Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 27, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CPS | |
Entity Registrant Name | Cooper-Standard Holdings Inc. | |
Entity Central Index Key | 1,320,461 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 18,065,887 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Sales | $ 967,391 | $ 902,051 |
Cost of products sold | 796,511 | 732,049 |
Gross profit | 170,880 | 170,002 |
Selling, administration & engineering expenses | 80,440 | 87,054 |
Amortization of intangibles | 3,406 | 3,595 |
Impairment charges | 0 | 4,270 |
Restructuring charges | 7,125 | 9,988 |
Operating profit | 79,909 | 65,095 |
Interest expense, net of interest income | (9,800) | (11,239) |
Equity in earnings of affiliates | 1,687 | 1,675 |
Loss on refinancing and extinguishment of debt | (770) | 0 |
Other expense, net | (1,719) | (1,137) |
Income before income taxes | 69,307 | 54,394 |
Income tax expense | 11,891 | 11,890 |
Net income | 57,416 | 42,504 |
Net income attributable to noncontrolling interests | (624) | (798) |
Net income attributable to Cooper-Standard Holdings Inc. | $ 56,792 | $ 41,706 |
Earnings per share | ||
Basic | $ 3.16 | $ 2.35 |
Diluted | $ 3.07 | $ 2.20 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net income | $ 57,416 | $ 42,504 |
Currency translation adjustment | 12,692 | 10,291 |
Benefit plan liabilities adjustment, net of tax | 1,307 | (193) |
Fair value change of derivatives, net of tax | 3,612 | 1,093 |
Other comprehensive income, net of tax | 17,611 | 11,191 |
Comprehensive income | 75,027 | 53,695 |
Comprehensive income attributable to noncontrolling interests | (1,573) | (981) |
Comprehensive income attributable to Cooper-Standard Holdings Inc. | $ 73,454 | $ 52,714 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 420,172 | $ 515,952 |
Accounts receivable, net | 570,548 | 494,049 |
Tooling receivable | 107,274 | 112,561 |
Inventories | 185,960 | 170,196 |
Prepaid expenses | 38,610 | 33,205 |
Other current assets | 115,273 | 100,778 |
Total current assets | 1,437,837 | 1,426,741 |
Property, plant and equipment, net | 977,514 | 952,178 |
Goodwill | 173,370 | 171,852 |
Intangible assets, net | 65,904 | 69,091 |
Other assets | 106,534 | 105,786 |
Total assets | 2,761,159 | 2,725,648 |
Current liabilities: | ||
Debt payable within one year | 34,626 | 34,921 |
Accounts payable | 523,962 | 523,296 |
Payroll liabilities | 119,405 | 123,090 |
Accrued liabilities | 115,595 | 145,650 |
Total current liabilities | 793,588 | 826,957 |
Long-term debt | 723,587 | 723,325 |
Pension benefits | 181,059 | 180,173 |
Postretirement benefits other than pensions | 61,643 | 61,921 |
Other liabilities | 78,323 | 78,183 |
Total liabilities | 1,838,200 | 1,870,559 |
7% Cumulative participating convertible preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Equity: | ||
Common stock, $0.001 par value, 190,000,000 shares authorized; 20,062,193 shares issued and 18,065,887 shares outstanding as of March 31, 2018, and 19,920,805 shares issued and 17,914,599 outstanding as of December 31, 2017 | 18 | 18 |
Additional paid-in capital | 510,060 | 512,815 |
Retained earnings | 572,084 | 511,367 |
Accumulated other comprehensive loss | (189,608) | (197,631) |
Total Cooper-Standard Holdings Inc. equity | 892,554 | 826,569 |
Noncontrolling interests | 30,405 | 28,520 |
Total equity | 922,959 | 855,089 |
Total liabilities and equity | $ 2,761,159 | $ 2,725,648 |
CONDENSED CONSOLIDATED BALANCE5
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Cumulative participating preferred stock | 7.00% | 7.00% |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares issued | 20,062,193 | 19,920,805 |
Common stock, shares outstanding | 18,065,887 | 17,914,599 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Cooper Standard Holdings Inc Equity [Member] | Noncontrolling Interest [Member] |
Beginning balance (shares) at Dec. 31, 2017 | 17,914,599 | 17,914,599 | |||||
Beginning balance at Dec. 31, 2017 | $ 855,089 | $ 18 | $ 512,815 | $ 511,367 | $ (197,631) | $ 826,569 | $ 28,520 |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 151,288 | ||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ 0 | ||||||
Share-based compensation, net | (4,787) | (73) | (4,714) | (4,787) | |||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (2,370) | (2,682) | (2,682) | 312 | |||
Net income | 57,416 | 56,792 | 56,792 | 624 | |||
Other Comprehensive Income, Net of Tax | $ 17,611 | 16,662 | 16,662 | 949 | |||
Ending balance (shares) at Mar. 31, 2018 | 18,065,887 | 18,065,887 | |||||
Ending balance at Mar. 31, 2018 | $ 922,959 | $ 18 | 510,060 | 572,084 | (189,608) | 892,554 | $ 30,405 |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 | $ 0 | $ 8,639 | $ (8,639) | $ 0 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Activities: | ||
Net income | $ 57,416 | $ 42,504 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 32,853 | 28,262 |
Amortization of intangibles | 3,406 | 3,595 |
Impairment charges | 0 | 4,270 |
Share-based compensation expense | 3,875 | 6,804 |
Equity in earnings of affiliates, net of dividends related to earnings | 2,821 | 965 |
Loss on refinancing and extinguishment of debt | 770 | 0 |
Other | 1,242 | 7,661 |
Changes in operating assets and liabilities | (112,939) | (90,372) |
Net cash (used in) provided by operating activities | (10,556) | 3,689 |
Investing activities: | ||
Capital expenditures | (67,858) | (58,270) |
Acquisition of businesses, net of cash acquired | (3,223) | 0 |
Proceeds from sale of fixed assets and other | 889 | 33 |
Net cash used in investing activities | (70,192) | (58,237) |
Financing activities: | ||
Principal payments on long-term debt | (887) | (1,836) |
(Decrease) increase in short-term debt, net | (1,123) | 142 |
Purchase of noncontrolling interests | (2,450) | 0 |
Proceeds from exercise of warrants | 0 | 580 |
Taxes withheld and paid on employees' share based payment awards | (9,621) | (10,740) |
Other | (881) | (117) |
Net cash used in financing activities | (14,962) | (11,971) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (69) | (6,510) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (95,779) | (73,029) |
Cash, cash equivalents and restricted cash at beginning of period | 518,461 | 482,979 |
Cash, cash equivalents and restricted cash at end of period | $ 422,682 | $ 409,950 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash [Abstract] | ||
Cash and cash equivalents | $ 420,172 | $ 515,952 |
Restricted cash included in other current assets | 45 | 88 |
Restricted cash included in other assets | 2,465 | 2,421 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 422,682 | $ 518,461 |
Overview
Overview | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Overview | Overview Basis of Presentation Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company” or “Cooper Standard”), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”), is a leading manufacturer of sealing, fuel and brake delivery, fluid transfer, and anti-vibration systems. The Company’s products are primarily for use in passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers (“OEMs”) and replacement markets. The Company conducts substantially all of its activities through its subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 (the “ 2017 Annual Report”), as filed with the SEC. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These financial statements include all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation of the financial position and results of operations of the Company. The operating results for the interim period ended March 31, 2018 are not necessarily indicative of results for the full year. In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Company’s financial statements for the three months ended March 31, 2017 have been recast to reflect the effects of the adoption of Accounting Standards Update (“ASU”) 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , and ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , both of which were adopted in the first quarter of 2018. The financial statement line items affected due to the adoption of ASU 2017-07 were cost of products sold, selling, administration & engineering expenses and other expense, net. The financial statement line items affected due to the adoption of ASU 2016-18 were cash flows from operating activities and beginning and ending cash, cash equivalents and restricted cash. For additional information, see Note 2. “New Accounting Pronouncements.” Summary of Significant Accounting Policies Restricted Cash - Amounts included in restricted cash are maintained to meet local regulatory requirements in Europe and Korea in support of employee related programs. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | New Accounting Pronouncements Recently Adopted Accounting Pronouncements The Company adopted the following ASUs during the three months ended March 31, 2018 : Standard Description Impact Effective Date ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Permits entities to reclassify the tax effects stranded in accumulated other comprehensive income as a result of the 2017 Tax Cuts and Jobs Act to retained earnings. Adoption resulted in the reclassification of $8,639 from accumulated other comprehensive loss to retained earnings. There is no impact to total equity. January 1, 2019 (early adopted as of January 1, 2018) ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting Clarifies that modification accounting is required only if there is a change in the fair value, vesting conditions, or classification (as equity or liability) of a share-based payment award due to changes in the terms or conditions. No Impact January 1, 2018 ASU 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Requires the service cost component of net periodic benefit cost to be recorded in the same income statement line item as other employee compensation costs arising from services rendered during the period. Other components of the net periodic benefit cost must be presented separately outside of operating income. Adoption resulted in the reclassification of $497 from cost of products sold and selling, administrative and engineering expense to other expense, net for the three months ended March 31, 2017. There was no impact to net income attributable to Cooper Standard. See Note 12 and Note 13. January 1, 2018 ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash Requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should now be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. See Condensed Consolidated Statement of Cash Flows January 1, 2018 ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory Requires companies to recognize the income tax effects of intercompany sales and transfers of assets other than inventory in the period in which the transfer occurs. No Impact January 1, 2018 ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments Provide guidance on eight specific cash flow issues, thereby reducing diversity in practice. No Impact January 1, 2018 ASU 2014-09, Revenue from Contracts with Customers (Topic 606) On January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers , and all related amendments using the modified retrospective method applied to contracts that were not completed at the date of initial application. The new standard replaced existing revenue recognition guidance with a five-step model and additional financial statement disclosures. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The Company did not recognize a cumulative effect adjustment to the opening balance of retained earnings because net income was not impacted upon adoption. However, the cumulative effect of the changes made to the Company’s consolidated January 1, 2018 balance sheet were as follows: Balance as of December 31, 2017 Adjustments due to adoption of ASC 606 Balance as of January 1, 2018 Assets Current assets: Accounts receivable, net $ 494,049 $ (4,604 ) $ 489,445 Other current assets 100,778 4,604 $ 105,382 The new standard primarily impacted how the Company accounts for unbilled receivables associated with variable pricing arrangements, now recognized as contract assets. Before adoption, the Company recognized such amounts in accounts receivable. In accordance with the modified retrospective adoption method, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The following table summarizes the impact of adopting the new standard on the Company’s consolidated balance sheet for the period ended March 31, 2018. As Reported Balances Without Adoption of ASC 606 Effect of Change Higher / (Lower) Assets Current assets: Accounts receivable, net $ 570,548 $ 586,588 $ (16,040 ) Other current assets 115,273 99,233 16,040 Recently Issued Accounting Pronouncements The Company considered the recently issued accounting pronouncements summarized as follows, which could have a material impact on its consolidated financial statements or disclosures: Standard Description Impact Effective Date ASU 2016-02, Leases (Topic 842) Requires lessees to recognize right-of-use assets and lease liabilities for all leases (except for short-term leases). The standard also requires additional disclosures to help financial statement users better understand the amount, timing and uncertainty of cash flows arising from lease transactions. A modified retrospective transition approach is required with certain practical expedients available. The Company continues to perform a comprehensive evaluation on the impacts of adopting this standard and believes this standard will primarily result in a material increase in assets and liabilities on its consolidated balance sheet and will not have a material impact on its consolidated income statement or statement of cash flows. The Company is in the process of implementing lease administration software and assessing the impact to our systems, processes and internal controls. January 1, 2019 The Company considered the recently issued accounting pronouncements summarized as follows, none of which are expected to have a material impact on its consolidated financial statements: Standard Description Effective Date ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities Eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. January 1, 2019 ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment Eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. January 1, 2020 |
Acqusitions
Acqusitions | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions AMI Acquisition In the first quarter of 2018, the Company finalized its purchase of 100% equity interest of the China fuel and brake business of AMI Industries (“AMI China”) for cash consideration of $4,124 . This acquisition directly aligns with the Company’s growth strategy by expanding the Company’s fuel and brake business. The results of operations of AMI China are included in the Company’s condensed consolidated financial statements from the date of acquisition, February 1, 2018, and reported within the Asia Pacific segment. The pro forma effect of this acquisition would not materially impact the Company’s reported results for any periods presented, and as a result no pro forma information has been presented. This acquisition was accounted for as a business combination, with the total purchase price allocated on a preliminary basis using information available. The fair value of identifiable assets acquired and liabilities assumed exceeded the fair value of the consideration transferred by an immaterial amount. INOAC Acquisition Also in the first quarter of 2018, the Company purchased the remaining 49% equity interest of Cooper-Standard INOAC Pte. Ltd., a fluid transfer systems joint venture, at a purchase price of $2,450 . This acquisition was accounted for as an equity transaction. Subsequent to the transaction, the Company owns 100% of the equity interests of Cooper-Standard INOAC Pte. Ltd. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers , which it adopted on January 1, 2018 using the modified retrospective method. The Company expects the effect of adopting the new standard to be immaterial to its net income on an ongoing basis. The disaggregation of revenue by customer group for the three months ended March 31, 2018 was as follows: North America Europe Asia Pacific South America Consolidated Automotive $ 488,737 $ 260,656 $ 149,169 $ 26,450 $ 925,012 Commercial 5,353 9,580 6 145 15,084 Other 5,088 22,165 — 42 27,295 Revenue $ 499,178 $ 292,401 $ 149,175 $ 26,637 $ 967,391 The automotive group consists of sales to automotive OEMs and automotive suppliers, while the commercial group represents sales to OEMs of on- and off-highway commercial equipment and vehicles. The other customer group includes sales related to specialty and adjacent markets. Substantially all the Company’s revenues are generated from sealing, fuel and brake delivery, fluid transfer and anti-vibration systems for use in passenger vehicles and light trucks manufactured by global OEMs. A summary of the Company’s products is as follows: Product Line Description Sealing Systems Protect vehicle interiors from weather, dust and noise intrusion for improved driving experience; provide aesthetic and functional class-A exterior surface treatment Fuel & Brake Delivery Systems Sense, deliver and control fluids to fuel and brake systems Fluid Transfer Systems Sense, deliver and control fluid and vapors for optimal powertrain & HVAC operation Anti-Vibration Systems Control and isolate vibration and noise in the vehicle to improve ride and handling The disaggregation of revenue by product line for the three months ended March 31, 2018 was as follows: North America Europe Asia Pacific South America Consolidated Sealing systems $ 172,811 $ 184,452 $ 117,890 $ 19,909 $ 495,062 Fuel and brake delivery systems 138,801 38,953 22,095 6,603 206,452 Fluid transfer systems 119,673 23,009 6,614 125 149,421 Anti-vibration systems 67,521 21,182 2,576 — 91,279 Other 372 24,805 — — 25,177 Consolidated $ 499,178 $ 292,401 $ 149,175 $ 26,637 $ 967,391 Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. The Company has one major performance obligation category: manufactured parts. A contract’s transaction price is allocated to each distinct performance obligation and recognized when the performance obligation is satisfied. It is not unusual for the Company’s contracts to include multiple performance obligations. For such contracts, the Company generally allocates the contract’s transaction price to each performance obligation based on the purchase order or other arranged pricing. The Company recognizes revenue at a point in time, generally when products are shipped or delivered. The point at which revenue is recognized often depends on the shipping terms. The Company usually enters agreements with customers to produce products at the beginning of a vehicle’s life. Blanket purchase orders received from customers and related documents generally establish the annual terms, including pricing, related to a vehicle model. Although purchase orders do not usually specify quantities, fulfillment of customers’ purchasing requirements can be the Company’s obligation for the entire production life of the vehicle. These agreements generally may be terminated by the Company’s customer at any time, but such cancellations have historically been minimal. Customers typically pay for parts based on customary business practices with payment terms generally between 30 and 90 days. The Company has no significant financing arrangements with customers. The Company applies the optional exemption to forgo disclosing information about its remaining performance obligations because its contracts usually have an original expected duration of one year or less. It also applies an accounting policy to treat shipping and handling costs that are incurred after revenue is recognizable as a fulfillment activity by expensing such costs as incurred, instead of as a separate performance obligation. This is consistent with the Company’s historical accounting practices. The Company has chosen to present revenue net of sales and other similar taxes, which is also consistent with its historical accounting practices. Contract Estimates The amount of revenue recognized is usually based on the purchase order price and adjusted for variable consideration, including pricing concessions. The Company accrues for pricing concessions by reducing revenue as products are shipped or delivered. The accruals are based on historical experience, anticipated performance and management’s best judgment. The Company also generally has ongoing adjustments to customer pricing arrangements based on the content and cost of its products. Such pricing accruals are adjusted as they are settled with customers. Customer returns are usually related to quality or shipment issues and are recorded as a reduction of revenue. The Company generally does not recognize significant return obligations due to their infrequent nature. Contract Balances The Company’s contract assets consist of unbilled amounts associated with variable pricing arrangements in its Asia Pacific region. Once pricing is finalized and invoices are issued, contract assets are transferred to accounts receivable. As a result, the timing of revenue recognition and billings, as well as changes in foreign exchange rates, will impact contract assets on an ongoing basis. Changes during the three-month period ended March 31, 2018 were not materially impacted by any other factors. Net contract assets (liabilities) consisted of the following: March 31, 2018 January 1, 2018 Change Contract assets $ 16,040 $ 4,604 $ 11,436 Contract liabilities — — — Net contract assets (liabilities) $ 16,040 $ 4,604 $ 11,436 Other The Company provides assurance-type warranties to its customers. Such warranties provide customers with assurance that the related product will function as intended and complies with any agreed-upon specifications, and are recognized in costs of products sold. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring On an ongoing basis, the Company evaluates its business and objectives to ensure that it is properly configured and sized based on changing market conditions. Accordingly, the Company has implemented several restructuring initiatives, including closure or consolidation of facilities throughout the world and the reorganization of its operating structure. In January 2015, the Company announced its intention to further restructure its European manufacturing footprint based on anticipated market demands. This initiative is expected to be substantially complete by December 31, 2018. The estimated cost of this initiative is $119,000 to $124,000 , of which approximately $110,000 has been incurred to date. The Company expects to incur total employee separation costs of approximately $61,000 to $64,000 , other related exit costs of approximately $57,000 to $59,000 and non-cash asset impairments related to restructuring activities of approximately $500 . The Company’s restructuring charges consist of severance, retention and outplacement services, and severance-related postemployment benefits (collectively, “employee separation costs”), other related exit costs and asset impairments related to restructuring activities. Restructuring expense by segment for the three months ended March 31, 2018 and 2017 was as follows: Three Months Ended March 31, 2018 2017 North America $ 1,104 $ — Europe 5,529 9,289 Asia Pacific 438 699 South America 54 — Total $ 7,125 $ 9,988 Restructuring activity for the three months ended March 31, 2018 was as follows: Employee Separation Costs Other Exit Costs Total Balance as of December 31, 2017 $ 15,091 $ 7,244 $ 22,335 Expense 5,077 2,048 7,125 Cash payments (5,789 ) (4,058 ) (9,847 ) Foreign exchange translation and other 160 259 419 Balance as of March 31, 2018 $ 14,539 $ 5,493 $ 20,032 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: March 31, 2018 December 31, 2017 Finished goods $ 48,452 $ 47,613 Work in process 40,548 35,455 Raw materials and supplies 96,960 87,128 $ 185,960 $ 170,196 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property, Plant and Equipment Property, plant and equipment consists of the following: March 31, 2018 December 31, 2017 Land and improvements $ 75,299 $ 73,419 Buildings and improvements 314,563 305,231 Machinery and equipment 1,071,933 1,022,279 Construction in progress 197,946 198,358 1,659,741 1,599,287 Accumulated depreciation (682,227 ) (647,109 ) Property, plant and equipment, net $ 977,514 $ 952,178 Impairment of Long-Lived Assets Due to the Company’s decision to divest two of its inactive European sites, the Company recorded impairment charges of $4,270 in the three months ended March 31, 2017. Fair value was determined based on current real estate market conditions. |
