Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 26, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 | |
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 | 17,318,907 | |
Entity Central Index Key | 0001320461 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Preferred Stock | ||
Cover [Abstract] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
Security Exchange Name | NYSE | |
No Trading Symbol Flag | true | |
Document Information [Line Items] | ||
No Trading Symbol Flag | true | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Preferred Stock Purchase Rights | |
Common Stock [Member] | ||
Cover [Abstract] | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | CPS | |
Security Exchange Name | NYSE | |
Document Information [Line Items] | ||
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | CPS |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Sales | $ 708,362 | $ 723,740 | $ 1,384,787 | $ 1,406,198 |
Cost of products sold | 625,422 | 646,026 | 1,240,204 | 1,286,656 |
Gross profit | 82,940 | 77,714 | 144,583 | 119,542 |
Selling, administration & engineering expenses | 52,408 | 54,605 | 107,774 | 106,694 |
Amortization of intangibles | 1,605 | 1,672 | 3,266 | 3,479 |
Restructuring charges | 17,781 | 8,499 | 18,914 | 10,878 |
Impairment charges | 0 | 654 | 0 | 654 |
Operating income (loss) | 11,146 | 12,284 | 14,629 | (2,163) |
Interest expense, net of interest income | (28,635) | (34,034) | (57,916) | (64,254) |
Equity in earnings of affiliates | 1,302 | 656 | 3,572 | 458 |
Loss on refinancing and extinguishment of debt | 0 | 0 | 0 | (81,885) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (46,787) | 0 | (46,787) | 0 |
Other expense, net | (5,129) | (2,561) | (8,778) | (6,565) |
Loss before income taxes | (68,103) | (23,655) | (95,280) | (154,409) |
Income tax expense | 8,080 | 4,765 | 12,211 | 5,123 |
Net loss | (76,183) | (28,420) | (107,491) | (159,532) |
Net (income) loss attributable to noncontrolling interests | (60) | 591 | (412) | 1,336 |
Net loss attributable to Cooper-Standard Holdings Inc. | $ (76,243) | $ (27,829) | $ (107,903) | $ (158,196) |
Earnings per share | ||||
Basic | $ (4.34) | $ (1.61) | $ (6.16) | $ (9.15) |
Diluted | $ (4.34) | $ (1.61) | $ (6.16) | $ (9.15) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net loss | $ (76,183) | $ (28,420) | $ (107,491) | $ (159,532) |
Currency translation adjustment | (7,674) | (6,889) | (14,782) | (6,982) |
Benefit plan liabilities adjustment, net of tax | 2,889 | 142 | 3,042 | 242 |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Remeasurement due to Settlement | 48,190 | 0 | 48,190 | 0 |
Fair value change of derivatives, net of tax | (6,413) | (574) | (2,872) | 1,769 |
Other comprehensive income (loss), net of tax | 36,992 | (7,321) | 33,578 | (4,971) |
Comprehensive loss | (39,191) | (35,741) | (73,913) | (164,503) |
Comprehensive (income) loss attributable to noncontrolling interests | (112) | 185 | (601) | 953 |
Comprehensive loss attributable to Cooper-Standard Holdings Inc. | $ (39,303) | $ (35,556) | $ (74,514) | $ (163,550) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 93,793 | $ 154,801 |
Accounts receivable, net | 367,132 | 380,562 |
Tooling receivable, net | 72,197 | 80,225 |
Inventories | 171,851 | 146,846 |
Prepaid expenses | 27,125 | 28,328 |
Value Added Tax Receivable, Current | 61,507 | 69,684 |
Other current assets | 42,964 | 40,140 |
Total current assets | 836,569 | 900,586 |
Property, plant and equipment, net | 568,381 | 608,431 |
Operating lease right-of-use assets, net | 92,184 | 91,126 |
Goodwill | 140,688 | 140,814 |
Intangible assets, net | 37,089 | 40,568 |
Other assets | 92,039 | 90,774 |
Total assets | 1,766,950 | 1,872,299 |
Current liabilities: | ||
Debt payable within one year | 49,551 | 50,712 |
Accounts payable | 333,555 | 334,578 |
Payroll liabilities | 100,939 | 132,422 |
Accrued liabilities | 113,952 | 116,954 |
Current operating lease liabilities | 19,623 | 18,577 |
Total current liabilities | 617,620 | 653,243 |
Long-term debt | 1,057,322 | 1,044,736 |
Pension benefits | 97,715 | 100,578 |
Postretirement benefits other than pensions | 27,959 | 28,940 |
Long-term operating lease liabilities | 76,203 | 76,482 |
Other liabilities | 51,036 | 58,053 |
Total liabilities | 1,927,855 | 1,962,032 |
Equity: | ||
Common stock, $0.001 par value, 190,000,000 shares authorized; 19,384,716 shares issued and 17,318,907 shares outstanding as of June 30, 2024, and 19,263,288 shares issued and 17,197,479 shares outstanding as of December 31, 2023 | 17 | 17 |
Additional paid-in capital | 514,905 | 512,164 |
Retained deficit | (499,719) | (391,816) |
Accumulated other comprehensive loss | (168,276) | (201,665) |
Total Cooper-Standard Holdings Inc. equity | (153,073) | (81,300) |
Noncontrolling interests | (7,832) | (8,433) |
Total equity | (160,905) | (89,733) |
Total liabilities and equity | $ 1,766,950 | $ 1,872,299 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
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 | 19,384,716 | 19,263,288 |
Common stock, shares outstanding | 17,318,907 | 17,197,479 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Cooper Standard Holdings Inc Equity [Member] | Noncontrolling Interest [Member] |
Beginning balance (shares) at Dec. 31, 2022 | 17,108,029 | ||||||
Beginning balance at Dec. 31, 2022 | $ 101,192 | $ 17 | $ 507,498 | $ (189,831) | $ (209,971) | $ 107,713 | $ (6,521) |
Share-based compensation, Shares | 30,489 | ||||||
Share-based compensation, net | 740 | 740 | 740 | ||||
Net income (loss) | (131,112) | (130,367) | (130,367) | (745) | |||
Other Comprehensive Income (Loss), Net of Tax | 2,350 | 2,373 | 2,373 | (23) | |||
Ending balance (shares) at Mar. 31, 2023 | 17,138,518 | ||||||
Ending balance at Mar. 31, 2023 | (26,830) | $ 17 | 508,238 | (320,198) | (207,598) | (19,541) | (7,289) |
Beginning balance (shares) at Dec. 31, 2022 | 17,108,029 | ||||||
Beginning balance at Dec. 31, 2022 | 101,192 | $ 17 | 507,498 | (189,831) | (209,971) | 107,713 | (6,521) |
Net income (loss) | (159,532) | ||||||
Other Comprehensive Income (Loss), Net of Tax | (4,971) | ||||||
Ending balance (shares) at Jun. 30, 2023 | 17,196,553 | ||||||
Ending balance at Jun. 30, 2023 | (61,703) | $ 17 | 509,106 | (348,027) | (215,325) | (54,229) | (7,474) |
Beginning balance (shares) at Mar. 31, 2023 | 17,138,518 | ||||||
Beginning balance at Mar. 31, 2023 | (26,830) | $ 17 | 508,238 | (320,198) | (207,598) | (19,541) | (7,289) |
Share-based compensation, Shares | 58,035 | ||||||
Share-based compensation, net | 868 | 868 | 0 | 868 | |||
Net income (loss) | (28,420) | (27,829) | (27,829) | (591) | |||
Other Comprehensive Income (Loss), Net of Tax | (7,321) | (7,727) | (7,727) | 406 | |||
Ending balance (shares) at Jun. 30, 2023 | 17,196,553 | ||||||
Ending balance at Jun. 30, 2023 | $ (61,703) | $ 17 | 509,106 | (348,027) | (215,325) | (54,229) | (7,474) |
Beginning balance (shares) at Dec. 31, 2023 | 17,197,479 | 17,197,479 | |||||
Beginning balance at Dec. 31, 2023 | $ (89,733) | $ 17 | 512,164 | (391,816) | (201,665) | (81,300) | (8,433) |
Share-based compensation, Shares | 92,666 | ||||||
Share-based compensation, net | 668 | 668 | 0 | 668 | |||
Net income (loss) | (31,308) | (31,660) | (31,660) | 352 | |||
Other Comprehensive Income (Loss), Net of Tax | (3,414) | (3,551) | (3,551) | 137 | |||
Ending balance (shares) at Mar. 31, 2024 | 17,290,145 | ||||||
Ending balance at Mar. 31, 2024 | $ (123,787) | $ 17 | 512,832 | (423,476) | (205,216) | (115,843) | (7,944) |
Beginning balance (shares) at Dec. 31, 2023 | 17,197,479 | 17,197,479 | |||||
Beginning balance at Dec. 31, 2023 | $ (89,733) | $ 17 | 512,164 | (391,816) | (201,665) | (81,300) | (8,433) |
Net income (loss) | (107,491) | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ 33,578 | ||||||
Ending balance (shares) at Jun. 30, 2024 | 17,318,907 | 17,318,907 | |||||
Ending balance at Jun. 30, 2024 | $ (160,905) | $ 17 | 514,905 | (499,719) | (168,276) | (153,073) | (7,832) |
Beginning balance (shares) at Mar. 31, 2024 | 17,290,145 | ||||||
Beginning balance at Mar. 31, 2024 | (123,787) | $ 17 | 512,832 | (423,476) | (205,216) | (115,843) | (7,944) |
Share-based compensation, Shares | 28,762 | ||||||
Share-based compensation, net | 2,073 | 2,073 | 0 | 2,073 | |||
Net income (loss) | (76,183) | (76,243) | (76,243) | 60 | |||
Other Comprehensive Income (Loss), Net of Tax | $ 36,992 | 36,940 | 36,940 | 52 | |||
Ending balance (shares) at Jun. 30, 2024 | 17,318,907 | 17,318,907 | |||||
Ending balance at Jun. 30, 2024 | $ (160,905) | $ 17 | $ 514,905 | $ (499,719) | $ (168,276) | $ (153,073) | $ (7,832) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities: | ||
Net loss | $ (107,491) | $ (159,532) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation | 49,070 | 52,319 |
Amortization of intangibles | 3,266 | 3,479 |
Impairment charges | 0 | 654 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 46,787 | 0 |
Share-based compensation expense | 4,862 | 2,705 |
Equity in (earnings) losses of affiliates, net of dividends related to earnings | (1,995) | 720 |
Loss on refinancing and extinguishment of debt | 0 | 81,885 |
Paid-in-Kind Interest | 12,367 | 27,500 |
Deferred income taxes | 915 | 20 |
Other | 2,601 | 2,376 |
Changes in operating assets and liabilities | (36,594) | 5,024 |
Net cash (used in) provided by operating activities | (26,212) | 17,150 |
Investing activities: | ||
Capital expenditures | (28,077) | (46,760) |
Other | 242 | 1,638 |
Net cash used in investing activities | (27,835) | (45,122) |
Financing activities: | ||
Proceeds from issuance of long-term debt, net of debt issuance costs | 0 | 925,020 |
Repayment and refinancing of long-term debt | 0 | (927,046) |
Principal payments on long-term debt | (1,255) | (949) |
Decrease in short-term debt, net | (264) | (1,240) |
Debt issuance costs and other fees | (1,403) | (74,376) |
Taxes withheld and paid on employees' share-based payment awards | (571) | (209) |
Other | 0 | (238) |
Net cash used in financing activities | (3,493) | (79,038) |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | (4,580) | (4,565) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (62,120) | (111,575) |
Cash, cash equivalents and restricted cash at beginning of period | 163,061 | 192,807 |
Cash, cash equivalents and restricted cash at end of period | $ 100,941 | $ 81,232 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash [Abstract] | ||
Cash and cash equivalents | $ 93,793 | $ 154,801 |
Restricted cash included in other current assets | 5,267 | 7,244 |
Restricted cash included in other assets | 1,881 | 1,016 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 100,941 | $ 163,061 |
Overview
Overview | 6 Months Ended |
Jun. 30, 2024 | |
