Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36127 | |
Entity Registrant Name | COOPER-STANDARD HOLDINGS INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-1945088 | |
Entity Address, Address Line One | 40300 Traditions Drive | |
Entity Address, City or Town | Northville | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48168 | |
City Area Code | 248 | |
Local Phone Number | 596-5900 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | CPS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,989,177 | |
Entity Central Index Key | 0001320461 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Sales | $ 533,185 | $ 340,467 | $ 1,202,152 | $ 995,357 |
Cost of products sold | 534,118 | 400,838 | 1,134,793 | 1,012,585 |
Gross (loss) profit | (933) | (60,371) | 67,359 | (17,228) |
Selling, administration & engineering expenses | 50,085 | 68,271 | 108,139 | 138,942 |
Gain on sale of business, net | 195 | 0 | (696) | 0 |
Amortization of intangibles | 1,933 | 3,513 | 3,705 | 7,963 |
Restructuring charges | 11,631 | 9,774 | 32,678 | 17,050 |
Impairment charges | 841 | 12,554 | 841 | 87,610 |
Operating loss | (65,618) | (154,483) | (77,308) | (268,793) |
Interest expense, net of interest income | (18,125) | (12,771) | (35,909) | (23,008) |
Equity in earnings (losses) of affiliates | 393 | (3,011) | 1,179 | (1,580) |
Other income (expense), net | 1,362 | (4,701) | (3,727) | (8,141) |
Loss before income taxes | (81,988) | (174,966) | (115,765) | (301,522) |
Income tax benefit | (17,459) | (38,982) | (16,523) | (53,099) |
Net loss | (64,529) | (135,984) | (99,242) | (248,423) |
Net loss attributable to noncontrolling interests | 918 | 1,765 | 1,767 | 3,616 |
Net loss attributable to Cooper-Standard Holdings Inc. | $ (63,611) | $ (134,219) | $ (97,475) | $ (244,807) |
Earnings per share | ||||
Basic | $ (3.73) | $ (7.93) | $ (5.74) | $ (14.49) |
Diluted | $ (3.73) | $ (7.93) | $ (5.74) | $ (14.49) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net loss | $ (64,529) | $ (135,984) | $ (99,242) | $ (248,423) |
Currency translation adjustment | 8,713 | 6,789 | 2,141 | (22,100) |
Benefit plan liabilities adjustment, net of tax | 611 | (716) | 3,350 | 1,966 |
Fair value change of derivatives, net of tax | 751 | 6,238 | 180 | (3,838) |
Other comprehensive income (loss), net of tax | 10,075 | 12,311 | 5,671 | (23,972) |
Comprehensive loss | (54,454) | (123,673) | (93,571) | (272,395) |
Comprehensive loss attributable to noncontrolling interests | 727 | 1,675 | 1,828 | 4,033 |
Comprehensive loss attributable to Cooper-Standard Holdings Inc. | $ (53,727) | $ (121,998) | $ (91,743) | $ (268,362) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 335,494 | $ 438,438 |
Accounts receivable, net | 321,770 | 379,564 |
Tooling receivable, net | 92,514 | 82,150 |
Inventories | 186,422 | 143,742 |
Prepaid expenses | 33,835 | 29,748 |
Income tax receivable and refundable credits | 87,296 | 85,977 |
Other current assets | 95,640 | 100,110 |
Total current assets | 1,152,971 | 1,259,729 |
Property, plant and equipment, net | 849,392 | 892,309 |
Operating lease right-of-use assets, net | 103,228 | 109,795 |
Goodwill | 142,769 | 142,250 |
Intangible assets, net | 64,143 | 67,679 |
Other assets | 164,794 | 140,182 |
Total assets | 2,477,297 | 2,611,944 |
Current liabilities: | ||
Debt payable within one year | 55,738 | 40,731 |
Accounts payable | 323,315 | 385,284 |
Payroll liabilities | 109,326 | 112,727 |
Accrued liabilities | 116,920 | 110,827 |
Current operating lease liabilities | 23,514 | 21,711 |
Total current liabilities | 628,813 | 671,280 |
Long-term debt | 981,643 | 982,760 |
Pension benefits | 147,870 | 152,230 |
Postretirement benefits other than pensions | 50,539 | 49,613 |
Long-term operating lease liabilities | 83,086 | 90,517 |
Other liabilities | 52,177 | 41,433 |
Total liabilities | 1,944,128 | 1,987,833 |
Equity: | ||
Common stock, $0.001 par value, 190,000,000 shares authorized; 19,054,323 shares issued and 16,988,514 shares outstanding as of June 30, 2021, and 18,962,894 shares issued and 16,897,085 outstanding as of December 31, 2020 | 17 | 17 |
Additional paid-in capital | 501,348 | 498,719 |
Retained earnings | 252,795 | 350,270 |
Accumulated other comprehensive loss | (236,164) | (241,896) |
Total Cooper-Standard Holdings Inc. equity | 517,996 | 607,110 |
Noncontrolling interests | 15,173 | 17,001 |
Total equity | 533,169 | 624,111 |
Total liabilities and equity | $ 2,477,297 | $ 2,611,944 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares issued | 19,054,323 | 18,962,894 |
Common stock, shares outstanding | 16,988,514 | 16,897,085 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED 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] | AOCI Attributable to Parent [Member] | Cooper Standard Holdings Inc Equity [Member] | Noncontrolling Interest [Member] |
Beginning balance (shares) at Dec. 31, 2019 | 16,842,757 | |||||||
Beginning balance at Dec. 31, 2019 | $ 875,982 | $ (1,573) | $ 17 | $ 490,451 | $ 619,448 | $ (253,741) | $ 856,175 | $ 19,807 |
Share-based compensation, Shares | 41,785 | |||||||
Share-based compensation, net | 1,874 | 1,874 | 0 | 1,874 | ||||
Net income (loss) | (112,439) | (110,588) | (110,588) | (1,851) | ||||
Other Comprehensive Income (Loss), Net of Tax | (36,283) | (35,776) | (35,776) | (507) | ||||
Ending balance (shares) at Mar. 31, 2020 | 16,884,542 | |||||||
Ending balance at Mar. 31, 2020 | 727,561 | $ 17 | 492,325 | 507,287 | (289,517) | 710,112 | 17,449 | |
Beginning balance (shares) at Dec. 31, 2019 | 16,842,757 | |||||||
Beginning balance at Dec. 31, 2019 | 875,982 | $ (1,573) | $ 17 | 490,451 | 619,448 | (253,741) | 856,175 | 19,807 |
Net income (loss) | (248,423) | |||||||
Other Comprehensive Income (Loss), Net of Tax | (23,972) | |||||||
Ending balance (shares) at Jun. 30, 2020 | 16,894,090 | |||||||
Ending balance at Jun. 30, 2020 | 606,191 | $ 17 | 494,628 | 373,068 | (277,296) | 590,417 | 15,774 | |
Beginning balance (shares) at Mar. 31, 2020 | 16,884,542 | |||||||
Beginning balance at Mar. 31, 2020 | 727,561 | $ 17 | 492,325 | 507,287 | (289,517) | 710,112 | 17,449 | |
Share-based compensation, Shares | 9,548 | |||||||
Share-based compensation, net | 2,303 | 2,303 | 0 | 2,303 | ||||
Net income (loss) | (135,984) | (134,219) | (134,219) | (1,765) | ||||
Other Comprehensive Income (Loss), Net of Tax | 12,311 | 12,221 | 12,221 | 90 | ||||
Ending balance (shares) at Jun. 30, 2020 | 16,894,090 | |||||||
Ending balance at Jun. 30, 2020 | $ 606,191 | $ 17 | 494,628 | 373,068 | (277,296) | 590,417 | 15,774 | |
Beginning balance (shares) at Dec. 31, 2020 | 16,897,085 | 16,897,085 | ||||||
Beginning balance at Dec. 31, 2020 | $ 624,111 | $ 17 | 498,719 | 350,270 | (241,896) | 607,110 | 17,001 | |
Share-based compensation, Shares | 45,467 | |||||||
Share-based compensation, net | 952 | 952 | 0 | 952 | ||||
Net income (loss) | (34,713) | (33,864) | (33,864) | (849) | ||||
Other Comprehensive Income (Loss), Net of Tax | (4,404) | (4,152) | (4,152) | (252) | ||||
Ending balance (shares) at Mar. 31, 2021 | 16,942,552 | |||||||
Ending balance at Mar. 31, 2021 | $ 585,946 | $ 17 | 499,671 | 316,406 | (246,048) | 570,046 | 15,900 | |
Beginning balance (shares) at Dec. 31, 2020 | 16,897,085 | 16,897,085 | ||||||
Beginning balance at Dec. 31, 2020 | $ 624,111 | $ 17 | 498,719 | 350,270 | (241,896) | 607,110 | 17,001 | |
Net income (loss) | (99,242) | |||||||
Other Comprehensive Income (Loss), Net of Tax | $ 5,671 | |||||||
Ending balance (shares) at Jun. 30, 2021 | 16,988,514 | 16,988,514 | ||||||
Ending balance at Jun. 30, 2021 | $ 533,169 | $ 17 | 501,348 | 252,795 | (236,164) | 517,996 | 15,173 | |
Beginning balance (shares) at Mar. 31, 2021 | 16,942,552 | |||||||
Beginning balance at Mar. 31, 2021 | 585,946 | $ 17 | 499,671 | 316,406 | (246,048) | 570,046 | 15,900 | |
Share-based compensation, Shares | 45,962 | |||||||
Share-based compensation, net | 1,677 | 1,677 | 0 | 1,677 | ||||
Net income (loss) | (64,529) | (63,611) | (63,611) | (918) | ||||
Other Comprehensive Income (Loss), Net of Tax | $ 10,075 | 9,884 | 9,884 | 191 | ||||
Ending balance (shares) at Jun. 30, 2021 | 16,988,514 | 16,988,514 | ||||||
Ending balance at Jun. 30, 2021 | $ 533,169 | $ 17 | $ 501,348 | $ 252,795 | $ (236,164) | $ 517,996 | $ 15,173 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS € in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
Operating Activities: | ||
Net loss | $ (99,242) | $ (248,423) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation | 65,267 | 72,260 |
Amortization of intangibles | 3,705 | 7,963 |
Gain on sale of business, net | (696) | 0 |
Impairment charges | 841 | 87,610 |
Share-based compensation expense | 3,002 | 4,935 |
Equity in earnings of affiliates, net of dividends related to earnings | 1,032 | 6,825 |
Deferred income taxes | (21,709) | (29,052) |
Other | 1,192 | 2,053 |
Changes in operating assets and liabilities | (14,126) | (30,405) |
Net cash used in operating activities | (60,734) | (126,234) |
Investing activities: | ||
Capital expenditures | (55,599) | (62,874) |
Proceeds from sale of fixed assets and other | 3,035 | 817 |
Net cash used in investing activities | (52,564) | (62,057) |
Financing activities: | ||
Proceeds from issuance of long-term debt, net of discount | 0 | 245,000 |
Principal payments on long-term debt | (2,895) | (3,081) |
Increase (decrease) in short-term debt, net | 14,811 | (3,042) |
Debt issuance costs | 0 | 4,904 |
Taxes withheld and paid on employees' share-based payment awards | (744) | (516) |
Other | 532 | (807) |
Net cash provided by financing activities | 11,704 | 232,650 |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | 4,179 | (4,036) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (97,415) | 40,323 |
Cash, cash equivalents and restricted cash reclassified to assets held for sale | 0 | (11,278) |
Cash, cash equivalents and restricted cash at beginning of period | 443,578 | 361,742 |
Cash, cash equivalents and restricted cash at end of period | $ 346,163 | $ 390,787 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash [Abstract] | ||
Cash and cash equivalents | $ 335,494 | $ 438,438 |
Restricted cash included in other current assets | 8,506 | 4,089 |
Restricted cash included in other assets | 2,163 | 1,051 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 346,163 | $ 443,578 |
Overview
Overview | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Overview | Overview Basis of Presentation Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company” or “Cooper Standard”), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”), is a leading manufacturer of sealing, fuel and brake delivery, and fluid transfer systems. The Company’s products are primarily for use in passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers (“OEMs”) and replacement markets. The Company conducts substantially all of its activities through its subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”), as filed with the SEC. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These financial statements include all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation of the financial position and results of operations of the Company. The operating results for the interim period ended June 30, 2021 are not necessarily indicative of results for the full year. In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. |
Divestitures
