred stock dividends, undistributed earnings and premium allocated to participating securities that would be added back in the diluted calculation | $ | 26,074 | $ | 12,887 | $ | — | ||||||
Equity_and_7_Preferred_Stock
Equity and 7% Preferred Stock | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Equity [Abstract] | |||||||
Equity and 7% Preferred Stock | Equity and 7% Preferred Stock | ||||||
Common Stock | |||||||
The Company is authorized to issue up to 190,000,000 shares of common stock, par value $0.001 per share. As of December 31, 2014, an aggregate of 18,685,634 shares of its common stock were issued and 17,039,328 were outstanding. | |||||||
Holders of shares of common stock are entitled to one vote for each share on each matter on which holders of common stock are entitled to vote. Holders of common stock are entitled to receive ratably dividends and other distributions when, as and if declared by the Company’s board of directors out of assets or funds legally available therefore. The Term Loan Facility and the Senior ABL Facility each contain covenants that restrict the Company’s ability to pay dividends or make distributions on the common stock, subject to certain exceptions. | |||||||
In the event of the liquidation, dissolution or winding up of the Company, holders of common stock are entitled to share ratably in the Company assets, if any, remaining after the payment of all the Company’s debts and liabilities. | |||||||
Warrants | |||||||
As of December 31, 2014, there were 1,574,743 outstanding, exercisable into 1,579,467 shares of common stock. The warrants are exercisable into shares of common stock at an exercise price of $27.25 per share or on a cashless (net share settlement) basis and are subject to certain customary anti-dilution protections. The warrants may be exercised at any time prior to the close of business on November 27, 2017. The warrants are not redeemable. Warrant holders do not have any rights or privileges of holders of common stock until they exercise their warrants and receive shares of common stock. | |||||||
7% Preferred Stock | |||||||
On October 18, 2013, the Company gave notice to the holders of its 7% preferred stock that the Company had elected to cause the mandatory conversion of all 810,382 shares of issued and outstanding shares of 7% preferred stock on November 15, 2013. The 7% preferred stock was converted at the rate of 4.34164 shares of the Company’s common stock for each share of 7% preferred stock, or into an aggregate of 3,518,366 shares of common stock. On the conversion date, the shares of common stock were issued and the shares of 7% preferred stock were canceled and all rights of holders of 7% preferred stock were terminated. Shares of 7% preferred stock that were converted and canceled were restored to the status of authorized but unissued preferred stock of the Company. | |||||||
The following table summarizes the Company’s 7% preferred stock activity for the year ended December 31, 2013: | |||||||
Preferred Shares | Preferred Stock | ||||||
Balance at December 31, 2012 | 958,333 | $ | 121,649 | ||||
Stock-based compensation | — | 824 | |||||
Converted preferred stock shares | (952,972 | ) | (121,912 | ) | |||
Repurchased preferred stock shares | (4,363 | ) | (561 | ) | |||
Forfeited shares | (998 | ) | — | ||||
Balance at December 31, 2013 | — | $ | — | ||||
There was no activity in the Company's 7% preferred stock during 2014. | |||||||
Equity Tender Offer | |||||||
On May 2, 2013, the Company purchased 4,651,162 shares of its common stock pursuant to the Equity Tender Offer at a purchase price of $43.00 per share for an aggregate purchase price of approximately $200,000. The Company used the proceeds from the issuance of the Senior PIK Toggle Notes (see Note 7. “Debt”), together with cash on hand, to finance the purchase of shares of common stock pursuant to the Equity Tender Offer. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||
The Company measures stock-based compensation expense at fair value in accordance with the provisions of U.S. GAAP and recognizes such expense on a straight-line basis over the vesting period of the stock-based employee awards. | |||||||||||||
In 2010, the Company adopted the 2010 Cooper-Standard Holdings Inc. Management Incentive Plan (the “Management Incentive Plan”). In 2011, the Company’s Board of Directors approved adoption of the 2011 Cooper-Standard Holdings Inc. Omnibus Incentive Plan (the “Omnibus Plan”). Under the Omnibus Plan, 3,450,000 shares of common stock are authorized for awards granted under the plan. The Omnibus Plan replaced the Management Incentive Plan and provides for the grant of stock options, stock appreciation rights, shares of common stock, restricted stock, restricted stock units, restricted preferred stock, incentive awards and certain other types of awards to key employees and directors of the Company and its affiliates. | |||||||||||||
In accordance with the Management Incentive Plan and the Omnibus Plan, stock based compensation awards that settle in shares of Company stock may be delivered on a gross settlement basis or a net settlement basis, as determined by the recipient. | |||||||||||||
The compensation expense related to stock options and restricted stock granted to key employees and directors of the Company, which is quantified below, does not represent payments actually made to these employees. Rather, the amounts represent the non-cash compensation expense recognized by the Company in connection with these awards for financial reporting purposes. The actual value of these awards to the recipients will depend on the trading price of the Company’s stock when the awards vest. | |||||||||||||
Stock Options. Stock option awards are granted at the fair market value of the Company’s stock price at the date of the grant and have a 7 or 10 year term. The stock option grants vest over three, four or five years from the date of grant. | |||||||||||||
A summary of stock option transactions and related information for the year ended December 31, 2014 is presented below: | |||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding at January 1, 2014 | 1,019,733 | $ | 37.1 | ||||||||||
Granted | 167,200 | $ | 66.34 | ||||||||||
Exercised | (116,732 | ) | $ | 28.34 | |||||||||
Forfeited | (48,457 | ) | $ | 43 | |||||||||
Outstanding at December 31, 2014 | 1,021,744 | $ | 42.61 | 6.7 | $ | 15,601 | |||||||
Exercisable at December 31, 2014 | 447,854 | $ | 33.76 | 5.4 | $ | 10,804 | |||||||
The weighted-average grant date fair value of stock options granted during the years ended December 31, 2012, 2013 and 2014 was $19.45, $13.95 and $20.91, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2012, 2013 and 2014 was $1,326, $2,588 and $3,448, respectively. | |||||||||||||
The aggregate intrinsic value in the table above represents the total excess of the $57.88 closing price of Cooper-Standard Holdings Inc. common stock on the last trading day of 2014 over the exercise price of the stock option, multiplied by the related number of options exercised, outstanding and exercisable. The aggregate intrinsic value is not recognized for financial accounting purposes and the value changes based on the daily changes in fair market value of the Company’s common stock. | |||||||||||||
Total compensation expense recognized for stock options amounted to $4,097, $3,815 and $4,354 for the years ended December 31, 2012, 2013 and 2014, respectively. As of December 31, 2014, unrecognized compensation expense for stock options amounted to $5,687. Such cost is expected to be recognized over a weighted average period of approximately 2.2 years. | |||||||||||||
For 2012, the Company used expected volatility of similar entities to develop the expected volatility. For 2013 and 2014, expected volatility was based on the historical volatility of the Company’s common stock. The expected option life was calculated using the simplified method. The risk-free rate is based on the U.S. Treasury zero-coupon issues with a term equal to the expected option life on the date the stock options were granted. Fair value of the shares that are accounted for under ASC 718, "Compensation-Stock Compensation," was estimated at the date of the grant using the Black-Scholes option pricing model and the following assumptions were used for the 2012, 2013 and 2014 grants: | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Expected volatility | 53.6% - 58.74% | 28.43% - 29.03% | 27.96% - 28.32% | ||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Expected option life - years | 5.0 - 6.25 | 6 | 6 | ||||||||||
Risk-free rate | 1.0% - 1.6% | 0.9% - 1.8% | 1.9% - 2.0% | ||||||||||
Restricted Common Stock, Restricted Common Units and Performance Units. The fair value of the restricted common stock, restricted common units and performance units is determined based on the closing price of the common stock on the date of grant. The restricted common stock, restricted common units and performance units vest over three or four years. | |||||||||||||
A summary of restricted common stock, restricted common units and performance units transactions and related information for the year ended December 31, 2014 is presented below: | |||||||||||||
Restricted Common Stock, Restricted Common Units and Performance Units | Weighted Average Grant Date Fair Value | ||||||||||||
Non-vested at January 1, 2014 | 382,281 | $ | 39.13 | ||||||||||
Granted | 225,556 | $ | 63.94 | ||||||||||
Vested | (133,877 | ) | $ | 35.41 | |||||||||
Forfeited | (32,272 | ) | $ | 47.64 | |||||||||
Non-vested at December 31, 2014 | 441,688 | $ | 52.35 | ||||||||||
The weighted-average grant date fair value of restricted common stock, restricted common units and performance units granted during the years ended December 31, 2012, 2013 and 2014 was $41.93, $43.46 and $63.94, respectively. The total fair value of restricted common stock and restricted common units vested during the years ended December 31, 2012, 2013 and 2014 was $5,734, $7,343 and $4,740, respectively. No performance units vested during 2014. | |||||||||||||
Total compensation expense recognized for restricted common stock, restricted common units and performance units amounted to $8,245, $6,967 and $8,233 for the years ended December 31, 2012, 2013 and 2014, respectively. As of December 31, 2014, unrecognized compensation expense for restricted common stock, restricted common units and performance units amounted to $10,780. Such cost is expected to be recognized over a weighted-average period of approximately 1.9 years. | |||||||||||||
Restricted Preferred Stock. Restricted preferred stock vest over three or four years from the date of grant. The fair value of the restricted preferred stock is determined based on the fair market value of the 7% preferred stock on the date of grant. In the fourth quarter of 2013, all non-vested restricted shares of preferred stock were converted to non-vested restricted shares of common stock. | |||||||||||||
There were no restricted shares of preferred stock granted during the years ended December 31, 2012, 2013 and 2014. The total fair value of restricted preferred stock vested during the years ended December 31, 2012 and 2013 was $1,463 and $1,462, respectively. No shares of restricted preferred stock vested during 2014. | |||||||||||||
Total compensation expense recognized for restricted preferred stock totaled $1,471, $794 for the years ended December 31, 2012 and 2013, respectively. There was no compensation expense recognized for the year ended December 31, 2014. As of December 31, 2014, there was no unrecognized compensation expense for restricted preferred stock. |
Business_Segments
Business Segments | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Business Segments | Business Segments | |||||||||||
ASC 280, “Segment Reporting,” establishes the standards for reporting information about operating segments in financial statements. In applying the criteria set forth in ASC 280, the Company has determined that it operates in four reportable segments, North America, Europe, South America and Asia Pacific. The Company’s principal products within each of these segments are sealing systems, fuel and brake delivery systems, fluid transfer 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. The accounting policies of the Company’s business segments are consistent with those described in Note 2. “Significant Accounting Policies.” | ||||||||||||
The following table details information on the Company’s business segments: | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Sales to external customers | ||||||||||||
North America | $ | 1,503,736 | $ | 1,617,981 | $ | 1,698,826 | ||||||
Europe | 1,016,576 | 1,076,122 | 1,138,428 | |||||||||
South America | 147,408 | 176,540 | 157,561 | |||||||||
Asia Pacific | 213,182 | 219,899 | 249,172 | |||||||||
Consolidated | $ | 2,880,902 | $ | 3,090,542 | $ | 3,243,987 | ||||||
Intersegment sales | ||||||||||||
North America | $ | 8,157 | $ | 11,674 | $ | 14,135 | ||||||
Europe | 9,003 | 8,916 | 9,111 | |||||||||
South America | 187 | — | — | |||||||||
Asia Pacific | 7,699 | 9,457 | 6,380 | |||||||||
Eliminations and other | (25,046 | ) | (30,047 | ) | (29,626 | ) | ||||||
Consolidated | $ | — | $ | — | $ | — | ||||||
Segment profit (loss) | ||||||||||||
North America | $ | 136,456 | $ | 134,727 | $ | 136,682 | ||||||
Europe | (56,626 | ) | (40,046 | ) | (28,062 | ) | ||||||
South America | (18,859 | ) | (11,932 | ) | (23,861 | ) | ||||||
Asia Pacific | 6,314 | 8,104 | 3,524 | |||||||||
Income before income taxes | $ | 67,285 | $ | 90,853 | $ | 88,283 | ||||||
Restructuring cost included in segment profit (loss) | ||||||||||||
North America | $ | 856 | $ | 2,033 | $ | 105 | ||||||
Europe | 27,582 | 19,061 | 16,866 | |||||||||
South America | — | — | — | |||||||||
Asia Pacific | 325 | 626 | 443 | |||||||||
Consolidated | $ | 28,763 | $ | 21,720 | $ | 17,414 | ||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Net interest expense included in segment profit | ||||||||||||
North America | $ | 17,011 | $ | 21,239 | $ | 15,219 | ||||||
Europe | 18,273 | 20,089 | 16,619 | |||||||||
South America | 2,685 | 5,702 | 5,698 | |||||||||
Asia Pacific | 6,793 | 7,891 | 8,068 | |||||||||
Consolidated | $ | 44,762 | $ | 54,921 | $ | 45,604 | ||||||
Depreciation and amortization expense | ||||||||||||
North America | $ | 59,375 | $ | 56,302 | $ | 54,056 | ||||||
Europe | 49,216 | 39,447 | 40,812 | |||||||||
South America | 6,879 | 7,380 | 7,645 | |||||||||
Asia Pacific | 7,261 | 7,899 | 10,067 | |||||||||
Consolidated | $ | 122,731 | $ | 111,028 | $ | 112,580 | ||||||
Capital expenditures | ||||||||||||
North America | $ | 58,326 | $ | 71,616 | $ | 68,077 | ||||||
Europe | 41,351 | 72,900 | 76,989 | |||||||||
South America | 17,350 | 13,084 | 11,787 | |||||||||
Asia Pacific | 7,130 | 20,309 | 21,261 | |||||||||
Eliminations and other | 3,910 | 5,427 | 13,975 | |||||||||
Consolidated | $ | 128,067 | $ | 183,336 | $ | 192,089 | ||||||
December 31, | ||||||||||||
2013 | 2014 | |||||||||||
Segment assets | ||||||||||||
North America | $ | 866,847 | $ | 885,242 | ||||||||
Europe | 680,920 | 591,743 | ||||||||||
South America | 138,469 | 105,547 | ||||||||||
Asia Pacific | 243,736 | 300,302 | ||||||||||
Eliminations and other | 172,782 | 249,933 | ||||||||||
Consolidated | $ | 2,102,754 | $ | 2,132,767 | ||||||||
Geographic information for revenues, based on country of origin, and long-lived assets is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Revenues | ||||||||||||
United States | $ | 802,079 | $ | 841,781 | $ | 872,112 | ||||||
Canada | 275,386 | 291,984 | 318,159 | |||||||||
Mexico | 426,272 | 484,216 | 508,555 | |||||||||
Germany | 243,853 | 243,388 | 254,977 | |||||||||
France | 322,499 | 320,626 | 312,706 | |||||||||
Poland | 183,586 | 228,581 | 270,497 | |||||||||
Other | 627,227 | 679,966 | 706,981 | |||||||||
Consolidated | $ | 2,880,902 | $ | 3,090,542 | $ | 3,243,987 | ||||||
December 31, | ||||||||||||
2013 | 2014 | |||||||||||
Tangible long-lived assets | ||||||||||||
United States | $ | 157,788 | $ | 158,451 | ||||||||
Canada | 61,396 | 48,871 | ||||||||||
Mexico | 61,618 | 70,885 | ||||||||||
Germany | 124,449 | 98,511 | ||||||||||
France | 66,903 | 59,596 | ||||||||||
Poland | 79,402 | 79,362 | ||||||||||
Other | 181,346 | 200,337 | ||||||||||
Consolidated | $ | 732,902 | $ | 716,013 | ||||||||
Sales to customers of the Company which contributed 10% or more of its total consolidated sales and the related percentage of consolidated Company sales for 2012, 2013 and 2014 are as follows: | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Percentage of | Percentage of | Percentage of | ||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||
Customer | ||||||||||||
Ford | 25 | % | 25 | % | 24 | % | ||||||
General Motors | 13 | % | 12 | % | 16 | % | ||||||
Fiat Chrysler Automobiles | 12 | % | 12 | % | 13 | % |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Fair Value Disclosures [Abstract] | |||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||||||||
Fair values of the Senior Notes approximated $477,000 at December 31, 2013, based on quoted market prices, compared to the recorded value of $450,000. During the second quarter of 2014, the Company extinguished its Senior Notes (see Note 7. "Debt" for additional details). This fair value measurement was classified within Level 1 of the fair value hierarchy. | |||||||||||
Fair values of the Senior PIK Toggle Notes approximated $197,466 at December 31, 2013 based on quoted market prices, compared to the recorded value of $196,484. During the second quarter of 2014, the Company extinguished its Senior PIK Toggle Notes (see Note 7. "Debt" for additional details). This fair value measurement was classified within Level 1 of the fair value hierarchy. | |||||||||||
Fair values of the Term Loan Facility approximated $723,401 at December 31, 2014 based on quoted market prices, compared to the recorded value of $742,902. This fair value measurement was classified within Level 1 of the fair value hierarchy. | |||||||||||
Derivative Instruments and Hedging Activities | |||||||||||
The Company uses derivative financial instruments, including forwards 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 consolidated statements of net 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 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 consolidated statements of net 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, accrued liabilities and other long-term liabilities. The Company is exposed to credit risk in the event of nonperformance by its counterparties on its derivative financial instruments. The Company mitigates this credit risk exposure by entering into agreements directly with major financial institutions with high credit standards that are expected to fully satisfy their obligations under the contracts. | |||||||||||
Cash Flow Hedges | |||||||||||
Forward foreign exchange contracts – The Company enters into forward contracts to hedge currency risk of the U.S. Dollar against the Mexican Peso and Canadian Dollar and the Euro against the Czech Koruna, the Polish Zloty, and 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 December 31, 2014, the notional amount of these contracts was $46,996. The amount reclassified from accumulated other comprehensive loss into cost of products sold was $(182) for the year ended December 31, 2014. The amount to be reclassified in the next twelve months is expected to be approximately $1,629. These foreign currency derivative contracts consist of hedges of transactions up to December 2015. | |||||||||||
