Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 05, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-36127 | |
Entity Registrant Name | COOPER-STANDARD HOLDINGS INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-1945088 | |
Entity Address, Address Line One | 40300 Traditions Drive | |
Entity Address, City or Town | Northville | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48168 | |
City Area Code | 248 | |
Local Phone Number | 596-5900 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | CPS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,884,542 | |
Entity Central Index Key | 0001320461 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Sales | $ 654,890 | $ 877,995 |
Cost of products sold | 611,747 | 762,490 |
Gross profit | 43,143 | 115,505 |
Selling, administration & engineering expenses | 70,671 | 86,974 |
Amortization of intangibles | 4,450 | 3,775 |
Restructuring charges | 7,276 | 17,715 |
Impairment of assets held for sale | 74,079 | 0 |
Other impairment charges | 977 | 0 |
Operating (loss) profit | (114,310) | 7,041 |
Interest expense, net of interest income | (10,237) | (11,932) |
Equity in earnings of affiliates | 1,431 | 2,358 |
Other expense, net | (3,440) | (796) |
Loss before income taxes | (126,556) | (3,329) |
Income tax (benefit) expense | (14,117) | 2,034 |
Net loss | (112,439) | (5,363) |
Net loss (income) attributable to noncontrolling interests | 1,851 | (52) |
Net loss attributable to Cooper-Standard Holdings Inc. | $ (110,588) | $ (5,415) |
Earnings per share | ||
Basic | $ (6.55) | $ (0.31) |
Diluted | $ (6.55) | $ (0.31) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net loss | $ (112,439) | $ (5,363) |
Currency translation adjustment | (28,889) | 1,970 |
Benefit plan liabilities adjustment, net of tax | 2,682 | 1,387 |
Fair value change of derivatives, net of tax | (10,076) | 1,253 |
Other comprehensive (loss) income, net of tax | (36,283) | 4,610 |
Comprehensive loss | (148,722) | (753) |
Comprehensive loss (income) attributable to noncontrolling interests | 2,358 | (423) |
Comprehensive loss attributable to Cooper-Standard Holdings Inc. | $ (146,364) | $ (1,176) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 301,841 | $ 359,536 |
Accounts receivable, net | 335,827 | 423,155 |
Tooling receivable, net | 139,049 | 148,175 |
Inventories | 168,036 | 143,439 |
Prepaid expenses | 27,859 | 34,452 |
Other current assets | 94,191 | 93,513 |
Assets held for sale | 25,735 | 0 |
Total current assets | 1,092,538 | 1,202,270 |
Property, plant and equipment, net | 909,511 | 988,277 |
Operating lease right-of-use assets, net | 113,090 | 83,376 |
Goodwill | 141,870 | 142,187 |
Intangible assets, net | 74,306 | 84,369 |
Other assets | 152,948 | 135,103 |
Total assets | 2,484,263 | 2,635,582 |
Current liabilities: | ||
Debt payable within one year | 62,530 | 61,449 |
Accounts payable | 357,003 | 426,055 |
Payroll liabilities | 82,980 | 88,486 |
Accrued liabilities | 120,383 | 119,841 |
Current operating lease liabilities | 21,314 | 24,094 |
Liabilities held for sale | 55,452 | 0 |
Total current liabilities | 699,662 | 719,925 |
Long-term debt | 744,745 | 746,179 |
Pension benefits | 133,123 | 140,010 |
Postretirement benefits other than pensions | 43,423 | 48,313 |
Long-term operating lease liabilities | 90,947 | 60,234 |
Other liabilities | 44,802 | 44,939 |
Total liabilities | 1,756,702 | 1,759,600 |
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; 18,950,351 shares issued and 16,884,542 shares outstanding as of March 31, 2020, and 18,908,566 shares issued and 16,842,757 outstanding as of December 31, 2019 | 17 | 17 |
Additional paid-in capital | 492,325 | 490,451 |
Retained earnings | 507,287 | 619,448 |
Accumulated other comprehensive loss | (289,517) | (253,741) |
Total Cooper-Standard Holdings Inc. equity | 710,112 | 856,175 |
Noncontrolling interests | 17,449 | 19,807 |
Total equity | 727,561 | 875,982 |
Total liabilities and equity | $ 2,484,263 | $ 2,635,582 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
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 | 18,950,351 | 18,908,566 |
Common stock, shares outstanding | 16,884,542 | 16,842,757 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Cooper Standard Holdings Inc Equity [Member] | Noncontrolling Interest [Member] |
Beginning balance (shares) at Dec. 31, 2018 | 17,554,737 | ||||||
Beginning balance at Dec. 31, 2018 | $ 851,475 | $ 17 | $ 501,511 | $ 569,215 | $ (245,937) | $ 824,806 | $ 26,669 |
Repurchase of common stock (shares) | (118,774) | ||||||
Repurchase of common stock | (5,937) | (2,057) | (3,880) | (5,937) | |||
Share-based compensation, Shares | 85,937 | ||||||
Share-based compensation, net | (210) | 4 | (214) | (210) | |||
Contribution from noncontrolling interests | 2,112 | 0 | 0 | 2,112 | |||
Net income (loss) | (5,363) | (5,415) | (5,415) | 52 | |||
Other Comprehensive Income (Loss), Net of Tax | 4,610 | 4,239 | 4,239 | 371 | |||
Ending balance (shares) at Mar. 31, 2019 | 17,521,900 | ||||||
Ending balance at Mar. 31, 2019 | $ 844,080 | $ 17 | 499,458 | 557,099 | (241,698) | 814,876 | 29,204 |
Beginning balance (shares) at Dec. 31, 2019 | 16,842,757 | 16,842,757 | |||||
Beginning balance at Dec. 31, 2019 | $ 875,982 | $ 17 | 490,451 | 619,448 | (253,741) | 856,175 | 19,807 |
Share-based compensation, Shares | 41,785 | ||||||
Share-based compensation, net | 1,874 | 1,874 | 0 | 1,874 | |||
Net income (loss) | (112,439) | (110,588) | (110,588) | (1,851) | |||
Other Comprehensive Income (Loss), Net of Tax | $ (36,283) | (35,776) | (35,776) | (507) | |||
Ending balance (shares) at Mar. 31, 2020 | 16,884,542 | 16,884,542 | |||||
Ending balance at Mar. 31, 2020 | $ 727,561 | $ 17 | $ 492,325 | $ 507,287 | $ (289,517) | $ 710,112 | $ 17,449 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Activities: | ||
Net loss | $ (112,439) | $ (5,363) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation | 33,313 | 32,830 |
Amortization of intangibles | 4,450 | 3,775 |
Impairment of assets held for sale | 74,079 | 0 |
Other impairment charges | 977 | 0 |
Share-based compensation expense | 2,374 | 3,186 |
Equity in earnings of affiliates, net of dividends related to earnings | 3,814 | 2,559 |
Deferred income taxes | (20,191) | (964) |
Other | 1,138 | 1,495 |
Changes in operating assets and liabilities | 10,455 | (39,366) |
Net cash used in operating activities | (2,030) | (1,848) |
Investing activities: | ||
Capital expenditures | (50,591) | (59,633) |
Acquisition of businesses, net of cash acquired | 0 | (452) |
Proceeds from sale of fixed assets and other | 482 | 102 |
Net cash used in investing activities | (50,109) | (59,983) |
Financing activities: | ||
Principal payments on long-term debt | (1,498) | (1,012) |
Increase in short-term debt, net | 3,021 | 65,791 |
Repurchase of common stock | 0 | (6,550) |
Taxes withheld and paid on employees' share-based payment awards | (512) | (2,706) |
Other | (625) | 1,827 |
Net cash provided by financing activities | 386 | 57,350 |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | (6,200) | 1,477 |
Changes in cash, cash equivalents and restricted cash | (57,953) | (3,004) |
Cash, cash equivalents and restricted cash at beginning of period | 361,742 | 267,399 |
Cash, cash equivalents and restricted cash at end of period | $ 303,789 | $ 264,395 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash [Abstract] | ||
Cash and cash equivalents | $ 301,841 | $ 359,536 |
Restricted cash included in other current assets | 13 | 12 |
Restricted cash included in other assets | 1,935 | 2,194 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 303,789 | $ 361,742 |
Overview
Overview | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Overview | Overview Basis of Presentation Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company” or “Cooper Standard”), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”), is a leading manufacturer of sealing, fuel and brake delivery, and fluid transfer systems. The Company’s products are primarily for use in passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers (“OEMs”) and replacement markets. The Company conducts substantially all of its activities through its subsidiaries. During the first quarter of 2019 and in prior periods, the Company also operated an anti-vibration systems (“AVS”) product line. On April 1, 2019, the Company completed the divestiture of its AVS product line. 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, 2019 (the “ 2019 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, 2020 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. Immaterial Correction of Errors During the year ended December 31, 2019, the Company identified errors primarily related to periods prior to fiscal year 2019. The Company concluded these errors were not material individually or in the aggregate to any of the previously reported periods and, therefore, amendments of previously filed reports were not required. Corrections were made to the applicable prior periods reflected in the financial information herein. The following table presents the impact of these corrections on the Company’s condensed consolidated statements of operations: Three Months Ended March 31, 2019 As previously reported Adjustment As corrected Sales $ 880,038 $ (2,043 ) $ 877,995 Income tax expense 2,331 (297 ) 2,034 Net income (loss) attributable to noncontrolling interests 157 (209 ) (52 ) Net loss attributable to Cooper-Standard Holdings Inc. (3,460 ) (1,955 ) (5,415 ) Earnings (loss) per share: Basic $ (0.20 ) $ (0.11 ) $ (0.31 ) Diluted $ (0.20 ) $ (0.11 ) $ (0.31 ) The following table presents the impact of these corrections on the Company’s condensed consolidated statements of comprehensive income (loss): Three Months Ended March 31, 2019 As previously reported Adjustment As corrected Currency translation adjustment $ 2,219 $ (249 ) $ 1,970 Comprehensive loss (income) attributable to noncontrolling interests (247 ) (176 ) (423 ) Comprehensive income (loss) attributable to Cooper-Standard Holdings Inc. 995 (2,171 ) (1,176 ) The impact of these corrections on the balance as of March 31, 2019 in the Company’s condensed consolidated statements of changes in equity includes a decrease to total equity of $10,022 , which consists of a decrease to retained earnings of $8,765 , increase to accumulated other comprehensive loss of $65 , and decrease to noncontrolling interests of $1,192 . For the three months ended March 31, 2019 , the impact of these corrections on the condensed consolidated statement of cash flow included a $1,746 decrease in net income offset by an increase of $1,746 |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
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 ASU 2016-13, Financial Instruments — Credit Losses (Topic 326) On January 1, 2020, the Company adopted Accounting Standards Codification (“ASC”) 326, Financial Instruments – Credit Losses, and all related amendments using the modified retrospective method whereby the cumulative effect of adopting the standard was recognized in equity at the date of initial application. Comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The most prominent among the changes in the standard is the consideration of losses not yet incurred, but expected, based on current conditions and future forecasts. Adoption of the new standard resulted in an immaterial increase in the allowance for credit losses, which decreased the tooling receivable on the Company’s condensed consolidated balance sheet in 2020. The increase in credit loss expense was recorded as an adjustment to the opening balance of retained earnings. Adoption of the new standard had no impact on the Company’s condensed consolidated statement of operations or on cash provided by (used in) operating, financing or investing activities on its condensed consolidated cash flow statements. The cumulative effects of the changes made to the Company’s condensed consolidated balance sheet as of January 1, 2020 were as follows: Balance as of December 31, 2019 Adjustments due to adoption of ASC 326 Balance as of January 1, 2020 Tooling receivable, net $ 148,175 $ (1,573 ) $ 146,602 Retained earnings 619,448 (1,573 ) 617,875 The Company adopted the following Accounting Standard Updates (“ASU”) during the three months ended March 31, 2020 , which did not have a material impact on its condensed consolidated financial statements: Standard Description Effective Date ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract Aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. January 1, 2020 ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. January 1, 2020 |