Goodwill and Intangibles
Goodwill and Intangibles | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Changes in the carrying amount of goodwill by reportable operating segment for the three months ended March 31, 2018 were as follows: North America Europe Asia Pacific Total Balance as of December 31, 2017 $ 122,395 $ 12,454 $ 37,003 $ 171,852 Foreign exchange translation (90 ) 308 1,300 1,518 Balance as of March 31, 2018 $ 122,305 $ 12,762 $ 38,303 $ 173,370 Goodwill is tested for impairment by reporting unit annually or more frequently if events or circumstances indicate that an impairment may exist. There were no indicators of potential impairment during the three months ended March 31, 2018 . Intangible Assets Intangible assets and accumulated amortization balances as of March 31, 2018 and December 31, 2017 were as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 136,357 $ (89,733 ) $ 46,624 Developed technology 2,800 (2,800 ) — Other 22,295 (3,015 ) 19,280 Balance as of March 31, 2018 $ 161,452 $ (95,548 ) $ 65,904 Customer relationships $ 135,927 $ (86,342 ) $ 49,585 Developed technology 2,893 (2,893 ) — Other 22,298 (2,792 ) 19,506 Balance as of December 31, 2017 $ 161,118 $ (92,027 ) $ 69,091 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt A summary of outstanding debt as of March 31, 2018 and December 31, 2017 was as follows: March 31, 2018 December 31, 2017 Senior Notes $ 393,862 $ 393,684 Term Loan 330,304 330,781 Other borrowings 34,047 33,781 Total debt 758,213 758,246 Less current portion (34,626 ) (34,921 ) Total long-term debt $ 723,587 $ 723,325 5.625% Senior Notes due 2026 In November 2016, the Company issued $400,000 aggregate principal amount of its 5.625% Senior Notes due 2026 (the “Senior Notes”). The Senior Notes mature on November 15, 2026 . Interest on the Senior Notes is payable semi-annually in arrears in cash on May 15 and November 15 of each year. Debt issuance costs related to the Senior Notes are amortized into interest expense over the term of the Senior Notes. As of March 31, 2018 and December 31, 2017 , the Company has $6,138 and $6,316 of unamortized debt issuance costs, respectively, related to the Senior Notes, which are presented as direct deductions from the principal balance in the condensed consolidated balance sheets. Term Loan Facility Also in November 2016, the Company entered into Amendment No. 1 to its senior term loan facility (“Term Loan Facility”), which provides for loans in an aggregate principal amount of $340,000 . Subject to certain conditions, the Term Loan Facility, without the consent of the then-existing lenders (but subject to the receipt of commitments), may be expanded (or a new term loan or revolving facility added) by an amount that will not cause the consolidated secured net debt ratio to exceed 2.25 to 1.00 plus $400,000 plus any voluntary prepayments, including the senior asset-based revolving credit facility (“ABL Facility”) to the extent commitments are reduced, not funded from proceeds of long-term indebtedness. The Term Loan Facility matures on November 2, 2023 , unless earlier terminated. On May 2, 2017, the Company entered into Amendment No. 2 to the Term Loan Facility to modify the interest rate. Subsequently, on March 6, 2018, the Company entered into Amendment No. 3 to the Term Loan Facility to further modify the interest rate. In accordance with this amendment, borrowings under the Term Loan Facility bear interest, at the Company’s option, at either, (1) with respect to Eurodollar rate loans, the greater of the applicable Eurodollar rate and 0.75% plus 2.0% per annum, or (2) with respect to base rate loans, the base rate, (which is the highest of the then current federal funds rate plus 0.5%, the prime rate most recently announced by the administrative agent under the term loan, and the one-month Eurodollar rate plus 1.0%) plus 1.0% per annum . As a result of the Amendment No. 3, the Company recognized a loss on refinancing and extinguishment of debt of $770 in the three months ended March 31, 2018 , which was due to the partial write off of new and unamortized debt issuance costs and unamortized original issue discount. As of March 31, 2018 and December 31, 2017 , the Company had $3,311 and $3,537 of unamortized debt issuance costs, respectively, and $2,135 and $2,281 of unamortized original issue discount, respectively, related to the Term Loan Facility, which are presented as direct deductions from the principal balance in the condensed consolidated balance sheets. Both the debt issuance costs and the original issue discount are amortized into interest expense over the term of the Term Loan Facility. ABL Facility In November 2016, the Company entered into a $210,000 Third Amended and Restated Loan Agreement of its senior asset-based revolving credit facility (“ABL Facility”). The ABL Facility provides for an aggregate revolving loan availability of up to $210,000 , subject to borrowing base availability, including a $100,000 letter of credit sub-facility and a $25,000 swing line sub-facility. The ABL Facility also provides for an uncommitted $100,000 incremental loan facility, for a potential total ABL Facility of $310,000 , if requested by the borrowers under the ABL Facility and the lenders agree to fund such increase. No consent of any lender is required to effect any such increase, except for those participating in the increase. As of March 31, 2018 , there were no borrowings under the ABL Facility, and subject to borrowing base availability, the Company had $207,721 in availability, less outstanding letters of credit of $7,672 . Any borrowings under our ABL Facility will mature, and the commitments of the lenders under our ABL Facility will terminate, on November 2, 2021. As of March 31, 2018 and December 31, 2017 , the Company had $1,283 and $1,373 , respectively, of unamortized debt issuance costs related to the ABL Facility, which are presented in other assets in the condensed consolidated balance sheets. Debt Covenants The Company was in compliance with all covenants of the Senior Notes, Term Loan Facility and ABL Facility, as of March 31, 2018 . Other Other borrowings reflect borrowings under capital leases and local bank lines. |
Fair Value Measurements and Fin
Fair Value Measurements and Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Financial Instruments | Fair Value Measurements and Financial Instruments Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy is utilized, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Items Measured at Fair Value on a Recurring Basis Estimates of the fair value of foreign currency 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 assets and liabilities measured or disclosed at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 was as follows: March 31, 2018 December 31, 2017 Input Forward foreign exchange contracts - other current assets $ 3,076 $ 761 Level 2 Forward foreign exchange contracts - accrued liabilities (234 ) (2,363 ) Level 2 Interest rate swaps - other current assets 33 — Level 2 Interest rate swaps - accrued liabilities — (515 ) Level 2 Items Measured at Fair Value on a Nonrecurring Basis In addition to items that are measured at fair value on a recurring basis, the Company measures certain assets and liabilities at fair value on a nonrecurring basis, which are not included in the table above. As these nonrecurring fair value measurements are generally determined using unobservable inputs, these fair value measurements are classified within Level 3 of the fair value hierarchy. For further information on assets and liabilities measured at fair value on a nonrecurring basis see Note 3. “Acquisitions” and Note 7. “Property, Plant and Equipment.” Items Not Carried At Fair Value Fair values of the Company’s debt instruments were as follows: March 31, 2018 December 31, 2017 Aggregate fair value $ 736,457 $ 749,463 Aggregate carrying value (1) 735,750 736,600 (1) Excludes unamortized debt issuance costs and unamortized original issue discount. Fair values were based on quoted market prices and are classified within Level 1 of the fair value hierarchy. Derivative Instruments and Hedging Activities The Company is exposed to fluctuations in foreign currency exchange rates, interest rates and commodity prices. The Company enters into derivative instruments primarily to hedge portions of its forecasted foreign currency denominated cash flows and designates these derivative instruments as cash flow hedges in order to qualify for hedge accounting. Gains or losses on derivative instruments resulting from hedge ineffectiveness are reported in earnings. The Company formally documents its hedge relationships, including the identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the cash flow hedges. The Company also formally assesses whether a cash flow hedge is highly effective in offsetting changes in the cash flows of the hedged item. Derivatives are recorded at fair value in other current assets, other assets, accrued liabilities and other long-term liabilities. For a cash flow hedge, the effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive income (loss) (“AOCI”) in the consolidated balance sheet and reclassified into earnings when the underlying hedged transaction is realized. The realized gains and losses are recorded on the same line as the hedged transaction in the consolidated statements of net income. The Company is exposed to credit risk in the event of nonperformance by its counterparties on its derivative financial instruments. The Company mitigates this credit risk exposure by entering into agreements directly with major financial institutions with high credit standards that are expected to fully satisfy their obligations under the contracts. Cash Flow Hedges Forward Foreign Exchange Contracts - The Company uses forward contracts to mitigate the potential volatility to earnings and cash flow arising from changes in currency exchange rates that impact the Company’s foreign currency transactions. The principal currencies hedged by the Company include various European currencies, the Canadian Dollar, the Mexican Peso, and the Brazilian Real. As of March 31, 2018 , the notional amount of these contracts was $125,712 and consisted of hedges of transactions up to December 2018 . Interest rate swaps - The Company uses 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 March 31, 2018 , the notional amount of these contracts was $150,000 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. Pretax amounts related to the Company’s cash flow hedges that were recognized in other comprehensive income (“OCI”) were as follows: Gain (Loss) Recognized in OCI Three Months Ended March 31, 2018 2017 Forward foreign exchange contracts $ 4,925 $ 941 Interest rate swaps 338 126 Total $ 5,263 $ 1,067 Pretax amounts related to the Company’s cash flow hedges that were reclassified from AOCI were as follows: Gain (Loss) Reclassified from AOCI to Income (Effective Portion) Gain (Loss) Reclassified from AOCI to Income (Ineffective Portion) Three Months Ended March 31, Classification 2018 2017 2018 2017 Forward foreign exchange contracts Cost of products sold $ 485 $ 121 $ — $ — Interest rate swaps Interest expense, net of interest income (211 ) (794 ) 209 85 Total $ 274 $ (673 ) $ 209 $ 85 The amount of losses to be reclassified from AOCI into income in the next twelve months related to the interest rate swap is expected to be approximately $33 . |