Interest rate swaps – In August 2014, the Company entered into interest rate swap transactions to manage cash flow variability associated with its variable rate Term Loan Facility. The interest rate swap contracts, which fix the interest payments of variable rate debt instruments, are used to manage exposure to fluctuations in interest rates. As of December 31, 2014, the notional amount of these contracts was $300,000 with maturities through September 2018. The fair market value of all outstanding interest rate swap and other derivative contracts is subject to changes in value due to changes in interest rates. The amount to be reclassified in the next twelve months is expected to be approximately $751. | |||||||||||
The location and fair value of the Company's derivative instruments qualifying as cash flow hedges as of December 31, 2013 and 2014 are as follows: | |||||||||||
December 31, 2013 | December 31, 2014 | ||||||||||
Other current assets: | |||||||||||
Forward foreign exchange contracts | $ | — | $ | 370 | |||||||
Other assets: | |||||||||||
Interest rate swaps | — | 19 | |||||||||
Total assets | $ | — | $ | 389 | |||||||
Accrued liabilities: | |||||||||||
Forward foreign exchange contracts | $ | — | $ | (1,999 | ) | ||||||
Interest rate swaps | — | (751 | ) | ||||||||
Other liabilities: | |||||||||||
Interest rate swaps | — | (903 | ) | ||||||||
Total liabilities | $ | — | $ | (3,653 | ) | ||||||
Undesignated Derivatives | |||||||||||
The Company had undesignated derivative forward contracts to hedge currency risk of the Euro against the Polish Zloty. The forward contracts were 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 related to hedge transactions through April 2014. The gain or loss on the forward contracts is reported as a component of other expense, net. The gain (loss) amounted to $80 and $(34) for the years ended December 31, 2013 and 2014, respectively. | |||||||||||
Fair Value Measurements | |||||||||||
ASC 820, "Fair Value Measurement," 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 2014, are shown below: | |||||||||||
December 31, 2013 | December 31, 2014 | Input | |||||||||
Forward foreign exchange contracts - other current assets | $ | 36 | $ | 370 | Level 2 | ||||||
Forward foreign exchange contracts - accrued liabilities | (1 | ) | (1,999 | ) | Level 2 | ||||||
Interest rate swaps - other assets | — | 19 | Level 2 | ||||||||
Interest rate swaps - other current liabilities | — | (751 | ) | Level 2 | |||||||
Interest rate swaps - other liabilities | — | (903 | ) | 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 2. “Significant Accounting Policies,” Note 3. “Acquisitions and Divestitures,” Note 4. “Restructuring,” Note 5. “Property, Plant and Equipment,” and Note 6. “Goodwill and Intangibles.” |
Selected_Quarterly_Information
Selected Quarterly Information (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Selected Quarterly Information (Unaudited) | Selected Quarterly Information (Unaudited) | |||||||||||||||
2013 | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Sales | 747,577 | 784,707 | 764,057 | 794,201 | ||||||||||||
Gross profit | 120,313 | 132,264 | 115,029 | 105,132 | ||||||||||||
Net income (loss) | 19,873 | 26,146 | 20,286 | (21,051 | ) | |||||||||||
Net income (loss) attributable to Cooper-Standard Holdings Inc. | 20,701 | 27,432 | 20,596 | (20,788 | ) | |||||||||||
Net income (loss) available to Cooper-Standard Holdings Inc. common stockholders | 15,300 | 20,552 | 15,144 | (21,381 | ) | |||||||||||
Basic net income (loss) per share attributable to Cooper-Standard Holdings Inc. | $ | 0.92 | $ | 1.45 | $ | 1.16 | $ | (1.44 | ) | |||||||
Diluted net income (loss) per share attributable to Cooper-Standard Holdings Inc. | $ | 0.86 | $ | 1.34 | $ | 1.08 | $ | (1.44 | ) | |||||||
2014 | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Sales | 837,606 | 857,553 | 780,954 | 767,874 | ||||||||||||
Gross profit | 134,259 | 146,109 | 111,253 | 117,808 | ||||||||||||
Net income (loss) | 21,357 | 14,252 | 22,230 | (12,366 | ) | |||||||||||
Net income (loss) attributable to Cooper-Standard Holdings Inc. | 19,735 | 13,194 | 22,666 | (12,816 | ) | |||||||||||
Net income (loss) available to Cooper-Standard Holdings Inc. common stockholders | 19,735 | 13,194 | 22,666 | (12,816 | ) | |||||||||||
Basic net income (loss) per share attributable to Cooper-Standard Holdings Inc. | $ | 1.18 | $ | 0.78 | $ | 1.33 | $ | (0.79 | ) | |||||||
Diluted net income (loss) per share attributable to Cooper-Standard Holdings Inc. | $ | 1.1 | $ | 0.72 | $ | 1.23 | $ | (0.79 | ) | |||||||
Accounts_Receivable_Factoring
Accounts Receivable Factoring | 12 Months Ended |
Dec. 31, 2014 | |
Receivables [Abstract] | |
Accounts Receivable Factoring | 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 credit agreement governing the Senior ABL Facility and the Term Loan Facility. | |
At December 31, 2013 and 2014, the Company had $94,546 and $95,951, respectively, outstanding under receivable transfer agreements without recourse entered into by various locations. The total amount of accounts receivable factored were $474,233 and $509,308 for the years ended December 31, 2013 and 2014. Costs incurred on the sale of receivables were $2,216, $2,876 and $3,322 for the years ended December 31, 2012, 2013 and 2014, respectively. These amounts are recorded in other income (expense), net and interest expense, net of interest income in the consolidated statements of net income. | |
At December 31, 2013 and 2014, the Company had $9,159 and $8,292, respectively, outstanding under receivable transfer agreements with recourse. The secured borrowings are recorded in debt payable within 1 year and receivables are pledged equal to the balance of the borrowings. The total amount of accounts receivable factored was $89,642 and $58,837 for the years ended December 31, 2013 and 2014, respectively. Costs incurred on the sale of receivables were $340, $432 and $417 for the years ended December 31, 2012, 2013 and 2014, respectively. These amounts are recorded in other income (expense), net and interest expense, net of interest income in the consolidated statements of net income. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | Valuation and Qualifying Accounts | |||||||||||||||||
(dollars in millions) | ||||||||||||||||||
Description | Balance at beginning of period | Charged to Expenses | Charged (credited) to other accounts (1) | Deductions | Balance at end of period | |||||||||||||
Allowance for doubtful accounts deducted from accounts receivable | ||||||||||||||||||
Year ended December 31, 2012 | $ | 3 | 0.8 | 0.6 | (0.7 | ) | 3.7 | |||||||||||
Year ended December 31, 2013 | $ | 3.7 | 3.9 | (0.3 | ) | (1.0 | ) | 6.3 | ||||||||||
Year ended December 31, 2014 | $ | 6.3 | 1.3 | (0.7 | ) | (2.6 | ) | 4.3 | ||||||||||
(1) Primarily foreign currency translation. | ||||||||||||||||||
Description | Balance at beginning of period | Additions | Balance at end of period | |||||||||||||||
Charged to Income | Charged to Equity (2) | Deductions | ||||||||||||||||
Tax valuation allowance | ||||||||||||||||||
Year ended December 31, 2012 | $ | 152.4 | (57.7 | ) | 2.6 | — | $ | 97.3 | ||||||||||
Year ended December 31, 2013 | $ | 97.3 | 20.4 | 5.1 | — | $ | 122.8 | |||||||||||
Year ended December 31, 2014 | $ | 122.8 | 29 | (7.7 | ) | — | $ | 144.1 | ||||||||||
(2) Includes foreign currency translation. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Principles of combination and consolidation | Principles of combination and consolidation – The consolidated financial statements include the accounts of the Company and the wholly-owned and less than wholly-owned subsidiaries controlled by the Company. All material intercompany accounts and transactions have been eliminated. Acquired businesses are included in the consolidated financial statements from the dates of acquisition. | |||||||
The equity method of accounting is followed for investments in which the Company does not have control, but does have the ability to exercise significant influence over operating and financial policies. Generally this occurs when ownership is between 20% to 50%. The cost method is followed in those situations where the Company does not have the ability to exercise significant influence over operating and financial policies, generally when ownership is less than 20%. | ||||||||
The Company’s investment in Nishikawa Standard Company (“NISCO”), a 40% owned joint venture in the United States, is accounted for under the equity method. This investment is included in the Company’s North America segment. This investment totaled $17,162 and $16,525 at December 31, 2013 and 2014, respectively, and is included in other assets in the accompanying consolidated balance sheets. In 2013, the Company received from NISCO a dividend of $4,000, consisting of $1,880 related to earnings and a $2,120 return of capital. In 2014, the Company received from NISCO a dividend of $1,760, consisting of $809 related to earnings and a $951 return of capital. | ||||||||
The Company’s investment in Huayu-Cooper Standard Sealing Systems Co. Ltd. (“Huayu”), a 47.5% owned joint venture in China, is accounted for under the equity method. This investment is included in the Company’s Asia Pacific segment. This investment totaled $29,270 and $32,120 at December 31, 2013 and 2014, respectively, and is included in other assets in the accompanying consolidated balance sheets. In 2013, the Company received from Huayu a dividend of $2,094 all of which was related to earnings. | ||||||||
The Company’s investment in NISCO Thailand, a 20% owned joint venture in Thailand, is accounted for under the equity method. This investment is included in the Company’s Asia Pacific segment. This investment totaled $14,839 and $15,006 at December 31, 2013 and 2014, respectively, and is included in other assets in the accompanying consolidated balance sheets. In 2013, the Company received from NISCO Thailand a dividend of $1,374, all of which was related to earnings. In 2014, the Company received from NISCO Thailand a dividend of $1,236, all of which was related to earnings. | ||||||||
The Company’s investment in Sujan Barre Thomas AVS Private Limited, a 50% owned joint venture in India, is accounted for under the equity method. This investment is included in the Company’s Europe segment. This investment totaled $3,329 and $3,183 at December 31, 2013 and 2014, respectively, and is included in other assets in the accompanying consolidated balance sheets. | ||||||||
Foreign currency | Foreign currency – The financial statements of foreign subsidiaries are translated to U.S. dollars at the end-of-period exchange rates for assets and liabilities and at a weighted average exchange rate for each period for revenues and expenses. Translation adjustments for those subsidiaries whose local currency is their functional currency are recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Transaction related gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in earnings as incurred, except for those intercompany balances which are designated as long-term. | |||||||
Cash and cash equivalents | Cash and cash equivalents – The Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. | |||||||
Accounts receivable | Accounts receivable – The Company records trade accounts receivable when revenue is recorded in accordance with its revenue recognition policy and relieves accounts receivable when payments are received from customers. Generally the Company does not require collateral for its accounts receivable. | |||||||
Allowance for doubtful accounts | Allowance for doubtful accounts – The allowance for doubtful accounts is established through charges to the provision for bad debts when it is probable that the outstanding receivable will not be collected. The Company evaluates the adequacy of the allowance for doubtful accounts on a periodic basis. The evaluation includes historical trends in collections and write-offs, management’s judgment of the probability of collecting accounts and management’s evaluation of business risk. This evaluation is inherently subjective, as it requires estimates that are susceptible to revision as more information becomes available. The allowance for doubtful accounts was $6,317 and $4,331 at December 31, 2013 and 2014, respectively. | |||||||
Advertising expense | Advertising expense – Expenses incurred for advertising are generally expensed when incurred. Advertising expense was $1,839 for 2012, $3,059 for 2013 and $3,846 for 2014. | |||||||
Inventories | Inventories – Inventories are valued at lower of cost or market. Cost is determined using the first-in, first-out method. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. The Company records inventory reserves for inventory in excess of production and/or forecasted requirements and for obsolete inventory in production. As of December 31, 2013 and 2014, inventories are reflected net of reserves of $19,954 and $19,930, respectively. | |||||||
December 31, | ||||||||
2013 | 2014 | |||||||
Finished goods | $ | 48,787 | $ | 45,485 | ||||
Work in process | 38,929 | 36,498 | ||||||
Raw materials and supplies | 92,050 | 84,548 | ||||||
$ | 179,766 | $ | 166,531 | |||||
Derivative financial instruments | Derivative financial instruments – Derivative financial instruments are utilized by the Company to reduce foreign currency exchange and interest rate risks. The Company has established policies and procedures for risk assessment and the approval, reporting, and monitoring of derivative financial instrument activities. On the date the derivative is established, the Company designates the derivative as either a fair value hedge, a cash flow hedge, or a net investment hedge in accordance with its established policy. The Company does not enter into financial instruments for trading or speculative purposes. | |||||||
Income taxes | Income taxes – Income tax expense in the consolidated statements of net income is calculated in accordance with ASC Topic 740, "Accounting for Income Taxes," which requires the recognition of deferred income taxes using the liability method. | |||||||
Deferred tax assets or liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax laws and rates. A valuation allowance is provided on deferred tax assets if it is determined that it is more likely than not that the asset will not be realized. | ||||||||
Long-lived assets | Long-lived assets – Property, plant, and equipment are recorded at cost and depreciated using primarily the straight-line method over their estimated useful lives. Leasehold improvements are amortized over the expected life of the asset or term of the lease, whichever is shorter. Intangibles with finite lives, which include technology and customer relationships, are amortized over their estimated useful lives. The Company evaluates the recoverability of long-lived assets when events and circumstances indicate that the assets may be impaired and the undiscounted net cash flows estimated to be generated by those assets are less than their carrying value. If the net carrying value exceeds the fair value, an impairment loss exists and is calculated based on a discounted cash flow analysis or estimated salvage value. Discounted cash flows are estimated using internal budgets and assumptions regarding discount rates and other factors. | |||||||
Pre-production costs related to long term supply arrangements | Pre-Production Costs Related to Long Term Supply Arrangements – Costs for molds, dies, and other tools owned by the Company to produce products under long-term supply arrangements are recorded at cost in property, plant, and equipment and amortized over the lesser of three years or the term of the related supply agreement. The amounts capitalized were $2,026 and $2,955 at December 31, 2013 and 2014, respectively. The Company expenses all pre-production tooling costs related to customer-owned tools for which reimbursement is not contractually guaranteed by the customer. Reimbursable tooling costs included in other assets in the accompanying consolidated balance sheets were $13,786 and $12,500 at December 31, 2013 and 2014, respectively. Reimbursable tooling costs are recorded in tooling receivable in the accompanying consolidated balance sheets if considered a receivable in the next twelve months. Tooling receivable for customer-owned tooling for the years ended December 31, 2013 and 2014 was $156,205 and $125,380, respectively, of which $99,687 and $94,152, respectively, was not yet invoiced to the customer. | |||||||
Goodwill | Goodwill – Goodwill is not amortized but is tested for impairment, either annually or when events or circumstances indicate that impairment may exist, by reporting unit which is determined in accordance with ASC 350 “Intangibles-Goodwill and Other.” The Company utilizes an income approach to estimate the fair value of each of its reporting units. The income approach is based on projected debt-free cash flow which is discounted to the present value using discount factors that consider the timing and risk of cash flows. The Company believes that this approach is appropriate because it provides a fair value estimate based upon the reporting unit’s expected long-term operating cash flow performance. Fair value is estimated using recent automotive industry and specific platform production volume projections, which are based on both third-party and internally-developed forecasts, as well as commercial, wage and benefit, inflation and discount rate assumptions. Other significant assumptions include the weighted average cost of capital, terminal value growth rate, terminal value margin rates, future capital expenditures and changes in future working capital requirements. While there are inherent uncertainties related to the assumptions used and to management’s application of these assumptions to this analysis, the Company believes that the income approach provides a reasonable estimate of the fair value of its reporting units. The guideline public company method, a form of the market approach, was used to corroborate the results of the Company’s income approach conclusions. The Company conducts its annual goodwill impairment analysis as of October 1st of each year. | |||||||
The Company may first assess qualitative factors to determine if it is necessary to perform the two-step goodwill impairment test. The Company also has the option to bypass the qualitative assessment and proceed directly to the first step of the goodwill test. For 2014, the Company decided to bypass the qualitative assessment and proceed directly to the first step of the goodwill impairment test. The first step of the goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value exceeds the carrying value, then the Company concludes that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value, a second step is required to measure possible goodwill impairment loss. The second step includes hypothetically valuing the tangible and intangible assets and liabilities of the reporting unit as if the reporting unit had been acquired in a business combination. Then, the implied fair value of the reporting unit’s goodwill is compared to the carrying value of that goodwill. If the carrying value of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, the Company would recognize an impairment loss in an amount equal to the excess, not to exceed the carrying value. The 2014 annual goodwill impairment analysis resulted in no impairment. | ||||||||