Assets Held for Sale and Divest
Assets Held for Sale and Divestiture | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Assets Held for Sale and Divestiture Assets Held for Sale In the fourth quarter of 2019, management approved a plan to sell certain manufacturing facilities within its Europe and Asia Pacific segments. The Company expects to sell the manufacturing facilities in the second quarter of 2020. The manufacturing facilities and the associated assets and liabilities met the criteria for presentation as held for sale as of March 31, 2020, and as such, the assets and liabilities associated with the transaction are separately classified as held for sale in the condensed consolidated balance sheet and depreciation of long-lived assets ceased. The planned divestiture did not meet the criteria for presentation as a discontinued operation. The major classes of assets and liabilities held for sale were as follows: March 31, 2020 Accounts receivable, net $ 17,171 Tooling receivable, net 3,508 Inventories 18,157 Prepaid expenses 3,519 Other current assets 9,817 Property, plant and equipment, net 38,691 Operating lease right-of-use assets, net 2,782 Intangible assets, net 4,981 Other assets 1,188 Impairment of carrying value (74,079 ) Total assets held for sale $ 25,735 Accounts payable $ 29,341 Payroll liabilities 5,642 Accrued liabilities 9,137 Current operating lease liabilities 955 Pension benefits 3,461 Postretirement benefits other than pensions 2,715 Long-term operating lease liabilities 2,363 Other liabilities 1,838 Total liabilities related to assets held for sale $ 55,452 Upon meeting the criteria for held for sale classification, the Company recorded a non-cash impairment charge of $74,079 to reduce the carrying value of the held for sale entities to fair value less costs to sell. Fair value, which is categorized within Level 3 of the fair value hierarchy, was determined using a market approach, estimated based on expected proceeds. The fair value less cost to sell must be assessed each reporting period that the asset group remains classified as held for sale. The impairment charge, which is subject to adjustments as the transaction is finalized, includes the anticipated release of non-cash cumulative foreign currency translation losses, which were included as part of the carrying value of the held for sale entities. These losses will be reclassified from accumulated other comprehensive loss to net income (loss) upon closure of the transaction. Divestiture During the first quarter of 2019 and in prior periods, the Company also operated an AVS product line. On April 1, 2019, the Company completed its sale of the AVS product line to Continental AG. Subsequent Event Subsequent to the end of the Company's first quarter, on May 7, 2020, the Company entered into a definitive agreement to divest certain manufacturing facilities within its Europe and Asia Pacific segments. The planned divestiture of the facilities is expected to close in the second quarter of 2020 and is subject to customary closing conditions, including regulatory and third-party approvals. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Revenue is recognized for manufactured parts at a point in time, generally when products are shipped or delivered. The Company usually enters into agreements with customers to produce products at the beginning of a vehicle’s life. Blanket purchase orders received from customers and related documents generally establish the annual terms, including pricing, related to a vehicle model. Customers typically pay for parts based on customary business practices with payment terms generally between 30 and 90 days. Revenue by customer group for the three months ended March 31, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 325,982 $ 170,781 $ 78,742 $ 20,439 $ — $ 595,944 Commercial 3,178 5,557 546 10 1,134 10,425 Other 5,641 8,904 56 22 33,898 48,521 Revenue $ 334,801 $ 185,242 $ 79,344 $ 20,471 $ 35,032 $ 654,890 Revenue by customer group for the three months ended March 31, 2019 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 436,866 $ 225,451 $ 125,355 $ 23,192 $ — $ 810,864 Commercial 5,792 8,425 — 23 547 14,787 Other 5,060 8,524 97 22 38,641 52,344 Revenue $ 447,718 $ 242,400 $ 125,452 $ 23,237 $ 39,188 $ 877,995 The passenger and light duty 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 of the Company’s revenues were 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. On April 1, 2019, the Company completed the divestiture of its AVS product line. A summary of the Company’s products is as follows: Product Line Description Sealing Systems Protect vehicle interiors from weather, dust and noise intrusion for improved driving experience; provide aesthetic and functional class-A exterior surface treatment Fuel & Brake Delivery Systems Sense, deliver and control fluids to fuel and brake systems Fluid Transfer Systems Sense, deliver and control fluids and vapors for optimal powertrain & HVAC operation Anti-Vibration Systems (Divested on April 1, 2019) Control and isolate vibration and noise in the vehicle to improve ride and handling Revenue by product line for the three months ended March 31, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 124,556 $ 127,246 $ 49,024 $ 13,549 $ — $ 314,375 Fuel and brake delivery systems 104,934 28,562 19,818 5,747 — 159,061 Fluid transfer systems 105,311 21,945 10,502 1,175 — 138,933 Other — 7,489 — — 35,032 42,521 Consolidated $ 334,801 $ 185,242 $ 79,344 $ 20,471 $ 35,032 $ 654,890 Revenue by product line for the three months ended March 31, 2019 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 145,646 $ 155,391 $ 83,529 $ 17,829 $ — $ 402,395 Fuel and brake delivery systems 131,703 35,298 25,168 5,335 — 197,504 Fluid transfer systems 113,448 22,798 15,302 73 — 151,621 Anti-vibration systems 56,457 20,649 1,453 — — 78,559 Other 464 8,264 — — 39,188 47,916 Consolidated $ 447,718 $ 242,400 $ 125,452 $ 23,237 $ 39,188 $ 877,995 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, contract assets are transferred to accounts receivable. As a result, the timing of revenue recognition and billings, as well as changes in foreign exchange rates, will impact contract assets on an ongoing basis. Contract assets were not materially impacted by any other factors during the three months ended March 31, 2020 . The Company’s contract liabilities consist of advance payments received and due from customers. Net contract assets (liabilities) consisted of the following: March 31, 2020 December 31, 2019 Change Contract assets $ 9,130 $ 1,100 $ 8,030 Contract liabilities (43 ) (61 ) 18 Net contract assets $ 9,087 $ 1,039 $ 8,048 Other The Company at times enters into agreements that provide for lump sum payments to customers. These payment agreements are recorded as a reduction of revenue during the period the commitment is made. Amounts related to commitments of future payments to customers on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 were current liabilities of $11,954 and $12,916 , respectively, and long-term liabilities of $7,360 and $9,502 , respectively. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring On an ongoing basis, the Company evaluates its business and objectives to ensure that it is properly configured and sized based on changing market conditions. Accordingly, the Company has implemented several restructuring initiatives, including closure or consolidation of facilities throughout the world and the reorganization of its operating structure. The Company’s restructuring charges consist of severance, retention and outplacement services, and severance-related postemployment benefits (collectively, “employee separation costs”), other related exit costs and asset impairments related to restructuring activities. Employee separation costs are recorded based on existing union and employee contracts, statutory requirements, completed negotiations and Company policy. Restructuring expense by segment for the three months ended March 31, 2020 and 2019 was as follows: Three Months Ended March 31, 2020 2019 North America $ 3,703 $ 5,208 Europe 2,193 6,103 Asia Pacific 133 2,513 South America 1,202 16 Total Automotive 7,231 13,840 Corporate and other 45 3,875 Total $ 7,276 $ 17,715 Restructuring activity for the three months ended March 31, 2020 was as follows: Employee Separation Costs Other Exit Costs Total Balance as of December 31, 2019 $ 22,990 $ 4,005 $ 26,995 Expense 4,415 2,861 7,276 Cash payments (6,362 ) (3,037 ) (9,399 ) Foreign exchange translation and other (626 ) (38 ) (664 ) Balance as of March 31, 2020 $ 20,417 $ 3,791 $ 24,208 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: March 31, 2020 December 31, 2019 Finished goods $ 54,135 $ 57,070 Work in process 36,741 33,753 Raw materials and supplies 77,160 52,616 $ 168,036 $ 143,439 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Leases The Company primarily has operating and finance leases for certain manufacturing facilities, corporate offices and certain equipment. Operating leases are included in operating lease right-of-use assets, current operating lease liabilities and long-term operating lease liabilities on the Company’s condensed consolidated balance sheet as of March 31, 2020 . Finance leases are included in property, plant and equipment, net, debt payable within one year, and long-term debt on the Company’s condensed consolidated balance sheets. The components of lease expense were as follows: Three Months Ended March 31, 2020 2019 Operating lease expense $ 8,605 $ 8,680 Short-term lease expense 1,010 679 Variable lease expense 250 215 Finance lease expense: Amortization of right-of-use assets 681 443 Interest on lease liabilities 385 455 Total lease expense $ 10,931 $ 10,472 Other information related to leases was as follows: Three Months Ended March 31, 2020 2019 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 7,933 $ 8,656 Operating cash flows for finance leases 410 323 Financing cash flows for finance leases 648 267 Non-cash right-of-use assets obtained in exchange for lease obligations: Operating leases 37,205 164 Finance leases 61 9,452 Weighted Average Remaining Lease Term (in years) Operating leases 8.2 5.5 Finance leases 11.1 12.0 Weighted Average Discount Rate Operating leases 5.3 % 4.7 % Finance leases 6.1 % 9.6 % Future minimum lease payments under non-cancellable leases as of March 31, 2020 were as follows: Year Operating Leases Finance Leases Remainder of 2020 $ 21,117 $ 2,696 2021 23,120 3,543 2022 18,019 3,301 2023 15,143 3,047 2024 12,385 3,190 Thereafter 56,959 23,988 Total future minimum lease payments 146,743 39,765 Less imputed interest (31,164 ) (11,059 ) Total $ 115,579 $ 28,706 Amounts recognized on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 were as follows: March 31, 2020 December 31, 2019 Operating Leases Assets held for sale $ 2,782 $ — Operating lease right-of-use assets, net 113,090 83,376 Current operating lease liabilities 21,314 24,094 Liabilities held for sale 3,318 — Long-term operating lease liabilities 90,947 60,234 Finance Leases Debt payable within one year 2,284 2,343 Long-term debt 26,422 27,430 As of March 31, 2020 and December 31, 2019 , assets recorded under finance leases, net of accumulated depreciation were $31,705 and $32,571 , respectively. As of March 31, 2020 , the Company had additional operating leases, primarily for real estate, that have not yet commenced with undiscounted lease payments of approximately $1,725 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 December 31, 2019 Land and improvements $ 56,571 $ 66,670 Buildings and improvements 278,531 310,797 Machinery and equipment 1,163,390 1,204,457 Construction in progress 149,995 161,951 1,648,487 1,743,875 Accumulated depreciation (738,976 ) (755,598 ) Property, plant and equipment, net $ 909,511 $ 988,277 Due to the deterioration of financial results in a certain Asia Pacific location, the Company recorded an impairment charge of $977 during the three months ended March 31, 2020 . The fair value was determined using estimated orderly liquidation value, which was deemed the highest and best use of the assets. Based on the Company’s interim impairment assessment, the Company has determined there were no additional indicators of impairment identified during the three months ended March 31, 2020 |
Goodwill and Intangibles