Accounts Receivable Factoring
Accounts Receivable Factoring | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Accounts Receivable Factoring | Accounts Receivable Factoring As a part of its working capital management, the Company previously sold certain receivables through third party financial institutions in on- and off-balance sheet arrangements. In December 2017, the Company completed the transition from multiple factoring providers to a pan-European program under a single third party financial institution (the “Factor”). The amount sold varies each month based on the amount of underlying receivables and cash flow needs of the Company. These are permitted transactions under the Company’s credit agreements governing the ABL Facility and Term Loan Facility and the indenture governing the Senior Notes. Costs incurred on the sale of receivables are recorded in other expense, net and interest expense, net of interest income in the condensed consolidated statements of net income. The sale of receivables under this contract is considered an off-balance sheet arrangement to the Company and is accounted for as a true sale and is excluded from accounts receivable in the consolidated balance sheet. Amounts outstanding under receivable transfer agreements entered into by various locations as of the period end were as follows: March 31, 2018 December 31, 2017 Off-balance sheet arrangements $ 93,153 $ 96,588 Accounts receivable factored and related costs throughout the period were as follows: Off-Balance Sheet Arrangements On-Balance Sheet Arrangements Three Months Ended March 31, Three Months Ended March 31, 2018 2017 2018 2017 Accounts receivable factored $ 216,571 $ 148,924 $ — $ 7,651 Costs 400 455 — 26 The Company continues to service sold receivables and acts as collection agent for the Factor. As of March 31, 2018 and December 31, 2017 , cash collections on behalf of the Factor that have yet to be remitted were $18,462 and $36,248 , respectively, and are reflected in cash and cash equivalents in the condensed consolidated balance sheet. |
Pension and Postretirement Bene
Pension and Postretirement Benefits other than Pensions | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefits other than Pensions | Pension and Postretirement Benefits Other Than Pensions The components of net periodic benefit (income) cost for the Company’s defined benefit plans and other postretirement benefit plans were as follows: Pension Benefits Three Months Ended March 31, 2018 2017 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 213 $ 1,096 $ 204 $ 939 Interest cost 2,706 1,070 2,925 1,056 Expected return on plan assets (4,354 ) (632 ) (4,003 ) (657 ) Amortization of prior service cost and actuarial loss 601 688 468 696 Net periodic benefit (income) cost $ (834 ) $ 2,222 $ (406 ) $ 2,034 Other Postretirement Benefits Three Months Ended March 31, 2018 2017 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 77 $ 126 $ 79 $ 104 Interest cost 300 198 324 170 Amortization of prior service credit and actuarial gain (418 ) 77 (479 ) (4 ) Other 1 — 1 — Net periodic benefit (income) cost $ (40 ) $ 401 $ (75 ) $ 270 The Company adopted ASU 2017-07 during the first quarter of 2018. As a result, the service cost component of net periodic benefit (income) cost is included in cost of products sold and selling, administrative and engineering expenses in the condensed consolidated statements of net income. All other components of net periodic benefit (income) cost are included in other expense, net in the condensed consolidated statements of net income for all periods presented. |
Other Expense, Net
Other Expense, Net | 3 Months Ended |
Mar. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Other (Expense) Income, Net | Other Expense, Net The components of other expense, net were as follows: Three Months Ended March 31, 2018 2017 Foreign currency losses $ (1,588 ) $ (672 ) Components of net periodic benefit cost other than service cost (237 ) (497 ) Losses on sales of receivables (325 ) (218 ) Miscellaneous income 431 250 Other expense, net $ (1,719 ) $ (1,137 ) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company determines its effective tax rate each quarter based upon its estimated annual effective tax rate. The Company records the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. In addition, jurisdictions with a projected loss for the year where no tax benefit can be recognized are excluded from the estimated annual effective tax rate. Income tax expense, income before income taxes and the corresponding effective tax rate for the three months ended March 31, 2018 and 2017 , was as follows: Three Months Ended March 31, 2018 2017 Income tax expense $ 11,891 $ 11,890 Income before income taxes 69,307 54,394 Effective tax rate 17 % 22 % The effective tax rate for the three months ended March 31, 2018 compared to the three months ended March 31, 2017 was lower primarily due to the lower U.S. statutory rate in the three months ended March 31, 2018 . The income tax rate for the three months ended March 31, 2018 and 2017 varies from statutory rates primarily due to tax credits, the impact of income taxes on foreign earnings taxed at rates varying from the U.S. statutory rate, the inability to record a tax benefit for pre-tax losses in certain foreign jurisdictions to the extent not offset by other categories of income, income tax incentives, excess tax benefits related to share-based compensation and other permanent items. Further, the Company’s current and future provision for income taxes may be impacted by the recognition of valuation allowances in certain countries. The Company intends to maintain these valuation allowances until it is more likely than not that the deferred tax assets will be realized. On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Act”) was enacted into law. The Act reduces the U.S. federal corporate tax rate from 35% to 21% and requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously deferred. Additional changes potentially impacting the Company include limitations on the deductibility of executive compensation and new taxes on certain foreign sourced earnings. Staff Accounting Bulletin 118 allows the Company to record provisional amounts and reflect changes to such amounts through income tax expense during the one-year measurement period following enactment. All amounts recorded by the Company for the impact of the Act have been recorded provisionally beginning in the period ended December 31, 2017. No changes have been recorded in the period ended March 31, 2018 related to the provisional amounts recorded for the transition tax on foreign earnings, the remeasurement of deferred tax assets and liabilities for the reduced federal tax rate, and the changes to the deductibility of executive compensation. As of March 31, 2018, the Company made its best estimate of the annual effective tax rate (“EAETR”) for the full year of 2018. The Company continues to examine the potential impact of certain provisions of the Act that could affect its 2018 EAETR, including the provisions related to global intangible low-taxed income (“GILTI”), foreign derived intangible income (“FDII”) and the base erosion and anti-abuse tax (“BEAT”). Accordingly, the Company’s 2018 EAETR may change in subsequent interim periods as additional analysis is completed. The Company has elected to recognize the resulting tax on GILTI as a period expense in the period the tax is incurred and expects to incur tax for the year ended December 31, 2018. |
Net Income Per Share Attributab
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. | Net Income Per Share Attributable to Cooper-Standard Holdings Inc. Basic net income per share attributable to Cooper-Standard Holdings Inc. was computed by dividing net income attributable to Cooper-Standard Holdings Inc. by the weighted average number of shares of common stock outstanding during the period. 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. Information used to compute basic and diluted net income per share attributable to Cooper-Standard Holdings Inc. was as follows: Three Months Ended March 31, 2018 2017 Net income attributable to Cooper-Standard Holdings Inc. $ 56,792 $ 41,706 Increase in fair value of share-based awards 1 18 Diluted net income available to Cooper-Standard Holdings Inc. common stockholders $ 56,793 $ 41,724 Basic weighted average shares of common stock outstanding 17,991,488 17,742,994 Dilutive effect of common stock equivalents 519,625 1,229,556 Diluted weighted average shares of common stock outstanding 18,511,113 18,972,550 Basic net income per share attributable to Cooper-Standard Holdings Inc. $ 3.16 $ 2.35 Diluted net income per share attributable to Cooper-Standard Holdings Inc. $ 3.07 $ 2.20 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component, net of related tax, were as follows: Three Months Ended March 31, 2018 Cumulative currency translation adjustment Benefit plan Fair value change of derivatives Total Balance as of December 31, 2017 $ (95,485 ) $ (100,749 ) $ (1,397 ) $ (197,631 ) Other comprehensive income (loss) before reclassifications 11,743 (1) (575 ) (2) 3,982 (3) 15,150 Amounts reclassified from accumulated other comprehensive income (loss) — (6,687 ) (4) (440 ) (5) (7,127 ) Balance as of March 31, 2018 $ (83,742 ) $ (108,011 ) $ 2,145 $ (189,608 ) (1) Includes $2,287 of other comprehensive loss related to intra-entity foreign currency balances that are of a long-term investment nature. (2) Net of tax benefit of $286 . (3) Net of tax expense of $1,281 . See Note 10. (4) Includes the effect of the adoption of ASU 2018-02 of $8,569 and the amortization of prior service credits of $78 , offset by curtailment loss of $1,188 and the amortization of actuarial losses of $1,025 , net of tax of $253 . See Note 12. (5) Includes the effect of the adoption of ASU 2018-02 of $70 and is net of tax expense of $113 . See Note 10. Three Months Ended March 31, 2017 Cumulative currency translation adjustment Benefit plan Fair value change of derivatives Total Balance as of December 31, 2016 $ (143,481 ) $ (97,612 ) $ (1,470 ) $ (242,563 ) Other comprehensive income (loss) before reclassifications 10,108 (1) (657 ) (2) 726 (3) 10,177 Amounts reclassified from accumulated other comprehensive income (loss) — 464 (4) 367 (5) 831 Balance as of March 31, 2017 $ (133,373 ) $ (97,805 ) $ (377 ) $ (231,555 ) (1) Includes $4,242 of other comprehensive income related to intra-entity foreign currency balances that are of a long-term investment nature. (2) Net of tax benefit of $29 . (3) Net of tax expense of $341 . See Note 10. (4) Includes the amortization of actuarial losses of $732 offset by the amortization of prior service credits of $84 , net of tax of $184 . See Note 12. (5) Net of tax benefit of $221 . See Note 10. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Common Stock | Common Stock Share Repurchase Program In March 2016, the Company’s Board of Directors approved a securities repurchase program (the “Program”) authorizing the Company to repurchase, in the aggregate, up to $125,000 of its outstanding common stock or warrants to purchase common stock. Under the Program, repurchases may be made on the open market or through private transactions, as determined by the Company’s management and in accordance with prevailing market conditions and federal securities laws and regulations. As of March 31, 2018 , the Company had approximately $45,300 of repurchase authorization remaining under the Program. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Company’s long-term incentive plans allow for the grant of various types of share-based awards to key employees and directors of the Company and its affiliates. The Company generally awards grants on an annual basis. In February 2018, the Company granted Restricted Stock Units (“RSUs”), Performance Units (“PUs”) and stock options. The RSUs cliff vest after three years, the PUs cliff vest at the end of their three-year performance period, and the stock options vest ratably over three years. The number of PUs that will vest depends on the Company’s achievement of target performance goals related to the Company’s return on invested capital (“ROIC”), which may range from 0% to 200% of the target award amount. The grant-date fair value of the RSUs and PUs was determined using the closing price of the Company’s common stock on the date of grant. The grant-date fair value of the stock options was determined using the Black-Scholes option pricing model. During the three months ended March 31, 2018 and 2017, the Company paid $13,279 and $4,296 of cash to settle PUs that vested in February 2018 and February 2017, respectively. Share-based compensation expense was as follows: Three Months Ended March 31, 2018 2017 PUs $ 295 $ 2,365 RSUs 2,741 3,400 Stock options 839 1,039 Total $ 3,875 $ 6,804 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions A summary of the material related party transactions with affiliates accounted for under the equity method was as follows: Three Months Ended March 31, 2018 2017 Sales (1) $ 8,073 $ 9,312 Purchases (1) 174 190 Dividends received (2) 4,508 2,640 (1) Relates to transactions with Nishikawa Cooper LLC (“NISCO”) (2) From NISCO and Nishikawa Tachaplalert Cooper Ltd. Amounts receivable from NISCO and Sujan Cooper Standard AVS Private Limited as of March 31, 2018 and December 31, 2017 were $3,592 and $3,109 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is periodically involved in claims, litigation and various legal matters that arise in the ordinary course of business. The Company accrues for litigation exposure when it is probable that future costs will be incurred and such costs can be reasonably estimated. Any resulting adjustments, which could be material, are recorded in the period the adjustments are identified. As of March 31, 2018 , the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for claims, litigation and various legal matters, if any, has been incurred. However, the ultimate resolutions of these proceedings and matters are inherently unpredictable. As such, the Company’s financial condition, results of operations or cash flows could be adversely affected in any particular period by the unfavorable resolution of one or more of these proceedings or matters. In addition, the Company conducts and monitors environmental investigations and remedial actions at certain locations. As of March 31, 2018 and December 31, 2017 , the undiscounted reserve for environmental investigation and remediation was approximately $7,156 and $7,363 , respectively. The Company does not believe that the environmental liabilities associated with its current and former properties will have a material adverse impact on its financial condition, results of operations or cash flows; however, no assurances can be given in this regard. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | Segment Reporting The Company has determined that it operates in four reportable segments: North America, Europe, Asia Pacific and South America. The Company’s principal products within each of these segments are sealing, fuel and brake delivery, fluid transfer, 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. Certain financial information on the Company’s reportable segments was as follows: Three Months Ended March 31, 2018 2017 Sales to external customers North America $ 499,178 $ 484,238 Europe 292,401 261,506 Asia Pacific 149,175 132,591 South America 26,637 23,716 Consolidated $ 967,391 $ 902,051 Intersegment sales North America $ 3,626 $ 3,598 Europe 3,707 3,581 Asia Pacific 1,719 831 South America 14 2 Eliminations (9,066 ) (8,012 ) Consolidated $ — $ — Income before income taxes North America $ 64,685 $ 62,281 Europe 2,569 (8,559 ) Asia Pacific 3,581 3,477 South America (1,528 ) (2,805 ) Consolidated income before income taxes $ 69,307 $ 54,394 March 31, December 31, Segment assets North America $ 1,102,382 $ 1,049,218 Europe 667,567 644,586 Asia Pacific 668,477 686,329 South America 53,930 54,846 Eliminations and other 268,803 290,669 Consolidated $ 2,761,159 $ 2,725,648 |
Overview (Policies)
Overview (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of Presentation Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company” or “Cooper Standard”), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”), is a leading manufacturer of sealing, fuel and brake delivery, fluid transfer, and anti-vibration systems. The Company’s products are primarily for use in passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers (“OEMs”) and replacement markets. The Company conducts substantially all of its activities through its subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 (the “ 2017 Annual Report”), as filed with the SEC. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These financial statements include all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation of the financial position and results of operations of the Company. The operating results for the interim period ended March 31, 2018 are not necessarily indicative of results for the full year. In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Company’s financial statements for the three months ended March 31, 2017 have been recast to reflect the effects of the adoption of Accounting Standards Update (“ASU”) 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , and ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , both of which were adopted in the first quarter of 2018. The financial statement line items affected due to the adoption of ASU 2017-07 were cost of products sold, selling, administration & engineering expenses and other expense, net. The financial statement line items affected due to the adoption of ASU 2016-18 were cash flows from operating activities and beginning and ending cash, cash equivalents and restricted cash. For additional information, see Note 2. “New Accounting Pronouncements.” Summary of Significant Accounting Policies Restricted Cash - Amounts included in restricted cash are maintained to meet local regulatory requirements in Europe and Korea in support of employee related programs. |
New Accounting Pronouncements (
New Accounting Pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Adjustments for New Accounting Pronouncement [Member] | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | However, the cumulative effect of the changes made to the Company’s consolidated January 1, 2018 balance sheet were as follows: Balance as of December 31, 2017 Adjustments due to adoption of ASC 606 Balance as of January 1, 2018 Assets Current assets: Accounts receivable, net $ 494,049 $ (4,604 ) $ 489,445 Other current assets 100,778 4,604 $ 105,382 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The following table summarizes the impact of adopting the new standard on the Company’s consolidated balance sheet for the period ended March 31, 2018. As Reported Balances Without Adoption of ASC 606 Effect of Change Higher / (Lower) Assets Current assets: Accounts receivable, net $ 570,548 $ 586,588 $ (16,040 ) Other current assets 115,273 99,233 16,040 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The disaggregation of revenue by customer group for the three months ended March 31, 2018 was as follows: North America Europe Asia Pacific South America Consolidated Automotive $ 488,737 $ 260,656 $ 149,169 $ 26,450 $ 925,012 Commercial 5,353 9,580 6 145 15,084 Other 5,088 22,165 — 42 27,295 Revenue $ 499,178 $ 292,401 $ 149,175 $ 26,637 $ 967,391 The disaggregation of revenue by product line for the three months ended March 31, 2018 was as follows: North America Europe Asia Pacific South America Consolidated Sealing systems $ 172,811 $ 184,452 $ 117,890 $ 19,909 $ 495,062 Fuel and brake delivery systems 138,801 38,953 22,095 6,603 206,452 Fluid transfer systems 119,673 23,009 6,614 125 149,421 Anti-vibration systems 67,521 21,182 2,576 — 91,279 Other 372 24,805 — — 25,177 Consolidated $ 499,178 $ 292,401 $ 149,175 $ 26,637 $ 967,391 |
Contract with Customer, Asset and Liability [Table Text Block] | Net contract assets (liabilities) consisted of the following: March 31, 2018 January 1, 2018 Change Contract assets $ 16,040 $ 4,604 $ 11,436 Contract liabilities — — — Net contract assets (liabilities) $ 16,040 $ 4,604 $ 11,436 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Summary of Activity of Restructuring | Restructuring expense by segment for the three months ended March 31, 2018 and 2017 was as follows: Three Months Ended March 31, 2018 2017 North America $ 1,104 $ — Europe 5,529 9,289 Asia Pacific 438 699 South America 54 — Total $ 7,125 $ 9,988 |
Schedule of Restructuring Reserve by Type of Cost | Restructuring activity for the three months ended March 31, 2018 was as follows: Employee Separation Costs Other Exit Costs Total Balance as of December 31, 2017 $ 15,091 $ 7,244 $ 22,335 Expense 5,077 2,048 7,125 Cash payments (5,789 ) (4,058 ) (9,847 ) Foreign exchange translation and other 160 259 419 Balance as of March 31, 2018 $ 14,539 $ 5,493 $ 20,032 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consist of the following: March 31, 2018 December 31, 2017 Finished goods $ 48,452 $ 47,613 Work in process 40,548 35,455 Raw materials and supplies 96,960 87,128 $ 185,960 $ 170,196 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following: March 31, 2018 December 31, 2017 Land and improvements $ 75,299 $ 73,419 Buildings and improvements 314,563 305,231 Machinery and equipment 1,071,933 1,022,279 Construction in progress 197,946 198,358 1,659,741 1,599,287 Accumulated depreciation (682,227 ) (647,109 ) Property, plant and equipment, net $ 977,514 $ 952,178 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill by Reportable Operating Segment | Changes in the carrying amount of goodwill by reportable operating segment for the three months ended March 31, 2018 were as follows: North America Europe Asia Pacific Total Balance as of December 31, 2017 $ 122,395 $ 12,454 $ 37,003 $ 171,852 Foreign exchange translation (90 ) 308 1,300 1,518 Balance as of March 31, 2018 $ 122,305 $ 12,762 $ 38,303 $ 173,370 |