Revenue recognition and sales commitments | Revenue Recognition and Sales Commitments – Revenue is recognized when there is evidence of a sales agreement, the delivery of the goods has occurred, the sales price is fixed and deliverable and collectability is reasonably assured. The Company generally enters into agreements with its customers to produce products at the beginning of a vehicle’s life. Although such agreements do not generally provide for minimum quantities, once the Company enters into such agreements, fulfillment of its customers’ purchasing requirements can be the Company's obligation for an extended period or the entire production life of the vehicle. These agreements generally may be terminated by its customer at any time. Historically, terminations of these agreements have been minimal. In certain limited instances, the Company may be committed under existing agreements to supply products to its customers at selling prices which are not sufficient to cover the direct cost to produce such products. In such situations, the Company recognize losses as they are incurred. | |||||||
The Company receives blanket purchase orders from many of its customers on an annual basis. Generally, such purchase orders and related documents set forth the annual terms, including pricing, related to a particular vehicle model. Such purchase orders generally do not specify quantities. The Company recognizes revenue based on the pricing terms included in the annual purchase orders as products are shipped to the customers. As part of certain agreements, the Company is asked to provide its customers with annual cost reductions. The Company accrues for such amounts as a reduction of revenue as products are shipped to the customers. In addition, the Company generally has ongoing adjustments to pricing arrangements with its customers based on the related content and cost of the products. Such pricing adjustments are recorded when probable and estimable. | ||||||||
Amounts billed to customers related to shipping and handling are included in sales in the Company’s consolidated statements of net income. Shipping and handling costs are included in cost of products sold in the Company’s consolidated statements of net income. | ||||||||
Research and development | Research and development – Costs are charged to selling, administration and engineering expenses as incurred and totaled $94,171 for 2012, $103,475 for 2013 and $101,982 for 2014. | |||||||
Stock-based compensation | Stock-based compensation – The Company measures stock-based compensation expense at fair value in accordance with U.S. GAAP and recognizes such expenses on a straight-line basis over the vesting period of the stock-based employee awards. See Note 18. “Stock-Based Compensation” for additional information. | |||||||
Use of estimates | Use of estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of (1) revenues and expenses during the reporting period and (2) assets and liabilities, as well as disclosure of contingent assets and liabilities, at the date of the financial statements. Actual results could differ from those estimates. | |||||||
Recent accounting pronouncements | Recent accounting pronouncements | |||||||
In August 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-15, Presentation of Financial Statements: Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. This ASU requires management to perform interim and annual assessments of an entity's ability to continue as a going concern. This guidance is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. The adoption of this ASU is not expected to have a material impact on the consolidated financial statements. | ||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of this ASU is that a company should recognize revenue to depict the transfer of promised goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. To achieve this principle, a company must identify the contract with a customer, identify separate performance obligations in the contract, determine the transaction price, allocate the transaction price to the separate performance obligations and recognize revenue when each separate performance obligation is satisfied. The guidance is effective for fiscal years beginning after December 15, 2016 and early adoption is not permitted. The guidance allows for companies to use either a full retrospective or a modified retrospective approach when adopting. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements. | ||||||||
In April 2014, FASB issued 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 limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have a major effect on a company's operations and financial results 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 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 consolidated financial statements. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Summary of Inventories | ||||||||
December 31, | ||||||||
2013 | 2014 | |||||||
Finished goods | $ | 48,787 | $ | 45,485 | ||||
Work in process | 38,929 | 36,498 | ||||||
Raw materials and supplies | 92,050 | 84,548 | ||||||
$ | 179,766 | $ | 166,531 | |||||
Acquisitions_and_Divestitures_
Acquisitions and Divestitures (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed at Date of Acquisition | The following table summarizes the estimated fair value of Jyco assets acquired and liabilities assumed at the date of acquisition: | ||||
Cash and cash equivalents | $ | 878 | |||
Accounts receivable | 8,596 | ||||
Tooling receivable | 1,870 | ||||
Inventories | 6,053 | ||||
Property, plant, and equipment | 7,428 | ||||
Goodwill and intangibles | 8,986 | ||||
Other assets | 838 | ||||
Total assets acquired | 34,649 | ||||
Accounts payable | 11,167 | ||||
Other current liabilities | 7,085 | ||||
Other long-term liabilities | 2,015 | ||||
Total liabilities assumed | 20,267 | ||||
Net assets acquired | $ | 14,382 | |||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Summary of Activity of Restructuring | The following table summarizes the activity for all restructuring initiatives for the years ended December 31, 2013 and 2014: | ||||||||||||||||
Employee Separation Costs | Other Exit Costs | Asset Impairments | Total | ||||||||||||||
Balance at December 31, 2012 | $ | 15,561 | $ | 61 | $ | — | $ | 15,622 | |||||||||
Expense | 17,182 | 3,169 | 1,369 | 21,720 | |||||||||||||
Cash payments and foreign exchange translation | (18,033 | ) | (3,214 | ) | — | (21,247 | ) | ||||||||||
Utilization of reserve | — | — | (1,369 | ) | (1,369 | ) | |||||||||||
Balance at December 31, 2013 | $ | 14,710 | $ | 16 | $ | — | $ | 14,726 | |||||||||
Expense | 3,316 | 14,098 | — | 17,414 | |||||||||||||
Cash payments and foreign exchange translation | (7,189 | ) | (14,114 | ) | — | (21,303 | ) | ||||||||||
Balance at December 31, 2014 | $ | 10,837 | $ | — | $ | — | $ | 10,837 | |||||||||
Europe Facilities [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Summary of Activity of Restructuring | The following table summarizes the restructuring expense and the restructuring liability for this initiative for the years ended December 31, 2013 and 2014: | ||||||||||||||||
Employee | Other | Asset | Total | ||||||||||||||
Separation | Exit | Impairments | |||||||||||||||
Costs | Costs | ||||||||||||||||
Expense | $ | 13,474 | $ | 623 | $ | 89 | $ | 14,186 | |||||||||
Cash payments and foreign exchange translation | 27 | (623 | ) | — | (596 | ) | |||||||||||
Utilization of reserve | — | — | (89 | ) | (89 | ) | |||||||||||
Balance at December 31, 2013 | $ | 13,501 | $ | — | $ | — | $ | 13,501 | |||||||||
Expense | 3,418 | 13,457 | — | 16,875 | |||||||||||||
Cash payments and foreign exchange translation | (6,095 | ) | (13,457 | ) | — | (19,552 | ) | ||||||||||
Balance at December 31, 2014 | $ | 10,824 | $ | — | $ | — | $ | 10,824 | |||||||||
Other restructuring initiatives [Member] | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||
Summary of Activity of Restructuring | The following table summarizes the activity in the restructuring liability for these initiatives for the years ended December 31, 2013 and 2014: | ||||||||||||||||
Employee | Other | Asset | Total | ||||||||||||||
Separation | Exit | Impairments | |||||||||||||||
Costs | Costs | ||||||||||||||||
Balance at December 31, 2012 | $ | 15,561 | $ | 61 | $ | — | $ | 15,622 | |||||||||
Expense | 3,708 | 2,546 | 1,280 | 7,534 | |||||||||||||
Cash payments and foreign exchange translation | (18,060 | ) | (2,591 | ) | — | (20,651 | ) | ||||||||||
Utilization of reserve | — | — | (1,280 | ) | (1,280 | ) | |||||||||||
Balance at December 31, 2013 | $ | 1,209 | $ | 16 | $ | — | $ | 1,225 | |||||||||
Expense | (102 | ) | 641 | — | 539 | ||||||||||||
Cash payments and foreign exchange translation | (1,094 | ) | (657 | ) | — | (1,751 | ) | ||||||||||
Balance at December 31, 2014 | $ | 13 | $ | — | $ | — | $ | 13 | |||||||||
Schedule of Restructuring Expense | The following table summarizes the restructuring expense for these initiatives for the years ended December 31, 2012, 2013 and 2014: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||
Employee separation costs | $ | 19,935 | $ | 3,708 | $ | (102 | ) | ||||||||||
Other exit costs | 6,212 | 2,546 | 641 | ||||||||||||||
Asset impairments | 4,155 | 1,280 | — | ||||||||||||||
Postretirement benefit curtailment gain | (1,539 | ) | — | — | |||||||||||||
$ | 28,763 | $ | 7,534 | $ | 539 | ||||||||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Summary of Property Plant and Equipment | Property, plant and equipment is comprised of the following: | |||||||||
December 31, | Estimated | |||||||||
2013 | 2014 | Useful Lives | ||||||||
Land and improvements | $ | 92,605 | $ | 80,638 | 10 to 25 years | |||||
Buildings and improvements | 210,944 | 222,825 | 10 to 40 years | |||||||
Machinery and equipment | 633,126 | 669,030 | 5 to 10 years | |||||||
Construction in progress | 168,861 | 133,398 | ||||||||
$ | 1,105,536 | $ | 1,105,891 | |||||||
Accumulated depreciation | (372,634 | ) | (389,878 | ) | ||||||
Property, plant and equipment, net | $ | 732,902 | $ | 716,013 | ||||||
Goodwill_and_Intangibles_Table
Goodwill and Intangibles (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 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 years ended December 31, 2013 and 2014 are summarized as follows: | |||||||||||||||||||
North America | Europe | South America | Asia Pacific | Total | ||||||||||||||||
Balance at December 31, 2012 | $ | 115,420 | $ | 13,836 | $ | — | $ | 4,460 | $ | 133,716 | ||||||||||
Acquisition | 4,736 | — | — | 781 | 5,517 | |||||||||||||||
Foreign exchange translation | (286 | ) | 624 | — | 130 | 468 | ||||||||||||||
Balance at December 31, 2013 | $ | 119,870 | $ | 14,460 | $ | — | $ | 5,371 | $ | 139,701 | ||||||||||
Acquisition | — | 218 | — | — | 218 | |||||||||||||||
Divestitures | (1,746 | ) | (595 | ) | — | (44 | ) | (2,385 | ) | |||||||||||
Foreign exchange translation | (515 | ) | (1,717 | ) | — | (133 | ) | (2,365 | ) | |||||||||||
Balance at December 31, 2014 | $ | 117,609 | $ | 12,366 | $ | — | $ | 5,194 | $ | 135,169 | ||||||||||
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 2014, respectively: | |||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Useful Life (Years) | |||||||||||||||||
Customer relationships | $ | 135,483 | $ | (46,466 | ) | $ | 89,017 | 10.1 | ||||||||||||
Developed technology | 9,757 | (5,817 | ) | 3,940 | 6.2 | |||||||||||||||
Other | 9,530 | (1,051 | ) | 8,479 | ||||||||||||||||
Balance at December 31, 2013 | $ | 154,770 | $ | (53,334 | ) | $ | 101,436 | 9.7 | ||||||||||||
Customer relationships | $ | 133,471 | $ | (59,773 | ) | $ | 73,698 | 10.1 | ||||||||||||
Developed technology | 9,252 | (6,842 | ) | 2,410 | 6.3 | |||||||||||||||
Other | 6,701 | (500 | ) | 6,201 | ||||||||||||||||
Balance at December 31, 2014 | $ | 149,424 | $ | (67,115 | ) | $ | 82,309 | 10 | ||||||||||||
Estimated Amortization Expense | Estimated amortization expense for the next five years is shown in the table below: | |||||||||||||||||||
Year | Expense | |||||||||||||||||||
2015 | $ | 14,385 | ||||||||||||||||||
2016 | 14,021 | |||||||||||||||||||
2017 | 13,326 | |||||||||||||||||||
2018 | 12,930 | |||||||||||||||||||
2019 | 12,873 | |||||||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Outstanding Debt | Outstanding debt consisted of the following at December 31, 2013 and 2014: | ||||||||
December 31, | |||||||||
2013 | 2014 | ||||||||
Term loan | $ | — | $ | 742,902 | |||||
Senior notes | 450,000 | — | |||||||
Senior PIK toggle notes | 196,484 | — | |||||||
Other borrowings | 37,940 | 42,972 | |||||||
Total debt | $ | 684,424 | $ | 785,874 | |||||
Less current portion | (28,329 | ) | (36,789 | ) | |||||
Total long-term debt | $ | 656,095 | $ | 749,085 | |||||
Maturities of Debt | The maturities of debt at December 31, 2014 are as follows: | ||||||||
Year | Debt and Capital Lease Obligations | ||||||||
2015 | $ | 36,789 | |||||||
2016 | 10,850 | ||||||||
2017 | 9,467 | ||||||||
2018 | 9,303 | ||||||||
2019 | 9,176 | ||||||||
Thereafter | 710,289 | ||||||||
Total | $ | 785,874 | |||||||
Pensions_Tables
Pensions (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||
Disclose Information Related to Company's Defined Benefit Pension Plans | The following tables disclose information related to the Company’s defined benefit pension plans: | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||
Change in projected benefit obligation: | ||||||||||||||||||||||||
Projected benefit obligations at beginning of period | $ | 325,755 | $ | 196,071 | $ | 293,488 | $ | 196,495 | ||||||||||||||||
Service cost | 1,221 | 3,544 | 850 | 3,367 | ||||||||||||||||||||
Interest cost | 12,207 | 6,816 | 13,479 | 7,069 | ||||||||||||||||||||
Actuarial loss (gain) | (24,197 | ) | (6,861 | ) | 47,944 | 36,857 | ||||||||||||||||||
Amendments | — | 2,478 | — | — | ||||||||||||||||||||
Benefits paid | (21,498 | ) | (8,209 | ) | (14,331 | ) | (9,588 | ) | ||||||||||||||||
Foreign currency exchange rate effect | — | 1,758 | — | (23,226 | ) | |||||||||||||||||||
Curtailment/settlements | — | (271 | ) | (19,100 | ) | (692 | ) | |||||||||||||||||
Other | — | 1,169 | — | 438 | ||||||||||||||||||||
Projected benefit obligations at end of period | $ | 293,488 | $ | 196,495 | $ | 322,330 | $ | 210,720 | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 246,529 | $ | 68,139 | $ | 269,601 | $ | 70,929 | ||||||||||||||||
Actual return on plan assets | 22,422 | 5,299 | 22,892 | 9,874 | ||||||||||||||||||||
Employer contributions | 22,148 | 9,301 | 9,800 | 9,979 | ||||||||||||||||||||
Benefits paid | (21,498 | ) | (8,209 | ) | (14,331 | ) | (9,588 | ) | ||||||||||||||||
Foreign currency exchange rate effect | — | (3,159 | ) | — | (5,842 | ) | ||||||||||||||||||
Settlements | — | (442 | ) | (19,100 | ) | (692 | ) | |||||||||||||||||
Fair value of plan assets at end of period | $ | 269,601 | $ | 70,929 | $ | 268,862 | $ | 74,660 | ||||||||||||||||
Funded status of the plans | $ | (23,887 | ) | $ | (125,566 | ) | $ | (53,468 | ) | $ | (136,060 | ) | ||||||||||||
Amounts Recognized in Balance Sheet | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||
Amounts recognized in the balance sheets: | ||||||||||||||||||||||||
Accrued liabilities (current) | $ | (956 | ) | $ | (4,497 | ) | $ | (924 | ) | $ | (4,016 | ) | ||||||||||||
Pension benefits (long term) | (22,931 | ) | (128,182 | ) | (52,544 | ) | (139,261 | ) | ||||||||||||||||
Other assets | — | 7,113 | — | 7,217 | ||||||||||||||||||||
Net amount recognized at December 31 | $ | (23,887 | ) | $ | (125,566 | ) | $ | (53,468 | ) | $ | (136,060 | ) | ||||||||||||
Weighted Average Assumptions Used to Determine Benefit Obligations | Weighted average assumptions used to determine benefit obligations at December 31, 2013 and 2014: | |||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||
Discount rate | 4.74 | % | 3.79 | % | 3.94 | % | 2.66 | % | ||||||||||||||||
Rate of compensation increase | N/A | 3.17 | % | N/A | 3.11 | % | ||||||||||||||||||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | The following table provides weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2012, 2013 and 2014: | |||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||
Discount rate | 4.63 | % | 5.26 | % | 3.8 | % | 3.55 | % | 4.68 | % | 3.72 | % | ||||||||||||
Expected return on plan assets | 7.25 | % | 6.62 | % | 7 | % | 5.73 | % | 7.15 | % | 5.63 | % | ||||||||||||
Rate of compensation increase | N/A | 3.69 | % | N/A | 3.59 | % | N/A | 3.69 | % | |||||||||||||||
Weighted Average Asset Allocations for Pension Plans | The weighted average asset allocations for the Company’s pension plans at December 31, 2013 and 2014 by asset category are approximately as follows: | |||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||
Equity securities | 28 | % | 44 | % | 23 | % | 34 | % | ||||||||||||||||
Debt securities | 30 | % | 55 | % | 33 | % | 66 | % | ||||||||||||||||
Real estate | 4 | % | 0 | % | 4 | % | 0 | % | ||||||||||||||||
Balanced funds(1) | 38 | % | 0 | % | 40 | % | 0 | % | ||||||||||||||||
Cash and cash equivalents | 0 | % | 1 | % | 0 | % | 0 | % | ||||||||||||||||
100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||
(1) Invested primarily in equity, fixed income and cash instruments. | ||||||||||||||||||||||||
Pension Plan Assets at Fair Value | The following table sets forth by level, within the fair value hierarchy established by ASC 820, "Fair Value Measurement," the Company’s pension plan assets at fair value as of December 31, 2013 and December 31, 2014: | |||||||||||||||||||||||
2013 | Level One | Level Two | Level Three | Total | ||||||||||||||||||||
Investments | ||||||||||||||||||||||||
Equity securities | $ | 43,860 | $ | 50,281 | $ | 13,548 | $ | 107,689 | ||||||||||||||||
Debt securities | 34,438 | 84,327 | — | 118,765 | ||||||||||||||||||||
Real Estate | — | 10,321 | — | 10,321 | ||||||||||||||||||||
Balanced funds | 37,572 | 62,393 | 3,585 | 103,550 | ||||||||||||||||||||
Cash and cash equivalents | 205 | — | — | 205 | ||||||||||||||||||||
Total | $ | 116,075 | $ | 207,322 | $ | 17,133 | $ | 340,530 | ||||||||||||||||
2014 | Level One | Level Two | Level Three | Total | ||||||||||||||||||||
Investments | ||||||||||||||||||||||||
Equity securities | $ | 29,069 | $ | 47,702 | $ | 10,286 | $ | 87,057 | ||||||||||||||||
Debt securities | 36,391 | 99,869 | — | 136,260 | ||||||||||||||||||||
Real Estate | — | 11,654 | — | 11,654 | ||||||||||||||||||||
Balanced funds | 40,891 | 63,999 | 3,538 | 108,428 | ||||||||||||||||||||
Cash and cash equivalents | 123 | — | — | 123 | ||||||||||||||||||||
Total | $ | 106,474 | $ | 223,224 | $ | 13,824 | $ | 343,522 | ||||||||||||||||
Reconciliation for Level 3 Inputs Used in Determining Fair Value | The following is a reconciliation for which Level 3 inputs were used in determining fair value: | |||||||||||||||||||||||
Beginning balance of assets classified as Level 3 as of January 1, 2013 | $ | 19,408 | ||||||||||||||||||||||
Purchases, sales and settlements, net | 21 | |||||||||||||||||||||||
Total losses | (1,511 | ) | ||||||||||||||||||||||