Goodwill and Intangibles | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Changes in the carrying amount of goodwill by reporting unit for the three months ended March 31, 2020 were as follows: North America Industrial Specialty Group Total Balance as of December 31, 2019 $ 142,187 $ — $ 142,187 Reorganization (14,036 ) 14,036 — Foreign exchange translation (317 ) — (317 ) Balance as of March 31, 2020 $ 127,834 $ 14,036 $ 141,870 The Company’s organizational structure changed on January 1, 2020 . See Note 22. “Segment Reporting” for further detail on this reorganization of the Company’s business. Prior to this reorganization, the Company’s North America operating segment was the only reporting unit in which goodwill was recorded. As a result of the reorganization, a portion of the goodwill that was previously attributable to the North America reporting unit was reallocated to the Industrial Specialty Group reporting unit based on the relative fair value approach. The Industrial Specialty Group reporting unit is a component of the Advanced Technology Group operating segment, which is reflected in “Corporate, eliminations and other”. The reorganization of the business represented a triggering event to test goodwill for impairment as of January 1, 2020. No impairment was identified as a result of completing the goodwill impairment test. Goodwill is tested for impairment by reporting unit annually or more frequently if events or circumstances indicate that an impairment may exist. Other than the reorganization event noted above, there were no other indicators of potential impairment during the three months ended March 31, 2020 . The Company continues to monitor the significant global economic uncertainty as a result of COVID-19 to assess the outlook for demand for products and the impact on the Company’s business and overall financial performance. A lack of recovery or further deterioration in market conditions and production volumes, among other factors, as a result of the COVID-19 pandemic could result in an impairment charge in future periods. Intangible Assets Intangible assets and accumulated amortization balances as of March 31, 2020 and December 31, 2019 were as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 154,345 $ (116,066 ) $ 38,279 Other 43,595 (7,568 ) 36,027 Balance as of March 31, 2020 $ 197,940 $ (123,634 ) $ 74,306 Customer relationships $ 156,557 $ (113,871 ) $ 42,686 Other 49,556 (7,873 ) 41,683 Balance as of December 31, 2019 $ 206,113 $ (121,744 ) $ 84,369 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt A summary of outstanding debt as of March 31, 2020 and December 31, 2019 is as follows: March 31, 2020 December 31, 2019 Senior Notes $ 395,293 $ 395,114 Term Loan 325,455 326,061 ABL Facility — — Finance leases 28,706 29,773 Other borrowings 57,821 56,680 Total debt 807,275 807,628 Less current portion (62,530 ) (61,449 ) Total long-term debt $ 744,745 $ 746,179 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, 2020 and December 31, 2019 , the Company had $4,707 and $4,886 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 ABL Facility (as defined below) 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 of March 31, 2020 and December 31, 2019 , the Company had $2,125 and $2,273 of unamortized debt issuance costs, respectively, and $1,370 and $1,466 of unamortized original issue discount, respectively, related to the Term Loan Facility, which are presented as direct deductions from the principal balance in the condensed consolidated balance sheets. Both the debt issuance costs and the original issue discount are amortized into interest expense over the term of the Term Loan Facility. ABL Facility In November 2016, the Company entered into a Third Amended and Restated Loan Agreement of its ABL Facility, which provided an aggregate revolving loan availability of up to $210,000 , subject to borrowing base availability. In March 2020, the Company entered into the First Amendment of the Third Amended and Restated Loan Agreement (“the Amendment”). As a result of the Amendment, the senior asset-based revolving credit facility (“ABL Facility”) maturity was extended to March 2025 and the aggregate revolving loan availability was reduced to $180,000 . The aggregate revolving loan availability includes a $100,000 letter of credit sub-facility and a $25,000 swing line sub-facility. The ABL Facility also provides for an uncommitted $100,000 incremental loan facility, for a potential total ABL Facility of $280,000 , if requested by the borrowers under the ABL Facility and the lenders agree to fund such increase. No consent of any lender is required to effect any such increase, except for those participating in the increase. As of March 31, 2020 , there were no loans outstanding under the ABL Facility. The Company’s borrowing base was $173,278 . Net of the 10% of the borrowing base that cannot be borrowed without triggering the fixed charge coverage ratio maintenance covenant and $10,289 of outstanding letters of credit, the Company effectively had $145,661 available for borrowing under its ABL facility. Any borrowings under the ABL Facility will mature, and the commitments of the lenders under the ABL Facility will terminate, on the earlier of March 24, 2025 or the date 91 days prior to the maturity date of the Term Loan Facility (or another fixed asset facility replacing the Term Loan Facility). As a result of the Amendment, the Company wrote off $177 in unamortized debt issuance costs, which are presented in interest expense, net of interest income in the condensed consolidated statements of operations. As of March 31, 2020 and December 31, 2019 , the Company had $1,352 and $657 , 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, 2020 . Other Other borrowings as of March 31, 2020 and December 31, 2019 reflect borrowings under local bank lines classified in debt payable within one year on the condensed consolidated balance sheet. |
Fair Value Measurements and Fin
Fair Value Measurements and Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and December 31, 2019 were as follows: March 31, 2020 December 31, 2019 Input Forward foreign exchange contracts - other current assets $ 203 $ 467 Level 2 Forward foreign exchange contracts - accrued liabilities (12,777 ) (42 ) 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. “Assets Held for Sale and Divestiture” and Note 8. “Property, Plant and Equipment.” Items Not Carried at Fair Value Fair values of the Company’s Senior Notes and Term Loan Facility were as follows: March 31, 2020 December 31, 2019 Aggregate fair value $ 476,660 $ 693,600 Aggregate carrying value (1) 728,950 729,800 (1) Excludes unamortized debt issuance costs and unamortized original issue discount. Fair values were based on quoted market prices and are classified within Level 1 of the fair value hierarchy. Derivative Instruments and Hedging Activities The Company is exposed to fluctuations in foreign currency exchange rates, interest rates and commodity prices. The Company enters into derivative instruments primarily to hedge portions of its forecasted foreign currency denominated cash flows and designates these derivative instruments as cash flow hedges in order to qualify for hedge accounting. The Company formally documents its hedge relationships, including the identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the cash flow hedges. The Company also formally assesses whether a cash flow hedge is highly effective in offsetting changes in the cash flows of the hedged item. Derivatives are recorded at fair value in other current assets, other assets, accrued liabilities and other long-term liabilities. For a cash flow hedge, the effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive income (loss) (“AOCI”) in the condensed 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 condensed consolidated statements of operations. The Company is exposed to credit risk in the event of nonperformance by its counterparties on its derivative financial instruments. The Company mitigates this credit risk exposure by entering into agreements directly with major financial institutions with high credit standards that are expected to fully satisfy their obligations under the contracts. Cash Flow Hedges Forward Foreign Exchange Contracts - The Company uses forward contracts to mitigate the potential volatility to earnings and cash 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, and the Mexican Peso. As of March 31, 2020 and December 31, 2019 , the notional amount of these contracts was $101,856 and $92,150 , respectively, and consisted of hedges of transactions up to December 2020 . Interest rate swaps - The Company has historically used interest rate swap contracts to manage cash flow variability associated with its variable rate Term Loan Facility. The interest rate swap contract, which fixes the interest payments of variable rate debt instruments, is used to manage exposure to fluctuations in interest rates. As of March 31, 2020 , there were no interest rate swap contracts outstanding. Pretax amounts related to the Company’s cash flow hedges that were recognized in other comprehensive income (loss) (“OCI”) were as follows: Gain (Loss) Recognized in OCI Three Months Ended March 31, 2020 2019 Forward foreign exchange contracts $ (12,871 ) $ 1,943 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 Three Months Ended March 31, Classification 2020 2019 Forward foreign exchange contracts Cost of products sold $ 115 $ 325 |
Accounts Receivable Factoring
Accounts Receivable Factoring | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Accounts Receivable Factoring | Accounts Receivable Factoring As a part of its working capital management, the Company sells certain receivables through a single third-party financial institution in a pan-European program (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. The European factoring facility, which was renewed in March 2020, allows the Company to factor up to €120 million of its Euro-denominated accounts receivable, accelerating access to cash and reducing credit risk. The factoring facility expires in December 2023. Costs incurred on the sale of receivables are recorded in other expense, net in the condensed consolidated statements of operations. The sale of receivables under this contract is considered an off-balance sheet arrangement to the Company and is accounted for as a true sale and is excluded from accounts receivable in the condensed consolidated balance sheet. Amounts outstanding under receivable transfer agreements entered into by various locations as of the period end were as follows: March 31, 2020 December 31, 2019 Off-balance sheet arrangements $ 102,605 $ 103,818 Accounts receivable factored and related costs throughout the period were as follows: Off-Balance Sheet Arrangements Three Months Ended March 31, 2020 2019 Accounts receivable factored $ 176,508 $ 173,703 Costs 309 325 The Company continues to service sold receivables and acts as collection agent for the Factor. As of March 31, 2020 and December 31, 2019 , cash collections on behalf of the Factor that have yet to be remitted were $17,377 and $21,485 |
Pension and Postretirement Bene
Pension and Postretirement Benefits other than Pensions | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 213 $ 989 $ 189 $ 1,111 Interest cost 2,033 782 2,952 1,060 Expected return on plan assets (3,421 ) (577 ) (4,155 ) (595 ) Amortization of prior service cost and actuarial loss 485 794 781 616 Net periodic benefit (income) cost $ (690 ) $ 1,988 $ (233 ) $ 2,192 Other Postretirement Benefits Three Months Ended March 31, 2020 2019 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 26 $ 96 $ 41 $ 117 Interest cost 170 173 259 203 Amortization of prior service credit and actuarial gain (483 ) 107 (742 ) 38 Net periodic benefit (income) cost $ (287 ) $ 376 $ (442 ) $ 358 The service cost component of net periodic benefit (income) cost is included in cost of products sold and selling, administrative and engineering expenses in the condensed consolidated statements of operations. All other components of net periodic benefit (income) cost are included in other expense, net in the condensed consolidated statements of operations for all periods presented. In accordance with the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), the Company will defer making minimum funding cash contributions of approximately $3,600 |
Other Expense, Net
