Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 10, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 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 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 187,153,693 | ||
Entity Common Stock, Shares Outstanding | 16,897,085 | ||
Entity Central Index Key | 0001320461 | ||
Amendment Flag | false | ||
ICFR Auditor Attestation Flag | true |
CONSOLIDATED STATEMENTS OF NET
CONSOLIDATED STATEMENTS OF NET INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Sales | $ 2,375,439 | $ 3,108,400 | $ 3,624,042 |
Cost of products sold | 2,227,892 | 2,749,278 | 3,075,737 |
Gross profit | 147,547 | 359,122 | 548,305 |
Selling, administration & engineering expenses | 263,611 | 302,496 | 314,805 |
Gain (Loss) on Disposition of Business | (2,834) | (191,571) | 0 |
Gain on sale of land | 0 | 0 | 10,377 |
Amortization of intangibles | 11,611 | 17,966 | 14,844 |
Impairment of assets held for sale | 86,470 | 0 | 0 |
Goodwill impairment charges | 0 | 0 | (45,281) |
Other impairment charges | 17,893 | 23,139 | 43,706 |
Restructuring charges | 39,482 | 51,102 | 29,722 |
Operating profit | (268,686) | 155,990 | 110,324 |
Interest expense, net of interest income | (59,167) | (44,113) | (41,004) |
Equity in earnings of affiliates | 396 | 6,504 | 6,718 |
Loss on refinancing and extinguishment of debt | 0 | 0 | (770) |
Pension Settlement Charges | (184) | (15,819) | (775) |
Other expense, net | (2,580) | (4,260) | (4,838) |
(Loss) income before income taxes | (330,221) | 98,302 | 69,655 |
Income Tax Expense (Benefit) | (60,847) | 36,089 | (29,400) |
Net (loss) income | (269,374) | 62,213 | 99,055 |
Net loss attributable to noncontrolling interests | 1,769 | 5,316 | 4,546 |
Net (loss) income attributable to Cooper-Standard Holdings Inc. | $ (267,605) | $ 67,529 | $ 103,601 |
Earnings per share | |||
Basic (in dollars per share) | $ (15.82) | $ 3.94 | $ 5.79 |
Diluted (in dollars per share) | $ (15.82) | $ 3.92 | $ 5.66 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (269,374) | $ 62,213 | $ 99,055 |
Other comprehensive income (loss): | |||
Currency translation adjustment | 18,429 | (13,308) | (46,902) |
Benefit plan liabilities adjustment, net of tax | (5,919) | 4,215 | 4,943 |
Fair value change of derivatives, net of tax | 410 | 810 | 1,009 |
Other comprehensive income (loss), net of tax | 12,920 | (8,283) | (40,950) |
Comprehensive (loss) income | (256,454) | 53,930 | 58,105 |
Comprehensive (income) loss attributable to noncontrolling interests | 694 | 5,795 | 6,172 |
Comprehensive (loss) income attributable to Cooper-Standard Holdings Inc. | $ (255,760) | $ 59,725 | $ 64,277 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 438,438 | $ 359,536 |
Accounts receivable, net | 379,564 | 423,155 |
Tooling receivable | 82,150 | 148,175 |
Inventories | 143,742 | 143,439 |
Prepaid expenses | 29,748 | 34,452 |
Income tax receivable and refundable credits | 85,977 | 32,763 |
Other current assets | 100,110 | 60,750 |
Total current assets | 1,259,729 | 1,202,270 |
Property, plant and equipment, net | 892,309 | 988,277 |
Operating lease right-of-use assets, net | 109,795 | 83,376 |
Goodwill | 142,250 | 142,187 |
Intangibles assets, net | 67,679 | 84,369 |
Deferred tax assets | 66,111 | 56,662 |
Other assets | 74,071 | 78,441 |
Total assets | 2,611,944 | 2,635,582 |
Current liabilities: | ||
Debt payable within one year | 40,731 | 61,449 |
Accounts payable | 385,284 | 426,055 |
Payroll liabilities | 112,727 | 88,486 |
Accrued liabilities | 110,827 | 119,841 |
Current operating lease liabilities | 21,711 | 24,094 |
Total current liabilities | 671,280 | 719,925 |
Long-term debt | 982,760 | 746,179 |
Pension benefits | 152,230 | 140,010 |
Postretirement benefits other than pensions | 49,613 | 48,313 |
Long-term operating lease liabilities | 90,517 | 60,234 |
Deferred tax liabilities | 8,638 | 10,785 |
Other liabilities | 32,795 | 34,154 |
Total liabilities | 1,987,833 | 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; 18,962,894 shares issued and 16,897,085 outstanding as of December 31, 2020 and 18,908,566 shares issued and 16,842,757 outstanding as of December 31, 2019 | 17 | 17 |
Additional paid-in capital | 498,719 | 490,451 |
Retained earnings | 350,270 | 619,448 |
Accumulated other comprehensive loss | (241,896) | (253,741) |
Total Cooper-Standard Holdings Inc. equity | 607,110 | 856,175 |
Noncontrolling interests | 17,001 | 19,807 |
Total equity | 624,111 | 875,982 |
Total liabilities and equity | $ 2,611,944 | $ 2,635,582 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Cumulative participating convertible preferred stock, dividend rate percentage | 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 | 18,962,894 | 18,908,566 |
Common stock, shares outstanding | 16,897,085 | 16,842,757 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive loss [Member] | Accumulated other comprehensive loss [Member]Cumulative Effect, Period of Adoption, Adjustment | Cooper Standard Holdings Inc Equity Deficit [Member] | Cooper Standard Holdings Inc Equity Deficit [Member]Cumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interest [Member] | Cooper Standard Holdings Inc Equity [Member] | LS Mtron Member [Member] | LS Mtron Member [Member]Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2017 | $ 852,101 | $ 18 | $ 512,815 | $ 508,722 | $ 8,639 | $ (197,974) | $ (8,639) | $ 823,581 | $ 28,520 | |||||
Beginning Balance (in shares) at Dec. 31, 2017 | 17,914,599 | |||||||||||||
Treasury Stock, Shares, Acquired | (549,019) | |||||||||||||
Treasury Stock, Value, Acquired, Cost Method | (60,566) | $ (1) | (14,259) | (46,306) | (60,566) | |||||||||
Share-based compensation, net (in shares) | 189,157 | |||||||||||||
Share-based compensation, net | 196 | $ 0 | 5,637 | (5,441) | 196 | |||||||||
Purchase of noncontrolling interest | (2,370) | 2,682 | 2,682 | (312) | ||||||||||
Contribution from noncontrolling interests | 1,377 | 1,377 | $ 6,246 | $ 6,246 | ||||||||||
Dividends paid to noncontrolling interests | (3,614) | (3,614) | ||||||||||||
Net income (loss) | 99,055 | 103,601 | 103,601 | (4,546) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (40,950) | (39,324) | (39,324) | (1,626) | ||||||||||
Ending Balance at Dec. 31, 2018 | 851,475 | $ (2,607) | $ 17 | 501,511 | 569,215 | (2,607) | (245,937) | 824,806 | $ (2,607) | 26,669 | ||||
Ending Balance (in shares) at Dec. 31, 2018 | 17,554,737 | |||||||||||||
Treasury Stock, Shares, Acquired | (817,954) | |||||||||||||
Treasury Stock, Value, Acquired, Cost Method | (35,937) | $ 0 | (21,459) | (14,478) | (35,937) | |||||||||
Share-based compensation, net (in shares) | 105,974 | |||||||||||||
Share-based compensation, net | 8,890 | 9,101 | (211) | 8,890 | ||||||||||
Purchase of noncontrolling interest | (4,759) | (1,298) | (1,298) | 6,057 | ||||||||||
Contribution from noncontrolling interests | 6,048 | 6,048 | ||||||||||||
Dividends paid to noncontrolling interests | (1,058) | (1,058) | ||||||||||||
Net income (loss) | 62,213 | 67,529 | 67,529 | (5,316) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (8,283) | (7,804) | (7,804) | (479) | ||||||||||
Ending Balance at Dec. 31, 2019 | $ 875,982 | $ (1,573) | $ 17 | 490,451 | 619,448 | $ (1,573) | (253,741) | 856,175 | $ (1,573) | 19,807 | ||||
Ending Balance (in shares) at Dec. 31, 2019 | 16,842,757 | 16,842,757 | ||||||||||||
Share-based compensation, net (in shares) | 54,328 | |||||||||||||
Share-based compensation, net | $ 8,268 | $ 0 | 8,268 | 0 | 8,268 | |||||||||
Purchase of noncontrolling interest | (2,112) | 2,112 | $ 0 | |||||||||||
Net income (loss) | (269,374) | (267,605) | (267,605) | (1,769) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | 12,920 | 11,845 | 11,845 | 1,075 | ||||||||||
Ending Balance at Dec. 31, 2020 | $ 624,111 | $ 17 | $ 498,719 | $ 350,270 | $ (241,896) | $ 607,110 | $ 17,001 | |||||||
Ending Balance (in shares) at Dec. 31, 2020 | 16,897,085 | 16,897,085 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS € in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Operating Activities: | |||
Net income (loss) | $ (269,374) | $ 62,213 | $ 99,055 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 142,618 | 133,987 | 131,854 |
Amortization of intangibles | 11,611 | 17,966 | 14,844 |
Impairment of assets held for sale | 86,470 | 0 | 0 |
Gain (Loss) on Disposition of Business | (2,834) | (191,571) | 0 |
Gain on sale of land | 0 | 0 | 10,377 |
Impairment charges | 17,893 | 23,139 | 88,987 |
Pension Settlement Charges | 184 | 15,819 | 775 |
Pension settlement charges | 184 | 15,997 | 775 |
Share-based compensation expense | 10,435 | 11,865 | 8,520 |
Equity in earnings, net of dividends related to earnings | 6,847 | (1,587) | (1,856) |
Loss on refinancing and extinguishment of debt | 0 | 0 | 770 |
Deferred income taxes | (8,722) | 15,874 | (38,931) |
Other | 5,232 | 5,230 | 2,652 |
Changes in operating assets and liabilities: | |||
Accounts and tooling receivable | 94,125 | (26,534) | 17,916 |
Inventories | (15,236) | 29,430 | 1,410 |
Prepaid expenses | 2,099 | (150) | (4,647) |
Increase (Decrease) in Income Taxes Receivable | (52,374) | (3,620) | 8,469 |
Accounts payable | (18,370) | (14,643) | (32,502) |
Payroll and accrued liabilities | 40,413 | (1,258) | (61,800) |
Other | (66,951) | 21,537 | (75,751) |
Net cash (used in) provided by operating activities | (15,934) | 97,697 | 149,388 |
Investing activities: | |||
Capital expenditures | (91,794) | (164,466) | (218,071) |
Proceeds from Divestiture of Businesses | (17,006) | 243,362 | 0 |
Acquisition of businesses, net of cash acquired | 0 | (452) | (171,653) |
Proceeds from sale of fixed assets and other | 1,920 | 5,586 | 6,733 |
Net cash (used in) provided by investing activities | (106,880) | 84,030 | (382,991) |
Financing activities: | |||
Proceeds from Issuance of Secured Debt | (245,000) | 0 | 0 |
Principal payments on long-term debt | (6,192) | (4,494) | (3,437) |
(Decrease) increase in short term debt, net | (22,372) | (40,406) | 65,198 |
Payments of Financing Costs | (7,249) | 0 | (667) |
Purchase of noncontrolling interest | 0 | (4,797) | (2,450) |
Repurchase of common stock | 0 | (36,550) | (59,955) |
Taxes withheld and paid on employees' share-based payment awards | (544) | (2,787) | (11,618) |
Contribution from noncontrolling interests and other | (928) | 5,042 | (1,511) |
Net cash provided by (used in) financing activities | 207,715 | (83,992) | (14,440) |
Effects of exchange rate changes on cash and cash equivalents | (3,065) | (3,392) | (3,019) |
Changes in cash and cash equivalents | 81,836 | 94,343 | (251,062) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 443,578 | 361,742 | 267,399 |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for interest | 55,685 | 47,580 | 44,877 |
Cash paid for income taxes, net of refunds | $ 1,679 | $ 23,599 | $ 32,299 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents | $ 438,438 | $ 359,536 | $ 264,980 |
Restricted Cash and Investments, Current | 4,089 | 12 | 18 |
Restricted Cash and Investments, Noncurrent | 1,051 | 2,194 | 2,401 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 443,578 | $ 361,742 | $ 267,399 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business 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. Prior to its divestiture on April 1, 2019, the Company also operated an anti-vibration systems (“AVS”) product line. See Note 5. “Divestitures” for additional information. The Company believes it is the largest global producer of sealing systems, the second largest global producer of the types of fuel and brake delivery products that it manufactures and the third largest global producer of fluid transfer systems. The Company designs and manufactures its products in each major region of the world through a disciplined and sustained approach to engineering and operational excellence. The Company operates in 72 manufacturing locations and 49 design, engineering, administrative and logistics locations in 21 countries around the world. Subsequent Event In January 2021, one of the Company’s top customers announced restructuring activities in South America, including its intention to cease manufacturing operations in Brazil. As a result, Cooper Standard’s Brazil manufacturing operations and sales attributable to that customer will be significantly impacted. The Company is assessing the impact of this announcement on its 2021 financial results, but does not expect the action to have a material impact on its business, results of operations, financial condition or cash flows. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Certain balances in prior periods have been conformed to the current presentation. Summary of Significant Accounting Policies Principles of Consolidation – The consolidated financial statements include the accounts of the Company and the wholly-owned and less than wholly-owned subsidiaries controlled by the Company. All material intercompany accounts and transactions have been eliminated. Acquired businesses are included in the consolidated financial statements from the dates of acquisition or when the Company gained control. The equity method of accounting is followed for investments in which the Company does not have control, but does have the ability to exercise significant influence over operating and financial policies. Generally, this occurs when ownership is between 20% to 50%. Foreign Currency – The financial statements of foreign subsidiaries are translated to U.S. dollars at the end-of-period exchange rates for assets and liabilities and at a weighted average exchange rate for each period for revenues and expenses. Translation adjustments for those subsidiaries whose local currency is their functional currency are recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity (“AOCI”). Transaction related gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in earnings as incurred, except for those intercompany balances which are designated as long-term. Cash and Cash Equivalents – The Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. Accounts Receivable – The Company records trade accounts receivable when revenue is recorded in accordance with its revenue recognition policy and relieves accounts receivable when payments are received from customers. Accounts receivable are written off when it is apparent such amounts are not collectible. Generally, the Company does not require collateral for its accounts receivable, nor is interest charged on accounts receivable balances. The Company receives bank notes from its customers, which are classified as other current assets in the consolidated balance sheets, for certain amounts of accounts receivable, primarily in China. The Company may elect to hold such bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third party financial institutions in exchange for cash. Allowance for Credit Losses – An allowance for credit losses is established through charges to the provision for credit losses when it is probable that the outstanding receivable or reimbursable tooling will not be collected. The Company evaluates the adequacy of the allowance for credit losses on a periodic basis, including historical trends in collections and write-offs, management’s judgment of the probability of collecting accounts and management’s evaluation of business risk. This evaluation is inherently subjective, as it requires estimates that are susceptible to revision as more information becomes available. The allowance for credit losses was $7,100 and $9,149 as of December 31, 2020 and 2019, respectively. Advertising Expense – Expenses incurred for advertising are generally expensed when incurred. Advertising expense was $425, $711 and $1,493 for the years ended December 31, 2020, 2019 and 2018, respectively. Inventories – Inventories are valued at lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. The Company records inventory reserves for inventory in excess of production and/or forecasted requirements and for obsolete inventory. December 31, 2020 2019 Finished goods $ 39,136 $ 57,070 Work in process 35,477 33,753 Raw materials and supplies 69,129 52,616 $ 143,742 $ 143,439 Derivative Financial Instruments – Derivative financial instruments are utilized by the Company to reduce foreign currency exchange. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. On the date the derivative is established, the Company designates the derivative as either a fair value hedge, a cash flow hedge or a net investment hedge in accordance with its established policy. The Company does not enter into derivative financial instruments for trading or speculative purposes. Income Taxes – Deferred tax assets or liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax laws and rates. A valuation allowance is provided on deferred tax assets if the Company determines that it is more likely than not that the asset will not be realized. Long-lived Assets – Property, plant and equipment are recorded at cost and depreciated using primarily the straight-line method over estimated useful lives. Leasehold improvements are amortized over the expected life of the asset or term of the lease, whichever is shorter. Intangibles with finite lives, which include technology and customer relationships, are amortized over estimated useful lives. The Company evaluates the recoverability of long-lived assets when events and circumstances indicate that the assets may be impaired and the undiscounted net cash flows estimated to be generated by those assets are less than their carrying value. If the net carrying value exceeds the fair value, an impairment loss exists and is calculated based on either estimated salvage value or estimated orderly liquidation value. Pre-production Costs Related to Long Term Supply Arrangements – Costs for molds, dies and other tools owned by the Company to produce products under long-term supply arrangements are recorded at cost in property, plant and equipment and amortized over the lesser of three Goodwill – The Company tests goodwill for impairment on an annual basis in the fourth quarter, or more frequently if an event occurs or circumstances indicate the carrying amount may be impaired. Goodwill impairment testing is performed at the reporting unit level. The impairment test involves first qualitatively assessing goodwill for impairment. If the qualitative assessment is not met, a quantitative assessment is performed by comparing the estimated fair value of each reporting unit to its carrying value. If the carrying value exceeds the fair value, an impairment charge is recorded based on that difference. The Company’s organizational structure changed on January 1, 2020. See Note 24. “Business Segments” for further detail on this reorganization of our business. The change in organizational structure 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. Other than the change in organizational structure event noted above, there were no other indicators of potential impairment during the year ended December 31, 2020. In the fourth quarter of 2020, the Company completed a quantitative goodwill impairment assessment, and after evaluating the results, events and circumstances, the Company concluded that sufficient evidence existed to assert quantitatively that the estimated fair value of the reporting units remained in excess of their carrying values. In the fourth quarter of 2019, the Company completed a quantitative goodwill impairment assessment for its North America reporting unit, and no impairment was identified as a result of completing the goodwill impairment test. Business Combinations – The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. Determining the fair values of assets acquired and liabilities assumed requires management’s judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items. Revenue Recognition and Sales Commitments – In accordance with ASC 606, Revenue from Contracts with Customers , revenue is recognized when the performance obligations are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. The Company has one major performance obligation category: manufactured parts. A contract’s transaction price is allocated to each distinct performance obligation and recognized when the performance obligation is satisfied. The Company’s contracts may include multiple performance obligations. For such contracts, the Company generally allocates the contract’s transaction price to each performance obligation based on the purchase order or other arranged pricing. Revenue is recognized for manufactured parts at a point in time, generally when products are shipped or delivered. The point at which revenue is recognized often depends on the shipping terms. The Company usually enters 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. Although purchase orders do not usually specify quantities, fulfillment of customers’ purchasing requirements can be the Company’s obligation for the entire production life of the vehicle. These agreements generally may be terminated by the Company’s customer at any time, but such cancellations have historically been minimal. Customers typically pay for parts based on customary business practices with payment terms generally between 30 and 90 days. The Company has no significant financing arrangements with customers. The Company applies the optional exemption to forgo disclosing information about its remaining performance obligations because its contracts usually have an original expected duration of one year or less. It also applies an accounting policy to treat shipping and handling costs that are incurred after revenue is recognizable as a fulfillment activity by expensing such costs as incurred, instead of as a separate performance obligation. This is consistent with the Company’s historical accounting practices. The Company has chosen to present revenue net of sales and other similar taxes, which is also consistent with its historical accounting practices. Shipping and Handling – Amounts billed to customers related to shipping and handling are included in sales in the Company’s consolidated statements of operations. Shipping and handling costs are included in cost of products sold in the Company’s consolidated statements of operations. Research and Development – Engineering, research and development, and program management costs are charged to selling, administration and engineering expenses as incurred and totaled $101,607, $114,854 and $122,529 for the years ended December 31, 2020, 2019 and 2018, respectively. Share-based Compensation – The Company measures share-based compensation expense at fair value and generally recognizes such expenses on a straight-line basis over the vesting period of the share-based employee awards. See Note 21. “Share-Based Compensation” for additional information. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 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 The Company adopted the following Accounting Standards Updates (“ASU”) in 2020: 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 recently issued accounting pronouncement summarized as follows, which had an immaterial impact on its consolidated financial statements and disclosures: Standard Description Impact Effective Date ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans Modifies the disclosure requirements for ASC Topic 715 by removing and modifying existing disclosure requirements while also adding new disclosures. Adoption of this standard resulted in additional pension disclosures while also removing certain other disclosures. Specifically, the weighted-average interest crediting rate for the U.S. cash balance plan was added while accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year and the effects of a one-percentage-point change in the assumed health care cost trend rate were removed. December 31, 2020 The Company adopted the following ASUs in 2020, which did not have a material impact on its 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 Recently Issued Accounting Pronouncements The Company considered the recently issued accounting pronouncements summarized as follows, which will not have a material impact on its consolidated financial statements or disclosures: Standard Description Effective Date ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Modifies ASC Topic 740 by removing certain exceptions and amending existing guidance in order to simplify the accounting for income taxes. January 1, 2021 ASU 2021-01, Reference Rate Reform (Topic 848): Scope Clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition and tailors the existing guidance to derivative instruments affected by the discounting transition. January 1, 2021 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions AMI Acquisition In the first quarter of 2018, the Company finalized its purchase of 100% equity interest of the China fuel and brake business of AMI Industries (“AMI China”) for cash consideration of $3,900. The results of operations of AMI China are included in the Company’s consolidated financial statements from the date of acquisition and reported within the Asia Pacific segment. INOAC Acquisition In the first quarter of 2018, the Company purchased the remaining 49% equity interest of Cooper-Standard INOAC Pte. Ltd., a fluid transfer systems joint venture, at a purchase price of $2,450. This acquisition was accounted for as an equity transaction. Subsequent to the transaction, the Company owns 100% of the equity interests of Cooper-Standard INOAC Pte. Ltd. Lauren Acquisition In the third quarter of 2018, the Company acquired the assets and liabilities of Lauren Manufacturing and Lauren Plastics (together “Lauren”), extruders and molders of organic, silicone, thermoplastic and engineered polymer products with expertise in sealing solutions. The base purchase price of the acquisition was $92,700. The results of operations of Lauren are included in the Company’s consolidated financial statements from the date of acquisition and reported within Corporate, eliminations and other. LS Mtron Automotive Parts Acquisition In the fourth quarter of 2018, the Company acquired 80.1% of LS Mtron Ltd.’s automotive parts business, now named Cooper Standard Automotive and Industrial, Inc. The acquisition added jounce brake lines and charge air cooling technology to the Company’s automotive fluid transfer and fuel and brake delivery systems product lines and further expands core product offerings. The base purchase price was $25,750. The noncontrolling interest was determined to have a fair value of $6,400. The results of operations of Cooper Standard Automotive and Industrial, Inc., are included in the Company’s consolidated financial statements from the date of acquisition and reported within the Asia Pacific segment. In 2019, the Company recorded insignificant measurement period adjustments primarily due to working capital adjustments, which resulted in an increase to the base purchase price. Hutchings Automotive Products Acquisition |
Divestiture