Transfers into (out of) Level 3 | (785 | ) | ||||||||||||||||||||||
Ending balance of assets classified as Level 3 as of December 31, 2013 | $ | 17,133 | ||||||||||||||||||||||
Purchases, sales and settlements, net | (2,987 | ) | ||||||||||||||||||||||
Total losses | (136 | ) | ||||||||||||||||||||||
Transfers into (out of) Level 3 | (186 | ) | ||||||||||||||||||||||
Ending balance of assets classified as Level 3 as of December 31, 2014 | $ | 13,824 | ||||||||||||||||||||||
Estimated Benefit Payments for Domestic and Foreign Pension Plans | The Company estimates its benefit payments for its domestic and foreign pension plans during the next ten years to be as follows: | |||||||||||||||||||||||
U.S | Non-U.S | Total | ||||||||||||||||||||||
2015 | $ | 18,418 | $ | 6,410 | $ | 24,828 | ||||||||||||||||||
2016 | 17,754 | 6,987 | 24,741 | |||||||||||||||||||||
2017 | 17,772 | 9,222 | 26,994 | |||||||||||||||||||||
2018 | 18,218 | 9,350 | 27,568 | |||||||||||||||||||||
2019 | 18,599 | 10,404 | 29,003 | |||||||||||||||||||||
2020-2024 | 94,536 | 57,427 | 151,963 | |||||||||||||||||||||
Pension Plan [Member] | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The following table provides the components of net periodic benefit cost for the plans: | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||
Service cost | $ | 1,150 | $ | 3,126 | $ | 1,221 | $ | 3,544 | $ | 850 | $ | 3,367 | ||||||||||||
Interest cost | 13,902 | 7,793 | 12,207 | 6,816 | 13,479 | 7,069 | ||||||||||||||||||
Expected return on plan assets | (15,471 | ) | (4,027 | ) | (17,368 | ) | (3,741 | ) | (19,055 | ) | (3,828 | ) | ||||||||||||
Amortization of prior service cost and actuarial loss | 496 | 377 | 1,375 | 1,315 | 67 | 894 | ||||||||||||||||||
Curtailment/settlements | 80 | 473 | 783 | 121 | 3,637 | 444 | ||||||||||||||||||
Other | — | — | — | 1,018 | — | (1 | ) | |||||||||||||||||
Net periodic benefit cost (income) | $ | 157 | $ | 7,742 | $ | (1,782 | ) | $ | 9,073 | $ | (1,022 | ) | $ | 7,945 | ||||||||||
Postretirement_Benefits_Other_1
Postretirement Benefits Other Than Pensions (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||
Schedule of Postretirement Benefit Plans | The following table discloses information related to the Company’s postretirement benefit plans: | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligations at beginning of year | $ | 44,063 | $ | 20,450 | $ | 35,785 | $ | 16,905 | ||||||||||||||||
Service cost | 586 | 659 | 422 | 545 | ||||||||||||||||||||
Interest cost | 1,626 | 738 | 1,589 | 752 | ||||||||||||||||||||
Actuarial loss (gain) | (7,659 | ) | (2,276 | ) | 2,556 | 3,533 | ||||||||||||||||||
Benefits paid | (2,856 | ) | (659 | ) | (2,624 | ) | (668 | ) | ||||||||||||||||
Plan change | — | (715 | ) | — | — | |||||||||||||||||||
Other | 25 | — | 25 | — | ||||||||||||||||||||
Foreign currency exchange rate effect | — | (1,292 | ) | — | (1,580 | ) | ||||||||||||||||||
Benefit obligation at end of year | $ | 35,785 | $ | 16,905 | $ | 37,753 | $ | 19,487 | ||||||||||||||||
Funded status of the plan | $ | (35,785 | ) | $ | (16,905 | ) | $ | (37,753 | ) | $ | (19,487 | ) | ||||||||||||
Net amount recognized at December 31 | $ | (35,785 | ) | $ | (16,905 | ) | $ | (37,753 | ) | $ | (19,487 | ) | ||||||||||||
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations | The following table provides weighted average assumptions used to determine benefit obligations at December 31, 2013 and 2014: | |||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||
Discount rate | 4.6 | % | 4.7 | % | 3.85 | % | 3.9 | % | ||||||||||||||||
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | The following table provides weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2012, 2013 and 2014: | |||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||
Discount rate | 4.7 | % | 4.25 | % | 3.8 | % | 3.95 | % | 4.6 | % | 4.7 | % | ||||||||||||
Schedule of Weighted Average Assumed Annual Rate of Increase in Cost of Health Care Benefits | A one-percentage point change in the assumed health care cost trend rate would have had the following effects: | |||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||
Effect on service and interest cost components | $ | 247 | $ | (218 | ) | |||||||||||||||||||
Effect on projected benefit obligations | 3,516 | (2,846 | ) | |||||||||||||||||||||
Estimated Benefit Payments for Domestic and Foreign Pension Plans | The Company estimates its benefit payments for its domestic and foreign pension plans during the next ten years to be as follows: | |||||||||||||||||||||||
U.S | Non-U.S | Total | ||||||||||||||||||||||
2015 | $ | 18,418 | $ | 6,410 | $ | 24,828 | ||||||||||||||||||
2016 | 17,754 | 6,987 | 24,741 | |||||||||||||||||||||
2017 | 17,772 | 9,222 | 26,994 | |||||||||||||||||||||
2018 | 18,218 | 9,350 | 27,568 | |||||||||||||||||||||
2019 | 18,599 | 10,404 | 29,003 | |||||||||||||||||||||
2020-2024 | 94,536 | 57,427 | 151,963 | |||||||||||||||||||||
Other Postretirement Benefit Plan [Member] | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The following table provides the components of net periodic benefit costs for the plans: | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||
Service cost | $ | 542 | $ | 650 | $ | 586 | $ | 659 | $ | 422 | $ | 545 | ||||||||||||
Interest cost | 1,795 | 822 | 1,626 | 738 | 1,589 | 752 | ||||||||||||||||||
Amortization of prior service credit and recognized actuarial gain | (1,777 | ) | (54 | ) | (1,125 | ) | (139 | ) | (1,926 | ) | (286 | ) | ||||||||||||
Curtailment gain | (1,539 | ) | — | — | — | — | — | |||||||||||||||||
Other | 75 | — | 25 | — | 25 | — | ||||||||||||||||||
Net periodic benefit cost (income) | $ | (904 | ) | $ | 1,418 | $ | 1,112 | $ | 1,258 | $ | 110 | $ | 1,011 | |||||||||||
Estimated Benefit Payments for Domestic and Foreign Pension Plans | The Company estimates its benefit payments for its postretirement benefit plans during the next ten years to be as follows: | |||||||||||||||||||||||
U.S. | Non-U.S. | Total | ||||||||||||||||||||||
2015 | $ | 2,216 | $ | 626 | $ | 2,842 | ||||||||||||||||||
2016 | 2,269 | 643 | 2,912 | |||||||||||||||||||||
2017 | 2,318 | 647 | 2,965 | |||||||||||||||||||||
2018 | 2,349 | 648 | 2,997 | |||||||||||||||||||||
2019 | 2,378 | 698 | 3,076 | |||||||||||||||||||||
2020 - 2024 | 11,951 | 4,241 | 16,192 | |||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Income (Loss) Before Income Taxes and Adjustment for Noncontrolling Interests | Components of the Company’s income (loss) before income taxes and adjustment for noncontrolling interests are as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Domestic | $ | 69,914 | $ | 72,720 | $ | 83,577 | ||||||
Foreign | (2,629 | ) | 18,133 | 4,706 | ||||||||
$ | 67,285 | $ | 90,853 | $ | 88,283 | |||||||
Schedule of Income Tax Expense (Benefit) | The Company’s income tax expense (benefit) consists of the following: | |||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Current | ||||||||||||
Federal | $ | 2,558 | $ | 1,980 | $ | 10,655 | ||||||
State | 480 | 400 | 1,843 | |||||||||
Foreign | 6,817 | 15,740 | 21,496 | |||||||||
Deferred | ||||||||||||
Federal | (35,883 | ) | 18,706 | 17,528 | ||||||||
State | (4,279 | ) | 1,559 | 40 | ||||||||
Foreign | (1,224 | ) | 7,214 | (8,752 | ) | |||||||
$ | (31,531 | ) | $ | 45,599 | $ | 42,810 | ||||||
Schedule Reconciles United States Statutory Federal Rate to Income Tax Provision | The following schedule reconciles the United States statutory federal rate to the income tax provision: | |||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Tax at U.S. statutory rate | $ | 23,550 | $ | 31,798 | $ | 30,899 | ||||||
State and local taxes | 1,469 | 3,196 | 2,203 | |||||||||
Tax credits | (2,875 | ) | (8,269 | ) | (23,956 | ) | ||||||
Foreign withholding taxes | 242 | 196 | 28 | |||||||||
Effect of foreign tax rates | (6,147 | ) | (4,536 | ) | (767 | ) | ||||||
Tax audits & assessments | 2,541 | 243 | 2,803 | |||||||||
Valuation allowance | (57,652 | ) | 20,386 | 28,985 | ||||||||
Other, net | 7,341 | 2,585 | 2,615 | |||||||||
Income tax provision | $ | (31,531 | ) | $ | 45,599 | $ | 42,810 | |||||
Effective income tax rate | (46.9 | )% | 50.2 | % | 48.5 | % | ||||||
Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities at December 31, 2013 and 2014 are as follows: | |||||||||||
2013 | 2014 | |||||||||||
Deferred tax assets: | ||||||||||||
Postretirement and other benefits | $ | 52,097 | $ | 83,003 | ||||||||
Capitalized expenditures | 3,563 | 1,790 | ||||||||||
Net operating loss and tax credit carryforwards | 143,182 | 130,353 | ||||||||||
All other items | 48,302 | 44,764 | ||||||||||
Total deferred tax assets | 247,144 | 259,910 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | (56,200 | ) | (36,701 | ) | ||||||||
Intangibles | (32,130 | ) | (24,698 | ) | ||||||||
All other items | (3,864 | ) | (6,261 | ) | ||||||||
Total deferred tax liabilities | (92,194 | ) | (67,660 | ) | ||||||||
Valuation allowances | (122,771 | ) | (144,080 | ) | ||||||||
Net deferred tax assets | $ | 32,179 | $ | 48,170 | ||||||||
Net Deferred Tax Assets and Liabilities | Net deferred taxes in the consolidated balance sheets at December 31, 2013 and 2014 are as follows: | |||||||||||
2013 | 2014 | |||||||||||
Current assets | $ | 12,570 | $ | 15,176 | ||||||||
Non-current assets | 34,235 | 41,059 | ||||||||||
Current liabilities | (3,480 | ) | (3,064 | ) | ||||||||
Non-current liabilities | (11,146 | ) | (5,001 | ) | ||||||||
$ | 32,179 | $ | 48,170 | |||||||||
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Balance at beginning of period | $ | 3,303 | $ | 4,900 | $ | 7,012 | ||||||
Tax positions related to the current period | ||||||||||||
Gross additions | 2,294 | 908 | 1,210 | |||||||||
Gross reductions | — | — | — | |||||||||
Tax positions related to prior years | ||||||||||||
Gross additions | 110 | 1,896 | 1,902 | |||||||||
Gross reductions | (396 | ) | (692 | ) | (1,106 | ) | ||||||
Settlements | (411 | ) | — | (280 | ) | |||||||
Lapses on statutes of limitations | — | — | — | |||||||||
Balance at end of period | $ | 4,900 | $ | 7,012 | $ | 8,738 | ||||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Future Minimum Payments for All Non-Cancelable Operating Leases | Future minimum payments for all non-cancelable operating leases are as follows: | ||||
Year | Minimum Future Operating Lease Commitments | ||||
2015 | $ | 25,443 | |||
2016 | 15,824 | ||||
2017 | 10,111 | ||||
2018 | 6,328 | ||||
2019 | 5,575 | ||||
Thereafter | 12,680 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) by component, net of related tax, are as follows: | |||||||||||||||||||
Cumulative currency translation adjustment | Benefit plan | Unrealized gain on investment securities | Fair value change of derivatives | Accumulated other comprehensive loss | ||||||||||||||||
liability | ||||||||||||||||||||
Balance at December 31, 2011 | $ | 15,018 | $ | (27,658 | ) | $ | — | $ | 171 | $ | (12,469 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 3,302 | (35,811 | ) | — | 69 | (32,440 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (549 | ) | — | 10 | (539 | ) | |||||||||||||
Net current period other comprehensive income (loss)(1) | 3,302 | (36,360 | ) | — | 79 | (32,979 | ) | |||||||||||||
Balance at December 31, 2012 | $ | 18,320 | $ | (64,018 | ) | $ | — | $ | 250 | $ | (45,448 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (12,608 | ) | 29,559 | — | 47 | 16,998 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1,053 | — | (297 | ) | 756 | ||||||||||||||
Net current period other comprehensive income (loss)(1) | (12,608 | ) | 30,612 | — | (250 | ) | 17,754 | |||||||||||||
Balance at December 31, 2013 | $ | 5,712 | $ | (33,406 | ) | $ | — | $ | — | $ | (27,694 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (56,083 | ) | (53,587 | ) | 1,146 | (1,857 | ) | (110,381 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 132 | (1,146 | ) | (154 | ) | (1,168 | ) | ||||||||||||
Net current period other comprehensive income (loss)(1) | (56,083 | ) | (53,455 | ) | — | (2,011 | ) | (111,549 | ) | |||||||||||
Balance at December 31, 2014 | $ | (50,371 | ) | $ | (86,861 | ) | — | (2,011 | ) | $ | (139,243 | ) | ||||||||
-1 | Other comprehensive income (loss) related to the benefit plan liability is net of a tax effect of $10,055, $(17,224), and $19,096 for the years ended December 31, 2012, 2013 and 2014. Other comprehensive income (loss) related to the fair value change of derivatives is net of a tax effect of $(29), $99 and $1,253 for the years ended December 31, 2012, 2013 and 2014. | |||||||||||||||||||
-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 was recorded in other expense, net, less income tax expense of $736. | |||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2014 are as follows: | |||||||||||||||||||
Details about accumulated other comprehensive income (loss) components | Gain (loss) reclassified | Location of gain (loss) reclassified into income | ||||||||||||||||||
Fair value change of derivatives | ||||||||||||||||||||
Interest rate contracts | $ | — | Interest expense, net of interest income | |||||||||||||||||
Foreign exchange contracts | 182 | Cost of products sold | ||||||||||||||||||
182 | Income before income taxes | |||||||||||||||||||
(28 | ) | Income tax expense | ||||||||||||||||||
$ | 154 | Consolidated net income | ||||||||||||||||||
Amortization of defined benefit and other postretirement benefit plans | ||||||||||||||||||||
Prior service credits | $ | 364 | -1 | |||||||||||||||||
Actuarial losses | (61 | ) | -1 | |||||||||||||||||
303 | Income before income taxes | |||||||||||||||||||
(435 | ) | Income tax expense | ||||||||||||||||||
$ | (132 | ) | Consolidated net income | |||||||||||||||||
Total reclassifications for the period | $ | 22 | ||||||||||||||||||
-1 | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost. (See Note 8. “Pensions” and Note 9. “Postretirement Benefits other than Pensions” for additional details.) |
Other_Expense_net_Tables
Other Expense, net (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Details of Components of Other Income (Expense), Net | The components of other expense, net consists of: | |||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Loss on extinguishment of debt | $ | — | $ | — | $ | (30,488 | ) | |||||
Foreign currency losses | (6,824 | ) | (9,415 | ) | (7,055 | ) | ||||||
Gains (losses) related to forward contracts | 4,392 | 80 | (34 | ) | ||||||||
Loss on sale of receivables | (947 | ) | (1,702 | ) | (1,866 | ) | ||||||
Gain on sale of investment | — | — | 1,882 | |||||||||
Miscellaneous income | 3,316 | 3,600 | 903 | |||||||||
Other expense, net | $ | (63 | ) | $ | (7,437 | ) | $ | (36,658 | ) |
Net_Income_Per_Share_Attributa1
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. (Tables) | 12 Months Ended | |||||||||||
Dec. 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: | |||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Net income attributable to Cooper-Standard Holdings Inc. | $ | 102,804 | $ | 47,941 | $ | 42,779 | ||||||
Less: 7% Preferred stock dividends (paid or unpaid) | (6,764 | ) | (5,163 | ) | — | |||||||
Less: Premium paid for redemption of 7% preferred stock | (1,376 | ) | — | — | ||||||||
Less: Undistributed earnings allocated to participating securities | (17,934 | ) | (7,724 | ) | — | |||||||
Basic net income available to Cooper-Standard Holdings Inc.common stockholders | $ | 76,730 | $ | 35,054 | $ | 42,779 | ||||||
Increase in fair value of share-based awards | — | 205 | — | |||||||||
Diluted net income available to Cooper-Standard Holdings Inc.common stockholders | $ | 76,730 | $ | 35,259 | $ | 42,779 | ||||||
Basic weighted average shares of common stock outstanding | 17,444,980 | 14,679,369 | 16,695,356 | |||||||||
Dilutive effect of: | ||||||||||||
Restricted common stock | 260,150 | 199,083 | 154,707 | |||||||||
Restricted 7% preferred stock | 42,888 | 16,374 | — | |||||||||
Warrants | 666,546 | 832,353 | 950,263 | |||||||||
Options | 106,121 | 10,385 | 95,763 | |||||||||
Diluted weighted average shares of common stock outstanding | 18,520,685 | 15,737,564 | 17,896,089 | |||||||||
Basic net income per share attributable to Cooper-Standard Holdings Inc. | $ | 4.4 | $ | 2.39 | $ | 2.56 | ||||||
Diluted net income per share attributable to Cooper-Standard Holdings Inc. | $ | 4.14 | $ | 2.24 | $ | 2.39 | ||||||
Preferred Shares (as if Converted) and Options | A summary of these 7% preferred shares (as if converted) and options are shown below: | |||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Number of options | 519,100 | 537,543 | 461,454 | |||||||||
Exercise price | $43.50-52.50 | $25.52-52.50 | $25.52-70.20 | |||||||||
Restricted common stock | — | — | 14,306 | |||||||||
7% Preferred stock, as if converted | 4,077,284 | 3,234,449 | — | |||||||||
7% Preferred stock dividends, undistributed earnings and premium allocated to participating securities that would be added back in the diluted calculation | $ | 26,074 | $ | 12,887 | $ | — | ||||||
Equity_and_7_Preferred_Stock_T
Equity and 7% Preferred Stock (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Equity [Abstract] | |||||||
Reconciliation of Company's 7% Preferred Stock Activity | The following table summarizes the Company’s 7% preferred stock activity for the year ended December 31, 2013: | ||||||
Preferred Shares | Preferred Stock | ||||||
Balance at December 31, 2012 | 958,333 | $ | 121,649 | ||||
Stock-based compensation | — | 824 | |||||
Converted preferred stock shares | (952,972 | ) | (121,912 | ) | |||
Repurchased preferred stock shares | (4,363 | ) | (561 | ) | |||
Forfeited shares | (998 | ) | — | ||||
Balance at December 31, 2013 | — | $ | — | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Summary of Stock Option Transactions and Related Information | A summary of stock option transactions and related information for the year ended December 31, 2014 is presented below: | ||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding at January 1, 2014 | 1,019,733 | $ | 37.1 | ||||||||||
Granted | 167,200 | $ | 66.34 | ||||||||||
Exercised | (116,732 | ) | $ | 28.34 | |||||||||
Forfeited | (48,457 | ) | $ | 43 | |||||||||
Outstanding at December 31, 2014 | 1,021,744 | $ | 42.61 | 6.7 | $ | 15,601 | |||||||
Exercisable at December 31, 2014 | 447,854 | $ | 33.76 | 5.4 | $ | 10,804 | |||||||
Assumptions Used Under Black-Scholes Option Pricing Model | Fair value of the shares that are accounted for under ASC 718, "Compensation-Stock Compensation," was estimated at the date of the grant using the Black-Scholes option pricing model and the following assumptions were used for the 2012, 2013 and 2014 grants: | ||||||||||||
2012 | 2013 | 2014 | |||||||||||
Expected volatility | 53.6% - 58.74% | 28.43% - 29.03% | 27.96% - 28.32% | ||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Expected option life - years | 5.0 - 6.25 | 6 | 6 | ||||||||||
Risk-free rate | 1.0% - 1.6% | 0.9% - 1.8% | 1.9% - 2.0% | ||||||||||
Summary of Restricted Common Shares | A summary of restricted common stock, restricted common units and performance units transactions and related information for the year ended December 31, 2014 is presented below: | ||||||||||||
Restricted Common Stock, Restricted Common Units and Performance Units | Weighted Average Grant Date Fair Value | ||||||||||||
Non-vested at January 1, 2014 | 382,281 | $ | 39.13 | ||||||||||
Granted | 225,556 | $ | 63.94 | ||||||||||