Intangible Assets and Accumulated Amortization Balances | Intangible assets and accumulated amortization balances as of March 31, 2018 and December 31, 2017 were as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 136,357 $ (89,733 ) $ 46,624 Developed technology 2,800 (2,800 ) — Other 22,295 (3,015 ) 19,280 Balance as of March 31, 2018 $ 161,452 $ (95,548 ) $ 65,904 Customer relationships $ 135,927 $ (86,342 ) $ 49,585 Developed technology 2,893 (2,893 ) — Other 22,298 (2,792 ) 19,506 Balance as of December 31, 2017 $ 161,118 $ (92,027 ) $ 69,091 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | A summary of outstanding debt as of March 31, 2018 and December 31, 2017 was as follows: March 31, 2018 December 31, 2017 Senior Notes $ 393,862 $ 393,684 Term Loan 330,304 330,781 Other borrowings 34,047 33,781 Total debt 758,213 758,246 Less current portion (34,626 ) (34,921 ) Total long-term debt $ 723,587 $ 723,325 |
Fair Value Measurements and F38
Fair Value Measurements and Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Hierarchy Level for Company's Liabilities Measured | Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured or disclosed at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 was as follows: March 31, 2018 December 31, 2017 Input Forward foreign exchange contracts - other current assets $ 3,076 $ 761 Level 2 Forward foreign exchange contracts - accrued liabilities (234 ) (2,363 ) Level 2 Interest rate swaps - other current assets 33 — Level 2 Interest rate swaps - accrued liabilities — (515 ) Level 2 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair values of the Company’s debt instruments were as follows: March 31, 2018 December 31, 2017 Aggregate fair value $ 736,457 $ 749,463 Aggregate carrying value (1) 735,750 736,600 (1) Excludes unamortized debt issuance costs and unamortized original issue discount. |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Pretax amounts related to the Company’s cash flow hedges that were recognized in other comprehensive income (“OCI”) were as follows: Gain (Loss) Recognized in OCI Three Months Ended March 31, 2018 2017 Forward foreign exchange contracts $ 4,925 $ 941 Interest rate swaps 338 126 Total $ 5,263 $ 1,067 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Pretax amounts related to the Company’s cash flow hedges that were reclassified from AOCI were as follows: Gain (Loss) Reclassified from AOCI to Income (Effective Portion) Gain (Loss) Reclassified from AOCI to Income (Ineffective Portion) Three Months Ended March 31, Classification 2018 2017 2018 2017 Forward foreign exchange contracts Cost of products sold $ 485 $ 121 $ — $ — Interest rate swaps Interest expense, net of interest income (211 ) (794 ) 209 85 Total $ 274 $ (673 ) $ 209 $ 85 |
Accounts Receivable Factoring (
Accounts Receivable Factoring (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Transfers and Servicing [Abstract] | |
Receivables Outstanding Under Transfer Arrangements [Table Text Block] | Amounts outstanding under receivable transfer agreements entered into by various locations as of the period end were as follows: March 31, 2018 December 31, 2017 Off-balance sheet arrangements $ 93,153 $ 96,588 |
Receivables Factored and Costs Incurred [Table Text Block] | Accounts receivable factored and related costs throughout the period were as follows: Off-Balance Sheet Arrangements On-Balance Sheet Arrangements Three Months Ended March 31, Three Months Ended March 31, 2018 2017 2018 2017 Accounts receivable factored $ 216,571 $ 148,924 $ — $ 7,651 Costs 400 455 — 26 |
Pension and Postretirement Be40
Pension and Postretirement Benefits other than Pensions (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost of Defined Benefit Plans and Other Postretirement Benefit Plans | The components of net periodic benefit (income) cost for the Company’s defined benefit plans and other postretirement benefit plans were as follows: Pension Benefits Three Months Ended March 31, 2018 2017 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 213 $ 1,096 $ 204 $ 939 Interest cost 2,706 1,070 2,925 1,056 Expected return on plan assets (4,354 ) (632 ) (4,003 ) (657 ) Amortization of prior service cost and actuarial loss 601 688 468 696 Net periodic benefit (income) cost $ (834 ) $ 2,222 $ (406 ) $ 2,034 Other Postretirement Benefits Three Months Ended March 31, 2018 2017 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 77 $ 126 $ 79 $ 104 Interest cost 300 198 324 170 Amortization of prior service credit and actuarial gain (418 ) 77 (479 ) (4 ) Other 1 — 1 — Net periodic benefit (income) cost $ (40 ) $ 401 $ (75 ) $ 270 |
Other Expense, Net (Tables)
Other Expense, Net (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Details of Components of Other Income Expense, Net | The components of other expense, net were as follows: Three Months Ended March 31, 2018 2017 Foreign currency losses $ (1,588 ) $ (672 ) Components of net periodic benefit cost other than service cost (237 ) (497 ) Losses on sales of receivables (325 ) (218 ) Miscellaneous income 431 250 Other expense, net $ (1,719 ) $ (1,137 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Income tax expense, income before income taxes and the corresponding effective tax rate for the three months ended March 31, 2018 and 2017 , was as follows: Three Months Ended March 31, 2018 2017 Income tax expense $ 11,891 $ 11,890 Income before income taxes 69,307 54,394 Effective tax rate 17 % 22 % |
Net Income Per Share Attribut43
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Basic and diluted net income per share attributable | Information used to compute basic and diluted net income per share attributable to Cooper-Standard Holdings Inc. was as follows: Three Months Ended March 31, 2018 2017 Net income attributable to Cooper-Standard Holdings Inc. $ 56,792 $ 41,706 Increase in fair value of share-based awards 1 18 Diluted net income available to Cooper-Standard Holdings Inc. common stockholders $ 56,793 $ 41,724 Basic weighted average shares of common stock outstanding 17,991,488 17,742,994 Dilutive effect of common stock equivalents 519,625 1,229,556 Diluted weighted average shares of common stock outstanding 18,511,113 18,972,550 Basic net income per share attributable to Cooper-Standard Holdings Inc. $ 3.16 $ 2.35 Diluted net income per share attributable to Cooper-Standard Holdings Inc. $ 3.07 $ 2.20 |
Accumulated Other Comprehensi44
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) by component, net of related tax, were as follows: Three Months Ended March 31, 2018 Cumulative currency translation adjustment Benefit plan Fair value change of derivatives Total Balance as of December 31, 2017 $ (95,485 ) $ (100,749 ) $ (1,397 ) $ (197,631 ) Other comprehensive income (loss) before reclassifications 11,743 (1) (575 ) (2) 3,982 (3) 15,150 Amounts reclassified from accumulated other comprehensive income (loss) — (6,687 ) (4) (440 ) (5) (7,127 ) Balance as of March 31, 2018 $ (83,742 ) $ (108,011 ) $ 2,145 $ (189,608 ) (1) Includes $2,287 of other comprehensive loss related to intra-entity foreign currency balances that are of a long-term investment nature. (2) Net of tax benefit of $286 . (3) Net of tax expense of $1,281 . See Note 10. (4) Includes the effect of the adoption of ASU 2018-02 of $8,569 and the amortization of prior service credits of $78 , offset by curtailment loss of $1,188 and the amortization of actuarial losses of $1,025 , net of tax of $253 . See Note 12. (5) Includes the effect of the adoption of ASU 2018-02 of $70 and is net of tax expense of $113 . See Note 10. Three Months Ended March 31, 2017 Cumulative currency translation adjustment Benefit plan Fair value change of derivatives Total Balance as of December 31, 2016 $ (143,481 ) $ (97,612 ) $ (1,470 ) $ (242,563 ) Other comprehensive income (loss) before reclassifications 10,108 (1) (657 ) (2) 726 (3) 10,177 Amounts reclassified from accumulated other comprehensive income (loss) — 464 (4) 367 (5) 831 Balance as of March 31, 2017 $ (133,373 ) $ (97,805 ) $ (377 ) $ (231,555 ) (1) Includes $4,242 of other comprehensive income related to intra-entity foreign currency balances that are of a long-term investment nature. (2) Net of tax benefit of $29 . (3) Net of tax expense of $341 . See Note 10. (4) Includes the amortization of actuarial losses of $732 offset by the amortization of prior service credits of $84 , net of tax of $184 . See Note 12. (5) Net of tax benefit of $221 . See Note 10. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Expense By Type [Table Text Block] | Share-based compensation expense was as follows: Three Months Ended March 31, 2018 2017 PUs $ 295 $ 2,365 RSUs 2,741 3,400 Stock options 839 1,039 Total $ 3,875 $ 6,804 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions [Table Text Block] | A summary of the material related party transactions with affiliates accounted for under the equity method was as follows: Three Months Ended March 31, 2018 2017 Sales (1) $ 8,073 $ 9,312 Purchases (1) 174 190 Dividends received (2) 4,508 2,640 (1) Relates to transactions with Nishikawa Cooper LLC (“NISCO”) (2) From NISCO and Nishikawa Tachaplalert Cooper Ltd. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Information on Company's Business Segments | Certain financial information on the Company’s reportable segments was as follows: Three Months Ended March 31, 2018 2017 Sales to external customers North America $ 499,178 $ 484,238 Europe 292,401 261,506 Asia Pacific 149,175 132,591 South America 26,637 23,716 Consolidated $ 967,391 $ 902,051 Intersegment sales North America $ 3,626 $ 3,598 Europe 3,707 3,581 Asia Pacific 1,719 831 South America 14 2 Eliminations (9,066 ) (8,012 ) Consolidated $ — $ — Income before income taxes North America $ 64,685 $ 62,281 Europe 2,569 (8,559 ) Asia Pacific 3,581 3,477 South America (1,528 ) (2,805 ) Consolidated income before income taxes $ 69,307 $ 54,394 March 31, December 31, Segment assets North America $ 1,102,382 $ 1,049,218 Europe 667,567 644,586 Asia Pacific 668,477 686,329 South America 53,930 54,846 Eliminations and other 268,803 290,669 Consolidated $ 2,761,159 $ 2,725,648 |
New Accounting Pronouncements C
New Accounting Pronouncements Cumulative effect of adoption (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts Receivable, Net, Current | $ 570,548 | $ 489,445 | $ 494,049 |
Other Assets, Current | $ 115,273 | 105,382 | $ 100,778 |
Accounts Receivable [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Adjustments due to adoption of ASC 606 | (4,604) | ||
Other Current Assets [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Adjustments due to adoption of ASC 606 | $ 4,604 |
New Accounting Pronouncements I
New Accounting Pronouncements Impact of new accounting pronouncement (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accounts Receivable, Net, Current | $ 570,548 | $ 489,445 | $ 494,049 | |
Other Assets, Current | 115,273 | $ 105,382 | $ 100,778 | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 497 | |||
Accounts Receivable [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Balance without adoption of ASC 606 | 586,588 | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (16,040) | |||
Other Current Assets [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Balance without adoption of ASC 606 | 99,233 | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 16,040 |
New Accounting Pronouncements50
New Accounting Pronouncements Impact of ASU adoption (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 497 | |
Retained Earnings [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 8,639 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Business Acquisition [Line Items] | ||
Payments to Acquire Additional Interest in Subsidiaries | $ 2,450 | $ 0 |
AMI China [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred | $ 4,124 | |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |
Cooper-Standard INOAC Pte. Ltd. [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 49.00% | |
Payments to Acquire Additional Interest in Subsidiaries | $ 2,450 |
Revenue Revenue by end customer
Revenue Revenue by end customer (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Sales | $ 967,391 | $ 902,051 |
Automotive [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 925,012 | |
Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 15,084 | |
Other Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 27,295 | |
North America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 499,178 | |
North America [Member] | Automotive [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 488,737 | |
North America [Member] | Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 5,353 | |
North America [Member] | Other Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 5,088 | |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 292,401 | |
Europe [Member] | Automotive [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 260,656 | |
Europe [Member] | Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 9,580 | |
Europe [Member] | Other Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 22,165 | |
Asia Pacific [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 149,175 | |
Asia Pacific [Member] | Automotive [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 149,169 | |
Asia Pacific [Member] | Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 6 | |
Asia Pacific [Member] | Other Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0 | |
South America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 26,637 | |
South America [Member] | Automotive [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 26,450 | |
South America [Member] | Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 145 | |
South America [Member] | Other Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | $ 42 |
Revenue Revenue by type (Detail
Revenue Revenue by type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Sales | $ 967,391 | $ 902,051 |
Sealing systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 495,062 | |
Fuel and brake delivery systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 206,452 | |
Fluid transfer systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 149,421 | |
Anti-vibration systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 91,279 | |
Other products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 25,177 | |
North America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 499,178 | |
North America [Member] | Sealing systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 172,811 | |
North America [Member] | Fuel and brake delivery systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 138,801 | |
North America [Member] | Fluid transfer systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 119,673 | |
North America [Member] | Anti-vibration systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 67,521 | |
North America [Member] | Other products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 372 | |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 292,401 | |
Europe [Member] | Sealing systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 184,452 | |
Europe [Member] | Fuel and brake delivery systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 38,953 | |
Europe [Member] | Fluid transfer systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 23,009 | |
Europe [Member] | Anti-vibration systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 21,182 | |
Europe [Member] | Other products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 24,805 | |
Asia Pacific [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 149,175 | |
Asia Pacific [Member] | Sealing systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 117,890 | |
Asia Pacific [Member] | Fuel and brake delivery systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 22,095 | |
Asia Pacific [Member] | Fluid transfer systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 6,614 | |
Asia Pacific [Member] | Anti-vibration systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 2,576 | |
Asia Pacific [Member] | Other products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0 | |
South America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 26,637 | |
South America [Member] | Sealing systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 19,909 | |
South America [Member] | Fuel and brake delivery systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 6,603 | |
South America [Member] | Fluid transfer systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 125 | |
South America [Member] | Anti-vibration systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0 | |
South America [Member] | Other products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | $ 0 |
Revenue Net contract assets (li
Revenue Net contract assets (liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 01, 2018 |
Net contract assets (liabilities) [Abstract] | ||
Contract with Customer, Asset, Gross, Current | $ 16,040 | $ 4,604 |
Contract with Customer, Liability, Current | 0 | 0 |
Contract with Customer, Asset, Net, Current | $ 16,040 | $ 4,604 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | $ 7,125 | $ 9,988 |
North America [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | 1,104 | 0 |
Europe [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | 5,529 | 9,289 |
Asia Pacific [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | 438 | 699 |
South America [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | $ 54 | $ 0 |
Restructuring - Summary of Acti
Restructuring - Summary of Activity of Restructuring (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Beginning Balance | $ 22,335 | |
Restructuring | 7,125 | $ 9,988 |
Cash payments | (9,847) | |
Foreign exchange translation and other | 419 | |
Restructuring Reserve, Ending Balance | 20,032 | |
Employee Separation Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Beginning Balance | 15,091 | |
Restructuring | 5,077 | |
Cash payments | (5,789) | |
Foreign exchange translation and other | 160 | |
Restructuring Reserve, Ending Balance | 14,539 | |
Other Exit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Beginning Balance | 7,244 | |
Restructuring | 2,048 | |
Cash payments | (4,058) | |
Foreign exchange translation and other | 259 | |
Restructuring Reserve, Ending Balance | $ 5,493 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - Europe Facilities [Member] $ in Thousands | Mar. 31, 2018USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Cost Incurred to Date | $ 110,000 |
Minimum [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated restructuring cost for initiative | 119,000 |
Maximum [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated restructuring cost for initiative | 124,000 |
Employee Separation Costs [Member] | Minimum [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated restructuring cost for initiative | 61,000 |
Employee Separation Costs [Member] | Maximum [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated restructuring cost for initiative | 64,000 |
Other Exit Costs [Member] | Minimum [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated restructuring cost for initiative | 57,000 |
Other Exit Costs [Member] | Maximum [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated restructuring cost for initiative | 59,000 |
Asset Impairments [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated restructuring cost for initiative | $ 500 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 48,452 | $ 47,613 |
Work in process | 40,548 | 35,455 |
Raw materials and supplies | 96,960 | 87,128 |
Inventories | $ 185,960 | $ 170,196 |
Property, Plant and Equipment59
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Land and improvements | $ 75,299 | $ 73,419 |
Buildings and improvements, gross | 314,563 | 305,231 |
Machinery and equipment, gross | 1,071,933 | 1,022,279 |
Construction in progress, gross | 197,946 | 198,358 |
Property, Plant and Equipment, Gross | 1,659,741 | 1,599,287 |
Accumulated depreciation | (682,227) | (647,109) |
Property, plant and equipment, net | $ 977,514 | $ 952,178 |
Property, Plant and Equipment A
Property, Plant and Equipment Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Impairment charges | $ 0 | $ 4,270 |
Goodwill and Intangibles - Carr
Goodwill and Intangibles - Carrying Amount of Goodwill by Reportable Operating Segment (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 171,852 |
Foreign exchange translation | 1,518 |
Goodwill, Ending Balance | 173,370 |
North America [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 122,395 |
Foreign exchange translation | (90) |
Goodwill, Ending Balance | 122,305 |
Europe [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 12,454 |
Foreign exchange translation | 308 |
Goodwill, Ending Balance | 12,762 |
Asia Pacific [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 37,003 |
Foreign exchange translation | 1,300 |
Goodwill, Ending Balance | $ 38,303 |
Goodwill and Intangibles - Inta
Goodwill and Intangibles - Intangible Assets and Accumulated Amortization Balances (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 161,452 | $ 161,118 |
Accumulated Amortization | (95,548) | (92,027) |
Net Carrying Amount | 65,904 | 69,091 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 136,357 | 135,927 |
Accumulated Amortization | (89,733) | (86,342) |
Net Carrying Amount | 46,624 | 49,585 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,800 | 2,893 |
Accumulated Amortization | (2,800) | (2,893) |
Net Carrying Amount | 0 | 0 |
Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 22,295 | 22,298 |
Accumulated Amortization | (3,015) | (2,792) |
Net Carrying Amount | $ 19,280 | $ 19,506 |
Debt - Outstanding Debt (Detail
Debt - Outstanding Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Senior Notes | $ 393,862 | $ 393,684 |
Term Loan | 330,304 | 330,781 |
Other borrowings | 34,047 | 33,781 |
Total debt | 758,213 | 758,246 |
Less current portion | (34,626) | (34,921) |
Total long-term debt | $ 723,587 | $ 723,325 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Credit Facilities [Line Items] | |||
Loss on refinancing and extinguishment of debt | $ 770 | $ 0 | |
Senior Notes [Member] | |||
Credit Facilities [Line Items] | |||
Debt Instrument, Face Amount | $ 400,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | ||
Debt Instrument, Maturity Date | Nov. 15, 2026 | ||
Unamortized Debt Issuance Expense | $ 6,138 | $ 6,316 | |
Medium-term Notes [Member] | |||
Credit Facilities [Line Items] | |||
Debt Instrument, Face Amount | $ 340,000 | ||
Debt Instrument, Maturity Date | Nov. 2, 2023 | ||
Unamortized Debt Issuance Expense | $ 3,311 | 3,537 | |
Debt Instrument, Interest Rate Terms | either, (1) with respect to Eurodollar rate loans, the greater of the applicable Eurodollar rate and 0.75% plus 2.0% per annum, or (2) with respect to base rate loans, the base rate, (which is the highest of the then current federal funds rate plus 0.5%, the prime rate most recently announced by the administrative agent under the term loan, and the one-month Eurodollar rate plus 1.0%) plus 1.0% per annum | ||
Debt Instrument, Unamortized Discount | $ 2,135 | 2,281 | |
Revolving Credit Facility [Member] | |||
Credit Facilities [Line Items] | |||
Unamortized Debt Issuance Expense | 1,283 | $ 1,373 | |
Line of Credit Facility, Commitment Amount | 210,000 | ||
Letter of credit sub-facility | 100,000 | ||
Swing line sub-facility | 25,000 | ||
Uncommitted incremental loan facility | 100,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 310,000 | ||