Divestitures | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Divestiture 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 and during the six months ended June 30, 2020, the Company recorded non-cash impairment charges of $86,470 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. 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. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Revenue is recognized for manufactured parts at a point in time, generally when products are shipped or delivered. The Company usually enters into agreements with customers to produce products at the beginning of a vehicle’s life. Blanket purchase orders received from customers and related documents generally establish the annual terms, including pricing, related to a vehicle model. Customers typically pay for parts based on customary business practices with payment terms generally between 30 and 90 days. Revenue by customer group for the three months ended June 30, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 240,111 $ 126,972 $ 102,950 $ 14,145 $ — $ 484,178 Commercial 3,405 5,471 965 8 1,445 11,294 Other 4,009 178 — — 33,526 37,713 Revenue $ 247,525 $ 132,621 $ 103,915 $ 14,153 $ 34,971 $ 533,185 Revenue by customer group for the six months ended June 30, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 571,724 $ 286,753 $ 215,991 $ 29,624 $ — $ 1,104,092 Commercial 7,686 11,352 2,147 15 2,696 23,896 Other 7,151 292 2 — 66,719 74,164 Revenue $ 586,561 $ 298,397 $ 218,140 $ 29,639 $ 69,415 $ 1,202,152 Revenue by customer group for the three months ended June 30, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 120,939 $ 70,753 $ 104,307 $ 3,881 $ — $ 299,880 Commercial 1,971 3,223 1,413 — 823 7,430 Other 3,427 4,829 6 — 24,895 33,157 Revenue $ 126,337 $ 78,805 $ 105,726 $ 3,881 $ 25,718 $ 340,467 Revenue by customer group for the six months ended June 30, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 446,921 $ 241,534 $ 183,049 $ 24,320 $ — $ 895,824 Commercial 5,149 8,780 1,959 10 1,957 17,855 Other 9,068 13,733 62 22 58,793 81,678 Revenue $ 461,138 $ 264,047 $ 185,070 $ 24,352 $ 60,750 $ 995,357 The passenger and light duty group consists of sales to automotive OEMs and automotive suppliers, while the commercial group represents sales to OEMs of on- and off-highway commercial equipment and vehicles. The other customer group includes sales related to specialty and adjacent markets. Substantially all of the Company’s revenues were generated from sealing, fuel and brake delivery and fluid transfer systems for use in passenger vehicles and light trucks manufactured by global OEMs. A summary of the Company’s products is as follows: Product Line Description Sealing Systems Protect vehicle interiors from weather, dust and noise intrusion for improved driving experience; provide aesthetic and functional class-A exterior surface treatment Fuel & Brake Delivery Systems Sense, deliver and control fluids to fuel and brake systems Fluid Transfer Systems Sense, deliver and control fluids and vapors for optimal powertrain & HVAC operation Revenue by product line for the three months ended June 30, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 90,174 $ 104,878 $ 62,328 $ 11,533 $ — $ 268,913 Fuel and brake delivery systems 82,389 23,991 25,166 2,148 — 133,694 Fluid transfer systems 74,962 3,752 16,421 472 — 95,607 Other — — — — 34,971 34,971 Consolidated $ 247,525 $ 132,621 $ 103,915 $ 14,153 $ 34,971 $ 533,185 Revenue by product line for the six months ended June 30, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 211,349 $ 234,239 $ 132,001 $ 22,807 $ — $ 600,396 Fuel and brake delivery systems 195,045 54,781 53,535 5,013 — 308,374 Fluid transfer systems 180,167 9,377 32,604 1,819 — 223,967 Other — — — — 69,415 69,415 Consolidated $ 586,561 $ 298,397 $ 218,140 $ 29,639 $ 69,415 $ 1,202,152 Revenue by product line for the three months ended June 30, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 48,952 $ 53,330 $ 69,517 $ 2,791 $ — $ 174,590 Fuel and brake delivery systems 42,272 11,298 25,366 826 — 79,762 Fluid transfer systems 35,113 9,557 10,843 264 — 55,777 Other — 4,620 — — 25,718 30,338 Consolidated $ 126,337 $ 78,805 $ 105,726 $ 3,881 $ 25,718 $ 340,467 Revenue by product line for the six months ended June 30, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 173,508 $ 180,576 $ 118,541 $ 16,340 $ — $ 488,965 Fuel and brake delivery systems 147,206 39,860 45,184 6,573 — 238,823 Fluid transfer systems 140,424 31,502 21,345 1,439 — 194,710 Other — 12,109 — — 60,750 72,859 Consolidated $ 461,138 $ 264,047 $ 185,070 $ 24,352 $ 60,750 $ 995,357 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, which are infrequent, are usually related to quality or shipment issues and are recorded as a reduction of revenue. The Company generally does not recognize significant return obligations due to their infrequent nature. Contract Balances The Company’s contract assets consist of unbilled amounts associated with variable pricing arrangements in its Asia Pacific region. Once pricing is finalized, contract assets are transferred to accounts receivable. As a result, the timing of revenue recognition and billings, as well as changes in foreign exchange rates, will impact contract assets on an ongoing basis. Contract assets were not materially impacted by any other factors during the six months ended June 30, 2021. The Company’s contract liabilities consist of advance payments received and due from customers. Net contract assets (liabilities) consisted of the following: June 30, 2021 December 31, 2020 Change Contract assets $ 418 $ 777 $ (359) Contract liabilities (288) (27) (261) Net contract assets $ 130 $ 750 $ (620) 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 June 30, 2021 and December 31, 2020 were current liabilities of $16,254 and $16,932, respectively, and long-term liabilities of $6,818 and $6,828, respectively. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring On an ongoing basis, the Company evaluates its business and objectives to ensure that it is properly configured and sized based on changing market conditions. Accordingly, the Company has implemented several restructuring initiatives, including closure or consolidation of facilities throughout the world and the reorganization of its operating structure. The Company’s restructuring charges consist of severance, retention and outplacement services, and severance-related postemployment benefits (collectively, “employee separation costs”), other related exit costs and asset impairments related to restructuring activities. Employee separation costs are recorded based on existing union and employee contracts, statutory requirements, completed negotiations and Company policy. Restructuring expense by segment for the three and six months ended June 30, 2021 and 2020 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 North America $ 843 $ 3,044 $ 3,206 $ 6,747 Europe 9,774 3,106 26,171 5,299 Asia Pacific 614 2,579 983 2,712 South America 400 849 1,987 2,051 Total Automotive 11,631 9,578 32,347 16,809 Corporate and other — 196 331 241 Total $ 11,631 $ 9,774 $ 32,678 $ 17,050 Restructuring activity for the six months ended June 30, 2021 was as follows: Employee Separation Costs Other Exit Costs Total Balance as of December 31, 2020 $ 15,029 $ 8,406 $ 23,435 Expense 27,746 4,932 32,678 Cash payments (8,900) (6,740) (15,640) Non-cash fixed asset impairments included in expense — (214) (214) Foreign exchange translation and other (382) 699 317 Balance as of June 30, 2021 $ 33,493 $ 7,083 $ 40,576 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: June 30, 2021 December 31, 2020 Finished goods $ 52,914 $ 39,136 Work in process 45,193 35,477 Raw materials and supplies 88,315 69,129 $ 186,422 $ 143,742 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Leases The Company primarily has operating and finance leases for certain manufacturing facilities, corporate offices and certain equipment. Operating leases are included in operating lease right-of-use assets, current operating lease liabilities and long-term operating lease liabilities on the Company’s condensed consolidated balance sheets. Finance leases are included in property, plant and equipment, net, debt payable within one year, and long-term debt on the Company’s condensed consolidated balance sheets. The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating lease expense $ 8,087 $ 7,814 $ 15,431 $ 16,419 Short-term lease expense 1,965 1,065 3,605 2,075 Variable lease expense 181 155 429 405 Finance lease expense: Amortization of right-of-use assets 521 671 1,067 1,352 Interest on lease liabilities 372 400 738 785 Total lease expense $ 11,126 $ 10,105 $ 21,270 $ 21,036 Other information related to leases was as follows: Six Months Ended June 30, 2021 2020 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 16,953 $ 15,794 Operating cash flows for finance leases 734 810 Financing cash flows for finance leases 1,195 1,095 Non-cash right-of-use assets obtained in exchange for lease obligations: Operating leases 7,355 38,652 Finance leases 572 61 Weighted Average Remaining Lease Term (in years) Operating leases 7.7 8.1 Finance leases 10.1 10.9 Weighted Average Discount Rate Operating leases 5.5 % 5.3 % Finance leases 5.8 % 6.0 % Future minimum lease payments under non-cancellable leases as of June 30, 2021 were as follows: Year Operating Leases Finance Remainder of 2021 $ 14,610 $ 1,660 2022 23,174 3,326 2023 18,892 3,236 2024 14,192 3,513 2025 11,107 3,585 Thereafter 51,408 21,178 Total future minimum lease payments 133,383 36,498 Less imputed interest (26,783) (9,370) Total $ 106,600 $ 27,128 Amounts recognized on the condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Operating Leases Operating lease right-of-use assets, net $ 103,228 $ 109,795 Current operating lease liabilities 23,514 21,711 Long-term operating lease liabilities 83,086 90,517 Finance Leases Debt payable within one year 2,222 2,300 Long-term debt 24,906 26,152 As of June 30, 2021 and December 31, 2020, assets recorded under finance leases, net of accumulated depreciation were $29,324 and $30,847, respectively. As of June 30, 2021, the Company had additional leases, primarily for real estate, that have not yet commenced with undiscounted lease payments of approximately $12,266. These leases will commence in 2021 with lease terms up to ten years. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property, Plant and Equipment Property, plant and equipment consists of the following: June 30, 2021 December 31, 2020 Land and improvements $ 58,979 $ 61,226 Buildings and improvements 294,773 298,431 Machinery and equipment 1,315,550 1,277,624 Construction in progress 70,742 96,706 1,740,044 1,733,987 Accumulated depreciation (890,652) (841,678) Property, plant and equipment, net $ 849,392 $ 892,309 During the three and six months ended June 30, 2021, the Company recorded impairment charges of $841 due to idle assets, primarily in a certain Europe location. The fair value was determined using salvage value. Other than the impairment noted above, the Company determined there were no other indicators of impairment identified during the six months ended June 30, 2021. During the six months ended June 30, 2020, the Company recorded impairment charges of $1,140. During the three months ended March 31, 2020, impairment charges of $977 were recorded due to the deterioration of financial results in a certain Asia Pacific location. The fair value was determined using estimated orderly liquidation value. The Company also |
Goodwill and Intangibles
Goodwill and Intangibles | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Changes in the carrying amount of goodwill by reporting unit for the six months ended June 30, 2021 were as follows: North America Europe Industrial Specialty Group Total Balance as of December 31, 2020 $ 128,214 $ — $ 14,036 $ 142,250 Acquisition (1) — 408 — 408 Foreign exchange translation 111 — — 111 Balance as of June 30, 2021 $ 128,325 $ 408 $ 14,036 $ 142,769 (1) During the second quarter of 2021, the Company purchased a supplier in its Europe reporting unit for an immaterial purchase consideration, resulting in tax deductible goodwill. Goodwill is tested for impairment by reporting unit annually or more frequently if events or circumstances indicate that an impairment may exist. There were no indicators of potential impairment during the six months ended June 30, 2021. Intangible Assets Intangible assets and accumulated amortization balances as of June 30, 2021 and December 31, 2020 were as follows: Gross Accumulated Net Customer relationships $ 154,680 $ (124,267) $ 30,413 Other 45,014 (11,284) 33,730 Balance as of June 30, 2021 $ 199,694 $ (135,551) $ 64,143 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 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt A summary of outstanding debt as of June 30, 2021 and December 31, 2020 is as follows: June 30, 2021 December 31, 2020 Senior Notes $ 396,186 $ 395,829 Senior Secured Notes 240,552 239,567 Term Loan 322,424 323,636 ABL Facility — — Finance leases 27,128 28,452 Other borrowings 51,091 36,007 Total debt 1,037,381 1,023,491 Less current portion (55,738) (40,731) Total long-term debt $ 981,643 $ 982,760 5.625% Senior Notes due 2026 In November 2016, the Company issued $400,000 aggregate principal amount of its 5.625% Senior Notes due 2026 (the “Senior Notes”). The Senior Notes mature on November 15, 2026. Interest on the Senior Notes is payable semi-annually in arrears in cash on May 15 and November 15 of each year. Debt issuance costs related to the Senior Notes are amortized into interest expense over the term of the Senior Notes. As of June 30, 2021 and December 31, 2020, the Company had $3,814 and $4,171 of unamortized debt issuance costs, respectively, related to the Senior Notes, which are presented as direct deductions from the principal balance in the condensed consolidated balance sheets. 