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 and fluid handling systems (consisting of fuel and brake delivery systems 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, 2023 (the “2023 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, 2024 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. As disclosed in its 2023 Annual Report, effective January 1, 2024, the Company changed its management reporting structure with the launch of global product line-focused business segments. This resulted in the realignment of its reportable segments, which are determined based on how the chief operating decision maker (“CODM”) manages the business, allocates resources, makes operating decisions and evaluates operating performance. As a result, the Company established two reportable segments: Sealing Systems and Fluid Handling Systems. All other business activities are reported in Corporate, eliminations and other. The segment realignment had no impact on the Company’s consolidated financial position, results of operations, or cash flows. All segment information included in this Form 10-Q is reflective of this new structure and prior period information has been revised to conform to the Company’s current period presentation. Refer to Note 15. “Segment Reporting” for additional information on the Company’s reportable segments and to Note 5. “Goodwill and Intangible Assets” for the impact thereof to the evaluation of recorded goodwill balances. |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Adopted Accounting Pronouncements The Company adopted the following Accounting Standard Update (“ASU”) during the six months ended June 30, 2024, which did not have a material impact on its condensed consolidated financial statements: Standard Description Effective Date ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures Requires disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM beginning with annual disclosures in 2024. The amendments in this update also require all annual segment disclosures to be included in interim periods beginning in 2025. January 1, 2024 Recently Issued Accounting Pronouncements The Company considered the recently issued accounting pronouncements summarized as follows, which could have a material impact on its consolidated financial statements or disclosures: Standard Description Impact Effective Date ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures Requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The Company is currently evaluating the impact of this update on its consolidated financial statements and disclosures. January 1, 2025 ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement Requires joint ventures to apply a new basis of accounting upon formation, and as a result, initially measure all assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The Company is currently evaluating the impact of this update on its consolidated financial statements and disclosures. January 1, 2025 |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2024 | |
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. Consistent with the Company’s change in reportable segments as described in Note 1. “Overview”, the Company has changed its revenue disaggregation presentation to align with the new reportable segment structure. Revenue by customer group for the three months ended June 30, 2024 was as follows: Sealing Systems Fluid Handling Systems Other Consolidated Passenger and Light Duty $ 356,326 $ 315,871 $ — $ 672,197 Commercial 7,986 2,925 2,319 13,230 Other 634 3,946 18,355 22,935 Revenue $ 364,946 $ 322,742 $ 20,674 $ 708,362 Revenue by customer group for the six months ended June 30, 2024 was as follows: Sealing Systems Fluid Handling Systems Other Consolidated Passenger and Light Duty $ 699,847 $ 615,051 $ — $ 1,314,898 Commercial 15,351 5,851 4,218 25,420 Other 1,027 7,355 36,087 44,469 Revenue $ 716,225 $ 628,257 $ 40,305 $ 1,384,787 Revenue by customer group for the three months ended June 30, 2023 was as follows: Sealing Systems Fluid Handling Systems Other Consolidated Passenger and Light Duty $ 364,849 $ 309,719 $ 1,154 $ 675,722 Commercial 7,913 3,137 2,042 13,092 Other 215 4,311 30,400 34,926 Revenue $ 372,977 $ 317,167 $ 33,596 $ 723,740 Revenue by customer group for the six months ended June 30, 2023 was as follows: Sealing Systems Fluid Handling Systems Other Consolidated Passenger and Light Duty $ 706,129 $ 603,312 $ 2,053 $ 1,311,494 Commercial 15,383 6,336 3,955 25,674 Other 445 8,117 60,468 69,030 Revenue $ 721,957 $ 617,765 $ 66,476 $ 1,406,198 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 and fluid handling systems (consisting of fuel and brake delivery systems 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 an improved driving experience; provide aesthetic and functional class-A exterior surface treatment. Fuel and 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 geographical region for the three months ended June 30, 2024 was as follows: Sealing Systems Fluid Handling Systems Other Consolidated North America $ 158,020 $ 240,220 $ — $ 398,240 Europe 123,095 31,475 — 154,570 Asia Pacific 60,923 42,160 — 103,083 South America 22,908 8,887 — 31,795 Corporate, eliminations and other — — 20,674 20,674 Revenue $ 364,946 $ 322,742 $ 20,674 $ 708,362 Revenue by geographical region for the six months ended June 30, 2024 was as follows: Sealing Systems Fluid Handling Systems Other Consolidated North America $ 308,871 $ 465,588 $ — $ 774,459 Europe 248,814 66,337 — 315,151 Asia Pacific 115,204 80,041 — 195,245 South America 43,336 16,291 — 59,627 Corporate, eliminations and other — — 40,305 40,305 Revenue $ 716,225 $ 628,257 $ 40,305 $ 1,384,787 Revenue by geographical region for the three months ended June 30, 2023 was as follows: Sealing Systems Fluid Handling Systems Other Consolidated North America $ 138,158 $ 230,651 $ — $ 368,809 Europe 141,656 36,241 — 177,897 Asia Pacific 68,250 41,674 — 109,924 South America 24,913 8,601 — 33,514 Corporate, eliminations and other — — 33,596 33,596 Revenue $ 372,977 $ 317,167 $ 33,596 $ 723,740 Revenue by geographical region for the six months ended June 30, 2023 was as follows: Sealing Systems Fluid Handling Systems Other Consolidated North America $ 276,270 $ 457,657 $ — $ 733,927 Europe 272,771 66,980 — 339,751 Asia Pacific 125,362 78,327 — 203,689 South America 47,554 14,801 — 62,355 Corporate, eliminations and other — — 66,476 66,476 Revenue $ 721,957 $ 617,765 $ 66,476 $ 1,406,198 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 the 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, 2024. The Company’s contract liabilities consist of advance payments received and due from customers. Net contract assets (liabilities) consisted of the following: June 30, 2024 December 31, 2023 Change Contract assets $ 607 $ 437 $ 170 Contract liabilities (15) (15) — Net contract assets $ 592 $ 422 $ 170 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 in which the commitment is made, unless the payment is contractually recoverable. Amounts related to commitments of future payments to customers in the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023 were current liabilities of $10,796 and $10,164, respectively, and long-term liabilities of $2,485 and $4,293, respectively. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring On an ongoing basis, the Company evaluates its business and objectives to ensure that it is properly configured and sized based on changing market conditions. Accordingly, the Company has implemented several restructuring initiatives, including closure or consolidation of facilities throughout the world and the reorganization of its operating structure. In May 2024, the Board of Directors of the Company approved a restructuring plan that will eliminate up to 400 salaried, contract and open positions based on the Company’s recently announced product line organizational structure and current and anticipated market demands. The restructuring effort aims to further improve and maximize the Company’s operational efficiency by streamlining business practices and deployed resources, and improving the organization’s overall cost structure. During the three and six months ended June 30, 2024, the Company recognized total restructuring expenses of $17,781 and $18,914, respectively, $16,700 of which related to the restructuring plan approved in May 2024. The Company anticipates total expense related to the restructuring plan approved in May 2024 of approximately $17,000 to $20,000 to be primarily recognized in 2024. The cash expenditures include severance and other related costs directly attributable to the restructuring activities which will be paid in 2024 and 2025. The Company anticipates these restructuring activities to provide approximately $40,000 in annualized savings upon completion. The Company’s restructuring charges consist of severance, retention and outplacement services, and severance-related postemployment benefits (collectively, “employee separation costs”), along with other related exit costs and asset impairments related to restructuring activities (collectively, “other exit costs”). Employee separation costs are recorded based on existing union and employee contracts, statutory requirements, completed negotiations and Company policy. As further described in Note 15. “Segment Reporting”, effective January 1, 2024, the Company changed its management reporting structure with the launch of global product line-focused business segments. As a result, the Company established two reportable segments: Sealing Systems and Fluid Handling Systems. Accordingly, prior period restructuring charges have been revised to conform to the Company’s current period presentation. Restructuring charges by segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Sealing systems $ 10,526 $ 3,292 $ 11,174 $ 4,265 Fluid handling systems 2,500 5,137 2,825 6,241 Corporate and other 4,755 70 4,915 372 Total $ 17,781 $ 8,499 $ 18,914 $ 10,878 Restructuring activity for the six months ended June 30, 2024 was as follows: Employee Separation Costs Other Exit Costs Total Balance as of December 31, 2023 $ 18,960 $ 5,333 $ 24,293 Expense 17,719 1,195 18,914 Cash payments (8,614) (4,117) (12,731) Foreign exchange translation and other (428) (259) (687) Balance as of June 30, 2024 $ 27,637 $ 2,152 $ 29,789 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: June 30, 2024 December 31, 2023 Finished goods $ 45,935 $ 38,022 Work in process 43,439 38,284 Raw materials and supplies 82,477 70,540 Total $ 171,851 $ 146,846 |
Goodwill and Intangibles
Goodwill and Intangibles | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill As further described in Note 15. “Segment Reporting”, effective January 1, 2024, the Company changed its management reporting structure with the launch of global product line-focused business segments. Based on this change, the Company established two reportable segments: Sealing Systems and Fluid Handling Systems. The two reportable segments, along with the Industrial Specialty Group business, are the applicable reporting units for purposes of goodwill assignment and evaluation. As a result of the segment realignment, the Company allocated goodwill to the reporting units existing under the new organizational structure on a relative fair value basis. The Company estimated the fair values of the reporting units based upon the present value of their anticipated future cash flows. The Company’s determination of fair value involved judgment and the use of estimates and assumptions. In conjunction with the goodwill allocation, the Company performed a quantitative impairment assessment of goodwill immediately before and after the segment realignment. The quantitative analyses did not result in any impairment charges as the fair value of each reporting unit exceeded its respective carrying value. Changes in the carrying amount of goodwill by reporting unit for the six months ended June 30, 2024 were as follows: Sealing Systems Fluid Handling Systems Industrial Specialty Group Total Balance as of December 31, 2023 $ 47,775 $ 80,303 $ 12,736 $ 140,814 Foreign exchange translation (126) — — (126) Balance as of June 30, 2024 $ 47,649 $ 80,303 $ 12,736 $ 140,688 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, 2024. Intangible Assets Definite-lived intangible assets and accumulated amortization balances as of June 30, 2024 and December 31, 2023 were as follows: Gross Carrying Amount Accumulated Net Carrying Amount Customer relationships $ 152,161 $ (135,643) $ 16,518 Other 37,798 (17,227) 20,571 Balance as of June 30, 2024 $ 189,959 $ (152,870) $ 37,089 Customer relationships $ 152,403 $ (133,698) $ 18,705 Other 38,090 (16,227) 21,863 Balance as of December 31, 2023 $ 190,493 $ (149,925) $ 40,568 |