Other Expense, Net | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 Foreign currency losses $ (3,232 ) $ (284 ) Components of net periodic benefit cost other than service cost (63 ) (417 ) Losses on sales of receivables (309 ) (325 ) Miscellaneous income 164 230 Other expense, net $ (3,440 ) $ (796 ) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company determines its effective tax rate each quarter based upon its estimated annual effective tax rate. The Company records the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. In addition, jurisdictions with a projected loss for the year where no tax benefit can be recognized are excluded from the estimated annual effective tax rate. Income tax (benefit) expense, loss before income taxes and the corresponding effective tax rate for the three months ended March 31, 2020 and 2019 were as follows: Three Months Ended March 31, 2020 2019 Income tax (benefit) expense $ (14,117 ) $ 2,034 Loss before income taxes (126,556 ) (3,329 ) Effective tax rate 11 % (61 )% The effective tax rate for the three months ended March 31, 2020 compared to the three months ended March 31, 2019 was higher primarily due to the geographic mix of pre-tax losses driven by the impairment charge on held for sale entities and the inability to record a tax benefit for pre-tax losses in certain foreign jurisdictions. Additionally, a discrete expense of $13,309 for the initial recognition of valuation allowances against net deferred tax assets in certain foreign jurisdictions was recorded in the three months ended March 31, 2020. In accordance with recent legislation, one of the business tax provisions of the CARES Act included allowing net operating losses (“NOL”) generated by the Company in tax years to be carried back up to five years at the tax rates in effect during those periods, rather than carried forward at current federal tax rates of 21%. The Company has included a benefit in the estimated annual effective tax rate for this CARES Act provision which was used to calculate the income tax benefit recorded in the three months ended March 31, 2020. The income tax rate for the three months ended March 31, 2020 and 2019 varies from the U.S. statutory rate primarily due to the inability to record a tax benefit for pre-tax losses in certain foreign jurisdictions to the extent not offset by other categories of income, tax credits, the impact of income taxes on foreign earnings taxed at rates varying from the U.S. statutory rate, and other permanent items. Further, the Company’s current and future provision for income taxes is impacted by the initial recognition of and changes in 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. |
Net Income (Loss) Per Share Att
Net Income (Loss) Per Share Attributable to Cooper-Standard Holdings Inc. | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share Attributable to Cooper-Standard Holdings Inc. | Net Income (Loss) Per Share Attributable to Cooper-Standard Holdings Inc. Basic net loss per share attributable to Cooper-Standard Holdings Inc. was computed by dividing net loss attributable to Cooper-Standard Holdings Inc. by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share attributable to Cooper-Standard Holdings Inc. was computed using the treasury stock method by dividing diluted net loss available to Cooper-Standard Holdings Inc. by the weighted average number of shares of common stock outstanding, including the dilutive effect of common stock equivalents, using the average share price during the period. Information used to compute basic and diluted net loss per share attributable to Cooper-Standard Holdings Inc. was as follows: Three Months Ended March 31, 2020 2019 Net loss available to Cooper-Standard Holdings Inc. common stockholders $ (110,588 ) $ (5,415 ) Basic weighted average shares of common stock outstanding 16,883,717 17,535,195 Dilutive effect of common stock equivalents — — Diluted weighted average shares of common stock outstanding 16,883,717 17,535,195 Basic net loss per share attributable to Cooper-Standard Holdings Inc. $ (6.55 ) $ (0.31 ) Diluted net loss per share attributable to Cooper-Standard Holdings Inc. $ (6.55 ) $ (0.31 ) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of related tax, were as follows: Three Months Ended March 31, 2020 2019 Foreign currency translation adjustment Balance at beginning of period $ (153,933 ) $ (141,104 ) Other comprehensive income (loss) before reclassifications (28,382 ) (1) 1,599 (1) Balance at end of period $ (182,315 ) $ (139,505 ) Benefit plan liabilities Balance at beginning of period $ (100,160 ) $ (104,375 ) Other comprehensive income before reclassifications 2,024 (2) 877 (2) Amounts reclassified from accumulated other comprehensive loss 658 (3) 510 (4) Balance at end of period $ (97,478 ) $ (102,988 ) Fair value change of derivatives Balance at beginning of period $ 352 $ (458 ) Other comprehensive income (loss) before reclassifications (9,984 ) (5) 1,490 (5) Amounts reclassified from accumulated other comprehensive loss (92 ) (6) (237 ) (6) Balance at end of period $ (9,724 ) $ 795 Accumulated other comprehensive loss, ending balance $ (289,517 ) $ (241,698 ) (1) Includes other comprehensive income (loss) related to intra-entity foreign currency balances that are of a long-term investment nature of $(22,703) and $2,814 for the three months ended March 31, 2020 and 2019 , respectively. (2) Net of tax expense of $337 and $11 for the three months ended March 31, 2020 and 2019 , respectively. (3) Includes the effect of the amortization of actuarial losses of $872 and amortization of prior service cost of $21 , net of tax of $235 . See Note 13. “Pension and Postretirement Benefits Other Than Pensions.” (4) Includes the effect of the amortization of prior service credits of $79 , offset by the amortization of actuarial losses of $773 , net of tax of $184 . See Note 13. “Pension and Postretirement Benefits Other Than Pensions.” (5) Net of tax (benefit) expense of $(2,887) and $453 for the three months ended March 31, 2020 and 2019 , respectively. See Note 11. “Fair Value Measurements and Financial Instruments.” (6) Net of tax expense of $23 and $88 for the three months ended March 31, 2020 and 2019 , respectively. See Note 11. “Fair Value Measurements and Financial Instruments.” |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Common Stock | Common Stock Share Repurchase Program In June 2018, the Company’s Board of Directors approved a common stock repurchase program (the “2018 Program”) authorizing the Company to repurchase, in the aggregate, up to $150,000 of its outstanding common stock. Under the 2018 Program, repurchases may be made on the open market, through private transactions, accelerated share repurchases, round lot or block transactions on the New York Stock Exchange or otherwise, as determined by management and in accordance with prevailing market conditions and federal securities laws and regulations. The Company expects to fund any future repurchases from cash on hand and future cash flows from operations. The Company is not obligated to acquire a particular amount of securities, and the 2018 Program may be discontinued at any time at the Company’s discretion. The 2018 Program became effective in November 2018. As of March 31, 2020 , the Company had approximately $98,720 of repurchase authorization remaining under the 2018 Program. The Company did not make any repurchases during the three months ended March 31, 2020 . During the three months ended March 31, 2019 , the Company repurchased 85,000 shares at an average purchase price of $69.85 per share, excluding commissions, for a total cost of $5,937 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Company’s long-term incentive plans allow for the grant of various types of share-based awards to key employees and directors of the Company and its affiliates. The Company generally awards grants on an annual basis. In February 2020, the Company granted Restricted Stock Units (“RSUs”), Performance Units (“PUs”) and stock options. The RSUs cliff vest after three years, the PUs vest ratably over three years after the initial two-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”) and total shareholder return, which may range from 0% to 200% of the target award amount. Share-based compensation expense was as follows: Three Months Ended March 31, 2020 2019 PUs $ 74 $ 649 RSUs 1,643 1,722 Stock options 657 815 Total $ 2,374 $ 3,186 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 Sales (1) $ 6,075 $ 7,434 Purchases (2) 156 325 Dividends received (3) 5,245 4,917 (1) Relates to transactions with Nishikawa Cooper LLC (“NISCO”) (2) Relates to transactions with NISCO and Polyrub Cooper Standard FTS Private Limited (3) From NISCO and Nishikawa Tachaplalert Cooper Ltd. inclusive of any gross up of dividend related to withholding tax Amounts receivable from NISCO as of March 31, 2020 and December 31, 2019 were $4,070 and $4,297 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 , 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, 2020 and December 31, 2019 , the undiscounted reserve for environmental investigation and remediation was approximately $5,835 and $6,104 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | Segment Reporting The Company’s organizational structure changed on January 1, 2020 , creating a global automotive business (“Automotive”) and Advanced Technology Group (“ATG”). The Company’s business is now organized in the following reportable segments: North America, Europe, Asia Pacific and South America. ATG and all other business activities are reported in Corporate, eliminations and other. The Corporate, eliminations and other External Sales and Intersegment Sales amounts previously reported for the three months ended March 31, 2019 have been reclassified from North America and Europe from the table below. The adjusted EBITDA amounts previously reported for the three months ended March 31, 2019 and Segment Asset amounts previously reported as of December 31, 2019 have been reclassified from North America, Europe, Asia Pacific and South America from the tables below. The Company’s principal products within each of these segments are sealing, fuel and brake delivery, and fluid transfer systems. During the first quarter of 2019 and in prior periods, the Company also operated an anti-vibration systems product line. On April 1, 2019, the Company completed the divestiture of the AVS product line. The Company uses Segment adjusted EBITDA as the measure of earnings to assess the performance of each segment and determine the resources to be allocated to the segments. The results of each segment include certain allocations for general, administrative and other shared costs. Segment adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Certain financial information on the Company’s reportable segments was as follows: Three Months Ended March 31, 2020 2019 External Sales Intersegment Sales Adjusted EBITDA External Sales Intersegment Sales Adjusted EBITDA North America $ 334,801 $ 4,468 $ 37,019 $ 447,718 $ 4,707 $ 59,151 Europe 185,242 3,091 (4,623 ) 242,400 3,085 9,275 Asia Pacific 79,344 457 (17,057 ) 125,452 741 (407 ) South America 20,471 68 (4,577 ) 23,237 5 (1,033 ) Total Automotive 619,858 8,084 10,762 838,807 8,538 66,986 Corporate, eliminations and other 35,032 (8,084 ) (2,483 ) 39,188 (8,538 ) (2,852 ) Consolidated $ 654,890 $ — $ 8,279 $ 877,995 $ — $ 64,134 Three Months Ended March 31, 2020 2019 Adjusted EBITDA $ 8,279 $ 64,134 Impairment of assets held for sale (74,079 ) — Restructuring charges (7,276 ) (17,715 ) Project costs (2,425 ) (1,263 ) Other impairment charges (684 ) — Lease termination costs (520 ) — EBITDA $ (76,705 ) $ 45,156 Income tax benefit (expense) 14,117 (2,034 ) Interest expense, net of interest income (10,237 ) (11,932 ) Depreciation and amortization (37,763 ) (36,605 ) Net loss attributable to Cooper-Standard Holdings Inc. $ (110,588 ) $ (5,415 ) March 31, 2020 December 31, 2019 Segment assets: North America $ 1,011,035 $ 1,040,650 Europe 455,656 553,977 Asia Pacific 536,618 614,952 South America 58,923 65,438 Total Automotive 2,062,232 2,275,017 Corporate, eliminations and other 422,031 360,565 Consolidated $ 2,484,263 $ 2,635,582 |
Overview (Policies)