13.0% Senior Secured Notes due 2024 In May 2020, the Company issued $250,000 aggregate principal amount of its 13.0% Senior Secured Notes due 2024 (the “Senior Secured Notes”). 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. 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 June 30, 2021 and December 31, 2020, the Company had $5,248 and $5,828 of unamortized debt issuance costs, respectively, and $4,200 and $4,605 of unamortized original issue discount, respectively, 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. Term Loan Facility In November 2016, the Company entered into Amendment No. 1 to its senior term loan facility (“Term Loan Facility”), which provides for loans in an aggregate principal amount of $340,000. On May 2, 2017, the Company entered into Amendment No. 2 to the Term Loan Facility to modify the interest rate. Subsequently, on March 6, 2018, the Company entered into Amendment No. 3 to the Term Loan Facility to further modify the interest rate. In accordance with this amendment, borrowings under the Term Loan Facility bear interest, at the Company’s option, at either (1) with respect to Eurodollar rate loans, the greater of the applicable Eurodollar rate and 0.75% plus 2.0% per annum, or (2) with respect to base rate loans, the base rate, (which is the highest of the then current federal funds rate plus 0.5%, the prime rate most recently announced by the administrative agent under the term loan, and the one-month Eurodollar rate plus 1.0%) plus 1.0% per annum. The Term Loan Facility matures on November 2, 2023, unless earlier terminated. As of June 30, 2021 and December 31, 2020, the Company had $1,384 and $1,680 of unamortized debt issuance costs, respectively, and $892 and $1,084 of unamortized original issue discount, respectively, related to the Term Loan Facility, which are presented as direct deductions from the principal balance in the condensed consolidated balance sheets. Both the debt issuance costs and the original issue discount are amortized into interest expense over the term of the Term Loan Facility. ABL Facility In November 2016, the Company entered into a Third Amended and Restated Loan Agreement of its ABL Facility, which provided an aggregate revolving loan availability of up to $210,000, subject to borrowing base availability. In March 2020, the Company entered into the First Amendment of the Third Amended and Restated Loan Agreement (“the Amendment”). As a result of the Amendment, the senior asset-based revolving credit facility (“ABL Facility”) maturity was extended to March 2025 and the aggregate revolving loan availability was reduced to $180,000. The aggregate revolving loan availability includes a $100,000 letter of credit sub-facility and a $25,000 swing line sub-facility. The ABL Facility also provides for an uncommitted $100,000 incremental loan facility, for a potential total ABL Facility of $280,000, if requested by the borrowers under the ABL Facility and the lenders agree to fund such increase. No consent of any lender is required to effect any such increase, except for those participating in the increase. As of June 30, 2021, there were no loans outstanding under the ABL Facility. The Company’s borrowing base was $137,354. Net of 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 $5,233 of outstanding letters of credit, the Company effectively had $117,121 available for borrowing under its ABL facility. Any borrowings under the ABL Facility will mature, and the commitments of the lenders under the ABL Facility will terminate, on the earlier of March 24, 2025 or the date 91 days prior to the maturity date of the Term Loan Facility (or another fixed asset facility replacing the Term Loan Facility). As a result of the Amendment in March 2020, the Company wrote off $177 in unamortized debt issuance costs, which are presented in interest expense, net of interest income in the condensed consolidated statements of operations. As of June 30, 2021 and December 31, 2020, the Company had $905 and $1,029, respectively, of unamortized debt issuance costs related to the ABL Facility, which are presented in other assets in the condensed consolidated balance sheets. Debt Covenants The Company was in compliance with all covenants of the Senior Notes, Senior Secured Notes, Term Loan Facility and ABL Facility as of June 30, 2021. Other Other borrowings as of June 30, 2021 and December 31, 2020 reflect borrowings under local bank lines classified in debt payable within one year on the condensed consolidated balance sheet. |
Fair Value Measurements and Fin
Fair Value Measurements and Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Financial Instruments | Fair Value Measurements and Financial Instruments Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy is utilized, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Items Measured at Fair Value on a Recurring Basis Estimates of the fair value of foreign currency derivative instruments are determined using exchange traded prices and rates. The Company also considers the risk of non-performance in the estimation of fair value and includes an adjustment for non-performance risk in the measure of fair value of derivative instruments. In certain instances where market data is not available, the Company uses management judgment to develop assumptions that are used to determine fair value. Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured or disclosed at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Input Forward foreign exchange contracts - other current assets $ 1,339 $ 1,826 Level 2 Forward foreign exchange contracts - accrued liabilities (141) (750) 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. “Divestiture” and Note 7. “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: June 30, 2021 December 31, 2020 Aggregate fair value $ 978,177 $ 965,052 Aggregate carrying value (1) 974,700 976,400 (1) Excludes unamortized debt issuance costs and unamortized original issue discount. Fair values were based on quoted market prices and are classified within Level 1 of the fair value hierarchy. Derivative Instruments and Hedging Activities The Company is exposed to fluctuations in foreign currency exchange rates, interest rates and commodity prices. The Company enters into derivative instruments primarily to hedge portions of its forecasted foreign currency denominated cash flows and designates these derivative instruments as cash flow hedges in order to qualify for hedge accounting. The Company formally documents its hedge relationships, including the identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the cash flow hedges. The Company also formally assesses whether a cash flow hedge is highly effective in offsetting changes in the cash flows of the hedged item. Derivatives are recorded at fair value in other current assets, other assets, accrued liabilities and other long-term liabilities. For a cash flow hedge, the effective portion of the change in fair value of the derivative is recorded in accumulated other comprehensive income (loss) (“AOCI”) in the condensed consolidated balance sheet and reclassified into earnings when the underlying hedged transaction is realized. The realized gains and losses are recorded on the same line as the hedged transaction in the condensed consolidated statements of operations. The Company is exposed to credit risk in the event of nonperformance by its counterparties on its derivative financial instruments. The Company mitigates this credit risk exposure by entering into agreements directly with major financial institutions with high credit standards that are expected to fully satisfy their obligations under the contracts. Cash Flow Hedges Forward Foreign Exchange Contracts - The Company uses forward contracts to mitigate the potential volatility to earnings and cash flow arising from changes in currency exchange rates that impact the Company’s foreign currency transactions. The principal currencies hedged by the Company include various European currencies, the Canadian Dollar, and the Mexican Peso. As of June 30, 2021 and December 31, 2020, the notional amount of these contracts was $41,877 and $97,503, respectively, and consisted of hedges of transactions up to December 2022. Pretax amounts related to the Company’s cash flow hedges that were recognized in other comprehensive income (loss) (“OCI”) were as follows: Gain (Loss) Recognized in OCI Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Forward foreign exchange contracts $ 1,190 $ 3,372 $ 642 $ (9,499) Pretax amounts related to the Company’s cash flow hedges that were reclassified from AOCI and recognized in cost of products sold were as follows: Gain (Loss) Reclassified from AOCI to Income Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Forward foreign exchange contracts $ 349 $ (4,666) $ 537 $ (4,551) |
Accounts Receivable Factoring
Accounts Receivable Factoring | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Accounts Receivable Factoring | Accounts Receivable Factoring As a part of its working capital management, the Company sells certain receivables through a single third-party financial institution (the “Factor”) in a pan-European program. 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 condensed consolidated statements of operations. The sale of receivables under this contract is considered an off-balance sheet arrangement to the Company and is accounted for as a true sale and is excluded from accounts receivable in the condensed consolidated balance sheet. Amounts outstanding under receivable transfer agreements entered into by various locations as of the period end were as follows: June 30, 2021 December 31, 2020 Off-balance sheet arrangements $ 66,367 $ 85,108 Accounts receivable factored and related costs throughout the period were as follows: Off-Balance Sheet Arrangements Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Accounts receivable factored $ 100,046 $ 50,685 $ 217,317 $ 227,193 Costs 150 162 304 471 |
Pension and Postretirement Bene
Pension and Postretirement Benefits other than Pensions | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefits other than Pensions | Pension and Postretirement Benefits Other Than Pensions The components of net periodic benefit (income) cost for the Company’s defined benefit plans and other postretirement benefit plans were as follows: Pension Benefits Three Months Ended June 30, 2021 2020 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 223 $ 913 $ 213 $ 965 Interest cost 1,629 660 2,033 759 Expected return on plan assets (3,564) (344) (3,421) (559) Amortization of prior service cost and actuarial loss 418 933 485 790 Other — 125 — — Net periodic benefit (income) cost $ (1,294) $ 2,287 $ (690) $ 1,955 Pension Benefits Six Months Ended June 30, 2021 2020 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 446 $ 1,827 $ 426 $ 1,954 Interest cost 3,258 1,308 4,066 1,541 Expected return on plan assets (7,128) (678) (6,842) (1,136) Amortization of prior service cost and actuarial loss 836 1,865 970 1,584 Other — 125 — — Net periodic benefit (income) cost $ (2,588) $ 4,447 $ (1,380) $ 3,943 Other Postretirement Benefits Three Months Ended June 30, 2021 2020 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 26 $ 93 $ 26 $ 93 Interest cost 133 183 170 168 Amortization of prior service credit and actuarial (gain) loss (349) 196 (483) 104 Net periodic benefit (income) cost $ (190) $ 472 $ (287) $ 365 Other Postretirement Benefits Six Months Ended June 30, 2021 2020 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 52 $ 183 $ 52 $ 189 Interest cost 266 360 340 341 Amortization of prior service credit and actuarial (gain) loss (698) 386 (966) 211 Net periodic benefit (income) cost $ (380) $ 929 $ (574) $ 741 |
Other Income (Expense), Net
Other Income (Expense), Net | 6 Months Ended |