Fair Value Measurements and Fin
Fair Value Measurements and Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and December 31, 2023 were as follows: June 30, 2024 December 31, 2023 Input Forward foreign exchange contracts - other current assets $ 216 $ 1,285 Level 2 Forward foreign exchange contracts - accrued liabilities $ (2,796) $ (998) 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. Items Not Carried at Fair Value Fair values of the Company’s First Lien Notes, Third Lien Notes, and 2026 Senior Notes were as follows: June 30, 2024 December 31, 2023 Aggregate fair value $ 997,262 $ 984,448 Aggregate carrying value (1) $ 1,051,175 $ 1,038,808 (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 change in fair value of the derivative is recorded in accumulated other comprehensive income (loss) (“AOCI”) in the condensed consolidated balance sheets, to the extent that the hedges are effective, 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. Cash flows from derivatives used to manage foreign exchange risks designated as cash flow hedges are classified as operating activities within the consolidated statements of cash flows. 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 flows 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, 2024 and December 31, 2023, the notional amount of these contracts was $119,063 and $207,131, respectively, and consisted of hedges of cash flow transactions extending out to December 2024. Pretax amounts related to the Company’s cash flow hedges that were recognized in other comprehensive income (loss) (“OCI”) were as follows: (Loss) Gain Recognized in OCI Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Forward foreign exchange contracts $ (5,906) $ 4,689 $ (1,698) $ 10,242 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 Reclassified from AOCI to Income Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Forward foreign exchange contracts $ 506 $ 5,245 $ 1,168 $ 8,579 |
Pension and Postretirement Bene
Pension and Postretirement Benefits other than Pensions | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefits other than Pensions | Pension and Postretirement Benefits Other Than Pensions The components of net periodic benefit cost (income) for the Company’s defined benefit plans and other postretirement benefit plans were as follows: Pension Benefits Three Months Ended June 30, 2024 2023 U.S. Non-U.S. U.S. Non-U.S. Service cost $ — $ 591 $ — $ 543 Interest cost 126 1,199 2,314 1,315 Expected return on plan assets — (330) (2,113) (308) Amortization of prior service cost and actuarial loss 36 53 778 6 Pension settlement charge 46,787 — — — Net periodic benefit cost $ 46,949 $ 1,513 $ 979 $ 1,556 Pension Benefits Six Months Ended June 30, 2024 2023 U.S. Non-U.S. U.S. Non-U.S. Service cost $ — $ 1,189 $ — $ 1,078 Interest cost 1,945 2,411 4,628 2,610 Expected return on plan assets (1,647) (666) (4,226) (615) Amortization of prior service cost and actuarial loss 591 106 1,556 12 Pension settlement charge 46,787 — — — Net periodic benefit cost $ 47,676 $ 3,040 $ 1,958 $ 3,085 Other Postretirement Benefits Three Months Ended June 30, 2024 2023 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 6 $ 44 $ 13 $ 37 Interest cost 142 191 205 198 Amortization of prior service credit and actuarial (gain) loss (730) 3 (609) (21) Net periodic benefit (income) cost $ (582) $ 238 $ (391) $ 214 Other Postretirement Benefits Six Months Ended June 30, 2024 2023 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 12 $ 89 $ 26 $ 75 Interest cost 284 385 410 395 Amortization of prior service credit and actuarial (gain) loss (1,460) 7 (1,218) (42) Net periodic benefit (income) cost $ (1,164) $ 481 $ (782) $ 428 The service cost component of net periodic benefit cost (income) is included in cost of products sold and selling, administrative and engineering expenses in the condensed consolidated statements of operations. The pension settlement charge is separately presented in the condensed consolidated statement of operations. All other components of net periodic benefit cost (income) are included in other expense, net in the condensed consolidated statements of operations for all periods presented. Pension Plan Termination On October 11, 2022, the Company’s Board of Directors approved a resolution to merge certain of the Company’s U.S. defined benefit pension plans and terminate the resulting merged plan (“U.S. Pension Plan”) effective December 31, 2022. In the fourth quarter of 2023, the Company completed the transfer of all lump sum payments to eligible plan participants who elected such lump sums or otherwise met the criteria for lump sum payments as part of the termination process. On April 3, 2024, the Company irrevocably transferred approximately $137,000 of remaining pension benefit obligations and associated plan assets related to the U.S. Pension Plan to a highly rated insurance company, thereby reducing the Company’s pension obligations and assets by the same amount. As a result, the Company recognized a one-time, non-cash pension settlement charge of $46,787 ($48,190 net of tax) for both the three and six months ended June 30, 2024, primarily related to the accelerated recognition of accumulated actuarial losses included within AOCI in the condensed consolidated balance sheets. This transaction further de-risks the Company’s retirement-related plans by eliminating the potential for the Company to make future cash contributions to fund the remaining pension benefit obligations being transferred to the insurer. Beginning in June 2024, the insurance company began paying plan benefits to eligible plan participants through a group annuity contract. The termination of the U.S. Pension Plan is expected to be completed during the year ended December 31, 2024. |
Other Income (Expense), Net
Other Income (Expense), Net | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Other (Expense) Income, Net | Other Expense, Net The components of other expense, net were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Foreign currency losses $ (3,695) $ (534) $ (5,666) $ (2,451) Components of net periodic cost other than service cost (690) (1,765) (1,956) (3,510) Factoring costs (767) (636) (1,420) (1,073) Miscellaneous income 23 374 264 469 Other expense, net $ (5,129) $ (2,561) $ (8,778) $ (6,565) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company determines its effective tax rate each quarter based upon its estimated annual effective tax rate. The Company records the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. In addition, jurisdictions with a projected loss for the year where no tax benefit can be recognized are excluded from the estimated annual effective tax rate. Income tax expense, loss before income taxes and the corresponding effective tax rate for the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Income tax expense $ 8,080 $ 4,765 $ 12,211 $ 5,123 Loss before income taxes (68,103) (23,655) (95,280) (154,409) Effective tax rate (12) % (20) % (13) % (3) % The effective tax rate for the three and six months ended June 30, 2024 varied from the effective tax rate for the three and six months ended June 30, 2023 primarily due to the geographic mix of pre-tax income and losses, and the inability to record a tax expense for pre-tax income and a benefit for pre-tax losses in the U.S. and certain foreign jurisdictions due to valuation allowances, adjustments to uncertain tax positions, and other permanent items. The income tax rate for the three and six months ended June 30, 2024 and 2023 varied from the U.S. statutory rate primarily due to the inability to record a tax expense for pre-tax income and a tax benefit for pre-tax losses in the U.S. and certain foreign jurisdictions due to valuation allowances, tax credits, the impact of income taxes on foreign earnings taxed at rates varying from the U.S. statutory rate, adjustments to uncertain tax positions, and other permanent items. The Company’s current and future provision for income taxes is impacted by changes in valuation allowances in the U.S. and certain foreign jurisdictions. The Company’s future provision for income taxes will include no tax benefit with respect to losses incurred and, except for certain jurisdictions, no tax expense with respect to income generated in these countries until the respective valuation allowances are eliminated. Accordingly, income taxes are impacted by changes in valuation allowances and the mix of earnings among jurisdictions. The Company evaluates the realizability of its deferred tax assets on a quarterly basis. In completing this evaluation, the Company considers all available evidence in order to determine, based on the weight of the evidence, if a valuation allowance for its deferred tax assets is necessary. Such evidence includes historical results, future reversals of existing taxable temporary differences and expectations for future taxable income (exclusive of the reversal of temporary differences and carryforwards), as well as the implementation of feasible and prudent tax planning strategies. If, based on the weight of the evidence, it is more likely than not that all or a portion of the Company’s deferred tax assets will not be realized, a valuation allowance is recorded. If operating results improve or decline on a continual basis in a particular jurisdiction, the Company’s decision regarding the need for a valuation allowance could change, resulting in either the initial recognition or reversal of a valuation allowance in that jurisdiction, which could have a significant impact on income tax expense in the period recognized and subsequent periods. In determining the provision for income taxes for financial statement purposes, the Company makes certain estimates and judgments, which affect its evaluation of the carrying value of its deferred tax assets, as well as its calculation of certain tax liabilities. The Company, or one of its subsidiaries, files income tax returns in the United States and other foreign jurisdictions. During the examination of the Company’s 2015-2018 U.S. federal income tax filings, the IRS asserted that income earned by a Netherlands subsidiary from its Mexican branch operations should be categorized as foreign based company sales income under Section 954(d) of the Internal Revenue Code and should be recognized currently as taxable income on the Company’s 2015-2018 U.S. federal income tax filings. As a result of this assertion, the IRS issued a Notice of Proposed Adjustment (“NOPA”). The Company believes the proposed adjustment is without merit and is in the process of contesting the matter. Currently, the protest with the IRS for the 2015-2018 tax years is with the IRS’s administrative appeals office, and the Company is having continuing discussion about the issue. The Company believes, after