Vested | (133,877 | ) | $ | 35.41 | |||||||||
Forfeited | (32,272 | ) | $ | 47.64 | |||||||||
Non-vested at December 31, 2014 | 441,688 | $ | 52.35 | ||||||||||
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Information on Company's Business Segments | The following table details information on the Company’s business segments: | |||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Sales to external customers | ||||||||||||
North America | $ | 1,503,736 | $ | 1,617,981 | $ | 1,698,826 | ||||||
Europe | 1,016,576 | 1,076,122 | 1,138,428 | |||||||||
South America | 147,408 | 176,540 | 157,561 | |||||||||
Asia Pacific | 213,182 | 219,899 | 249,172 | |||||||||
Consolidated | $ | 2,880,902 | $ | 3,090,542 | $ | 3,243,987 | ||||||
Intersegment sales | ||||||||||||
North America | $ | 8,157 | $ | 11,674 | $ | 14,135 | ||||||
Europe | 9,003 | 8,916 | 9,111 | |||||||||
South America | 187 | — | — | |||||||||
Asia Pacific | 7,699 | 9,457 | 6,380 | |||||||||
Eliminations and other | (25,046 | ) | (30,047 | ) | (29,626 | ) | ||||||
Consolidated | $ | — | $ | — | $ | — | ||||||
Segment profit (loss) | ||||||||||||
North America | $ | 136,456 | $ | 134,727 | $ | 136,682 | ||||||
Europe | (56,626 | ) | (40,046 | ) | (28,062 | ) | ||||||
South America | (18,859 | ) | (11,932 | ) | (23,861 | ) | ||||||
Asia Pacific | 6,314 | 8,104 | 3,524 | |||||||||
Income before income taxes | $ | 67,285 | $ | 90,853 | $ | 88,283 | ||||||
Restructuring cost included in segment profit (loss) | ||||||||||||
North America | $ | 856 | $ | 2,033 | $ | 105 | ||||||
Europe | 27,582 | 19,061 | 16,866 | |||||||||
South America | — | — | — | |||||||||
Asia Pacific | 325 | 626 | 443 | |||||||||
Consolidated | $ | 28,763 | $ | 21,720 | $ | 17,414 | ||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Net interest expense included in segment profit | ||||||||||||
North America | $ | 17,011 | $ | 21,239 | $ | 15,219 | ||||||
Europe | 18,273 | 20,089 | 16,619 | |||||||||
South America | 2,685 | 5,702 | 5,698 | |||||||||
Asia Pacific | 6,793 | 7,891 | 8,068 | |||||||||
Consolidated | $ | 44,762 | $ | 54,921 | $ | 45,604 | ||||||
Depreciation and amortization expense | ||||||||||||
North America | $ | 59,375 | $ | 56,302 | $ | 54,056 | ||||||
Europe | 49,216 | 39,447 | 40,812 | |||||||||
South America | 6,879 | 7,380 | 7,645 | |||||||||
Asia Pacific | 7,261 | 7,899 | 10,067 | |||||||||
Consolidated | $ | 122,731 | $ | 111,028 | $ | 112,580 | ||||||
Capital expenditures | ||||||||||||
North America | $ | 58,326 | $ | 71,616 | $ | 68,077 | ||||||
Europe | 41,351 | 72,900 | 76,989 | |||||||||
South America | 17,350 | 13,084 | 11,787 | |||||||||
Asia Pacific | 7,130 | 20,309 | 21,261 | |||||||||
Eliminations and other | 3,910 | 5,427 | 13,975 | |||||||||
Consolidated | $ | 128,067 | $ | 183,336 | $ | 192,089 | ||||||
December 31, | ||||||||||||
2013 | 2014 | |||||||||||
Segment assets | ||||||||||||
North America | $ | 866,847 | $ | 885,242 | ||||||||
Europe | 680,920 | 591,743 | ||||||||||
South America | 138,469 | 105,547 | ||||||||||
Asia Pacific | 243,736 | 300,302 | ||||||||||
Eliminations and other | 172,782 | 249,933 | ||||||||||
Consolidated | $ | 2,102,754 | $ | 2,132,767 | ||||||||
Geographic Information for Revenues | Geographic information for revenues, based on country of origin, and long-lived assets is as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Revenues | ||||||||||||
United States | $ | 802,079 | $ | 841,781 | $ | 872,112 | ||||||
Canada | 275,386 | 291,984 | 318,159 | |||||||||
Mexico | 426,272 | 484,216 | 508,555 | |||||||||
Germany | 243,853 | 243,388 | 254,977 | |||||||||
France | 322,499 | 320,626 | 312,706 | |||||||||
Poland | 183,586 | 228,581 | 270,497 | |||||||||
Other | 627,227 | 679,966 | 706,981 | |||||||||
Consolidated | $ | 2,880,902 | $ | 3,090,542 | $ | 3,243,987 | ||||||
December 31, | ||||||||||||
2013 | 2014 | |||||||||||
Tangible long-lived assets | ||||||||||||
United States | $ | 157,788 | $ | 158,451 | ||||||||
Canada | 61,396 | 48,871 | ||||||||||
Mexico | 61,618 | 70,885 | ||||||||||
Germany | 124,449 | 98,511 | ||||||||||
France | 66,903 | 59,596 | ||||||||||
Poland | 79,402 | 79,362 | ||||||||||
Other | 181,346 | 200,337 | ||||||||||
Consolidated | $ | 732,902 | $ | 716,013 | ||||||||
Sales to Customers Contributing Ten Percent or More of Consolidated Sales | Sales to customers of the Company which contributed 10% or more of its total consolidated sales and the related percentage of consolidated Company sales for 2012, 2013 and 2014 are as follows: | |||||||||||
2012 | 2013 | 2014 | ||||||||||
Percentage of | Percentage of | Percentage of | ||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||
Customer | ||||||||||||
Ford | 25 | % | 25 | % | 24 | % | ||||||
General Motors | 13 | % | 12 | % | 16 | % | ||||||
Fiat Chrysler Automobiles | 12 | % | 12 | % | 13 | % |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Fair Value Disclosures [Abstract] | |||||||||||
Schedule of Location and Fair Value of Derivative Instruments Qualifying as Cash Flow Hedges | The location and fair value of the Company's derivative instruments qualifying as cash flow hedges as of December 31, 2013 and 2014 are as follows: | ||||||||||
December 31, 2013 | December 31, 2014 | ||||||||||
Other current assets: | |||||||||||
Forward foreign exchange contracts | $ | — | $ | 370 | |||||||
Other assets: | |||||||||||
Interest rate swaps | — | 19 | |||||||||
Total assets | $ | — | $ | 389 | |||||||
Accrued liabilities: | |||||||||||
Forward foreign exchange contracts | $ | — | $ | (1,999 | ) | ||||||
Interest rate swaps | — | (751 | ) | ||||||||
Other liabilities: | |||||||||||
Interest rate swaps | — | (903 | ) | ||||||||
Total liabilities | $ | — | $ | (3,653 | ) | ||||||
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 2014, are shown below: | ||||||||||
December 31, 2013 | December 31, 2014 | Input | |||||||||
Forward foreign exchange contracts - other current assets | $ | 36 | $ | 370 | Level 2 | ||||||
Forward foreign exchange contracts - accrued liabilities | (1 | ) | (1,999 | ) | Level 2 | ||||||
Interest rate swaps - other assets | — | 19 | Level 2 | ||||||||
Interest rate swaps - other current liabilities | — | (751 | ) | Level 2 | |||||||
Interest rate swaps - other liabilities | — | (903 | ) | Level 2 | |||||||
Selected_Quarterly_Information1
Selected Quarterly Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Selected Quarterly Information | Selected Quarterly Information (Unaudited) | |||||||||||||||
2013 | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Sales | 747,577 | 784,707 | 764,057 | 794,201 | ||||||||||||
Gross profit | 120,313 | 132,264 | 115,029 | 105,132 | ||||||||||||
Net income (loss) | 19,873 | 26,146 | 20,286 | (21,051 | ) | |||||||||||
Net income (loss) attributable to Cooper-Standard Holdings Inc. | 20,701 | 27,432 | 20,596 | (20,788 | ) | |||||||||||
Net income (loss) available to Cooper-Standard Holdings Inc. common stockholders | 15,300 | 20,552 | 15,144 | (21,381 | ) | |||||||||||
Basic net income (loss) per share attributable to Cooper-Standard Holdings Inc. | $ | 0.92 | $ | 1.45 | $ | 1.16 | $ | (1.44 | ) | |||||||
Diluted net income (loss) per share attributable to Cooper-Standard Holdings Inc. | $ | 0.86 | $ | 1.34 | $ | 1.08 | $ | (1.44 | ) | |||||||
2014 | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Sales | 837,606 | 857,553 | 780,954 | 767,874 | ||||||||||||
Gross profit | 134,259 | 146,109 | 111,253 | 117,808 | ||||||||||||
Net income (loss) | 21,357 | 14,252 | 22,230 | (12,366 | ) | |||||||||||
Net income (loss) attributable to Cooper-Standard Holdings Inc. | 19,735 | 13,194 | 22,666 | (12,816 | ) | |||||||||||
Net income (loss) available to Cooper-Standard Holdings Inc. common stockholders | 19,735 | 13,194 | 22,666 | (12,816 | ) | |||||||||||
Basic net income (loss) per share attributable to Cooper-Standard Holdings Inc. | $ | 1.18 | $ | 0.78 | $ | 1.33 | $ | (0.79 | ) | |||||||
Diluted net income (loss) per share attributable to Cooper-Standard Holdings Inc. | $ | 1.1 | $ | 0.72 | $ | 1.23 | $ | (0.79 | ) | |||||||
Description_of_Business_Additi
Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Location | |
Country | |
Collaboration Arrangement Disclosure [Abstract] | |
Number of operate company manufacturing locations | 78 |
Number of design, engineering, and administrative locations | 19 |
Number of countries | 20 |
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Accounting Policies [Line Items] | ||||
Dividend received from joint venture as return of capital | $2,120 | $951 | $2,120 | $0 |
Allowance for doubtful accounts | 4,331 | 6,317 | ||
Advertising expense | 3,846 | 3,059 | 1,839 | |
Inventory Reserve | 19,930 | 19,954 | ||
Amounts capitalized for long-term supply arrangements | 2,955 | 2,026 | ||
Reimbursable tooling costs | 12,500 | 13,786 | ||
Accounts receivable for customer-owned tooling | 125,380 | 156,205 | ||
Accounts receivable for customer-owned tooling not yet invoiced | 94,152 | 99,687 | ||
Research and Development Expense | 101,982 | 103,475 | 94,171 | |
Property, Plant and Equipment, Other Types [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Amortization period for molds, dies and other tools | 3 years | |||
Thailand [Member] | Nisco [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Percentage of share owned in joint venture | 20.00% | |||
Investment in Joint Venture accounted as Equity Method Investment | 15,006 | 14,839 | ||
Dividend received from joint venture | 1,236 | 1,374 | ||
India [Member] | Sujan Barre Thomas [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Percentage of share owned in joint venture | 50.00% | |||
Investment in Joint Venture accounted as Equity Method Investment | 3,183 | 3,329 | ||
United States [Member] | Nishikawa Standard Company [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Percentage of share owned in joint venture | 40.00% | |||
Investment in Joint Venture accounted as Equity Method Investment | 16,525 | 17,162 | ||
Dividend received from joint venture | 1,760 | 4,000 | ||
Dividend received from joint venture as earnings | 809 | 1,880 | ||
Dividend received from joint venture as return of capital | 951 | 2,120 | ||
China [Member] | Huayu Cooper Standard Sealing Systems [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Percentage of share owned in joint venture | 47.50% | |||
Investment in Joint Venture accounted as Equity Method Investment | 32,120 | 29,270 | ||
Dividend received from joint venture | $2,094 |
Significant_Accounting_Policie4
Significant Accounting Policies - Summary of Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Regulatory Assets [Abstract] | ||
Finished goods | $45,485 | $48,787 |
Work in process | 36,498 | 38,929 |
Raw materials and supplies | 84,548 | 92,050 |
Total Inventory | $166,531 | $179,766 |
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2014 |
Business Acquisition [Line Items] | |||||
Payments to acquire additional interest in subsidiaries | $18,487 | $1,911 | $2,000 | ||
FMEA [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase of additional equity in joint venture (percent) | 49.00% | 49.00% | |||
Payments to acquire additional interest in subsidiaries | 18,487 | ||||
Huayu-Cooper Standard Sealing Systems Co., Ltd. [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase of additional equity in joint venture (percent) | 47.50% | 47.50% | |||
Purchase price | 17,846 | ||||
Cikautxo Borja [Member] | |||||
Business Acquisition [Line Items] | |||||
Payment for acquisition | 3,371 | ||||
Halla Visteon Climate Control Corp [Member] | |||||
Business Acquisition [Line Items] | |||||
Proceeds from divestiture of businesses | 44,937 | ||||
Gain (loss) on disposition of business | 16,036 | ||||
Australian Business [Member] | |||||
Business Acquisition [Line Items] | |||||
Proceeds from divestiture of businesses | 2,449 | ||||
Gain (loss) on disposition of business | $891 |
Acquisitions_and_Divestitures_2
Acquisitions and Divestitures -Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed at Date of Acquisition (Details) (Jyco Sealing Technologies [Member], USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2013 | Jul. 31, 2013 |
Jyco Sealing Technologies [Member] | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | $878 | $878 |
Accounts receivable | 8,596 | 8,596 |
Tooling receivable | 1,870 | 1,870 |
Inventories | 6,053 | 6,053 |
Property, plant, and equipment | 7,428 | 7,428 |
Goodwill and intangibles | 8,986 | 8,986 |
Other assets | 838 | 838 |
Total assets acquired | 34,649 | 34,649 |
Accounts payable | 11,167 | 11,167 |
Other current liabilities | 7,085 | 7,085 |
Other long-term liabilities | 2,015 | 2,015 |
Total liabilities assumed | 20,267 | 20,267 |
Payment for acquisition | $14,382 |
Additional_Information_Detail
- Additional Information (Detail) (Europe Facilities [Member], USD $) | Dec. 31, 2014 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Restructuring Cost and Reserve [Line Items] | ||
Estimated restructuring cost for initiative | $50,000 | |
Subsequent Event [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Estimated restructuring cost for initiative | $125,000 |
Restructuring_Summary_of_Activ
Restructuring - Summary of Activity of Restructuring (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 |
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Beginning Balance | $14,726 | $15,622 | ||
Expense | 17,414 | 21,720 | 28,763 | |
Cash payments and foreign exchange translation | -21,303 | -21,247 | ||
Utilization of reserve | -1,369 | |||
Restructuring Reserve, Ending Balance | 10,837 | 14,726 | 15,622 | |
Other restructuring initiatives [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Beginning Balance | 1,225 | 15,622 | ||
Expense | 539 | 7,534 | 28,763 | |
Cash payments and foreign exchange translation | -1,751 | -20,651 | ||
Utilization of reserve | -1,280 | |||
Restructuring Reserve, Ending Balance | 13 | 1,225 | 15,622 | |
Europe Facilities [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Beginning Balance | 13,501 | |||
Expense | 16,875 | 14,186 | ||
Cash payments and foreign exchange translation | -19,552 | -596 | ||
Utilization of reserve | -89 | |||
Restructuring Reserve, Ending Balance | 10,824 | 13,501 | ||
Estimated restructuring cost for initiative | 50,000 | |||
Europe Facilities [Member] | Subsequent Event [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Estimated restructuring cost for initiative | 125,000 | |||
Employee Separation Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Beginning Balance | 14,710 | 15,561 | ||
Expense | 3,316 | 17,182 | ||
Cash payments and foreign exchange translation | -7,189 | -18,033 | ||
Utilization of reserve | 0 | |||
Restructuring Reserve, Ending Balance | 10,837 | 14,710 | ||
Employee Separation Costs [Member] | Other restructuring initiatives [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Beginning Balance | 1,209 | 15,561 | ||
Expense | -102 | 3,708 | 19,935 | |
Cash payments and foreign exchange translation | -1,094 | -18,060 | ||
Utilization of reserve | 0 | |||
Restructuring Reserve, Ending Balance | 13 | 1,209 | 15,561 | |
Employee Separation Costs [Member] | Europe Facilities [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Beginning Balance | 13,501 | |||
Expense | 3,418 | 13,474 | ||
Cash payments and foreign exchange translation | -6,095 | 27 | ||
Utilization of reserve | 0 | |||
Restructuring Reserve, Ending Balance | 10,824 | 13,501 | ||
Other Exit Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Beginning Balance | 16 | 61 | ||
Expense | 14,098 | 3,169 | ||
Cash payments and foreign exchange translation | -14,114 | -3,214 | ||
Utilization of reserve | 0 | |||
Restructuring Reserve, Ending Balance | 0 | 16 | ||
Other Exit Costs [Member] | Other restructuring initiatives [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Beginning Balance | 16 | 61 | ||
Expense | 641 | 2,546 | 6,212 | |
Cash payments and foreign exchange translation | -657 | -2,591 | ||
Utilization of reserve | 0 | |||
Restructuring Reserve, Ending Balance | 0 | 16 | 61 | |
Other Exit Costs [Member] | Europe Facilities [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Beginning Balance | 0 | |||
Expense | 13,457 | 623 | ||
Cash payments and foreign exchange translation | -13,457 | -623 | ||
Utilization of reserve | 0 | |||
Restructuring Reserve, Ending Balance | 0 | 0 | ||
Asset Impairments [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Beginning Balance | 0 | 0 | ||
Expense | 0 | 1,369 | ||
Cash payments and foreign exchange translation | 0 | 0 | ||
Utilization of reserve | -1,369 | |||
Restructuring Reserve, Ending Balance | 0 | 0 | ||
Asset Impairments [Member] | Other restructuring initiatives [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Beginning Balance | 0 | 0 | ||
Expense | 0 | 1,280 | 4,155 | |
Cash payments and foreign exchange translation | 0 | 0 | ||
Utilization of reserve | -1,280 | |||
Restructuring Reserve, Ending Balance | 0 | 0 | 0 | |
Asset Impairments [Member] | Europe Facilities [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, Beginning Balance | 0 | |||
Expense | 0 | 89 | ||
Cash payments and foreign exchange translation | 0 | 0 | ||
Utilization of reserve | -89 | |||
Restructuring Reserve, Ending Balance | 0 | 0 | ||
Postretirement Benefit Costs [Member] | Other restructuring initiatives [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Expense | $0 | $0 | ($1,539) |
Restructuring_Summary_of_Restr
Restructuring - Summary of Restructuring Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | $17,414 | $21,720 | $28,763 |
Employee separation costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 3,316 | 17,182 | |
Other exit costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 14,098 | 3,169 | |
Asset impairments [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 0 | 1,369 | |
Other restructuring initiatives [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 539 | 7,534 | 28,763 |
Other restructuring initiatives [Member] | Employee separation costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | -102 | 3,708 | 19,935 |
Other restructuring initiatives [Member] | Other exit costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 641 | 2,546 | 6,212 |
Other restructuring initiatives [Member] | Asset impairments [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 0 | 1,280 | 4,155 |
Other restructuring initiatives [Member] | Postretirement benefit curtailment gain [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | $0 | $0 | ($1,539) |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Summary of Property Plant and Equipment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 1,105,891 | $1,105,536 |
Accumulated depreciation | -389,878 | -372,634 |
Property, Plant and Equipment, Net, Total | 716,013 | 732,902 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 80,638 | 92,605 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 222,825 | 210,944 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 669,030 | 633,126 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 133,398 | $168,861 |
Minimum [Member] | Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 10 years | |
Minimum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 10 years | |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 5 years | |
Maximum [Member] | Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 25 years | |