Jun. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Other (Expense) Income, Net | Other Income (Expense), Net The components of other income (expense), net were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Foreign currency gains (losses) $ 1,114 $ (3,791) $ (4,150) $ (7,023) Components of net periodic benefit (cost) income other than service cost (20) (46) 100 (109) Factoring costs (150) (162) (304) (471) Miscellaneous income (expense) 418 (702) 627 (538) Other income (expense), net $ 1,362 $ (4,701) $ (3,727) $ (8,141) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company determines its effective tax rate each quarter based upon its estimated annual effective tax rate. The Company records the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. In addition, jurisdictions with a projected loss for the year where no tax benefit can be recognized are excluded from the estimated annual effective tax rate. Income tax benefit, loss before income taxes and the corresponding effective tax rate for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Income tax benefit $ (17,459) $ (38,982) $ (16,523) $ (53,099) Loss before income taxes (81,988) (174,966) (115,765) (301,522) Effective tax rate 21 % 22 % 14 % 18 % The effective tax rate for the three and six months ended June 30, 2021 varied compared to the effective tax rate for the three and six months ended June 30, 2020 primarily due to the geographic mix of pre-tax losses, the inability to record a tax benefit for pre-tax losses in certain foreign jurisdictions and U.S. states, and due to a benefit in the three and six months ended June 30, 2020 for net operating losses carried back up to five years at tax rates in effect during those periods under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), rather than carried forward at current federal tax rates of 21%. An incremental loss in the six months ended June 30, 2020 was recorded for impairment charges on held for sale entities for which no tax benefit was recognized. Additionally, a discrete expense of $12,871 for the initial recognition of valuation allowances against net deferred tax assets in certain foreign jurisdictions was recorded in the six months ended June 30, 2020. The income tax rate for the three and six months ended June 30, 2021 and 2020 varied from the U.S. statutory rate primarily due to the inability to record a tax benefit for pre-tax losses in certain foreign jurisdictions and U.S. states, tax credits, the impact of income taxes on foreign earnings taxed at rates varying from the U.S. statutory rate, and other permanent items. Additionally, the income tax rate for the three months ended June 30, 2020 varied from the U.S. statutory rate as a result of benefits from net operating loss carry backs under the CARES Act. Further, the Company’s current and future provision for income taxes is impacted by the initial recognition of and changes in valuation allowances in certain countries. The Company intends to maintain these valuation allowances until it is more likely than not that the deferred tax assets will be realized. |
Net Income (Loss) Per Share Att
Net Income (Loss) Per Share Attributable to Cooper-Standard Holdings Inc. | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share Attributable to Cooper-Standard Holdings Inc. | Net Loss Per Share Attributable to Cooper-Standard Holdings Inc. Basic net loss per share attributable to Cooper-Standard Holdings Inc. was computed by dividing net loss attributable to Cooper-Standard Holdings Inc. by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share attributable to Cooper-Standard Holdings Inc. was computed using the treasury stock method by dividing diluted net loss available to Cooper-Standard Holdings Inc. by the weighted average number of shares of common stock outstanding, including the dilutive effect of common stock equivalents, using the average share price during the period. Information used to compute basic and diluted net loss per share attributable to Cooper-Standard Holdings Inc. was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net loss available to Cooper-Standard Holdings Inc. common stockholders $ (63,611) $ (134,219) $ (97,475) $ (244,807) Basic weighted average shares of common stock outstanding 17,031,113 16,914,971 16,991,372 16,899,344 Dilutive effect of common stock equivalents — — — — Diluted weighted average shares of common stock outstanding 17,031,113 16,914,971 16,991,372 16,899,344 Basic net loss per share attributable to Cooper-Standard Holdings Inc. $ (3.73) $ (7.93) $ (5.74) $ (14.49) Diluted net loss per share attributable to Cooper-Standard Holdings Inc. $ (3.73) $ (7.93) $ (5.74) $ (14.49) Securities excluded from the calculation of diluted loss per share were approximately 164,000 and 45,000 for the three months ended June 30, 2021 and 2020, respectively, and approximately 172,000 and 40,000 for the six months ended June 30, 2021 and 2020, respectively, because the inclusion of such securities in the calculation would have been anti-dilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of related tax, were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Foreign currency translation adjustment Balance at beginning of period $ (142,899) $ (182,315) $ (136,579) $ (153,933) Other comprehensive income (loss) before reclassifications 8,522 (1) 6,699 (1) 2,202 (1) (21,683) (1) Balance at end of period $ (134,377) $ (175,616) $ (134,377) $ (175,616) Benefit plan liabilities Balance at beginning of period $ (103,340) $ (97,478) $ (106,079) $ (100,160) Other comprehensive (loss) income before reclassifications (602) (2) (1,405) (2) 1,041 (2) 619 (2) Amounts reclassified from accumulated other comprehensive loss 1,213 (3) 689 (4) 2,309 (5) 1,347 (6) Balance at end of period $ (102,729) $ (98,194) $ (102,729) $ (98,194) Fair value change of derivatives Balance at beginning of period $ 191 $ (9,724) $ 762 $ 352 Other comprehensive income (loss) before reclassifications 1,008 (7) 2,828 (7) 576 (7) (7,156) (7) Amounts reclassified from accumulated other comprehensive loss (257) (8) 3,410 (8) (396) (8) 3,318 (8) Balance at end of period $ 942 $ (3,486) $ 942 $ (3,486) Accumulated other comprehensive loss, ending balance $ (236,164) $ (277,296) $ (236,164) $ (277,296) (1) Includes other comprehensive income (loss) related to intra-entity foreign currency balances that are of a long-term investment nature of $7,668 and $3,485 for the three months ended June 30, 2021 and 2020, respectively, and $3,279 and $(19,218) for the six months ended June 30, 2021 and 2020, respectively. (2) Net of tax (benefit) expense of $(32) and $(47) for the three months ended June 30, 2021 and 2020, respectively, and $(277) and $290 for the six months ended June 30, 2021 and 2020, respectively. (3) Includes the effect of the amortization of actuarial losses of $1,128, amortization of prior service cost of $63, and impact of curtailment of $117, net of tax of $95. (4) Includes the effect of the amortization of actuarial losses of $915 and amortization of prior service cost of $21, net of tax of $247. (5) Includes the effect of the amortization of actuarial losses of $2,252, amortization of prior service cost of $128, and impact of curtailment of $117, net of tax of $188 (6) Includes the effect of the amortization of actuarial losses of $1,787 and amortization of prior service cost of $42, net of tax of $482. (7) Net of tax expense (benefit) of $182 and $544 for the three months ended June 30, 2021 and 2020, respectively, and $66 and $(2,343) for the six months ended June 30, 2021 and 2020, respectively. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Common Stock | Common Stock Share Repurchase Program In June 2018, the Company’s Board of Directors approved a common stock repurchase program (the “2018 Program”) authorizing the Company to repurchase, in the aggregate, up to $150,000 of its outstanding common stock. Under the 2018 Program, repurchases may be made on the open market, through private transactions, accelerated share repurchases, round lot or block transactions on the New York Stock Exchange or otherwise, as determined by management and in accordance with prevailing market conditions and federal securities laws and regulations. The Company expects to fund any future repurchases from cash on hand and future cash flows from operations. The Company is not obligated to acquire a particular amount of securities, and the 2018 Program may be discontinued at any time at the Company’s discretion. The 2018 Program became effective in November 2018. As of June 30, 2021, the Company had approximately $98,720 of repurchase authorization remaining under the 2018 Program. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Company’s long-term incentive plans allow for the grant of various types of share-based awards to key employees and directors of the Company and its affiliates. The Company generally awards grants on an annual basis. In February 2021, the Company granted Restricted Stock Units (“RSUs”), Performance Units (“PUs”) and stock options. The RSUs cliff vest after three years, the PUs vest ratably over three years after the initial two-year performance period, and the stock options vest ratably over three years. The number of PUs that will vest depends on the Company’s achievement of target performance goals related to the Company’s return on invested capital (“ROIC”) and total shareholder return, which may range from 0% to 200% of the target award amount. Share-based compensation expense was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 PUs $ (645) $ 145 $ (306) $ 219 RSUs 885 1,767 2,131 3,410 Stock options 584 649 1,177 1,306 Total $ 824 $ 2,561 $ 3,002 $ 4,935 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is periodically involved in claims, litigation and various legal matters that arise in the ordinary course of business. The Company accrues for litigation exposure when it is probable that future costs will be incurred and such costs can be reasonably estimated. Any resulting adjustments, which could be material, are recorded in the period the adjustments are identified. As of June 30, 2021, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for claims, litigation and various legal matters, if any, has been incurred. However, the ultimate resolutions of these proceedings and matters are inherently unpredictable. As such, the Company’s financial condition, results of operations or cash flows could be adversely affected in any particular period by the unfavorable resolution of one or more of these proceedings or matters. In addition, the Company conducts and monitors environmental investigations and remedial actions at certain locations. As of June 30, 2021 and December 31, 2020, the Company had approximately $11,444 and $13,302, respectively, reserved in accrued liabilities and other liabilities on the condensed consolidated balance sheets on an undiscounted basis. 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. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | Segment Reporting The Company’s business is organized in the following reportable segments: North America, Europe, Asia Pacific and South America. All other business activities are reported in Corporate, eliminations and other. The Company’s principal products within each of the reportable segments are sealing, fuel and brake delivery, and fluid transfer systems. The Company uses Segment adjusted EBITDA as the measure of earnings to assess the performance of each segment and determine the resources to be allocated to the segments. The results of each segment include certain allocations for general, administrative and other shared costs. Segment adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Certain financial information on the Company’s reportable segments was as follows: Three Months Ended June 30, 2021 2020 External Sales Intersegment Sales Adjusted EBITDA External Sales Intersegment Sales Adjusted EBITDA North America $ 247,525 $ 2,140 $ 756 $ 126,337 $ 2,128 $ (42,874) Europe 132,621 2,836 (14,391) 78,805 1,224 (41,403) Asia Pacific 103,915 858 (2,302) 105,726 213 (2,172) South America 14,153 3 (726) 3,881 — (4,351) Total Automotive 498,214 5,837 (16,663) 314,749 3,565 (90,800) Corporate, eliminations and other 34,971 (5,837) 1,937 25,718 (3,565) (2,952) Consolidated $ 533,185 $ — $ (14,726) $ 340,467 $ — $ (93,752) Six Months Ended June 30, 2021 2020 External Sales Intersegment Sales Adjusted EBITDA External Sales Intersegment Sales Adjusted EBITDA North America $ 586,561 $ 4,773 $ 41,989 $ 461,138 $ 6,596 $ (5,855) Europe 298,397 5,815 (15,880) 264,047 4,315 (46,026) Asia Pacific 218,140 1,488 1,250 185,070 670 (19,229) South America 29,639 15 (3,334) 24,352 68 (8,928) Total Automotive 1,132,737 12,091 24,025 934,607 11,649 (80,038) Corporate, eliminations and other 69,415 (12,091) (211) 60,750 (11,649) (5,435) Consolidated $ 1,202,152 $ — $ 23,814 $ 995,357 $ — $ (85,473) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Adjusted EBITDA $ (14,726) $ (93,752) $ 23,814 $ (85,473) Restructuring charges (11,631) (9,774) (32,678) (17,050) Impairment charges (841) (12,554) (841) (87,317) Gain on sale of business, net (195) — 696 — Lease termination costs (108) (81) (108) (601) Project costs — (1,809) — (4,234) EBITDA $ (27,501) $ (117,970) $ (9,117) $ (194,675) Income tax benefit 17,459 38,982 16,523 53,099 Interest expense, net of interest income (18,125) (12,771) (35,909) (23,008) Depreciation and amortization (35,444) (42,460) (68,972) (80,223) Net loss attributable to Cooper-Standard Holdings Inc. $ (63,611) $ (134,219) $ (97,475) $ (244,807) June 30, 2021 December 31, 2020 Segment assets: North America $ 885,744 $ 907,652 Europe 442,122 465,031 Asia Pacific 525,560 587,610 South America 62,386 64,800 Total Automotive 1,915,812 2,025,093 Corporate, eliminations and other 561,485 586,851 Consolidated $ 2,477,297 $ 2,611,944 |