consultation with tax and legal counsel, that it is more likely than not that it will ultimately be successful in defending its position. As such, the Company has not recorded any impact of the IRS’s proposed adjustment in its condensed consolidated financial statements as of and for both the three and six months ended June 30, 2024. In the event the Company is not successful in defending its position, the potential income tax expense impact, including interest, related to tax years 2015 through June 30, 2024 is less than $10,000. The Company intends to vigorously contest the conclusions reached in the NOPA through the IRS’s administrative appeals process, and, if necessary, through litigation. On August 16, 2022, the U.S. enacted the Inflation Reduction Action of 2022, which, among other things, implements a 15% minimum tax on financial statement income of certain large corporations, a 1% excise tax on net stock repurchases and several tax incentives to promote clean energy. The provisions were effective in the first quarter of 2023 and did not have a significant impact on the Company’s condensed consolidated financial statements. Numerous countries have agreed to a statement in support of the Organization for Economic Co-operation and Development (“OECD”) model rules that propose a global minimum tax rate of 15%, and European Union member states have agreed to implement the global minimum tax. Certain countries, including European Union member states, have enacted or are expected to enact legislation to be effective as early as 2024, with widespread implementation of a global minimum tax expected by 2025. The Company has recorded the impact of the global minimum tax as currently enacted in the condensed consolidated financial statements as of June 30, 2024 and for the three and six months ended June 30, 2024. As further legislation becomes effective in countries in which the Company does business, the Company’s provision for income taxes could be impacted. The Company will continue to monitor pending legislation and implementation by individual countries and adjust its calculations accordingly. |
Net Income (Loss) Per Share Att
Net Income (Loss) Per Share Attributable to Cooper-Standard Holdings Inc. | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 2024 2023 Net loss available to Cooper-Standard Holdings Inc. common stockholders $ (76,243) $ (27,829) $ (107,903) $ (158,196) Basic weighted average shares of common stock outstanding 17,564,015 17,334,918 17,513,076 17,282,462 Dilutive effect of common stock equivalents — — — — Diluted weighted average shares of common stock outstanding 17,564,015 17,334,918 17,513,076 17,282,462 Basic net loss per share attributable to Cooper-Standard Holdings Inc. $ (4.34) $ (1.61) $ (6.16) $ (9.15) Diluted net loss per share attributable to Cooper-Standard Holdings Inc. $ (4.34) $ (1.61) $ (6.16) $ (9.15) Securities excluded from the calculation of diluted loss per share were approximately 239,000 and 44,000 for the three months ended June 30, 2024 and 2023, respectively, and 232,000 and 42,000 for the six months ended June 30, 2024 and 2023, 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, 2024 | |
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, 2024 2023 2024 2023 Foreign currency translation adjustment Balance at beginning of period $ (164,901) $ (158,093) $ (157,656) $ (158,023) Other comprehensive loss before reclassifications (7,726) (1) (7,295) (1) (14,971) (1) (7,365) (1) Amounts reclassified from accumulated other comprehensive loss — — — — Balance at end of period $ (172,627) $ (165,388) $ (172,627) $ (165,388) Benefit plan liabilities Balance at beginning of period $ (43,996) $ (60,151) $ (44,149) $ (60,251) Other comprehensive income (loss) before reclassifications (net of tax expense (benefit) of $23, $(94), $45, and $(29), respectively) 3,972 (16) 4,242 (74) Amounts reclassified from accumulated other comprehensive income 47,107 (2) 158 (3) 46,990 (4) 316 (5) Balance at end of period $ 7,083 $ (60,009) $ 7,083 $ (60,009) Fair value change of derivatives Balance at beginning of period $ 3,681 $ 10,646 $ 140 $ 8,303 Other comprehensive (loss) income before reclassifications (net of tax expense of $1, $1,419, $6, and $2,189, respectively) (5,907) 3,270 (1,704) 8,053 Amounts reclassified from accumulated other comprehensive loss (net of no tax expense, $1,401, no tax expense, and $2,295, respectively) (506) (3,844) (1,168) (6,284) Balance at end of period $ (2,732) $ 10,072 $ (2,732) $ 10,072 Accumulated other comprehensive loss, ending balance $ (168,276) $ (215,325) $ (168,276) $ (215,325) (1) Includes other comprehensive (loss) income related to intra-entity foreign currency balances that are of a long-term investment nature of $(7,341) and $1,979 for the three months ended June 30, 2024 and 2023, respectively, and $(15,784) and $(1,844) for the six months ended June 30, 2024 and 2023, respectively. (2) Includes the effect of the amortization of actuarial gains of $(252) and amortization of prior service cost of $3, net of tax of $1,403, and the impact of a one-time, non-cash pension settlement charge of $46,342 reclassified to net earnings. See Note 8. “Pension and Postretirement Benefits Other Than Pensions” for additional information. (3) Includes the effect of the amortization of actuarial losses of $147 and amortization of prior service cost of $6, net of tax of $5. (4) Includes the effect of the amortization of actuarial gains of $(764) and amortization of prior service cost of $7, net of tax of $1,405, and the impact of a one-time, non-cash pension settlement charge of $46,342 reclassified to net earnings. See Note 8. “Pension and Postretirement Benefits Other Than Pensions” for additional information. (5) Includes the effect of the amortization of actuarial losses of $294 and amortization of prior service cost of $12, net of tax of $10. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Common Stock | Common Stock Share Repurchase Program |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024, 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. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | Segment Reporting The Company had historically managed its automotive business in four reportable segments: North America, Europe, Asia Pacific and South America. All other business activities were reported in Corporate, eliminations and other. As disclosed in its 2023 Annual Report, effective January 1, 2024, the Company changed its management reporting structure with the launch of global product line-focused business segments. This resulted in the realignment of the Company’s reportable segments, which are based on how the CODM manages the business, allocates resources, makes operating decisions, and evaluates operating performance. Based on this change, the Company established two reportable automotive segments: Sealing Systems and Fluid Handling Systems. All other business activities are reported in Corporate, eliminations and other. Additional information related to the composition of each reportable segment is included below: • Sealing Systems: The Sealing Systems segment is comprised of products that are designed and manufactured to protect vehicle interiors from weather, dust and noise intrusion for an improved driving experience. Its products also provide aesthetic and functional class-A exterior surface treatment. As disclosed in its 2023 Annual Report, the Company believes it is the largest global producer of sealing systems. • Fluid Handling Systems: The Fluid Handling Systems segment is comprised of products that help convey, connect, control and communicate throughout fluid systems for superior performance across diverse powertrains. The Company leverages its innovation expertise and vertically integrated manufacturing process with strong global standardization to support customers throughout the world. The new structure is expected to optimize asset and resource allocation, enhance operating efficiency and aid in accelerating growth. The segment realignment had no impact on the Company’s consolidated financial position, results of operations, or cash flows. All segment information is reflective of this new structure, and prior period information has been revised to conform to the Company’s current period presentation. 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, 2024 2023 External Sales Intersegment Sales Adjusted EBITDA External Sales Intersegment Sales Adjusted EBITDA Sealing systems $ 364,946 $ 11,886 $ 35,035 $ 372,977 $ 14,981 $ 35,562 Fluid handling systems 322,742 5,366 16,282 317,167 7,319 13,641 Total for reportable segments $ 687,688 $ 17,252 $ 51,317 $ 690,144 $ 22,300 $ 49,203 Six Months Ended June 30, 2024 2023 External Sales Intersegment Sales Adjusted EBITDA External Sales Intersegment Sales Adjusted EBITDA Sealing systems $ 716,225 $ 23,795 $ 56,406 $ 721,957 $ 30,204 $ 47,278 Fluid handling systems 628,257 10,196 27,264 617,765 12,442 17,844 Total for reportable segments $ 1,344,482 $ 33,991 $ 83,670 $ 1,339,722 $ 42,646 $ 65,122 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Total reportable segments adjusted EBITDA $ 51,317 $ 49,203 $ 83,670 $ 65,122 Restructuring charges (17,781) (8,499) (18,914) (10,878) Impairment charges — (654) — (654) Pension settlement charge (46,787) — (46,787) — Loss on refinancing and extinguishment of debt — — — (81,885) Income tax expense (8,080) (4,765) (12,211) (5,123) Interest expense, net of interest income (28,635) (34,034) (57,916) (64,254) Depreciation and amortization (25,873) (27,816) (52,336) (55,798) Corporate, eliminations and other (1) (404) (1,264) (3,409) (4,726) Net loss attributable to Cooper-Standard Holdings Inc. $ (76,243) $ (27,829) $ (107,903) $ (158,196) (1) Includes revenue and expenses from the ISG business, which is an operating segment that does not meet the quantitative thresholds for determining reportable segments, and corporate-related costs including deferred compensation arrangements and advanced engineering spending. June 30, 2024 December 31, 2023 Segment assets: Sealing systems $ 832,569 $ 906,022 Fluid handling systems 705,262 735,465 Total segment assets $ 1,537,831 $ 1,641,487 Corporate, eliminations and other 229,119 230,812 Consolidated $ 1,766,950 $ 1,872,299 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net (Loss) Income Attributable to Parent | $ (76,243) | $ (27,829) | $ (107,903) | $ (158,196) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Overview (Policies)
Overview (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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 and fluid handling systems (consisting of fuel and brake delivery systems 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, 2023 (the “2023 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, 2024 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. As disclosed in its 2023 Annual Report, effective January 1, 2024, the Company changed its management reporting structure with the launch of global product line-focused business segments. This resulted in the realignment of its reportable segments, which are determined based on how the chief operating decision maker (“CODM”) manages the business, allocates resources, makes operating decisions and evaluates operating performance. As a result, the Company established two reportable segments: Sealing Systems and Fluid Handling Systems. All other business activities are reported in Corporate, eliminations and other. The segment realignment had no impact on the Company’s consolidated financial position, results of operations, or cash flows. All segment information included in this Form 10-Q is reflective of this new structure and prior period information has been revised to conform to the Company’s current period presentation. Refer to Note 15. “Segment Reporting” for additional information on the Company’s reportable segments and to Note 5. “Goodwill and Intangible Assets” for the impact thereof to the evaluation of recorded goodwill balances. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