Maximum [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 40 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 10 years |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $716,013 | $732,902 | |
Impairment charges | 26,273 | 0 | 10,069 |
Depreciation expense | 96,143 | 95,597 | 107,275 |
European and North American Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 48,600 | ||
Fair value of property, plant and equipment | 24,000 | ||
Impairment charges | 24,600 | ||
Revenue growth rate | 2.00% | ||
European Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 16,700 | ||
Fair value of property, plant and equipment | 9,400 | ||
Impairment charges | $7,300 | ||
Revenue growth rate | 2.00% | ||
Discounted rate | 14.50% | 15.00% | |
North America [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Discounted rate | 14.00% |
Goodwill_and_Intangibles_Addit
Goodwill and Intangibles - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2014 |
Goodwill [Line Items] | |||||
Amortization expense | $16,437 | $15,431 | $15,456 | ||
South America [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill impairment charge | 2,787 | ||||
North America [Member] | |||||
Goodwill [Line Items] | |||||
Impairment of intangible assets | $1,700 |
Goodwill_and_Intangibles_Carry
Goodwill and Intangibles - Carrying Amount of Goodwill by Reportable Operating Segment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $139,701 | $133,716 |
Acquisition | 218 | 5,517 |
Divestitures | -2,385 | |
Foreign exchange translation | -2,365 | 468 |
Goodwill, Ending Balance | 135,169 | 139,701 |
North America [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 119,870 | 115,420 |
Acquisition | 0 | 4,736 |
Divestitures | -1,746 | |
Foreign exchange translation | -515 | -286 |
Goodwill, Ending Balance | 117,609 | 119,870 |
Europe [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 14,460 | 13,836 |
Acquisition | 218 | 0 |
Divestitures | -595 | |
Foreign exchange translation | -1,717 | 624 |
Goodwill, Ending Balance | 12,366 | 14,460 |
South America [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 0 | 0 |
Acquisition | 0 | 0 |
Divestitures | 0 | |
Foreign exchange translation | 0 | 0 |
Goodwill, Ending Balance | 0 | 0 |
Asia Pacific [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 5,371 | 4,460 |
Acquisition | 0 | 781 |
Divestitures | -44 | |
Foreign exchange translation | -133 | 130 |
Goodwill, Ending Balance | $5,194 | $5,371 |
Goodwill_and_Intangibles_Intan
Goodwill and Intangibles - Intangible Assets and Accumulated Amortization Balances (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $149,424 | $154,770 |
Accumulated Amortization | -67,115 | -53,334 |
Net Carrying Amount | 82,309 | 101,436 |
Weighted Average Useful Life (Years) | 10 years | 9 years 8 months 12 days |
Customer relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 133,471 | 135,483 |
Accumulated Amortization | -59,773 | -46,466 |
Net Carrying Amount | 73,698 | 89,017 |
Weighted Average Useful Life (Years) | 10 years 1 month 6 days | 10 years 1 month 6 days |
Developed technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 9,252 | 9,757 |
Accumulated Amortization | -6,842 | -5,817 |
Net Carrying Amount | 2,410 | 3,940 |
Weighted Average Useful Life (Years) | 6 years 3 months 18 days | 6 years 2 months 12 days |
Other [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,701 | 9,530 |
Accumulated Amortization | -500 | -1,051 |
Net Carrying Amount | $6,201 | $8,479 |
Goodwill_and_Intangibles_Estim
Goodwill and Intangibles - Estimated Amortization Expense (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2015 | $14,385 |
2016 | 14,021 |
2017 | 13,326 |
2018 | 12,930 |
2019 | $12,873 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 2-May-13 | Apr. 04, 2014 | Apr. 03, 2013 | Apr. 08, 2013 | Jun. 11, 2014 | Mar. 21, 2014 | 11-May-10 | 20-May-13 |
Line of Credit Facility [Line Items] | ||||||||||||
Senior unsecured notes principal amount | $0 | $450,000 | ||||||||||
Discount on Senior PIK Toggle Notes | 3,938 | |||||||||||
Cash tender offer for a specific number of common stock | 18,685,634 | 18,226,223 | ||||||||||
Loss on extinguishment of debt | -30,488 | 0 | 0 | |||||||||
Write off of deferred debt issuance cost | 4,500 | |||||||||||
Aggregate revolving loan availability | 180,000 | |||||||||||
Letters of credit outstanding | 35,576 | |||||||||||
Interest paid on third party debt | 56,488 | 52,925 | 45,752 | |||||||||
Cash Tender Offer [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Cash tender offer for a specific number of common stock | 4,651,162 | |||||||||||
Par value of common stock acquired through cash tender | $43 | |||||||||||
Senior ABL Facility [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Termination date of commitments of lenders | 1-Mar-18 | |||||||||||
Percentage of accounts receivable | 85.00% | |||||||||||
Percentage of inventory | 70.00% | |||||||||||
Percentage of appraised net orderly liquidation value of eligible inventory | 85.00% | |||||||||||
Fixed charge coverage ratio (percent) | 100.00% | |||||||||||
Senior ABL Facility [Member] | Minimum [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Applicable margin with respect to LIBOR or BA-based borrowings | 1.50% | |||||||||||
Applicable margin with respect to base rate, Canadian prime rate and Canadian base rate borrowings | 0.50% | |||||||||||
Senior ABL Facility [Member] | Maximum [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Applicable margin with respect to LIBOR or BA-based borrowings | 2.00% | |||||||||||
Applicable margin with respect to base rate, Canadian prime rate and Canadian base rate borrowings | 1.00% | |||||||||||
Senior ABL Facility [Member] | Cooper Standard Automotive Inc Us [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Aggregate revolving loan availability | 150,000 | |||||||||||
Senior ABL Facility [Member] | Cooper Standard Automotive International Holdings B.V. [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Aggregate revolving loan availability | 60,000 | |||||||||||
Senior ABL Facility [Member] | CSA Canada [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Aggregate revolving loan availability | 30,000 | |||||||||||
Amended Senior Abl Facility [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Aggregate revolving loan availability | 150,000 | |||||||||||
Letter of credit sub-facility | 60,000 | |||||||||||
Swing line sub-facility | 25,000 | |||||||||||
Uncommitted incremental loan facility | 105,000 | |||||||||||
Total Senior ABL Facility | 255,000 | |||||||||||
Amendment Number One to Senior ABL Facility [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Aggregate revolving loan availability | 180,000 | |||||||||||
Uncommitted incremental loan facility | 75,000 | |||||||||||
Total Senior ABL Facility | 255,000 | |||||||||||
Senior Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Percentage tendered | 49.00% | |||||||||||
8.5% Senior Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Senior unsecured notes principal amount | 450,000 | |||||||||||
PIK Interest rate accrue | 8.50% | |||||||||||
Debt Instrument, Maturity Date | 1-May-18 | |||||||||||
Senior PIK Toggle Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Discount on Senior PIK Toggle Notes | 188 | |||||||||||
Aggregate principal amount | 25,000 | |||||||||||
Percentage tendered | 99.00% | |||||||||||
Senior PIK Toggle Notes [Member] | Senior PIK Toggle Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Senior unsecured notes principal amount | 175,000 | |||||||||||
Interest rate accrue | 7.38% | |||||||||||
7.375% Senior PIK Toggle Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Maturity Date | 1-Apr-18 | |||||||||||
Medium-term Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Maturity Date | 4-Apr-21 | |||||||||||
Discount on Senior PIK Toggle Notes | 3,348 | 3,750 | ||||||||||
Aggregate principal amount | 750,000 | |||||||||||
Term loan accordion feature | 300,000 | |||||||||||
Long-term line of credit | 746,250 | |||||||||||
Debt issuance costs | 7,900 | |||||||||||
Medium-term Notes [Member] | Maximum [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Consolidated first lien debt ratio (percent) | 225.00% | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Medium-term Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate accrue | 1.00% | |||||||||||
Base Rate [Member] | Medium-term Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Interest rate accrue | 3.00% |
Debt_Outstanding_Debt_Detail
Debt - Outstanding Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Medium-term Notes | $742,902 | $0 |
Senior notes | 0 | 450,000 |
Senior PIK toggle notes | 0 | 196,484 |
Other borrowings | 42,972 | 37,940 |
Total | 785,874 | 684,424 |
Less current portion | -36,789 | -28,329 |
Total long-term debt | $749,085 | $656,095 |
Debt_Maturities_of_Debt_Detail
Debt - Maturities of Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $36,789 | |
2016 | 10,850 | |
2017 | 9,467 | |
2018 | 9,303 | |
2019 | 9,176 | |
Thereafter | 710,289 | |
Total | $785,874 | $684,424 |
Pensions_Additional_Informatio
Pensions - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Non-elective and matching contributions | $14,489 | $13,609 | $12,851 | |
Unrecognized prior service cost | 2,147 | |||
Unrecognized prior service credits, net of tax | 2,053 | |||
Unrecognized actuarial losses | 111,990 | |||
Unrecognized actuarial losses, net of tax | 100,024 | |||
Benefit plan exceed projected benefit obligation | 37,224 | 63,719 | ||
Increase (decrease) benefit plan exceed projected benefit obligation | 7,217 | 7,113 | ||
Defined Contribution Pension [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated cash contribution to pension plans | 3,000 | |||
Estimated future discretionary employer contributions in next fiscal year | 5,000 | |||
Net Periodic Benefit Cost [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Cumulative other comprehensive loss and expected to be recognized in net periodic benefit cost | 3,763 | |||
Cumulative Other Comprehensive Loss [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Cumulative other comprehensive loss and expected to be recognized in net periodic benefit cost | 263 | |||
U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Cost of providing special or contractual termination benefits recognized during period | 16,287 | |||
Cost of providing special or contractual termination benefit recognized during period to vested individuals outside defined pension plan | 2,813 | |||
Curtailments / settlements | 19,100 | 0 | ||
Gain (loss) due to settlements and curtailments | -3,637 | -783 | -80 | |
Benefit pension plan | 322,330 | 293,488 | ||
Increase (decrease) benefit plan exceed projected benefit obligation | -53,468 | -23,887 | ||
Non-U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailments / settlements | 692 | 271 | ||
Gain (loss) due to settlements and curtailments | -444 | -121 | -473 | |
Benefit pension plan | 200,289 | 186,798 | ||
Increase (decrease) benefit plan exceed projected benefit obligation | ($136,060) | ($125,566) |
Pensions_Disclose_Information_
Pensions - Disclose Information Related to Company's Defined Benefit Pension Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plans' assets at end of period | $343,522 | $340,530 | |
Funded status of the plans | 7,217 | 7,113 | |
U.S. [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligations at beginning of year | 293,488 | 325,755 | |
Service cost | 850 | 1,221 | 1,150 |
Interest cost | 13,479 | 12,207 | 13,902 |
Actuarial loss (gain) | 47,944 | -24,197 | |
Amendments | 0 | 0 | |
Benefits paid | -14,331 | -21,498 | |
Foreign currency exchange rate effect | 0 | 0 | |
Curtailment/Settlements | -19,100 | 0 | |
Other | 0 | 0 | |
Benefit obligation at end of year | 322,330 | 293,488 | 325,755 |
Fair value of plans' assets at beginning of period | 269,601 | 246,529 | |
Actual return on plans' assets | 22,892 | 22,422 | |
Employer contributions | 9,800 | 22,148 | |
Benefits paid | -14,331 | -21,498 | |
Foreign currency exchange rate effect | 0 | 0 | |
Settlements | -19,100 | 0 | |
Fair value of plans' assets at end of period | 268,862 | 269,601 | 246,529 |
Funded status of the plans | -53,468 | -23,887 | |
Non-U.S. [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligations at beginning of year | 196,495 | 196,071 | |
Service cost | 3,367 | 3,544 | 3,126 |
Interest cost | 7,069 | 6,816 | 7,793 |
Actuarial loss (gain) | 36,857 | -6,861 | |
Amendments | 0 | 2,478 | |
Benefits paid | -9,588 | -8,209 | |
Foreign currency exchange rate effect | -23,226 | 1,758 | |
Curtailment/Settlements | -692 | -271 | |
Other | 438 | 1,169 | |
Benefit obligation at end of year | 210,720 | 196,495 | 196,071 |
Fair value of plans' assets at beginning of period | 70,929 | 68,139 | |
Actual return on plans' assets | 9,874 | 5,299 | |
Employer contributions | 9,979 | 9,301 | |
Benefits paid | -9,588 | -8,209 | |
Foreign currency exchange rate effect | -5,842 | -3,159 | |
Settlements | -692 | -442 | |
Fair value of plans' assets at end of period | 74,660 | 70,929 | 68,139 |
Funded status of the plans | ($136,060) | ($125,566) |
Pensions_Amounts_Recognized_in
Pensions - Amounts Recognized in Balance Sheet (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
U.S. [Member] | ||
Amounts recognized in the balance sheet: | ||
Net amount recognized at December 31 | ($53,468) | ($23,887) |
U.S. [Member] | Accrued liabilities (current) [Member] | ||
Amounts recognized in the balance sheet: | ||
Net amount recognized at December 31 | -924 | -956 |
U.S. [Member] | Pension benefits (long term) [Member] | ||
Amounts recognized in the balance sheet: | ||
Net amount recognized at December 31 | -52,544 | -22,931 |
U.S. [Member] | Other assets [Member] | ||
Amounts recognized in the balance sheet: | ||
Net amount recognized at December 31 | 0 | 0 |
Non-U.S. [Member] | ||
Amounts recognized in the balance sheet: | ||
Net amount recognized at December 31 | -136,060 | -125,566 |
Non-U.S. [Member] | Accrued liabilities (current) [Member] | ||
Amounts recognized in the balance sheet: | ||
Net amount recognized at December 31 | -4,016 | -4,497 |
Non-U.S. [Member] | Pension benefits (long term) [Member] | ||
Amounts recognized in the balance sheet: | ||
Net amount recognized at December 31 | -139,261 | -128,182 |
Non-U.S. [Member] | Other assets [Member] | ||
Amounts recognized in the balance sheet: | ||
Net amount recognized at December 31 | $7,217 | $7,113 |
Pensions_Weighted_Average_Assu
Pensions - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
U.S. [Member] | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 3.94% | 4.74% |
Non-U.S. [Member] | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 2.66% | 3.79% |
Rate of compensation increase | 3.11% | 3.17% |
Pensions_Components_of_Net_Per
Pensions - Components of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Service cost | $850 | $1,221 | $1,150 |
Interest cost | 13,479 | 12,207 | 13,902 |
Expected return on plan assets | -19,055 | -17,368 | -15,471 |
Amortization of prior service cost and actuarial loss | 67 | 1,375 | 496 |
Curtailment/settlements | 3,637 | 783 | 80 |
Other | 0 | 0 | 0 |
Net periodic benefit cost (income) | -1,022 | -1,782 | 157 |
Non-U.S. [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Service cost | 3,367 | 3,544 | 3,126 |
Interest cost | 7,069 | 6,816 | 7,793 |
Expected return on plan assets | -3,828 | -3,741 | -4,027 |
Amortization of prior service cost and actuarial loss | 894 | 1,315 | 377 |
Curtailment/settlements | 444 | 121 | 473 |
Other | -1 | 1,018 | 0 |
Net periodic benefit cost (income) | $7,945 | $9,073 | $7,742 |
Pensions_Weighted_Average_Assu1
Pensions - Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. [Member] | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 4.68% | 3.80% | 4.63% |
Expected return on plan assets | 7.15% | 7.00% | 7.25% |
Non-U.S. [Member] | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 3.72% | 3.55% | 5.26% |
Expected return on plan assets | 5.63% | 5.73% | 6.62% |
Rate of compensation increase | 3.69% | 3.59% | 3.69% |
Pensions_Weighted_Average_Asse
Pensions - Weighted Average Asset Allocations for Pension Plans (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
U.S. [Member] | ||
Weighted average asset allocations for pension plans | ||
Weighted average asset allocations | 100.00% | 100.00% |
U.S. [Member] | Equity securities [Member] | ||
Weighted average asset allocations for pension plans | ||
Weighted average asset allocations | 23.00% | 28.00% |
U.S. [Member] | Debt securities [Member] | ||
Weighted average asset allocations for pension plans | ||
Weighted average asset allocations | 33.00% | 30.00% |
U.S. [Member] | Real Estate [Member] | ||
Weighted average asset allocations for pension plans | ||
Weighted average asset allocations | 4.00% | 4.00% |
U.S. [Member] | Balanced funds [Member] | ||
Weighted average asset allocations for pension plans | ||
Weighted average asset allocations | 40.00% | 38.00% |
U.S. [Member] | Cash and cash equivalents [Member] | ||
Weighted average asset allocations for pension plans | ||
Weighted average asset allocations | 0.00% | 0.00% |
Non-U.S. [Member] | ||
Weighted average asset allocations for pension plans | ||
Weighted average asset allocations | 100.00% | 100.00% |
Non-U.S. [Member] | Equity securities [Member] | ||
Weighted average asset allocations for pension plans | ||
Weighted average asset allocations | 34.00% | 44.00% |
Non-U.S. [Member] | Debt securities [Member] | ||
Weighted average asset allocations for pension plans | ||
Weighted average asset allocations | 66.00% | 55.00% |
Non-U.S. [Member] | Real Estate [Member] | ||
Weighted average asset allocations for pension plans | ||
Weighted average asset allocations | 0.00% | 0.00% |
Non-U.S. [Member] | Balanced funds [Member] | ||
Weighted average asset allocations for pension plans | ||
Weighted average asset allocations | 0.00% | 0.00% |
Non-U.S. [Member] | Cash and cash equivalents [Member] | ||
Weighted average asset allocations for pension plans | ||
Weighted average asset allocations | 0.00% | 1.00% |
Pensions_Pension_Plan_Assets_a
Pensions - Pension Plan Assets at Fair Value (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | $343,522 | $340,530 |
Equity securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 87,057 | 107,689 |
Debt securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 136,260 | 118,765 |
Real Estate [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 11,654 | 10,321 |
Balanced funds [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 108,428 | 103,550 |
Cash and cash equivalents [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 123 | 205 |
Level 1 [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 106,474 | 116,075 |
Level 1 [Member] | Equity securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 29,069 | 43,860 |
Level 1 [Member] | Debt securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 36,391 | 34,438 |
Level 1 [Member] | Real Estate [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 1 [Member] | Balanced funds [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 40,891 | 37,572 |
Level 1 [Member] | Cash and cash equivalents [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 123 | 205 |
Level 2 [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 223,224 | 207,322 |