Overview (Policies)
Overview (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of Presentation Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company” or “Cooper Standard”), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”), is a leading manufacturer of sealing, fuel and brake delivery, and fluid transfer systems. The Company’s products are primarily for use in passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers (“OEMs”) and replacement markets. The Company conducts substantially all of its activities through its subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”), as filed with the SEC. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These financial statements include all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation of the financial position and results of operations of the Company. The operating results for the interim period ended June 30, 2021 are not necessarily indicative of results for the full year. In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disaggregation of Revenue [Table Text Block] | Revenue by customer group for the three months ended June 30, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 240,111 $ 126,972 $ 102,950 $ 14,145 $ — $ 484,178 Commercial 3,405 5,471 965 8 1,445 11,294 Other 4,009 178 — — 33,526 37,713 Revenue $ 247,525 $ 132,621 $ 103,915 $ 14,153 $ 34,971 $ 533,185 Revenue by customer group for the six months ended June 30, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 571,724 $ 286,753 $ 215,991 $ 29,624 $ — $ 1,104,092 Commercial 7,686 11,352 2,147 15 2,696 23,896 Other 7,151 292 2 — 66,719 74,164 Revenue $ 586,561 $ 298,397 $ 218,140 $ 29,639 $ 69,415 $ 1,202,152 Revenue by customer group for the three months ended June 30, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 120,939 $ 70,753 $ 104,307 $ 3,881 $ — $ 299,880 Commercial 1,971 3,223 1,413 — 823 7,430 Other 3,427 4,829 6 — 24,895 33,157 Revenue $ 126,337 $ 78,805 $ 105,726 $ 3,881 $ 25,718 $ 340,467 Revenue by customer group for the six months ended June 30, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 446,921 $ 241,534 $ 183,049 $ 24,320 $ — $ 895,824 Commercial 5,149 8,780 1,959 10 1,957 17,855 Other 9,068 13,733 62 22 58,793 81,678 Revenue $ 461,138 $ 264,047 $ 185,070 $ 24,352 $ 60,750 $ 995,357 Revenue by product line for the three months ended June 30, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 90,174 $ 104,878 $ 62,328 $ 11,533 $ — $ 268,913 Fuel and brake delivery systems 82,389 23,991 25,166 2,148 — 133,694 Fluid transfer systems 74,962 3,752 16,421 472 — 95,607 Other — — — — 34,971 34,971 Consolidated $ 247,525 $ 132,621 $ 103,915 $ 14,153 $ 34,971 $ 533,185 Revenue by product line for the six months ended June 30, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 211,349 $ 234,239 $ 132,001 $ 22,807 $ — $ 600,396 Fuel and brake delivery systems 195,045 54,781 53,535 5,013 — 308,374 Fluid transfer systems 180,167 9,377 32,604 1,819 — 223,967 Other — — — — 69,415 69,415 Consolidated $ 586,561 $ 298,397 $ 218,140 $ 29,639 $ 69,415 $ 1,202,152 Revenue by product line for the three months ended June 30, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 48,952 $ 53,330 $ 69,517 $ 2,791 $ — $ 174,590 Fuel and brake delivery systems 42,272 11,298 25,366 826 — 79,762 Fluid transfer systems 35,113 9,557 10,843 264 — 55,777 Other — 4,620 — — 25,718 30,338 Consolidated $ 126,337 $ 78,805 $ 105,726 $ 3,881 $ 25,718 $ 340,467 Revenue by product line for the six months ended June 30, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 173,508 $ 180,576 $ 118,541 $ 16,340 $ — $ 488,965 Fuel and brake delivery systems 147,206 39,860 45,184 6,573 — 238,823 Fluid transfer systems 140,424 31,502 21,345 1,439 — 194,710 Other — 12,109 — — 60,750 72,859 Consolidated $ 461,138 $ 264,047 $ 185,070 $ 24,352 $ 60,750 $ 995,357 |
Contract with Customer, Asset and Liability [Table Text Block] | The Company’s contract liabilities consist of advance payments received and due from customers. Net contract assets (liabilities) consisted of the following: June 30, 2021 December 31, 2020 Change Contract assets $ 418 $ 777 $ (359) Contract liabilities (288) (27) (261) Net contract assets $ 130 $ 750 $ (620) |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Summary of Activity of Restructuring | Restructuring expense by segment for the three and six months ended June 30, 2021 and 2020 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 North America $ 843 $ 3,044 $ 3,206 $ 6,747 Europe 9,774 3,106 26,171 5,299 Asia Pacific 614 2,579 983 2,712 South America 400 849 1,987 2,051 Total Automotive 11,631 9,578 32,347 16,809 Corporate and other — 196 331 241 Total $ 11,631 $ 9,774 $ 32,678 $ 17,050 |
Schedule of Restructuring Reserve by Type of Cost | Restructuring activity for the six months ended June 30, 2021 was as follows: Employee Separation Costs Other Exit Costs Total Balance as of December 31, 2020 $ 15,029 $ 8,406 $ 23,435 Expense 27,746 4,932 32,678 Cash payments (8,900) (6,740) (15,640) Non-cash fixed asset impairments included in expense — (214) (214) Foreign exchange translation and other (382) 699 317 Balance as of June 30, 2021 $ 33,493 $ 7,083 $ 40,576 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consist of the following: June 30, 2021 December 31, 2020 Finished goods $ 52,914 $ 39,136 Work in process 45,193 35,477 Raw materials and supplies 88,315 69,129 $ 186,422 $ 143,742 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Lease, Cost [Table Text Block] | The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating lease expense $ 8,087 $ 7,814 $ 15,431 $ 16,419 Short-term lease expense 1,965 1,065 3,605 2,075 Variable lease expense 181 155 429 405 Finance lease expense: Amortization of right-of-use assets 521 671 1,067 1,352 Interest on lease liabilities 372 400 738 785 Total lease expense $ 11,126 $ 10,105 $ 21,270 $ 21,036 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Other information related to leases was as follows: Six Months Ended June 30, 2021 2020 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 16,953 $ 15,794 Operating cash flows for finance leases 734 810 Financing cash flows for finance leases 1,195 1,095 Non-cash right-of-use assets obtained in exchange for lease obligations: Operating leases 7,355 38,652 Finance leases 572 61 Weighted Average Remaining Lease Term (in years) Operating leases 7.7 8.1 Finance leases 10.1 10.9 Weighted Average Discount Rate Operating leases 5.5 % 5.3 % Finance leases 5.8 % 6.0 % |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments under non-cancellable leases as of June 30, 2021 were as follows: Year Operating Leases Finance Remainder of 2021 $ 14,610 $ 1,660 2022 23,174 3,326 2023 18,892 3,236 2024 14,192 3,513 2025 11,107 3,585 Thereafter 51,408 21,178 Total future minimum lease payments 133,383 36,498 Less imputed interest (26,783) (9,370) Total $ 106,600 $ 27,128 Amounts recognized on the condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Operating Leases Operating lease right-of-use assets, net $ 103,228 $ 109,795 Current operating lease liabilities 23,514 21,711 Long-term operating lease liabilities 83,086 90,517 Finance Leases Debt payable within one year 2,222 2,300 Long-term debt 24,906 26,152 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following: June 30, 2021 December 31, 2020 Land and improvements $ 58,979 $ 61,226 Buildings and improvements 294,773 298,431 Machinery and equipment 1,315,550 1,277,624 Construction in progress 70,742 96,706 1,740,044 1,733,987 Accumulated depreciation (890,652) (841,678) Property, plant and equipment, net $ 849,392 $ 892,309 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill by Reportable Operating Segment | Changes in the carrying amount of goodwill by reporting unit for the six months ended June 30, 2021 were as follows: North America Europe Industrial Specialty Group Total Balance as of December 31, 2020 $ 128,214 $ — $ 14,036 $ 142,250 Acquisition (1) — 408 — 408 Foreign exchange translation 111 — — 111 Balance as of June 30, 2021 $ 128,325 $ 408 $ 14,036 $ 142,769 |
Intangible Assets and Accumulated Amortization Balances | Intangible assets and accumulated amortization balances as of June 30, 2021 and December 31, 2020 were as follows: Gross Accumulated Net Customer relationships $ 154,680 $ (124,267) $ 30,413 Other 45,014 (11,284) 33,730 Balance as of June 30, 2021 $ 199,694 $ (135,551) $ 64,143 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 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | A summary of outstanding debt as of June 30, 2021 and December 31, 2020 is as follows: June 30, 2021 December 31, 2020 Senior Notes $ 396,186 $ 395,829 Senior Secured Notes 240,552 239,567 Term Loan 322,424 323,636 ABL Facility — — Finance leases 27,128 28,452 Other borrowings 51,091 36,007 Total debt 1,037,381 1,023,491 Less current portion (55,738) (40,731) Total long-term debt $ 981,643 $ 982,760 |
Fair Value Measurements and F_2
Fair Value Measurements and Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Hierarchy Level for Company's Liabilities Measured | Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured or disclosed at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Input Forward foreign exchange contracts - other current assets $ 1,339 $ 1,826 Level 2 Forward foreign exchange contracts - accrued liabilities (141) (750) 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: June 30, 2021 December 31, 2020 Aggregate fair value $ 978,177 $ 965,052 Aggregate carrying value (1) 974,700 976,400 (1) Excludes unamortized debt issuance costs and unamortized original issue discount. |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Pretax amounts related to the Company’s cash flow hedges that were recognized in other comprehensive income (loss) (“OCI”) were as follows: Gain (Loss) Recognized in OCI Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Forward foreign exchange contracts $ 1,190 $ 3,372 $ 642 $ (9,499) |
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 and recognized in cost of products sold were as follows: Gain (Loss) Reclassified from AOCI to Income Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Forward foreign exchange contracts $ 349 $ (4,666) $ 537 $ (4,551) |
Accounts Receivable Factoring (
Accounts Receivable Factoring (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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: June 30, 2021 December 31, 2020 Off-balance sheet arrangements $ 66,367 $ 85,108 |
Receivables Factored and Costs Incurred [Table Text Block] | Accounts receivable factored and related costs throughout the period were as follows: Off-Balance Sheet Arrangements Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Accounts receivable factored $ 100,046 $ 50,685 $ 217,317 $ 227,193 Costs 150 162 304 471 |
Pension and Postretirement Be_2