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, 2024 December 31, 2023 Change Contract assets $ 607 $ 437 $ 170 Contract liabilities (15) (15) — Net contract assets $ 592 $ 422 $ 170 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Summary of Activity of Restructuring | Restructuring charges by segment were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Sealing systems $ 10,526 $ 3,292 $ 11,174 $ 4,265 Fluid handling systems 2,500 5,137 2,825 6,241 Corporate and other 4,755 70 4,915 372 Total $ 17,781 $ 8,499 $ 18,914 $ 10,878 |
Schedule of Restructuring Reserve by Type of Cost | Restructuring activity for the six months ended June 30, 2024 was as follows: Employee Separation Costs Other Exit Costs Total Balance as of December 31, 2023 $ 18,960 $ 5,333 $ 24,293 Expense 17,719 1,195 18,914 Cash payments (8,614) (4,117) (12,731) Foreign exchange translation and other (428) (259) (687) Balance as of June 30, 2024 $ 27,637 $ 2,152 $ 29,789 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consist of the following: June 30, 2024 December 31, 2023 Finished goods $ 45,935 $ 38,022 Work in process 43,439 38,284 Raw materials and supplies 82,477 70,540 Total $ 171,851 $ 146,846 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 were as follows: Sealing Systems Fluid Handling Systems Industrial Specialty Group Total Balance as of December 31, 2023 $ 47,775 $ 80,303 $ 12,736 $ 140,814 Foreign exchange translation (126) — — (126) Balance as of June 30, 2024 $ 47,649 $ 80,303 $ 12,736 $ 140,688 |
Intangible Assets and Accumulated Amortization Balances | ntangible assets and accumulated amortization balances as of June 30, 2024 and December 31, 2023 were as follows: Gross Carrying Amount Accumulated Net Carrying Amount Customer relationships $ 152,161 $ (135,643) $ 16,518 Other 37,798 (17,227) 20,571 Balance as of June 30, 2024 $ 189,959 $ (152,870) $ 37,089 Customer relationships $ 152,403 $ (133,698) $ 18,705 Other 38,090 (16,227) 21,863 Balance as of December 31, 2023 $ 190,493 $ (149,925) $ 40,568 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | A summary of outstanding debt as of June 30, 2024 and December 31, 2023 is as follows: June 30, 2024 December 31, 2023 First Lien Notes $ 609,644 $ 595,966 Third Lien Notes 387,425 386,681 2026 Senior Notes 42,377 42,338 Finance leases 20,566 22,243 Other borrowings 46,861 48,220 Total debt 1,106,873 1,095,448 Less: current portion (49,551) (50,712) Total long-term debt $ 1,057,322 $ 1,044,736 |
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, 2024 December 31, 2023 Off-balance sheet arrangements $ 62,471 $ 47,903 |
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, 2024 2023 2024 2023 Accounts receivable factored $ 124,171 $ 114,260 $ 245,287 $ 217,305 Costs 767 636 1,420 1,073 |
Fair Value Measurements and F_2
Fair Value Measurements and Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and December 31, 2023 were as follows: June 30, 2024 December 31, 2023 Input Forward foreign exchange contracts - other current assets $ 216 $ 1,285 Level 2 Forward foreign exchange contracts - accrued liabilities $ (2,796) $ (998) Level 2 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair values of the Company’s First Lien Notes, Third Lien Notes, and 2026 Senior Notes were as follows: June 30, 2024 December 31, 2023 Aggregate fair value $ 997,262 $ 984,448 Aggregate carrying value (1) $ 1,051,175 $ 1,038,808 (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: (Loss) Gain Recognized in OCI Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Forward foreign exchange contracts $ (5,906) $ 4,689 $ (1,698) $ 10,242 |
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 Reclassified from AOCI to Income Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Forward foreign exchange contracts $ 506 $ 5,245 $ 1,168 $ 8,579 |
Accounts Receivable Factoring (
Accounts Receivable Factoring (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [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, 2024 December 31, 2023 Off-balance sheet arrangements $ 62,471 $ 47,903 |
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, 2024 2023 2024 2023 Accounts receivable factored $ 124,171 $ 114,260 $ 245,287 $ 217,305 Costs 767 636 1,420 1,073 |
Pension and Postretirement Be_2
Pension and Postretirement Benefits other than Pensions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost of Defined Benefit Plans and Other Postretirement Benefit Plans | The components of net periodic benefit cost (income) for the Company’s defined benefit plans and other postretirement benefit plans were as follows: Pension Benefits Three Months Ended June 30, 2024 2023 U.S. Non-U.S. U.S. Non-U.S. Service cost $ — $ 591 $ — $ 543 Interest cost 126 1,199 2,314 1,315 Expected return on plan assets — (330) (2,113) (308) Amortization of prior service cost and actuarial loss 36 53 778 6 Pension settlement charge 46,787 — — — Net periodic benefit cost $ 46,949 $ 1,513 $ 979 $ 1,556 Pension Benefits Six Months Ended June 30, 2024 2023 U.S. Non-U.S. U.S. Non-U.S. Service cost $ — $ 1,189 $ — $ 1,078 Interest cost 1,945 2,411 4,628 2,610 Expected return on plan assets (1,647) (666) (4,226) (615) Amortization of prior service cost and actuarial loss 591 106 1,556 12 Pension settlement charge 46,787 — — — Net periodic benefit cost $ 47,676 $ 3,040 $ 1,958 $ 3,085 Other Postretirement Benefits Three Months Ended June 30, 2024 2023 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 6 $ 44 $ 13 $ 37 Interest cost 142 191 205 198 Amortization of prior service credit and actuarial (gain) loss (730) 3 (609) (21) Net periodic benefit (income) cost $ (582) $ 238 $ (391) $ 214 Other Postretirement Benefits Six Months Ended June 30, 2024 2023 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 12 $ 89 $ 26 $ 75 Interest cost 284 385 410 395 Amortization of prior service credit and actuarial (gain) loss (1,460) 7 (1,218) (42) Net periodic benefit (income) cost $ (1,164) $ 481 $ (782) $ 428 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Details of Components of Other Income Expense, Net | The components of other expense, net were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Foreign currency losses $ (3,695) $ (534) $ (5,666) $ (2,451) Components of net periodic cost other than service cost (690) (1,765) (1,956) (3,510) Factoring costs (767) (636) (1,420) (1,073) Miscellaneous income 23 374 264 469 Other expense, net $ (5,129) $ (2,561) $ (8,778) $ (6,565) |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense, loss before income taxes and the corresponding effective tax rate for the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Income tax expense $ 8,080 $ 4,765 $ 12,211 $ 5,123 Loss before income taxes (68,103) (23,655) (95,280) (154,409) Effective tax rate (12) % (20) % (13) % (3) % |
Net Income (Loss) Per Share A_2
Net Income (Loss) Per Share Attributable to Cooper-Standard Holdings Inc. (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 2024 2023 Net loss available to Cooper-Standard Holdings Inc. common stockholders $ (76,243) $ (27,829) $ (107,903) $ (158,196) Basic weighted average shares of common stock outstanding 17,564,015 17,334,918 17,513,076 17,282,462 Dilutive effect of common stock equivalents — — — — Diluted weighted average shares of common stock outstanding 17,564,015 17,334,918 17,513,076 17,282,462 Basic net loss per share attributable to Cooper-Standard Holdings Inc. $ (4.34) $ (1.61) $ (6.16) $ (9.15) Diluted net loss per share attributable to Cooper-Standard Holdings Inc. $ (4.34) $ (1.61) $ (6.16) $ (9.15) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 2024 2023 Foreign currency translation adjustment Balance at beginning of period $ (164,901) $ (158,093) $ (157,656) $ (158,023) Other comprehensive loss before reclassifications (7,726) (1) (7,295) (1) (14,971) (1) (7,365) (1) Amounts reclassified from accumulated other comprehensive loss — — — — Balance at end of period $ (172,627) $ (165,388) $ (172,627) $ (165,388) Benefit plan liabilities Balance at beginning of period $ (43,996) $ (60,151) $ (44,149) $ (60,251) Other comprehensive income (loss) before reclassifications (net of tax expense (benefit) of $23, $(94), $45, and $(29), respectively) 3,972 (16) 4,242 (74) Amounts reclassified from accumulated other comprehensive income 47,107 (2) 158 (3) 46,990 (4) 316 (5) Balance at end of period $ 7,083 $ (60,009) $ 7,083 $ (60,009) Fair value change of derivatives Balance at beginning of period $ 3,681 $ 10,646 $ 140 $ 8,303 Other comprehensive (loss) income before reclassifications (net of tax expense of $1, $1,419, $6, and $2,189, respectively) (5,907) 3,270 (1,704) 8,053 Amounts reclassified from accumulated other comprehensive loss (net of no tax expense, $1,401, no tax expense, and $2,295, respectively) (506) (3,844) (1,168) (6,284) Balance at end of period $ (2,732) $ 10,072 $ (2,732) $ 10,072 Accumulated other comprehensive loss, ending balance $ (168,276) $ (215,325) $ (168,276) $ (215,325) (1) Includes other comprehensive (loss) income related to intra-entity foreign currency balances that are of a long-term investment nature of $(7,341) and $1,979 for the three months ended June 30, 2024 and 2023, respectively, and $(15,784) and $(1,844) for the six months ended June 30, 2024 and 2023, respectively. (2) Includes the effect of the amortization of actuarial gains of $(252) and amortization of prior service cost of $3, net of tax of $1,403, and the impact of a one-time, non-cash pension settlement charge of $46,342 reclassified to net earnings. See Note 8. “Pension and Postretirement Benefits Other Than Pensions” for additional information. (3) Includes the effect of the amortization of actuarial losses of $147 and amortization of prior service cost of $6, net of tax of $5. (4) Includes the effect of the amortization of actuarial gains of $(764) and amortization of prior service cost of $7, net of tax of $1,405, and the impact of a one-time, non-cash pension settlement charge of $46,342 reclassified to net earnings. See Note 8. “Pension and Postretirement Benefits Other Than Pensions” for additional information. (5) Includes the effect of the amortization of actuarial losses of $294 and amortization of prior service cost of $12, net of tax of $10. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 2023 External Sales Intersegment Sales Adjusted EBITDA External Sales Intersegment Sales Adjusted EBITDA Sealing systems $ 364,946 $ 11,886 $ 35,035 $ 372,977 $ 14,981 $ 35,562 Fluid handling systems 322,742 5,366 16,282 317,167 7,319 13,641 Total for reportable segments $ 687,688 $ 17,252 $ 51,317 $ 690,144 $ 22,300 $ 49,203 Six Months Ended June 30, 2024 2023 External Sales Intersegment Sales Adjusted EBITDA External Sales Intersegment Sales Adjusted EBITDA Sealing systems $ 716,225 $ 23,795 $ 56,406 $ 721,957 $ 30,204 $ 47,278 Fluid handling systems 628,257 10,196 27,264 617,765 12,442 17,844 Total for reportable segments $ 1,344,482 $ 33,991 $ 83,670 $ 1,339,722 $ 42,646 $ 65,122 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Total reportable segments adjusted EBITDA $ 51,317 $ 49,203 $ 83,670 $ 65,122 Restructuring charges (17,781) (8,499) (18,914) (10,878) Impairment charges — (654) — (654) Pension settlement charge (46,787) — (46,787) — Loss on refinancing and extinguishment of debt — — — (81,885) Income tax expense (8,080) (4,765) (12,211) (5,123) Interest expense, net of interest income (28,635) (34,034) (57,916) (64,254) Depreciation and amortization (25,873) (27,816) (52,336) (55,798) Corporate, eliminations and other (1) (404) (1,264) (3,409) (4,726) Net loss attributable to Cooper-Standard Holdings Inc. $ (76,243) $ (27,829) $ (107,903) $ (158,196) (1) Includes revenue and expenses from the ISG business, which is an operating segment that does not meet the quantitative thresholds for determining reportable segments, and corporate-related costs including deferred compensation arrangements and advanced engineering spending. June 30, 2024 December 31, 2023 Segment assets: Sealing systems $ 832,569 $ 906,022 Fluid handling systems 705,262 735,465 Total segment assets $ 1,537,831 $ 1,641,487 Corporate, eliminations and other 229,119 230,812 Consolidated $ 1,766,950 $ 1,872,299 |