Divestiture | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Divestitures 2020 Divestiture In the fourth quarter of 2019, management approved a plan to sell its European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations. The entities and the associated assets and liabilities met the criteria for presentation as held for sale as of March 31, 2020, and depreciation of long-lived assets ceased. The divestiture did not meet the criteria for presentation as a discontinued operation. Upon meeting the criteria for held for sale classification, the Company recorded non-cash impairment charges of $86,470 during the six months ended June 30, 2020 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 costs to sell were assessed each reporting period that the asset group remained classified as held for sale. The difference between the impairment of the carrying value on the divested assets compared to the impairment recorded in the consolidated statements of operations is due to foreign currency translation offset by costs to sell incurred in the second quarter. The impairment charge includes the non-cash cumulative foreign currency translation losses recorded in equity related to the divested entities. On July 1, 2020, the Company completed the divestiture of its European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations, to Mutares SE & Co. KGaA (“Mutares”). The transaction included payment denominated in Euro of €9,000, which consisted of €6,500 in cash paid and €2,500 in deferred payment obligations, payable in December 2021. Upon finalizing the sale in the third quarter of 2020 and including subsequent adjustments in the fourth quarter of 2020, the Company recorded a net gain on deconsolidation of the businesses of $353 during the year ended December 31, 2020. In addition, at closing, the Company and Mutares entered into certain ancillary agreements providing for the transition of the European rubber fluid transfer and specialty sealing businesses and Indian operations. The major classes of assets and liabilities divested were as follows: July 1, 2020 Cash and cash equivalents $ 11,162 Accounts receivable, net 18,825 Tooling receivable, net 4,770 Inventories 17,022 Prepaid expenses 2,728 Other current assets 8,873 Property, plant and equipment, net 39,913 Operating lease right-of-use assets, net 2,946 Intangible assets, net 4,992 Other assets 4,114 Impairment of carrying value (85,622) Total assets divested $ 29,723 Accounts payable $ 13,219 Payroll liabilities 7,135 Accrued liabilities 5,744 Current operating lease liabilities 918 Pension benefits 3,574 Postretirement benefits other than pensions 2,778 Long-term operating lease liabilities 2,286 Other liabilities 1,934 Total liabilities divested $ 37,588 2020 Joint Venture Deconsolidation In the third quarter of 2020, management approved and completed a plan to sell the Company’s entire controlling equity interest of a joint venture in the Asia Pacific region. Upon finalizing the sale, the Company recorded a gain on deconsolidation of the business of $1,334. 2019 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. The total sale price of the transaction was $265,000, subject to certain adjustments. Cash proceeds received in the second quarter of 2019 were $243,362 after adjusting for certain liabilities assumed by the purchaser. The Company recognized a gain on the divestiture of $191,571 during the year ended December 31, 2019. In the third quarter of 2020, the Company finalized adjustments to the gain recorded in 2019 by recording an additional gain on divestiture of $1,147, primarily due to working capital adjustments. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers , which was adopted on January 1, 2018 using the modified retrospective method. 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. Revenue by customer group for the year ended December 31, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 1,110,294 $ 554,349 $ 463,586 $ 60,676 $ — $ 2,188,905 Commercial 11,291 18,134 4,338 22 3,731 37,516 Other 19,783 14,256 118 56 114,805 149,018 Revenue $ 1,141,368 $ 586,739 $ 468,042 $ 60,754 $ 118,536 $ 2,375,439 Revenue by customer group for the year ended December 31, 2019 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 1,504,136 $ 765,766 $ 503,676 $ 94,310 $ 5 $ 2,867,893 Commercial 17,784 28,068 73 114 1,213 47,252 Other 21,925 32,501 204 111 138,514 193,255 Revenue $ 1,543,845 $ 826,335 $ 503,953 $ 94,535 $ 139,732 $ 3,108,400 Revenue by customer group for the year ended December 31, 2018 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 1,834,780 $ 917,877 $ 571,137 $ 97,484 $ 15 $ 3,421,293 Commercial 20,625 34,336 19 439 2,409 57,828 Other 17,533 30,754 4 140 96,490 144,921 Revenue $ 1,872,938 $ 982,967 $ 571,160 $ 98,063 $ 98,914 $ 3,624,042 Substantially all the Company’s revenues are generated from sealing, fuel and brake delivery, fluid transfer and anti-vibration systems for use in passenger vehicles and light trucks manufactured by global OEMs. On April 1, 2019, the Company completed the divestiture of its AVS product line. See Note 5. “Divestitures” for additional information. 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 Anti-Vibration Systems (Divested on April 1, 2019) Control and isolate vibration and noise in the vehicle to improve ride and Revenue by product line for the year ended December 31, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 433,291 $ 438,012 $ 298,028 $ 39,354 $ — $ 1,208,685 Fuel and brake delivery systems 371,397 95,516 110,403 16,968 — 594,284 Fluid transfer systems 336,680 41,102 59,611 4,432 — 441,825 Other — 12,109 — — 118,536 130,645 Consolidated $ 1,141,368 $ 586,739 $ 468,042 $ 60,754 $ 118,536 $ 2,375,439 Revenue by product line for the year ended December 31, 2019 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 553,901 $ 563,529 $ 334,056 $ 69,111 $ — $ 1,520,597 (1) Fuel and brake delivery systems 479,962 124,803 112,253 23,871 — 740,889 Fluid transfer systems 453,064 87,375 56,180 1,553 — 598,172 Anti-vibration systems 56,457 20,807 1,464 — — 78,728 Other 461 29,821 — — 139,732 170,014 (1) Consolidated $ 1,543,845 $ 826,335 $ 503,953 $ 94,535 $ 139,732 $ 3,108,400 Revenue by product line for the year ended December 31, 2018 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 626,450 $ 646,213 $ 442,774 $ 73,256 $ — $ 1,788,693 (1) Fuel and brake delivery systems 545,907 138,557 87,131 24,440 — 796,035 Fluid transfer systems 442,392 87,593 32,990 367 — 563,342 Anti-vibration systems 256,846 74,792 8,265 — — 339,903 Other 1,343 35,812 — — 98,914 136,069 (1) Consolidated $ 1,872,938 $ 982,967 $ 571,160 $ 98,063 $ 98,914 $ 3,624,042 (1) Insignificant reclassifications between the sealing systems and other product lines were made as part of our reorganization. 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. Changes during the year ended December 31, 2020 were not materially impacted by any other factors. The Company’s contract liabilities consist of advance payments received and due from customers. Net contract assets (liabilities) consisted of the following: December 31, 2020 December 31, 2019 Change Contract assets $ 777 $ 1,100 $ (323) Contract liabilities (27) (61) 34 Net contract assets $ 750 $ 1,039 $ (289) 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 December 31, 2020 and December 31, 2019 were current liabilities of $16,932 and $12,916, respectively, and long-term liabilities of $6,828 and $9,502, respectively. The Company provides assurance-type warranties to its customers. Such warranties provide customers with assurance that the related product will function as intended and complies with any agreed-upon specifications and are recognized in costs of products sold. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 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 years ended December 31, 2020, 2019 and 2018 was as follows: Year Ended December 31, 2020 2019 2018 North America $ 16,499 $ 10,831 $ 5,413 Europe 14,573 23,525 17,765 Asia Pacific 4,773 6,781 6,290 South America 2,129 37 254 Total Automotive 37,974 41,174 29,722 Corporate and other 1,508 9,928 — Total $ 39,482 $ 51,102 $ 29,722 Restructuring activity for all restructuring initiatives for the years ended December 31, 2020 and 2019 was as follows: Employee Separation Costs Other Exit Costs Total Balance as of December 31, 2018 $ 9,398 $ 3,829 $ 13,227 Expense 34,354 16,748 51,102 Cash payments (20,661) (13,285) (33,946) Non-cash fixed asset impairments included in expense — (2,997) (2,997) Foreign exchange translation and other (101) (290) (391) Balance as of December 31, 2019 $ 22,990 $ 4,005 $ 26,995 Expense 17,926 21,556 39,482 Cash payments (25,261) (15,071) (40,332) Non-cash fixed asset and intangible impairments included in expense — (2,558) (2,558) Foreign exchange translation and other (626) 474 (152) Balance as of December 31, 2020 $ 15,029 $ 8,406 $ 23,435 |
Leases
Leases | 12 Months Ended |
Dec. 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 consolidated balance sheets. Finance leases are included in property, plant and equipment, net, debt payable within one year, and long-term debt on the Company’s consolidated balance sheets. Lease right-of-use assets are recognized at commencement date based upon the present value of the remaining future minimum lease payments over the lease term. The Company’s lease terms include options to renew or terminate the lease when it is reasonably certain that it will exercise the option. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based upon information available at the commencement date to determine the present value of future lease payments. The Company has lease agreements with lease and non-lease components. For real estate leases, these components are accounted for separately, while for equipment leases, the Company accounts for the lease and non-lease components as a single lease component. Variable lease expense includes payments based upon changes in a rate or index, such as consumer price indexes, as well as usage of the leased asset. Short-term lease expense includes leases with terms, at lease commencement, of 12 months or less and no purchase option reasonably certain to be exercised. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows: Year Ended December 31, 2020 Year Ended December 31, 2019 Operating lease expense $ 32,053 $ 33,360 Short-term lease expense 5,069 3,557 Variable lease expense 942 1,619 Finance lease expense: Amortization of right-of-use assets 2,564 2,550 Interest on lease liabilities 1,551 1,438 Total lease expense $ 42,179 $ 42,524 The Company recorded impairment charges of $647 due to the deterioration of financial results at a certain location in North America during the year ended December 31, 2020. The fair value was determined using estimated market rate for the leased right-of-use asset. Additionally, the Company recorded sublease income of $374 and $431 for the years ended December 31, 2020 and 2019, respectively. Other information related to leases was as follows: Year Ended December 31, 2020 Year Ended December 31, 2019 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 30,830 $ 34,235 Operating cash flows for finance leases 1,563 1,438 Financing cash flows for finance leases 2,081 1,284 Non-cash right-of-use assets obtained in exchange for lease obligations: Operating leases 50,663 11,143 Finance leases 549 22,671 Weighted Average Remaining Lease Term (in years) Operating leases 8.0 5.2 Finance leases 10.5 11.3 Weighted Average Discount Rate Operating leases 5.4 % 4.7 % Finance leases 5.7 % 6.1 % Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows: Year Operating Leases Finance Leases 2021 $ 26,766 $ 3,530 2022 21,467 3,265 2023 17,388 3,172 2024 13,703 3,448 2025 10,501 3,516 Thereafter 51,164 21,608 Total future minimum lease payments 140,989 38,539 Less imputed interest (28,761) (10,087) Total $ 112,228 $ 28,452 Amounts recognized on the consolidated balance sheets as of December 31, 2020 and December 31, 2019 were as follows: December 31, 2020 December 31, 2019 Operating Leases Operating lease right-of-use assets, net $ 109,795 $ 83,376 Current operating lease liabilities 21,711 24,094 Long-term operating lease liabilities 90,517 60,234 Finance Leases Debt payable within one year 2,300 2,343 Long-term debt 26,152 27,430 As of December 31, 2020 and December 31, 2019, assets recorded under finance leases, net of accumulated depreciation were $30,847 and $32,571, respectively. As of December 31, 2020, the Company had additional operating leases, primarily for real estate, that have not yet commenced with undiscounted lease payments of approximately $1,404. These operating leases will commence in 2021 with lease terms up to three years. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consists of the following: December 31, Estimated 2020 2019 Useful Lives Land and improvements $ 61,226 $ 66,670 10 to 25 years Buildings and improvements 298,431 310,797 10 to 40 years Machinery and equipment 1,277,624 1,204,457 5 to 10 years Construction in progress 96,706 161,951 $ 1,733,987 $ 1,743,875 Accumulated depreciation (841,678) (755,598) Property, plant and equipment, net $ 892,309 $ 988,277 The Company recorded impairment charges of $13,084 due to the deterioration of financial results at certain locations in North America, Europe, and Asia Pacific for the year ended December 31, 2020. The fair value of buildings was determined using a value-in-exchange cost method while the fair value of machinery and equipment was determined using estimated orderly liquidation value, which was deemed the highest and best use of the assets. The Company also recorded impairment charges of $4,162 related to equipment no longer being utilized at certain locations in Europe, Asia Pacific, and Corporate and other for the year ended December 31, 2020. The fair value of equipment was determined using estimated salvage value, which was deemed the highest and best use of the assets. For the year ended December 31, 2019, the Company recorded impairment charges for property, plant and equipment of $21,968 due to the deterioration of financial results at certain locations in Europe and Asia Pacific and the termination of certain customer programs in the Asia Pacific region and recorded impairment charges of $1,171 related to equipment no longer being utilized at certain locations in Europe and Corporate and other. For the year ended December 31, 2018, the Company recorded impairment charges for property, plant and equipment of $42,915 due to the deterioration of financial results and equipment no longer being utilized at certain locations in Europe and Asia Pacific. Also during the year ended December 31, 2018, the Company realized a gain on sale of land of $10,377 in its Europe segment. The net book value of the land was $5,446. A summary of these asset impairment charges is as follows: Year Ended December 31, 2020 2019 2018 North America $ 947 $ — $ — Europe 11,938 9,943 30,978 Asia Pacific 4,080 13,146 11,937 South America — — — Total Automotive 16,965 23,089 42,915 Corporate and other 281 50 — Total $ 17,246 $ 23,139 $ 42,915 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. |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | Goodwill and Intangible Assets Goodwill Changes in the carrying amount of goodwill by reporting unit for the years ended December 31, 2020 and 2019 were as follows: North America Industrial Specialty Group Total Balance as of December 31, 2018 $ 143,681 $ — $ 143,681 Adjustments related to recent acquisitions (1,689) — (1,689) Foreign exchange translation 195 — 195 Balance as of December 31, 2019 $ 142,187 $ — $ 142,187 Change in organizational structure (14,036) 14,036 — Foreign exchange translation 63 — 63 Balance as of December 31, 2020 $ 128,214 $ 14,036 $ 142,250 The Company’s organizational structure changed on January 1, 2020. See Note 24. “Business Segments” for further detail on this reorganization of the Company’s business. Prior to this change in organizational structure, the Company’s North America operating segment was the only reporting unit in which goodwill was recorded. As a result of the change in organizational structure, 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 change in organizational structure 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. The Company performed its annual impairment analysis of goodwill during the fourth quarter of 2020. The fair value of each reporting unit is determined and compared to the carrying value. If the carrying value exceeds the fair value, an impairment charge is recorded based on that difference. The Company's annual goodwill impairment analysis resulted in no impairment for 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. The Company's annual goodwill impairment analysis resulted in no impairment for 2019. During the fourth quarter of 2018, the Company noted potential adverse changes in operating conditions. The Company tested goodwill for impairment and recorded a goodwill impairment charge of $45,281 after determining the carrying value of the Europe and Asia Pacific reporting units exceeded their fair value. Intangible Assets Definite-lived intangible assets and accumulated amortization balances as of December 31, 2020 and 2019 were as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 155,409 $ (122,657) $ 32,752 Other 44,826 (9,899) 34,927 Balance as of December 31, 2020 $ 200,235 $ (132,556) $ 67,679 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 During the fourth quarter of 2018, the Company recorded an impairment loss of $791 for customer relationships in its Europe operating segment. Estimated amortization expense for the next five years is shown in the table below: Year Expense 2021 $ 7,320 2022 7,320 2023 7,307 2024 7,048 2025 6,593 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt A summary of outstanding debt as of December 31, 2020 and 2019 was as follows: December 31, 2020 2019 Senior Notes $ 395,829 $ 395,114 Senior Secured Notes 239,567 — Term Loan Facility 323,636 326,061 Finance Leases 28,452 29,773 Other borrowings 36,007 56,680 Total debt 1,023,491 807,628 Less current portion (40,731) (61,449) Total long-term debt $ 982,760 $ 746,179 The principal maturities of debt, at nominal value, as of December 31, 2020 are as follows: Year Debt and Finance Lease Obligations 2021 $ 42,236 2022 5,969 2023 322,078 2024 252,607 2025 2,610 Thereafter 415,286 Total $ 1,040,786 The weighted average interest rate of our short-term debt was 4.1% as of December 31, 2020 and 4.6% as of December 31, 2019. 5.625% Senior Notes due 2026 On November 2, 2016, the Company’s wholly-owned subsidiary, CSA Inc. (the “Issuer”), issued $400,000 aggregate principal amount of its 5.625% Senior Notes due 2026 (the “Senior Notes”), pursuant to the Indenture, dated November 2, 2016 (the “Indenture”), by and among the Issuer, the Company and the other guarantors party thereto (collectively, the “Guarantors”) and U.S. Bank National Association, as trustee, in a transaction exempt from registration under Rule 144A and Regulation S of the Securities Act of 1933 (“the Securities Act”). The net proceeds from the Senior Notes were used to repay the non-extended term loan outstanding under the Term Loan Facility, defined below, and to pay fees and expenses related to the refinancing. The Senior Notes are guaranteed by the Company, CS Intermediate HoldCo 1 LLC, as well as each of the Issuer’s wholly-owned existing or subsequently organized U.S. subsidiaries, subject to certain exceptions, to the extent such subsidiary guarantees the senior asset-based revolving credit facility (“ABL Facility”) and the senior term loan facility (“Term Loan Facility”). The Issuer may redeem all or part of the Senior Notes at various points in time prior to maturity, as described in the Indenture. 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. Upon the occurrence of certain events constituting a Change of Control (as defined in the Indenture), the Issuer will be required to make an offer to repurchase all of the Senior Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any. The Indenture contains certain covenants that limit the Issuer’s and its subsidiaries’ ability to, among other things, make restricted payments; sell assets; create or incur liens; enter into sale and lease-back transactions; and merge or consolidate with other entities. These covenants are subject to a number of important limitations and exceptions. The Indenture also provides for events of default, which, if any occur, would permit or require the principal, premium, if any, interest and any other monetary obligations on all the then-outstanding Senior Notes to be due and payable immediately. The Company paid approximately $7,055 of debt issuance costs in connection with the transaction. The debt issuance costs are being amortized into interest expense over the term of the Senior Notes. As of December 31, 2020 and 2019, the Company had $4,171 and $4,886, respectively, of unamortized debt issuance costs related to the Senior Notes, which is classified as a discount in the consolidated balance sheet. 13.0% Senior Secured Notes due 2024 On May 29, 2020, Cooper Standard Automotive Inc. (the “Issuer”), a wholly-owned subsidiary of the Company, issued $250,000 aggregate principal amount of its 13.0% Senior Secured Notes due 2024 (the “Senior Secured Notes”), pursuant to the Indenture, dated as of May 29, 2020 (the “Indenture”), by and among the Issuer, the other guarantors party thereto and U.S. Bank National Association, as trustee, in a transaction exempt from registration under Rule 144A and Regulation S of the Securities Act of 1933. Proceeds from the Senior Secured Notes were used to provide additional liquidity for the Company, as a result of uncertainty from the COVID-19 pandemic. The Senior Secured Notes are guaranteed on a senior secured basis by CS Intermediate HoldCo 1 LLC and each of the Issuer’s present and future subsidiaries that are obligors or guarantee the Term Loan Facility and each of the Issuer’s wholly owned domestic subsidiaries that are obligors under, or guarantee, certain other indebtedness, subject to certain exceptions. The notes are also guaranteed on a senior unsecured basis by Cooper-Standard Latin America B.V. The Issuer may redeem all or part of the Senior Secured Notes prior to maturity at the prices set forth in the Indenture. The Senior Secured Notes mature on June 1, 2024. Interest on the Senior Secured Notes is payable semi-annually in arrears in cash on June 1 and December 1 of each year, commencing on December 1, 2020. The Indenture contains certain covenants that limit the Issuer’s and its subsidiaries’ ability to, among other things, incur or guarantee additional indebtedness or issue certain preferred stock; make restricted payments; sell assets; create or incur liens; and merge or consolidate with other entities. These covenants are subject to a number of important limitations and exceptions. The Indenture also provides for customary events of default for non-investment grade debt securities, which, if any occur, would permit or require the principal, interest and any other monetary obligations on all the then-outstanding Senior Secured Notes to be due and payable immediately. The Company paid approximately $6,431 of debt issuance costs in connection with the transaction. Additionally, the Senior Secured Notes were issued at a discount of $5,000. As of December 31, 2020, the Company had $5,828 of unamortized debt issuance costs and $4,605 of unamortized original issue discount related to the Senior Secured Notes, 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 Senior Secured Notes. ABL Facility On November 2, 2016, CS Intermediate Holdco 1 LLC (“Parent”), CSA U.S. (the “U.S. Borrower”), Cooper-Standard Automotive Canada Limited (the “Canadian Borrower”), Cooper-Standard Automotive International Holdings B.V. (the “Dutch Borrower”, and, together with the U.S. Borrower and the Canadian Borrower, the “Borrowers”) and certain subsidiaries of the U.S. Borrower, entered into a $210,000 Third Amended and Restated Loan Agreement with certain lenders, 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 commitment 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 and the lenders agree to fund such increase). No consent of any lender (other than those participating in the increase) is required to effect any such increase. As of December 31, 2020, there were no obligations outstanding under the ABL Facility. The Company’s borrowing base was $173,745. Net the greater of 10% of the borrowing base or $15,000 that cannot be borrowed without triggering the fixed charge coverage ratio maintenance covenant and $5,517 of outstanding letters of credit, the Company effectively had $150,854 available for borrowing under its ABL facility. Maturity . Any borrowings under our ABL Facility will mature, and the commitments of the lenders under our ABL Facility will terminate, on March 24, 2025. Borrowing Base . Loan and letter of credit availability under the ABL Facility is subject to a borrowing base, which at any time is limited to the lesser of: (A) the maximum facility amount (subject to certain adjustments) and (B) (i) up to 85% of eligible accounts receivable; plus (ii) the lesser of 70% of eligible inventory or 85% of the appraised net orderly liquidation value of eligible inventory; plus (iii) up to the lesser of $30.0 million and 85% of eligible tooling accounts receivable; minus reserves established by the Agent. The accounts receivable portion of the borrowing base is subject to certain formulaic limitations (including concentration limits). The inventory portion of the borrowing base is limited to eligible inventory, as determined by the Agent. The borrowing base is also subject to certain reserves, which are established by the Agent (which may include changes to the advance rates indicated above). Loan availability under the ABL Facility is apportioned as follows: $180,000 to the U.S. Borrower, which includes a $40,000 sublimit to the Dutch Borrower and $20,000 to the Canadian Borrower. Guarantees; Security . The obligations of the U.S. Borrower, the Canadian Borrower and the Dutch Borrower under the ABL Facility, as well as certain cash management arrangements and interest rate, foreign currency or commodity swaps entered into by the such Borrowers and their subsidiaries, and certain credit lines entered into by non-U.S. subsidiaries, in each case with the lenders and their affiliates (collectively, “Additional ABL Secured Obligations”) are guaranteed on a senior secured basis by the Company and its U.S. subsidiaries (with certain exceptions), and the obligations of the Canadian Borrower under the ABL Facility and Additional ABL Secured Obligations of the Canadian Borrower and its Canadian subsidiaries are, in addition, guaranteed on a senior secured basis by the Canadian subsidiaries of the Canadian Borrower. The obligations under the ABL Facility and related guarantees are secured by (1) a first priority lien on all of each Borrower’s and each guarantor’s existing and future personal property consisting of accounts receivable, payment intangibles, inventory, documents, instruments, chattel paper and investment property, certain money, deposit accounts and securities accounts and certain related assets and proceeds of the foregoing, with various enumerated exceptions, including that: (i) the collateral owned by Canadian Borrower or any of its Canadian subsidiaries that are Guarantors only secure the obligations of Canadian Borrower and such subsidiaries arising under the ABL Facility and Additional ABL Secured Obligations and (ii) no liens have been granted on any assets or properties of the Dutch Borrower or any other non-U.S. subsidiaries of the Company (other than the Canadian Borrower and Canadian Guarantors, as otherwise specified above) in connection with the ABL Facility and (2) a second priority lien on all the capital stock in restricted subsidiaries directly held by the U.S. Borrower and each of the U.S. Guarantors, and equipment of the U.S. Borrower and the U.S.-domiciled guarantors and all other material personal property of the U.S. Borrower and the U.S.-domiciled guarantors. Interest . Borrowings under the ABL Facility bear interest at a rate equal to, at the Borrowers’ option: • in the case of borrowings by the U.S. Borrower, LIBOR or the base rate plus, in each case, an applicable margin; or • in the case of borrowings by the Canadian Borrower, bankers’ acceptance (“BA”) rate, Canadian prime rate or Canadian base rate plus, in each case, an applicable margin; or • in the case of borrowings by the Dutch Borrower, LIBOR plus an applicable margin. The initial applicable margin was 1.50% with respect to the LIBOR or Canadian BA rate-based borrowings and 0.50% with respect to U.S. base rate, Canadian prime rate and Canadian base rate borrowings, until April 1, 2020. The applicable margin may vary between 1.50% and 2.00% with respect to the LIBOR or Canadian BA rate-based borrowings and between 0.50% and 1.00% with respect to U.S. base rate, Canadian prime rate and Canadian base rate borrowings. The applicable margin is subject, in each case, to quarterly pricing adjustments (based on average facility availability). Fees . The Borrowers are required to pay a fee in respect of committed but unutilized commitments. The ABL Facility also requires the payment of customary agency and administrative fees. Voluntary Prepayments . The Borrowers are able to voluntarily reduce the unutilized portion of the commitment amount and repay outstanding loans, in each case, in whole or in part, at any time without premium or penalty (other than customary breakage and related reemployment costs with respect to repayments of LIBOR-based borrowings). Covenants; Events of Default. The ABL Facility includes affirmative and negative covenants that will impose substantial restrictions on the Company’s financial and business operations, including its ability to incur and secure debt, make investments, sell assets, pay dividends or make acquisitions. The ABL Facility also includes a requirement to maintain a monthly fixed charge coverage ratio of no less than 1.0 to 1.0 when availability under the ABL Facility is less than specified levels. The ABL Facility also contains various events of default that are customary for comparable facilities. Debt Issuance Costs . As of December 31, 2020 and 2019, the Company had $1,029 and $657, respectively, of unamortized debt issuance costs related to the ABL Facility. Term Loan Facility On November 2, 2016, CSA U.S., as borrower, entered into Amendment No. 1 to the 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 revolving facility and ABL Facility to the extent commitments are reduced) not funded from proceeds of long-term indebtedness. 