Level 2 [Member] | Equity securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 47,702 | 50,281 |
Level 2 [Member] | Debt securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 99,869 | 84,327 |
Level 2 [Member] | Real Estate [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 11,654 | 10,321 |
Level 2 [Member] | Balanced funds [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 63,999 | 62,393 |
Level 2 [Member] | Cash and cash equivalents [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 13,824 | 17,133 |
Level 3 [Member] | Equity securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 10,286 | 13,548 |
Level 3 [Member] | Debt securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Real Estate [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 3 [Member] | Balanced funds [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 3,538 | 3,585 |
Level 3 [Member] | Cash and cash equivalents [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | $0 | $0 |
Pensions_Reconciliation_for_Le
Pensions - Reconciliation for Level 3 Inputs Used in Determining Fair Value (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance of assets classified as Level 3 | $17,133 | $19,408 |
Purchases, sales and settlements, net | -2,987 | 21 |
Total losses | -136 | -1,511 |
Transfers into (out of) Level 3 | -186 | -785 |
Ending balance of assets classified as Level 3 | $13,824 | $17,133 |
Pensions_Estimated_Benefit_Pay
Pensions - Estimated Benefit Payments for Domestic and Foreign Pension Plans (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $24,828 |
2016 | 24,741 |
2017 | 26,994 |
2018 | 27,568 |
2019 | 29,003 |
2020-2024 | 151,963 |
U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 18,418 |
2016 | 17,754 |
2017 | 17,772 |
2018 | 18,218 |
2019 | 18,599 |
2020-2024 | 94,536 |
Non-U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 6,410 |
2016 | 6,987 |
2017 | 9,222 |
2018 | 9,350 |
2019 | 10,404 |
2020-2024 | $57,427 |
Postretirement_Benefits_Other_2
Postretirement Benefits Other Than Pensions - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Location | ||
Pension and Other Postretirement Benefit Contributions [Abstract] | ||
Unrecognized prior service credits | $2,147 | |
Unrecognized prior service credits, net of tax | 2,053 | |
Unrecognized actuarial gains, before tax | 111,990 | |
Unrecognized actuarial gains, net of tax | 100,024 | |
Other Postretirement Benefit Plan [Member] | ||
Pension and Other Postretirement Benefit Contributions [Abstract] | ||
Unrecognized prior service credits | 3,280 | |
Unrecognized prior service credits, net of tax | 2,914 | |
Unrecognized actuarial gains, before tax | 10,283 | |
Unrecognized actuarial gains, net of tax | 12,303 | |
Cumulative other comprehensive loss and expected to be recognized in net periodic benefit cost | -1,606 | |
Other post retirement benefits, grading down over time | 5.00% | |
Other post retirement benefits recorded in consolidated balance sheets | $5,836 | $7,526 |
Number of locations | 2 | |
U.S. Other Postretirement Benefits [Member] | ||
Pension and Other Postretirement Benefit Contributions [Abstract] | ||
Health care cost trend rate | 6.44% | |
Non-U.S. Other Postretirement Benefits [Member] | ||
Pension and Other Postretirement Benefit Contributions [Abstract] | ||
Health care cost trend rate | 6.00% |
Postretirement_Benefits_Other_3
Postretirement Benefits Other Than Pensions - Schedule of Postretirement Benefit Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Funded status of the plans | $7,217 | $7,113 | |
U.S. Other Postretirement Benefits [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of year | 35,785 | 44,063 | |
Service cost | 422 | 586 | 542 |
Interest cost | 1,589 | 1,626 | 1,795 |
Actuarial loss (gain) | 2,556 | -7,659 | |
Benefits paid | -2,624 | -2,856 | |
Plan change | 0 | 0 | |
Other | 25 | 25 | 75 |
Foreign currency exchange rate effect | 0 | 0 | |
Benefit obligation at end of year | 37,753 | 35,785 | 44,063 |
Funded status of the plans | -37,753 | -35,785 | |
Net amount recognized at December 31 | -37,753 | -35,785 | |
Non-U.S. Other Postretirement Benefits [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of year | 16,905 | 20,450 | |
Service cost | 545 | 659 | 650 |
Interest cost | 752 | 738 | 822 |
Actuarial loss (gain) | 3,533 | -2,276 | |
Benefits paid | -668 | -659 | |
Plan change | 0 | -715 | |
Other | 0 | 0 | 0 |
Foreign currency exchange rate effect | -1,580 | -1,292 | |
Benefit obligation at end of year | 19,487 | 16,905 | 20,450 |
Funded status of the plans | -19,487 | -16,905 | |
Net amount recognized at December 31 | ($19,487) | ($16,905) |
Postretirement_Benefits_Other_4
Postretirement Benefits Other Than Pensions - Schedule of Net Periodic Benefit Costs for Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $422 | $586 | $542 |
Interest cost | 1,589 | 1,626 | 1,795 |
Amortization of prior service credit and recognized actuarial gain | -1,926 | -1,125 | -1,777 |
Curtailment gain | 0 | 0 | -1,539 |
Other | 25 | 25 | 75 |
Net periodic benefit cost (income) | 110 | 1,112 | -904 |
Non-U.S. Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 545 | 659 | 650 |
Interest cost | 752 | 738 | 822 |
Amortization of prior service credit and recognized actuarial gain | -286 | -139 | -54 |
Curtailment gain | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net periodic benefit cost (income) | $1,011 | $1,258 | $1,418 |
Postretirement_Benefits_Other_5
Postretirement Benefits Other Than Pensions - Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
U.S. Other Postretirement Benefits [Member] | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 3.85% | 4.60% |
Non-U.S. Other Postretirement Benefits [Member] | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 3.90% | 4.70% |
Postretirement_Benefits_Other_6
Postretirement Benefits Other Than Pensions - Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. Other Postretirement Benefits [Member] | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 4.60% | 3.80% | 4.70% |
Non-U.S. Other Postretirement Benefits [Member] | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 4.70% | 3.95% | 4.25% |
Postretirement_Benefits_Other_7
Postretirement Benefits Other Than Pensions - Schedule of Weighted Average Assumed Annual Rate of Increase in Cost of Health Care Benefits (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |
Increase on service and interest cost components | $247 |
Increase on projected benefit obligations | 3,516 |
Decrease on service and interest cost components | 218 |
Decrease on projected benefit obligations | $2,846 |
Postretirement_Benefits_Other_8
Postretirement Benefits Other Than Pensions - Estimated Benefit Payments for Domestic and Foreign Pension Plans (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2015 | $24,828 |
2016 | 24,741 |
2017 | 26,994 |
2018 | 27,568 |
2019 | 29,003 |
2020-2024 | 151,963 |
U.S. Other Postretirement Benefits [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2015 | 2,216 |
2016 | 2,269 |
2017 | 2,318 |
2018 | 2,349 |
2019 | 2,378 |
2020-2024 | 11,951 |
Non-U.S. Other Postretirement Benefits [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2015 | 626 |
2016 | 643 |
2017 | 647 |
2018 | 648 |
2019 | 698 |
2020-2024 | 4,241 |
Other Postretirement Benefit Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2015 | 2,842 |
2016 | 2,912 |
2017 | 2,965 |
2018 | 2,997 |
2019 | 3,076 |
2020-2024 | $16,192 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ||||
Payments or net of refunds of income taxes | $19,152 | $7,110 | $17,555 | |
Tax credit carryforward | 22,500 | |||
U.S. foreign tax credit carryforward expiry beginning year | 2017 | |||
Net operating losses and credit carryforwards | 15,800 | |||
Net operating losses and credit carryforwards, expiration dates | 2015 | |||
Valuation allowances related to tax loss and credit carryforwards and other deferred tax assets | 144,080 | 122,771 | ||
Deferred income tax not provided on undistributed earnings of foreign subsidiary | 335,000 | |||
Total unrecognized tax benefits | 8,738 | 7,012 | 4,900 | 3,303 |
Total unrecognized tax benefits including interest and penalties | 9,876 | |||
Unrecognized tax benefits amount effective on income tax rate | 8,738 | |||
Unrecognized tax benefits, gross decrease for audit settlements | 2,254 | |||
Income tax expense related to interest and penalties | 1,138 | 61 | ||
Foreign subsidiaries, primarily in France, Brazil, and Germany [Member] | ||||
Income Taxes [Line Items] | ||||
Foreign subsidiaries net operating loss Carryforward | 230,000 | |||
Operating loss carryforwards expiration dates | indefinite expiration periods | |||
Foreign subsidiaries in China, Mexico, Italy, Netherlands, Poland, Spain, India and Korea [Member] | ||||
Income Taxes [Line Items] | ||||
Foreign subsidiaries net operating loss Carryforward | $84,000 | |||
Operating loss carryforwards expiration dates | 2015 |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income (Loss) Before Income Taxes and Adjustment for Noncontrolling Interests (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Domestic | $83,577 | $72,720 | $69,914 |
Foreign | 4,706 | 18,133 | -2,629 |
Income before income taxes | $88,283 | $90,853 | $67,285 |
Income_Taxes_Schedule_of_Incom1
Income Taxes - Schedule of Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current | |||
Federal | $10,655 | $1,980 | $2,558 |
State | 1,843 | 400 | 480 |
Foreign | 21,496 | 15,740 | 6,817 |
Deferred | |||
Federal | 17,528 | 18,706 | -35,883 |
State | 40 | 1,559 | -4,279 |
Foreign | -8,752 | 7,214 | -1,224 |
Income tax provision | $42,810 | $45,599 | ($31,531) |
Income_Taxes_Schedule_Reconcil
Income Taxes - Schedule Reconciles United States Statutory Federal Rate to Income Tax Provision (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Tax at U.S. statutory rate | $30,899 | $31,798 | $23,550 |
State and local taxes | 2,203 | 3,196 | 1,469 |
Tax credits | -23,956 | -8,269 | -2,875 |
Foreign withholding taxes | 28 | 196 | 242 |
Effect of foreign tax rates | -767 | -4,536 | -6,147 |
Tax audits & assessments | 2,803 | 243 | 2,541 |
Valuation allowance | 28,985 | 20,386 | -57,652 |
Other, net | 2,615 | 2,585 | 7,341 |
Income tax provision | $42,810 | $45,599 | ($31,531) |
Effective income tax rate | 48.50% | 50.20% | -46.90% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Postretirement and other benefits | $83,003 | $52,097 |
Capitalized expenditures | 1,790 | 3,563 |
Net operating loss and tax credit carryforwards | 130,353 | 143,182 |
All other items | 44,764 | 48,302 |
Total deferred tax assets | 259,910 | 247,144 |
Deferred tax liabilities: | ||
Property, plant and equipment | -36,701 | -56,200 |
Intangibles | -24,698 | -32,130 |
All other items | -6,261 | -3,864 |
Total deferred tax liabilities | -67,660 | -92,194 |
Valuation allowances | -144,080 | -122,771 |
Net deferred tax assets | $48,170 | $32,179 |
Income_Taxes_Net_Deferred_Tax_
Income Taxes - Net Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Balance Sheet Classification Of Net Deferred Income Tax Assets Liabilities [Line Items] | ||
Net deferred tax assets | $48,170 | $32,179 |
Current assets [Member] | ||
Schedule Of Balance Sheet Classification Of Net Deferred Income Tax Assets Liabilities [Line Items] | ||
Net deferred tax assets | 15,176 | 12,570 |
Non-current assets [Member] | ||
Schedule Of Balance Sheet Classification Of Net Deferred Income Tax Assets Liabilities [Line Items] | ||
Net deferred tax assets | 41,059 | 34,235 |
Current liabilities [Member] | ||
Schedule Of Balance Sheet Classification Of Net Deferred Income Tax Assets Liabilities [Line Items] | ||
Net deferred tax assets | -3,064 | -3,480 |
Non-current liabilities [Member] | ||
Schedule Of Balance Sheet Classification Of Net Deferred Income Tax Assets Liabilities [Line Items] | ||
Net deferred tax assets | ($5,001) | ($11,146) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $7,012 | $4,900 | $3,303 |
Tax positions related to the current period | |||
Gross additions | 1,210 | 908 | 2,294 |
Gross reductions | 0 | 0 | 0 |
Tax positions related to prior years | |||
Gross additions | 1,902 | 1,896 | 110 |
Gross reductions | -1,106 | -692 | -396 |
Settlements | -280 | 0 | -411 |
Lapses on statutes of limitations | 0 | 0 | |
Balance at end of period | $8,738 | $7,012 | $4,900 |
Lease_Commitments_Additional_I
Lease Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Rental expense for operating lease | $31,693 | $26,853 | $24,340 |
Lease_Commitments_Future_Minim
Lease Commitments - Future Minimum Payments for All Non-Cancelable Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $25,443 |
2016 | 15,824 |
2017 | 10,111 |
2018 | 6,328 |
2019 | 5,575 |
Thereafter | $12,680 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $736 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 1,882 | ||
Other comprehensive income (loss) related to fair value change of derivatives, net of tax | 1,253 | 99 | -29 |
Other comprehensive income (loss) related to benefit plan liability, net of tax | $19,096 | ($17,224) | $10,055 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | ($27,694) | ||
Net current period other comprehensive income (loss) | -111,628 | 17,812 | -34,230 |
Ending Balance | -139,243 | -27,694 | |
Cumulative currency translation adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 5,712 | 18,320 | 15,018 |
Other comprehensive income (loss) before reclassifications | -56,083 | -12,608 | 3,302 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | -56,083 | -12,608 | 3,302 |
Ending Balance | -50,371 | 5,712 | 18,320 |
Benefit plan liability [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | -33,406 | -64,018 | -27,658 |
Other comprehensive income (loss) before reclassifications | -53,587 | 29,559 | -35,811 |
Amounts reclassified from accumulated other comprehensive income (loss) | 132 | 1,053 | -549 |
Net current period other comprehensive income (loss) | -53,455 | 30,612 | -36,360 |
Ending Balance | -86,861 | -33,406 | -64,018 |
Unrealized gain on investment securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 0 | 0 | 0 |
Other comprehensive income (loss) before reclassifications | 1,146 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | -1,146 | 0 | 0 |
Net current period other comprehensive income (loss) | 0 | 0 | 0 |
Ending Balance | 0 | 0 | 0 |
Fair value change of derivatives [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 0 | 250 | 171 |
Other comprehensive income (loss) before reclassifications | -1,857 | 47 | 69 |
Amounts reclassified from accumulated other comprehensive income (loss) | -154 | -297 | 10 |
Net current period other comprehensive income (loss) | -2,011 | -250 | 79 |
Ending Balance | -2,011 | 0 | 250 |
Accumulated other comprehensive loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | -27,694 | -45,448 | -12,469 |
Other comprehensive income (loss) before reclassifications | -110,381 | 16,998 | -32,440 |
Amounts reclassified from accumulated other comprehensive income (loss) | -1,168 | 756 | -539 |
Net current period other comprehensive income (loss) | -111,549 | 17,754 | -32,979 |
Ending Balance | ($139,243) | ($27,694) | ($45,448) |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Cost of products sold | $2,734,558 | $2,617,804 | $2,442,014 | ||||||||
Income before income taxes | 88,283 | 90,853 | 67,285 | ||||||||
Amortization of defined benefit and other postretirement benefit plans | |||||||||||
Income tax expense | -42,810 | -45,599 | 31,531 | ||||||||
Basic net income available to Cooper-Standard Holdings Inc. common stockholders | -12,816 | 22,666 | 13,194 | 19,735 | -21,381 | 15,144 | 20,552 | 15,300 | 42,779 | 35,054 | 76,730 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Amortization of defined benefit and other postretirement benefit plans | |||||||||||
Basic net income available to Cooper-Standard Holdings Inc. common stockholders | 22 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Income before income taxes | 303 | ||||||||||
Amortization of defined benefit and other postretirement benefit plans | |||||||||||
Amortization of defined benefit and other postretirement benefit plans, Prior service credits | 364 | ||||||||||
Amortization of defined benefit and other postretirement benefit plans, Actuarial losses | -61 | ||||||||||
Income tax expense | -435 | ||||||||||
Basic net income available to Cooper-Standard Holdings Inc. common stockholders | -132 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Income before income taxes | 182 | ||||||||||
Amortization of defined benefit and other postretirement benefit plans | |||||||||||
Income tax expense | -28 | ||||||||||
Basic net income available to Cooper-Standard Holdings Inc. common stockholders | 154 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest rate contracts [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Interest expense, net of interest income | 0 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Foreign exchange contracts [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Cost of products sold | $182 |
Contingent_Liabilities_Additio
Contingent Liabilities - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ||
Noncancellable purchase order for capital expenditure | $39,692 | $65,459 |
Reserved in accrued liabilities and other liabilities | $6,852 |
Other_Expense_net_Details_of_C
Other Expense, net - Details of Components of Other Income (Expense), Net (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Income and Expenses [Abstract] | |||
Loss on extinguishment of debt | ($30,488) | $0 | $0 |
Foreign currency losses | -7,055 | -9,415 | -6,824 |
Gains (losses) related to forward contracts | -34 | 80 | 4,392 |
Loss on sale of receivables | -1,866 | -1,702 | -947 |
Gain on sale of investment | 1,882 | 0 | 0 |
Miscellaneous income | 903 | 3,600 | 3,316 |
Other expense, net | ($36,658) | ($7,437) | ($63) |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Jun. 30, 2014 |
Related Party Transaction Due From To Related Party [Line Items] | |||||||
Sales to related party | $33,195 | $47,175 | $44,620 | ||||
Dividend received | 800 | ||||||
Dividend received from joint venture as return of capital | 2,120 | 951 | 2,120 | 0 | |||
Proceeds from divestiture of businesses and interests in affiliates | 50,602 | 0 | 0 | ||||
Gain on sale of investment | 1,882 | 0 | 0 | ||||
Corporate Joint Venture [Member] | |||||||
Related Party Transaction Due From To Related Party [Line Items] | |||||||
Percentage of share owned in joint venture | 40.00% | 40.00% | |||||
Nisco [Member] | |||||||
Related Party Transaction Due From To Related Party [Line Items] | |||||||
Dividend received | 4,000 | 1,760 | |||||
Receipt from NISCO related to earnings | 1,880 | 809 | |||||
Dividend received from joint venture as return of capital | 2,120 | 951 | |||||
Guyoung [Member] | |||||||
Related Party Transaction Due From To Related Party [Line Items] | |||||||
Percentage of joint venture sold | 17.00% | ||||||
Proceeds from divestiture of businesses and interests in affiliates | 3,216 | ||||||
Gain on sale of investment | $1,882 |
Net_Income_Per_Share_Attributa2
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | |||
Preferred stock dividend rate, percentage | 7.00% | 7.00% | 7.00% |
Net_Income_Per_Share_Attributa3
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. - Basic and Diluted Net Income Per Share Attributable (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Cooper-Standard Holdings Inc. | ($12,816) | $22,666 | $13,194 | $19,735 | ($20,788) | $20,596 | $27,432 | $20,701 | $42,779 | $47,941 | $102,804 |