Revenue by end customer (Detail
Revenue by end customer (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 708,362 | $ 723,740 | $ 1,384,787 | $ 1,406,198 |
Sealing systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 364,946 | 372,977 | 716,225 | 721,957 |
Total fluid handling | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 322,742 | 317,167 | 628,257 | 617,765 |
Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 20,674 | 33,596 | 40,305 | 66,476 |
North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 398,240 | 368,809 | 774,459 | 733,927 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 154,570 | 177,897 | 315,151 | 339,751 |
Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 103,083 | 109,924 | 195,245 | 203,689 |
South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 31,795 | 33,514 | 59,627 | 62,355 |
Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 20,674 | 33,596 | 40,305 | 66,476 |
Passenger and Light Duty | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 672,197 | 675,722 | 1,314,898 | 1,311,494 |
Passenger and Light Duty | Sealing systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 356,326 | 364,849 | 699,847 | 706,129 |
Passenger and Light Duty | Total fluid handling | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 315,871 | 309,719 | 615,051 | 603,312 |
Passenger and Light Duty | Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 1,154 | 0 | 2,053 |
Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 13,230 | 13,092 | 25,420 | 25,674 |
Commercial [Member] | Sealing systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 7,986 | 7,913 | 15,351 | 15,383 |
Commercial [Member] | Total fluid handling | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 2,925 | 3,137 | 5,851 | 6,336 |
Commercial [Member] | Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 2,319 | 2,042 | 4,218 | 3,955 |
Other Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 22,935 | 34,926 | 44,469 | 69,030 |
Other Customers [Member] | Sealing systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 634 | 215 | 1,027 | 445 |
Other Customers [Member] | Total fluid handling | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 3,946 | 4,311 | 7,355 | 8,117 |
Other Customers [Member] | Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 18,355 | $ 30,400 | $ 36,087 | $ 60,468 |
Revenue by type (Details)
Revenue by type (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 708,362 | $ 723,740 | $ 1,384,787 | $ 1,406,198 |
North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 398,240 | 368,809 | 774,459 | 733,927 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 154,570 | 177,897 | 315,151 | 339,751 |
Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 103,083 | 109,924 | 195,245 | 203,689 |
South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 31,795 | 33,514 | 59,627 | 62,355 |
Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 20,674 | 33,596 | 40,305 | 66,476 |
Sealing systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 364,946 | 372,977 | 716,225 | 721,957 |
Sealing systems [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 158,020 | 138,158 | 308,871 | 276,270 |
Sealing systems [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 123,095 | 141,656 | 248,814 | 272,771 |
Sealing systems [Member] | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 60,923 | 68,250 | 115,204 | 125,362 |
Sealing systems [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 22,908 | 24,913 | 43,336 | 47,554 |
Sealing systems [Member] | Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
Other products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 20,674 | 33,596 | 40,305 | 66,476 |
Other products [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
Other products [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
Other products [Member] | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
Other products [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
Other products [Member] | Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 20,674 | 33,596 | 40,305 | 66,476 |
Total fluid handling | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 322,742 | 317,167 | 628,257 | 617,765 |
Total fluid handling | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 240,220 | 230,651 | 465,588 | 457,657 |
Total fluid handling | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 31,475 | 36,241 | 66,337 | 66,980 |
Total fluid handling | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 42,160 | 41,674 | 80,041 | 78,327 |
Total fluid handling | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 8,887 | 8,601 | 16,291 | 14,801 |
Total fluid handling | Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue by geographical regions
Revenue by geographical regions - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Sales | $ 708,362 | $ 723,740 | $ 1,384,787 | $ 1,406,198 |
North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 398,240 | 368,809 | 774,459 | 733,927 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 154,570 | 177,897 | 315,151 | 339,751 |
Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 103,083 | 109,924 | 195,245 | 203,689 |
South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 31,795 | 33,514 | 59,627 | 62,355 |
Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 20,674 | 33,596 | 40,305 | 66,476 |
Sealing systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 364,946 | 372,977 | 716,225 | 721,957 |
Sealing systems [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 158,020 | 138,158 | 308,871 | 276,270 |
Sealing systems [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 123,095 | 141,656 | 248,814 | 272,771 |
Sealing systems [Member] | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 60,923 | 68,250 | 115,204 | 125,362 |
Sealing systems [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 22,908 | 24,913 | 43,336 | 47,554 |
Sealing systems [Member] | Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 0 | 0 | 0 | 0 |
Total fluid handling | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 322,742 | 317,167 | 628,257 | 617,765 |
Total fluid handling | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 240,220 | 230,651 | 465,588 | 457,657 |
Total fluid handling | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 31,475 | 36,241 | 66,337 | 66,980 |
Total fluid handling | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 42,160 | 41,674 | 80,041 | 78,327 |
Total fluid handling | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 8,887 | 8,601 | 16,291 | 14,801 |
Total fluid handling | Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 0 | 0 | 0 | 0 |
Other products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 20,674 | 33,596 | 40,305 | 66,476 |
Other products [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 0 | 0 | 0 | 0 |
Other products [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 0 | 0 | 0 | 0 |
Other products [Member] | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 0 | 0 | 0 | 0 |
Other products [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 0 | 0 | 0 | 0 |
Other products [Member] | Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | $ 20,674 | $ 33,596 | $ 40,305 | $ 66,476 |
Revenue Net contract assets (li
Revenue Net contract assets (liabilities) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Net contract assets (liabilities) [Abstract] | ||
Contract with Customer, Asset, Gross, Current | $ 607 | $ 437 |
Contract with Customer, Asset, Explanation of Change | 170 | |
Contract with Customer, Liability, Current | (15) | (15) |
Contract with Customer, Liability, Explanation of Change | 0 | |
Contract with Customer, Asset, Net, Current | 592 | $ 422 |
Contract with Customer, Net, Explanation of Change | 170 | |
Disaggregation of Revenue [Line Items] | ||
Contract with Customer, Liability, Explanation of Change | $ 0 |
Revenue other (Details)
Revenue other (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Disaggregation of Revenue [Line Items] | ||
Accrued Liabilities, Current | $ 113,952 | $ 116,954 |
Short-term Contract with Customer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Accrued Liabilities, Current | 10,796 | 10,164 |
Long-term Contract with Customer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Accrued Liabilities, Current | $ 2,485 | $ 4,293 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 17,781 | $ 8,499 | $ 18,914 | $ 10,878 |
Corporate and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 4,755 | 70 | 4,915 | 372 |
Sealing systems [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 11,174 | 4,265 | ||
Total fluid handling | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 2,825 | $ 6,241 | ||
Europe [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 10,526 | 3,292 | ||
Asia Pacific [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 2,500 | $ 5,137 |
Restructuring - Summary of Acti
Restructuring - Summary of Activity of Restructuring (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve, Beginning Balance | $ 24,293 |
Expense | 18,914 |
Cash payments | (12,731) |
Foreign exchange translation and other | (687) |
Restructuring Reserve, Ending Balance | 29,789 |
Employee Separation Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve, Beginning Balance | 18,960 |
Expense | 17,719 |
Cash payments | (8,614) |
Foreign exchange translation and other | (428) |
Restructuring Reserve, Ending Balance | 27,637 |
Other Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve, Beginning Balance | 5,333 |
Expense | 1,195 |
Cash payments | (4,117) |
Foreign exchange translation and other | (259) |
Restructuring Reserve, Ending Balance | $ 2,152 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 45,935 | $ 38,022 |
Work in process | 43,439 | 38,284 |
Raw materials and supplies | 82,477 | 70,540 |
Inventories | $ 171,851 | $ 146,846 |
Leases Lease Amounts Recognized
Leases Lease Amounts Recognized on Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets, net | $ 92,184 | $ 91,126 |