Pension and Postretirement Benefits other than Pensions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost of Defined Benefit Plans and Other Postretirement Benefit Plans | The components of net periodic benefit (income) cost for the Company’s defined benefit plans and other postretirement benefit plans were as follows: Pension Benefits Three Months Ended June 30, 2021 2020 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 223 $ 913 $ 213 $ 965 Interest cost 1,629 660 2,033 759 Expected return on plan assets (3,564) (344) (3,421) (559) Amortization of prior service cost and actuarial loss 418 933 485 790 Other — 125 — — Net periodic benefit (income) cost $ (1,294) $ 2,287 $ (690) $ 1,955 Pension Benefits Six Months Ended June 30, 2021 2020 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 446 $ 1,827 $ 426 $ 1,954 Interest cost 3,258 1,308 4,066 1,541 Expected return on plan assets (7,128) (678) (6,842) (1,136) Amortization of prior service cost and actuarial loss 836 1,865 970 1,584 Other — 125 — — Net periodic benefit (income) cost $ (2,588) $ 4,447 $ (1,380) $ 3,943 Other Postretirement Benefits Three Months Ended June 30, 2021 2020 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 26 $ 93 $ 26 $ 93 Interest cost 133 183 170 168 Amortization of prior service credit and actuarial (gain) loss (349) 196 (483) 104 Net periodic benefit (income) cost $ (190) $ 472 $ (287) $ 365 Other Postretirement Benefits Six Months Ended June 30, 2021 2020 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 52 $ 183 $ 52 $ 189 Interest cost 266 360 340 341 Amortization of prior service credit and actuarial (gain) loss (698) 386 (966) 211 Net periodic benefit (income) cost $ (380) $ 929 $ (574) $ 741 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Details of Components of Other Income Expense, Net | The components of other income (expense), net were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Foreign currency gains (losses) $ 1,114 $ (3,791) $ (4,150) $ (7,023) Components of net periodic benefit (cost) income other than service cost (20) (46) 100 (109) Factoring costs (150) (162) (304) (471) Miscellaneous income (expense) 418 (702) 627 (538) Other income (expense), net $ 1,362 $ (4,701) $ (3,727) $ (8,141) |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Income tax benefit, loss before income taxes and the corresponding effective tax rate for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Income tax benefit $ (17,459) $ (38,982) $ (16,523) $ (53,099) Loss before income taxes (81,988) (174,966) (115,765) (301,522) Effective tax rate 21 % 22 % 14 % 18 % |
Net Income (Loss) Per Share A_2
Net Income (Loss) Per Share Attributable to Cooper-Standard Holdings Inc. (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Basic and diluted net income per share attributable | Information used to compute basic and diluted net loss per share attributable to Cooper-Standard Holdings Inc. was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net loss available to Cooper-Standard Holdings Inc. common stockholders $ (63,611) $ (134,219) $ (97,475) $ (244,807) Basic weighted average shares of common stock outstanding 17,031,113 16,914,971 16,991,372 16,899,344 Dilutive effect of common stock equivalents — — — — Diluted weighted average shares of common stock outstanding 17,031,113 16,914,971 16,991,372 16,899,344 Basic net loss per share attributable to Cooper-Standard Holdings Inc. $ (3.73) $ (7.93) $ (5.74) $ (14.49) Diluted net loss per share attributable to Cooper-Standard Holdings Inc. $ (3.73) $ (7.93) $ (5.74) $ (14.49) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive loss by component, net of related tax, were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Foreign currency translation adjustment Balance at beginning of period $ (142,899) $ (182,315) $ (136,579) $ (153,933) Other comprehensive income (loss) before reclassifications 8,522 (1) 6,699 (1) 2,202 (1) (21,683) (1) Balance at end of period $ (134,377) $ (175,616) $ (134,377) $ (175,616) Benefit plan liabilities Balance at beginning of period $ (103,340) $ (97,478) $ (106,079) $ (100,160) Other comprehensive (loss) income before reclassifications (602) (2) (1,405) (2) 1,041 (2) 619 (2) Amounts reclassified from accumulated other comprehensive loss 1,213 (3) 689 (4) 2,309 (5) 1,347 (6) Balance at end of period $ (102,729) $ (98,194) $ (102,729) $ (98,194) Fair value change of derivatives Balance at beginning of period $ 191 $ (9,724) $ 762 $ 352 Other comprehensive income (loss) before reclassifications 1,008 (7) 2,828 (7) 576 (7) (7,156) (7) Amounts reclassified from accumulated other comprehensive loss (257) (8) 3,410 (8) (396) (8) 3,318 (8) Balance at end of period $ 942 $ (3,486) $ 942 $ (3,486) Accumulated other comprehensive loss, ending balance $ (236,164) $ (277,296) $ (236,164) $ (277,296) (1) Includes other comprehensive income (loss) related to intra-entity foreign currency balances that are of a long-term investment nature of $7,668 and $3,485 for the three months ended June 30, 2021 and 2020, respectively, and $3,279 and $(19,218) for the six months ended June 30, 2021 and 2020, respectively. (2) Net of tax (benefit) expense of $(32) and $(47) for the three months ended June 30, 2021 and 2020, respectively, and $(277) and $290 for the six months ended June 30, 2021 and 2020, respectively. (3) Includes the effect of the amortization of actuarial losses of $1,128, amortization of prior service cost of $63, and impact of curtailment of $117, net of tax of $95. (4) Includes the effect of the amortization of actuarial losses of $915 and amortization of prior service cost of $21, net of tax of $247. (5) Includes the effect of the amortization of actuarial losses of $2,252, amortization of prior service cost of $128, and impact of curtailment of $117, net of tax of $188 (6) Includes the effect of the amortization of actuarial losses of $1,787 and amortization of prior service cost of $42, net of tax of $482. (7) Net of tax expense (benefit) of $182 and $544 for the three months ended June 30, 2021 and 2020, respectively, and $66 and $(2,343) for the six months ended June 30, 2021 and 2020, respectively. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation Expense By Type [Table Text Block] | Share-based compensation expense was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 PUs $ (645) $ 145 $ (306) $ 219 RSUs 885 1,767 2,131 3,410 Stock options 584 649 1,177 1,306 Total $ 824 $ 2,561 $ 3,002 $ 4,935 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Information on Company's Business Segments | Certain financial information on the Company’s reportable segments was as follows: Three Months Ended June 30, 2021 2020 External Sales Intersegment Sales Adjusted EBITDA External Sales Intersegment Sales Adjusted EBITDA North America $ 247,525 $ 2,140 $ 756 $ 126,337 $ 2,128 $ (42,874) Europe 132,621 2,836 (14,391) 78,805 1,224 (41,403) Asia Pacific 103,915 858 (2,302) 105,726 213 (2,172) South America 14,153 3 (726) 3,881 — (4,351) Total Automotive 498,214 5,837 (16,663) 314,749 3,565 (90,800) Corporate, eliminations and other 34,971 (5,837) 1,937 25,718 (3,565) (2,952) Consolidated $ 533,185 $ — $ (14,726) $ 340,467 $ — $ (93,752) Six Months Ended June 30, 2021 2020 External Sales Intersegment Sales Adjusted EBITDA External Sales Intersegment Sales Adjusted EBITDA North America $ 586,561 $ 4,773 $ 41,989 $ 461,138 $ 6,596 $ (5,855) Europe 298,397 5,815 (15,880) 264,047 4,315 (46,026) Asia Pacific 218,140 1,488 1,250 185,070 670 (19,229) South America 29,639 15 (3,334) 24,352 68 (8,928) Total Automotive 1,132,737 12,091 24,025 934,607 11,649 (80,038) Corporate, eliminations and other 69,415 (12,091) (211) 60,750 (11,649) (5,435) Consolidated $ 1,202,152 $ — $ 23,814 $ 995,357 $ — $ (85,473) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Adjusted EBITDA $ (14,726) $ (93,752) $ 23,814 $ (85,473) Restructuring charges (11,631) (9,774) (32,678) (17,050) Impairment charges (841) (12,554) (841) (87,317) Gain on sale of business, net (195) — 696 — Lease termination costs (108) (81) (108) (601) Project costs — (1,809) — (4,234) EBITDA $ (27,501) $ (117,970) $ (9,117) $ (194,675) Income tax benefit 17,459 38,982 16,523 53,099 Interest expense, net of interest income (18,125) (12,771) (35,909) (23,008) Depreciation and amortization (35,444) (42,460) (68,972) (80,223) Net loss attributable to Cooper-Standard Holdings Inc. $ (63,611) $ (134,219) $ (97,475) $ (244,807) June 30, 2021 December 31, 2020 Segment assets: North America $ 885,744 $ 907,652 Europe 442,122 465,031 Asia Pacific 525,560 587,610 South America 62,386 64,800 Total Automotive 1,915,812 2,025,093 Corporate, eliminations and other 561,485 586,851 Consolidated $ 2,477,297 $ 2,611,944 |
Divestitures (Details)
Divestitures (Details) € in Thousands, $ in Thousands | Jul. 01, 2020EUR (€) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of business | € 9,000 | ||||
Gain on sale of business, net | $ | $ 195 | $ 0 | $ (696) | $ 0 | |
Impairment of assets held for sale | $ | $ (86,470) | ||||
Obligations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of business | 2,500 | ||||
Cash and Cash Equivalents | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of business | € 6,500 |
Revenue by end customer (Detail
Revenue by end customer (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 533,185 | $ 340,467 | $ 1,202,152 | $ 995,357 |
Passenger and Light Duty | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 484,178 | 299,880 | 1,104,092 | 895,824 |
Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 11,294 | 7,430 | 23,896 | 17,855 |
Other Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 37,713 | 33,157 | 74,164 | 81,678 |
North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 247,525 | 126,337 | 586,561 | 461,138 |
North America [Member] | Passenger and Light Duty | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 240,111 | 120,939 | 571,724 | 446,921 |
North America [Member] | Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 3,405 | 1,971 | 7,686 | 5,149 |
North America [Member] | Other Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 4,009 | 3,427 | 7,151 | 9,068 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 132,621 | 78,805 | 298,397 | 264,047 |
Europe [Member] | Passenger and Light Duty | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 126,972 | 70,753 | 286,753 | 241,534 |
Europe [Member] | Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 5,471 | 3,223 | 11,352 | 8,780 |
Europe [Member] | Other Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 178 | 4,829 | 292 | 13,733 |
Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 103,915 | 105,726 | 218,140 | 185,070 |
Asia Pacific [Member] | Passenger and Light Duty | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 102,950 | 104,307 | 215,991 | 183,049 |
Asia Pacific [Member] | Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 965 | 1,413 | 2,147 | 1,959 |
Asia Pacific [Member] | Other Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 6 | 2 | 62 |
South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 14,153 | 3,881 | 29,639 | 24,352 |
South America [Member] | Passenger and Light Duty | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 14,145 | 3,881 | 29,624 | 24,320 |
South America [Member] | Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 8 | 0 | 15 | 10 |
South America [Member] | Other Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 22 |
Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 34,971 | 25,718 | 69,415 | 60,750 |
Corporate and Other [Member] | Passenger and Light Duty | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
Corporate and Other [Member] | Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,445 | 823 | 2,696 | 1,957 |
Corporate and Other [Member] | Other Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 33,526 | $ 24,895 | $ 66,719 | $ 58,793 |
Revenue by type (Details)
Revenue by type (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 533,185 | $ 340,467 | $ 1,202,152 | $ 995,357 |
Sealing systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 268,913 | 174,590 | 600,396 | 488,965 |
Fuel and brake delivery systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 133,694 | 79,762 | 308,374 | 238,823 |
Fluid transfer systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 95,607 | 55,777 | 223,967 | 194,710 |
Other products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 34,971 | 30,338 | 69,415 | 72,859 |
North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 247,525 | 126,337 | 586,561 | 461,138 |
North America [Member] | Sealing systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 90,174 | 48,952 | 211,349 | 173,508 |
North America [Member] | Fuel and brake delivery systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 82,389 | 42,272 | 195,045 | 147,206 |
North America [Member] | Fluid transfer systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 74,962 | 35,113 | 180,167 | 140,424 |
North America [Member] | Other products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 132,621 | 78,805 | 298,397 | 264,047 |
Europe [Member] | Sealing systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 104,878 | 53,330 | 234,239 | 180,576 |
Europe [Member] | Fuel and brake delivery systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 23,991 | 11,298 | 54,781 | 39,860 |
Europe [Member] | Fluid transfer systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 3,752 | 9,557 | 9,377 | 31,502 |
Europe [Member] | Other products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 4,620 | 0 | 12,109 |
Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 103,915 | 105,726 | 218,140 | 185,070 |
Asia Pacific [Member] | Sealing systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 62,328 | 69,517 | 132,001 | 118,541 |
Asia Pacific [Member] | Fuel and brake delivery systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 25,166 | 25,366 | 53,535 | 45,184 |