Less: 7% Preferred stock dividends (paid or unpaid) | 0 | -5,163 | -6,764 | ||||||||
Less: Premium paid for redemption of 7% preferred stock | 0 | 0 | -1,376 | ||||||||
Less: Undistributed earnings allocated to participating securities | 0 | -7,724 | -17,934 | ||||||||
Basic net income available to Cooper-Standard Holdings Inc. common stockholders | -12,816 | 22,666 | 13,194 | 19,735 | -21,381 | 15,144 | 20,552 | 15,300 | 42,779 | 35,054 | 76,730 |
Increase in fair value of share-based awards | 0 | 205 | 0 | ||||||||
Diluted net income available to Cooper-Standard Holdings Inc. common stockholders | $42,779 | $35,259 | $76,730 | ||||||||
Basic weighted average shares of common stock outstanding | 16,695,356 | 14,679,369 | 17,444,980 | ||||||||
Dilutive effect of: | |||||||||||
Restricted common stock | 154,707 | 199,083 | 260,150 | ||||||||
Restricted 7% preferred stock | 0 | 16,374 | 42,888 | ||||||||
Warrants | 950,263 | 832,353 | 666,546 | ||||||||
Options | 95,763 | 10,385 | 106,121 | ||||||||
Diluted weighted average shares of common stock outstanding | 17,896,089 | 15,737,564 | 18,520,685 | ||||||||
Basic net income (loss) per share attributable to Cooper-Standard Holdings Inc. (in dollars per share) | ($0.79) | $1.33 | $0.78 | $1.18 | ($1.44) | $1.16 | $1.45 | $0.92 | $2.56 | $2.39 | $4.40 |
Diluted net income (loss) per share attributable to Cooper-Standard Holdings Inc. (in dollars per share) | ($0.79) | $1.23 | $0.72 | $1.10 | ($1.44) | $1.08 | $1.34 | $0.86 | $2.39 | $2.24 | $4.14 |
Net_Income_Per_Share_Attributa4
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. - Preferred Shares (as if Converted) and Options (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 14,306 | 0 | 0 |
Preferred dividends, undistributed earnings and premium allocated to participating securities that would be added back in the diluted calculation | $0 | $12,887 | $26,074 |
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 | 461,454 | 537,543 | 519,100 |
Stock Option [Member] | Minimum [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price | $25.52 | $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 | $70.20 | $52.50 | $52.50 |
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 | 3,234,449 | 4,077,284 |
Equity_and_7_Preferred_Stock_A
Equity and 7% Preferred Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 18, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 2-May-13 |
vote_per_share | |||||
Common Stock And Preferred Stock [Line Items] | |||||
Common stock, shares authorized | 190,000,000 | 190,000,000 | |||
Common stock, par value | $0.00 | $0.00 | |||
Cash tender offer for a specific number of common stock | 18,685,634 | 18,226,223 | |||
Common stock, shares outstanding | 17,039,328 | 16,676,539 | |||
Common stock, number of vote per share | 1 | ||||
Number of warrants issued | 1,574,743 | ||||
Warrants issued to purchase common stock, shares | 1,579,467 | ||||
Common stock, warrants exercise price per share | $27.25 | ||||
Conversion of preferred stock | 810,382 | ||||
Convertible preferred stock issued upon conversion | 4.34164 | ||||
Conversion of shares issued | 3,518,366 | ||||
Preferred stock dividend rate, percentage | 7.00% | 7.00% | 7.00% | ||
Cash Tender Offer [Member] | |||||
Common Stock And Preferred Stock [Line Items] | |||||
Cash tender offer for a specific number of common stock | 4,651,162 | ||||
Par value of common stock acquired through cash tender | $43 | ||||
Aggregate purchase price | $200,000 |
Equity_and_7_Preferred_Stock_R
Equity and 7% Preferred Stock - Reconciliation of Company's 7% Preferred Stock Activity (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Temporary Equity [Roll Forward] | ||
Beginning balance, Shares | 958,333 | 0 |
Beginning balance, Value | $121,649 | $0 |
Stock-based compensation, Shares | 0 | |
Stock-based compensation, Value | 824 | |
Converted preferred stock, Shares | -952,972 | |
Converted preferred stock, Value | -121,912 | |
Repurchased preferred stock, shares | -4,363 | |
Repurchased preferred stock, Value | -561 | |
Forfeited, Shares | -998 | |
Forfeited, Value | 0 | |
Ending balance, Shares | 0 | 0 |
Ending balance, Value | $0 | $0 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized under plan | 3,450,000 | |||
Preferred stock dividend rate, percentage | 7.00% | 7.00% | 7.00% | |
Restricted Preferred Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock award grants vest period first | 3 years | |||
Stock award grants vest period second | 4 years | |||
Allocated Share-based compensation expense | 0 | 794 | 1,471 | |
Total fair value of restricted common shares and units vested | 0 | 1,462 | 1,463 | |
Preferred stock dividend rate, percentage | 7.00% | |||
Number of preferred stock granted | 0 | 0 | 0 | |
Unrecognized share based compensation expense | 0 | |||
Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock award grants vest period first | 3 years | |||
Stock award grants vest period second | 4 years | |||
Stock award grants vest period third | 5 years | |||
Weighted-average grant date fair value of stock options granted | 20.91 | 13.95 | 19.45 | |
Intrinsic value of stock options exercised | 3,448 | 2,588 | 1,326 | |
Total aggregate intrinsic value | 57.88 | |||
Allocated Share-based compensation expense | 4,354 | 3,815 | 4,097 | |
Unrecognized compensation expenses | 5,687 | |||
Recognized weighted average period | 2 years 2 months 12 days | |||
Restricted Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock award grants vest period first | 3 years | |||
Stock award grants vest period second | 4 years | |||
Weighted-average grant date fair value of stock options granted | 63.94 | 43.46 | 41.93 | |
Allocated Share-based compensation expense | 8,233 | 6,967 | 8,245 | |
Recognized weighted average period | 1 year 10 months 24 days | |||
Total fair value of restricted common shares and units vested | 4,740 | 7,343 | 5,734 | |
Unrecognized compensation expenses | 10,780 | |||
Minimum [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option awards grant term | 7 years | |||
Maximum [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option awards grant term | 10 years |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Option Transactions and Related Information (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options Outstanding, Beginning Balance (in shares) | 1,019,733 |
Options, Granted (in shares) | 167,200 |
Options, Exercised (in shares) | -116,732 |
Options, Forfeited (in shares) | -48,457 |
Options Outstanding, Ending Balance (in shares) | 1,021,744 |
Options Exercisable, Ending Balance (in shares) | 447,854 |
Weighted Average Exercise Price, Outstanding Beginning Balance (in dollars per share) | $37.10 |
Weighted Average Exercise Price, Granted (in dollars per share) | $66.34 |
Weighted Average Exercise Price, Exercised (in dollars per share) | $28.34 |
Weighted Average Exercise Price, Forfeited (in dollars per share) | $43 |
Weighted Average Exercise Price, Outstanding Ending Balance (in dollars per share) | $42.61 |
Weighted Average Exercise Price, Exercisable Ending Balance (in dollars per share) | $33.76 |
Weighted Average Remaining Contractual Life - Years, Outstanding Ending Balance | 6 years 8 months 12 days |
Weighted Average Remaining Contractual Life - Years, Exercisable Ending Balance | 5 years 4 months 24 days |
Aggregate Intrinsic Value, Outstanding Ending Balance | $15,601 |
Aggregate Intrinsic Value, Exercisable Ending Balance | $10,804 |
StockBased_Compensation_Assump
Stock-Based Compensation - Assumptions Used Under Black-Scholes Option Pricing Model (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected option life - years, Minimum | 5 years | ||
Expected option life - years, Maximum | 6 years | 6 years | 6 years 3 months |
Risk-free rate, Minimum | 1.90% | 0.90% | 1.00% |
Risk-free rate, Maximum | 2.00% | 1.80% | 1.60% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 27.96% | 28.43% | 53.60% |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 28.32% | 29.03% | 58.74% |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Restricted Common Shares (Detail) (Restricted Stock And Units [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock And Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested Number, Beginning Balance (in shares) | 382,281 |
Granted (in shares) | 225,556 |
Vested (in shares) | -133,877 |
Forfeited (in shares) | -32,272 |
Non-vested Number, Ending Balance (in shares) | 441,688 |
Non-vested Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) | $39.13 |
Granted (in dollars per share) | $63.94 |
Vested (in dollars per share) | $35.41 |
Forfeited (in dollars per share) | $47.64 |
Non-vested Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $52.35 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Business_Segments_Information_
Business Segments - Information on Company's Business Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers | $767,874 | $780,954 | $857,553 | $837,606 | $794,201 | $764,057 | $784,707 | $747,577 | $3,243,987 | $3,090,542 | $2,880,902 |
Intersegment sales | 0 | 0 | 0 | ||||||||
Segment profit (loss) | 88,283 | 90,853 | 67,285 | ||||||||
Restructuring | 17,414 | 21,720 | 28,763 | ||||||||
Net interest expense included in segment profit | 45,604 | 54,921 | 44,762 | ||||||||
Depreciation and amortization expense | 112,580 | 111,028 | 122,731 | ||||||||
Capital expenditures | 192,089 | 183,336 | 128,067 | ||||||||
Segment assets | 2,132,767 | 2,102,754 | 2,132,767 | 2,102,754 | |||||||
Reportable Geographical Components [Member] | North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers | 1,698,826 | 1,617,981 | 1,503,736 | ||||||||
Intersegment sales | 14,135 | 11,674 | 8,157 | ||||||||
Segment profit (loss) | 136,682 | 134,727 | 136,456 | ||||||||
Restructuring | 105 | 2,033 | 856 | ||||||||
Net interest expense included in segment profit | 15,219 | 21,239 | 17,011 | ||||||||
Depreciation and amortization expense | 54,056 | 56,302 | 59,375 | ||||||||
Capital expenditures | 68,077 | 71,616 | 58,326 | ||||||||
Segment assets | 885,242 | 866,847 | 885,242 | 866,847 | |||||||
Reportable Geographical Components [Member] | Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers | 1,138,428 | 1,076,122 | 1,016,576 | ||||||||
Intersegment sales | 9,111 | 8,916 | 9,003 | ||||||||
Segment profit (loss) | -28,062 | -40,046 | -56,626 | ||||||||
Restructuring | 16,866 | 19,061 | 27,582 | ||||||||
Net interest expense included in segment profit | 16,619 | 20,089 | 18,273 | ||||||||
Depreciation and amortization expense | 40,812 | 39,447 | 49,216 | ||||||||
Capital expenditures | 76,989 | 72,900 | 41,351 | ||||||||
Segment assets | 591,743 | 680,920 | 591,743 | 680,920 | |||||||
Reportable Geographical Components [Member] | South America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers | 157,561 | 176,540 | 147,408 | ||||||||
Intersegment sales | 0 | 0 | 187 | ||||||||
Segment profit (loss) | -23,861 | -11,932 | -18,859 | ||||||||
Restructuring | 0 | 0 | 0 | ||||||||
Net interest expense included in segment profit | 5,698 | 5,702 | 2,685 | ||||||||
Depreciation and amortization expense | 7,645 | 7,380 | 6,879 | ||||||||
Capital expenditures | 11,787 | 13,084 | 17,350 | ||||||||
Segment assets | 105,547 | 138,469 | 105,547 | 138,469 | |||||||
Reportable Geographical Components [Member] | Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers | 249,172 | 219,899 | 213,182 | ||||||||
Intersegment sales | 6,380 | 9,457 | 7,699 | ||||||||
Segment profit (loss) | 3,524 | 8,104 | 6,314 | ||||||||
Restructuring | 443 | 626 | 325 | ||||||||
Net interest expense included in segment profit | 8,068 | 7,891 | 6,793 | ||||||||
Depreciation and amortization expense | 10,067 | 7,899 | 7,261 | ||||||||
Capital expenditures | 21,261 | 20,309 | 7,130 | ||||||||
Segment assets | 300,302 | 243,736 | 300,302 | 243,736 | |||||||
Eliminations and other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment sales | -29,626 | -30,047 | -25,046 | ||||||||
Capital expenditures | 13,975 | 5,427 | 3,910 | ||||||||
Segment assets | $249,933 | $172,782 | $249,933 | $172,782 |
Business_Segments_Geographic_I
Business Segments - Geographic Information for Revenues (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $767,874 | $780,954 | $857,553 | $837,606 | $794,201 | $764,057 | $784,707 | $747,577 | $3,243,987 | $3,090,542 | $2,880,902 |
Tangible long-lived assets | 716,013 | 732,902 | 716,013 | 732,902 | |||||||
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 872,112 | 841,781 | 802,079 | ||||||||
Tangible long-lived assets | 158,451 | 157,788 | 158,451 | 157,788 | |||||||
Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 318,159 | 291,984 | 275,386 | ||||||||
Tangible long-lived assets | 48,871 | 61,396 | 48,871 | 61,396 | |||||||
Mexico [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 508,555 | 484,216 | 426,272 | ||||||||
Tangible long-lived assets | 70,885 | 61,618 | 70,885 | 61,618 | |||||||
Germany [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 254,977 | 243,388 | 243,853 | ||||||||
Tangible long-lived assets | 98,511 | 124,449 | 98,511 | 124,449 | |||||||
France [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 312,706 | 320,626 | 322,499 | ||||||||
Tangible long-lived assets | 59,596 | 66,903 | 59,596 | 66,903 | |||||||
Poland [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 270,497 | 228,581 | 183,586 | ||||||||
Tangible long-lived assets | 79,362 | 79,402 | 79,362 | 79,402 | |||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 706,981 | 679,966 | 627,227 | ||||||||
Tangible long-lived assets | $200,337 | $181,346 | $200,337 | $181,346 |
Business_Segments_Sales_to_Cus
Business Segments - Sales to Customers Contributing Ten Percent or More of Consolidated Sales (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Ford [Member] | |||
Revenue, Major Customer [Line Items] | |||
Major customers | 24.00% | 25.00% | 25.00% |
General Motors [Member] | |||
Revenue, Major Customer [Line Items] | |||
Major customers | 16.00% | 12.00% | 13.00% |
Fiat Chrysler [Member] | |||
Revenue, Major Customer [Line Items] | |||
Major customers | 13.00% | 12.00% | 12.00% |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior unsecured notes principal amount | $0 | $450,000 | |
Senior PIK Toggle notes principal amount | 0 | 196,484 | |
Medium-term Notes | 742,902 | 0 | |
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 1,629 | ||
Maturity date of foreign currency derivative contracts | 30-Apr-14 | ||
Gains (losses) related to forward contracts | -34 | 80 | 4,392 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 751 | ||
Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair values of the Senior Notes | 477,000 | ||
Senior PIK Toggle Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair values of the Senior Notes | 197,466 | ||
Medium-term Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair values of the Senior Notes | 723,401 | ||
Cash Flow Hedging [Member] | Foreign exchange contracts [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notional amount of foreign currency cash flow | 46,996 | ||
Amount reclassified from AOCI into cost of products sold | -182 | ||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notional amount of foreign currency cash flow | $300,000 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Location and fair value of derivative instruments qualifying as cash flow hedges(Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | |||
Total assets | $389 | $0 | |
Total liabilities | -3,653 | 0 | |
Other Current Assets [Member] | Foreign Exchange Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Other current assets | 370 | 0 | |
Other Assets [Member] | Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Other assets | 19 | 0 | |
Accrued Liabilities [Member] | Foreign Exchange Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Accrued liabilities | -1,999 | 0 | |
Accrued Liabilities [Member] | Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Accrued liabilities | -751 | 0 | |
Other Liabilities [Member] | Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Other liabilities | ($903) | $0 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Fair Value Hierarchy Level for Company's Liabilities Measured (Detail) (Level 2 [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contract, asset, fair value disclosure | $370 | $36 |
Accrued Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contracts, liability, fair value disclosure | -1,999 | -1 |
Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate cash flow hedge asset at fair value | 19 | 0 |
Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate cash flow asset liability at fair value | -751 | 0 |
Other Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate cash flow asset liability at fair value | ($903) | $0 |
Selected_Quarterly_Information2
Selected Quarterly Information - Selected Quarterly Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Sales | $767,874 | $780,954 | $857,553 | $837,606 | $794,201 | $764,057 | $784,707 | $747,577 | $3,243,987 | $3,090,542 | $2,880,902 |
Gross profit | 117,808 | 111,253 | 146,109 | 134,259 | 105,132 | 115,029 | 132,264 | 120,313 | 509,429 | 472,738 | 438,888 |
Net income (loss) | -12,366 | 22,230 | 14,252 | 21,357 | -21,051 | 20,286 | 26,146 | 19,873 | 45,473 | 45,254 | 98,816 |
Net income (loss) attributable to Cooper-Standard Holdings Inc. | -12,816 | 22,666 | 13,194 | 19,735 | -20,788 | 20,596 | 27,432 | 20,701 | 42,779 | 47,941 | 102,804 |
Net income (loss) available to Cooper-Standard Holdings Inc. common stockholders | ($12,816) | $22,666 | $13,194 | $19,735 | ($21,381) | $15,144 | $20,552 | $15,300 | $42,779 | $35,054 | $76,730 |
Basic net income (loss) per share attributable to Cooper-Standard Holdings Inc. (in dollars per share) | ($0.79) | $1.33 | $0.78 | $1.18 | ($1.44) | $1.16 | $1.45 | $0.92 | $2.56 | $2.39 | $4.40 |
Diluted net income (loss) per share attributable to Cooper-Standard Holdings Inc. (in dollars per share) | ($0.79) | $1.23 | $0.72 | $1.10 | ($1.44) | $1.08 | $1.34 | $0.86 | $2.39 | $2.24 | $4.14 |
Accounts_Receivable_Factoring_
Accounts Receivable Factoring - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | |||
Amount outstanding under accounts receivable transfer agreements without recourse | $95,951 | $94,546 | |
Total amount of accounts receivable without recourse | 509,308 | 474,233 | |
Costs incurred on sale of receivables | 3,322 | 2,876 | 2,216 |
Amount outstanding under accounts receivable transfer agreements with recourse | 8,292 | 9,159 | |
Secured debt maturity period | 1 year | ||
Total amount of accounts receivable with recourse | 58,837 | 89,642 | |
Costs incurred on sale of receivables | $417 | $432 | $340 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning Balance | $6.30 | $3.70 | $3 |
Charge to Expenses | 1.3 | 3.9 | 0.8 |
Charged (credited) to other accounts | -0.7 | -0.3 | 0.6 |
Deductions | -2.6 | -1 | -0.7 |
Balance at end of period | 4.3 | 6.3 | 3.7 |
Tax Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning Balance | 122.8 | 97.3 | 152.4 |
Additions Charged to Income | 29 | 20.4 | -57.7 |
Additions Charged to Equity | -7.7 | 5.1 | 2.6 |
Deductions | 0 | 0 | 0 |
Balance at end of period | $144.10 | $122.80 | $97.30 |