Current operating lease liabilities | 19,623 | 18,577 |
Long-term operating lease liabilities | $ 76,203 | $ 76,482 |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment, net | $ 568,381 | $ 608,431 |
Property, Plant and Equipment A
Property, Plant and Equipment Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Line Items] | ||||
Impairment charges | $ 0 | $ 654 | $ 0 | $ 654 |
Goodwill and Intangibles - Carr
Goodwill and Intangibles - Carrying Amount of Goodwill by Reportable Operating Segment (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 140,814 |
Goodwill, Foreign Currency Translation Gain (Loss) | (126) |
Goodwill, Ending Balance | 140,688 |
Industrial Specialty Group [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 12,736 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 |
Goodwill, Ending Balance | 12,736 |
Sealing systems [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 47,775 |
Goodwill, Foreign Currency Translation Gain (Loss) | (126) |
Goodwill, Ending Balance | 47,649 |
Total fluid handling | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 80,303 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 |
Goodwill, Ending Balance | $ 80,303 |
Goodwill and Intangibles - Inta
Goodwill and Intangibles - Intangible Assets and Accumulated Amortization Balances (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 189,959 | $ 190,493 |
Accumulated Amortization | (152,870) | (149,925) |
Net Carrying Amount | 37,089 | 40,568 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 152,161 | 152,403 |
Accumulated Amortization | (135,643) | (133,698) |
Net Carrying Amount | 16,518 | 18,705 |
Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 37,798 | 38,090 |
Accumulated Amortization | (17,227) | (16,227) |
Net Carrying Amount | $ 20,571 | $ 21,863 |
Accounts Receivable Factoring
Accounts Receivable Factoring - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |||||
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | $ 62,471 | $ 62,471 | $ 47,903 | ||
Total amount of accounts receivable factored without recourse | 124,171 | $ 114,260 | 245,287 | $ 217,305 | |
Loss On Sale Of Accounts Receivable Without Recourse | 767 | $ 636 | 1,420 | $ 1,073 | |
Cash collected on behalf of factor | $ 4,327 | $ 4,327 | $ 6,466 |
Debt - Outstanding Debt (Detail
Debt - Outstanding Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Finance leases | $ 20,566 | $ 22,243 |
Other borrowings | 46,861 | 48,220 |
Total debt | 1,106,873 | 1,095,448 |
Less: current portion | (49,551) | (50,712) |
Total long-term debt | 1,057,322 | 1,044,736 |
Senior Lien | ||
Debt Instrument [Line Items] | ||
Senior Notes | 609,644 | 595,966 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 6,925 | 8,184 |
Senior Loans | ||
Debt Instrument [Line Items] | ||
Senior Notes | 387,425 | 386,681 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 4,342 | 5,087 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 42,377 | 42,338 |
Unamortized Debt Issuance Expense | $ 177 | $ 216 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Jan. 27, 2023 | Mar. 31, 2022 | Nov. 02, 2016 | |
Credit Facilities [Line Items] | ||||||||
Loss on refinancing and extinguishment of debt | $ 0 | $ 0 | $ 0 | $ (81,885) | ||||
Revolving Credit Facility [Member] | ||||||||
Credit Facilities [Line Items] | ||||||||
Unamortized Debt Issuance Expense | 2,125 | 2,125 | $ 862 | |||||
Line of Credit Facility, Current Borrowing Capacity | 180,000 | 180,000 | ||||||
Aamended Senior Abl Facility | ||||||||
Credit Facilities [Line Items] | ||||||||
Letter of credit sub-facility | 100,000 | 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 | $ 180,000 | |||||||
Letters of Credit Outstanding, Amount | 7,264 | 7,264 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 172,736 | 172,736 | ||||||
Senior Notes [Member] | ||||||||
Credit Facilities [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 42,554 | $ 400,000 | ||||||
Unamortized Debt Issuance Expense | 177 | $ 177 | 216 | |||||
Other | ||||||||
Credit Facilities [Line Items] | ||||||||
Debt instrument term (in years) | 1 year | |||||||
Senior Loans | ||||||||
Credit Facilities [Line Items] | ||||||||
Debt Instrument, Face Amount | 357,446 | $ 357,446 | $ 357,446 | |||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 4,342 | $ 4,342 | 5,087 | |||||
Debt | Debt and Other Financing A summary of outstanding debt as of June 30, 2024 and December 31, 2023 is as follows: June 30, 2024 December 31, 2023 First Lien Notes $ 609,644 $ 595,966 Third Lien Notes 387,425 386,681 2026 Senior Notes 42,377 42,338 Finance leases 20,566 22,243 Other borrowings 46,861 48,220 Total debt 1,106,873 1,095,448 Less: current portion (49,551) (50,712) Total long-term debt $ 1,057,322 $ 1,044,736 First Lien Notes On January 27, 2023, the Company issued $580,000 aggregate principal amount of its 13.50% Cash Pay / PIK Toggle Senior Secured First Lien Notes due 2027 (the “First Lien Notes”). The First Lien Notes mature on March 31, 2027 and bear interest at the rate of 13.50% per annum, which is payable in cash semi-annually on June 15 and December 15 of each year. Interest payments commenced on June 15, 2023. However, for the first four interest periods the Company has the option, in its sole discretion, to pay up to 4.50% of such interest by increasing the principal amount of the outstanding First Lien Notes or, in limited circumstances, by issuing additional First Lien Notes. As of June 30, 2024 and December 31, 2023, the aggregate principal amount of the First Lien Notes of $609,644 and $595,966, respectively, recognized in the condensed consolidated balance sheets reflect the election to pay 4.50% of the first three interest payments as payment-in-kind. The Company has elected to pay the fourth interest payment, due December 15, 2024, on the First Lien Notes in cash. As of June 30, 2024 and December 31, 2023, the Company had $6,925 and $8,184, respectively, of unamortized debt issuance costs, and $285 and $337, respectively, of unamortized original issue discount related to the First Lien 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 First Lien Notes. Third Lien Notes On January 27, 2023, the Company issued $357,446 aggregate principal amount of its 5.625% Cash Pay / 10.625% PIK Toggle Senior Secured Third Lien Notes due 2027 (the “Third Lien Notes”). The Third Lien Notes mature on May 15, 2027 and bear interest at the rate of 5.625% per annum, which is payable in cash semi-annually on June 15 and December 15 of each year. Interest payments commenced on June 15, 2023. However, for the first four interest periods the Company has the option, in its sole discretion, to pay such interest at 10.625% per annum either by increasing the principal amount of the outstanding Third Lien Notes or, in limited circumstances, by issuing additional Third Lien Notes. As of June 30, 2024 and December 31, 2023, the aggregate principal amount of the Third Lien Notes of $387,425 and $386,681, respectively, recognized in the condensed consolidated balance sheets reflect the election to fully pay the first two interest payments as payment-in-kind. The Company elected to pay the third and fourth interest payments, due June 15, 2024 and December 15, 2024, respectively, on the Third Lien Notes in cash. Debt issuance costs related to the Third Lien Notes are amortized into interest expense over the term of the Third Lien Notes. As of June 30, 2024 and December 31, 2023, the Company had $4,342 and $5,087, respectively, of unamortized debt issuance costs related to the Third Lien Notes, which are presented as a direct deduction from the principal balance in the condensed consolidated balance sheets. 2026 Senior Notes On November 2, 2016, the Company issued $400,000 aggregate principal amount of its 5.625% Senior Notes due 2026 (the “2026 Senior Notes”). As part of certain refinancing transactions that were completed on January 27, 2023, the Company exchanged $357,446 aggregate principal amount of its 2026 Senior Notes for $357,446 aggregate principal amount of its newly issued Third Lien Notes. Following the completion of the exchange, $42,554 aggregate principal amount of the 2026 Senior Notes remain outstanding. The 2026 Senior Notes mature on November 15, 2026 and bear interest at the rate of 5.625% per annum, which is payable in cash semi-annually on May 15 and November 15 of each year. Debt issuance costs are being amortized into interest expense over the term of the 2026 Senior Notes. As of June 30, 2024 and December 31, 2023, the Company had $177 and $216, respectively, of unamortized debt issuance costs related to the 2026 Senior Notes, which is presented as a direct deduction from the principal balance in the condensed consolidated balance sheets. ABL Facility On November 2, 2016, the Company entered into a third amendment and restatement of the ABL Facility. In March 2020, the Company entered into Amendment No. 1 to the Third Amended and Restated Loan Agreement (“the First Amendment”). As a result of the First Amendment, the ABL Facility maturity was extended to March 2025 and the aggregate revolving loan commitment was reduced to $180,000. In May 2020, the Company entered into Amendment No. 2 to the Third Amended and Restated Loan Agreement (the “Second Amendment”), which modified certain covenants under the ABL Facility. In December 2022, the Company entered into Amendment No. 3 to the Third Amended and Restated Loan Agreement (the “Third Amendment”), which became effective on January 27, 2023. In May 2024, the Company entered into Amendment No. 4 to the Third Amended and Restated Loan Agreement (the “Fourth Amendment”), which, among other things, (1) extended the termination date for revolving commitments totaling $150,000 from March 24, 2025 ( “Existing Termination Date”) to May 6, 2029; (2) provided for leverage-based interest rate margin and commitment fee step-downs; and (3) replaced the Canadian BA Rate with Term CORRA as the applicable benchmark rate for all purposes under the ABL Facility for revolving loans denominated in Canadian Dollars. Revolving commitments totaling $30,000 will terminate on the Existing Termination Date. The aggregate revolving loan availability includes a $100,000 letter of credit sub-facility and a $25,000 swing line sub-facility. The ABL Facility also provides for an uncommitted $100,000 incremental loan facility, for a potential total ABL Facility of $280,000 (if requested by the Borrowers and the lenders agree to fund such increase). No consent of any lender (other than those participating in the increase) is required to effect any such increase. The Company’s borrowing base as of June 30, 2024 was $180,000 and the monthly fixed charge coverage ratio was at a level that provided the Company full access to the borrowing base. Net of $7,264 of outstanding letters of credit, the Company effectively had $172,736 available for borrowing under its ABL Facility as of June 30, 2024. As of June 30, 2024 and December 31, 2023, there were no borrowings under the ABL Facility. As of June 30, 2024 and December 31, 2023, the Company had $2,125 and $862, respectively, of unamortized debt issuance costs related to the ABL Facility recorded in other long-term assets in the condensed consolidated balance sheets. Debt Covenants The Company was in compliance with all applicable covenants of the First Lien Notes, Third Lien Notes, 2026 Senior Notes, and ABL Facility as of June 30, 2024. Other Financing Finance leases and other. Other borrowings as of June 30, 2024 and December 31, 2023 reflect finance leases and other borrowings under local bank lines classified in debt payable within one year in the condensed consolidated balance sheets. 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 the indentures governing the First Lien Notes, Third Lien Notes, and 2026 Secured Notes. The European factoring facility allows the Company to factor up to €70,000 of its Euro-denominated accounts receivable, accelerating access to cash and reducing credit risk. The factoring facility expires on December 31, 2026. 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 sheets. Amounts outstanding under receivable transfer agreements entered into by various locations as of the period end were as follows: June 30, 2024 December 31, 2023 Off-balance sheet arrangements $ 62,471 $ 47,903 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, 2024 2023 2024 2023 Accounts receivable factored $ 124,171 $ 114,260 $ 245,287 $ 217,305 Costs 767 636 1,420 1,073 As of June 30, 2024 and December 31, 2023, cash collections on behalf of the Factor that have yet to be remitted were $4,327 and $6,466, respectively, and are reflected in other current assets as restricted cash in the condensed consolidated balance sheets. | |||||||