Asia Pacific [Member] | Fluid transfer systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 16,421 | 10,843 | 32,604 | 21,345 |
Asia Pacific [Member] | Other products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 14,153 | 3,881 | 29,639 | 24,352 |
South America [Member] | Sealing systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 11,533 | 2,791 | 22,807 | 16,340 |
South America [Member] | Fuel and brake delivery systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 2,148 | 826 | 5,013 | 6,573 |
South America [Member] | Fluid transfer systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 472 | 264 | 1,819 | 1,439 |
South America [Member] | Other products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 34,971 | 25,718 | 69,415 | 60,750 |
Corporate and Other [Member] | Sealing systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
Corporate and Other [Member] | Fuel and brake delivery systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
Corporate and Other [Member] | Fluid transfer systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
Corporate and Other [Member] | Other products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 34,971 | $ 25,718 | $ 69,415 | $ 60,750 |
Revenue Net contract assets (li
Revenue Net contract assets (liabilities) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Net contract assets (liabilities) [Abstract] | ||
Contract with Customer, Asset, Gross, Current | $ 418 | $ 777 |
Contract with Customer, Asset, Explanation of Change | (359) | |
Contract with Customer, Liability, Current | (288) | (27) |
Contract with Customer, Liability, Explanation of Change | (261) | |
Contract with Customer, Asset, Net, Current | 130 | $ 750 |
Contract with Customer, Net, Explanation of Change | $ (620) |
Revenue other (Details)
Revenue other (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Disaggregation of Revenue [Line Items] | ||
Accrued Liabilities, Current | $ 116,920 | $ 110,827 |
Other liabilities | 52,177 | 41,433 |
Short-term Contract with Customer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Accrued Liabilities, Current | 16,254 | 16,932 |
Long-term Contract with Customer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Accrued Liabilities, Current | $ 6,818 | $ 6,828 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 11,631 | $ 9,774 | $ 32,678 | $ 17,050 |
North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 843 | 3,044 | 3,206 | 6,747 |
Europe [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 9,774 | 3,106 | 26,171 | 5,299 |
Asia Pacific [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 614 | 2,579 | 983 | 2,712 |
South America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 400 | 849 | 1,987 | 2,051 |
Automotive [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 11,631 | 9,578 | 32,347 | 16,809 |
Corporate and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0 | $ 196 | $ 331 | $ 241 |
Restructuring - Summary of Acti
Restructuring - Summary of Activity of Restructuring (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | $ 23,435 | |||
Restructuring charges | $ 11,631 | $ 9,774 | 32,678 | $ 17,050 |
Cash payments | (15,640) | |||
Non-cash fixed asset impairments included in expense | 214 | |||
Foreign exchange translation and other | 317 | |||
Restructuring Reserve, Ending Balance | 40,576 | 40,576 | ||
Employee Separation Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 15,029 | |||
Restructuring charges | 27,746 | |||
Cash payments | (8,900) | |||
Non-cash fixed asset impairments included in expense | 0 | |||
Foreign exchange translation and other | (382) | |||
Restructuring Reserve, Ending Balance | 33,493 | 33,493 | ||
Other Exit Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 8,406 | |||
Restructuring charges | 4,932 | |||
Cash payments | (6,740) | |||
Non-cash fixed asset impairments included in expense | 214 | |||
Foreign exchange translation and other | 699 | |||
Restructuring Reserve, Ending Balance | $ 7,083 | $ 7,083 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 52,914 | $ 39,136 |
Work in process | 45,193 | 35,477 |
Raw materials and supplies | 88,315 | 69,129 |
Inventories | $ 186,422 | $ 143,742 |
Leases Components of lease expe
Leases Components of lease expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Lease, Cost | $ 8,087 | $ 7,814 | $ 15,431 | $ 16,419 |
Short-term Lease, Cost | 1,965 | 1,065 | 3,605 | 2,075 |
Variable Lease, Cost | 181 | 155 | 429 | 405 |
Finance Lease, Right-of-Use Asset, Amortization | 521 | 671 | 1,067 | 1,352 |
Finance Lease, Interest Expense | 372 | 400 | 738 | 785 |
Lease, Cost | $ 11,126 | $ 10,105 | $ 21,270 | $ 21,036 |
Leases Additional Lease Disclos
Leases Additional Lease Disclosure (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Lease, Payments | $ 16,953 | $ 15,794 |
Finance Lease, Principal Payments | 734 | 810 |
Finance leases, finance cash flows | 1,195 | 1,095 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 7,355 | 38,652 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 572 | $ 61 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 8 months 12 days | 8 years 1 month 6 days |
Finance Lease, Weighted Average Remaining Lease Term | 10 years 1 month 6 days | 10 years 10 months 24 days |
Operating Lease, Weighted Average Discount Rate, Percent | 5.50% | 5.30% |
Finance Lease, Weighted Average Discount Rate, Percent | 5.80% | 6.00% |
Leases Future minimum lease pay
Leases Future minimum lease payments (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Operating Leases [Member] | |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 14,610 |
Lessee, Operating Lease, Liability, to be Paid, Year One | 23,174 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 18,892 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 14,192 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 11,107 |
Lessee, Operating Lease, Liability, to be Paid, Year Five | 51,408 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 133,383 |
Imputed Interest | (26,783) |
Lessee, Operating Lease, Liability, Payments, Due | 106,600 |
Finance Leases [Member] | |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 1,660 |
Lessee, Operating Lease, Liability, to be Paid, Year One | 3,326 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 3,236 |
Finance Lease, Liability, Payments, Due Year Three | 3,513 |
Finance Lease, Liability, Payments, Due Year Four | 3,585 |
Finance Lease, Liability, to be Paid, Year Five | 21,178 |
Finance Lease, Liability, Undiscounted Excess Amount | 36,498 |
Imputed Interest | (9,370) |
Finance Lease, Liability, Payment, Due | $ 27,128 |
Leases Lease Amounts Recognized
Leases Lease Amounts Recognized on Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets, net | $ 103,228 | $ 109,795 |
Current operating lease liabilities | 23,514 | 21,711 |
Long-term operating lease liabilities | 83,086 | 90,517 |
Operating Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets, net | 103,228 | 109,795 |
Current operating lease liabilities | 23,514 | 21,711 |
Long-term operating lease liabilities | 83,086 | 90,517 |
Finance Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Liability, Current | 2,222 | 2,300 |
Finance Lease, Liability, Noncurrent | $ 24,906 | $ 26,152 |
Leases Other (Details)
Leases Other (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Finance Lease, Right-of-Use Asset | $ 29,324 | $ 30,847 |
Lessee, Operating Lease, Lease Not yet Commenced, Amount | $ 12,266 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Land and improvements | $ 58,979 | $ 61,226 |
Buildings and improvements, gross | 294,773 | 298,431 |
Machinery and equipment, gross | 1,315,550 | 1,277,624 |
Construction in progress, gross | 70,742 | 96,706 |
Property, Plant and Equipment, Gross | 1,740,044 | 1,733,987 |
Accumulated depreciation | (890,652) | (841,678) |
Property, plant and equipment, net | $ 849,392 | $ 892,309 |
Property, Plant and Equipment A
Property, Plant and Equipment Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Line Items] | ||||
Impairment charges | $ 163 | $ 977 | $ 841 | $ 1,140 |
Goodwill and Intangibles - Carr
Goodwill and Intangibles - Carrying Amount of Goodwill by Reportable Operating Segment (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 142,250 |
Goodwill, Acquired During Period | 408 |
Goodwill, Foreign Currency Translation Gain (Loss) | 111 |
Goodwill, Ending Balance | 142,769 |
North America [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 128,214 |
Goodwill, Acquired During Period | 0 |
Goodwill, Foreign Currency Translation Gain (Loss) | 111 |
Goodwill, Ending Balance | 128,325 |
Industrial Specialty Group [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 14,036 |
Goodwill, Acquired During Period | 0 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 |
Goodwill, Ending Balance | 14,036 |
Europe [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 0 |
Goodwill, Acquired During Period | 408 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 |
Goodwill, Ending Balance | $ 408 |
Goodwill and Intangibles - Inta
Goodwill and Intangibles - Intangible Assets and Accumulated Amortization Balances (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 199,694 | $ 200,235 |
Accumulated Amortization | (135,551) | (132,556) |
Net Carrying Amount | 64,143 | 67,679 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 154,680 | 155,409 |
Accumulated Amortization | (124,267) | (122,657) |
Net Carrying Amount | 30,413 | 32,752 |
Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 45,014 | 44,826 |
Accumulated Amortization | (11,284) | (9,899) |
Net Carrying Amount | $ 33,730 | $ 34,927 |
Debt - Outstanding Debt (Detail
Debt - Outstanding Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Senior Notes | $ 396,186 | $ 395,829 |
Term Loan | 322,424 | 323,636 |
ABL Facility | 0 | 0 |
Finance Lease, Liability | 27,128 | 28,452 |
Other borrowings | 51,091 | 36,007 |
Total debt | 1,037,381 | 1,023,491 |
Less current portion | (55,738) | (40,731) |
Total long-term debt | 981,643 | 982,760 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 240,552 | $ 239,567 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||||
Mar. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | May 29, 2020 | Mar. 24, 2020 | Nov. 02, 2016 | |
Credit Facilities [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 117,121 | |||||
Write off of Deferred Debt Issuance Cost | $ 177 | |||||
Senior Notes [Member] | ||||||
Credit Facilities [Line Items] | ||||||
Debt Instrument, Face Amount | $ 400,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | |||||
Debt Instrument, Maturity Date | Nov. 15, 2026 | |||||
Unamortized Debt Issuance Expense | $ 3,814 | $ 4,171 | ||||
Secured Debt [Member] | ||||||
Credit Facilities [Line Items] | ||||||
Debt Instrument, Face Amount | $ 250,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 13.00% | |||||
Debt Instrument, Maturity Date | Jun. 1, 2024 | |||||
Unamortized Debt Issuance Expense | $ 5,248 | 5,828 | $ 6,431 | |||
Debt Instrument, Unamortized Discount | $ 4,200 | 4,605 | $ 5,000 | |||
Medium-term Notes [Member] | ||||||
Credit Facilities [Line Items] | ||||||
Debt Instrument, Face Amount | $ 340,000 | |||||
Debt Instrument, Maturity Date | Nov. 2, 2023 | |||||
Debt Instrument, Interest Rate Terms | either (1) with respect to Eurodollar rate loans, the greater of the applicable Eurodollar rate and 0.75% plus 2.0% per annum, or (2) with respect to base rate loans, the base rate, (which is the highest of the then current federal funds rate plus 0.5%, the prime rate most recently announced by the administrative agent under the term loan, and the one-month Eurodollar rate plus 1.0%) plus 1.0% per annum | |||||
Unamortized Debt Issuance Expense | $ 1,384 | 1,680 | ||||
Debt Instrument, Unamortized Discount | 892 | 1,084 | ||||
Revolving Credit Facility [Member] | ||||||
Credit Facilities [Line Items] | ||||||
Line of Credit Facility, Commitment Amount | $ 180,000 | $ 210,000 | ||||
Letter of credit sub-facility | 100,000 | |||||
Swing line sub-facility | 25,000 | |||||
Uncommitted incremental loan facility | 100,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 280,000 | |||||
Line of Credit Facility, Current Borrowing Capacity | 137,354 | |||||
Letters of Credit Outstanding, Amount | $ 5,233 | |||||
Debt Instrument, Maturity Date | Mar. 24, 2025 | |||||
Unamortized Debt Issuance Expense | $ 905 | $ 1,029 |
Fair Value Measurements and F_3
Fair Value Measurements and Financial Instruments - Fair Value Hierarchy Level for Company's Liabilities Measured (Detail) - Level 2 [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other Current Assets [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Forward foreign exchange contract asset | $ 1,339 | $ 1,826 |
Accrued Liabilities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Forward foreign exchange contract liability | $ (141) | $ (750) |
Fair Value Measurements and F_4
Fair Value Measurements and Financial Instruments - Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value of Debt Instruments [Abstract] | ||
Long-term Debt, Fair Value | $ 978,177 | $ 965,052 |
Long-term Debt, Gross | $ 974,700 | $ 976,400 |
Fair Value Measurements and F_5
Fair Value Measurements and Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, Notional Amount | $ 41,877 | $ 97,503 |
Fair Value Measurements and F_6
Fair Value Measurements and Financial Instruments - Gains (losses) on Cash Flow Hedges Reported in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | $ 1,190 | $ 3,372 | $ 642 | $ (9,499) |
Fair Value Measurements and F_7
Fair Value Measurements and Financial Instruments - Reclassifications out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 349 | $ (4,666) | $ 537 | $ (4,551) |
Accounts Receivable Factoring A
Accounts Receivable Factoring Amounts outstanding under receivable transfer agreements (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Transfers and Servicing [Abstract] | ||
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | $ 66,367 | $ 85,108 |
Accounts Receivable Factoring R
Accounts Receivable Factoring Receivables Factored and Costs Incurred (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Transfers and Servicing [Abstract] | ||||
Total amount of accounts receivable factored without recourse | $ 100,046 | $ 50,685 | $ 217,317 | $ 227,193 |
Costs incurred on sale of receivables without recourse | $ 150 | $ 162 | $ 304 | $ 471 |
Accounts Receivable Factoring_2
Accounts Receivable Factoring Additional Detail (Details) $ in Thousands, € in Millions | Jun. 30, 2021EUR (€) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Accounts Receivable Factoring [Abstract] | |||
Account Receivable Factoring, Authorized Amount [Line Items] | € | € 120 | ||
Cash collected on behalf of factor | $ | $ 7,636 | $ 1,786 |
Pension and Postretirement Be_3
Pension and Postretirement Benefits other than Pensions - Net Periodic Benefit Cost of Defined Benefit Plans and Other Postretirement Benefit Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Foreign Plan [Member] | Pension Plan [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | $ 913 | $ 965 | $ 1,827 | $ 1,954 |
Interest cost | 660 | 759 | 1,308 | 1,541 |
Expected return on plan assets | (344) | (559) | (678) | (1,136) |
Amortization of prior service cost credit and recognized actuarial gain (loss) | 933 | 790 | 1,865 | 1,584 |
Other | (125) | 0 | (125) | 0 |
Net periodic benefit (income) cost | 2,287 | 1,955 | 4,447 | 3,943 |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | 93 | 93 | 183 | 189 |
Interest cost | 183 | 168 | 360 | 341 |
Amortization of prior service cost credit and recognized actuarial gain (loss) | 196 | 104 | 386 | 211 |
Net periodic benefit (income) cost | 472 | 365 | 929 | 741 |
UNITED STATES | Pension Plan [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | 223 | 213 | 446 | 426 |
Interest cost | 1,629 | 2,033 | 3,258 | 4,066 |
Expected return on plan assets | (3,564) | (3,421) | (7,128) | (6,842) |
Amortization of prior service cost credit and recognized actuarial gain (loss) | 418 | 485 | 836 | 970 |
Other | 0 | 0 | 0 | 0 |
Net periodic benefit (income) cost | (1,294) | (690) | (2,588) | (1,380) |
UNITED STATES | Other Postretirement Benefits Plan [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | 26 | 26 | 52 | 52 |
Interest cost | 133 | 170 | 266 | 340 |
Amortization of prior service cost credit and recognized actuarial gain (loss) | (349) | (483) | (698) | (966) |
Net periodic benefit (income) cost | $ (190) | $ (287) | $ (380) | $ (574) |
Other Income (Expense), Net - D
Other Income (Expense), Net - Details of Components of Other Income Expense, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Income and Expenses [Abstract] | ||||
Foreign currency gains (losses) | $ 1,114 | $ (3,791) | $ (4,150) | $ (7,023) |
Components of Net Periodic Benefit Cost Other than Service Cost | (20) | (46) | 100 | (109) |
Factoring costs | (150) | (162) | (304) | (471) |
Miscellaneous income (expense) | 418 | (702) | 627 | (538) |
Other income (expense), net | $ 1,362 | $ (4,701) | $ (3,727) | $ (8,141) |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax [Line Items] | ||||
Income tax expense (benefit) | $ (17,459) | $ (38,982) | $ (16,523) | $ (53,099) |
Loss before income taxes | $ (81,988) | $ (174,966) | $ (115,765) | $ (301,522) |
Effective tax rate | 21.00% | 22.00% | 14.00% | 18.00% |
Income Taxes Additional Informa
Income Taxes Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 12,871 | |||
Income tax benefit | $ (17,459) | $ (38,982) | $ (16,523) | $ (53,099) |
Net Income (Loss) Per Share A_3
Net Income (Loss) Per Share Attributable to Cooper-Standard Holdings Inc. - Basic and Diluted Net Income Per Share Attributable (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income available to Cooper-Standard Holdings Inc. common stockholders | $ (63,611) | $ (134,219) | $ (97,475) | $ (244,807) |
Basic weighted average shares of common stock outstanding | 17,031,113 | 16,914,971 | 16,991,372 | 16,899,344 |
Dilutive effect of common stock equivalents | 0 | 0 | 0 | 0 |
Diluted weighted average shares of common stock outstanding | 17,031,113 | 16,914,971 | 16,991,372 | 16,899,344 |
Basic net income per share attributable to Cooper-Standard Holdings Inc. | $ (3.73) | $ (7.93) | $ (5.74) | $ (14.49) |
Diluted net income per share attributable to Cooper-Standard Holdings Inc. | $ (3.73) | $ (7.93) | $ (5.74) | $ (14.49) |
Net Income (Loss) Per Share A_4
Net Income (Loss) Per Share Attributable to Cooper-Standard Holdings Inc. - Common Stock Equivalents (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 164 | 45 | 172 | 40 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Beginning Balance | $ (241,896) | |||
Ending Balance | $ (236,164) | (236,164) | ||
Cumulative currency translation adjustment [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Beginning Balance | (142,899) | $ (182,315) | (136,579) | $ (153,933) |
Other comprehensive income (loss) before reclassifications | 8,522 | 6,699 | 2,202 | (21,683) |
Ending Balance | (134,377) | (175,616) | (134,377) | (175,616) |
Benefit plan liabilities [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Beginning Balance | (103,340) | (97,478) | (106,079) | (100,160) |
Other comprehensive income (loss) before reclassifications | (602) | (1,405) | 1,041 | 619 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,213 | 689 | 2,309 | 1,347 |
Ending Balance | (102,729) | (98,194) | (102,729) | (98,194) |
Fair value change of derivatives [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Beginning Balance | 191 | (9,724) | 762 | 352 |
Other comprehensive income (loss) before reclassifications | 1,008 | 2,828 | 576 | (7,156) |
Amounts reclassified from accumulated other comprehensive income (loss) | (257) | 3,410 | (396) | 3,318 |
Ending Balance | 942 | (3,486) | 942 | (3,486) |
Accumulated other comprehensive loss [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Ending Balance | $ (236,164) | $ (277,296) | $ (236,164) | $ (277,296) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Income (Loss) (Additional Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Additional Detail [Line Items] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | $ 7,668 | $ 3,485 | $ 3,279 | $ (19,218) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax (Benefit) Expense | (32) | (47) | (277) | 290 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Amortization of Actuarial Losses, Reclassification Adjustment from AOCI, before Tax | 1,128 | (915) | 2,252 | (1,787) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Credit, Reclassification Adjustment from AOCI, before Tax | 63 | (21) | 128 | (42) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax Expense (Benefit) | (95) | 247 | (188) | 482 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax Expense (Benefit) | 182 | 544 | 66 | (2,343) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax Expense | 92 | $ (1,256) | 141 | $ (1,233) |
Curtailment [Member] | ||||
Additional Detail [Line Items] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | $ (117) | $ (117) |
Common Stock (Details)
Common Stock (Details) - 2018 Program [Member] $ in Thousands | Jun. 30, 2021USD ($) |
Equity, Class of Treasury Stock [Line Items] | |
Stock Repurchase Program, Authorized Amount | $ 150,000 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 98,720 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 824 | $ 2,561 | $ 3,002 | $ 4,935 |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | (645) | 145 | (306) | 219 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | 885 | 1,767 | 2,131 | 3,410 |
Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 584 | $ 649 | $ 1,177 | $ 1,306 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | Jun. 30, 2021 |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation, Performance Units, vesting percentage based on Return on Invested Capital, low end of range | 0.00% |
Share-Based Compensation, Performance Units, vesting percentage based on Return on Invested Capital, high end of range | 200.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 11,444 | $ 13,302 |
Segment Reporting Information o
Segment Reporting Information on Company's Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Sales | $ 533,185 | $ 340,467 | $ 1,202,152 | $ 995,357 | |
Intersegment sales | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | (14,726) | (93,752) | 23,814 | (85,473) | |
Segment assets | 2,477,297 | 2,477,297 | $ 2,611,944 | ||
Reportable Geographical Components [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 247,525 | 126,337 | 586,561 | 461,138 | |
Intersegment sales | 2,140 | 2,128 | 4,773 | 6,596 | |
Adjusted EBITDA | 756 | (42,874) | 41,989 | (5,855) | |
Segment assets | 885,744 | 885,744 | 907,652 | ||
Reportable Geographical Components [Member] | Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 132,621 | 78,805 | 298,397 | 264,047 | |
Intersegment sales | 2,836 | 1,224 | 5,815 | 4,315 | |
Adjusted EBITDA | (14,391) | (41,403) | (15,880) | (46,026) | |
Segment assets | 442,122 | 442,122 | 465,031 | ||
Reportable Geographical Components [Member] | Asia Pacific [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 103,915 | 105,726 | 218,140 | 185,070 | |
Intersegment sales | 858 | 213 | 1,488 | 670 | |
Adjusted EBITDA | (2,302) | (2,172) | 1,250 | (19,229) | |
Segment assets | 525,560 | 525,560 | 587,610 | ||
Reportable Geographical Components [Member] | South America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 14,153 | 3,881 | 29,639 | 24,352 | |
Intersegment sales | 3 | 0 | 15 | 68 | |
Adjusted EBITDA | (726) | (4,351) | (3,334) | (8,928) | |
Segment assets | 62,386 | 62,386 | 64,800 | ||
Automotive [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 498,214 | 314,749 | 1,132,737 | 934,607 | |
Intersegment sales | 5,837 | 3,565 | 12,091 | 11,649 | |
Adjusted EBITDA | (16,663) | (90,800) | 24,025 | (80,038) | |
Segment assets | 1,915,812 | 1,915,812 | 2,025,093 | ||
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 34,971 | 25,718 | 69,415 | 60,750 | |
Intersegment sales | (5,837) | (3,565) | (12,091) | (11,649) | |
Adjusted EBITDA | 1,937 | $ (2,952) | (211) | $ (5,435) | |
Segment assets | $ 561,485 | $ 561,485 | $ 586,851 |
Segment Reporting Adjusted EBIT
Segment Reporting Adjusted EBITDA to Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Adjusted EBITDA | $ (14,726) | $ (93,752) | $ 23,814 | $ (85,473) |
Gain on sale of business | (195) | 0 | 696 | 0 |
Restructuring Charges | (11,631) | (9,774) | (32,678) | (17,050) |
Project Costs | 0 | (1,809) | 0 | (4,234) |
Other impairment charges | (841) | (12,554) | (841) | (87,610) |
Lease termination costs | (108) | (81) | (108) | (601) |
EBITDA | (27,501) | (117,970) | (9,117) | (194,675) |
Income tax expense (benefit) | 17,459 | 38,982 | 16,523 | 53,099 |
Interest expense, net of interest income | (18,125) | (12,771) | (35,909) | (23,008) |
Depreciation and amortization | (35,444) | (42,460) | (68,972) | (80,223) |
Net (Loss) Income Attributable to Parent | (63,611) | $ (134,219) | (97,475) | (244,807) |
Parent [Member] | ||||
Other impairment charges | $ (87,317) | |||
Parent [Member] | ||||
Other impairment charges | $ (841) | $ (841) |