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 2.00% 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 0.50%, the prime rate most recently announced by the administrative agent under the term loan, and the one-month Eurodollar rate plus 1.0%) plus 1.0% per annum. As a result of Amendment No. 3, the Company recognized a loss on refinancing and extinguishment of debt of $770 in the twelve months ended December 31, 2018, which was due to the partial write off of new and unamortized debt issuance costs and unamortized original issue discount Maturity . The Term Loan Facility matures on November 2, 2023, unless earlier terminated. Guarantees . All obligations of the borrower under the Term Loan Facility are guaranteed jointly and severally on a senior secured basis by the direct parent company of the borrower and each existing and subsequently acquired or organized direct or indirect wholly owned U.S. restricted subsidiary of the borrower. Security . The obligations under the Term Loan Facility are secured by (a) a first priority security interest (subject to permitted liens and other customary exceptions) on (i) all the capital stock in restricted subsidiaries directly held by the borrower and each of the guarantors, (ii) substantially all plant, material owned real property located in the U.S. and equipment of the borrower and the guarantors and (iii) all other personal property of the borrower and the guarantors, including, without limitation, accounts and investment property, contracts, patents, copyrights, trademarks, other general intangibles, intercompany notes and proceeds of the foregoing, and (b) a second priority security interest (subject to permitted liens and other customary exceptions) in accounts receivable of the borrowers and the guarantors arising from the sale of goods and services, inventory, tax refunds, cash, deposit accounts and books and records related to the foregoing and, in each case, proceeds thereof, in each case, excluding certain collateral and subject to certain limitations. Interest . 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 2.00% 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 0.50%, 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. Voluntary Prepayments . The borrower may voluntarily prepay loans in whole or in part, with prior notice and without premium or penalty, subject to the actual LIBOR breakage costs, payment of accrued and unpaid interest, and customary limitations as to minimum amounts of prepayments. Covenants . The Term Loan Facility contains incurrence-based negative covenants customary for high yield senior secured debt securities, including, but not limited to, restrictions on the ability of the borrower and its restricted subsidiaries to merge and consolidate with other companies, incur indebtedness, grant liens or security interests on assets, pay dividends or make other restricted payments, sell or otherwise transfer assets, or enter into transactions with affiliates. These negative covenants are subject to exceptions, qualifications and certain carveouts. Events of Default . The Term Loan Facility provides that, upon the occurrence of certain events of default, obligations thereunder may be accelerated. Such events of default include payment defaults to the lenders, material inaccuracies of representations and warranties, covenant defaults, cross-defaults to other material indebtedness, voluntary and involuntary bankruptcy proceedings, material money judgments, material pension-plan events, certain change of control events and other customary events of default. Debt Issuance Costs. As of December 31, 2020 and 2019, the Company had $1,680 and $2,273, respectively, of unamortized debt issuance costs and $1,084 and $1,466, respectively, of unamortized original issue discount related to the Term Loan Facility. Both the debt issuance costs and the original issue discount are amortized into interest expense over the term of the Term Loan Facility. Debt Covenants The Company was in compliance with all covenants of the ABL Facility, Term Loan Facility, Senior Notes, and Senior Secured Notes, as of December 31, 2020. Other Other borrowings as of December 31, 2020 and 2019 reflect borrowings under local bank lines classified in debt payable within one year on the consolidated balance sheet. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of 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 liabilities measured or disclosed at fair value on a recurring basis as of December 31, 2020 and 2019, was as follows: December 31, 2020 December 31, 2019 Input Forward foreign exchange contracts - other current assets $ 1,826 $ 467 Level 2 Forward foreign exchange contracts - accrued liabilities $ (750) $ (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 2. “Basis of Presentation and Summary of Significant Accounting Policies,” Note 4. “Acquisitions”, Note 5. “Divestitures” and Note 9. “Property, Plant and Equipment.” Items Not Carried at Fair Value Fair values of the Company’s Senior Notes, Senior Secured Notes, and Term Loan Facility were as follows: December 31, 2020 December 31, 2019 Aggregate fair value $ 965,052 $ 693,600 Aggregate carrying value (1) $ 976,400 $ 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 i s 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 consolidated balance sheet and reclassified into earnings when the underlying hedged transaction is realized. The realized gains and losses are recorded on the same line as the hedged transaction in the consolidated statements of 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, the Mexican Peso, and the Brazilian Real. As of December 31, 2020 and 2019, the notional amount of these contracts was $97,503 and $92,150, respectively, and consisted of hedges of transactions up to December 2021. 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 Year Ended December 31, 2020 2019 Forward foreign exchange contracts $ (6,280) $ 3,812 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 Year Ended December 31, Classification 2020 2019 Forward foreign exchange contracts Cost of products sold $ (6,945) $ 2,773 |
Accounts Receivable Factoring
Accounts Receivable Factoring | 12 Months Ended |
Dec. 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 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 indentures governing the Senior Notes and Senior Secured 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 consolidated statements of operations. Liabilities related to the factoring program are recorded in accrued liabilities in the consolidated balance sheet. 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 excluded from accounts receivable in the consolidated balance sheet. Amounts outstanding under receivable transfer agreements entered into by various locations as of the period end were as follows: December 31, 2020 December 31, 2019 Off-balance sheet arrangements $ 85,108 $ 103,818 Accounts receivable factored and related costs throughout the period were as follows: Off-Balance Sheet Arrangements Year Ended December 31, 2020 2019 Accounts receivable factored $ 476,405 $ 556,102 Off-Balance Sheet Arrangements Year Ended December 31, 2020 2019 2018 Costs $ 776 $ 1,007 $ 1,248 |
Pension
Pension | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pensions | Pension The Company maintains defined benefit pension plans covering employees located in the United States as well as certain international locations. The majority of these plans are frozen, and all are closed to new employees. Benefits generally are based on compensation, length of service and age for salaried employees and on length of service for hourly employees. The Company’s policy is to fund pension plans such that sufficient assets will be available to meet future benefit requirements and contribute amounts deductible for United States federal income tax purposes or amounts required by local statute. The Company also sponsors voluntary defined contribution plans for certain salaried and hourly U.S. employees of the Company. The Company matches contributions of participants, up to various limits in all plans. The Company also sponsors retirement plans that include Company non-elective contributions. Non-elective and matching contributions under these plans totaled $13,537, $14,514 and $16,076 for the years ended December 31, 2020, 2019 and 2018, respectively. Information related to the Company’s defined benefit pension plans was as follows: Year Ended December 31, 2020 2019 U.S. Non-U.S. U.S. Non-U.S. Change in projected benefit obligations: Projected benefit obligations at beginning of period $ 255,935 $ 184,364 $ 288,223 $ 183,850 Service cost 853 3,992 809 3,893 Interest cost 8,132 3,200 10,955 4,037 Net actuarial loss 19,755 8,704 28,771 17,756 Benefits paid (13,278) (6,925) (14,625) (6,038) Foreign exchange translation — 11,582 — 11 Settlements — (5,170) (58,198) (2,263) Divestiture — (4,392) — (16,953) Other — 52 — 71 Projected benefit obligations at end of period $ 271,397 $ 195,407 $ 255,935 $ 184,364 Change in plan assets: Fair value of plan assets at beginning of period $ 244,613 $ 54,806 $ 265,019 $ 47,692 Actual return on plan assets 34,971 5,313 50,488 6,948 Employer contributions 1,037 5,673 1,929 6,646 Benefits paid (13,278) (6,925) (14,625) (6,038) Foreign exchange translation — 940 — 2,399 Settlements — (5,170) (58,198) (2,841) Divestiture — (108) — — Other — 19 — — Fair value of plan assets at end of period $ 267,343 $ 54,548 $ 244,613 $ 54,806 Funded status of the plans $ (4,054) $ (140,859) $ (11,322) $ (129,558) December 31, 2020 December 31, 2019 U.S. Non-U.S. U.S. Non-U.S. Amounts recognized in the consolidated balance sheet: Other assets $ 10,513 $ 1,921 $ 2,677 $ 1,887 Accrued liabilities (1,020) (4,097) (1,021) (4,413) Pension benefits (long term) (13,547) (138,683) (12,978) (127,032) Pre-tax amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit (income) cost as of December 31, 2020 and 2019 were as follows: December 31, 2020 December 31, 2019 U.S. Non-U.S. U.S. Non-U.S. Prior service costs $ (76) $ (497) $ (96) $ (351) Actuarial losses (57,731) (53,657) (61,184) (49,682) The Company uses the corridor approach when amortizing actuarial gains or losses. Under the corridor approach, net unrecognized actuarial losses in excess of 10% of the greater of i) the projected benefit obligation or ii) the fair value of plan assets are amortized over future periods. The accumulated benefit obligation for all domestic and international defined benefit pension plans was $271,397 and $186,652 as of December 31, 2020 and $255,935 and $174,273 as of December 31, 2019, respectively. As of December 31, 2020, the fair value of plan assets for three of the Company’s defined benefit plans exceeded the projected benefit obligations of $286,102 by $12,434. The components of net periodic benefit (income) cost for the Company’s defined benefit plans were as follows: Year Ended December 31, 2020 2019 2018 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service cost $ 853 $ 3,992 $ 809 $ 3,893 $ 852 $ 4,383 Interest cost 8,132 3,200 10,955 4,037 10,824 4,207 Expected return on plan assets (13,683) (2,415) (16,353) (2,400) (17,414) (2,178) Amortization of prior service cost and actuarial loss 1,940 3,478 2,914 2,373 2,403 2,646 Settlements — 184 15,247 572 — 775 Other — (11) — 956 — — Net periodic benefit (income) cost $ (2,758) $ 8,428 $ 13,572 $ 9,431 $ (3,335) $ 9,833 Pension Settlements In addition to the settlements shown in the table above, the Company recognized $744 of Non-U.S. pension net settlement and curtailment charges due to the divestiture of certain businesses in Europe and India during the year ended December 31, 2020 that are recorded as a reduction to gain on sale of business, net in the consolidated statements of operations. The Company also recognized $836 of Non-U.S. pension settlement charges during the year ended December 31, 2020 that are recorded as restructuring in the consolidated statements of operations. The Company recognized $2,730 of Non-U.S. pension settlement charges due to the divestiture of the Company’s AVS product line during the year ended December 31, 2019. The charges are recorded as a reduction to gain on sale of business, net in the consolidated statements of operations. During the year ended December 31, 2019, the Company undertook an initiative to de-risk pension obligations in the U.S. by purchasing a bulk annuity policy utilizing plan assets, which was designed to match the liabilities of the plan. The resulting non-cash settlement charge of $15,247 was recorded in pension settlement charges, and administrative expenses of $178 were recorded in selling, administration & engineering expenses in the consolidated statements of operations. As a result of the settlement, the Company’s overall projected benefit obligation as of December 31, 2019 was reduced by $58,198. Plan Assumptions Weighted average assumptions used to determine benefit obligations as of December 31, 2020 and 2019 were as follows: 2020 2019 U.S. Non-U.S. U.S. Non-U.S. Discount rate 2.48 % 1.36 % 3.28 % 1.79 % Rate of compensation increase N/A 1.23 % N/A 1.33 % Cash balance interest credit rate 4.50 % N/A 4.50 % N/A Weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2020, 2019 and 2018 were as follows: 2020 2019 2018 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 3.28 % 2.33 % 4.25 % 2.40 % 3.55 % 2.17 % Expected return on plan assets 5.75 % 3.73 % 6.50 % 4.63 % 6.50 % 5.82 % Rate of compensation increase N/A 3.99 % N/A 3.31 % N/A 3.17 % To develop the expected return on plan assets assumption, the Company considered the historical returns and the future expected returns for each asset class, as well as the target asset allocation of the pension portfolio. As the U.S. plans are frozen, the rate of compensation increase was not applicable in determining net periodic benefit cost. Plan Assets The goals and investment objectives of the asset strategy are to ensure that there is an adequate level of assets to meet benefit obligations to participants and retirees over the life of the participants and maintain liquidity in the plan assets sufficient to cover monthly benefit obligations. Risk is managed by investing in a broad range of investment vehicles, e.g., equity mutual funds, bond mutual funds, real estate mutual funds, hedge funds, etc. There are no equity securities of the Company in the equity asset category. Investments in equity securities and debt securities are valued at fair value using a market approach and observable inputs, such as quoted market prices in active markets (Level 1). Investments in balanced funds are valued at fair value using a market approach and inputs that are primarily directly or indirectly observable (Level 2). Investments in equity securities and balanced funds in which the Company holds participation units in a fund, the net asset value of which is based on the underlying assets and liabilities of the respective fund, are considered an unobservable input (Level 3). Investments in real estate funds are primarily valued at net asset value depending on the investment. The fair value of the Company’s pension plan assets by category using the three-level hierarchy (see Note 12. “Fair Value Measurements and Financial Instruments”) as of December 31, 2020 and 2019 was as follows: 2020 Level 1 Level 2 Assets measured at NAV (1) Total Equity funds $ 18,218 $ 16,647 $ — $ 34,865 Equity funds measured at net asset value — — 117,309 117,309 Bond funds — 37,901 — 37,901 Bond funds measured at net asset value — — 104,880 104,880 Real estate measured at net asset value — — 25,070 25,070 Cash and cash equivalents 1,866 — — 1,866 Total $ 20,084 $ 54,548 $ 247,259 $ 321,891 2019 Level 1 Level 2 Assets measured at NAV (1) Total Equity funds $ 16,613 $ 20,126 $ — $ 36,739 Equity funds measured at net asset value — — 101,053 101,053 Bond funds — 34,680 — 34,680 Bond funds measured at net asset value — — 98,967 98,967 Real estate measured at net asset value — — 25,425 25,425 Cash and cash equivalents 2,555 — — 2,555 Total $ 19,168 $ 54,806 $ 225,445 $ 299,419 (1) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These assets are included in this table to present total pension plan assets at fair value. There were no transfers of Level 3 assets and no Level 3 assets in the ending balance for the years ended December 31, 2020 and December 31, 2019. Expected Future Benefit Payments The Company estimates its benefit payments for domestic and foreign pension plans during the next ten years to be as follows: Years Ending December 31, U.S. Non-U.S. Total 2021 $ 17,250 $ 6,196 $ 23,446 2022 15,775 6,253 22,028 2023 14,700 28,144 42,844 2024 15,400 7,896 23,296 2025 15,134 8,004 23,138 2026 - 2030 75,540 42,708 118,248 Contributions |
Postretirement Benefits Other T
Postretirement Benefits Other Than Pensions | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than Pensions The Company provides certain retiree health care and life insurance benefits covering certain U.S. salaried and hourly employees and employees in Canada. Employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. The Company’s policy is to fund the cost of these postretirement benefits as these benefits become payable. Information related to the Company’s postretirement benefit plans was as follows: Year Ended December 31, 2020 2019 U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligation: Benefit obligations at beginning of year $ 22,436 $ 23,949 $ 25,633 $ 21,981 Service cost 103 404 118 397 Interest cost 680 726 864 752 Net actuarial loss 1,603 2,221 1,697 1,705 Benefits paid (1,403) (663) (1,491) (570) Divestiture — — (4,405) (1,513) Other — — 20 61 Foreign currency exchange rate effect — 395 — 1,136 Benefit obligation at end of year $ 23,419 $ 27,032 $ 22,436 $ 23,949 Funded status of the plan $ (23,419) $ (27,032) $ (22,436) $ (23,949) Net amount recognized as of December 31 $ (23,419) $ (27,032) $ (22,436) $ (23,949) December 31, 2020 December 31, 2019 U.S. Non-U.S. U.S. Non-U.S. Amounts recognized in the consolidated balance sheet: Accrued liabilities $ (1,648) $ (968) $ (1,686) $ (840) Postretirement benefits other than pension (long term) (21,771) (26,064) (20,750) (23,109) Pre-tax amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit (income) cost as of December 31, 2020 and 2019 were as follows: December 31, 2020 December 31, 2019 U.S. Non-U.S. U.S. Non-U.S. Prior service credits $ — $ — $ 55 $ 93 Actuarial gains (losses) 11,018 (9,563) 14,496 (7,753) The components of net periodic benefit (income) costs for the Company’s other postretirement benefit plans were as follows: Year Ended December 31, 2020 2019 2018 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service cost $ 103 $ 404 $ 118 $ 397 $ 308 $ 495 Interest cost 680 726 864 752 1,198 789 Amortization of prior service credit and recognized actuarial (gain) loss (1,930) 448 (2,441) 320 (1,672) 308 Other — — — 48 5 — Net periodic benefit (income) cost $ (1,147) $ 1,578 $ (1,459) $ 1,517 $ (161) $ 1,592 During the year ended December 31, 2019, the Company recognized a gain of $3,452 for the U.S. plan and a net charge of $453 for the Non-U.S. plan, related to settlements and curtailments due to the divestiture of the Company’s AVS product line. See Note 5. “Divestitures.” The amounts are recorded in gain on sale of business, net in the consolidated statements of operations. Plan Assumptions Weighted average assumptions used to determine benefit obligations as of December 31, 2020 and 2019 were as follows: 2020 2019 U.S. Non-U.S. U.S. Non-U.S. Discount rate 2.35 % 2.65 % 3.15 % 3.05 % Weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2020, 2019 and 2018 were as follows: 2020 2019 2018 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 3.15 % 3.05 % 4.20 % 3.65 % 3.55 % 3.40 % The assumed health care cost trend rates used to measure the postretirement benefit obligation as of December 31, 2020 were as follows: U.S. Non-U.S. Health care cost trend rate 5.34 % 5.00 % Ultimate health care cost trend rate 4.50 % 5.00 % Year that the rate reaches the ultimate trend rate 2027 N/A Expected Future Postretirement Benefit Payments The Company estimates its benefit payments for its postretirement benefit plans during the next ten years to be as follows: U.S. Non-U.S. Total 2021 $ 1,667 $ 981 $ 2,648 2022 1,666 975 2,641 2023 1,648 978 2,626 2024 1,608 1,011 2,619 2025 1,572 1,019 2,591 2026 - 2030 7,108 5,211 12,319 Other Other postretirement benefits recorded in the Company’s consolidated balance sheets include $1,778 and $4,454 as of December 31, 2020 and 2019, respectively, for termination indemnity plans in Europe. |
Other Expense, net
Other Expense, net | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Other Expense, net The components of other expense, net were as follows: Year Ended December 31, 2020 2019 2018 Foreign currency losses $ (1,429) $ (3,022) $ (3,170) Components of net periodic benefit cost other than service cost (576) (1,069) (1,116) Factoring costs (776) (1,007) (1,248) Miscellaneous income 201 838 696 Other expense, net $ (2,580) $ (4,260) $ (4,838) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Components of the Company’s income (loss) before income taxes and adjustment for noncontrolling interests were as follows: Year Ended December 31, 2020 2019 2018 Domestic $ (235,574) $ 53,425 $ 103,228 Foreign (94,647) 44,877 (33,573) $ (330,221) $ 98,302 $ 69,655 The Company’s income tax (benefit) expense consists of the following: Year Ended December 31, 2020 2019 2018 Current Federal $ (65,565) $ (227) $ (11,153) State (196) (171) (33) Foreign 13,636 20,613 20,717 Deferred Federal (15,060) 4,405 (4,532) State 1,297 (767) 2,074 Foreign 5,041 12,236 (36,473) $ (60,847) $ 36,089 $ (29,400) A reconciliation of the U.S. statutory federal rate to the income tax provision was as follows: Year Ended December 31, 2020 2019 2018 Tax at U.S. statutory rate $ (69,346) $ 20,643 $ 14,627 State and local taxes (4,933) 209 1,273 Tax credits and incentives (5,750) (8,034) (11,702) Changes in tax law, other 352 2,909 (3,008) U.S. tax reform/Global Intangible Low-Taxed Income ("GILTI")/foreign derived intangible income (1,046) 1,102 (6,860) Effect of foreign tax rates (15,432) (1,656) (10,388) Nonrecurring permanent items (3,069) (5,250) — Goodwill impairment — — 6,887 CARES Act (27,844) — — Foreign branch (1,215) (2,258) (3,753) Stock compensation (ASU 2016-09) 1,640 1,596 (2,097) Non deductible expenses 9,335 2,820 2,451 Tax reserves/audit settlements 1,071 (206) (3,760) Valuation allowance 51,609 24,625 (7,844) Other, net 3,781 (411) (5,226) Income tax provision $ (60,847) $ 36,089 $ (29,400) Effective income tax rate 18.4 % 36.7 % (42.2) % On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Act”) was enacted into law. The Act reduced the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018. The Act required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously deferred. In 2018 and 2017, the Company recorded tax expense related to the enactment-date effects of the Act that included recording the one-time transition tax liability related to undistributed earnings of certain foreign subsidiaries that were not previously taxed and adjusting deferred tax assets and liabilities. Our accounting for the income tax effects of the Act was complete as of December 31, 2018. Additionally, on March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted into law. The CARES Act allows net operating losses generated by the Company 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 $27,844 benefit for this CARES Act provision in the period ended December 31, 2020. Nonrecurring permanent items in 2020 were the result of the divestiture of our European rubber, fluid transfer, and specialty sealing businesses as well as our Indian operation, including a worthless security deduction and in 2019 a result of the sale of the AVS product line. Deferred tax assets and liabilities reflect the estimated tax effect of accumulated temporary differences between the basis of assets and liabilities for tax and financial reporting purposes, as well as net operating losses, tax credit and other carryforwards. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows: 2020 2019 Deferred tax assets: Pension, postretirement and other benefits $ 53,229 $ 48,589 Capitalized expenditures 14,411 2,908 Net operating loss and tax credit carryforwards 215,980 167,719 Operating lease 26,160 20,817 All other items 53,290 53,614 Total deferred tax assets 363,070 293,647 Deferred tax liabilities: Property, plant and equipment (29,415) (19,479) Operating lease right-of-use (26,160) (20,817) All other items (15,597) (12,680) Total deferred tax liabilities (71,172) (52,976) Valuation allowances (234,425) (194,794) Net deferred tax assets $ 57,473 $ 45,877 As of December 31, 2020, the Company’s foreign subsidiaries, primarily in France, Brazil, Italy and Germany, had operating loss carryforwards aggregating $520,000, with indefinite expiration periods. Other foreign subsidiaries in China, Mexico, Netherlands, Spain, Czech Republic and Korea had operating losses aggregating $263,000, with expiration dates beginning in 2021. The Company has research tax credit carryforwards and foreign tax credit carryforwards totaling $20,800 in the U.S. with expiration dates beginning in 2029. The Company and its domestic subsidiaries have anticipated tax benefits of state net operating losses and credit carryforwards of $10,400 with expiration dates beginning in 2021. As of December 31, 2020, the Company has consolidated deferred tax assets of $363,070, of which $62,535 relate to the U.S. federal jurisdiction, with valuation allowances of $234,425 related to tax losses, credit carryforwards, and other deferred tax assets in certain foreign and U.S. state jurisdictions. The Company’s valuation allowance increased in 2020 primarily from current year losses generated in certain foreign jurisdictions as well as new valuation allowances in additional foreign and U.S. state jurisdictions. Current and future provision for income taxes is significantly impacted by the initial recognition of and changes in valuation allowances in certain countries. The Company intends to maintain these allowances until it is more likely than not that the deferred tax assets will be realized. In the future, provision for income taxes will include no tax benefit with respect to losses incurred and no tax expense with respect to income generated in these countries until the respective valuation allowance is eliminated. As of December 31, 2020, no material deferred income taxes have been recorded on the undistributed earnings of foreign subsidiaries, since a majority of these earnings will not be taxable upon repatriation to the United States. These earnings will be primarily treated as previously taxed income from either the one time transition tax or GILTI, or they will be offset with a 100% dividends received deduction. The Company has not recorded a deferred tax liability for foreign withholding taxes or state income taxes that may be incurred upon repatriation in the future as such undistributed foreign earnings are considered permanently reinvested or could be remitted with no tax implications. As of December 31, 2020, the Company had $11,272 ($12,550 including interest and penalties) of total unrecognized tax benefits, all of which represented the amount of unrecognized tax benefits that, if recognized, would affect the effective income tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: 2020 2019 Balance at beginning of period $ 10,123 $ 9,631 Tax positions related to the current period Gross additions 1,115 895 Gross reductions — — Tax positions related to prior years Gross additions 342 — Gross reductions — (52) Settlements (232) — Lapses on statutes of limitations (76) (351) Balance at end of period $ 11,272 $ 10,123 The Company, or one of its subsidiaries, files income tax returns in the United States and other foreign jurisdictions. The Internal Revenue Service completed an examination of the Company’s U.S. income tax returns through 2011. The statute of limitations for U.S. state and local jurisdictions is closed for taxable years ending prior to 2014. The Company’s major foreign jurisdictions are Brazil, Canada, China, France, Germany, Italy, Mexico, and Poland. The Company is no longer subject to income tax examinations in major foreign jurisdictions for years prior to 2016. During the next twelve months, it is reasonably possible that, as a result of audit settlements and the conclusion of current examinations, the Company may decrease the amount of its gross unrecognized tax benefits by approximately $10,229, all of which, if recognized, would impact the effective tax rate. The Company classifies all income tax related interest and penalties as income tax expense. The Company has recorded in liabilities $1,277 and $1,052 as of December 31, 2020 and 2019, respectively, for tax related interest and penalties on its consolidated balance sheet. |