Senior Lien | ||||||||
Credit Facilities [Line Items] | ||||||||
Debt Instrument, Face Amount | 580,000 | $ 580,000 | ||||||
Debt Instrument, Unamortized Discount | 285 | 285 | 337 | |||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 6,925 | $ 6,925 | $ 8,184 |
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, 2024 | Dec. 31, 2023 |
Other Current Assets [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Forward foreign exchange contract asset | $ 216 | $ 1,285 |
Accrued Liabilities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Forward foreign exchange contract liability | $ 2,796 | $ 998 |
Fair Value Measurements and F_4
Fair Value Measurements and Financial Instruments - Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value of Debt Instruments [Abstract] | ||
Long-term Debt, Fair Value | $ 997,262 | $ 984,448 |
Long-term Debt, Gross | $ 1,051,175 | $ 1,038,808 |
Fair Value Measurements and F_5
Fair Value Measurements and Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Impairment charges | $ 0 | $ 654 | $ 0 | $ 654 | |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Derivative, Notional Amount | $ 119,063 | $ 119,063 | $ 207,131 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | $ (5,906) | $ 4,689 | $ (1,698) | $ 10,242 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 506 | $ 5,245 | $ 1,168 | $ 8,579 |
Accounts Receivable Factoring A
Accounts Receivable Factoring Additional Detail (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Cash collected on behalf of factor | $ 4,327 | $ 6,466 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
UNITED STATES | Pension Plan | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 126 | 2,314 | 1,945 | 4,628 |
Expected return on plan assets | 0 | (2,113) | (1,647) | (4,226) |
Amortization of prior service cost credit and recognized actuarial gain (loss) | 36 | 778 | 591 | 1,556 |
Pension settlement charge | 46,787 | 0 | 46,787 | 0 |
Net periodic benefit cost | 46,949 | 979 | 47,676 | 1,958 |
UNITED STATES | Other Postretirement Benefits Plan | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | 6 | 13 | 12 | 26 |
Interest cost | 142 | 205 | 284 | 410 |
Amortization of prior service cost credit and recognized actuarial gain (loss) | (730) | (609) | (1,460) | (1,218) |
Net periodic benefit cost | (582) | (391) | (1,164) | (782) |
Non-U.S. | Pension Plan | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | 591 | 543 | 1,189 | 1,078 |
Interest cost | 1,199 | 1,315 | 2,411 | 2,610 |
Expected return on plan assets | (330) | (308) | (666) | (615) |
Amortization of prior service cost credit and recognized actuarial gain (loss) | 53 | 6 | 106 | 12 |
Pension settlement charge | 0 | 0 | 0 | 0 |
Net periodic benefit cost | 1,513 | 1,556 | 3,040 | 3,085 |
Non-U.S. | Other Postretirement Benefits Plan | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | 44 | 37 | 89 | 75 |
Interest cost | 191 | 198 | 385 | 395 |
Amortization of prior service cost credit and recognized actuarial gain (loss) | 3 | (21) | 7 | (42) |
Net periodic benefit cost | $ 238 | $ 214 | $ 481 | $ 428 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | ||||
Foreign currency losses | $ (3,695) | $ (534) | $ (5,666) | $ (2,451) |
Components of Net Periodic Benefit Cost Other than Service Cost | (690) | (1,765) | (1,956) | (3,510) |
Factoring costs | (767) | (636) | (1,420) | (1,073) |
Miscellaneous income | 23 | 374 | 264 | 469 |
Other expense, net | $ (5,129) | $ (2,561) | $ (8,778) | $ (6,565) |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 8,080 | $ 4,765 | $ 12,211 | $ 5,123 |
Loss before income taxes | $ (68,103) | $ (23,655) | $ (95,280) | $ (154,409) |
Effective tax rate | (12.00%) | (20.00%) | (13.00%) | (3.00%) |
Income Taxes Additional Informa
Income Taxes Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Contingency [Line Items] | ||||
Income tax expense | $ 8,080 | $ 4,765 | $ 12,211 | $ 5,123 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ (76,243) | $ (27,829) | $ (107,903) | $ (158,196) |
Basic weighted average shares of common stock outstanding | 17,564,015 | 17,334,918 | 17,513,076 | 17,282,462 |
Dilutive effect of common stock equivalents | 0 | 0 | 0 | 0 |
Diluted weighted average shares of common stock outstanding | 17,564,015 | 17,334,918 | 17,513,076 | 17,282,462 |
Basic net income per share attributable to Cooper-Standard Holdings Inc. | $ (4.34) | $ (1.61) | $ (6.16) | $ (9.15) |
Diluted net income per share attributable to Cooper-Standard Holdings Inc. | $ (4.34) | $ (1.61) | $ (6.16) | $ (9.15) |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 239 | 44 | 232 | 42 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Beginning Balance | $ (201,665) | |||
Ending Balance | $ (168,276) | (168,276) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (7,341) | $ 1,979 | (15,784) | $ (1,844) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax (Benefit) Expense | 23 | (94) | 45 | (29) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Amortization of Actuarial Losses, Reclassification Adjustment from AOCI, before Tax | (252) | 147 | (764) | 294 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Credit, Reclassification Adjustment from AOCI, before Tax | 3 | 6 | 7 | 12 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax Expense (Benefit) | 1,403 | 5 | 1,405 | 10 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 1 | 1,419 | 6 | 2,189 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 0 | 1,401 | 0 | 2,295 |
Cumulative currency translation adjustment [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Beginning Balance | (164,901) | (158,093) | (157,656) | (158,023) |
Other comprehensive income (loss) before reclassifications | (7,726) | (7,295) | (14,971) | (7,365) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Ending Balance | (172,627) | (165,388) | (172,627) | (165,388) |
Benefit plan liabilities [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Beginning Balance | (43,996) | (60,151) | (44,149) | (60,251) |
Other comprehensive income (loss) before reclassifications | 3,972 | (16) | 4,242 | (74) |
Amounts reclassified from accumulated other comprehensive income (loss) | 47,107 | 158 | 46,990 | 316 |
Ending Balance | 7,083 | (60,009) | 7,083 | (60,009) |
Fair value change of derivatives [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Beginning Balance | 3,681 | 10,646 | 140 | 8,303 |
Other comprehensive income (loss) before reclassifications | (5,907) | 3,270 | (1,704) | 8,053 |
Amounts reclassified from accumulated other comprehensive income (loss) | (506) | (3,844) | (1,168) | (6,284) |
Ending Balance | (2,732) | 10,072 | (2,732) | 10,072 |
Accumulated other comprehensive loss [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Ending Balance | $ (168,276) | $ (215,325) | $ (168,276) | $ (215,325) |
Common Stock (Details)
Common Stock (Details) - 2018 Program [Member] $ in Thousands | Jun. 30, 2024 USD ($) |
Equity, Class of Treasury Stock [Line Items] | |
Stock Repurchase Program, Authorized Amount | $ 150,000 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 98,720 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 9,676 | $ 11,354 |
Segment Reporting Information o
Segment Reporting Information on Company's Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||||
Sales | $ 708,362 | $ 723,740 | $ 1,384,787 | $ 1,406,198 | |
Intersegment sales | 17,252 | 22,300 | 33,991 | 42,646 | |
Adjusted EBITDA | 51,317 | 49,203 | 83,670 | 65,122 | |
Restructuring Charges | (17,781) | (8,499) | (18,914) | (10,878) | |
Other impairment charges | 0 | (654) | |||
Income Tax Expense (Benefit) | (8,080) | (4,765) | (12,211) | (5,123) | |
Interest expense, net of interest income | (28,635) | (34,034) | (57,916) | (64,254) | |
Cost, Depreciation and Amortization | (25,873) | (27,816) | (52,336) | (55,798) | |
Net (Loss) Income Attributable to Parent | (76,243) | (27,829) | (107,903) | (158,196) | |
Segment assets | 1,766,950 | 1,766,950 | $ 1,872,299 | ||
Loss on refinancing and extinguishment of debt | 0 | 0 | 0 | (81,885) | |
Impairment charges | 0 | (654) | 0 | (654) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (46,787) | 0 | (46,787) | 0 | |
Reportable Subsegments | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 687,688 | 690,144 | 1,344,482 | 1,339,722 | |
Segment assets | 1,537,831 | 1,537,831 | 1,641,487 | ||
UNITED STATES | Pension Plan | |||||
Segment Reporting Information [Line Items] | |||||
Pension settlement charge | 46,787 | 0 | 46,787 | 0 | |
Non-U.S. | Pension Plan | |||||
Segment Reporting Information [Line Items] | |||||
Pension settlement charge | 0 | 0 | 0 | 0 | |
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 20,674 | 33,596 | 40,305 | 66,476 | |
Adjusted EBITDA | (404) | (1,264) | (3,409) | (4,726) | |
Restructuring Charges | (4,755) | (70) | (4,915) | (372) | |
Segment assets | 229,119 | 229,119 | 230,812 | ||
Total fluid handling | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 322,742 | 317,167 | 628,257 | 617,765 | |
Intersegment sales | 5,366 | 7,319 | 10,196 | 12,442 | |
Adjusted EBITDA | 16,282 | 13,641 | 27,264 | 17,844 | |
Restructuring Charges | (2,825) | (6,241) | |||
Segment assets | 705,262 | 705,262 | 735,465 | ||
Sealing systems [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 364,946 | 372,977 | 716,225 | 721,957 | |
Intersegment sales | 11,886 | 14,981 | 23,795 | 30,204 | |
Adjusted EBITDA | 35,035 | 35,562 | 56,406 | 47,278 | |
Restructuring Charges | (11,174) | (4,265) | |||
Segment assets | 832,569 | 832,569 | $ 906,022 | ||
North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 398,240 | 368,809 | 774,459 | 733,927 | |
Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 154,570 | 177,897 | 315,151 | 339,751 | |
Restructuring Charges | (10,526) | (3,292) | |||
Asia Pacific [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 103,083 | 109,924 | 195,245 | 203,689 | |
Restructuring Charges | (2,500) | (5,137) | |||
South America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 31,795 | 33,514 | 59,627 | 62,355 | |
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | $ 20,674 | $ 33,596 | $ 40,305 | $ 66,476 |