Overview (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of Presentation Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company” or “Cooper Standard”), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”), is a leading manufacturer of sealing, fuel and brake delivery, and fluid transfer systems. The Company’s products are primarily for use in passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers (“OEMs”) and replacement markets. The Company conducts substantially all of its activities through its subsidiaries. During the first quarter of 2019 and in prior periods, the Company also operated an anti-vibration systems (“AVS”) product line. On April 1, 2019, the Company completed the divestiture of its AVS product line. 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, 2019 (the “ 2019 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, 2020 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. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements ASU 2016-13, Financial Instruments — Credit Losses (Topic 326) On January 1, 2020, the Company adopted Accounting Standards Codification (“ASC”) 326, Financial Instruments – Credit Losses, and all related amendments using the modified retrospective method whereby the cumulative effect of adopting the standard was recognized in equity at the date of initial application. Comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The most prominent among the changes in the standard is the consideration of losses not yet incurred, but expected, based on current conditions and future forecasts. Adoption of the new standard resulted in an immaterial increase in the allowance for credit losses, which decreased the tooling receivable on the Company’s condensed consolidated balance sheet in 2020. The increase in credit loss expense was recorded as an adjustment to the opening balance of retained earnings. Adoption of the new standard had no impact on the Company’s condensed consolidated statement of operations or on cash provided by (used in) operating, financing or investing activities on its condensed consolidated cash flow statements. The cumulative effects of the changes made to the Company’s condensed consolidated balance sheet as of January 1, 2020 were as follows: Balance as of December 31, 2019 Adjustments due to adoption of ASC 326 Balance as of January 1, 2020 Tooling receivable, net $ 148,175 $ (1,573 ) $ 146,602 Retained earnings 619,448 (1,573 ) 617,875 The Company adopted the following Accounting Standard Updates (“ASU”) during the three months ended March 31, 2020 , which did not have a material impact on its condensed consolidated financial statements: Standard Description Effective Date ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract Aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. January 1, 2020 ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. January 1, 2020 |
New Accounting Pronouncements_2
New Accounting Pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases, Initial Application Period Cumulative Effect Transition [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The cumulative effects of the changes made to the Company’s condensed consolidated balance sheet as of January 1, 2020 were as follows: Balance as of December 31, 2019 Adjustments due to adoption of ASC 326 Balance as of January 1, 2020 Tooling receivable, net $ 148,175 $ (1,573 ) $ 146,602 Retained earnings 619,448 (1,573 ) 617,875 |
Assets Held for Sale and Dive_2
Assets Held for Sale and Divestiture (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The major classes of assets and liabilities held for sale were as follows: March 31, 2020 Accounts receivable, net $ 17,171 Tooling receivable, net 3,508 Inventories 18,157 Prepaid expenses 3,519 Other current assets 9,817 Property, plant and equipment, net 38,691 Operating lease right-of-use assets, net 2,782 Intangible assets, net 4,981 Other assets 1,188 Impairment of carrying value (74,079 ) Total assets held for sale $ 25,735 Accounts payable $ 29,341 Payroll liabilities 5,642 Accrued liabilities 9,137 Current operating lease liabilities 955 Pension benefits 3,461 Postretirement benefits other than pensions 2,715 Long-term operating lease liabilities 2,363 Other liabilities 1,838 Total liabilities related to assets held for sale $ 55,452 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disaggregation of Revenue [Table Text Block] | Revenue by customer group for the three months ended March 31, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 325,982 $ 170,781 $ 78,742 $ 20,439 $ — $ 595,944 Commercial 3,178 5,557 546 10 1,134 10,425 Other 5,641 8,904 56 22 33,898 48,521 Revenue $ 334,801 $ 185,242 $ 79,344 $ 20,471 $ 35,032 $ 654,890 Revenue by customer group for the three months ended March 31, 2019 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 436,866 $ 225,451 $ 125,355 $ 23,192 $ — $ 810,864 Commercial 5,792 8,425 — 23 547 14,787 Other 5,060 8,524 97 22 38,641 52,344 Revenue $ 447,718 $ 242,400 $ 125,452 $ 23,237 $ 39,188 $ 877,995 Revenue by product line for the three months ended March 31, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 124,556 $ 127,246 $ 49,024 $ 13,549 $ — $ 314,375 Fuel and brake delivery systems 104,934 28,562 19,818 5,747 — 159,061 Fluid transfer systems 105,311 21,945 10,502 1,175 — 138,933 Other — 7,489 — — 35,032 42,521 Consolidated $ 334,801 $ 185,242 $ 79,344 $ 20,471 $ 35,032 $ 654,890 Revenue by product line for the three months ended March 31, 2019 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 145,646 $ 155,391 $ 83,529 $ 17,829 $ — $ 402,395 Fuel and brake delivery systems 131,703 35,298 25,168 5,335 — 197,504 Fluid transfer systems 113,448 22,798 15,302 73 — 151,621 Anti-vibration systems 56,457 20,649 1,453 — — 78,559 Other 464 8,264 — — 39,188 47,916 Consolidated $ 447,718 $ 242,400 $ 125,452 $ 23,237 $ 39,188 $ 877,995 |
Contract with Customer, Asset and Liability [Table Text Block] | Net contract assets (liabilities) consisted of the following: March 31, 2020 December 31, 2019 Change Contract assets $ 9,130 $ 1,100 $ 8,030 Contract liabilities (43 ) (61 ) 18 Net contract assets $ 9,087 $ 1,039 $ 8,048 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Summary of Activity of Restructuring | Restructuring expense by segment for the three months ended March 31, 2020 and 2019 was as follows: Three Months Ended March 31, 2020 2019 North America $ 3,703 $ 5,208 Europe 2,193 6,103 Asia Pacific 133 2,513 South America 1,202 16 Total Automotive 7,231 13,840 Corporate and other 45 3,875 Total $ 7,276 $ 17,715 |
Schedule of Restructuring Reserve by Type of Cost | Restructuring activity for the three months ended March 31, 2020 was as follows: Employee Separation Costs Other Exit Costs Total Balance as of December 31, 2019 $ 22,990 $ 4,005 $ 26,995 Expense 4,415 2,861 7,276 Cash payments (6,362 ) (3,037 ) (9,399 ) Foreign exchange translation and other (626 ) (38 ) (664 ) Balance as of March 31, 2020 $ 20,417 $ 3,791 $ 24,208 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consist of the following: March 31, 2020 December 31, 2019 Finished goods $ 54,135 $ 57,070 Work in process 36,741 33,753 Raw materials and supplies 77,160 52,616 $ 168,036 $ 143,439 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Lease, Cost [Table Text Block] | The components of lease expense were as follows: Three Months Ended March 31, 2020 2019 Operating lease expense $ 8,605 $ 8,680 Short-term lease expense 1,010 679 Variable lease expense 250 215 Finance lease expense: Amortization of right-of-use assets 681 443 Interest on lease liabilities 385 455 Total lease expense $ 10,931 $ 10,472 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Other information related to leases was as follows: Three Months Ended March 31, 2020 2019 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 7,933 $ 8,656 Operating cash flows for finance leases 410 323 Financing cash flows for finance leases 648 267 Non-cash right-of-use assets obtained in exchange for lease obligations: Operating leases 37,205 164 Finance leases 61 9,452 Weighted Average Remaining Lease Term (in years) Operating leases 8.2 5.5 Finance leases 11.1 12.0 Weighted Average Discount Rate Operating leases 5.3 % 4.7 % Finance leases 6.1 % 9.6 % |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments under non-cancellable leases as of March 31, 2020 were as follows: Year Operating Leases Finance Leases Remainder of 2020 $ 21,117 $ 2,696 2021 23,120 3,543 2022 18,019 3,301 2023 15,143 3,047 2024 12,385 3,190 Thereafter 56,959 23,988 Total future minimum lease payments 146,743 39,765 Less imputed interest (31,164 ) (11,059 ) Total $ 115,579 $ 28,706 Amounts recognized on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 were as follows: March 31, 2020 December 31, 2019 Operating Leases Assets held for sale $ 2,782 $ — Operating lease right-of-use assets, net 113,090 83,376 Current operating lease liabilities 21,314 24,094 Liabilities held for sale 3,318 — Long-term operating lease liabilities 90,947 60,234 Finance Leases Debt payable within one year 2,284 2,343 Long-term debt 26,422 27,430 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following: March 31, 2020 December 31, 2019 Land and improvements $ 56,571 $ 66,670 Buildings and improvements 278,531 310,797 Machinery and equipment 1,163,390 1,204,457 Construction in progress 149,995 161,951 1,648,487 1,743,875 Accumulated depreciation (738,976 ) (755,598 ) Property, plant and equipment, net $ 909,511 $ 988,277 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill by Reportable Operating Segment | Changes in the carrying amount of goodwill by reporting unit for the three months ended March 31, 2020 were as follows: North America Industrial Specialty Group Total Balance as of December 31, 2019 $ 142,187 $ — $ 142,187 Reorganization (14,036 ) 14,036 — Foreign exchange translation (317 ) — (317 ) Balance as of March 31, 2020 $ 127,834 $ 14,036 $ 141,870 |
Intangible Assets and Accumulated Amortization Balances | Intangible assets and accumulated amortization balances as of March 31, 2020 and December 31, 2019 were as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 154,345 $ (116,066 ) $ 38,279 Other 43,595 (7,568 ) 36,027 Balance as of March 31, 2020 $ 197,940 $ (123,634 ) $ 74,306 Customer relationships $ 156,557 $ (113,871 ) $ 42,686 Other 49,556 (7,873 ) 41,683 Balance as of December 31, 2019 $ 206,113 $ (121,744 ) $ 84,369 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | A summary of outstanding debt as of March 31, 2020 and December 31, 2019 is as follows: March 31, 2020 December 31, 2019 Senior Notes $ 395,293 $ 395,114 Term Loan 325,455 326,061 ABL Facility — — Finance leases 28,706 29,773 Other borrowings 57,821 56,680 Total debt 807,275 807,628 Less current portion (62,530 ) (61,449 ) Total long-term debt $ 744,745 $ 746,179 |
Fair Value Measurements and F_2
Fair Value Measurements and Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and December 31, 2019 were as follows: March 31, 2020 December 31, 2019 Input Forward foreign exchange contracts - other current assets $ 203 $ 467 Level 2 Forward foreign exchange contracts - accrued liabilities (12,777 ) (42 ) Level 2 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair values of the Company’s Senior Notes and Term Loan Facility were as follows: March 31, 2020 December 31, 2019 Aggregate fair value $ 476,660 $ 693,600 Aggregate carrying value (1) 728,950 729,800 (1) Excludes unamortized debt issuance costs and unamortized original issue discount. |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Pretax amounts related to the Company’s cash flow hedges that were recognized in other comprehensive income (loss) (“OCI”) were as follows: Gain (Loss) Recognized in OCI Three Months Ended March 31, 2020 2019 Forward foreign exchange contracts $ (12,871 ) $ 1,943 |
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 Three Months Ended March 31, Classification 2020 2019 Forward foreign exchange contracts Cost of products sold $ 115 $ 325 |
Accounts Receivable Factoring (
Accounts Receivable Factoring (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 December 31, 2019 Off-balance sheet arrangements $ 102,605 $ 103,818 |
Receivables Factored and Costs Incurred [Table Text Block] | Accounts receivable factored and related costs throughout the period were as follows: Off-Balance Sheet Arrangements Three Months Ended March 31, 2020 2019 Accounts receivable factored $ 176,508 $ 173,703 Costs 309 325 |
Pension and Postretirement Be_2
Pension and Postretirement Benefits other than Pensions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 213 $ 989 $ 189 $ 1,111 Interest cost 2,033 782 2,952 1,060 Expected return on plan assets (3,421 ) (577 ) (4,155 ) (595 ) Amortization of prior service cost and actuarial loss 485 794 781 616 Net periodic benefit (income) cost $ (690 ) $ 1,988 $ (233 ) $ 2,192 Other Postretirement Benefits Three Months Ended March 31, 2020 2019 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 26 $ 96 $ 41 $ 117 Interest cost 170 173 259 203 Amortization of prior service credit and actuarial gain (483 ) 107 (742 ) 38 Net periodic benefit (income) cost $ (287 ) $ 376 $ (442 ) $ 358 |
Other Expense, Net (Tables)
Other Expense, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 Foreign currency losses $ (3,232 ) $ (284 ) Components of net periodic benefit cost other than service cost (63 ) (417 ) Losses on sales of receivables (309 ) (325 ) Miscellaneous income 164 230 Other expense, net $ (3,440 ) $ (796 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Income tax (benefit) expense, loss before income taxes and the corresponding effective tax rate for the three months ended March 31, 2020 and 2019 were as follows: Three Months Ended March 31, 2020 2019 Income tax (benefit) expense $ (14,117 ) $ 2,034 Loss before income taxes (126,556 ) (3,329 ) Effective tax rate 11 % (61 )% |
Net Income (Loss) Per Share A_2
Net Income (Loss) Per Share Attributable to Cooper-Standard Holdings Inc. (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Basic and diluted net income per share attributable | Information used to compute basic and diluted net loss per share attributable to Cooper-Standard Holdings Inc. was as follows: Three Months Ended March 31, 2020 2019 Net loss available to Cooper-Standard Holdings Inc. common stockholders $ (110,588 ) $ (5,415 ) Basic weighted average shares of common stock outstanding 16,883,717 17,535,195 Dilutive effect of common stock equivalents — — Diluted weighted average shares of common stock outstanding 16,883,717 17,535,195 Basic net loss per share attributable to Cooper-Standard Holdings Inc. $ (6.55 ) $ (0.31 ) Diluted net loss per share attributable to Cooper-Standard Holdings Inc. $ (6.55 ) $ (0.31 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive loss by component, net of related tax, were as follows: Three Months Ended March 31, 2020 2019 Foreign currency translation adjustment Balance at beginning of period $ (153,933 ) $ (141,104 ) Other comprehensive income (loss) before reclassifications (28,382 ) (1) 1,599 (1) Balance at end of period $ (182,315 ) $ (139,505 ) Benefit plan liabilities Balance at beginning of period $ (100,160 ) $ (104,375 ) Other comprehensive income before reclassifications 2,024 (2) 877 (2) Amounts reclassified from accumulated other comprehensive loss 658 (3) 510 (4) Balance at end of period $ (97,478 ) $ (102,988 ) Fair value change of derivatives Balance at beginning of period $ 352 $ (458 ) Other comprehensive income (loss) before reclassifications (9,984 ) (5) 1,490 (5) Amounts reclassified from accumulated other comprehensive loss (92 ) (6) (237 ) (6) Balance at end of period $ (9,724 ) $ 795 Accumulated other comprehensive loss, ending balance $ (289,517 ) $ (241,698 ) (1) Includes other comprehensive income (loss) related to intra-entity foreign currency balances that are of a long-term investment nature of $(22,703) and $2,814 for the three months ended March 31, 2020 and 2019 , respectively. (2) Net of tax expense of $337 and $11 for the three months ended March 31, 2020 and 2019 , respectively. (3) Includes the effect of the amortization of actuarial losses of $872 and amortization of prior service cost of $21 , net of tax of $235 . See Note 13. “Pension and Postretirement Benefits Other Than Pensions.” (4) Includes the effect of the amortization of prior service credits of $79 , offset by the amortization of actuarial losses of $773 , net of tax of $184 . See Note 13. “Pension and Postretirement Benefits Other Than Pensions.” (5) Net of tax (benefit) expense of $(2,887) and $453 for the three months ended March 31, 2020 and 2019 , respectively. See Note 11. “Fair Value Measurements and Financial Instruments.” (6) Net of tax expense of $23 and $88 for the three months ended March 31, 2020 and 2019 , respectively. See Note 11. “Fair Value Measurements and Financial Instruments.” |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation Expense By Type [Table Text Block] | Share-based compensation expense was as follows: Three Months Ended March 31, 2020 2019 PUs $ 74 $ 649 RSUs 1,643 1,722 Stock options 657 815 Total $ 2,374 $ 3,186 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 Sales (1) $ 6,075 $ 7,434 Purchases (2) 156 325 Dividends received (3) 5,245 4,917 (1) Relates to transactions with Nishikawa Cooper LLC (“NISCO”) (2) Relates to transactions with NISCO and Polyrub Cooper Standard FTS Private Limited (3) From NISCO and Nishikawa Tachaplalert Cooper Ltd. inclusive of any gross up of dividend related to withholding tax |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 External Sales Intersegment Sales Adjusted EBITDA External Sales Intersegment Sales Adjusted EBITDA North America $ 334,801 $ 4,468 $ 37,019 $ 447,718 $ 4,707 $ 59,151 Europe 185,242 3,091 (4,623 ) 242,400 3,085 9,275 Asia Pacific 79,344 457 (17,057 ) 125,452 741 (407 ) South America 20,471 68 (4,577 ) 23,237 5 (1,033 ) Total Automotive 619,858 8,084 10,762 838,807 8,538 66,986 Corporate, eliminations and other 35,032 (8,084 ) (2,483 ) 39,188 (8,538 ) (2,852 ) Consolidated $ 654,890 $ — $ 8,279 $ 877,995 $ — $ 64,134 Three Months Ended March 31, 2020 2019 Adjusted EBITDA $ 8,279 $ 64,134 Impairment of assets held for sale (74,079 ) — Restructuring charges (7,276 ) (17,715 ) Project costs (2,425 ) (1,263 ) Other impairment charges (684 ) — Lease termination costs (520 ) — EBITDA $ (76,705 ) $ 45,156 Income tax benefit (expense) 14,117 (2,034 ) Interest expense, net of interest income (10,237 ) (11,932 ) Depreciation and amortization (37,763 ) (36,605 ) Net loss attributable to Cooper-Standard Holdings Inc. $ (110,588 ) $ (5,415 ) March 31, 2020 December 31, 2019 Segment assets: North America $ 1,011,035 $ 1,040,650 Europe 455,656 553,977 Asia Pacific 536,618 614,952 South America 58,923 65,438 Total Automotive 2,062,232 2,275,017 Corporate, eliminations and other 422,031 360,565 Consolidated $ 2,484,263 $ 2,635,582 |
Overview - Correction of Errors
Overview - Correction of Errors - Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Sales | $ 654,890 | $ 877,995 |
Income tax (benefit) expense | (14,117) | 2,034 |
Net loss (income) attributable to noncontrolling interests | 1,851 | (52) |
Net (Loss) Income Attributable to Parent | $ (110,588) | $ (5,415) |
Basic | $ (6.55) | $ (0.31) |
Diluted | $ (6.55) | $ (0.31) |
Previously Reported [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Sales | $ 880,038 | |
Income tax (benefit) expense | 2,331 | |
Net loss (income) attributable to noncontrolling interests | 157 | |
Net (Loss) Income Attributable to Parent | $ (3,460) | |
Basic | $ (0.20) | |
Diluted | $ (0.20) | |
Adjustment [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Sales | $ (2,043) | |
Income tax (benefit) expense | (297) | |
Net loss (income) attributable to noncontrolling interests | (209) | |
Net (Loss) Income Attributable to Parent | $ (1,955) | |
Basic | $ (0.11) | |
Diluted | $ (0.11) |
Overview - Correction of Erro_2
Overview - Correction of Errors - Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Currency translation adjustment | $ (28,889) | $ 1,970 |
Comprehensive loss (income) attributable to noncontrolling interests | 2,358 | (423) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (146,364) | (1,176) |
Previously Reported [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Currency translation adjustment | 2,219 | |
Comprehensive loss (income) attributable to noncontrolling interests | (247) | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 995 | |
Adjustment [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Currency translation adjustment | (249) | |
Comprehensive loss (income) attributable to noncontrolling interests | 176 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (2,171) |
Overview - Correction of Erro_3
Overview - Correction of Errors (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 727,561 | $ 844,080 | $ 875,982 | $ 851,475 | |
Retained Earnings (Accumulated Deficit) | 507,287 | 619,448 | $ 617,875 | ||
Accumulated other comprehensive loss | (289,517) | (253,741) | |||
Noncontrolling interests | 17,449 | $ 19,807 | |||
Net loss | (112,439) | (5,363) | |||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | $ (10,455) | 39,366 | |||
Adjustment [Member] | |||||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (10,022) | ||||
Retained Earnings (Accumulated Deficit) | (8,765) | ||||
Accumulated other comprehensive loss | (65) | ||||
Noncontrolling interests | (1,192) | ||||
Net loss | (1,746) | ||||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | $ 1,746 |
New Accounting Pronouncements C
New Accounting Pronouncements Cumulative effect of adoption (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Tooling receivable, net | $ 139,049 | $ 148,175 | $ 146,602 |
Retained Earnings (Accumulated Deficit) | $ 507,287 | $ 619,448 | 617,875 |
Retained Earnings [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ (1,573) |
Assets Held for Sale and Dive_3
Assets Held for Sale and Divestiture (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Receivables Held-for-sale, Amount | $ 17,171 | ||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 3,508 | ||
Disposal Group, Including Discontinued Operation, Inventory | 18,157 | ||
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets | 3,519 | ||
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets, Current | 9,817 | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 38,691 | ||
Disposal Group, Including Discontinued Operation, Intangible Assets, Current | 4,981 | ||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 1,188 | ||
Impairment of assets held for sale | (74,079) | $ 0 | |
Assets held for sale | 25,735 | $ 0 | |
Disposal Group, Including Discontinued Operation, Accounts Payable | 29,341 | ||
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Liabilities | 5,642 | ||
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 9,137 | ||
Disposal Group, Including Discontinued Operation, Pension Plan Benefit Obligation | 3,461 | ||
Disposal Group, Including Discontinued Operation, Postretirement Plan Benefit Obligation | 2,715 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities | 1,838 | ||
Liabilities held for sale | 55,452 | 0 | |
Held-for-sale, Current operating lease liabilities [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Liabilities held for sale | 955 | ||
Held-for-sale, Long-term operating lease liabilities [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Liabilities held for sale | 2,363 | ||
Operating Leases [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Assets held for sale | 2,782 | 0 | |
Liabilities held for sale | $ 3,318 | $ 0 |
Revenue Revenue by end customer
Revenue Revenue by end customer (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 654,890 | $ 877,995 |
Passenger and Light Duty | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 595,944 | 810,864 |
Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 10,425 | 14,787 |
Other Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 48,521 | 52,344 |
North America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 334,801 | 447,718 |
North America [Member] | Passenger and Light Duty | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 325,982 | 436,866 |
North America [Member] | Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 3,178 | 5,792 |
North America [Member] | Other Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 5,641 | 5,060 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 185,242 | 242,400 |
Europe [Member] | Passenger and Light Duty | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 170,781 | 225,451 |
Europe [Member] | Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 5,557 | 8,425 |
Europe [Member] | Other Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 8,904 | 8,524 |
Asia Pacific [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 79,344 | 125,452 |
Asia Pacific [Member] | Passenger and Light Duty | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 78,742 | 125,355 |
Asia Pacific [Member] | Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 546 | 0 |
Asia Pacific [Member] | Other Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 56 | 97 |
South America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 20,471 | 23,237 |
South America [Member] | Passenger and Light Duty | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 20,439 | 23,192 |
South America [Member] | Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 10 | 23 |
South America [Member] | Other Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 22 | 22 |
Corporate and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 35,032 | 39,188 |
Corporate and Other [Member] | Passenger and Light Duty | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Corporate and Other [Member] | Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 1,134 | 547 |
Corporate and Other [Member] | Other Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 33,898 | $ 38,641 |
Revenue Revenue by type (Detail
Revenue Revenue by type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 654,890 | $ 877,995 |
Sealing systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 314,375 | 402,395 |
Fuel and brake delivery systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 159,061 | 197,504 |
Fluid transfer systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 138,933 | 151,621 |
Anti-vibration systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 78,559 | |
Other products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 42,521 | 47,916 |
North America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 334,801 | 447,718 |
North America [Member] | Sealing systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 124,556 | 145,646 |
North America [Member] | Fuel and brake delivery systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 104,934 | 131,703 |
North America [Member] | Fluid transfer systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 105,311 | 113,448 |
North America [Member] | Anti-vibration systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 56,457 | |
North America [Member] | Other products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 464 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 185,242 | 242,400 |
Europe [Member] | Sealing systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 127,246 | 155,391 |
Europe [Member] | Fuel and brake delivery systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 28,562 | 35,298 |
Europe [Member] | Fluid transfer systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 21,945 | 22,798 |
Europe [Member] | Anti-vibration systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 20,649 | |
Europe [Member] | Other products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 7,489 | 8,264 |
Asia Pacific [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 79,344 | 125,452 |
Asia Pacific [Member] | Sealing systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 49,024 | 83,529 |
Asia Pacific [Member] | Fuel and brake delivery systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 19,818 | 25,168 |
Asia Pacific [Member] | Fluid transfer systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 10,502 | 15,302 |
Asia Pacific [Member] | Anti-vibration systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 1,453 | |
Asia Pacific [Member] | Other products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
South America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 20,471 | 23,237 |
South America [Member] | Sealing systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 13,549 | 17,829 |
South America [Member] | Fuel and brake delivery systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 5,747 | 5,335 |
South America [Member] | Fluid transfer systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 1,175 | 73 |
South America [Member] | Anti-vibration systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | |
South America [Member] | Other products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Corporate and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 35,032 | 39,188 |
Corporate and Other [Member] | Sealing systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Corporate and Other [Member] | Fuel and brake delivery systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Corporate and Other [Member] | Fluid transfer systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Corporate and Other [Member] | Anti-vibration systems [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | |
Corporate and Other [Member] | Other products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 35,032 | $ 39,188 |
Revenue Net contract assets (li
Revenue Net contract assets (liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Net contract assets (liabilities) [Abstract] | ||
Contract with Customer, Asset, Gross, Current | $ 9,130 | $ 1,100 |
Contract with Customer, Asset, Explanation of Change | 8,030 | |
Contract with Customer, Liability, Current | (43) | (61) |
Contract with Customer, Liability, Explanation of Change | 18 | |
Contract with Customer, Asset, Net, Current | 9,087 | $ 1,039 |
Contract with Customer, Net, Explanation of Change | $ 8,048 |
Revenue Revenue other (Details)
Revenue Revenue other (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Disaggregation of Revenue [Line Items] | ||
Accrued Liabilities, Current | $ 120,383 | $ 119,841 |
Other liabilities | 44,802 | 44,939 |
Short-term Contract with Customer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Accrued Liabilities, Current | 11,954 | 12,916 |
Long-term Contract with Customer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other liabilities | $ 7,360 | $ 9,502 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 7,276 | $ 17,715 |
North America [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 3,703 | 5,208 |
Europe [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 2,193 | 6,103 |
Asia Pacific [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 133 | 2,513 |
South America [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 1,202 | 16 |
Automotive [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 7,231 | 13,840 |
Corporate and Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 45 | $ 3,875 |
Restructuring - Summary of Acti
Restructuring - Summary of Activity of Restructuring (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Beginning Balance | $ 26,995 | |
Restructuring charges | 7,276 | $ 17,715 |
Cash payments | (9,399) | |
Foreign exchange translation and other | (664) | |
Restructuring Reserve, Ending Balance | 24,208 | |
Employee Separation Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Beginning Balance | 22,990 | |
Restructuring charges | 4,415 | |
Cash payments | (6,362) | |
Foreign exchange translation and other | (626) | |
Restructuring Reserve, Ending Balance | 20,417 | |
Other Exit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Beginning Balance | 4,005 | |
Restructuring charges | 2,861 | |
Cash payments | (3,037) | |
Foreign exchange translation and other | (38) | |
Restructuring Reserve, Ending Balance | $ 3,791 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 54,135 | $ 57,070 |
Work in process | 36,741 | 33,753 |
Raw materials and supplies | 77,160 | 52,616 |
Inventories | $ 168,036 | $ 143,439 |
Leases Components of lease expe
Leases Components of lease expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Lease, Cost | $ 8,605 | $ 8,680 |
Short-term Lease, Cost | 1,010 | 679 |
Variable Lease, Cost | 250 | 215 |
Finance Lease, Right-of-Use Asset, Amortization | 681 | 443 |
Finance Lease, Interest Expense | 385 | 455 |
Lease, Cost | $ 10,931 | $ 10,472 |
Leases Additional Lease Disclos
Leases Additional Lease Disclosure (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Lease, Payments | $ 7,933 | $ 8,656 |
Finance Lease, Principal Payments | 410 | 323 |
Finance leases, finance cash flows | 648 | 267 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 37,205 | 164 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 61 | $ 9,452 |
Operating Lease, Weighted Average Remaining Lease Term | 8 years 2 months 12 days | 5 years 6 months |
Finance Lease, Weighted Average Remaining Lease Term | 11 years 1 month 6 days | 12 years |
Operating Lease, Weighted Average Discount Rate, Percent | 5.30% | 4.70% |
Finance Lease, Weighted Average Discount Rate, Percent | 6.10% | 9.60% |
Leases Future minimum lease pay
Leases Future minimum lease payments (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Operating Leases [Member] | |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 21,117 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 23,120 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 18,019 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 15,143 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 12,385 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 56,959 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 146,743 |
Imputed Interest | (31,164) |
Lessee, Operating Lease, Liability, Payments, Due | 115,579 |
Finance Leases [Member] | |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 2,696 |
Finance Lease, Liability, Payments, Due Year Two | 3,543 |
Finance Lease, Liability, Payments, Due Year Three | 3,301 |
Finance Lease, Liability, Payments, Due Year Four | 3,047 |
Finance Lease, Liability, Payments, Due Year Five | 3,190 |
Finance Lease, Liability, Payments, Due after Year Five | 23,988 |
Finance Lease, Liability, Undiscounted Excess Amount | 39,765 |
Imputed Interest | (11,059) |
Finance Lease, Liability, Payment, Due | $ 28,706 |
Leases Lease Amounts Recognized
Leases Lease Amounts Recognized on Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||
Assets held for sale | $ 25,735 | $ 0 |
Operating lease right-of-use assets, net | 113,090 | 83,376 |
Current operating lease liabilities | 21,314 | 24,094 |
Disposal Group, Including Discontinued Operation, Liabilities | 55,452 | 0 |
Long-term operating lease liabilities | 90,947 | 60,234 |
Operating Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Assets held for sale | 2,782 | 0 |
Operating lease right-of-use assets, net | 113,090 | 83,376 |
Current operating lease liabilities | 21,314 | 24,094 |
Disposal Group, Including Discontinued Operation, Liabilities | 3,318 | 0 |
Long-term operating lease liabilities | 90,947 | 60,234 |
Finance Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Liability, Current | 2,284 | 2,343 |
Finance Lease, Liability, Noncurrent | $ 26,422 | $ 27,430 |
Leases Leases (Details)
Leases Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Finance Lease, Right-of-Use Asset | $ 31,705 | $ 32,571 |
Lessee, Operating Lease, Lease Not yet Commenced, Amount | $ 1,725 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Land and improvements | $ 56,571 | $ 66,670 |
Buildings and improvements, gross | 278,531 | 310,797 |
Machinery and equipment, gross | 1,163,390 | 1,204,457 |
Construction in progress, gross | 149,995 | 161,951 |
Property, Plant and Equipment, Gross | 1,648,487 | 1,743,875 |
Accumulated depreciation | (738,976) | (755,598) |
Property, plant and equipment, net | $ 909,511 | $ 988,277 |
Property, Plant and Equipment A
Property, Plant and Equipment Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Other impairment charges | $ 977 | $ 0 |
Goodwill and Intangibles - Carr
Goodwill and Intangibles - Carrying Amount of Goodwill by Reportable Operating Segment (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 142,187 |
Goodwill, Transfers | 0 |
Goodwill, Foreign Currency Translation Gain (Loss) | (317) |
Goodwill, Ending Balance | 141,870 |
North America [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 142,187 |
Goodwill, Transfers | (14,036) |
Goodwill, Foreign Currency Translation Gain (Loss) | (317) |
Goodwill, Ending Balance | 127,834 |
Industrial Specialty Group [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 0 |
Goodwill, Transfers | 14,036 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 |
Goodwill, Ending Balance | $ 14,036 |
Goodwill and Intangibles - Inta
Goodwill and Intangibles - Intangible Assets and Accumulated Amortization Balances (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 197,940 | $ 206,113 |
Accumulated Amortization | (123,634) | (121,744) |
Net Carrying Amount | 74,306 | 84,369 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 154,345 | 156,557 |
Accumulated Amortization | (116,066) | (113,871) |
Net Carrying Amount | 38,279 | 42,686 |
Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 43,595 | 49,556 |
Accumulated Amortization | (7,568) | (7,873) |
Net Carrying Amount | $ 36,027 | $ 41,683 |
Debt - Outstanding Debt (Detail
Debt - Outstanding Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Senior Notes | $ 395,293 | $ 395,114 |
Term Loan | 325,455 | 326,061 |
ABL Facility | 0 | 0 |
Finance Lease, Liability | 28,706 | 29,773 |
Other borrowings | 57,821 | 56,680 |
Total debt | 807,275 | 807,628 |
Less current portion | (62,530) | (61,449) |
Total long-term debt | $ 744,745 | $ 746,179 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Nov. 02, 2016 | |
Credit Facilities [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 145,661 | ||
Write off of Deferred Debt Issuance Cost | 177 | ||
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 | $ 4,707 | $ 4,886 | |
Medium-term Notes [Member] | |||
Credit Facilities [Line Items] | |||
Debt Instrument, Face Amount | $ 340,000 | ||
Term Loan Facility, Credit Terms | 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 | ||
Debt Instrument, Maturity Date | Nov. 2, 2023 | ||
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 | ||
Unamortized Debt Issuance Expense | $ 2,125 | 2,273 | |
Debt Instrument, Unamortized Discount | 1,370 | 1,466 | |
Revolving Credit Facility [Member] | |||
Credit Facilities [Line Items] | |||
Line of Credit Facility, Commitment Amount | 180,000 | $ 210,000 | |
Letter of credit sub-facility | 100,000 | ||
Swing line sub-facility | 25,000 | ||
Uncommitted incremental loan facility | 100,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 280,000 | ||
Line of Credit Facility, Current Borrowing Capacity | 173,278 | ||
Letters of Credit Outstanding, Amount | $ 10,289 | ||
Debt Instrument, Maturity Date | Mar. 24, 2025 | ||
Unamortized Debt Issuance Expense | $ 1,352 | $ 657 |
Fair Value Measurements and F_3
Fair Value Measurements and Financial Instruments - Fair Value Hierarchy Level for Company's Liabilities Measured (Detail) - Level 2 [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Other Current Assets [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Forward foreign exchange contract asset | $ 203 | $ 467 |
Accrued Liabilities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Forward foreign exchange contract liability | $ (12,777) | $ (42) |
Fair Value Measurements and F_4
Fair Value Measurements and Financial Instruments - Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value of Debt Instruments [Abstract] | ||
Long-term Debt, Fair Value | $ 476,660 | $ 693,600 |
Long-term Debt, Gross | $ 728,950 | $ 729,800 |
Fair Value Measurements and F_5
Fair Value Measurements and Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, Notional Amount | $ 101,856 | $ 92,150 |
Fair Value Measurements and F_6
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, 2020 | Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | $ (12,871) | $ 1,943 |
Fair Value Measurements and F_7
Fair Value Measurements and Financial Instruments - Reclassifications out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 115 | $ 325 |
Accounts Receivable Factoring A
Accounts Receivable Factoring Amounts outstanding under receivable transfer agreements (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Transfers and Servicing [Abstract] | ||
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | $ 102,605 | $ 103,818 |
Accounts Receivable Factoring R
Accounts Receivable Factoring Receivables Factored and Costs Incurred (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Transfers and Servicing [Abstract] | ||
Total amount of accounts receivable factored without recourse | $ 176,508 | $ 173,703 |
Costs incurred on sale of receivables without recourse | $ 309 | $ 325 |
Accounts Receivable Factoring_2
Accounts Receivable Factoring Additional Detail (Details) $ in Thousands, € in Millions | Mar. 31, 2020USD ($) | Mar. 31, 2020EUR (€) | Dec. 31, 2019USD ($) |
Accounts Receivable Factoring [Abstract] | |||
Account Receivable Factoring, Authorized Amount [Line Items] | € | € 120 | ||
Cash collected on behalf of factor | $ | $ 17,377 | $ 21,485 |
Pension and Postretirement Be_3
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, 2020 | Mar. 31, 2019 | |
Foreign Plan [Member] | Pension Plan [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | $ 989 | $ 1,111 |
Interest cost | 782 | 1,060 |
Expected return on plan assets | (577) | (595) |
Amortization of prior service cost credit and recognized actuarial gain (loss) | 794 | 616 |
Net periodic benefit (income) cost | 1,988 | 2,192 |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | 96 | 117 |
Interest cost | 173 | 203 |
Amortization of prior service cost credit and recognized actuarial gain (loss) | 107 | 38 |
Net periodic benefit (income) cost | 376 | 358 |
UNITED STATES | Pension Plan [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | 213 | 189 |
Interest cost | 2,033 | 2,952 |
Expected return on plan assets | (3,421) | (4,155) |
Amortization of prior service cost credit and recognized actuarial gain (loss) | 485 | 781 |
Net periodic benefit (income) cost | (690) | (233) |
UNITED STATES | Other Postretirement Benefits Plan [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | 26 | 41 |
Interest cost | 170 | 259 |
Amortization of prior service cost credit and recognized actuarial gain (loss) | (483) | 742 |
Net periodic benefit (income) cost | $ (287) | $ (442) |
Pension and Postretirement Be_4
Pension and Postretirement Benefits other than Pensions Pensions - Additional Information (Details) $ in Thousands | Mar. 31, 2020USD ($) |
UNITED STATES | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 3,600 |
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, 2020 | Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | ||
Foreign currency losses | $ (3,232) | $ (284) |
Components of Net Periodic Benefit Cost Other than Service Cost | (63) | (417) |
Losses on sales of receivables | (309) | (325) |
Miscellaneous income | 164 | 230 |
Other expense, net | $ (3,440) | $ (796) |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax [Line Items] | ||
Income tax expense (benefit) | $ (14,117) | $ 2,034 |
Loss before income taxes | $ (126,556) | $ (3,329) |
Effective tax rate | 11.00% | (61.00%) |
Income Taxes Additional Informa
Income Taxes Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Income Tax Disclosure [Abstract] | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 13,309 |
Net Income (Loss) Per Share A_3
Net Income (Loss) Per Share Attributable to Cooper-Standard Holdings Inc. - Basic and Diluted Net Income Per Share Attributable (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income available to Cooper-Standard Holdings Inc. common stockholders | $ (110,588) | $ (5,415) |
Basic weighted average shares of common stock outstanding | 16,883,717 | 17,535,195 |
Dilutive effect of common stock equivalents | 0 | 0 |
Diluted weighted average shares of common stock outstanding | 16,883,717 | 17,535,195 |
Basic net income per share attributable to Cooper-Standard Holdings Inc. | $ (6.55) | $ (0.31) |
Diluted net income per share attributable to Cooper-Standard Holdings Inc. | $ (6.55) | $ (0.31) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||
Beginning Balance | $ (253,741) | |
Ending Balance | (289,517) | |
Cumulative currency translation adjustment [Member] | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||
Beginning Balance | (153,933) | $ (141,104) |
Other comprehensive income (loss) before reclassifications | (28,382) | 1,599 |
Ending Balance | (182,315) | (139,505) |
Benefit plan liabilities [Member] | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||
Beginning Balance | (100,160) | (104,375) |
Other comprehensive income (loss) before reclassifications | 2,024 | 877 |
Amounts reclassified from accumulated other comprehensive income (loss) | 658 | 510 |
Ending Balance | (97,478) | (102,988) |
Fair value change of derivatives [Member] | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||
Beginning Balance | 352 | (458) |
Other comprehensive income (loss) before reclassifications | (9,984) | 1,490 |
Amounts reclassified from accumulated other comprehensive income (loss) | (92) | (237) |
Ending Balance | (9,724) | 795 |
Accumulated other comprehensive loss [Member] | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||
Ending Balance | $ (289,517) | $ (241,698) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Income (Loss) (Additional Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Additional Detail [Line Items] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | $ 22,703 | $ (2,814) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax (Benefit) Expense | 337 | 11 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Amortization of Actuarial Losses, Reclassification Adjustment from AOCI, before Tax | (872) | (773) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Credit, Reclassification Adjustment from AOCI, before Tax | (21) | 79 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax Expense (Benefit) | (235) | 184 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax Expense (Benefit) | (2,887) | 453 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax Expense | $ 23 | $ 88 |
Common Stock (Details)
Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2020 | |
Equity, Class of Treasury Stock [Line Items] | ||
Repurchase of common stock | $ 5,937 | |
2018 Program [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 150,000 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 98,720 | |
Open Market [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Treasury Stock Acquired, Average Cost Per Share | $ 69.85 | |
Repurchase of common stock (shares) | 85,000 | |
Repurchase of common stock | $ 5,937 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 2,374 | $ 3,186 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | 74 | 649 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | 1,643 | 1,722 |
Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 657 | $ 815 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | Mar. 31, 2020 |
Share-based Payment Arrangement [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% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Revenue From Related Parties | $ 6,075 | $ 7,434 |
Related Party Transaction, Purchases from Related Party | 156 | 325 |
Proceeds from Equity Method Investment, Distribution | $ 5,245 | $ 4,917 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Related Party Transaction Due From To Related Party [Line Items] | ||
Due from Related Party | $ 4,070 | $ 4,297 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 5,835 | $ 6,104 |
Segment Reporting Information o
Segment Reporting Information on Company's Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Sales | $ 654,890 | $ 877,995 | |
Intersegment sales | 0 | 0 | |
Adjusted EBITDA | 8,279 | 64,134 | |
Segment assets | 2,484,263 | $ 2,635,582 | |
Reportable Geographical Components [Member] | North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 334,801 | 447,718 | |
Intersegment sales | 4,468 | 4,707 | |
Adjusted EBITDA | 37,019 | 59,151 | |
Segment assets | 1,011,035 | 1,040,650 | |
Reportable Geographical Components [Member] | Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 185,242 | 242,400 | |
Intersegment sales | 3,091 | 3,085 | |
Adjusted EBITDA | (4,623) | 9,275 | |
Segment assets | 455,656 | 553,977 | |
Reportable Geographical Components [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 79,344 | 125,452 | |
Intersegment sales | 457 | 741 | |
Adjusted EBITDA | (17,057) | (407) | |
Segment assets | 536,618 | 614,952 | |
Reportable Geographical Components [Member] | South America [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 20,471 | 23,237 | |
Intersegment sales | 68 | 5 | |
Adjusted EBITDA | (4,577) | (1,033) | |
Segment assets | 58,923 | 65,438 | |
Automotive [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 619,858 | 838,807 | |
Intersegment sales | 8,084 | 8,538 | |
Adjusted EBITDA | 10,762 | 66,986 | |
Segment assets | 2,062,232 | 2,275,017 | |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 35,032 | 39,188 | |
Intersegment sales | (8,084) | (8,538) | |
Adjusted EBITDA | (2,483) | $ (2,852) | |
Segment assets | $ 422,031 | $ 360,565 |
Segment Reporting Adjusted EBIT
Segment Reporting Adjusted EBITDA to Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Adjusted EBITDA | $ 8,279 | $ 64,134 |
Impairment of assets held for sale | 74,079 | 0 |
Restructuring Charges | (7,276) | (17,715) |
Project Costs | (2,425) | (1,263) |
Other impairment charges | (977) | 0 |
Lease termination costs | (520) | 0 |
EBITDA | (76,705) | 45,156 |
Income tax expense (benefit) | 14,117 | (2,034) |
Interest expense, net of interest income | (10,237) | (11,932) |
Depreciation and amortization | (37,763) | (36,605) |
Net (Loss) Income Attributable to Parent | (110,588) | $ (5,415) |
Parent [Member] | ||
Other impairment charges | $ 684 |
Uncategorized Items - cps-q1202
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,573,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (2,607,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (2,607,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (1,573,000) |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Cooper Standard Holdings Inc Equity [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (2,607,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,573,000) |