Net Income Per Share Attributab
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. | Net (Loss) Income Per Share Attributable to Cooper-Standard Holdings Inc. Basic net (loss) income per share attributable to Cooper-Standard Holdings Inc. was computed by dividing net (loss) income attributable to Cooper-Standard Holdings Inc. by the weighted average number of shares of common stock outstanding during the period. Diluted net (loss) income per share attributable to Cooper-Standard Holdings Inc. was computed using the treasury stock method by dividing diluted net (loss) income available to Cooper-Standard Holdings Inc. by the weighted average number of shares of common stock outstanding, including the dilutive effect of common stock equivalents, using the average share price during the period. Information used to compute basic and diluted net (loss) income per share attributable to Cooper-Standard Holdings Inc. was as follows: Year Ended December 31, 2020 2019 2018 Net (loss) income available to Cooper-Standard Holdings Inc. common stockholders $ (267,605) $ 67,529 $ 103,601 Basic weighted average shares of common stock outstanding 16,913,850 17,146,124 17,894,718 Dilutive effect of common stock equivalents — 62,644 395,484 Diluted weighted average shares of common stock outstanding 16,913,850 17,208,768 18,290,202 Basic net (loss) income per share attributable to Cooper-Standard Holdings Inc. $ (15.82) $ 3.94 $ 5.79 Diluted net (loss) income per share attributable to Cooper-Standard Holdings Inc. $ (15.82) $ 3.92 $ 5.66 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component, net of related tax, were as follows: Cumulative currency translation adjustment Benefit plan Fair value change of derivatives Total Balance as of December 31, 2018 $ (141,104) $ (104,375) $ (458) $ (245,937) Other comprehensive income (loss) before reclassifications (16,653) (1) (10,536) (2) 2,858 (3) (24,331) Amounts reclassified from accumulated other comprehensive income (loss) 3,824 14,751 (4) (2,048) (5) 16,527 Balance as of December 31, 2019 (153,933) (100,160) 352 (253,741) Other comprehensive income (loss) before reclassifications 15,708 (1) (11,254) (2) (4,700) (3) (246) Amounts reclassified from accumulated other comprehensive income (loss) 1,646 5,335 (6) 5,110 (5) 12,091 Balance as of December 31, 2020 $ (136,579) $ (106,079) $ 762 $ (241,896) (1) Includes $4,430 and $(823) of other comprehensive income (loss) for the years ended December 31, 2020 and 2019, respectively, that are related to intra-entity foreign currency balances that are of a long-term investment nature. (2) Net of tax benefit of $571 and $457 for the years ended December 31, 2020 and 2019, respectively. (3) Net of tax (benefit) expense of $(1,580) and $954 for the years ended December 31, 2020 and 2019, respectively. (4) Includes the effect of the U.S. pension settlement loss of $15,247, other settlement losses of $572, curtailment losses of $539, and the amortization of actuarial losses of $3,383, offset by $269 net gains related to the AVS divestiture and the amortization of prior service credits of $185, net of tax of $4,536. (5) Net of tax (benefit) expense of $(1,835) and $725 for the years ended December 31, 2020 and 2019, respectively. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equity | Equity Common Stock The Company is authorized to issue up to 190,000,000 shares of common stock, par value $0.001 per share. As of December 31, 2020, an aggregate of 18,962,894 shares of its common stock were issued, and 16,897,085 shares were outstanding. Holders of shares of common stock are entitled to one vote for each share on each matter on which holders of common stock are entitled to vote. Holders of common stock are entitled to ratably receive dividends and other distributions when, as and if declared by the Company’s board of directors out of assets or funds legally available therefore. The ABL Facility, the Term Loan Facility, the Senior Notes, and the Senior Secured Notes each contain covenants that restrict the Company’s ability to pay dividends or make distributions on the common stock, subject to certain exceptions. In the event of the liquidation, dissolution or winding up of the Company, holders of common stock are entitled to share ratably in the Company assets, if any, remaining after the payment of all the Company’s debts and liabilities. 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 $150.0 million 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 was effective beginning November 2018. As of December 31, 2020, the Company had approximately $98,720 of repurchase authorization under the 2018 Program. The Company did not make any repurchases during the year ended December 31, 2020. 2019 Repurchases In May 2019, the Company entered into an accelerated share repurchase (“ASR”) agreement with a third-party financial institution to repurchase the Company’s common stock pursuant to the 2018 Program. Under the ASR agreement, the Company made an up-front payment of $30,000 and received an initial delivery of 626,305 shares of its common stock in the second quarter of 2019. The repurchase was completed in the third quarter of 2019 when the Company received an additional 72,875 shares. A total of 699,180 shares were repurchased at a weighted average purchase price of $42.91 per share. In addition to the repurchase under the ASR agreement, during the year ended December 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. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-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. There are 2,300,000 shares of common stock authorized for awards granted under the current plan. Under previous plans, a total of 5,873,103 shares were authorized for awards. The plans provide for the grant of stock options, stock appreciation rights, shares of common stock, restricted stock, restricted stock units (“RSUs”), performance-vested restricted stock units (“PUs”), incentive awards and certain other types of awards to key employees and directors of the Company and its affiliates. The Company measures share-based compensation expense at fair value and recognizes such expense on a straight-line basis over the vesting period of the share-based employee awards. The compensation expense related to stock options, restricted stock and performance units granted to key employees and directors of the Company, which is quantified below, does not represent payments actually made to these employees. Rather, the amounts represent the non-cash compensation expense recognized by the Company in connection with these awards for financial reporting purposes. The actual value of these awards to the recipients will depend on the trading price of the Company’s stock when the awards vest. In accordance with the Company’s long-term incentive plans, share-based compensation awards that settle in shares of Company stock may be delivered on a gross settlement basis or a net settlement basis, as determined by the recipient. Share-based compensation expense (income) was as follows: Year Ended December 31, 2020 2019 2018 PUs $ 916 $ 277 $ (3,925) RSUs 6,994 8,432 9,241 Stock options 2,525 3,156 3,204 Total $ 10,435 $ 11,865 $ 8,520 Stock Options Stock option awards are granted at the fair market value of the Company’s stock price at the date of the grant and have a 10 year term. The stock option grants vest over three years from the date of grant. Stock option transactions and related information for the year ended December 31, 2020 was as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2020 548,770 $ 77.68 Granted 233,732 $ 25.19 Exercised — $ — Forfeited (21,757) $ 49.53 Expired (19,326) $ 51.62 Outstanding as of December 31, 2020 741,419 $ 62.64 6.1 $ 2,103 Exercisable as of December 31, 2020 408,316 $ 78.37 5.0 $ — The weighted-average grant date fair value of stock options granted during the years ended December 31, 2020, 2019 and 2018 was $8.85, $24.22 and $36.22, respectively. There were no stock options exercised during the year ended December 31, 2020. The total intrinsic value of stock options exercised during the years ended December 31, 2019 and 2018 was $243 and $12,422, respectively. As of December 31, 2020, unrecognized compensation expense for stock options amounted to $2,728. Such cost is expected to be recognized over a weighted average period of approximately 1.7 years. The fair value of the options was estimated at the date of the grant using the Black-Scholes option pricing model. Expected volatility was based on the historical volatility of the Company’s common stock. The expected option life was calculated using the simplified method. The risk-free rate is based on the U.S. Treasury zero-coupon issues with a term equal to the expected option life on the date the stock options were granted. The fair value of each option was estimated using the following assumptions: 2020 2019 2018 Expected volatility 33.74% 29.48% - 31.10% 27.17% - 27.19% Dividend yield 0.00 % 0.00 % 0.00 % Expected option life - years 6.0 6.0 6.0 Risk-free rate 1.5% 1.8% - 2.5% 2.6% Restricted Stock and Restricted Stock Units The fair value of the restricted stock and restricted stock units is determined based on the closing price of the common stock on the date of grant. The restricted stock and restricted stock units vest over one Restricted stock and restricted stock units transactions and related information for the year ended December 31, 2020 was as follows: Restricted Stock and Restricted Units Weighted Average Grant Date Fair Value Non-vested as of January 1, 2020 332,981 $ 83.60 Granted 169,038 $ 17.62 Vested (86,976) $ 99.41 Forfeited (29,408) $ 73.75 Non-vested as of December 31, 2020 385,635 $ 54.10 The weighted-average grant date fair value of restricted stock and restricted stock units granted during the years ended December 31, 2020, 2019 and 2018 was $17.62, $66.12 and $110.34, respectively. The total fair value of restricted stock and restricted stock units vested during the years ended December 31, 2020, 2019 and 2018 was $7,786, $9,859 and $7,418, respectively. As of December 31, 2020, unrecognized compensation expense for restricted stock and restricted stock units amounted to $5,973. Such cost is expected to be recognized over a weighted-average period of approximately 1.2 years. Performance-Vested Restricted Stock Units The actual number of performance units that will vest depends on the Company’s achievement of target performance goals related to the Company’s ROIC and total shareholder return over a performance period, which may range from 0% to 200% of the target award amount. The PUs cliff vest at the end of their three-year performance period or vest ratably over three years after their initial two-year performance period. PUs that are expected to be settled in shares of the Company’s common stock are accounted for as equity awards, and the fair value is determined based on the closing price of the common stock on the date of grant. PUs that are expected to be settled in cash are accounted for as liability awards. A summary of activity for performance-vested restricted stock units transactions and related information for the year ended December 31, 2020 was as follows: Performance Units Weighted Average Grant Date Fair Value Non-vested as of January 1, 2020 194,053 $ 93.86 Granted 130,346 $ 10.10 Vested (48,772) $ 107.50 Forfeited (17,387) $ 57.57 Non-vested as of December 31, 2020 258,240 $ 51.45 The weighted-average grant date fair value of performance units granted during the years ended December 31, 2020, 2019 and 2018 was $10.10, $78.41 and $110.40, respectively. The total fair value of PUs vested during the years ended December 31, 2020, 2019 and 2018 was $5,243, $5,450, and $8,256, respectively. Actual payout of units vested was 0% during the year ended December 31, 2020 and no cash was paid to settle PUs during the year ended December 31, 2020. Cash paid to settle PUs during the years ended December 31, 2019 and 2018 was $3,345 and $13,302, respectively. As of December 31, 2020, unrecognized compensation expense for the PUs granted in 2020 was $1,448. Such cost is expected to be recognized over a weighted-average period of approximately 2.0 years. The fair value of the performance units is estimated using a Monte Carlo simulation. Expected volatility was calculated based on historical stock price volatility over the previous year. The risk-free rate was based on the U.S. Treasury yield curve, generally represented by U.S. Treasury securities, with a term equal to the expected life of the performance units. The dividend yield was assumed to be zero based on Company’s historical patterns and future expectation. The fair value of the performance units granted in 2020 was estimated using the following assumptions: 2020 Expected volatility 116.60 % Dividend yield 0.00 % Risk-free rate 0.10 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 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: December 31, 2020 December 31, 2019 December 31, 2018 Sales (1) $ 21,736 $ 28,925 $ 30,826 Purchases (2) 339 880 687 Dividends received (3) 7,243 4,917 4,862 (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 |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Contingent Liabilities Litigation and Claims Various legal actions, proceedings, and claims (generally, “matters”) are pending or may be instituted or asserted against the Company. The Company accrues for matters when losses are deemed probable and reasonably estimable. Any resulting adjustments, which could be material, are recorded in the period the adjustments are identified. As of December 31, 2020, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already accrued for matters, if any, has been incurred. However, the ultimate resolutions of these matters are inherently unpredictable and could require payment substantially in excess of the amounts that have been accrued or disclosed. Environmental The Company is subject to a broad range of federal, state and local environmental and occupational safety and health laws and regulations in the United States and other countries, including those governing: emissions to air, discharges to water, noise and odor emissions; the generation, handling, storage, transportation, treatment, reclamation and disposal of chemicals and waste materials; the cleanup of contaminated properties; and human health and safety. The Company may incur substantial costs associated with hazardous substance contamination or exposure, including cleanup costs, fines, and civil or criminal sanctions, third party property or natural resource damage, personal injury claims or costs to upgrade or replace existing equipment as a result of violations of or liabilities under environmental laws or the failure to maintain or comply with environmental permits required at their locations. In addition, many of the Company’s current and former facilities are located on properties with long histories of industrial or commercial operations, and some of these properties have been subject to certain environmental investigations and remediation activities. The Company maintains environmental reserves for certain of these sites. As of December 31, 2020 and 2019, the Company had $13,302 and $6,104, respectively, reserved in accrued liabilities and other liabilities on the consolidated balance sheet on an undiscounted basis, which it believes are adequate. Because some environmental laws (such as the Comprehensive Environmental Response, Compensation and Liability Act and analogous state laws) can impose liability retroactively and regardless of fault on potentially responsible parties for the entire cost of cleanup at currently or formerly owned or operated facilities, as well as sites at which such parties disposed or arranged for disposal of hazardous waste, the Company could become liable for investigating or remediating contamination at their current or former properties or other properties (including offsite waste disposal locations). The Company may not always be in complete compliance with all applicable requirements of environmental laws or regulation, and the Company may receive notices of violation or become subject to enforcement actions or incur material costs or liabilities in connection with such requirements. In addition, new environmental requirements or changes to interpretations of existing requirements, or in their enforcement, could have a material adverse effect on the Company’s business, results of operations, and financial condition. The Company has made and will continue to make expenditures to comply with environmental requirements. While the Company’s costs to defend and settle known claims arising under environmental laws have not been material in the past and are not currently estimated to have a material adverse effect on the Company’s financial condition, such costs may be material to the Company’s financial statements in the future. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments 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 during the years ended December 31, 2019 and 2018 have been reclassified from North America and Europe from the table below. The other metrics previously reported during the years ended December 31, 2019 and 2018 and as of December 31, 2019 have been reclassified from North America, Europe, Asia Pacific and South America from the tables below. The accounting policies of the Company’s segments are consistent with those described in Note 2. “Basis of Presentation and Summary of Significant Accounting Policies.” Effective January 1, 2019, the Company changed the measurement of its operating segments to segment adjusted EBITDA. 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: Year Ended December 31, 2020 2019 2018 Sales to external customers North America $ 1,141,368 $ 1,543,845 $ 1,872,938 Europe 586,739 826,335 982,967 Asia Pacific 468,042 503,953 571,160 South America 60,754 94,535 98,063 Total Automotive 2,256,903 2,968,668 3,525,128 Corporate, eliminations and other 118,536 139,732 98,914 Consolidated $ 2,375,439 $ 3,108,400 $ 3,624,042 Intersegment sales North America $ 12,267 $ 19,701 $ 18,624 Europe 9,569 11,744 15,185 Asia Pacific 2,406 3,050 5,115 South America 72 193 103 Total Automotive 24,314 34,688 39,027 Corporate, eliminations and other (24,314) (34,688) (39,027) Consolidated $ — $ — $ — Year Ended December 31, 2020 2019 2018 Adjusted EBITDA North America $ 90,638 $ 213,250 $ 319,653 Europe (39,004) 22,922 40,980 Asia Pacific 12,472 (27,497) 14,118 South America (13,841) (3,446) (7,138) Total Automotive 50,265 205,229 367,613 Corporate, eliminations and other (14,588) (3,621) 5,045 Consolidated $ 35,677 $ 201,608 $ 372,658 Net interest expense (income) North America $ 504 $ 96 $ (380) Europe 1,082 318 616 Asia Pacific 2,205 4,139 2,355 South America 225 3 (62) Total Automotive 4,016 4,556 2,529 Corporate, eliminations and other 55,151 39,557 38,475 Consolidated $ 59,167 $ 44,113 $ 41,004 Depreciation and amortization expense North America $ 60,193 $ 62,604 $ 61,589 Europe 36,707 38,572 41,855 Asia Pacific 31,789 31,881 28,822 South America 2,392 2,658 2,087 Total Automotive 131,081 135,715 134,353 Corporate, eliminations and other 23,148 16,238 12,345 Consolidated $ 154,229 $ 151,953 $ 146,698 Capital expenditures North America $ 30,921 $ 64,887 $ 72,315 Europe 25,369 34,587 53,104 Asia Pacific 21,809 40,214 70,672 South America 2,476 7,340 5,734 Total Automotive 80,575 147,028 201,825 Corporate, eliminations and other 11,219 17,438 16,246 Consolidated $ 91,794 $ 164,466 $ 218,071 Year Ended December 31, 2020 2019 2018 Adjusted EBITDA $ 35,677 $ 201,608 $ 372,658 Impairment of assets held for sale (86,470) — — Gain on sale of business, net 2,834 191,571 — Restructuring charges (39,482) (51,102) (29,722) Other impairment charges (17,417) (23,139) (43,706) Pension settlement charges (184) (15,997) (775) Project costs (5,648) (2,090) (4,881) Lease termination costs (771) (1,167) — Divested noncontrolling interest debt extinguishment (3,595) — — Goodwill impairment charges — — (39,818) Gain on sale of land — — 10,377 Amortization of inventory write-up — — (1,460) Loss on refinancing and extinguishment of debt — — (770) EBITDA $ (115,056) $ 299,684 $ 261,903 Income tax (expense) benefit 60,847 (36,089) 29,400 Interest expense, net of interest income (59,167) (44,113) (41,004) Depreciation and amortization (154,229) (151,953) (146,698) Net (loss) income attributable to Cooper-Standard Holdings Inc. $ (267,605) $ 67,529 $ 103,601 December 31, 2020 2019 Segment assets North America $ 907,652 $ 1,040,650 Europe 465,031 553,977 Asia Pacific 587,610 614,952 South America 64,800 65,438 Total Automotive 2,025,093 2,275,017 Corporate, eliminations and other 586,851 360,565 Consolidated $ 2,611,944 $ 2,635,582 The decrease in asset amounts in Europe and Asia Pacific as of December 31, 2020 was primarily attributable to the Company’s recent divestitures in those regions. See Note 5. “Divestitures” for further detail on these transactions. Geographic Information Geographic information for revenues, based on country of origin, and property, plant and equipment, net, is as follows: Year Ended December 31, 2020 2019 2018 Revenues Mexico $ 578,790 $ 723,228 $ 763,094 United States 518,497 729,866 883,273 China 364,207 355,667 466,119 Poland 191,530 270,197 245,853 Canada 125,729 188,652 278,349 Germany 114,221 151,441 187,374 France 97,289 159,859 305,416 Other 385,176 529,490 494,564 Consolidated $ 2,375,439 $ 3,108,400 $ 3,624,042 December 31, 2020 2019 Property, plant and equipment, net China $ 192,005 $ 196,502 United States 188,246 218,640 Mexico 145,452 153,414 Poland 77,789 88,162 Germany 72,979 78,967 France 33,087 32,938 Canada 29,500 31,568 Other 153,251 188,086 Consolidated $ 892,309 $ 988,277 Customer Concentration Sales to customers of the Company which contributed 10% or more of its total consolidated sales and the related percentage of consolidated Company sales for 2020, 2019 and 2018 are as follows: 2020 Percentage of Net Sales 2019 Percentage of Net Sales 2018 Percentage of Net Sales Customer Ford 24 % 25 % 27 % General Motors 19 % 18 % 19 % Fiat Chrysler Automobiles* 11 % 12 % 11 % * Subsequent to December 31, 2020, Fiat Chrysler Automobiles merged with Groupe PSA. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Valuation and Qualifying Accounts (dollars in millions) Description Balance at beginning of period Charged to Expenses Charged (credited) to other accounts (1) Deductions (2) Balance at end of period Allowance for credit losses Year ended December 31, 2020 $ 10.7 (3) 0.7 0.5 (4.8) $ 7.1 Year ended December 31, 2019 $ 5.6 5.5 (4) (0.1) (1.9) $ 9.1 Year ended December 31, 2018 $ 4.2 4.2 (0.1) (2.7) $ 5.6 (1) Primarily foreign currency translation. (2) Includes impact of divestitures. (3) Includes $1.6 adjustment due to adoption of ASU 2016-13 as of January 1, 2020. (4) Increase in 2019 relates to commercial settlements in China. Description Balance at beginning of period Additions Balance at end of period Charged to Income Charged to Equity (5) Deductions Tax valuation allowance Year ended December 31, 2020 $ 194.8 51.6 (6) 7.3 (19.3) (7) $ 234.4 Year ended December 31, 2019 $ 171.2 24.6 (8) (1.0) — $ 194.8 Year ended December 31, 2018 $ 189.4 33.1 (9) (10.4) (40.9) (10) $ 171.2 (5) Includes foreign currency translation. (6) Primarily related to 2020 losses with no benefit in certain foreign jurisdictions and U.S. states and new valuation allowances in foreign jurisdictions and U.S. states. (7) Deductions a result of the divestiture of our European rubber, fluid transfer, and specialty sealing businesses as well as our Indian operations. (8) Primarily related to 2019 losses with no benefit in certain foreign jurisdictions. (9) Primarily related to 2018 losses with no benefit in certain foreign jurisdictions. (10) Primarily related to release of valuation allowance in the U.S. and France. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation | The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). |
Principles of combination and consolidation | Principles of Consolidation – The consolidated financial statements include the accounts of the Company and the wholly-owned and less than wholly-owned subsidiaries controlled by the Company. All material intercompany accounts and transactions have been eliminated. Acquired businesses are included in the consolidated financial statements from the dates of acquisition or when the Company gained control. |
Foreign currency | Foreign Currency – The financial statements of foreign subsidiaries are translated to U.S. dollars at the end-of-period exchange rates for assets and liabilities and at a weighted average exchange rate for each period for revenues and expenses. Translation adjustments for those subsidiaries whose local currency is their functional currency are recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity (“AOCI”). Transaction related gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in earnings as incurred, except for those intercompany balances which are designated as long-term. |
Cash and cash equivalents | Cash and Cash Equivalents – The Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. |
Accounts receivable | Accounts Receivable – The Company records trade accounts receivable when revenue is recorded in accordance with its revenue recognition policy and relieves accounts receivable when payments are received from customers. Accounts receivable are written off when it is apparent such amounts are not collectible. Generally, the Company does not require collateral for its accounts receivable, nor is interest charged on accounts receivable balances. |
Allowance for doubtful accounts | Allowance for Credit Losses – An allowance for credit losses is established through charges to the provision for credit losses when it is probable that the outstanding receivable or reimbursable tooling will not be collected. The Company evaluates the adequacy of the allowance for credit losses on a periodic basis, including historical trends in collections and write-offs, management’s judgment of the probability of collecting accounts and management’s evaluation of business risk. This evaluation is inherently subjective, as it requires estimates that are susceptible to revision as more information becomes available. The allowance for credit losses was $7,100 and $9,149 as of December 31, 2020 and 2019, respectively. |
Advertising expense | Advertising Expense – Expenses incurred for advertising are generally expensed when incurred. Advertising expense was $425, $711 and $1,493 for the years ended December 31, 2020, 2019 and 2018, respectively. |
Inventories | Inventories – Inventories are valued at lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. The Company records inventory reserves for inventory in excess of production and/or forecasted requirements and for obsolete inventory. December 31, 2020 2019 Finished goods $ 39,136 $ 57,070 Work in process 35,477 33,753 Raw materials and supplies 69,129 52,616 $ 143,742 $ 143,439 |
Derivative financial instruments | Derivative Financial Instruments – Derivative financial instruments are utilized by the Company to reduce foreign currency exchange. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. On the date the derivative is established, the Company designates the derivative as either a fair value hedge, a cash flow hedge or a net investment hedge in accordance with its established policy. The Company does not enter into derivative financial instruments for trading or speculative purposes. |
Income taxes | Income Taxes – Deferred tax assets or liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax laws and rates. A valuation allowance is provided on deferred tax assets if the Company determines that it is more likely than not that the asset will not be realized. |
Long-lived assets | Long-lived Assets – Property, plant and equipment are recorded at cost and depreciated using primarily the straight-line method over estimated useful lives. Leasehold improvements are amortized over the expected life of the asset or term of the lease, whichever is shorter. Intangibles with finite lives, which include technology and customer relationships, are amortized over estimated useful lives. The Company evaluates the recoverability of long-lived assets when events and circumstances indicate that the assets may be impaired and the undiscounted net cash flows estimated to be generated by those assets are less than their carrying value. If the net carrying value exceeds the fair value, an impairment loss exists and is calculated based on either estimated salvage value or estimated orderly liquidation value. |
Pre-production costs related to long term supply arrangements | Pre-production Costs Related to Long Term Supply Arrangements – Costs for molds, dies and other tools owned by the Company to produce products under long-term supply arrangements are recorded at cost in property, plant and equipment and amortized over the lesser of three |
Goodwill | Goodwill – The Company tests goodwill for impairment on an annual basis in the fourth quarter, or more frequently if an event occurs or circumstances indicate the carrying amount may be impaired. Goodwill impairment testing is performed at the reporting unit level. The impairment test involves first qualitatively assessing goodwill for impairment. If the qualitative assessment is not met, a quantitative assessment is performed by comparing the estimated fair value of each reporting unit to its carrying value. If the carrying value exceeds the fair value, an impairment charge is recorded based on that difference. The Company’s organizational structure changed on January 1, 2020. See Note 24. “Business Segments” for further detail on this reorganization of our business. The change in organizational structure 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. Other than the change in organizational structure event noted above, there were no other indicators of potential impairment during the year ended December 31, 2020. |
Business Combinations Policy [Policy Text Block] | Business Combinations – The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. Determining the fair values of assets acquired and liabilities assumed requires management’s judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items. |
Revenue recognition and sales commitments | Revenue Recognition and Sales Commitments – In accordance with ASC 606, Revenue from Contracts with Customers , revenue is recognized when the performance obligations are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. The Company has one major performance obligation category: manufactured parts. A contract’s transaction price is allocated to each distinct performance obligation and recognized when the performance obligation is satisfied. The Company’s contracts may include multiple performance obligations. For such contracts, the Company generally allocates the contract’s transaction price to each performance obligation based on the purchase order or other arranged pricing. Revenue is recognized for manufactured parts at a point in time, generally when products are shipped or delivered. The point at which revenue is recognized often depends on the shipping terms. The Company usually enters 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. Although purchase orders do not usually specify quantities, fulfillment of customers’ purchasing requirements can be the Company’s obligation for the entire production life of the vehicle. These agreements generally may be terminated by the Company’s customer at any time, but such cancellations have historically been minimal. Customers typically pay for parts based on customary business practices with payment terms generally between 30 and 90 days. The Company has no significant financing arrangements with customers. The Company applies the optional exemption to forgo disclosing information about its remaining performance obligations because its contracts usually have an original expected duration of one year or less. It also applies an accounting policy to treat shipping and handling costs that are incurred after revenue is recognizable as a fulfillment activity by expensing such costs as incurred, instead of as a separate performance obligation. This is consistent with the Company’s historical accounting practices. The Company has chosen to present revenue net of sales and other similar taxes, which is also consistent with its historical accounting practices. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling – Amounts billed to customers related to shipping and handling are included in sales in the Company’s consolidated statements of operations. Shipping and handling costs are included in cost of products sold in the Company’s consolidated statements of operations. |
Research and development | Research and Development – Engineering, research and development, and program management costs are charged to selling, administration and engineering expenses as incurred and totaled $101,607, $114,854 and $122,529 for the years ended December 31, 2020, 2019 and 2018, respectively. |
Stock-based compensation | Share-based Compensation – The Company measures share-based compensation expense at fair value and generally recognizes such expenses on a straight-line basis over the vesting period of the share-based employee awards. See Note 21. “Share-Based Compensation” for additional information. |
Use of estimates | Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect amounts reflected in the consolidated financial statements, as well as disclosure of contingent assets and liabilities. Considerable judgment is often involved in making such estimates, and the use of different assumptions could result in different conclusions. Management believes its assumptions and estimates are reasonable and appropriate. However, actual results could differ from those estimates. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements The Company adopted the following Accounting Standards Updates (“ASU”) in 2020: 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 recently issued accounting pronouncement summarized as follows, which had an immaterial impact on its consolidated financial statements and disclosures: Standard Description Impact Effective Date ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans Modifies the disclosure requirements for ASC Topic 715 by removing and modifying existing disclosure requirements while also adding new disclosures. Adoption of this standard resulted in additional pension disclosures while also removing certain other disclosures. Specifically, the weighted-average interest crediting rate for the U.S. cash balance plan was added while accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year and the effects of a one-percentage-point change in the assumed health care cost trend rate were removed. December 31, 2020 The Company adopted the following ASUs in 2020, which did not have a material impact on its 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 Recently Issued Accounting Pronouncements The Company considered the recently issued accounting pronouncements summarized as follows, which will not have a material impact on its consolidated financial statements or disclosures: Standard Description Effective Date ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Modifies ASC Topic 740 by removing certain exceptions and amending existing guidance in order to simplify the accounting for income taxes. January 1, 2021 ASU 2021-01, Reference Rate Reform (Topic 848): Scope Clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition and tailors the existing guidance to derivative instruments affected by the discounting transition. January 1, 2021 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Inventories | December 31, 2020 2019 Finished goods $ 39,136 $ 57,070 Work in process 35,477 33,753 Raw materials and supplies 69,129 52,616 $ 143,742 $ 143,439 |
New Accounting Pronouncements_2
New Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | 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 |
Divestiture (Tables)
Divestiture (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The major classes of assets and liabilities divested were as follows: July 1, 2020 Cash and cash equivalents $ 11,162 Accounts receivable, net 18,825 Tooling receivable, net 4,770 Inventories 17,022 Prepaid expenses 2,728 Other current assets 8,873 Property, plant and equipment, net 39,913 Operating lease right-of-use assets, net 2,946 Intangible assets, net 4,992 Other assets 4,114 Impairment of carrying value (85,622) Total assets divested $ 29,723 Accounts payable $ 13,219 Payroll liabilities 7,135 Accrued liabilities 5,744 Current operating lease liabilities 918 Pension benefits 3,574 Postretirement benefits other than pensions 2,778 Long-term operating lease liabilities 2,286 Other liabilities 1,934 Total liabilities divested $ 37,588 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Revenue by customer group for the year ended December 31, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 1,110,294 $ 554,349 $ 463,586 $ 60,676 $ — $ 2,188,905 Commercial 11,291 18,134 4,338 22 3,731 37,516 Other 19,783 14,256 118 56 114,805 149,018 Revenue $ 1,141,368 $ 586,739 $ 468,042 $ 60,754 $ 118,536 $ 2,375,439 Revenue by customer group for the year ended December 31, 2019 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 1,504,136 $ 765,766 $ 503,676 $ 94,310 $ 5 $ 2,867,893 Commercial 17,784 28,068 73 114 1,213 47,252 Other 21,925 32,501 204 111 138,514 193,255 Revenue $ 1,543,845 $ 826,335 $ 503,953 $ 94,535 $ 139,732 $ 3,108,400 Revenue by customer group for the year ended December 31, 2018 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 1,834,780 $ 917,877 $ 571,137 $ 97,484 $ 15 $ 3,421,293 Commercial 20,625 34,336 19 439 2,409 57,828 Other 17,533 30,754 4 140 96,490 144,921 Revenue $ 1,872,938 $ 982,967 $ 571,160 $ 98,063 $ 98,914 $ 3,624,042 Revenue by product line for the year ended December 31, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 433,291 $ 438,012 $ 298,028 $ 39,354 $ — $ 1,208,685 Fuel and brake delivery systems 371,397 95,516 110,403 16,968 — 594,284 Fluid transfer systems 336,680 41,102 59,611 4,432 — 441,825 Other — 12,109 — — 118,536 130,645 Consolidated $ 1,141,368 $ 586,739 $ 468,042 $ 60,754 $ 118,536 $ 2,375,439 Revenue by product line for the year ended December 31, 2019 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 553,901 $ 563,529 $ 334,056 $ 69,111 $ — $ 1,520,597 (1) Fuel and brake delivery systems 479,962 124,803 112,253 23,871 — 740,889 Fluid transfer systems 453,064 87,375 56,180 1,553 — 598,172 Anti-vibration systems 56,457 20,807 1,464 — — 78,728 Other 461 29,821 — — 139,732 170,014 (1) Consolidated $ 1,543,845 $ 826,335 $ 503,953 $ 94,535 $ 139,732 $ 3,108,400 Revenue by product line for the year ended December 31, 2018 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 626,450 $ 646,213 $ 442,774 $ 73,256 $ — $ 1,788,693 (1) Fuel and brake delivery systems 545,907 138,557 87,131 24,440 — 796,035 Fluid transfer systems 442,392 87,593 32,990 367 — 563,342 Anti-vibration systems 256,846 74,792 8,265 — — 339,903 Other 1,343 35,812 — — 98,914 136,069 (1) Consolidated $ 1,872,938 $ 982,967 $ 571,160 $ 98,063 $ 98,914 $ 3,624,042 (1) |
Contract with Customer, Asset and Liability [Table Text Block] | Net contract assets (liabilities) consisted of the following: December 31, 2020 December 31, 2019 Change Contract assets $ 777 $ 1,100 $ (323) Contract liabilities (27) (61) 34 Net contract assets $ 750 $ 1,039 $ (289) |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Expense | Restructuring expense by segment for the years ended December 31, 2020, 2019 and 2018 was as follows: Year Ended December 31, 2020 2019 2018 North America $ 16,499 $ 10,831 $ 5,413 Europe 14,573 23,525 17,765 Asia Pacific 4,773 6,781 6,290 South America 2,129 37 254 Total Automotive 37,974 41,174 29,722 Corporate and other 1,508 9,928 — Total $ 39,482 $ 51,102 $ 29,722 |
Summary of Activity of Restructuring | Restructuring activity for all restructuring initiatives for the years ended December 31, 2020 and 2019 was as follows: Employee Separation Costs Other Exit Costs Total Balance as of December 31, 2018 $ 9,398 $ 3,829 $ 13,227 Expense 34,354 16,748 51,102 Cash payments (20,661) (13,285) (33,946) Non-cash fixed asset impairments included in expense — (2,997) (2,997) Foreign exchange translation and other (101) (290) (391) Balance as of December 31, 2019 $ 22,990 $ 4,005 $ 26,995 Expense 17,926 21,556 39,482 Cash payments (25,261) (15,071) (40,332) Non-cash fixed asset and intangible impairments included in expense — (2,558) (2,558) Foreign exchange translation and other (626) 474 (152) Balance as of December 31, 2020 $ 15,029 $ 8,406 $ 23,435 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense were as follows: Year Ended December 31, 2020 Year Ended December 31, 2019 Operating lease expense $ 32,053 $ 33,360 Short-term lease expense 5,069 3,557 Variable lease expense 942 1,619 Finance lease expense: Amortization of right-of-use assets 2,564 2,550 Interest on lease liabilities 1,551 1,438 Total lease expense $ 42,179 $ 42,524 |
Cash Flow, Supplemental Disclosures [Text Block] | Other information related to leases was as follows: Year Ended December 31, 2020 Year Ended December 31, 2019 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 30,830 $ 34,235 Operating cash flows for finance leases 1,563 1,438 Financing cash flows for finance leases 2,081 1,284 Non-cash right-of-use assets obtained in exchange for lease obligations: Operating leases 50,663 11,143 Finance leases 549 22,671 Weighted Average Remaining Lease Term (in years) Operating leases 8.0 5.2 Finance leases 10.5 11.3 Weighted Average Discount Rate Operating leases 5.4 % 4.7 % Finance leases 5.7 % 6.1 % |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows: Year Operating Leases Finance Leases 2021 $ 26,766 $ 3,530 2022 21,467 3,265 2023 17,388 3,172 2024 13,703 3,448 2025 10,501 3,516 Thereafter 51,164 21,608 Total future minimum lease payments 140,989 38,539 Less imputed interest (28,761) (10,087) Total $ 112,228 $ 28,452 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property Plant and Equipment | Property, plant and equipment consists of the following: December 31, Estimated 2020 2019 Useful Lives Land and improvements $ 61,226 $ 66,670 10 to 25 years Buildings and improvements 298,431 310,797 10 to 40 years Machinery and equipment 1,277,624 1,204,457 5 to 10 years Construction in progress 96,706 161,951 $ 1,733,987 $ 1,743,875 Accumulated depreciation (841,678) (755,598) Property, plant and equipment, net $ 892,309 $ 988,277 |
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | A summary of these asset impairment charges is as follows: Year Ended December 31, 2020 2019 2018 North America $ 947 $ — $ — Europe 11,938 9,943 30,978 Asia Pacific 4,080 13,146 11,937 South America — — — Total Automotive 16,965 23,089 42,915 Corporate and other 281 50 — Total $ 17,246 $ 23,139 $ 42,915 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |
Carrying Amount of Goodwill by Reportable Operating Segment | Changes in the carrying amount of goodwill by reporting unit for the years ended December 31, 2020 and 2019 were as follows: North America Industrial Specialty Group Total Balance as of December 31, 2018 $ 143,681 $ — $ 143,681 Adjustments related to recent acquisitions (1,689) — (1,689) Foreign exchange translation 195 — 195 Balance as of December 31, 2019 $ 142,187 $ — $ 142,187 Change in organizational structure (14,036) 14,036 — Foreign exchange translation 63 — 63 Balance as of December 31, 2020 $ 128,214 $ 14,036 $ 142,250 |
Intangible Assets and Accumulated Amortization Balances | ntangible assets and accumulated amortization balances as of December 31, 2020 and 2019 were as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 155,409 $ (122,657) $ 32,752 Other 44,826 (9,899) 34,927 Balance as of December 31, 2020 $ 200,235 $ (132,556) $ 67,679 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 |
Estimated Amortization Expense | Estimated amortization expense for the next five years is shown in the table below: Year Expense 2021 $ 7,320 2022 7,320 2023 7,307 2024 7,048 2025 6,593 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | A summary of outstanding debt as of December 31, 2020 and 2019 was as follows: December 31, 2020 2019 Senior Notes $ 395,829 $ 395,114 Senior Secured Notes 239,567 — Term Loan Facility 323,636 326,061 Finance Leases 28,452 29,773 Other borrowings 36,007 56,680 Total debt 1,023,491 807,628 Less current portion (40,731) (61,449) Total long-term debt $ 982,760 $ 746,179 |
Maturities of Debt | The principal maturities of debt, at nominal value, as of December 31, 2020 are as follows: Year Debt and Finance Lease Obligations 2021 $ 42,236 2022 5,969 2023 322,078 2024 252,607 2025 2,610 Thereafter 415,286 Total $ 1,040,786 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 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 liabilities measured or disclosed at fair value on a recurring basis as of December 31, 2020 and 2019, was as follows: December 31, 2020 December 31, 2019 Input Forward foreign exchange contracts - other current assets $ 1,826 $ 467 Level 2 Forward foreign exchange contracts - accrued liabilities $ (750) $ (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, Senior Secured Notes, and Term Loan Facility were as follows: December 31, 2020 December 31, 2019 Aggregate fair value $ 965,052 $ 693,600 Aggregate carrying value (1) $ 976,400 $ 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 Year Ended December 31, 2020 2019 Forward foreign exchange contracts $ (6,280) $ 3,812 |
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 Year Ended December 31, Classification 2020 2019 Forward foreign exchange contracts Cost of products sold $ (6,945) $ 2,773 |
Accounts Receivable Factoring (
Accounts Receivable Factoring (Tables) | 12 Months Ended |
Dec. 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: December 31, 2020 December 31, 2019 Off-balance sheet arrangements $ 85,108 $ 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 Year Ended December 31, 2020 2019 Accounts receivable factored $ 476,405 $ 556,102 Off-Balance Sheet Arrangements Year Ended December 31, 2020 2019 2018 Costs $ 776 $ 1,007 $ 1,248 |
Pensions (Tables)
Pensions (Tables) - Pension Plan [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Pension Plans | Information related to the Company’s defined benefit pension plans was as follows: Year Ended December 31, 2020 2019 U.S. Non-U.S. U.S. Non-U.S. Change in projected benefit obligations: Projected benefit obligations at beginning of period $ 255,935 $ 184,364 $ 288,223 $ 183,850 Service cost 853 3,992 809 3,893 Interest cost 8,132 3,200 10,955 4,037 Net actuarial loss 19,755 8,704 28,771 17,756 Benefits paid (13,278) (6,925) (14,625) (6,038) Foreign exchange translation — 11,582 — 11 Settlements — (5,170) (58,198) (2,263) Divestiture — (4,392) — (16,953) Other — 52 — 71 Projected benefit obligations at end of period $ 271,397 $ 195,407 $ 255,935 $ 184,364 Change in plan assets: Fair value of plan assets at beginning of period $ 244,613 $ 54,806 $ 265,019 $ 47,692 Actual return on plan assets 34,971 5,313 50,488 6,948 Employer contributions 1,037 5,673 1,929 6,646 Benefits paid (13,278) (6,925) (14,625) (6,038) Foreign exchange translation — 940 — 2,399 Settlements — (5,170) (58,198) (2,841) Divestiture — (108) — — Other — 19 — — Fair value of plan assets at end of period $ 267,343 $ 54,548 $ 244,613 $ 54,806 Funded status of the plans $ (4,054) $ (140,859) $ (11,322) $ (129,558) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | December 31, 2020 December 31, 2019 U.S. Non-U.S. U.S. Non-U.S. Amounts recognized in the consolidated balance sheet: Other assets $ 10,513 $ 1,921 $ 2,677 $ 1,887 Accrued liabilities (1,020) (4,097) (1,021) (4,413) Pension benefits (long term) (13,547) (138,683) (12,978) (127,032) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Pre-tax amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit (income) cost as of December 31, 2020 and 2019 were as follows: December 31, 2020 December 31, 2019 U.S. Non-U.S. U.S. Non-U.S. Prior service costs $ (76) $ (497) $ (96) $ (351) Actuarial losses (57,731) (53,657) (61,184) (49,682) |
Components of Net Periodic Benefit Cost | The components of net periodic benefit (income) cost for the Company’s defined benefit plans were as follows: Year Ended December 31, 2020 2019 2018 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service cost $ 853 $ 3,992 $ 809 $ 3,893 $ 852 $ 4,383 Interest cost 8,132 3,200 10,955 4,037 10,824 4,207 Expected return on plan assets (13,683) (2,415) (16,353) (2,400) (17,414) (2,178) Amortization of prior service cost and actuarial loss 1,940 3,478 2,914 2,373 2,403 2,646 Settlements — 184 15,247 572 — 775 Other — (11) — 956 — — Net periodic benefit (income) cost $ (2,758) $ 8,428 $ 13,572 $ 9,431 $ (3,335) $ 9,833 |
Weighted Average Assumptions Used to Determine Benefit Obligations | Weighted average assumptions used to determine benefit obligations as of December 31, 2020 and 2019 were as follows: 2020 2019 U.S. Non-U.S. U.S. Non-U.S. Discount rate 2.48 % 1.36 % 3.28 % 1.79 % Rate of compensation increase N/A 1.23 % N/A 1.33 % Cash balance interest credit rate 4.50 % N/A 4.50 % N/A |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | Weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2020, 2019 and 2018 were as follows: 2020 2019 2018 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 3.28 % 2.33 % 4.25 % 2.40 % 3.55 % 2.17 % Expected return on plan assets 5.75 % 3.73 % 6.50 % 4.63 % 6.50 % 5.82 % Rate of compensation increase N/A 3.99 % N/A 3.31 % N/A 3.17 % |
Pension Plan Assets at Fair Value | The fair value of the Company’s pension plan assets by category using the three-level hierarchy (see Note 12. “Fair Value Measurements and Financial Instruments”) as of December 31, 2020 and 2019 was as follows: 2020 Level 1 Level 2 Assets measured at NAV (1) Total Equity funds $ 18,218 $ 16,647 $ — $ 34,865 Equity funds measured at net asset value — — 117,309 117,309 Bond funds — 37,901 — 37,901 Bond funds measured at net asset value — — 104,880 104,880 Real estate measured at net asset value — — 25,070 25,070 Cash and cash equivalents 1,866 — — 1,866 Total $ 20,084 $ 54,548 $ 247,259 $ 321,891 2019 Level 1 Level 2 Assets measured at NAV (1) Total Equity funds $ 16,613 $ 20,126 $ — $ 36,739 Equity funds measured at net asset value — — 101,053 101,053 Bond funds — 34,680 — 34,680 Bond funds measured at net asset value — — 98,967 98,967 Real estate measured at net asset value — — 25,425 25,425 Cash and cash equivalents 2,555 — — 2,555 Total $ 19,168 $ 54,806 $ 225,445 $ 299,419 |
Estimated Benefit Payments for Domestic and Foreign Pension Plans | The Company estimates its benefit payments for domestic and foreign pension plans during the next ten years to be as follows: Years Ending December 31, U.S. Non-U.S. Total 2021 $ 17,250 $ 6,196 $ 23,446 2022 15,775 6,253 22,028 2023 14,700 28,144 42,844 2024 15,400 7,896 23,296 2025 15,134 8,004 23,138 2026 - 2030 75,540 42,708 118,248 |
Postretirement Benefits Other_2
Postretirement Benefits Other Than Pensions (Tables) - Other Postretirement Benefits Plan [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Postretirement Benefit Plans | Information related to the Company’s postretirement benefit plans was as follows: Year Ended December 31, 2020 2019 U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligation: Benefit obligations at beginning of year $ 22,436 $ 23,949 $ 25,633 $ 21,981 Service cost 103 404 118 397 Interest cost 680 726 864 752 Net actuarial loss 1,603 2,221 1,697 1,705 Benefits paid (1,403) (663) (1,491) (570) Divestiture — — (4,405) (1,513) Other — — 20 61 Foreign currency exchange rate effect — 395 — 1,136 Benefit obligation at end of year $ 23,419 $ 27,032 $ 22,436 $ 23,949 Funded status of the plan $ (23,419) $ (27,032) $ (22,436) $ (23,949) Net amount recognized as of December 31 $ (23,419) $ (27,032) $ (22,436) $ (23,949) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | December 31, 2020 December 31, 2019 U.S. Non-U.S. U.S. Non-U.S. Amounts recognized in the consolidated balance sheet: Accrued liabilities $ (1,648) $ (968) $ (1,686) $ (840) Postretirement benefits other than pension (long term) (21,771) (26,064) (20,750) (23,109) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Pre-tax amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit (income) cost as of December 31, 2020 and 2019 were as follows: December 31, 2020 December 31, 2019 U.S. Non-U.S. U.S. Non-U.S. Prior service credits $ — $ — $ 55 $ 93 Actuarial gains (losses) 11,018 (9,563) 14,496 (7,753) |
Components of Net Periodic Benefit Cost | The components of net periodic benefit (income) costs for the Company’s other postretirement benefit plans were as follows: Year Ended December 31, 2020 2019 2018 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service cost $ 103 $ 404 $ 118 $ 397 $ 308 $ 495 Interest cost 680 726 864 752 1,198 789 Amortization of prior service credit and recognized actuarial (gain) loss (1,930) 448 (2,441) 320 (1,672) 308 Other — — — 48 5 — Net periodic benefit (income) cost $ (1,147) $ 1,578 $ (1,459) $ 1,517 $ (161) $ 1,592 |
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations | Weighted average assumptions used to determine benefit obligations as of December 31, 2020 and 2019 were as follows: 2020 2019 U.S. Non-U.S. U.S. Non-U.S. Discount rate 2.35 % 2.65 % 3.15 % 3.05 % |
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | Weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2020, 2019 and 2018 were as follows: 2020 2019 2018 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 3.15 % 3.05 % 4.20 % 3.65 % 3.55 % 3.40 % |
Schedule of Health Care Cost Trend Rates [Table Text Block] | The assumed health care cost trend rates used to measure the postretirement benefit obligation as of December 31, 2020 were as follows: U.S. Non-U.S. Health care cost trend rate 5.34 % 5.00 % Ultimate health care cost trend rate 4.50 % 5.00 % Year that the rate reaches the ultimate trend rate 2027 N/A |
Estimated Benefit Payments for Domestic and Foreign Pension Plans | The Company estimates its benefit payments for its postretirement benefit plans during the next ten years to be as follows: U.S. Non-U.S. Total 2021 $ 1,667 $ 981 $ 2,648 2022 1,666 975 2,641 2023 1,648 978 2,626 2024 1,608 1,011 2,619 2025 1,572 1,019 2,591 2026 - 2030 7,108 5,211 12,319 |
Other (Expense) Income (Tables)
Other (Expense) Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | The components of other expense, net were as follows: Year Ended December 31, 2020 2019 2018 Foreign currency losses $ (1,429) $ (3,022) $ (3,170) Components of net periodic benefit cost other than service cost (576) (1,069) (1,116) Factoring costs (776) (1,007) (1,248) Miscellaneous income 201 838 696 Other expense, net $ (2,580) $ (4,260) $ (4,838) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) Before Income Taxes and Adjustment for Noncontrolling Interests | Components of the Company’s income (loss) before income taxes and adjustment for noncontrolling interests were as follows: Year Ended December 31, 2020 2019 2018 Domestic $ (235,574) $ 53,425 $ 103,228 Foreign (94,647) 44,877 (33,573) $ (330,221) $ 98,302 $ 69,655 |
Schedule of Income Tax Expense (Benefit) | The Company’s income tax (benefit) expense consists of the following: Year Ended December 31, 2020 2019 2018 Current Federal $ (65,565) $ (227) $ (11,153) State (196) (171) (33) Foreign 13,636 20,613 20,717 Deferred Federal (15,060) 4,405 (4,532) State 1,297 (767) 2,074 Foreign 5,041 12,236 (36,473) $ (60,847) $ 36,089 $ (29,400) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. statutory federal rate to the income tax provision was as follows: Year Ended December 31, 2020 2019 2018 Tax at U.S. statutory rate $ (69,346) $ 20,643 $ 14,627 State and local taxes (4,933) 209 1,273 Tax credits and incentives (5,750) (8,034) (11,702) Changes in tax law, other 352 2,909 (3,008) U.S. tax reform/Global Intangible Low-Taxed Income ("GILTI")/foreign derived intangible income (1,046) 1,102 (6,860) Effect of foreign tax rates (15,432) (1,656) (10,388) Nonrecurring permanent items (3,069) (5,250) — Goodwill impairment — — 6,887 CARES Act (27,844) — — Foreign branch (1,215) (2,258) (3,753) Stock compensation (ASU 2016-09) 1,640 1,596 (2,097) Non deductible expenses 9,335 2,820 2,451 Tax reserves/audit settlements 1,071 (206) (3,760) Valuation allowance 51,609 24,625 (7,844) Other, net 3,781 (411) (5,226) Income tax provision $ (60,847) $ 36,089 $ (29,400) Effective income tax rate 18.4 % 36.7 % (42.2) % |
Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows: 2020 2019 Deferred tax assets: Pension, postretirement and other benefits $ 53,229 $ 48,589 Capitalized expenditures 14,411 2,908 Net operating loss and tax credit carryforwards 215,980 167,719 Operating lease 26,160 20,817 All other items 53,290 53,614 Total deferred tax assets 363,070 293,647 Deferred tax liabilities: Property, plant and equipment (29,415) (19,479) Operating lease right-of-use (26,160) (20,817) All other items (15,597) (12,680) Total deferred tax liabilities (71,172) (52,976) Valuation allowances (234,425) (194,794) Net deferred tax assets $ 57,473 $ 45,877 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: 2020 2019 Balance at beginning of period $ 10,123 $ 9,631 Tax positions related to the current period Gross additions 1,115 895 Gross reductions — — Tax positions related to prior years Gross additions 342 — Gross reductions — (52) Settlements (232) — Lapses on statutes of limitations (76) (351) Balance at end of period $ 11,272 $ 10,123 |
Net Income Per Share Attribut_2
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Share Attributable | Information used to compute basic and diluted net (loss) income per share attributable to Cooper-Standard Holdings Inc. was as follows: Year Ended December 31, 2020 2019 2018 Net (loss) income available to Cooper-Standard Holdings Inc. common stockholders $ (267,605) $ 67,529 $ 103,601 Basic weighted average shares of common stock outstanding 16,913,850 17,146,124 17,894,718 Dilutive effect of common stock equivalents — 62,644 395,484 Diluted weighted average shares of common stock outstanding 16,913,850 17,208,768 18,290,202 Basic net (loss) income per share attributable to Cooper-Standard Holdings Inc. $ (15.82) $ 3.94 $ 5.79 Diluted net (loss) income per share attributable to Cooper-Standard Holdings Inc. $ (15.82) $ 3.92 $ 5.66 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) by component, net of related tax, were as follows: Cumulative currency translation adjustment Benefit plan Fair value change of derivatives Total Balance as of December 31, 2018 $ (141,104) $ (104,375) $ (458) $ (245,937) Other comprehensive income (loss) before reclassifications (16,653) (1) (10,536) (2) 2,858 (3) (24,331) Amounts reclassified from accumulated other comprehensive income (loss) 3,824 14,751 (4) (2,048) (5) 16,527 Balance as of December 31, 2019 (153,933) (100,160) 352 (253,741) Other comprehensive income (loss) before reclassifications 15,708 (1) (11,254) (2) (4,700) (3) (246) Amounts reclassified from accumulated other comprehensive income (loss) 1,646 5,335 (6) 5,110 (5) 12,091 Balance as of December 31, 2020 $ (136,579) $ (106,079) $ 762 $ (241,896) (1) Includes $4,430 and $(823) of other comprehensive income (loss) for the years ended December 31, 2020 and 2019, respectively, that are related to intra-entity foreign currency balances that are of a long-term investment nature. (2) Net of tax benefit of $571 and $457 for the years ended December 31, 2020 and 2019, respectively. (3) Net of tax (benefit) expense of $(1,580) and $954 for the years ended December 31, 2020 and 2019, respectively. (4) Includes the effect of the U.S. pension settlement loss of $15,247, other settlement losses of $572, curtailment losses of $539, and the amortization of actuarial losses of $3,383, offset by $269 net gains related to the AVS divestiture and the amortization of prior service credits of $185, net of tax of $4,536. (5) Net of tax (benefit) expense of $(1,835) and $725 for the years ended December 31, 2020 and 2019, respectively. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation Expense By Type [Table Text Block] | Share-based compensation expense (income) was as follows: Year Ended December 31, 2020 2019 2018 PUs $ 916 $ 277 $ (3,925) RSUs 6,994 8,432 9,241 Stock options 2,525 3,156 3,204 Total $ 10,435 $ 11,865 $ 8,520 |
Schedule of Share-based Compensation, Stock Options, Activity | Stock option transactions and related information for the year ended December 31, 2020 was as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2020 548,770 $ 77.68 Granted 233,732 $ 25.19 Exercised — $ — Forfeited (21,757) $ 49.53 Expired (19,326) $ 51.62 Outstanding as of December 31, 2020 741,419 $ 62.64 6.1 $ 2,103 Exercisable as of December 31, 2020 408,316 $ 78.37 5.0 $ — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of each option was estimated using the following assumptions: 2020 2019 2018 Expected volatility 33.74% 29.48% - 31.10% 27.17% - 27.19% Dividend yield 0.00 % 0.00 % 0.00 % Expected option life - years 6.0 6.0 6.0 Risk-free rate 1.5% 1.8% - 2.5% 2.6% |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Restricted stock and restricted stock units transactions and related information for the year ended December 31, 2020 was as follows: Restricted Stock and Restricted Units Weighted Average Grant Date Fair Value Non-vested as of January 1, 2020 332,981 $ 83.60 Granted 169,038 $ 17.62 Vested (86,976) $ 99.41 Forfeited (29,408) $ 73.75 Non-vested as of December 31, 2020 385,635 $ 54.10 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | A summary of activity for performance-vested restricted stock units transactions and related information for the year ended December 31, 2020 was as follows: Performance Units Weighted Average Grant Date Fair Value Non-vested as of January 1, 2020 194,053 $ 93.86 Granted 130,346 $ 10.10 Vested (48,772) $ 107.50 Forfeited (17,387) $ 57.57 Non-vested as of December 31, 2020 258,240 $ 51.45 |
Schedule of Share-based Payment Award, TSRs, Valuation Assumptions [Table Text Block] | The fair value of the performance units granted in 2020 was estimated using the following assumptions: 2020 Expected volatility 116.60 % Dividend yield 0.00 % Risk-free rate 0.10 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
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: December 31, 2020 December 31, 2019 December 31, 2018 Sales (1) $ 21,736 $ 28,925 $ 30,826 Purchases (2) 339 880 687 Dividends received (3) 7,243 4,917 4,862 (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 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |
Information on Company's Business Segments | Certain financial information on the Company’s reportable segments was as follows: Year Ended December 31, 2020 2019 2018 Sales to external customers North America $ 1,141,368 $ 1,543,845 $ 1,872,938 Europe 586,739 826,335 982,967 Asia Pacific 468,042 503,953 571,160 South America 60,754 94,535 98,063 Total Automotive 2,256,903 2,968,668 3,525,128 Corporate, eliminations and other 118,536 139,732 98,914 Consolidated $ 2,375,439 $ 3,108,400 $ 3,624,042 Intersegment sales North America $ 12,267 $ 19,701 $ 18,624 Europe 9,569 11,744 15,185 Asia Pacific 2,406 3,050 5,115 South America 72 193 103 Total Automotive 24,314 34,688 39,027 Corporate, eliminations and other (24,314) (34,688) (39,027) Consolidated $ — $ — $ — Year Ended December 31, 2020 2019 2018 Adjusted EBITDA North America $ 90,638 $ 213,250 $ 319,653 Europe (39,004) 22,922 40,980 Asia Pacific 12,472 (27,497) 14,118 South America (13,841) (3,446) (7,138) Total Automotive 50,265 205,229 367,613 Corporate, eliminations and other (14,588) (3,621) 5,045 Consolidated $ 35,677 $ 201,608 $ 372,658 Net interest expense (income) North America $ 504 $ 96 $ (380) Europe 1,082 318 616 Asia Pacific 2,205 4,139 2,355 South America 225 3 (62) Total Automotive 4,016 4,556 2,529 Corporate, eliminations and other 55,151 39,557 38,475 Consolidated $ 59,167 $ 44,113 $ 41,004 Depreciation and amortization expense North America $ 60,193 $ 62,604 $ 61,589 Europe 36,707 38,572 41,855 Asia Pacific 31,789 31,881 28,822 South America 2,392 2,658 2,087 Total Automotive 131,081 135,715 134,353 Corporate, eliminations and other 23,148 16,238 12,345 Consolidated $ 154,229 $ 151,953 $ 146,698 Capital expenditures North America $ 30,921 $ 64,887 $ 72,315 Europe 25,369 34,587 53,104 Asia Pacific 21,809 40,214 70,672 South America 2,476 7,340 5,734 Total Automotive 80,575 147,028 201,825 Corporate, eliminations and other 11,219 17,438 16,246 Consolidated $ 91,794 $ 164,466 $ 218,071 Year Ended December 31, 2020 2019 2018 Adjusted EBITDA $ 35,677 $ 201,608 $ 372,658 Impairment of assets held for sale (86,470) — — Gain on sale of business, net 2,834 191,571 — Restructuring charges (39,482) (51,102) (29,722) Other impairment charges (17,417) (23,139) (43,706) Pension settlement charges (184) (15,997) (775) Project costs (5,648) (2,090) (4,881) Lease termination costs (771) (1,167) — Divested noncontrolling interest debt extinguishment (3,595) — — Goodwill impairment charges — — (39,818) Gain on sale of land — — 10,377 Amortization of inventory write-up — — (1,460) Loss on refinancing and extinguishment of debt — — (770) EBITDA $ (115,056) $ 299,684 $ 261,903 Income tax (expense) benefit 60,847 (36,089) 29,400 Interest expense, net of interest income (59,167) (44,113) (41,004) Depreciation and amortization (154,229) (151,953) (146,698) Net (loss) income attributable to Cooper-Standard Holdings Inc. $ (267,605) $ 67,529 $ 103,601 December 31, 2020 2019 Segment assets North America $ 907,652 $ 1,040,650 Europe 465,031 553,977 Asia Pacific 587,610 614,952 South America 64,800 65,438 Total Automotive 2,025,093 2,275,017 Corporate, eliminations and other 586,851 360,565 Consolidated $ 2,611,944 $ 2,635,582 |
Geographic Information for Revenues | Geographic information for revenues, based on country of origin, and property, plant and equipment, net, is as follows: Year Ended December 31, 2020 2019 2018 Revenues Mexico $ 578,790 $ 723,228 $ 763,094 United States 518,497 729,866 883,273 China 364,207 355,667 466,119 Poland 191,530 270,197 245,853 Canada 125,729 188,652 278,349 Germany 114,221 151,441 187,374 France 97,289 159,859 305,416 Other 385,176 529,490 494,564 Consolidated $ 2,375,439 $ 3,108,400 $ 3,624,042 December 31, 2020 2019 Property, plant and equipment, net China $ 192,005 $ 196,502 United States 188,246 218,640 Mexico 145,452 153,414 Poland 77,789 88,162 Germany 72,979 78,967 France 33,087 32,938 Canada 29,500 31,568 Other 153,251 188,086 Consolidated $ 892,309 $ 988,277 |
Sales to Customers Contributing Ten Percent or More of Consolidated Sales | Sales to customers of the Company which contributed 10% or more of its total consolidated sales and the related percentage of consolidated Company sales for 2020, 2019 and 2018 are as follows: 2020 Percentage of Net Sales 2019 Percentage of Net Sales 2018 Percentage of Net Sales Customer Ford 24 % 25 % 27 % General Motors 19 % 18 % 19 % Fiat Chrysler Automobiles* 11 % 12 % 11 % * Subsequent to December 31, 2020, Fiat Chrysler Automobiles merged with Groupe PSA. |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020LocationCountry | |
Collaboration Arrangement Disclosure [Abstract] | |
Number of operate company manufacturing locations | 72 |
Number of design, engineering, administrative and logistic locations | 49 |
Number of countries | Country | 21 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Accounting Policies [Line Items] | |||
Allowance for doubtful accounts | $ 7,100 | $ 9,149 | |
Advertising expense | 425 | 711 | $ 1,493 |
Amounts capitalized for long-term supply arrangements | 5,131 | 3,994 | |
Tooling receivable | 82,150 | 148,175 | |
Reimbursable tooling costs | 15,219 | 19,185 | |
Research and Development Expense | $ 101,607 | $ 114,854 | $ 122,529 |
Property, Plant and Equipment, Other Types [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Amortization period for molds, dies and other tools | 3 years |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Regulatory Assets [Abstract] | ||
Finished goods | $ 39,136 | $ 57,070 |
Work in process | 35,477 | 33,753 |
Raw materials and supplies | 69,129 | 52,616 |
Total Inventory | $ 143,742 | $ 143,439 |
New Accounting Pronouncements_3
New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Tooling receivable | $ 82,150 | $ 148,175 |
Retained earnings | $ 350,270 | 619,448 |
Cumulative Effect, Period of Adoption, Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Tooling receivable | (1,573) | |
Retained earnings | (1,573) | |
Cumulative Effect, Period of Adoption, Adjusted Balance | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Tooling receivable | 146,602 | |
Retained earnings | $ 617,875 |
Acquisitions Additional Informa
Acquisitions Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2018 | |
Business Acquisition [Line Items] | |||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 0 | $ 4,797 | $ 2,450 | ||||
AMI China [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||
Purchase price | $ 3,900 | ||||||
Cooper-Standard INOAC Pte. Ltd. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 49.00% | ||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 2,450 | ||||||
LS Mtron Member [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 80.10% | ||||||
Purchase price | $ 25,750 | ||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 6,400 | ||||||
Hutchings Automotive Products [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price | $ 42,100 | ||||||
Lauren Companies [Member] [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price | $ 92,700 |
Divestiture (Details)
Divestiture (Details) € in Thousands, $ in Thousands | Jul. 01, 2020USD ($) | Jul. 01, 2020EUR (€) | Apr. 01, 2019USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from Divestiture of Businesses | € 9,000 | $ 265,000 | $ 243,362 | $ (17,006) | $ 243,362 | $ 0 | ||
Gain (Loss) on Disposition of Business | (2,834) | (191,571) | 0 | |||||
Impairment of assets held for sale | $ (85,622) | 86,470 | $ 0 | $ 0 | ||||
Intangibles assets, net | 4,992 | |||||||
Assets Held-for-sale, Not Part of Disposal Group, Current, Other | 29,723 | |||||||
Accounts Payable | 13,219 | |||||||
Payroll liabilities | 7,135 | |||||||
Accrued liabilities | 5,744 | |||||||
Disposal Group, Including Discontinued Operation, Liabilities | 37,588 | |||||||
Other liabilities | 1,934 | |||||||
Pension benefits | 3,574 | |||||||
Postretirement benefits other than pensions | 2,778 | |||||||
Other current assets | 8,873 | |||||||
Accounts Receivable, net | 18,825 | |||||||
Tooling receivable | 4,770 | |||||||
Inventories | 17,022 | |||||||
Prepaid expenses | 2,728 | |||||||
Other current assets | 8,873 | |||||||
Property, plant and equipment, net | 39,913 | |||||||
Other assets | 4,114 | |||||||
Accounts Payable | 13,219 | |||||||
Payroll liabilities | 7,135 | |||||||
Accrued liabilities | 5,744 | |||||||
Pension benefits | 3,574 | |||||||
Postretirement benefits other than pensions | 2,778 | |||||||
Other liabilities | 1,934 | |||||||
Held-for-sale, Current operating lease liabilities | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal Group, Including Discontinued Operation, Liabilities | 918 | |||||||
Held-for-sale, Long-term operating lease liabilities | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal Group, Including Discontinued Operation, Liabilities | 2,286 | |||||||
Operating lease right-of-use assets [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Assets Held-for-sale, Not Part of Disposal Group, Current, Other | 2,946 | |||||||
Obligations [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from Divestiture of Businesses | € | 2,500 | |||||||
Cash and cash equivalents [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from Divestiture of Businesses | € | € 6,500 | |||||||
Other current assets | 11,162 | |||||||
Other current assets | $ 11,162 | |||||||
DivestitureMutares [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (Loss) on Disposition of Business | (353) | |||||||
Corporate Joint Venture [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (Loss) on Disposition of Business | $ (1,334) | |||||||
Anti-vibration systems [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (Loss) on Disposition of Business | $ (1,147) |
Revenue End Customer (Details)
Revenue End Customer (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Sales | $ 2,375,439 | $ 3,108,400 | $ 3,624,042 |
Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 2,188,905 | 2,867,893 | 3,421,293 |
Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 37,516 | 47,252 | 57,828 |
Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 149,018 | 193,255 | 144,921 |
North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 1,141,368 | 1,543,845 | 1,872,938 |
North America [Member] | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 1,110,294 | 1,504,136 | 1,834,780 |
North America [Member] | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 11,291 | 17,784 | 20,625 |
North America [Member] | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 19,783 | 21,925 | 17,533 |
Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 586,739 | 826,335 | 982,967 |
Europe [Member] | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 554,349 | 765,766 | 917,877 |
Europe [Member] | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 18,134 | 28,068 | 34,336 |
Europe [Member] | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 14,256 | 32,501 | 30,754 |
Asia Pacific [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 468,042 | 503,953 | 571,160 |
Asia Pacific [Member] | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 463,586 | 503,676 | 571,137 |
Asia Pacific [Member] | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 4,338 | 73 | 19 |
Asia Pacific [Member] | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 118 | 204 | 4 |
South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 60,754 | 94,535 | 98,063 |
South America [Member] | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 60,676 | 94,310 | 97,484 |
South America [Member] | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 22 | 114 | 439 |
South America [Member] | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 56 | 111 | 140 |
Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 118,536 | 139,732 | 98,914 |
Corporate and Other | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 5 | 15 |
Corporate and Other | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 3,731 | 1,213 | 2,409 |
Corporate and Other | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | $ 114,805 | $ 138,514 | $ 96,490 |
Revenue Product Type (Details)
Revenue Product Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Sales | $ 2,375,439 | $ 3,108,400 | $ 3,624,042 |
Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 2,188,905 | 2,867,893 | 3,421,293 |
Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 37,516 | 47,252 | 57,828 |
Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 149,018 | 193,255 | 144,921 |
Sealing systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 1,208,685 | 1,520,597 | 1,788,693 |
Fuel and brake delivery systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 594,284 | 740,889 | 796,035 |
Fluid transfer systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 441,825 | 598,172 | 563,342 |
Anti-vibration systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 78,728 | 339,903 | |
Other products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 130,645 | 170,014 | 136,069 |
North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 1,141,368 | 1,543,845 | 1,872,938 |
North America [Member] | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 1,110,294 | 1,504,136 | 1,834,780 |
North America [Member] | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 11,291 | 17,784 | 20,625 |
North America [Member] | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 19,783 | 21,925 | 17,533 |
North America [Member] | Sealing systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 433,291 | 553,901 | 626,450 |
North America [Member] | Fuel and brake delivery systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 371,397 | 479,962 | 545,907 |
North America [Member] | Fluid transfer systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 336,680 | 453,064 | 442,392 |
North America [Member] | Anti-vibration systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 56,457 | 256,846 | |
North America [Member] | Other products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 461 | 1,343 |
Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 586,739 | 826,335 | 982,967 |
Europe [Member] | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 554,349 | 765,766 | 917,877 |
Europe [Member] | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 18,134 | 28,068 | 34,336 |
Europe [Member] | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 14,256 | 32,501 | 30,754 |
Europe [Member] | Sealing systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 438,012 | 563,529 | 646,213 |
Europe [Member] | Fuel and brake delivery systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 95,516 | 124,803 | 138,557 |
Europe [Member] | Fluid transfer systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 41,102 | 87,375 | 87,593 |
Europe [Member] | Anti-vibration systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 20,807 | 74,792 | |
Europe [Member] | Other products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 12,109 | 29,821 | 35,812 |
Asia Pacific [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 468,042 | 503,953 | 571,160 |
Asia Pacific [Member] | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 463,586 | 503,676 | 571,137 |
Asia Pacific [Member] | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 4,338 | 73 | 19 |
Asia Pacific [Member] | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 118 | 204 | 4 |
Asia Pacific [Member] | Sealing systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 298,028 | 334,056 | 442,774 |
Asia Pacific [Member] | Fuel and brake delivery systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 110,403 | 112,253 | 87,131 |
Asia Pacific [Member] | Fluid transfer systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 59,611 | 56,180 | 32,990 |
Asia Pacific [Member] | Anti-vibration systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 1,464 | 8,265 | |
Asia Pacific [Member] | Other products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | 0 |
South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 60,754 | 94,535 | 98,063 |
South America [Member] | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 60,676 | 94,310 | 97,484 |
South America [Member] | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 22 | 114 | 439 |
South America [Member] | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 56 | 111 | 140 |
South America [Member] | Sealing systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 39,354 | 69,111 | 73,256 |
South America [Member] | Fuel and brake delivery systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 16,968 | 23,871 | 24,440 |
South America [Member] | Fluid transfer systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 4,432 | 1,553 | 367 |
South America [Member] | Anti-vibration systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | |
South America [Member] | Other products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | 0 |
Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 118,536 | 139,732 | 98,914 |
Corporate and Other | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 5 | 15 |
Corporate and Other | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 3,731 | 1,213 | 2,409 |
Corporate and Other | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 114,805 | 138,514 | 96,490 |
Corporate and Other | Sealing systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | 0 |
Corporate and Other | Fuel and brake delivery systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | 0 |
Corporate and Other | Fluid transfer systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | 0 |
Corporate and Other | Anti-vibration systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | |
Corporate and Other | Other products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | $ 118,536 | $ 139,732 | $ 98,914 |
Revenue Net contract assets (li
Revenue Net contract assets (liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Capitalized Contract Cost [Line Items] | ||
Contract with Customer, Asset, Gross, Current | $ 777 | $ 1,100 |
Increase (Decrease) in Contract with Customer, Asset | (323) | |
Contract with Customer, Liability, Current | (27) | (61) |
Increase (Decrease) in Contract with Customer, Liability | 34 | |
Contract with Customer, Asset, Net, Current | 750 | $ 1,039 |
Contract with Customer, Net, Explanation of Change | $ (289) |
Revenue Other (Details)
Revenue Other (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disaggregation of Revenue [Line Items] | ||
Accrued liabilities | $ 110,827 | $ 119,841 |
Other liabilities | 32,795 | 34,154 |
Short-term Contract with Customer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Accrued liabilities | 16,932 | 12,916 |
Long-term Contract with Customer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Accrued liabilities | $ 6,828 | $ 9,502 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 39,482 | $ 51,102 | $ 29,722 |
Automotive [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 37,974 | 41,174 | 29,722 |
Corporate and Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1,508 | 9,928 | 0 |
Reportable Geographical Components [Member] | North America [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 16,499 | 10,831 | 5,413 |
Reportable Geographical Components [Member] | Europe [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 14,573 | 23,525 | 17,765 |
Reportable Geographical Components [Member] | Asia Pacific [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 4,773 | 6,781 | 6,290 |
Reportable Geographical Components [Member] | South America [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 2,129 | $ 37 | $ 254 |
Restructuring - Summary of Acti
Restructuring - Summary of Activity of Restructuring (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | $ 26,995 | $ 13,227 | |
Expense | 39,482 | 51,102 | $ 29,722 |
Cash payments | (40,332) | (33,946) | |
Restructuring Reserve, Settled without Cash | (2,558) | (2,997) | |
Foreign exchange translation and other | (152) | (391) | |
Restructuring Reserve, Ending Balance | 23,435 | 26,995 | 13,227 |
Employee separation costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 22,990 | 9,398 | |
Expense | 17,926 | 34,354 | |
Cash payments | (25,261) | (20,661) | |
Restructuring Reserve, Settled without Cash | 0 | 0 | |
Foreign exchange translation and other | (626) | (101) | |
Restructuring Reserve, Ending Balance | 15,029 | 22,990 | 9,398 |
Other exit costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 4,005 | 3,829 | |
Expense | 21,556 | 16,748 | |
Cash payments | (15,071) | (13,285) | |
Restructuring Reserve, Settled without Cash | (2,558) | (2,997) | |
Foreign exchange translation and other | 474 | (290) | |
Restructuring Reserve, Ending Balance | $ 8,406 | $ 4,005 | $ 3,829 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Cost | $ 32,053 | $ 33,360 |
Short-term Lease, Cost | 5,069 | 3,557 |
Variable Lease, Cost | 942 | 1,619 |
Finance Lease, Right-of-Use Asset, Amortization | 2,564 | 2,550 |
Finance Lease, Interest Expense | 1,551 | 1,438 |
Lease, Cost | $ 42,179 | $ 42,524 |
Leases - Supplemental Lease Dis
Leases - Supplemental Lease Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Payments | $ 30,830 | $ 34,235 |
Finance Lease, Principal Payments | 1,563 | 1,438 |
Finance leases, finance cash flows | 2,081 | 1,284 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 50,663 | 11,143 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 549 | $ 22,671 |
Operating Lease, Weighted Average Remaining Lease Term | 8 years | 5 years 2 months 12 days |
Finance Lease, Weighted Average Remaining Lease Term | 10 years 6 months | 11 years 3 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 5.40% | 4.70% |
Finance Lease, Weighted Average Discount Rate, Percent | 5.70% | 6.10% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets, net | $ 109,795 | $ 83,376 |
Current operating lease liabilities | 21,711 | 24,094 |
Long-term operating lease liabilities | 90,517 | 60,234 |
Operating Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 26,766 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 21,467 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 17,388 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 13,703 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 10,501 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 51,164 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 140,989 | |
Imputed Interest | (28,761) | |
Lessee, Operating Lease, Liability, Payments, Due | 112,228 | |
Operating lease right-of-use assets, net | 109,795 | 83,376 |
Current operating lease liabilities | 21,711 | 24,094 |
Long-term operating lease liabilities | 90,517 | 60,234 |
Finance Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 3,530 | |
Finance Lease, Liability, Payments, Due Year Two | 3,265 | |
Finance Lease, Liability, Payments, Due Year Three | 3,172 | |
Finance Lease, Liability, Payments, Due Year Four | 3,448 | |
Finance Lease, Liability, Payments, Due Year Five | 3,516 | |
Finance Lease, Liability, Payments, Due after Year Five | 21,608 | |
Finance Lease, Liability, Undiscounted Excess Amount | 38,539 | |
Imputed Interest | (10,087) | |
Finance Lease, Liability, Payment, Due | 28,452 | |
Finance Lease, Liability, Current | 2,300 | 2,343 |
Finance Lease, Liability, Noncurrent | $ 26,152 | $ 27,430 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Sublease Income | $ 374 | $ 431 | |
Finance Lease, Right-of-Use Asset | 30,847 | 32,571 | |
Lessee, Operating Lease, Lease Not yet Commenced, Amount | 1,404 | ||
Other Asset Impairment Charges | 17,893 | 23,139 | $ 43,706 |
Operating Lease, Impairment Loss | 647 | ||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets, net | 109,795 | 83,376 | |
Current operating lease liabilities | 21,711 | 24,094 | |
Long-term operating lease liabilities | 90,517 | 60,234 | |
Finance Lease, Right-of-Use Asset | 30,847 | 32,571 | |
Operating Leases [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets, net | 109,795 | 83,376 | |
Current operating lease liabilities | 21,711 | 24,094 | |
Long-term operating lease liabilities | 90,517 | 60,234 | |
Finance Leases [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Finance Lease, Liability, Current | 2,300 | 2,343 | |
Finance Lease, Liability, Noncurrent | $ 26,152 | $ 27,430 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | $ 1,733,987 | $ 1,743,875 |
Accumulated depreciation | (841,678) | (755,598) |
Property, Plant and Equipment, Net, Total | 892,309 | 988,277 |
Land and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 61,226 | 66,670 |
Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 298,431 | 310,797 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 1,277,624 | 1,204,457 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | $ 96,706 | $ 161,951 |
Minimum [Member] | Land and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 10 years | |
Minimum [Member] | Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 10 years | |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 5 years | |
Maximum [Member] | Land and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 25 years | |
Maximum [Member] | Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 40 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 10 years |
Property, Plant and Equipment S
Property, Plant and Equipment Summary of Impairment charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | $ 17,246 | $ 23,139 | $ 42,915 |
Reportable Geographical Components [Member] | North America [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 947 | 0 | 0 |
Reportable Geographical Components [Member] | Europe [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 11,938 | 9,943 | 30,978 |
Reportable Geographical Components [Member] | Asia Pacific [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 4,080 | 13,146 | 11,937 |
Reportable Geographical Components [Member] | South America [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 0 | 0 | 0 |
Automotive [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 16,965 | 23,089 | 42,915 |
Corporate and Other | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 281 | 50 | $ 0 |
Property, Plant and Equipment [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 13,084 | 21,968 | |
Machinery and Equipment [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | $ 4,162 | $ 1,171 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Assets | $ 10,377 | ||
Net Book Value of Disposed Property Plant and Equipment | 5,446 | ||
Tangible Asset Impairment Charges | $ 17,246 | $ 23,139 | $ 42,915 |
Property, Plant and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible Asset Impairment Charges | 13,084 | 21,968 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible Asset Impairment Charges | $ 4,162 | $ 1,171 |
Goodwill and Intangibles - Carr
Goodwill and Intangibles - Carrying Amount of Goodwill by Reportable Operating Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible [Line Items] | |||
Goodwill, Beginning Balance | $ 142,187 | $ 143,681 | |
Adjustments related to recent acquisitions | (1,689) | ||
Foreign exchange translation | 63 | 195 | |
Goodwill impairment charges | 0 | 0 | $ (45,281) |
Goodwill, Ending Balance | 142,250 | 142,187 | 143,681 |
Goodwill, Transfers | 0 | ||
Industrial Specialty Group | |||
Goodwill and Intangible [Line Items] | |||
Goodwill, Beginning Balance | 0 | 0 | |
Adjustments related to recent acquisitions | 0 | ||
Foreign exchange translation | 0 | 0 | |
Goodwill, Ending Balance | 14,036 | 0 | 0 |
Goodwill, Transfers | 14,036 | ||
North America [Member] | |||
Goodwill and Intangible [Line Items] | |||
Goodwill, Beginning Balance | 142,187 | 143,681 | |
Adjustments related to recent acquisitions | (1,689) | ||
Foreign exchange translation | 63 | 195 | |
Goodwill, Ending Balance | 128,214 | $ 142,187 | $ 143,681 |
Goodwill, Transfers | $ (14,036) |
Goodwill and Intangibles - Inta
Goodwill and Intangibles - Intangible Assets and Accumulated Amortization Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 200,235 | $ 206,113 |
Accumulated Amortization | (132,556) | (121,744) |
Net Carrying Amount | 67,679 | 84,369 |
Customer relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 155,409 | 156,557 |
Accumulated Amortization | (122,657) | (113,871) |
Net Carrying Amount | 32,752 | 42,686 |
Other [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 44,826 | 49,556 |
Accumulated Amortization | (9,899) | (7,873) |
Net Carrying Amount | $ 34,927 | $ 41,683 |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible [Line Items] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 791 | |||
Goodwill impairment charges | $ 0 | $ 0 | $ 45,281 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 7,320 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 7,320 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 7,307 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 7,048 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 6,593 |
Debt - Outstanding Debt (Detail
Debt - Outstanding Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Senior Notes | $ 395,829 | $ 395,114 |
Medium-term Notes | 323,636 | 326,061 |
Finance Lease, Liability | 28,452 | 29,773 |
Other borrowings | 36,007 | 56,680 |
Total debt | 1,023,491 | 807,628 |
Less current portion | (40,731) | (61,449) |
Total long-term debt | 982,760 | 746,179 |
Line of Credit Facility [Line Items] | ||
Senior Notes | 395,829 | 395,114 |
Secured Debt | ||
Debt Disclosure [Abstract] | ||
Senior Notes | 239,567 | 0 |
Line of Credit Facility [Line Items] | ||
Senior Notes | $ 239,567 | $ 0 |
Debt - Maturities of Debt (Deta
Debt - Maturities of Debt (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 42,236 |
2022 | 5,969 |
2023 | 322,078 |
2024 | 252,607 |
2025 | 2,610 |
Thereafter | 415,286 |
Total | $ 1,040,786 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 29, 2020 | Mar. 31, 2020 | Dec. 31, 2016 | Nov. 02, 2016 | |
Extinguishment of Debt Disclosures [Abstract] | |||||||
Loss on extinguishment of debt | $ 0 | $ 0 | $ 770 | ||||
Line of Credit Facility [Line Items] | |||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 4.10% | 4.60% | |||||
Aggregate revolving loan availability | $ 173,745 | ||||||
Letters of credit outstanding | 5,517 | ||||||
Senior ABL Facility [Member] | Cooper Standard Automotive Inc Us [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate revolving loan availability | 180,000 | ||||||
Senior ABL Facility [Member] | Cooper Standard Automotive International Holdings B.V. [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate revolving loan availability | 40,000 | ||||||
Senior ABL Facility [Member] | CSA Canada [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate revolving loan availability | 20,000 | ||||||
Amended Senior Abl Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Unamortized Debt Issuance Expense | 1,029 | $ 657 | |||||
Aggregate revolving loan availability | $ 150,854 | $ 180,000 | $ 210,000 | ||||
Letter of credit sub-facility | 100,000 | ||||||
Swing line sub-facility | 25,000 | ||||||
Uncommitted incremental loan facility | 100,000 | ||||||
Termination date of commitments of lenders | Mar. 24, 2025 | ||||||
Percentage of accounts receivable | 85.00% | ||||||
Percentage of inventory | 70.00% | ||||||
Percentage of appraised net orderly liquidation value of eligible inventory | 85.00% | ||||||
Applicable margin with respect to LIBOR or BA-based borrowings | 1.50% | ||||||
Applicable margin with respect to base rate, Canadian prime rate and Canadian base rate borrowings | 0.50% | ||||||
Senior Notes [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate principal amount | $ 400,000 | ||||||
Interest rate accrue | 5.625% | ||||||
Debt Issuance Costs | $ 7,055 | ||||||
Unamortized Debt Issuance Expense | $ 4,171 | 4,886 | |||||
Medium-term Notes [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate principal amount | $ 340,000 | ||||||
Unamortized Debt Issuance Expense | $ 1,680 | 2,273 | |||||
Debt Instrument, Maturity Date | Nov. 2, 2023 | ||||||
Debt Instrument, Unamortized Discount | $ 1,084 | $ 1,466 | |||||
Term loan accordion feature | $ 400,000 | ||||||
Secured Debt | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate principal amount | $ 250,000 | ||||||
Interest rate accrue | 13.00% | ||||||
Debt Issuance Costs | 6,431 | ||||||
Unamortized Debt Issuance Expense | 5,828 | ||||||
Debt Instrument, Unamortized Discount | $ 4,605 | $ 5,000 | |||||
Minimum [Member] | Amended Senior Abl Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Applicable margin with respect to LIBOR or BA-based borrowings | 1.50% | ||||||
Applicable margin with respect to base rate, Canadian prime rate and Canadian base rate borrowings | 0.50% | ||||||
Maximum [Member] | Amended Senior Abl Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Applicable margin with respect to LIBOR or BA-based borrowings | 2.00% | ||||||
Applicable margin with respect to base rate, Canadian prime rate and Canadian base rate borrowings | 1.00% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Fair Value Hierarchy Level for Company's Liabilities Measured (Detail) - Level 2 [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contracts, asset, fair value disclosure | $ 1,826 | $ 467 |
Accrued Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contracts, liability, fair value disclosure | $ (750) | $ (42) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Long-term Debt, Fair Value | $ 965,052 | $ 693,600 |
Long-term Debt, Gross | $ 976,400 | $ 729,800 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash Flow Hedging [Member] | Foreign exchange contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, Notional Amount | $ 97,503 | $ 92,150 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments Gains (lossses) on Cash Flow Hedges Reported in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | $ (6,280) | $ 3,812 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments Reclassification out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ (6,945) | $ 2,773 |
Accounts Receivable Factoring -
Accounts Receivable Factoring - Additional Information (Detail) $ in Thousands, € in Millions | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Receivables [Abstract] | |||
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | $ | $ 85,108 | $ 103,818 | |
Qualitative and Quantitative Information, Transferor's Continuing Involvement, Arrangements of Financial Support, Amount | € | € 120 |
Accounts Receivable Factoring_2
Accounts Receivable Factoring (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Cash collected on behalf of factor | $ 1,786 | $ 21,485 | |
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | 85,108 | 103,818 | |
Amount Of Account Receivable Factoring Without Recourse | 476,405 | 556,102 | |
Loss On Sale Of Accounts Receivable Without Recourse | $ 776 | $ 1,007 | $ 1,248 |
Pensions - Schedule of Defined
Pensions - Schedule of Defined Benefit Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plans' assets at beginning of period | $ 299,419 | ||
Fair value of plans' assets at end of period | 321,891 | $ 299,419 | |
Funded status of the plans | 12,434 | ||
UNITED STATES | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligations at beginning of year | 22,436 | 25,633 | |
Service cost | 103 | 118 | $ 308 |
Interest cost | 680 | 864 | 1,198 |
Actuarial loss (gain) | 1,603 | 1,697 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 1,403 | 1,491 | |
Foreign currency exchange rate effect | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Business Combination | 0 | (4,405) | |
Other | 0 | 20 | |
Benefit obligation at end of year | 23,419 | 22,436 | 25,633 |
Funded status of the plans | (23,419) | (22,436) | |
Foreign Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligations at beginning of year | 23,949 | 21,981 | |
Service cost | 404 | 397 | 495 |
Interest cost | 726 | 752 | 789 |
Actuarial loss (gain) | 2,221 | 1,705 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 663 | 570 | |
Foreign currency exchange rate effect | 395 | 1,136 | |
Defined Benefit Plan, Benefit Obligation, Business Combination | 0 | (1,513) | |
Other | 0 | 61 | |
Benefit obligation at end of year | 27,032 | 23,949 | 21,981 |
Funded status of the plans | (27,032) | (23,949) | |
Pension Plan [Member] | UNITED STATES | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligations at beginning of year | 255,935 | 288,223 | |
Service cost | 853 | 809 | 852 |
Interest cost | 8,132 | 10,955 | 10,824 |
Actuarial loss (gain) | 19,755 | 28,771 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 13,278 | 14,625 | |
Foreign currency exchange rate effect | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 58,198 | |
Defined Benefit Plan, Benefit Obligation, Business Combination | 0 | 0 | |
Other | 0 | 0 | |
Benefit obligation at end of year | 271,397 | 255,935 | 288,223 |
Fair value of plans' assets at beginning of period | 244,613 | 265,019 | |
Actual return on plans' assets | 34,971 | 50,488 | |
Employer contributions | 1,037 | 1,929 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 13,278 | 14,625 | |
Foreign currency exchange rate effect | 0 | 0 | |
Settlements | 0 | (58,198) | |
Defined Benefit Plan, Plan Assets, Divestiture | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Business Combination | 0 | 0 | |
Fair value of plans' assets at end of period | 267,343 | 244,613 | 265,019 |
Funded status of the plans | (4,054) | (11,322) | |
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligations at beginning of year | 184,364 | 183,850 | |
Service cost | 3,992 | 3,893 | 4,383 |
Interest cost | 3,200 | 4,037 | 4,207 |
Actuarial loss (gain) | 8,704 | 17,756 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 6,925 | 6,038 | |
Foreign currency exchange rate effect | 11,582 | 11 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 5,170 | 2,263 | |
Defined Benefit Plan, Benefit Obligation, Business Combination | (4,392) | (16,953) | |
Other | 52 | 71 | |
Benefit obligation at end of year | 195,407 | 184,364 | 183,850 |
Fair value of plans' assets at beginning of period | 54,806 | 47,692 | |
Actual return on plans' assets | 5,313 | 6,948 | |
Employer contributions | 5,673 | 6,646 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 6,925 | 6,038 | |
Foreign currency exchange rate effect | 940 | 2,399 | |
Settlements | (5,170) | (2,841) | |
Defined Benefit Plan, Plan Assets, Divestiture | 108 | 0 | |
Defined Benefit Plan, Plan Assets, Business Combination | 19 | 0 | |
Fair value of plans' assets at end of period | 54,548 | 54,806 | $ 47,692 |
Funded status of the plans | $ (140,859) | $ (129,558) |
Pensions - Amounts Recognized i
Pensions - Amounts Recognized in Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
UNITED STATES | Accrued Liabilities [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ (1,648) | $ (1,686) |
UNITED STATES | Pension Benefits Long Term [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (21,771) | (20,750) |
Foreign Plan [Member] | Accrued Liabilities [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (968) | (840) |
Foreign Plan [Member] | Pension Benefits Long Term [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (26,064) | (23,109) |
Pension Plan [Member] | UNITED STATES | Accrued Liabilities [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (1,020) | (1,021) |
Pension Plan [Member] | UNITED STATES | Pension Benefits Long Term [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (13,547) | (12,978) |
Pension Plan [Member] | UNITED STATES | Other assets [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | 10,513 | 2,677 |
Pension Plan [Member] | Foreign Plan [Member] | Accrued Liabilities [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (4,097) | (4,413) |
Pension Plan [Member] | Foreign Plan [Member] | Pension Benefits Long Term [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (138,683) | (127,032) |
Pension Plan [Member] | Foreign Plan [Member] | Other assets [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ 1,921 | $ 1,887 |
Pensions - Schedule of Define_2
Pensions - Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
UNITED STATES | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $ 11,018 | $ 14,496 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 0 | 55 |
Foreign Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (9,563) | (7,753) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 0 | 93 |
Pension Plan [Member] | UNITED STATES | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (57,731) | (61,184) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | (76) | (96) |
Pension Plan [Member] | Foreign Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (53,657) | (49,682) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | $ (497) | $ (351) |
Pensions - Components of Net Pe
Pensions - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Settlements | $ 184 | $ 15,997 | $ 775 |
UNITED STATES | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Service cost | 103 | 118 | 308 |
Interest cost | 680 | 864 | 1,198 |
Settlements | (3,452) | ||
Other | 0 | 0 | 5 |
Net periodic benefit cost (income) | (1,147) | (1,459) | (161) |
Foreign Plan [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Service cost | 404 | 397 | 495 |
Interest cost | 726 | 752 | 789 |
Settlements | 453 | ||
Other | 0 | 48 | 0 |
Net periodic benefit cost (income) | 1,578 | 1,517 | 1,592 |
Pension Plan [Member] | UNITED STATES | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Service cost | 853 | 809 | 852 |
Interest cost | 8,132 | 10,955 | 10,824 |
Expected return on plan assets | (13,683) | (16,353) | (17,414) |
Amortization of prior service cost and actuarial loss | 1,940 | 2,914 | 2,403 |
Settlements | 0 | 15,247 | 0 |
Other | 0 | 0 | 0 |
Net periodic benefit cost (income) | (2,758) | 13,572 | (3,335) |
Pension Plan [Member] | Foreign Plan [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Service cost | 3,992 | 3,893 | 4,383 |
Interest cost | 3,200 | 4,037 | 4,207 |
Expected return on plan assets | (2,415) | (2,400) | (2,178) |
Amortization of prior service cost and actuarial loss | 3,478 | 2,373 | 2,646 |
Settlements | 184 | 572 | 775 |
Other | (11) | 956 | 0 |
Net periodic benefit cost (income) | $ 8,428 | $ 9,431 | $ 9,833 |
Pensions - Weighted Average Ass
Pensions - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
UNITED STATES | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 2.35% | 3.15% |
Foreign Plan [Member] | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 2.65% | 3.05% |
Pension Plan [Member] | UNITED STATES | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 2.48% | 3.28% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 4.50% | 4.50% |
Pension Plan [Member] | Foreign Plan [Member] | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 1.36% | 1.79% |
Rate of compensation increase | 1.23% | 1.33% |
Pensions - Weighted Average A_2
Pensions - Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
UNITED STATES | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 3.15% | 4.20% | 3.55% |
Foreign Plan [Member] | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 3.05% | 3.65% | 3.40% |
Pension Plan [Member] | UNITED STATES | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 3.28% | 4.25% | 3.55% |
Expected return on plan assets | 5.75% | 6.50% | 6.50% |
Pension Plan [Member] | Foreign Plan [Member] | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 2.33% | 2.40% | 2.17% |
Expected return on plan assets | 3.73% | 4.63% | 5.82% |
Rate of compensation increase | 3.99% | 3.31% | 3.17% |
Pensions - Pension Plan Assets
Pensions - Pension Plan Assets at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | $ 321,891 | $ 299,419 |
Equity securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 34,865 | 36,739 |
Debt securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 37,901 | 34,680 |
Cash and cash equivalents [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 1,866 | 2,555 |
Net Asset Value [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 247,259 | 225,445 |
Net Asset Value [Member] | Equity securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 117,309 | 101,053 |
Net Asset Value [Member] | Debt securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 104,880 | 98,967 |
Net Asset Value [Member] | Real Estate [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 25,070 | 25,425 |
Level 1 [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 20,084 | 19,168 |
Level 1 [Member] | Equity securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 18,218 | 16,613 |
Level 1 [Member] | Debt securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 1 [Member] | Cash and cash equivalents [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 1,866 | 2,555 |
Level 2 [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 54,548 | 54,806 |
Level 2 [Member] | Equity securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 16,647 | 20,126 |
Level 2 [Member] | Debt securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 37,901 | 34,680 |
Level 2 [Member] | Cash and cash equivalents [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | $ 0 | $ 0 |
Pensions - Estimated Benefit Pa
Pensions - Estimated Benefit Payments for Domestic and Foreign Pension Plans (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 1,667 |
2022 | 1,666 |
2023 | 1,648 |
2024 | 1,608 |
2025 | 1,572 |
2026 - 2030 | 7,108 |
Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 981 |
2022 | 975 |
2023 | 978 |
2024 | 1,011 |
2025 | 1,019 |
2026 - 2030 | 5,211 |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 23,446 |
2022 | 22,028 |
2023 | 42,844 |
2024 | 23,296 |
2025 | 23,138 |
2026 - 2030 | 118,248 |
Pension Plan [Member] | UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 17,250 |
2022 | 15,775 |
2023 | 14,700 |
2024 | 15,400 |
2025 | 15,134 |
2026 - 2030 | 75,540 |
Pension Plan [Member] | Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 6,196 |
2022 | 6,253 |
2023 | 28,144 |
2024 | 7,896 |
2025 | 8,004 |
2026 - 2030 | $ 42,708 |
Pensions - Additional Informati
Pensions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Non-elective and matching contributions | $ 13,537 | $ 14,514 | $ 16,076 |
Pension settlement charges | (184) | (15,997) | (775) |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 286,102 | ||
Increase (decrease) benefit plan exceed projected benefit obligation | 12,434 | ||
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement charges | 3,452 | ||
Increase (decrease) benefit plan exceed projected benefit obligation | (23,419) | (22,436) | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 1,000 | ||
UNITED STATES | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement charges | 0 | (15,247) | 0 |
Defined Benefit Plan, Accumulated Benefit Obligation | 271,397 | 255,935 | |
Increase (decrease) benefit plan exceed projected benefit obligation | (4,054) | (11,322) | |
Other General and Administrative Expense | (178) | ||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 58,198 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 58,198 | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement charges | (453) | ||
Increase (decrease) benefit plan exceed projected benefit obligation | (27,032) | (23,949) | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 4,500 | ||
Foreign Plan [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement charges | (184) | (572) | $ (775) |
Defined Benefit Plan, Accumulated Benefit Obligation | 186,652 | 174,273 | |
Increase (decrease) benefit plan exceed projected benefit obligation | (140,859) | (129,558) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 5,170 | 2,263 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 5,170 | 2,841 | |
Foreign Plan [Member] | Pension Plan [Member] | Other exit costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement charges | (836) | ||
Foreign Plan [Member] | Pension Plan [Member] | DivestitureMutares [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement charges | $ (744) | ||
Anti-vibration systems [Member] | Foreign Plan [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement charges | $ (2,730) |
Postretirement Benefits Other_3
Postretirement Benefits Other Than Pensions - Schedule of Postretirement Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Funded status of the plans | $ 12,434 | ||
Foreign Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of year | 23,949 | $ 21,981 | |
Service cost | 404 | 397 | $ 495 |
Interest cost | 726 | 752 | 789 |
Actuarial loss (gain) | 2,221 | 1,705 | |
Benefits paid | (663) | (570) | |
Defined Benefit Plan, Benefit Obligation, Divestiture | 0 | 1,513 | |
Other | 0 | 61 | |
Foreign currency exchange rate effect | 395 | 1,136 | |
Benefit obligation at end of year | 27,032 | 23,949 | 21,981 |
Funded status of the plans | (27,032) | (23,949) | |
Net amount recognized at December 31 | (27,032) | (23,949) | |
UNITED STATES | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of year | 22,436 | 25,633 | |
Service cost | 103 | 118 | 308 |
Interest cost | 680 | 864 | 1,198 |
Actuarial loss (gain) | 1,603 | 1,697 | |
Benefits paid | (1,403) | (1,491) | |
Defined Benefit Plan, Benefit Obligation, Divestiture | 0 | 4,405 | |
Other | 0 | 20 | |
Foreign currency exchange rate effect | 0 | 0 | |
Benefit obligation at end of year | 23,419 | 22,436 | $ 25,633 |
Funded status of the plans | (23,419) | (22,436) | |
Net amount recognized at December 31 | $ (23,419) | $ (22,436) |
Postretirement Benefits Other_4
Postretirement Benefits Other Than Pensions - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Liabilities [Member] | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ (968) | $ (840) |
Accrued Liabilities [Member] | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (1,648) | (1,686) |
Pension Benefits Long Term [Member] | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (26,064) | (23,109) |
Pension Benefits Long Term [Member] | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ (21,771) | $ (20,750) |
Postretirement Benefits Other_5
Postretirement Benefits Other Than Pensions - Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | $ 0 | $ 93 |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (9,563) | (7,753) |
UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 0 | 55 |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $ 11,018 | $ 14,496 |
Postretirement Benefits Other_6
Postretirement Benefits Other Than Pensions - Schedule of Net Periodic Benefit Costs for Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 404 | $ 397 | $ 495 |
Interest cost | 726 | 752 | 789 |
Amortization of prior service credit and recognized actuarial (gain) loss | 448 | 320 | 308 |
Other | 0 | 48 | 0 |
Net periodic benefit cost (income) | 1,578 | 1,517 | 1,592 |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 103 | 118 | 308 |
Interest cost | 680 | 864 | 1,198 |
Amortization of prior service credit and recognized actuarial (gain) loss | (1,930) | (2,441) | (1,672) |
Other | 0 | 0 | 5 |
Net periodic benefit cost (income) | $ (1,147) | $ (1,459) | $ (161) |
Postretirement Benefits Other_7
Postretirement Benefits Other Than Pensions - Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Foreign Plan [Member] | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 2.65% | 3.05% |
UNITED STATES | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 2.35% | 3.15% |
Postretirement Benefits Other_8
Postretirement Benefits Other Than Pensions - Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign Plan [Member] | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 3.05% | 3.65% | 3.40% |
UNITED STATES | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 3.15% | 4.20% | 3.55% |
Postretirement Benefits Other_9
Postretirement Benefits Other Than Pensions - Schedule of Health Care Cost Trend Rates (Details) | Dec. 31, 2020 |
Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 5.00% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% |
UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 5.34% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% |
Postretirement Benefits Othe_10
Postretirement Benefits Other Than Pensions - Estimated Benefit Payments for Domestic and Foreign Pension Plans (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2021 | $ 2,648 |
2022 | 2,641 |
2023 | 2,626 |
2024 | 2,619 |
2025 | 2,591 |
2026 - 2030 | 12,319 |
Foreign Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2021 | 981 |
2022 | 975 |
2023 | 978 |
2024 | 1,011 |
2025 | 1,019 |
2026 - 2030 | 5,211 |
UNITED STATES | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2021 | 1,667 |
2022 | 1,666 |
2023 | 1,648 |
2024 | 1,608 |
2025 | 1,572 |
2026 - 2030 | $ 7,108 |
Postretirement Benefits Othe_11
Postretirement Benefits Other Than Pensions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement charges | $ (184) | $ (15,997) | $ (775) |
Other Postretirement Benefits Plan [Member] | |||
Payment for Pension and Other Postretirement Benefits [Abstract] | |||
Other post retirement benefits recorded in consolidated balance sheets | 1,778 | 4,454 | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement charges | 3,452 | ||
Payment for Pension and Other Postretirement Benefits [Abstract] | |||
Unrecognized prior service credits | 0 | (55) | |
Unrecognized actuarial gains, before tax | (11,018) | (14,496) | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement charges | (453) | ||
Payment for Pension and Other Postretirement Benefits [Abstract] | |||
Unrecognized prior service credits | 0 | (93) | |
Unrecognized actuarial gains, before tax | $ 9,563 | $ 7,753 |
Other (Expense) Income (Details
Other (Expense) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ (1,429) | $ (3,022) | $ (3,170) |
Components of Net Periodic Benefit Cost Other than Service Cost | (576) | (1,069) | (1,116) |
Gain (Loss) on Sale of Accounts Receivable | (776) | (1,007) | (1,248) |
Miscellaneous Income Expense | 201 | 838 | 696 |
Other Nonoperating Income (Expense) | $ (2,580) | $ (4,260) | $ (4,838) |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income (Loss) Before Income Taxes and Adjustment for Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (235,574) | $ 53,425 | $ 103,228 |
Foreign | (94,647) | 44,877 | (33,573) |
(Loss) income before income taxes | $ (330,221) | $ 98,302 | $ 69,655 |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | |||
Federal | $ (65,565) | $ (227) | $ (11,153) |
State | (196) | (171) | (33) |
Foreign | 13,636 | 20,613 | 20,717 |
Deferred | |||
Federal | (15,060) | 4,405 | (4,532) |
State | 1,297 | (767) | 2,074 |
Foreign | 5,041 | 12,236 | (36,473) |
Income tax provision | $ (60,847) | $ 36,089 | $ (29,400) |
Income Taxes - Schedule Reconci
Income Taxes - Schedule Reconciles United States Statutory Federal Rate to Income Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Tax at U.S. statutory rate | $ (69,346) | $ 20,643 | $ 14,627 |
State and local taxes | (4,933) | 209 | 1,273 |
Tax credits and incentives | (5,750) | (8,034) | (11,702) |
Effect of foreign tax rates | (15,432) | (1,656) | (10,388) |
Nonrecurring permanent items | (3,069) | (5,250) | 0 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | 1,640 | 1,596 | (2,097) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | 9,335 | 2,820 | 2,451 |
Other changes in tax reserves | 1,071 | (206) | (3,760) |
Valuation allowance | 51,609 | 24,625 | (7,844) |
Income tax provision | $ (60,847) | $ 36,089 | $ (29,400) |
Effective income tax rate | 18.40% | 36.70% | (42.20%) |
U.S. Tax and Jobs Act [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Changes in tax law | $ (1,046) | $ 1,102 | $ (6,860) |
Other legislation [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Changes in tax law | 352 | 2,909 | (3,008) |
Goodwill [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | 0 | 6,887 |
Other Adjustments [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 3,781 | (411) | (5,226) |
Outside Basis Difference [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (1,215) | (2,258) | (3,753) |
CARES Act | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ (27,844) | $ 0 | $ 0 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Pension, postretirement and other benefits | $ 53,229 | $ 48,589 |
Capitalized expenditures | 14,411 | 2,908 |
Net operating loss and tax credit carryforwards | 215,980 | 167,719 |
Deferred Tax Assets, Property, Plant and Equipment | 26,160 | 20,817 |
All other items | 53,290 | 53,614 |
Total deferred tax assets | 363,070 | 293,647 |
Deferred tax liabilities: | ||
Property, plant and equipment | (29,415) | (19,479) |
Operating lease right-of-use | (26,160) | (20,817) |
All other items | (15,597) | (12,680) |
Total deferred tax liabilities | (71,172) | (52,976) |
Valuation allowances | (234,425) | (194,794) |
Net deferred tax assets | $ 57,473 | $ 45,877 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of period | $ 10,123 | $ 9,631 |
Tax positions related to the current period | ||
Gross additions | 1,115 | 895 |
Gross reductions | 0 | 0 |
Tax positions related to prior years | ||
Gross additions | 342 | 0 |
Gross reductions | 0 | (52) |
Settlements | (232) | 0 |
Lapses on statutes of limitations | (76) | (351) |
Balance at end of period | $ 11,272 | $ 10,123 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | |
Income Tax Expense (Benefit) | $ (60,847) | $ 36,089 | $ (29,400) |
Net operating losses and credit carryforwards | 10,400 | ||
Valuation allowances related to tax loss and credit carryforwards and other deferred tax assets | 234,425 | 194,794 | |
Total unrecognized tax benefits | 11,272 | 10,123 | 9,631 |
Total unrecognized tax benefits including interest and penalties | 12,550 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 10,229 | ||
Income tax expense related to interest and penalties | 1,277 | 1,052 | |
Deferred Federal Income Tax Expense (Benefit) | (15,060) | 4,405 | (4,532) |
Deferred Tax Assets, Gross | 363,070 | 293,647 | |
Domestic Tax Authority | |||
Income Taxes [Line Items] | |||
Deferred Tax Assets, Gross | 62,535 | ||
CARES Act | |||
Income Taxes [Line Items] | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (27,844) | 0 | 0 |
Foreign subsidiaries, primarily in France, Brazil, and Germany [Member] | |||
Income Taxes [Line Items] | |||
Foreign subsidiaries net operating loss Carryforward | $ 520,000 | ||
Operating loss carryforwards expiration dates | indefinite expiration periods | ||
Foreign subsidiaries in China, Mexico, Italy, Netherlands, Poland, Spain, India and Korea [Member] | |||
Income Taxes [Line Items] | |||
Foreign subsidiaries net operating loss Carryforward | $ 263,000 | ||
U.S. Tax and Jobs Act [Member] | |||
Income Taxes [Line Items] | |||
Changes in tax law | $ (1,046) | $ 1,102 | $ (6,860) |
Net Income Per Share Attribut_3
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. - Basic and Diluted Net Income Per Share Attributable (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 71,000 | 0 | 1,000 |
Net income attributable to Cooper-Standard Holdings Inc. | $ (267,605) | $ 67,529 | $ 103,601 |
Diluted net income available to Cooper-Standard Holdings Inc. common stockholders | $ (267,605) | $ 67,529 | $ 103,601 |
Basic weighted average shares of common stock outstanding | 16,913,850 | 17,146,124 | 17,894,718 |
Dilutive effect of: | |||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 62,644 | 395,484 |
Diluted weighted average shares of common stock outstanding | 16,913,850 | 17,208,768 | 18,290,202 |
Basic net income per share attributable to Cooper-Standard Holdings Inc. (in dollars per share) | $ (15.82) | $ 3.94 | $ 5.79 |
Diluted net income per share attributable to Cooper-Standard Holdings Inc. (in dollars per share) | $ (15.82) | $ 3.92 | $ 5.66 |
Net Income Per Share Attribut_4
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 71,000 | 0 | 1,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (253,741) | |
Ending Balance | (241,896) | $ (253,741) |
Cumulative currency translation adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (153,933) | (141,104) |
Other comprehensive income (loss) before reclassifications | 15,708 | (16,653) |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,646 | 3,824 |
Ending Balance | (136,579) | (153,933) |
Benefit plan liabilities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (100,160) | (104,375) |
Other comprehensive income (loss) before reclassifications | (11,254) | (10,536) |
Amounts reclassified from accumulated other comprehensive income (loss) | 5,335 | 14,751 |
Ending Balance | (106,079) | (100,160) |
Fair value change of derivatives [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 352 | (458) |
Other comprehensive income (loss) before reclassifications | (4,700) | 2,858 |
Amounts reclassified from accumulated other comprehensive income (loss) | 5,110 | (2,048) |
Ending Balance | 762 | 352 |
Accumulated other comprehensive loss [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (253,741) | (245,937) |
Other comprehensive income (loss) before reclassifications | (246) | (24,331) |
Amounts reclassified from accumulated other comprehensive income (loss) | 12,091 | 16,527 |
Ending Balance | $ (241,896) | $ (253,741) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Additional Detail [Line Items] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | $ 4,430 | $ (823) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax | (571) | (457) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 1,580 | (954) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 3,851 | 3,383 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 106 | (185) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (386) | (4,536) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 1,835 | 725 |
DivestitureMutares [Member] | ||
Additional Detail [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 744 | |
Anti-vibration systems [Member] | ||
Additional Detail [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | (269) | |
UNITED STATES | ||
Additional Detail [Line Items] | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (1,603) | (1,697) |
Foreign Plan [Member] | ||
Additional Detail [Line Items] | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (2,221) | (1,705) |
Pension Plan [Member] | UNITED STATES | ||
Additional Detail [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 15,247 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (19,755) | (28,771) |
Pension Plan [Member] | Foreign Plan [Member] | ||
Additional Detail [Line Items] | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (8,704) | (17,756) |
Curtailment [Member] | ||
Additional Detail [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 539 | |
Settlement [Member] | ||
Additional Detail [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | $ (1,020) | $ (572) |
Equity - Additional Information
Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019shares | Jun. 30, 2019shares | Dec. 31, 2020USD ($)commonStockNumberOfVotePerShare$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017shares | |
Common Stock And Preferred Stock [Line Items] | ||||||
Common stock, shares authorized | shares | 190,000,000 | 190,000,000 | ||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | ||||
Common stock, shares issued | shares | 18,962,894 | 18,908,566 | ||||
Common stock, shares outstanding | shares | 16,897,085 | 16,842,757 | ||||
Common stock, number of vote per share | commonStockNumberOfVotePerShare | 1 | |||||
Payments for Repurchase of Common Stock | $ | $ 0 | $ (36,550) | $ (59,955) | |||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 35,937 | $ 60,566 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 98,720 | |||||
Open Market [Member] | ||||||
Common Stock And Preferred Stock [Line Items] | ||||||
Treasury Stock, Shares, Acquired | shares | 85,000 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 69.85 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 5,937 | |||||
ASR [Member] | ||||||
Common Stock And Preferred Stock [Line Items] | ||||||
Treasury Stock, Shares, Acquired | shares | 72,875 | 626,305 | 699,180 | |||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 42.91 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 30,000 | |||||
Common Stock [Member] | ||||||
Common Stock And Preferred Stock [Line Items] | ||||||
Common stock, shares outstanding | shares | 16,897,085 | 16,842,757 | 17,554,737 | 17,914,599 | ||
Treasury Stock, Shares, Acquired | shares | 817,954 | 549,019 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 0 | $ 1 | ||||
2018 Program [Member] | ||||||
Common Stock And Preferred Stock [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | $ | $ 150,000 |
Stock-Based Compensation - Shar
Stock-Based Compensation - Share-Based Compensation Expense By Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 10,435 | $ 11,865 | $ 8,520 |
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | 2,525 | 3,156 | 3,204 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | 916 | 277 | (3,925) |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 6,994 | $ 8,432 | $ 9,241 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Transactions and Related Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options Outstanding, Beginning Balance (in shares) | shares | 548,770 |
Options, Granted (in shares) | shares | 233,732 |
Options, Exercised (in shares) | shares | 0 |
Options, Forfeited (in shares) | shares | (21,757) |
Options, Expired (in shares) | shares | (19,326) |
Options Outstanding, Ending Balance (in shares) | shares | 741,419 |
Options Exercisable, Ending Balance (in shares) | shares | 408,316 |
Weighted Average Exercise Price, Outstanding Beginning Balance (in dollars per share) | $ / shares | $ 77.68 |
Weighted Average Exercise Price, Granted (in dollars per share) | $ / shares | 25.19 |
Weighted Average Exercise Price, Exercised (in dollars per share) | $ / shares | 0 |
Weighted Average Exercise Price, Forfeited (in dollars per share) | $ / shares | 49.53 |
Weighted Average Exercise Price, Expired (in dollars per share) | $ / shares | 51.62 |
Weighted Average Exercise Price, Outstanding Ending Balance (in dollars per share) | $ / shares | 62.64 |
Weighted Average Exercise Price, Exercisable Ending Balance (in dollars per share) | $ / shares | $ 78.37 |
Weighted Average Remaining Contractual Life - Years, Outstanding Ending Balance | 6 years 1 month 6 days |
Weighted Average Remaining Contractual Life - Years, Exercisable Ending Balance | 5 years |
Aggregate Intrinsic Value, Outstanding Ending Balance | $ | $ 2,103 |
Aggregate Intrinsic Value, Exercisable Ending Balance | $ | $ 0 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used Under Black-Scholes Option Pricing Model (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 33.74% | ||
Risk-free rate, Minimum | 1.80% | 1.80% | |
Risk-free rate, Maximum | 2.50% | 2.50% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.50% | 2.60% | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 29.48% | 27.17% | |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 31.10% | 27.19% | |
Equity Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | 6 years | 6 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.50% | 2.60% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 33.74% |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Common Shares (Detail) - Restricted Stock And Units [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested Number, Beginning Balance (in shares) | shares | 332,981 |
Granted (in shares) | shares | 169,038 |
Vested (in shares) | shares | (86,976) |
Forfeited (in shares) | shares | (29,408) |
Non-vested Number, Ending Balance (in shares) | shares | 385,635 |
Non-vested Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) | $ / shares | $ 83.60 |
Granted (in dollars per share) | $ / shares | 17.62 |
Vested (in dollars per share) | $ / shares | 99.41 |
Forfeited (in dollars per share) | $ / shares | 73.75 |
Non-vested Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ / shares | $ 54.10 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Performance Units (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 258,240 | 194,053 |
Granted (in shares) | 130,346 | |
Vested (in shares) | (48,772) | |
Forfeited (in shares) | (17,387) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 51.45 | $ 93.86 |
Granted (in dollars per share) | 10.10 | |
Vested (in dollars per share) | 107.50 | |
Forfeited (in dollars per share) | $ 57.57 |
Stock-Based Compensation - As_2
Stock-Based Compensation - Assumptions Used Monte Carlo (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 33.74% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.50% | 2.60% |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 116.60% | |
Dividend yield | 0.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.10% |
- Stock-Based Compensation - Ad
- Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized under plan | 2,300,000 | 5,873,103 | |
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock award grants vest period first | 3 years | ||
Weighted-average grant date fair value of stock options granted | $ 8.85 | $ 24.22 | $ 36.22 |
Intrinsic value of stock options exercised | $ 243 | $ 12,422 | |
Unrecognized compensation expenses | $ 2,728 | ||
Recognized weighted average period | 1 year 8 months 12 days | ||
Stock Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option awards grant term | 10 years | ||
Restricted Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock award grants vest period first | 1 year | ||
Stock award grants vest period second | 3 years | ||
Weighted-average grant date fair value of stock options granted | $ 17.62 | $ 66.12 | $ 110.34 |
Recognized weighted average period | 1 year 2 months 12 days | ||
Total fair value of restricted common shares and units vested | $ 7,786 | $ 9,859 | $ 7,418 |
Unrecognized compensation expenses | $ 5,973 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value of stock options granted | $ 10.10 | $ 78.41 | $ 110.40 |
Recognized weighted average period | 2 years | ||
Total fair value of restricted common shares and units vested | $ 5,243 | $ 5,450 | $ 8,256 |
Share-based Payment Arrangement, Cash Used to Settle Award | $ 3,345 | $ 13,302 | |
Unrecognized compensation expenses | $ 1,448 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% |
Related Party Transactions - Re
Related Party Transactions - Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |||
Revenue from Related Parties | $ 21,736 | $ 28,925 | $ 30,826 |
Related Party Transaction, Purchases from Related Party | 339 | 880 | 687 |
Proceeds from Equity Method Investment, Distribution | $ 7,243 | $ 4,917 | $ 4,862 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | ||
Related Party Transaction, Due from (to) Related Party | $ 3,561 | $ 4,297 |
Contingent Liabilities - Additi
Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 6,104 | $ 13,302 |
Gain (Loss) Related to Litigation Settlement | $ 8,000 | |
Loss Contingency, Receivable | $ 6,277 |
Business Segments - Information
Business Segments - Information on Company's Business Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Sales | $ 2,375,439 | $ 3,108,400 | $ 3,624,042 |
Intersegment sales | 0 | 0 | 0 |
Adjusted EBITDA | 35,677 | 201,608 | 372,658 |
Segment profit (loss) | (330,221) | 98,302 | 69,655 |
Net interest expense included in segment profit | 59,167 | 44,113 | 41,004 |
Depreciation and amortization expense | 154,229 | 151,953 | 146,698 |
Capital expenditures | 91,794 | 164,466 | 218,071 |
Segment assets | 2,611,944 | 2,635,582 | |
Automotive [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 2,256,903 | 2,968,668 | 3,525,128 |
Intersegment sales | 24,314 | 34,688 | 39,027 |
Adjusted EBITDA | 50,265 | 205,229 | 367,613 |
Net interest expense included in segment profit | 4,016 | 4,556 | 2,529 |
Depreciation and amortization expense | 131,081 | 135,715 | 134,353 |
Capital expenditures | 80,575 | 147,028 | 201,825 |
Segment assets | 2,025,093 | 2,275,017 | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Sales | 118,536 | 139,732 | 98,914 |
Intersegment sales | (24,314) | (34,688) | (39,027) |
Adjusted EBITDA | (14,588) | (3,621) | 5,045 |
Net interest expense included in segment profit | 55,151 | 39,557 | 38,475 |
Depreciation and amortization expense | 23,148 | 16,238 | 12,345 |
Capital expenditures | 11,219 | 17,438 | 16,246 |
Segment assets | 586,851 | 360,565 | |
Reportable Geographical Components [Member] | North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 1,141,368 | 1,543,845 | 1,872,938 |
Intersegment sales | 12,267 | 19,701 | 18,624 |
Adjusted EBITDA | 90,638 | 213,250 | 319,653 |
Net interest expense included in segment profit | 504 | 96 | (380) |
Depreciation and amortization expense | 60,193 | 62,604 | 61,589 |
Capital expenditures | 30,921 | 64,887 | 72,315 |
Segment assets | 907,652 | 1,040,650 | |
Reportable Geographical Components [Member] | Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 586,739 | 826,335 | 982,967 |
Intersegment sales | 9,569 | 11,744 | 15,185 |
Adjusted EBITDA | (39,004) | 22,922 | 40,980 |
Net interest expense included in segment profit | 1,082 | 318 | 616 |
Depreciation and amortization expense | 36,707 | 38,572 | 41,855 |
Capital expenditures | 25,369 | 34,587 | 53,104 |
Segment assets | 465,031 | 553,977 | |
Reportable Geographical Components [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 468,042 | 503,953 | 571,160 |
Intersegment sales | 2,406 | 3,050 | 5,115 |
Adjusted EBITDA | 12,472 | (27,497) | 14,118 |
Net interest expense included in segment profit | 2,205 | 4,139 | 2,355 |
Depreciation and amortization expense | 31,789 | 31,881 | 28,822 |
Capital expenditures | 21,809 | 40,214 | 70,672 |
Segment assets | 587,610 | 614,952 | |
Reportable Geographical Components [Member] | South America [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 60,754 | 94,535 | 98,063 |
Intersegment sales | 72 | 193 | 103 |
Adjusted EBITDA | (13,841) | (3,446) | (7,138) |
Net interest expense included in segment profit | 225 | 3 | (62) |
Depreciation and amortization expense | 2,392 | 2,658 | 2,087 |
Capital expenditures | 2,476 | 7,340 | $ 5,734 |
Segment assets | $ 64,800 | $ 65,438 |
Business Segments - Geographic
Business Segments - Geographic Information for Revenues (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Sales | $ 2,375,439 | $ 3,108,400 | $ 3,624,042 |
Property, plant and equipment, net | 892,309 | 988,277 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Sales | 518,497 | 729,866 | 883,273 |
Property, plant and equipment, net | 188,246 | 218,640 | |
Mexico [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 578,790 | 723,228 | 763,094 |
Property, plant and equipment, net | 145,452 | 153,414 | |
China [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 364,207 | 355,667 | 466,119 |
Property, plant and equipment, net | 192,005 | 196,502 | |
France [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 97,289 | 159,859 | 305,416 |
Property, plant and equipment, net | 33,087 | 32,938 | |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 125,729 | 188,652 | 278,349 |
Property, plant and equipment, net | 29,500 | 31,568 | |
Poland [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 191,530 | 270,197 | 245,853 |
Property, plant and equipment, net | 77,789 | 88,162 | |
Germany [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 114,221 | 151,441 | 187,374 |
Property, plant and equipment, net | 72,979 | 78,967 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 385,176 | 529,490 | $ 494,564 |
Property, plant and equipment, net | $ 153,251 | $ 188,086 |
Business Segments - Sales to Cu
Business Segments - Sales to Customers Contributing Ten Percent or More of Consolidated Sales (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Ford [Member] | |||
Revenue, Major Customer [Line Items] | |||
Major customers | 24.00% | 25.00% | 27.00% |
General Motors [Member] | |||
Revenue, Major Customer [Line Items] | |||
Major customers | 19.00% | 18.00% | 19.00% |
Fiat Chrysler Automobiles [Member] | |||
Revenue, Major Customer [Line Items] | |||
Major customers | 11.00% | 12.00% | 11.00% |
Business Segments - Adjusted EB
Business Segments - Adjusted EBITDA to Net Income (Details) - USD ($) $ in Thousands | Jul. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | $ 35,677 | $ 201,608 | $ 372,658 | |
Impairment of assets held for sale | $ 85,622 | (86,470) | 0 | 0 |
Gain on sale of business, net | 2,834 | 191,571 | 0 | |
Restructuring Charges | (39,482) | (51,102) | (29,722) | |
Other impairment charges | (17,893) | (23,139) | (88,987) | |
Pension settlement charges | (184) | (15,997) | (775) | |
Project Costs | (5,648) | (2,090) | (4,881) | |
Lease termination costs | (771) | (1,167) | 0 | |
Goodwill impairment charges | 0 | 0 | (45,281) | |
Gain on sale of land | 0 | 0 | 10,377 | |
Cost, Amortization | 0 | 0 | 1,460 | |
Loss on refinancing and extinguishment of debt | 0 | 0 | (770) | |
EBITDA | (115,056) | 299,684 | 261,903 | |
Income Tax Expense (Benefit) | 60,847 | (36,089) | 29,400 | |
Interest Income (Expense), Nonoperating, Net | (59,167) | (44,113) | (41,004) | |
Cost, Depreciation and Amortization | (154,229) | (151,953) | (146,698) | |
Net income attributable to Cooper-Standard Holdings Inc. | (267,605) | 67,529 | 103,601 | |
Parent | ||||
Segment Reporting Information [Line Items] | ||||
Other impairment charges | (17,417) | (23,139) | (43,706) | |
Goodwill impairment charges | 39,818 | |||
Noncontrolling Interest [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gain on sale of business, net | $ (3,595) | $ 0 | $ 0 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning Balance | $ 9.1 | $ 5.6 | $ 4.2 |
Charge to Expenses | 0.7 | 5.5 | 4.2 |
Charged (credited) to other accounts | 0.5 | (0.1) | (0.1) |
Deductions | (4.8) | (1.9) | (2.7) |
Balance at end of period | 7.1 | 9.1 | 5.6 |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning Balance | 10.7 | ||
Balance at end of period | 10.7 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning Balance | 1.6 | ||
Balance at end of period | 1.6 | ||
Tax Valuation Allowance [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning Balance | 194.8 | 171.2 | 189.4 |
Additions Charged to Income | 51.6 | 24.6 | 33.1 |
Additions Charged to Equity | 7.3 | (1) | (10.4) |
Deductions | (19.3) | 0 | (40.9) |
Balance at end of period | $ 234.4 | $ 194.8 | $ 171.2 |