Long-term Line of Credit | 0 | ||
Line of Credit Facility, Current Borrowing Capacity | 207,721 | ||
Letters of credit outstanding | $ 7,672 |
Fair Value Measurements and F65
Fair Value Measurements and Financial Instruments - Fair Value Hierarchy Level for Company's Liabilities Measured (Detail) - Level 2 [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Other Current Assets [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Forward foreign exchange contract asset | $ 3,076 | $ 761 |
Interest rate swap asset | 33 | 0 |
Accrued Liabilities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Forward foreign exchange contract liability | (234) | (2,363) |
Interest rate swap liability | $ 0 | $ (515) |
Fair Value Measurements and F66
Fair Value Measurements and Financial Instruments - Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value of Debt Instruments [Abstract] | ||
Long-term Debt, Fair Value | $ 736,457 | $ 749,463 |
Long-term Debt, Gross | $ 735,750 | $ 736,600 |
Fair Value Measurements and F67
Fair Value Measurements and Financial Instruments - Gains (losses) on Cash Flow Hedges Reported in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | $ 4,925 | $ 941 |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 338 | 126 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 5,263 | $ 1,067 |
Fair Value Measurements and F68
Fair Value Measurements and Financial Instruments - Reclassifications out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 485 | $ 121 |
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness | 0 | 0 |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (211) | (794) |
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | 209 | 85 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 274 | (673) |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | $ 209 | $ 85 |
Fair Value Measurements and F69
Fair Value Measurements and Financial Instruments - Additional Information (Detail) - Cash Flow Hedging [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Foreign Exchange Contract [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Derivative, Notional Amount | $ 125,712 |
Derivative, Maturity Date | Dec. 31, 2018 |
Interest Rate Swap [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Derivative, Notional Amount | $ 150,000 |
Derivative, Maturity Date | Sep. 30, 2018 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 33 |
Accounts Receivable Factoring A
Accounts Receivable Factoring Amounts outstanding under receivable transfer agreements (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Transfers and Servicing [Abstract] | ||
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | $ 93,153 | $ 96,588 |
Accounts Receivable Factoring R
Accounts Receivable Factoring Receivables Factored and Costs Incurred (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Transfers and Servicing [Abstract] | ||
Total amount of accounts receivable factored without recourse | $ 216,571 | $ 148,924 |
Costs incurred on sale of receivables without recourse | (400) | (455) |
Total amount of accounts receivable factored with recourse | 0 | 7,651 |
Costs incurred on sale of receivables with recourse | $ 0 | $ (26) |
Accounts Receivable Factoring72
Accounts Receivable Factoring Additional Detail (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts Receivable Factoring [Abstract] | ||
Cash collected on behalf of factor | $ 18,462 | $ 36,248 |
Pension and Postretirement Be73
Pension and Postretirement Benefits other than Pensions - Net Periodic Benefit Cost of Defined Benefit Plans and Other Postretirement Benefit Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Domestic Plan [Member] | Other Postretirement Benefits Plan [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | $ 77 | $ 79 |
Interest cost | 300 | 324 |
Amortization of prior service cost credit and recognized actuarial gain (loss) | (418) | (479) |
Other | 1 | 1 |
Net periodic benefit (income) cost | (40) | (75) |
Domestic Plan [Member] | Pension Plan [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | 213 | 204 |
Interest cost | 2,706 | 2,925 |
Expected return on plan assets | (4,354) | (4,003) |
Amortization of prior service cost credit and recognized actuarial gain (loss) | 601 | 468 |
Net periodic benefit (income) cost | (834) | (406) |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | 126 | 104 |
Interest cost | 198 | 170 |
Amortization of prior service cost credit and recognized actuarial gain (loss) | 77 | (4) |
Other | 0 | 0 |
Net periodic benefit (income) cost | 401 | 270 |
Foreign Plan [Member] | Pension Plan [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | 1,096 | 939 |
Interest cost | 1,070 | 1,056 |
Expected return on plan assets | (632) | (657) |
Amortization of prior service cost credit and recognized actuarial gain (loss) | 688 | 696 |
Net periodic benefit (income) cost | $ 2,222 | $ 2,034 |
Other Expense, Net - Details of
Other Expense, Net - Details of Components of Other Income Expense, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Other Income and Expenses [Abstract] | ||
Foreign currency losses | $ (1,588) | $ (672) |
Components of Net Periodic Benefit Cost Other than Service Cost | (237) | (497) |
Losses on sales of receivables | (325) | (218) |
Miscellaneous income | 431 | 250 |
Other expense, net | $ (1,719) | $ (1,137) |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 11,891 | $ 11,890 |
Income before income taxes | $ 69,307 | $ 54,394 |
Effective tax rate | 17.00% | 22.00% |
Net Income Per Share Attribut76
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. - Basic and Diluted Net Income Per Share Attributable (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Net income attributable to Cooper-Standard Holdings Inc. | $ 56,792 | $ 41,706 |
Increase (decrease) in fair value of share-based awards | 1 | 18 |
Diluted net income available to Cooper-Standard Holdings Inc. common stockholders | $ 56,793 | $ 41,724 |
Basic weighted average shares of common stock outstanding | 17,991,488 | 17,742,994 |
Dilutive effect of common stock equivalents | 519,625 | 1,229,556 |
Diluted weighted average shares of common stock outstanding | 18,511,113 | 18,972,550 |
Basic net income per share attributable to Cooper-Standard Holdings Inc. (usd per share) | $ 3.16 | $ 2.35 |
Diluted net income per share attributable to Cooper-Standard Holdings Inc. (usd per share) | $ 3.07 | $ 2.20 |
Accumulated Other Comprehensi77
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||
Beginning Balance | $ (197,631) | |
Ending Balance | (189,608) | |
Cumulative currency translation adjustment [Member] | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||
Beginning Balance | (95,485) | $ (143,481) |
Other comprehensive income (loss) before reclassifications | 11,743 | 10,108 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Ending Balance | (83,742) | (133,373) |
Benefit plan liabilities [Member] | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||
Beginning Balance | (100,749) | (97,612) |
Other comprehensive income (loss) before reclassifications | (575) | (657) |
Amounts reclassified from accumulated other comprehensive income (loss) | (6,687) | 464 |
Ending Balance | (108,011) | (97,805) |
Fair value change of derivatives [Member] | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||
Beginning Balance | (1,397) | (1,470) |
Other comprehensive income (loss) before reclassifications | 3,982 | 726 |
Amounts reclassified from accumulated other comprehensive income (loss) | (440) | 367 |
Ending Balance | 2,145 | (377) |
Accumulated other comprehensive loss [Member] | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||
Beginning Balance | (197,631) | (242,563) |
Other comprehensive income (loss) before reclassifications | 15,150 | 10,177 |
Amounts reclassified from accumulated other comprehensive income (loss) | (7,127) | 831 |
Ending Balance | $ (189,608) | $ (231,555) |
Accumulated Other Comprehensi78
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Additional Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | $ 2,287 | $ 4,242 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax | 286 | 29 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 1,281 | 341 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 1,188 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | (1,025) | (732) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (78) | (84) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 253 | 184 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (113) | $ 221 |
Adjustments for New Accounting Principle, Early Adoption [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 8,569 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | $ 70 |
Common Stock (Details)
Common Stock (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Equity, Class of Treasury Stock [Line Items] | |
Stock Repurchase Program, Authorized Amount | $ 125,000 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 45,300 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $ 3,875 | $ 6,804 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | 295 | 2,365 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | 2,741 | 3,400 |
Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $ 839 | $ 1,039 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-Based Compensation, Performance Units, vesting percentage based on Return on Invested Capital, low end of range | 0.00% | |
Share-Based Compensation, Performance Units, vesting percentage based on Return on Invested Capital, high end of range | 200.00% | |
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $ 13,279 | $ 4,296 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Related Party Transaction [Line Items] | ||
Revenue From Related Parties | $ 8,073 | $ 9,312 |
Related Party Transaction, Purchases from Related Party | 174 | 190 |
Proceeds from Equity Method Investment, Distribution | $ 4,508 | $ 2,640 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction Due From To Related Party [Line Items] | ||
Due from Related Party | $ 3,592 | $ 3,109 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 7,156 | $ 7,363 |
Segment Reporting - Information
Segment Reporting - Information on Company's Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Sales to external customers | $ 967,391 | $ 902,051 | |
Intersegment sales | 0 | 0 | |
Segment profit (loss) | 69,307 | 54,394 | |
Segment assets | 2,761,159 | $ 2,725,648 | |
Reportable Geographical Components [Member] | North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales to external customers | 499,178 | 484,238 | |
Intersegment sales | 3,626 | 3,598 | |
Segment profit (loss) | 64,685 | 62,281 | |
Segment assets | 1,102,382 | 1,049,218 | |
Reportable Geographical Components [Member] | Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales to external customers | 292,401 | 261,506 | |
Intersegment sales | 3,707 | 3,581 | |
Segment profit (loss) | 2,569 | (8,559) | |
Segment assets | 667,567 | 644,586 | |
Reportable Geographical Components [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales to external customers | 149,175 | 132,591 | |
Intersegment sales | 1,719 | 831 | |
Segment profit (loss) | 3,581 | 3,477 | |
Segment assets | 668,477 | 686,329 | |
Reportable Geographical Components [Member] | South America [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales to external customers | 26,637 | 23,716 | |
Intersegment sales | 14 | 2 | |
Segment profit (loss) | (1,528) | (2,805) | |
Segment assets | 53,930 | 54,846 | |
Eliminations and other [Member] | |||
Segment Reporting Information [Line Items] | |||
Intersegment sales | (9,066) | $ (8,012) | |
Segment assets | $ 268,803 | $ 290,669 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |