Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 26, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36127 | |
Entity Registrant Name | COOPER-STANDARD HOLDINGS INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-1945088 | |
Entity Address, Address Line One | 40300 Traditions Drive | |
Entity Address, City or Town | Northville | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48168 | |
City Area Code | 248 | |
Local Phone Number | 596-5900 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | CPS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,108,029 | |
Entity Central Index Key | 0001320461 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Sales | $ 657,153 | $ 526,690 | $ 1,876,054 | $ 1,728,842 |
Cost of products sold | 618,594 | 534,817 | 1,800,577 | 1,669,610 |
Gross profit (loss) | 38,559 | (8,127) | 75,477 | 59,232 |
Selling, administration & engineering expenses | 44,847 | 60,367 | 149,033 | 168,506 |
Gain on sale of business, net | 0 | 0 | 0 | (696) |
Gain on sale of fixed assets, net | 0 | 0 | (33,391) | 0 |
Amortization of intangibles | 1,693 | 1,819 | 5,176 | 5,524 |
Restructuring charges | 1,701 | 1,573 | 13,014 | 34,251 |
Impairment charges | 379 | 1,006 | 837 | 1,847 |
Operating loss | (10,061) | (72,892) | (59,192) | (150,200) |
Interest expense, net of interest income | (20,747) | (18,243) | (57,378) | (54,152) |
Equity in (losses) earnings of affiliates | (3,391) | (1,114) | (8,193) | 65 |
Other income (expense), net | 146 | (494) | (2,574) | (4,221) |
Loss before income taxes | (34,053) | (92,743) | (127,337) | (208,508) |
Income tax expense | (833) | 32,121 | 1,824 | 15,598 |
Net loss | (33,220) | (124,864) | (129,161) | (224,106) |
Net loss attributable to noncontrolling interests | 534 | 1,691 | 1,868 | 3,458 |
Net loss attributable to Cooper-Standard Holdings Inc. | $ (32,686) | $ (123,173) | $ (127,293) | $ (220,648) |
Earnings per share | ||||
Basic | $ (1.90) | $ (7.20) | $ (7.41) | $ (12.96) |
Diluted | $ (1.90) | $ (7.20) | $ (7.41) | $ (12.96) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net loss | $ (33,220) | $ (124,864) | $ (129,161) | $ (224,106) |
Currency translation adjustment | (18,960) | (6,215) | (27,679) | (4,074) |
Benefit plan liabilities adjustment, net of tax | 2,398 | 4,978 | 5,445 | 8,328 |
Fair value change of derivatives, net of tax | 2,422 | (2,132) | 3,830 | (1,952) |
Other comprehensive (loss) income, net of tax | (14,140) | (3,369) | (18,404) | 2,302 |
Comprehensive loss | (47,360) | (128,233) | (147,565) | (221,804) |
Comprehensive loss attributable to noncontrolling interests | 185 | 1,916 | 1,253 | 3,744 |
Comprehensive loss attributable to Cooper-Standard Holdings Inc. | $ (47,175) | $ (126,317) | $ (146,312) | $ (218,060) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 231,177 | $ 248,010 |
Accounts receivable, net | 366,824 | 317,469 |
Tooling receivable, net | 93,832 | 88,900 |
Inventories | 195,003 | 158,075 |
Prepaid expenses | 31,348 | 26,313 |
Income tax receivable and refundable credits | 12,474 | 82,813 |
Other current assets | 74,525 | 73,317 |
Total current assets | 1,005,183 | 994,897 |
Property, plant and equipment, net | 667,117 | 784,348 |
Operating lease right-of-use assets, net | 95,803 | 111,052 |
Goodwill | 141,958 | 142,282 |
Intangible assets, net | 48,413 | 60,375 |
Other assets | 143,727 | 133,539 |
Total assets | 2,102,201 | 2,226,493 |
Current liabilities: | ||
Debt payable within one year | 48,890 | 56,111 |
Accounts payable | 373,481 | 348,133 |
Payroll liabilities | 94,712 | 69,353 |
Accrued liabilities | 130,257 | 101,466 |
Current operating lease liabilities | 20,172 | 22,552 |
Total current liabilities | 667,512 | 597,615 |
Long-term debt | 978,435 | 980,604 |
Pension benefits | 113,521 | 129,880 |
Postretirement benefits other than pensions | 40,960 | 43,498 |
Long-term operating lease liabilities | 79,222 | 92,760 |
Other liabilities | 47,289 | 50,776 |
Total liabilities | 1,926,939 | 1,895,133 |
Equity: | ||
Common stock, $0.001 par value, 190,000,000 shares authorized; 19,173,838 shares issued and 17,108,029 shares outstanding as of September 30, 2022, and 19,057,788 shares issued and 16,991,979 outstanding as of December 31, 2021 | 17 | 17 |
Additional paid-in capital | 506,971 | 504,497 |
Retained (loss) earnings | (101,740) | 25,553 |
Accumulated other comprehensive loss | (224,203) | (205,184) |
Total Cooper-Standard Holdings Inc. equity | 181,045 | 324,883 |
Noncontrolling interests | (5,783) | 6,477 |
Total equity | 175,262 | 331,360 |
Total liabilities and equity | $ 2,102,201 | $ 2,226,493 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
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 | 19,173,838 | 19,057,788 |
Common stock, shares outstanding | 17,108,029 | 16,991,979 |
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, 2020 | 16,897,085 | ||||||
Beginning balance at Dec. 31, 2020 | $ 624,111 | $ 17 | $ 498,719 | $ 350,270 | $ (241,896) | $ 607,110 | $ 17,001 |
Share-based compensation, Shares | 45,467 | ||||||
Share-based compensation, net | 952 | 952 | 0 | 952 | |||
Net income (loss) | (34,713) | (33,864) | (33,864) | (849) | |||
Other Comprehensive Income (Loss), Net of Tax | (4,404) | (4,152) | (4,152) | (252) | |||
Ending balance (shares) at Mar. 31, 2021 | 16,942,552 | ||||||
Ending balance at Mar. 31, 2021 | 585,946 | $ 17 | 499,671 | 316,406 | (246,048) | 570,046 | 15,900 |
Beginning balance (shares) at Dec. 31, 2020 | 16,897,085 | ||||||
Beginning balance at Dec. 31, 2020 | 624,111 | $ 17 | 498,719 | 350,270 | (241,896) | 607,110 | 17,001 |
Net income (loss) | (224,106) | ||||||
Other Comprehensive Income (Loss), Net of Tax | 2,302 | ||||||
Ending balance (shares) at Sep. 30, 2021 | 16,990,630 | ||||||
Ending balance at Sep. 30, 2021 | 406,452 | $ 17 | 502,864 | 129,622 | (239,308) | 393,195 | 13,257 |
Beginning balance (shares) at Mar. 31, 2021 | 16,942,552 | ||||||
Beginning balance at Mar. 31, 2021 | 585,946 | $ 17 | 499,671 | 316,406 | (246,048) | 570,046 | 15,900 |
Share-based compensation, Shares | 45,962 | ||||||
Share-based compensation, net | 1,677 | 1,677 | 0 | 1,677 | |||
Net income (loss) | (64,529) | (63,611) | (63,611) | (918) | |||
Other Comprehensive Income (Loss), Net of Tax | 10,075 | 9,884 | 9,884 | 191 | |||
Ending balance (shares) at Jun. 30, 2021 | 16,988,514 | ||||||
Ending balance at Jun. 30, 2021 | 533,169 | $ 17 | 501,348 | 252,795 | (236,164) | 517,996 | 15,173 |
Share-based compensation, Shares | 2,116 | ||||||
Share-based compensation, net | 1,516 | 1,516 | 0 | 1,516 | |||
Net income (loss) | (124,864) | (123,173) | (123,173) | (1,691) | |||
Other Comprehensive Income (Loss), Net of Tax | (3,369) | (3,144) | (3,144) | (225) | |||
Ending balance (shares) at Sep. 30, 2021 | 16,990,630 | ||||||
Ending balance at Sep. 30, 2021 | $ 406,452 | $ 17 | 502,864 | 129,622 | (239,308) | 393,195 | 13,257 |
Beginning balance (shares) at Dec. 31, 2021 | 16,991,979 | 16,991,979 | |||||
Beginning balance at Dec. 31, 2021 | $ 331,360 | $ 17 | 504,497 | 25,553 | (205,184) | 324,883 | 6,477 |
Share-based compensation, Shares | 69,716 | ||||||
Share-based compensation, net | 437 | 437 | 0 | 437 | |||
Deconsolidation of noncontrolling interest | (11,007) | (11,007) | |||||
Net income (loss) | (61,790) | (61,360) | (61,360) | (430) | |||
Other Comprehensive Income (Loss), Net of Tax | 11,780 | 11,791 | 11,791 | (11) | |||
Ending balance (shares) at Mar. 31, 2022 | 17,061,695 | ||||||
Ending balance at Mar. 31, 2022 | $ 270,780 | $ 17 | 504,934 | (35,807) | (193,393) | 275,751 | (4,971) |
Beginning balance (shares) at Dec. 31, 2021 | 16,991,979 | 16,991,979 | |||||
Beginning balance at Dec. 31, 2021 | $ 331,360 | $ 17 | 504,497 | 25,553 | (205,184) | 324,883 | 6,477 |
Net income (loss) | (129,161) | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ (18,404) | ||||||
Ending balance (shares) at Sep. 30, 2022 | 17,108,029 | 17,108,029 | |||||
Ending balance at Sep. 30, 2022 | $ 175,262 | $ 17 | 506,971 | (101,740) | (224,203) | 181,045 | (5,783) |
Beginning balance (shares) at Mar. 31, 2022 | 17,061,695 | ||||||
Beginning balance at Mar. 31, 2022 | 270,780 | $ 17 | 504,934 | (35,807) | (193,393) | 275,751 | (4,971) |
Share-based compensation, Shares | 39,426 | ||||||
Share-based compensation, net | 1,128 | 1,128 | 0 | 1,128 | |||
Net income (loss) | (34,151) | (33,247) | (33,247) | (904) | |||
Other Comprehensive Income (Loss), Net of Tax | (16,044) | (16,321) | (16,321) | 277 | |||
Ending balance (shares) at Jun. 30, 2022 | 17,101,121 | ||||||
Ending balance at Jun. 30, 2022 | 221,713 | $ 17 | 506,062 | (69,054) | (209,714) | 227,311 | (5,598) |
Share-based compensation, Shares | 6,908 | ||||||
Share-based compensation, net | 909 | 909 | 0 | 909 | |||
Net income (loss) | (33,220) | (32,686) | (32,686) | (534) | |||
Other Comprehensive Income (Loss), Net of Tax | $ (14,140) | (14,489) | (14,489) | 349 | |||
Ending balance (shares) at Sep. 30, 2022 | 17,108,029 | 17,108,029 | |||||
Ending balance at Sep. 30, 2022 | $ 175,262 | $ 17 | $ 506,971 | $ (101,740) | $ (224,203) | $ 181,045 | $ (5,783) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities: | ||
Net loss | $ (129,161) | $ (224,106) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation | 88,997 | 99,497 |
Amortization of intangibles | 5,176 | 5,524 |
Gain on sale of business, net | 0 | (696) |
Gain on sale of fixed assets, net | (33,391) | 0 |
Impairment charges | 837 | 1,847 |
Share-based compensation expense | 2,593 | 4,781 |
Equity in losses of affiliates, net of dividends related to earnings | 11,195 | 2,146 |
Deferred income taxes | (5,478) | 9,785 |
Other | 2,383 | 2,219 |
Changes in operating assets and liabilities | 46,489 | (12,485) |
Net cash used in operating activities | (10,360) | (111,488) |
Investing activities: | ||
Capital expenditures | (58,491) | (75,965) |
Proceeds from Sale of Other Assets | 52,956 | 3,095 |
Other | 167 | 35 |
Net cash used in investing activities | (5,368) | (72,835) |
Financing activities: | ||
Principal payments on long-term debt | (3,786) | (4,227) |
Decrease in short-term debt, net | (977) | (597) |
Taxes withheld and paid on employees' share-based payment awards | (607) | (777) |
Other | (688) | 884 |
Net cash used in financing activities | (6,058) | (4,717) |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | 9,296 | 7,853 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (12,490) | (181,187) |
Cash, cash equivalents and restricted cash at beginning of period | 251,128 | 443,578 |
Cash, cash equivalents and restricted cash at end of period | $ 238,638 | $ 262,391 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash [Abstract] | ||
Cash and cash equivalents | $ 231,177 | $ 248,010 |
Restricted cash included in other current assets | 5,846 | 961 |
Restricted cash included in other assets | 1,615 | 2,157 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 238,638 | $ 251,128 |
Overview
Overview | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Overview | Overview Basis of Presentation Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company” or “Cooper Standard”), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”), is a leading manufacturer of sealing, fuel and brake delivery, and fluid transfer systems. The Company’s products are primarily for use in passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers (“OEMs”) and replacement markets. The Company conducts substantially all of its activities through its subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 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 September 30, 2022 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. |
Deconsolidation and Divestiture
Deconsolidation and Divestiture | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Deconsolidation and Divestiture 2022 Joint Venture Deconsolidation In the first quarter of 2022, a joint venture in the Asia Pacific region that was previously consolidated with a noncontrolling interest amended the governing document underlying the joint venture. The amendment to the agreement did not change the Company’s 51% ownership. However, as a result of the amendment and effective as of January 1, 2022, the joint venture was deconsolidated and accounted for as an investment under the equity method. The Company remeasured the retained investment using the income approach method and performed a discounted cash flow analysis of the projected free cash flows of the joint venture. As a result of the deconsolidation, during the nine months ended September 30, 2022, the Company recorded a loss of $2,257, included in other income (expense), net in the condensed consolidated statements of operations. 2020 Divestiture In the fourth quarter of 2019, management approved a plan to sell its European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations. On July 1, 2020, the Company completed the divestiture to Mutares SE & Co. KGaA (“Mutares”). During the nine months ended September 30, 2021, the Company recorded subsequent adjustments resulting in a net gain of $696. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Revenue is recognized for manufactured parts at a point in time, generally when products are shipped or delivered. The Company usually enters into agreements with customers to produce products at the beginning of a vehicle’s life. Blanket purchase orders received from customers and related documents generally establish the annual terms, including pricing, related to a vehicle model. Customers typically pay for parts based on customary business practices with payment terms generally between 30 and 90 days. Revenue by customer group for the three months ended September 30, 2022 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 343,012 $ 108,628 $ 129,167 $ 27,069 $ — $ 607,876 Commercial 4,132 4,957 326 4 1,725 11,144 Other 3,867 85 — — 34,181 38,133 Revenue $ 351,011 $ 113,670 $ 129,493 $ 27,073 $ 35,906 $ 657,153 Revenue by customer group for the nine months ended September 30, 2022 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 981,131 $ 354,689 $ 317,909 $ 74,838 $ — $ 1,728,567 Commercial 11,855 16,426 1,114 15 5,047 34,457 Other 11,606 256 2 — 101,166 113,030 Revenue $ 1,004,592 $ 371,371 $ 319,025 $ 74,853 $ 106,213 $ 1,876,054 Revenue by customer group for the three months ended September 30, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 262,821 $ 93,766 $ 109,187 $ 15,973 $ — $ 481,747 Commercial 3,341 4,773 337 8 1,333 9,792 Other 4,430 143 2 — 30,576 35,151 Revenue $ 270,592 $ 98,682 $ 109,526 $ 15,981 $ 31,909 $ 526,690 Revenue by customer group for the nine months ended September 30, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 834,545 $ 380,519 $ 325,178 $ 45,597 $ — $ 1,585,839 Commercial 11,027 16,125 2,484 23 4,029 33,688 Other 11,581 435 4 — 97,295 109,315 Revenue $ 857,153 $ 397,079 $ 327,666 $ 45,620 $ 101,324 $ 1,728,842 The passenger and light duty customer group consists of sales to automotive OEMs and automotive suppliers, while the commercial customer group represents sales to OEMs of on- and off-highway commercial equipment and vehicles. The other customer group includes sales related to specialty and adjacent markets. Substantially all of the Company’s revenues were generated from sealing, fuel and brake delivery and fluid transfer systems for use in passenger vehicles and light trucks manufactured by global OEMs. A summary of the Company’s products is as follows: Product Line Description Sealing Systems Protect vehicle interiors from weather, dust and noise intrusion for improved driving experience; provide aesthetic and functional class-A exterior surface treatment Fuel & Brake Delivery Systems Sense, deliver and control fluids to fuel and brake systems Fluid Transfer Systems Sense, deliver and control fluids and vapors for optimal powertrain & HVAC operation Revenue by product line for the three months ended September 30, 2022 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 133,347 $ 91,078 $ 85,309 $ 21,654 $ — $ 331,388 Fuel and brake delivery systems 113,755 19,572 27,540 3,715 — 164,582 Fluid transfer systems 103,909 3,020 16,644 1,704 — 125,277 Other — — — — 35,906 35,906 Revenue $ 351,011 $ 113,670 $ 129,493 $ 27,073 $ 35,906 $ 657,153 Revenue by product line for the nine months ended September 30, 2022 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 388,244 $ 298,163 $ 198,219 $ 56,999 $ — $ 941,625 Fuel and brake delivery systems 324,090 64,248 71,768 12,090 — 472,196 Fluid transfer systems 292,258 8,960 49,038 5,764 — 356,020 Other — — — — 106,213 106,213 Revenue $ 1,004,592 $ 371,371 $ 319,025 $ 74,853 $ 106,213 $ 1,876,054 Revenue by product line for the three months ended September 30, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 102,636 $ 75,824 $ 69,872 $ 12,114 $ — $ 260,446 Fuel and brake delivery systems 80,549 18,989 23,446 2,286 — 125,270 Fluid transfer systems 87,407 3,869 16,208 1,581 — 109,065 Other — — — — 31,909 31,909 Revenue $ 270,592 $ 98,682 $ 109,526 $ 15,981 $ 31,909 $ 526,690 Revenue by product line for the nine months ended September 30, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 313,985 $ 310,063 $ 201,873 $ 34,921 $ — $ 860,842 Fuel and brake delivery systems 275,594 73,770 76,981 7,299 — 433,644 Fluid transfer systems 267,574 13,246 48,812 3,400 — 333,032 Other — — — — 101,324 101,324 Revenue $ 857,153 $ 397,079 $ 327,666 $ 45,620 $ 101,324 $ 1,728,842 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 nine months ended September 30, 2022. The Company’s contract liabilities consist of advance payments received and due from customers. Net contract assets (liabilities) consisted of the following: September 30, 2022 December 31, 2021 Change Contract assets $ 3,690 $ — $ 3,690 Contract liabilities (13) (143) 130 Net contract assets (liabilities) $ 3,677 $ (143) $ 3,820 Other The Company, at times, enters into agreements that provide for lump sum payments to customers. These payment agreements are recorded as a reduction of revenue during the period the commitment is made. Amounts related to commitments of future payments to customers on the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 were current liabilities of $13,968 and $12,045, respectively, and long-term liabilities of $5,733 and $7,214, respectively. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring On an ongoing basis, the Company evaluates its business and objectives to ensure that it is properly configured and sized based on changing market conditions. Accordingly, the Company has implemented several restructuring initiatives, including closure or consolidation of facilities throughout the world and the reorganization of its operating structure. The Company’s restructuring charges consist of severance, retention and outplacement services, and severance-related postemployment benefits (collectively, “employee separation costs”), 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. Restructuring expense by segment for the three and nine months ended September 30, 2022 and 2021 was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 North America $ (66) $ 307 $ (152) $ 3,513 Europe 1,383 1,113 11,518 27,284 Asia Pacific 319 282 1,318 1,265 South America 147 (129) 252 1,858 Total Automotive 1,783 1,573 12,936 33,920 Corporate and other (82) — 78 331 Total $ 1,701 $ 1,573 $ 13,014 $ 34,251 Restructuring activity for the nine months ended September 30, 2022 was as follows: Employee Separation Costs Other Exit Costs Total Balance as of December 31, 2021 $ 20,957 $ 5,627 $ 26,584 Expense 8,654 4,360 13,014 Cash payments (15,361) (2,455) (17,816) Foreign exchange translation and other (2,074) (517) (2,591) Balance as of September 30, 2022 $ 12,176 $ 7,015 $ 19,191 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: September 30, 2022 December 31, 2021 Finished goods $ 52,462 $ 43,186 Work in process 47,136 37,045 Raw materials and supplies 95,405 77,844 $ 195,003 $ 158,075 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Lease Expense Components [Abstract] | |
Lessee, Operating Leases | Leases The Company primarily has operating and finance leases for certain manufacturing facilities, corporate offices and certain equipment. Operating leases are included in operating lease right-of-use assets, current operating lease liabilities and long-term operating lease liabilities on the Company’s condensed consolidated balance sheets. Finance leases are included in property, plant and equipment, net, debt payable within one year, and long-term debt on the Company’s condensed consolidated balance sheets. The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating lease expense $ 6,954 $ 7,827 $ 21,578 $ 23,258 Short-term lease expense 1,413 1,719 3,558 5,324 Variable lease expense 326 191 792 620 Finance lease expense: Amortization of right-of-use assets 523 519 1,500 1,586 Interest on lease liabilities 318 356 980 1,094 Total lease expense $ 9,534 $ 10,612 $ 28,408 $ 31,882 Other information related to leases was as follows: Nine Months Ended September 30, 2022 2021 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 21,944 $ 25,641 Operating cash flows for finance leases 988 1,093 Financing cash flows for finance leases 1,488 1,677 Non-cash right-of-use assets obtained in exchange for lease obligations: Operating leases 11,012 14,968 Finance leases 128 606 Weighted Average Remaining Lease Term (in years) Operating leases 7.4 7.6 Finance leases 9.1 9.9 Weighted Average Discount Rate Operating leases 6.1 % 5.7 % Finance leases 5.9 % 5.8 % Future minimum lease payments under non-cancellable leases as of September 30, 2022 were as follows: Year Operating Leases Finance Remainder of 2022 $ 6,567 $ 756 2023 24,425 3,059 2024 18,619 3,250 2025 15,136 3,274 2026 11,060 3,033 Thereafter 48,714 16,396 Total future minimum lease payments 124,521 29,768 Less imputed interest (25,127) (7,015) Total $ 99,394 $ 22,753 Amounts recognized on the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 December 31, 2021 Operating Leases Operating lease right-of-use assets, net $ 95,803 $ 111,052 Current operating lease liabilities 20,172 22,552 Long-term operating lease liabilities 79,222 92,760 Finance Leases Property, plant and equipment, net 22,260 25,690 Debt payable within one year 2,067 2,153 Long-term debt 20,686 23,590 As of September 30, 2022, the Company had additional leases, primarily for real estate, that had not yet commenced with undiscounted lease payments of approximately $3,163. |
Lessee, Finance Leases | Leases The Company primarily has operating and finance leases for certain manufacturing facilities, corporate offices and certain equipment. Operating leases are included in operating lease right-of-use assets, current operating lease liabilities and long-term operating lease liabilities on the Company’s condensed consolidated balance sheets. Finance leases are included in property, plant and equipment, net, debt payable within one year, and long-term debt on the Company’s condensed consolidated balance sheets. The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating lease expense $ 6,954 $ 7,827 $ 21,578 $ 23,258 Short-term lease expense 1,413 1,719 3,558 5,324 Variable lease expense 326 191 792 620 Finance lease expense: Amortization of right-of-use assets 523 519 1,500 1,586 Interest on lease liabilities 318 356 980 1,094 Total lease expense $ 9,534 $ 10,612 $ 28,408 $ 31,882 Other information related to leases was as follows: Nine Months Ended September 30, 2022 2021 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 21,944 $ 25,641 Operating cash flows for finance leases 988 1,093 Financing cash flows for finance leases 1,488 1,677 Non-cash right-of-use assets obtained in exchange for lease obligations: Operating leases 11,012 14,968 Finance leases 128 606 Weighted Average Remaining Lease Term (in years) Operating leases 7.4 7.6 Finance leases 9.1 9.9 Weighted Average Discount Rate Operating leases 6.1 % 5.7 % Finance leases 5.9 % 5.8 % Future minimum lease payments under non-cancellable leases as of September 30, 2022 were as follows: Year Operating Leases Finance Remainder of 2022 $ 6,567 $ 756 2023 24,425 3,059 2024 18,619 3,250 2025 15,136 3,274 2026 11,060 3,033 Thereafter 48,714 16,396 Total future minimum lease payments 124,521 29,768 Less imputed interest (25,127) (7,015) Total $ 99,394 $ 22,753 Amounts recognized on the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 December 31, 2021 Operating Leases Operating lease right-of-use assets, net $ 95,803 $ 111,052 Current operating lease liabilities 20,172 22,552 Long-term operating lease liabilities 79,222 92,760 Finance Leases Property, plant and equipment, net 22,260 25,690 Debt payable within one year 2,067 2,153 Long-term debt 20,686 23,590 As of September 30, 2022, the Company had additional leases, primarily for real estate, that had not yet commenced with undiscounted lease payments of approximately $3,163. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property, Plant and Equipment Property, plant and equipment consists of the following: September 30, 2022 December 31, 2021 Land and improvements $ 40,889 $ 44,495 Buildings and improvements 253,181 285,240 Machinery and equipment 1,198,754 1,269,330 Construction in progress 79,252 80,868 1,572,076 1,679,933 Accumulated depreciation (904,959) (895,585) Property, plant and equipment, net $ 667,117 $ 784,348 During the three and nine months ended September 30, 2022, the Company recorded impairment charges of $379 and $837, respectively, primarily due to idle assets in Europe and North America. The fair value was determined using salvage value. During the three and nine months ended September 30, 2021, the Company recorded impairment charges of $1,006 and $1,847, respectively, due to idle assets, primarily in certain North American and European locations. The fair value was determined using salvage value. The deconsolidation of a joint venture during the three months ended March 31, 2022 included the removal of property, plant and equipment with gross carrying value of $29,590 and accumulated depreciation of $11,625, which is reflected in the balance sheet as of September 30, 2022. |
Goodwill and Intangibles
Goodwill and Intangibles | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Changes in the carrying amount of goodwill by reporting unit for the nine months ended September 30, 2022 were as follows: North America Industrial Specialty Group Total Balance as of December 31, 2021 $ 128,246 $ 14,036 $ 142,282 Foreign exchange translation (324) — (324) Balance as of September 30, 2022 $ 127,922 $ 14,036 $ 141,958 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 nine months ended September 30, 2022. Intangible Assets Intangible assets and accumulated amortization balances as of September 30, 2022 and December 31, 2021 were as follows: Gross Accumulated Net Customer relationships $ 152,210 $ (128,099) $ 24,111 Other 37,662 (13,360) 24,302 Balance as of September 30, 2022 $ 189,872 $ (141,459) $ 48,413 Customer relationships $ 154,767 $ (126,626) $ 28,141 Other 44,955 (12,721) 32,234 Balance as of December 31, 2021 $ 199,722 $ (139,347) $ 60,375 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt A summary of outstanding debt as of September 30, 2022 and December 31, 2021 is as follows: September 30, 2022 December 31, 2021 Senior Notes $ 397,080 $ 396,544 Senior Secured Notes 243,700 241,683 Term Loan 319,393 321,212 Finance leases 22,753 25,743 Other borrowings 44,399 51,533 Total debt 1,027,325 1,036,715 Less current portion (48,890) (56,111) Total long-term debt $ 978,435 $ 980,604 5.625% Senior Notes due 2026 In November 2016, the Company issued $400,000 aggregate principal amount of its 5.625% Senior Notes due 2026 (the “Senior Notes”). The Senior Notes mature on November 15, 2026. Interest on the Senior Notes is payable semi-annually in arrears in cash on May 15 and November 15 of each year. Debt issuance costs related to the Senior Notes are amortized into interest expense over the term of the Senior Notes. As of September 30, 2022 and December 31, 2021, the Company had $2,920 and $3,456 of unamortized debt issuance costs, respectively, related to the Senior Notes, which are presented as direct deductions from the principal balance in the condensed consolidated balance sheets. 13.0% Senior Secured Notes due 2024 In May 2020, the Company issued $250,000 aggregate principal amount of its 13.0% Senior Secured Notes due 2024 (the “Senior Secured Notes”). The Senior Secured Notes mature on June 1, 2024. Interest on the Senior Secured Notes is payable semi-annually in arrears in cash on June 1 and December 1 of each year. The Company may redeem all or part of the Senior Secured Notes prior to maturity at the prices (inclusive of any applicable premium) set forth in the indenture. The Company paid approximately $6,431 of debt issuance costs in connection with the transaction. Additionally, the Senior Secured Notes were issued at a discount of $5,000. As of September 30, 2022 and December 31, 2021, the Company had $3,452 and $4,594 of unamortized debt issuance costs, respectively, and $2,848 and $3,723 of unamortized original issue discount, respectively, related to the Senior Secured Notes, which are presented as direct deductions from the principal balance in the condensed consolidated balance sheets. Both the debt issuance costs and the original issue discount are amortized into interest expense over the term of the Senior Secured Notes. Term Loan Facility In November 2016, the Company entered into Amendment No. 1 to its senior term loan facility (“Term Loan Facility”), which provides for loans in an aggregate principal amount of $340,000. On May 2, 2017, the Company entered into Amendment No. 2 to the Term Loan Facility to modify the interest rate. Subsequently, on March 6, 2018, the Company entered into Amendment No. 3 to the Term Loan Facility to further modify the interest rate. In accordance with this amendment, borrowings under the Term Loan Facility bear interest, at the Company’s option, at either (1) with respect to Eurodollar rate loans, the greater of the applicable Eurodollar rate and 0.75% plus 2.0% per annum, or (2) with respect to base rate loans, the base rate, (which is the highest of the then current federal funds rate plus 0.5%, the prime rate most recently announced by the administrative agent under the term loan, and the one-month Eurodollar rate plus 1.0%) plus 1.0% per annum. The Term Loan Facility matures on November 2, 2023, unless earlier terminated. The Company has retained Goldman Sachs & Co. LLC as its financial advisor to analyze, evaluate and help arrange a refinancing of the Term Loan Facility and possibly certain other debt instruments. The Company’s ability to continue as a going concern is contingent upon its ability to refinance its Term Loan Facility. The Company continues its discussions with certain investors with respect to potential refinancing alternatives. While discussions are ongoing, the Company has not reached an agreement with respect to such a transaction for refinancing its capital structure and there can be no assurances that such an agreement will be reached in the future. As of September 30, 2022 and December 31, 2021, the Company had $642 and $1,087 of unamortized debt issuance costs, respectively, and $414 and $701 of unamortized original issue discount, respectively, related to the Term Loan Facility, which are presented as direct deductions from the principal balance in the condensed consolidated balance sheets. Both the debt issuance costs and the original issue discount are amortized into interest expense over the term of the Term Loan Facility. ABL Facility In November 2016, the Company entered into a Third Amended and Restated Loan Agreement of its ABL Facility, which provided an aggregate revolving loan availability of up to $210,000, subject to borrowing base availability. In March 2020, the Company entered into the First Amendment of the Third Amended and Restated Loan Agreement (“the Amendment”). As a result of the Amendment, the senior asset-based revolving credit facility (“ABL Facility”) maturity was extended to March 2025 and the aggregate revolving loan availability was reduced to $180,000. The aggregate revolving loan availability includes a $100,000 letter of credit sub-facility and a $25,000 swing line sub-facility. The ABL Facility also provides for an uncommitted $100,000 incremental loan facility, for a potential total ABL Facility of $280,000, if requested by the borrowers under the ABL Facility and the lenders agree to fund such increase. No consent of any lender is required to effect any such increase, except for those participating in the increase. As of September 30, 2022, there were no loans outstanding under the ABL Facility. The Company’s borrowing base was $180,000. Net of the greater of 10% of the borrowing base or $15,000 that cannot be borrowed without triggering the fixed charge coverage ratio maintenance covenant and $6,310 of outstanding letters of credit, the Company effectively had $155,690 available for borrowing under its ABL facility. Any borrowings under the ABL Facility will mature, and the commitments of the lenders under the ABL Facility will terminate, on the earlier of March 24, 2025 or the date 91 days prior to the maturity date of the Term Loan Facility (or another fixed asset facility replacing the Term Loan Facility). As of September 30, 2022 and December 31, 2021, the Company had $597 and $782, respectively, of unamortized debt issuance costs related to the ABL Facility, which are presented in other assets in the condensed consolidated balance sheets. Debt Covenants The Company was in compliance with all covenants of the Senior Notes, Senior Secured Notes, Term Loan Facility and ABL Facility as of September 30, 2022. Other Other borrowings as of September 30, 2022 and December 31, 2021 reflect borrowings under local bank lines classified in debt payable within one year on the condensed consolidated balance sheet. |
Fair Value Measurements and Fin
Fair Value Measurements and Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 December 31, 2021 Input Forward foreign exchange contracts - other current assets $ 3,624 $ 647 Level 2 Forward foreign exchange contracts - accrued liabilities (487) (1,535) Level 2 Items Measured at Fair Value on a Nonrecurring Basis In addition to items that are measured at fair value on a recurring basis, the Company measures certain assets and liabilities at fair value on a nonrecurring basis, which are not included in the table above. As these nonrecurring fair value measurements are generally determined using unobservable inputs, these fair value measurements are classified within Level 3 of the fair value hierarchy. For further information on assets and liabilities measured at fair value on a nonrecurring basis see Note 2. “Deconsolidation and Divestiture” and Note 7. “Property, Plant and Equipment.” Items Not Carried at Fair Value Fair values of the Company’s Senior Notes, Senior Secured Notes and Term Loan Facility were as follows: September 30, 2022 December 31, 2021 Aggregate fair value $ 719,807 $ 899,909 Aggregate carrying value (1) 970,450 973,000 (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 sheet, 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. 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 September 30, 2022 and December 31, 2021, the notional amount of these contracts was $155,054 and $136,103, respectively, and consisted of hedges of transactions up to December 2023. Pretax amounts related to the Company’s cash flow hedges that were recognized in other comprehensive income (loss) (“OCI”) were as follows: Gain (Loss) Recognized in OCI Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Forward foreign exchange contracts $ 3,168 $ (1,606) $ 5,064 $ (964) Pretax amounts related to the Company’s cash flow hedges that were reclassified from AOCI and recognized in cost of products sold were as follows: Gain (Loss) Reclassified from AOCI to Income Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Forward foreign exchange contracts $ 486 $ 508 $ 1,048 $ 1,045 |
Accounts Receivable Factoring
Accounts Receivable Factoring | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Accounts Receivable Factoring | Accounts Receivable Factoring As a part of its working capital management, the Company sells certain receivables through a single third-party financial institution (the “Factor”) in a pan-European program. The amount sold varies each month based on the amount of underlying receivables and cash flow needs of the Company. These are permitted transactions under the Company’s credit agreements governing the ABL Facility and Term Loan Facility and the indentures governing the Senior Notes and Senior Secured Notes. The European factoring facility, which was renewed in March 2020, allows the Company to factor up to €120 million of its Euro-denominated accounts receivable, accelerating access to cash and reducing credit risk. The factoring facility expires in December 2023. Costs incurred on the sale of receivables are recorded in other expense, net in the condensed consolidated statements of operations. The sale of receivables under this contract is considered an off-balance sheet arrangement to the Company and is accounted for as a true sale and is excluded from accounts receivable in the condensed consolidated balance sheet. Amounts outstanding under receivable transfer agreements entered into by various locations as of the period end were as follows: September 30, 2022 December 31, 2021 Off-balance sheet arrangements $ 49,155 $ 52,743 Accounts receivable factored and related costs throughout the period were as follows: Off-Balance Sheet Arrangements Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Accounts receivable factored $ 89,263 $ 68,897 $ 262,145 $ 286,214 Costs 156 117 395 421 |
Pension and Postretirement Bene
Pension and Postretirement Benefits other than Pensions | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefits other than Pensions | Pension and Postretirement Benefits Other Than Pensions The components of net periodic benefit (income) cost for the Company’s defined benefit plans and other postretirement benefit plans were as follows: Pension Benefits Three Months Ended September 30, 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 193 $ 658 $ 223 $ 878 Interest cost 1,766 690 1,629 659 Expected return on plan assets (2,323) (247) (3,564) (335) Amortization of prior service cost and actuarial loss 222 376 418 509 Other — — — — Net periodic benefit (income) cost $ (142) $ 1,477 $ (1,294) $ 1,711 Pension Benefits Nine Months Ended September 30, 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 579 $ 2,071 $ 669 $ 2,705 Interest cost 5,298 2,139 4,887 1,967 Expected return on plan assets (6,969) (753) (10,692) (1,013) Amortization of prior service cost and actuarial loss 666 1,187 1,254 2,374 Other — — — 125 Net periodic benefit (income) cost $ (426) $ 4,644 $ (3,882) $ 6,158 Other Postretirement Benefits Three Months Ended September 30, 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 22 $ 56 $ 26 $ 91 Interest cost 140 163 133 178 Amortization of prior service credit and actuarial (gain) loss (394) 41 (349) 191 Net periodic benefit (income) cost $ (232) $ 260 $ (190) $ 460 Other Postretirement Benefits Nine Months Ended September 30, 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 66 $ 171 $ 78 $ 274 Interest cost 420 498 399 538 Amortization of prior service credit and actuarial (gain) loss (1,182) 125 (1,047) 577 Net periodic benefit (income) cost $ (696) $ 794 $ (570) $ 1,389 The service cost component of net periodic benefit (income) cost is included in cost of products sold and selling, administrative and engineering expenses in the condensed consolidated statements of operations. All other components of net periodic benefit (income) cost are included in other income (expense), net in the condensed consolidated statements of operations for all periods presented. 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. The twelve |
Other Income (Expense), Net
Other Income (Expense), Net | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Other (Expense) Income, Net | Other Income (Expense), Net The components of other income (expense), net were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Deconsolidation of joint venture (1) $ — $ — $ (2,257) $ — Foreign currency gains (losses) 649 (1,396) 993 (5,546) Components of net periodic benefit (cost) income other than service cost (434) 531 (1,429) 631 Factoring costs (156) (117) (395) (421) Miscellaneous income 87 488 514 1,115 Other income (expense), net $ 146 $ (494) $ (2,574) $ (4,221) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company determines its effective tax rate each quarter based upon its estimated annual effective tax rate. The Company records the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. In addition, jurisdictions with a projected loss for the year where no tax benefit can be recognized are excluded from the estimated annual effective tax rate. Income tax (benefit) expense, loss before income taxes and the corresponding effective tax rate for the three and nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Income tax (benefit) expense $ (833) $ 32,121 $ 1,824 $ 15,598 Loss before income taxes (34,053) (92,743) (127,337) (208,508) Effective tax rate 2 % (35) % (1) % (7) % The effective tax rate for the three and nine months ended September 30, 2022 varied from the effective tax rate for the three and nine months ended September 30, 2021 primarily due to the initial recognition of valuation allowances in the U.S., resulting in tax expense of $31,740 and $13,278 recorded in the three and nine months ended September 30, 2021, respectively, the geographic mix of pre-tax losses, and the inability to record a benefit for pre-tax losses in the U.S. and certain foreign jurisdictions due to valuation allowances. Additionally the three and nine months ended September 30, 2022 were impacted by discrete tax impacts of the gain on sale-leaseback transaction in Europe, tax reserve changes, and other permanent items. The income tax rate for the three and nine months ended September 30, 2022 and 2021 varied from the U.S. statutory rate primarily due to the inability to record a tax benefit for pre-tax losses in the U.S. and certain foreign jurisdictions, tax credits, the impact of income taxes on foreign earnings taxed at rates varying from the U.S. statutory rate, and other permanent items. Additionally, the income tax rate for the three and nine months ended September 30, 2021 varied from the U.S. statutory rate as a result of the initial recognition of valuation allowances in the U.S. During the nine months ended September 30, 2022, the Company received $54,273 in cash payments from the United States Internal Revenue Service for tax refunds related to net operating loss carrybacks. 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. Inflation Reduction Action of 2022 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. Based on its current analysis of the provisions, the Company does not believe this legislation will have a material impact on its consolidated financial statements, but the Company is continuing to evaluate the implications. |
Net Income (Loss) Per Share Att
Net Income (Loss) Per Share Attributable to Cooper-Standard Holdings Inc. | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net loss available to Cooper-Standard Holdings Inc. common stockholders $ (32,686) $ (123,173) $ (127,293) $ (220,648) Basic weighted average shares of common stock outstanding 17,218,165 17,097,766 17,181,534 17,027,226 Dilutive effect of common stock equivalents — — — — Diluted weighted average shares of common stock outstanding 17,218,165 17,097,766 17,181,534 17,027,226 Basic net loss per share attributable to Cooper-Standard Holdings Inc. $ (1.90) $ (7.20) $ (7.41) $ (12.96) Diluted net loss per share attributable to Cooper-Standard Holdings Inc. $ (1.90) $ (7.20) $ (7.41) $ (12.96) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Foreign currency translation adjustment Balance at beginning of period $ (147,736) $ (134,377) $ (138,751) $ (136,579) Other comprehensive loss before reclassifications (19,309) (1) (6,134) (1) (28,000) (1) (3,932) (1) Amounts reclassified from accumulated other comprehensive loss — 144 (294) 144 Balance at end of period $ (167,045) $ (140,367) $ (167,045) $ (140,367) Benefit plan liabilities Balance at beginning of period $ (62,256) $ (102,729) $ (65,303) $ (106,079) Other comprehensive income (loss) before reclassifications (net of tax expense (benefit) of $70, $27, $(174), and $(250), respectively) 2,227 4,119 4,765 5,160 Amounts reclassified from accumulated other comprehensive loss 171 (2) 859 (3) 680 (4) 3,168 (5) Balance at end of period $ (59,858) $ (97,751) $ (59,858) $ (97,751) Fair value change of derivatives Balance at beginning of period $ 278 $ 942 $ (1,130) $ 762 Other comprehensive income (loss) before reclassifications (net of tax expense of $419, $154, $500, and $220, respectively) 2,749 (1,760) 4,564 (1,184) Amounts reclassified from accumulated other comprehensive loss (net of tax expense of $159, $136, $314, and $277, respectively) (327) (372) (734) (768) Balance at end of period $ 2,700 $ (1,190) $ 2,700 $ (1,190) Accumulated other comprehensive loss, ending balance $ (224,203) $ (239,308) $ (224,203) $ (239,308) (1) Includes other comprehensive (loss) income related to intra-entity foreign currency balances that are of a long-term investment nature of $(24,098) and $(9,265) for the three months ended September 30, 2022 and 2021, respectively, and $(28,333) and $(5,986) for the nine months ended September 30, 2022 and 2021, respectively. (2) Includes the effect of the amortization of actuarial losses of $138, and amortization of prior service cost of $37, net of tax of $4. (3) Includes the effect of the amortization of actuarial losses of $664, amortization of prior service cost of $41, and impact of curtailment of $193, net of tax of $39. (4) Includes the effect of the amortization of actuarial losses of $562, and amortization of prior service cost of $130, net of tax of $12. (5) Includes the effect of the amortization of actuarial losses of $2,916, amortization of prior service cost of $169, and impact of curtailment of $310, net of tax of $227. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Common Stock | Common StockShare Repurchase Program In June 2018, the Company’s Board of Directors approved a common stock repurchase program (the “2018 Program”) authorizing the Company to repurchase, in the aggregate, up to $150,000 of its outstanding common stock. Under the 2018 Program, repurchases may be made on the open market, through private transactions, accelerated share repurchases, round lot or block transactions on the New York Stock Exchange or otherwise, as determined by management and in accordance with prevailing market conditions and federal securities laws and regulations. The Company expects to fund any future repurchases from cash on hand and future cash flows from operations. The Company is not obligated to acquire a particular amount of securities, and the 2018 Program may be discontinued at any time at the Company’s discretion. The 2018 Program became effective in November 2018. As of September 30, 2022, the Company had approximately $98,720 of repurchase authorization remaining under the 2018 Program. The Company did not make any repurchases under the 2018 Program during the nine months ended September 30, 2022 or 2021. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Company’s long-term incentive plans allow for the grant of various types of share-based awards to key employees and directors of the Company and its affiliates. The Company generally awards grants on an annual basis. In February 2022, the Company granted Restricted Stock Units (“RSUs”) and Performance Units (“PUs”). The number of PUs that will vest depends on the Company’s achievement of target performance goals related to the Company’s return on invested capital (“ROIC”) and total shareholder return, which may range from 0% to 200% of the target award amount. The PUs tied to total shareholder return cliff vest at the end of a three-year performance period. The PUs tied to ROIC cliff vest one year after the end of their individual performance periods. The RSUs vest ratably over three years. Share-based compensation expense was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 PUs $ 203 $ 357 $ 515 $ 51 RSUs 476 873 1,097 3,004 Stock options 289 549 981 1,726 Total $ 968 $ 1,779 $ 2,593 $ 4,781 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for claims, litigation and various legal matters, if any, has been incurred. However, the ultimate resolutions of these proceedings and matters are inherently unpredictable. As such, the Company’s financial condition, results of operations or cash flows could be adversely affected in any particular period by the unfavorable resolution of one or more of these proceedings or matters. In addition, the Company conducts and monitors environmental investigations and remedial actions at certain locations. As of September 30, 2022 and December 31, 2021, the Company had approximately $10,780 and $9,965, respectively, reserved in accrued liabilities and other liabilities on the condensed consolidated balance sheets on an undiscounted basis. While the Company’s costs to defend and settle known claims arising under environmental laws have not been material in the past and are not currently estimated to have a material adverse effect on the Company’s financial condition, such costs may be material to the Company’s financial statements in the future. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | Segment ReportingThe Company’s automotive business is organized in the following reportable segments: North America, Europe, Asia Pacific and South America. All other business activities are reported in Corporate, eliminations and other. The Company’s principal products within each of the reportable segments are sealing, fuel and brake delivery, and fluid transfer systems. The Company uses Segment adjusted EBITDA as the measure of earnings to assess the performance of each segment and determine the resources to be allocated to the segments. The results of each segment include certain allocations for general, administrative and other shared costs. Segment adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Certain financial information on the Company’s reportable segments was as follows: Three Months Ended September 30, 2022 2021 External Sales Intersegment Sales Adjusted EBITDA External Sales Intersegment Sales Adjusted EBITDA North America $ 351,011 $ 3,223 $ 19,401 $ 270,592 $ 2,711 $ 8,817 Europe 113,670 2,142 (10,905) 98,682 1,903 (25,112) Asia Pacific 129,493 1,065 7,523 109,526 306 (14,274) South America 27,073 11 766 15,981 — (3,422) Total Automotive 621,247 6,441 16,785 494,781 4,920 (33,991) Corporate, eliminations and other 35,906 (6,441) 3,720 31,909 (4,920) 132 Consolidated $ 657,153 $ — $ 20,505 $ 526,690 $ — $ (33,859) Nine Months Ended September 30, 2022 2021 External Sales Intersegment Sales Adjusted EBITDA External Sales Intersegment Sales Adjusted EBITDA North America $ 1,004,592 $ 9,500 $ 52,338 $ 857,153 $ 7,484 $ 50,806 Europe 371,371 6,052 (40,878) 397,079 7,718 (40,992) Asia Pacific 319,025 2,598 (1,018) 327,666 1,794 (13,024) South America 74,853 16 (941) 45,620 15 (6,756) Total Automotive 1,769,841 18,166 9,501 1,627,518 17,011 (9,966) Corporate, eliminations and other 106,213 (18,166) 775 101,324 (17,011) (79) Consolidated $ 1,876,054 $ — $ 10,276 $ 1,728,842 $ — $ (10,045) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Adjusted EBITDA $ 20,505 $ (33,859) $ 10,276 $ (10,045) Restructuring charges (1,701) (1,573) (13,014) (34,251) Deconsolidation of joint venture — — (2,257) — Impairment charges (379) (1,006) (837) (1,847) (Loss) gain on sale of business, net — — — 696 Gain on sale of fixed assets, net — — 33,391 — Lease termination costs — (322) — (430) Indirect tax and customs adjustments (569) — (1,477) — EBITDA $ 17,856 $ (36,760) $ 26,082 $ (45,877) Income tax expense 833 (32,121) (1,824) (15,598) Interest expense, net of interest income (20,747) (18,243) (57,378) (54,152) Depreciation and amortization (30,628) (36,049) (94,173) (105,021) Net loss attributable to Cooper-Standard Holdings Inc. $ (32,686) $ (123,173) $ (127,293) $ (220,648) September 30, 2022 December 31, 2021 Segment assets: North America $ 900,990 $ 885,517 Europe 364,208 372,097 Asia Pacific 437,627 510,524 South America 78,142 61,479 Total Automotive 1,780,967 1,829,617 Corporate, eliminations and other 321,234 396,876 Consolidated $ 2,102,201 $ 2,226,493 |
Overview (Policies)
Overview (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of Presentation Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company” or “Cooper Standard”), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”), is a leading manufacturer of sealing, fuel and brake delivery, and fluid transfer systems. The Company’s products are primarily for use in passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers (“OEMs”) and replacement markets. The Company conducts substantially all of its activities through its subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 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 September 30, 2022 are not necessarily indicative of results for the full year. In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Revenue by customer group for the three months ended September 30, 2022 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 343,012 $ 108,628 $ 129,167 $ 27,069 $ — $ 607,876 Commercial 4,132 4,957 326 4 1,725 11,144 Other 3,867 85 — — 34,181 38,133 Revenue $ 351,011 $ 113,670 $ 129,493 $ 27,073 $ 35,906 $ 657,153 Revenue by customer group for the nine months ended September 30, 2022 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 981,131 $ 354,689 $ 317,909 $ 74,838 $ — $ 1,728,567 Commercial 11,855 16,426 1,114 15 5,047 34,457 Other 11,606 256 2 — 101,166 113,030 Revenue $ 1,004,592 $ 371,371 $ 319,025 $ 74,853 $ 106,213 $ 1,876,054 Revenue by customer group for the three months ended September 30, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 262,821 $ 93,766 $ 109,187 $ 15,973 $ — $ 481,747 Commercial 3,341 4,773 337 8 1,333 9,792 Other 4,430 143 2 — 30,576 35,151 Revenue $ 270,592 $ 98,682 $ 109,526 $ 15,981 $ 31,909 $ 526,690 Revenue by customer group for the nine months ended September 30, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 834,545 $ 380,519 $ 325,178 $ 45,597 $ — $ 1,585,839 Commercial 11,027 16,125 2,484 23 4,029 33,688 Other 11,581 435 4 — 97,295 109,315 Revenue $ 857,153 $ 397,079 $ 327,666 $ 45,620 $ 101,324 $ 1,728,842 Revenue by product line for the three months ended September 30, 2022 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 133,347 $ 91,078 $ 85,309 $ 21,654 $ — $ 331,388 Fuel and brake delivery systems 113,755 19,572 27,540 3,715 — 164,582 Fluid transfer systems 103,909 3,020 16,644 1,704 — 125,277 Other — — — — 35,906 35,906 Revenue $ 351,011 $ 113,670 $ 129,493 $ 27,073 $ 35,906 $ 657,153 Revenue by product line for the nine months ended September 30, 2022 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 388,244 $ 298,163 $ 198,219 $ 56,999 $ — $ 941,625 Fuel and brake delivery systems 324,090 64,248 71,768 12,090 — 472,196 Fluid transfer systems 292,258 8,960 49,038 5,764 — 356,020 Other — — — — 106,213 106,213 Revenue $ 1,004,592 $ 371,371 $ 319,025 $ 74,853 $ 106,213 $ 1,876,054 Revenue by product line for the three months ended September 30, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 102,636 $ 75,824 $ 69,872 $ 12,114 $ — $ 260,446 Fuel and brake delivery systems 80,549 18,989 23,446 2,286 — 125,270 Fluid transfer systems 87,407 3,869 16,208 1,581 — 109,065 Other — — — — 31,909 31,909 Revenue $ 270,592 $ 98,682 $ 109,526 $ 15,981 $ 31,909 $ 526,690 Revenue by product line for the nine months ended September 30, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 313,985 $ 310,063 $ 201,873 $ 34,921 $ — $ 860,842 Fuel and brake delivery systems 275,594 73,770 76,981 7,299 — 433,644 Fluid transfer systems 267,574 13,246 48,812 3,400 — 333,032 Other — — — — 101,324 101,324 Revenue $ 857,153 $ 397,079 $ 327,666 $ 45,620 $ 101,324 $ 1,728,842 |
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: September 30, 2022 December 31, 2021 Change Contract assets $ 3,690 $ — $ 3,690 Contract liabilities (13) (143) 130 Net contract assets (liabilities) $ 3,677 $ (143) $ 3,820 |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Summary of Activity of Restructuring | Restructuring expense by segment for the three and nine months ended September 30, 2022 and 2021 was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 North America $ (66) $ 307 $ (152) $ 3,513 Europe 1,383 1,113 11,518 27,284 Asia Pacific 319 282 1,318 1,265 South America 147 (129) 252 1,858 Total Automotive 1,783 1,573 12,936 33,920 Corporate and other (82) — 78 331 Total $ 1,701 $ 1,573 $ 13,014 $ 34,251 |
Schedule of Restructuring Reserve by Type of Cost | Restructuring activity for the nine months ended September 30, 2022 was as follows: Employee Separation Costs Other Exit Costs Total Balance as of December 31, 2021 $ 20,957 $ 5,627 $ 26,584 Expense 8,654 4,360 13,014 Cash payments (15,361) (2,455) (17,816) Foreign exchange translation and other (2,074) (517) (2,591) Balance as of September 30, 2022 $ 12,176 $ 7,015 $ 19,191 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consist of the following: September 30, 2022 December 31, 2021 Finished goods $ 52,462 $ 43,186 Work in process 47,136 37,045 Raw materials and supplies 95,405 77,844 $ 195,003 $ 158,075 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Lease Expense Components [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating lease expense $ 6,954 $ 7,827 $ 21,578 $ 23,258 Short-term lease expense 1,413 1,719 3,558 5,324 Variable lease expense 326 191 792 620 Finance lease expense: Amortization of right-of-use assets 523 519 1,500 1,586 Interest on lease liabilities 318 356 980 1,094 Total lease expense $ 9,534 $ 10,612 $ 28,408 $ 31,882 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Other information related to leases was as follows: Nine Months Ended September 30, 2022 2021 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 21,944 $ 25,641 Operating cash flows for finance leases 988 1,093 Financing cash flows for finance leases 1,488 1,677 Non-cash right-of-use assets obtained in exchange for lease obligations: Operating leases 11,012 14,968 Finance leases 128 606 Weighted Average Remaining Lease Term (in years) Operating leases 7.4 7.6 Finance leases 9.1 9.9 Weighted Average Discount Rate Operating leases 6.1 % 5.7 % Finance leases 5.9 % 5.8 % |
Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments under non-cancellable leases as of September 30, 2022 were as follows: Year Operating Leases Finance Remainder of 2022 $ 6,567 $ 756 2023 24,425 3,059 2024 18,619 3,250 2025 15,136 3,274 2026 11,060 3,033 Thereafter 48,714 16,396 Total future minimum lease payments 124,521 29,768 Less imputed interest (25,127) (7,015) Total $ 99,394 $ 22,753 Amounts recognized on the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 December 31, 2021 Operating Leases Operating lease right-of-use assets, net $ 95,803 $ 111,052 Current operating lease liabilities 20,172 22,552 Long-term operating lease liabilities 79,222 92,760 Finance Leases Property, plant and equipment, net 22,260 25,690 Debt payable within one year 2,067 2,153 Long-term debt 20,686 23,590 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following: September 30, 2022 December 31, 2021 Land and improvements $ 40,889 $ 44,495 Buildings and improvements 253,181 285,240 Machinery and equipment 1,198,754 1,269,330 Construction in progress 79,252 80,868 1,572,076 1,679,933 Accumulated depreciation (904,959) (895,585) Property, plant and equipment, net $ 667,117 $ 784,348 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 nine months ended September 30, 2022 were as follows: North America Industrial Specialty Group Total Balance as of December 31, 2021 $ 128,246 $ 14,036 $ 142,282 Foreign exchange translation (324) — (324) Balance as of September 30, 2022 $ 127,922 $ 14,036 $ 141,958 |
Intangible Assets and Accumulated Amortization Balances | Intangible assets and accumulated amortization balances as of September 30, 2022 and December 31, 2021 were as follows: Gross Accumulated Net Customer relationships $ 152,210 $ (128,099) $ 24,111 Other 37,662 (13,360) 24,302 Balance as of September 30, 2022 $ 189,872 $ (141,459) $ 48,413 Customer relationships $ 154,767 $ (126,626) $ 28,141 Other 44,955 (12,721) 32,234 Balance as of December 31, 2021 $ 199,722 $ (139,347) $ 60,375 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | A summary of outstanding debt as of September 30, 2022 and December 31, 2021 is as follows: September 30, 2022 December 31, 2021 Senior Notes $ 397,080 $ 396,544 Senior Secured Notes 243,700 241,683 Term Loan 319,393 321,212 Finance leases 22,753 25,743 Other borrowings 44,399 51,533 Total debt 1,027,325 1,036,715 Less current portion (48,890) (56,111) Total long-term debt $ 978,435 $ 980,604 |
Fair Value Measurements and F_2
Fair Value Measurements and Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 December 31, 2021 Input Forward foreign exchange contracts - other current assets $ 3,624 $ 647 Level 2 Forward foreign exchange contracts - accrued liabilities (487) (1,535) Level 2 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair values of the Company’s Senior Notes, Senior Secured Notes and Term Loan Facility were as follows: September 30, 2022 December 31, 2021 Aggregate fair value $ 719,807 $ 899,909 Aggregate carrying value (1) 970,450 973,000 (1) Excludes unamortized debt issuance costs and unamortized original issue discount. |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Pretax amounts related to the Company’s cash flow hedges that were recognized in other comprehensive income (loss) (“OCI”) were as follows: Gain (Loss) Recognized in OCI Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Forward foreign exchange contracts $ 3,168 $ (1,606) $ 5,064 $ (964) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Pretax amounts related to the Company’s cash flow hedges that were reclassified from AOCI and recognized in cost of products sold were as follows: Gain (Loss) Reclassified from AOCI to Income Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Forward foreign exchange contracts $ 486 $ 508 $ 1,048 $ 1,045 |
Accounts Receivable Factoring (
Accounts Receivable Factoring (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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: September 30, 2022 December 31, 2021 Off-balance sheet arrangements $ 49,155 $ 52,743 |
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Accounts receivable factored $ 89,263 $ 68,897 $ 262,145 $ 286,214 Costs 156 117 395 421 |
Pension and Postretirement Be_2
Pension and Postretirement Benefits other than Pensions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost of Defined Benefit Plans and Other Postretirement Benefit Plans | The components of net periodic benefit (income) cost for the Company’s defined benefit plans and other postretirement benefit plans were as follows: Pension Benefits Three Months Ended September 30, 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 193 $ 658 $ 223 $ 878 Interest cost 1,766 690 1,629 659 Expected return on plan assets (2,323) (247) (3,564) (335) Amortization of prior service cost and actuarial loss 222 376 418 509 Other — — — — Net periodic benefit (income) cost $ (142) $ 1,477 $ (1,294) $ 1,711 Pension Benefits Nine Months Ended September 30, 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 579 $ 2,071 $ 669 $ 2,705 Interest cost 5,298 2,139 4,887 1,967 Expected return on plan assets (6,969) (753) (10,692) (1,013) Amortization of prior service cost and actuarial loss 666 1,187 1,254 2,374 Other — — — 125 Net periodic benefit (income) cost $ (426) $ 4,644 $ (3,882) $ 6,158 Other Postretirement Benefits Three Months Ended September 30, 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 22 $ 56 $ 26 $ 91 Interest cost 140 163 133 178 Amortization of prior service credit and actuarial (gain) loss (394) 41 (349) 191 Net periodic benefit (income) cost $ (232) $ 260 $ (190) $ 460 Other Postretirement Benefits Nine Months Ended September 30, 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 66 $ 171 $ 78 $ 274 Interest cost 420 498 399 538 Amortization of prior service credit and actuarial (gain) loss (1,182) 125 (1,047) 577 Net periodic benefit (income) cost $ (696) $ 794 $ (570) $ 1,389 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Details of Components of Other Income Expense, Net | The components of other income (expense), net were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Deconsolidation of joint venture (1) $ — $ — $ (2,257) $ — Foreign currency gains (losses) 649 (1,396) 993 (5,546) Components of net periodic benefit (cost) income other than service cost (434) 531 (1,429) 631 Factoring costs (156) (117) (395) (421) Miscellaneous income 87 488 514 1,115 Other income (expense), net $ 146 $ (494) $ (2,574) $ (4,221) |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | Income tax (benefit) expense, loss before income taxes and the corresponding effective tax rate for the three and nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Income tax (benefit) expense $ (833) $ 32,121 $ 1,824 $ 15,598 Loss before income taxes (34,053) (92,743) (127,337) (208,508) Effective tax rate 2 % (35) % (1) % (7) % |
Net Income (Loss) Per Share A_2
Net Income (Loss) Per Share Attributable to Cooper-Standard Holdings Inc. (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net loss available to Cooper-Standard Holdings Inc. common stockholders $ (32,686) $ (123,173) $ (127,293) $ (220,648) Basic weighted average shares of common stock outstanding 17,218,165 17,097,766 17,181,534 17,027,226 Dilutive effect of common stock equivalents — — — — Diluted weighted average shares of common stock outstanding 17,218,165 17,097,766 17,181,534 17,027,226 Basic net loss per share attributable to Cooper-Standard Holdings Inc. $ (1.90) $ (7.20) $ (7.41) $ (12.96) Diluted net loss per share attributable to Cooper-Standard Holdings Inc. $ (1.90) $ (7.20) $ (7.41) $ (12.96) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Foreign currency translation adjustment Balance at beginning of period $ (147,736) $ (134,377) $ (138,751) $ (136,579) Other comprehensive loss before reclassifications (19,309) (1) (6,134) (1) (28,000) (1) (3,932) (1) Amounts reclassified from accumulated other comprehensive loss — 144 (294) 144 Balance at end of period $ (167,045) $ (140,367) $ (167,045) $ (140,367) Benefit plan liabilities Balance at beginning of period $ (62,256) $ (102,729) $ (65,303) $ (106,079) Other comprehensive income (loss) before reclassifications (net of tax expense (benefit) of $70, $27, $(174), and $(250), respectively) 2,227 4,119 4,765 5,160 Amounts reclassified from accumulated other comprehensive loss 171 (2) 859 (3) 680 (4) 3,168 (5) Balance at end of period $ (59,858) $ (97,751) $ (59,858) $ (97,751) Fair value change of derivatives Balance at beginning of period $ 278 $ 942 $ (1,130) $ 762 Other comprehensive income (loss) before reclassifications (net of tax expense of $419, $154, $500, and $220, respectively) 2,749 (1,760) 4,564 (1,184) Amounts reclassified from accumulated other comprehensive loss (net of tax expense of $159, $136, $314, and $277, respectively) (327) (372) (734) (768) Balance at end of period $ 2,700 $ (1,190) $ 2,700 $ (1,190) Accumulated other comprehensive loss, ending balance $ (224,203) $ (239,308) $ (224,203) $ (239,308) (1) Includes other comprehensive (loss) income related to intra-entity foreign currency balances that are of a long-term investment nature of $(24,098) and $(9,265) for the three months ended September 30, 2022 and 2021, respectively, and $(28,333) and $(5,986) for the nine months ended September 30, 2022 and 2021, respectively. (2) Includes the effect of the amortization of actuarial losses of $138, and amortization of prior service cost of $37, net of tax of $4. (3) Includes the effect of the amortization of actuarial losses of $664, amortization of prior service cost of $41, and impact of curtailment of $193, net of tax of $39. (4) Includes the effect of the amortization of actuarial losses of $562, and amortization of prior service cost of $130, net of tax of $12. (5) Includes the effect of the amortization of actuarial losses of $2,916, amortization of prior service cost of $169, and impact of curtailment of $310, net of tax of $227. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation Expense By Type [Table Text Block] | Share-based compensation expense was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 PUs $ 203 $ 357 $ 515 $ 51 RSUs 476 873 1,097 3,004 Stock options 289 549 981 1,726 Total $ 968 $ 1,779 $ 2,593 $ 4,781 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Information on Company's Business Segments | Certain financial information on the Company’s reportable segments was as follows: Three Months Ended September 30, 2022 2021 External Sales Intersegment Sales Adjusted EBITDA External Sales Intersegment Sales Adjusted EBITDA North America $ 351,011 $ 3,223 $ 19,401 $ 270,592 $ 2,711 $ 8,817 Europe 113,670 2,142 (10,905) 98,682 1,903 (25,112) Asia Pacific 129,493 1,065 7,523 109,526 306 (14,274) South America 27,073 11 766 15,981 — (3,422) Total Automotive 621,247 6,441 16,785 494,781 4,920 (33,991) Corporate, eliminations and other 35,906 (6,441) 3,720 31,909 (4,920) 132 Consolidated $ 657,153 $ — $ 20,505 $ 526,690 $ — $ (33,859) Nine Months Ended September 30, 2022 2021 External Sales Intersegment Sales Adjusted EBITDA External Sales Intersegment Sales Adjusted EBITDA North America $ 1,004,592 $ 9,500 $ 52,338 $ 857,153 $ 7,484 $ 50,806 Europe 371,371 6,052 (40,878) 397,079 7,718 (40,992) Asia Pacific 319,025 2,598 (1,018) 327,666 1,794 (13,024) South America 74,853 16 (941) 45,620 15 (6,756) Total Automotive 1,769,841 18,166 9,501 1,627,518 17,011 (9,966) Corporate, eliminations and other 106,213 (18,166) 775 101,324 (17,011) (79) Consolidated $ 1,876,054 $ — $ 10,276 $ 1,728,842 $ — $ (10,045) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Adjusted EBITDA $ 20,505 $ (33,859) $ 10,276 $ (10,045) Restructuring charges (1,701) (1,573) (13,014) (34,251) Deconsolidation of joint venture — — (2,257) — Impairment charges (379) (1,006) (837) (1,847) (Loss) gain on sale of business, net — — — 696 Gain on sale of fixed assets, net — — 33,391 — Lease termination costs — (322) — (430) Indirect tax and customs adjustments (569) — (1,477) — EBITDA $ 17,856 $ (36,760) $ 26,082 $ (45,877) Income tax expense 833 (32,121) (1,824) (15,598) Interest expense, net of interest income (20,747) (18,243) (57,378) (54,152) Depreciation and amortization (30,628) (36,049) (94,173) (105,021) Net loss attributable to Cooper-Standard Holdings Inc. $ (32,686) $ (123,173) $ (127,293) $ (220,648) September 30, 2022 December 31, 2021 Segment assets: North America $ 900,990 $ 885,517 Europe 364,208 372,097 Asia Pacific 437,627 510,524 South America 78,142 61,479 Total Automotive 1,780,967 1,829,617 Corporate, eliminations and other 321,234 396,876 Consolidated $ 2,102,201 $ 2,226,493 |
Deconsolidation and Divestitu_2
Deconsolidation and Divestiture (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Deconsolidation of Joint Venture | $ 0 | $ 0 | $ (2,257) | $ 0 |
Gain on sale of business | $ 0 | $ 0 | $ 0 | 696 |
Previously Consolidated Joint Venture | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Ownership percentage | 51% | 51% | ||
2022 Joint Venture Deconsolidation | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Deconsolidation of Joint Venture | $ 2,257 | |||
DivestitureMutares [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of business | $ 696 |
Revenue by end customer (Detail
Revenue by end customer (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 657,153 | $ 526,690 | $ 1,876,054 | $ 1,728,842 |
North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 351,011 | 270,592 | 1,004,592 | 857,153 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 113,670 | 98,682 | 371,371 | 397,079 |
Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 129,493 | 109,526 | 319,025 | 327,666 |
South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 27,073 | 15,981 | 74,853 | 45,620 |
Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 35,906 | 31,909 | 106,213 | 101,324 |
Passenger and Light Duty | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 607,876 | 481,747 | 1,728,567 | 1,585,839 |
Passenger and Light Duty | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 343,012 | 262,821 | 981,131 | 834,545 |
Passenger and Light Duty | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 108,628 | 93,766 | 354,689 | 380,519 |
Passenger and Light Duty | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 129,167 | 109,187 | 317,909 | 325,178 |
Passenger and Light Duty | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 27,069 | 15,973 | 74,838 | 45,597 |
Passenger and Light Duty | Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 11,144 | 9,792 | 34,457 | 33,688 |
Commercial [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 4,132 | 3,341 | 11,855 | 11,027 |
Commercial [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 4,957 | 4,773 | 16,426 | 16,125 |
Commercial [Member] | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 326 | 337 | 1,114 | 2,484 |
Commercial [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 4 | 8 | 15 | 23 |
Commercial [Member] | Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,725 | 1,333 | 5,047 | 4,029 |
Other Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 38,133 | 35,151 | 113,030 | 109,315 |
Other Customers [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 3,867 | 4,430 | 11,606 | 11,581 |
Other Customers [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 85 | 143 | 256 | 435 |
Other Customers [Member] | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 2 | 2 | 4 |
Other Customers [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
Other Customers [Member] | Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 34,181 | $ 30,576 | $ 101,166 | $ 97,295 |
Revenue by type (Details)
Revenue by type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 657,153 | $ 526,690 | $ 1,876,054 | $ 1,728,842 |
North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 351,011 | 270,592 | 1,004,592 | 857,153 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 113,670 | 98,682 | 371,371 | 397,079 |
Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 129,493 | 109,526 | 319,025 | 327,666 |
South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 27,073 | 15,981 | 74,853 | 45,620 |
Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 35,906 | 31,909 | 106,213 | 101,324 |
Sealing systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 331,388 | 260,446 | 941,625 | 860,842 |
Sealing systems [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 133,347 | 102,636 | 388,244 | 313,985 |
Sealing systems [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 91,078 | 75,824 | 298,163 | 310,063 |
Sealing systems [Member] | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 85,309 | 69,872 | 198,219 | 201,873 |
Sealing systems [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 21,654 | 12,114 | 56,999 | 34,921 |
Sealing systems [Member] | Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
Fuel and brake delivery systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 164,582 | 125,270 | 472,196 | 433,644 |
Fuel and brake delivery systems [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 113,755 | 80,549 | 324,090 | 275,594 |
Fuel and brake delivery systems [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 19,572 | 18,989 | 64,248 | 73,770 |
Fuel and brake delivery systems [Member] | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 27,540 | 23,446 | 71,768 | 76,981 |
Fuel and brake delivery systems [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 3,715 | 2,286 | 12,090 | 7,299 |
Fuel and brake delivery systems [Member] | Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
Fluid transfer systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 125,277 | 109,065 | 356,020 | 333,032 |
Fluid transfer systems [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 103,909 | 87,407 | 292,258 | 267,574 |
Fluid transfer systems [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 3,020 | 3,869 | 8,960 | 13,246 |
Fluid transfer systems [Member] | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 16,644 | 16,208 | 49,038 | 48,812 |
Fluid transfer systems [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,704 | 1,581 | 5,764 | 3,400 |
Fluid transfer 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 | 35,906 | 31,909 | 106,213 | 101,324 |
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 | $ 35,906 | $ 31,909 | $ 106,213 | $ 101,324 |
Revenue Net contract assets (li
Revenue Net contract assets (liabilities) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Net contract assets (liabilities) [Abstract] | ||
Contract with Customer, Asset, Gross, Current | $ 3,690 | $ 0 |
Contract with Customer, Asset, Explanation of Change | 3,690 | |
Contract with Customer, Liability, Current | (13) | (143) |
Contract with Customer, Liability, Explanation of Change | 130 | |
Contract with Customer, Asset, Net, Current | (3,677) | $ (143) |
Contract with Customer, Net, Explanation of Change | $ 3,820 |
Revenue other (Details)
Revenue other (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Disaggregation of Revenue [Line Items] | ||
Accrued Liabilities, Current | $ 130,257 | $ 101,466 |
Short-term Contract with Customer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Accrued Liabilities, Current | 13,968 | 12,045 |
Long-term Contract with Customer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Accrued Liabilities, Current | $ 5,733 | $ 7,214 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 1,701 | $ 1,573 | $ 13,014 | $ 34,251 |
Corporate and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | (82) | 0 | 78 | 331 |
North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | (66) | 307 | (152) | 3,513 |
Europe [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 1,383 | 1,113 | 11,518 | 27,284 |
Asia Pacific [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 319 | 282 | 1,318 | 1,265 |
South America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 147 | (129) | 252 | 1,858 |
Automotive [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 1,783 | $ 1,573 | $ 12,936 | $ 33,920 |
Restructuring - Summary of Acti
Restructuring - Summary of Activity of Restructuring (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve, Beginning Balance | $ 26,584 |
Expense | 13,014 |
Cash payments | (17,816) |
Foreign exchange translation and other | (2,591) |
Restructuring Reserve, Ending Balance | 19,191 |
Employee Separation Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve, Beginning Balance | 20,957 |
Expense | 8,654 |
Cash payments | (15,361) |
Foreign exchange translation and other | (2,074) |
Restructuring Reserve, Ending Balance | 12,176 |
Other Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve, Beginning Balance | 5,627 |
Expense | 4,360 |
Cash payments | (2,455) |
Foreign exchange translation and other | (517) |
Restructuring Reserve, Ending Balance | $ 7,015 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 52,462 | $ 43,186 |
Work in process | 47,136 | 37,045 |
Raw materials and supplies | 95,405 | 77,844 |
Inventories | $ 195,003 | $ 158,075 |
Leases Components of lease expe
Leases Components of lease expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Lease Expense Components [Abstract] | ||||
Operating Lease, Cost | $ 6,954 | $ 7,827 | $ 21,578 | $ 23,258 |
Short-term Lease, Cost | 1,413 | 1,719 | 3,558 | 5,324 |
Variable Lease, Cost | 326 | 191 | 792 | 620 |
Finance Lease, Right-of-Use Asset, Amortization | 523 | 519 | 1,500 | 1,586 |
Finance Lease, Interest Expense | 318 | 356 | 980 | 1,094 |
Lease, Cost | $ 9,534 | $ 10,612 | $ 28,408 | $ 31,882 |
Leases Additional Lease Disclos
Leases Additional Lease Disclosure (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||
Operating Lease, Payments | $ 21,944 | $ 25,641 |
Finance Lease, Principal Payments | 988 | 1,093 |
Finance leases, finance cash flows | 1,488 | 1,677 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 11,012 | 14,968 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 128 | $ 606 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 4 months 24 days | 7 years 7 months 6 days |
Finance Lease, Weighted Average Remaining Lease Term | 9 years 1 month 6 days | 9 years 10 months 24 days |
Operating Lease, Weighted Average Discount Rate, Percent | 6.10% | 5.70% |
Finance Lease, Weighted Average Discount Rate, Percent | 5.90% | 5.80% |
Leases Future minimum lease pay
Leases Future minimum lease payments (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Operating Leases [Member] | |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 6,567 |
Lessee, Operating Lease, Liability, to be Paid, Year One | 24,425 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 18,619 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 15,136 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 11,060 |
Lessee, Operating Lease, Liability, to be Paid, Year Five | 48,714 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 124,521 |
Imputed Interest | (25,127) |
Lessee, Operating Lease, Liability, Payments, Due | 99,394 |
Finance Leases [Member] | |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 756 |
Lessee, Operating Lease, Liability, to be Paid, Year One | 3,059 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 3,250 |
Finance Lease, Liability, Payments, Due Year Three | 3,274 |
Finance Lease, Liability, Payments, Due Year Four | 3,033 |
Finance Lease, Liability, to be Paid, Year Five | 16,396 |
Finance Lease, Liability, Undiscounted Excess Amount | 29,768 |
Imputed Interest | (7,015) |
Finance Lease, Liability, Payment, Due | $ 22,753 |
Leases Lease Amounts Recognized
Leases Lease Amounts Recognized on Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets, net | $ 95,803 | $ 111,052 |
Current operating lease liabilities | 20,172 | 22,552 |
Long-term operating lease liabilities | 79,222 | 92,760 |
Operating Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets, net | 95,803 | 111,052 |
Current operating lease liabilities | 20,172 | 22,552 |
Long-term operating lease liabilities | 79,222 | 92,760 |
Finance Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Liability, Current | 2,067 | 2,153 |
Finance Lease, Liability, Noncurrent | $ 20,686 | $ 23,590 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Abstract] | ||
Land and improvements | $ 40,889 | $ 44,495 |
Buildings and improvements, gross | 253,181 | 285,240 |
Machinery and equipment, gross | 1,198,754 | 1,269,330 |
Construction in progress, gross | 79,252 | 80,868 |
Property, Plant and Equipment, Gross | 1,572,076 | 1,679,933 |
Accumulated depreciation | (904,959) | (895,585) |
Property, plant and equipment, net | $ 667,117 | $ 784,348 |
Property, Plant and Equipment A
Property, Plant and Equipment Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Mar. 31, 2022 facility | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Impairment charges | $ 379 | $ 1,006 | $ 837 | $ 1,847 | |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 29,590 | 29,590 | |||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | 11,625 | ||||
Gain on sale of fixed assets, net | 0 | $ 0 | 33,391 | $ 0 | |
Sale and Leaseback Transaction, Number of Facilities | facility | 1 | ||||
European Facilities | |||||
Property, Plant and Equipment [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 16,890 | 16,890 | |||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | $ 4,013 |
Goodwill and Intangibles - Carr
Goodwill and Intangibles - Carrying Amount of Goodwill by Reportable Operating Segment (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 142,282 |
Goodwill, Foreign Currency Translation Gain (Loss) | (324) |
Goodwill, Ending Balance | 141,958 |
North America [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 128,246 |
Goodwill, Foreign Currency Translation Gain (Loss) | (324) |
Goodwill, Ending Balance | 127,922 |
Industrial Specialty Group [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 14,036 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 |
Goodwill, Ending Balance | $ 14,036 |
Goodwill and Intangibles - Inta
Goodwill and Intangibles - Intangible Assets and Accumulated Amortization Balances (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 189,872 | $ 199,722 |
Accumulated Amortization | (141,459) | (139,347) |
Net Carrying Amount | 48,413 | 60,375 |
Disposal Group, Including Discontinued Operation, Intangible Assets | 5,258 | |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 152,210 | 154,767 |
Accumulated Amortization | (128,099) | (126,626) |
Net Carrying Amount | 24,111 | 28,141 |
Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 37,662 | 44,955 |
Accumulated Amortization | (13,360) | (12,721) |
Net Carrying Amount | $ 24,302 | $ 32,234 |
Debt - Outstanding Debt (Detail
Debt - Outstanding Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Senior Notes | $ 397,080 | $ 396,544 |
Term Loan | 319,393 | 321,212 |
Finance Lease, Liability | 22,753 | 25,743 |
Other borrowings | 44,399 | 51,533 |
Total debt | 1,027,325 | 1,036,715 |
Less current portion | (48,890) | (56,111) |
Total long-term debt | 978,435 | 980,604 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 243,700 | $ 241,683 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2022 | Dec. 31, 2021 | May 29, 2020 | Mar. 24, 2020 | Nov. 02, 2016 | |
Credit Facilities [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 155,690 | ||||
Revolving Credit Facility [Member] | |||||
Credit Facilities [Line Items] | |||||
Debt Instrument, Maturity Date | Mar. 24, 2025 | ||||
Unamortized Debt Issuance Expense | $ 597 | $ 782 | |||
Line of Credit Facility, Commitment Amount | $ 180,000 | $ 210,000 | |||
Letter of credit sub-facility | 100,000 | ||||
Swing line sub-facility | 25,000 | ||||
Uncommitted incremental loan facility | 100,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 280,000 | ||||
Line of Credit Facility, Current Borrowing Capacity | 180,000 | ||||
Letters of Credit Outstanding, Amount | 6,310 | ||||
Line of Credit Facility, Covenant Compliance, FCCR Maintenance Covenant Amount | $ 15 | ||||
Senior Notes [Member] | |||||
Credit Facilities [Line Items] | |||||
Debt Instrument, Face Amount | $ 400,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | ||||
Debt Instrument, Maturity Date | Nov. 15, 2026 | ||||
Unamortized Debt Issuance Expense | $ 2,920 | 3,456 | |||
Secured Debt [Member] | |||||
Credit Facilities [Line Items] | |||||
Debt Instrument, Face Amount | $ 250,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 13% | ||||
Debt Instrument, Maturity Date | Jun. 01, 2024 | ||||
Unamortized Debt Issuance Expense | $ 3,452 | 4,594 | $ 6,431 | ||
Debt Instrument, Unamortized Discount | $ 2,848 | 3,723 | $ 5,000 | ||
Medium-term Notes [Member] | |||||
Credit Facilities [Line Items] | |||||
Debt Instrument, Face Amount | $ 340,000 | ||||
Debt Instrument, Maturity Date | Nov. 02, 2023 | ||||
Unamortized Debt Issuance Expense | $ 642 | 1,087 | |||
Debt Instrument, Unamortized Discount | $ 414 | $ 701 | |||
Debt Instrument, Interest Rate Terms | either (1) with respect to Eurodollar rate loans, the greater of the applicable Eurodollar rate and 0.75% plus 2.0% per annum, or (2) with respect to base rate loans, the base rate, (which is the highest of the then current federal funds rate plus 0.5%, the prime rate most recently announced by the administrative agent under the term loan, and the one-month Eurodollar rate plus 1.0%) plus 1.0% per annum | ||||
Other | |||||
Credit Facilities [Line Items] | |||||
Debt instrument term (in years) | 1 year |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Other Current Assets [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Forward foreign exchange contract asset | $ 3,624 | $ 647 |
Accrued Liabilities [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Forward foreign exchange contract liability | $ (487) | $ (1,535) |
Fair Value Measurements and F_4
Fair Value Measurements and Financial Instruments - Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value of Debt Instruments [Abstract] | ||
Long-term Debt, Fair Value | $ 719,807 | $ 899,909 |
Long-term Debt, Gross | $ 970,450 | $ 973,000 |
Fair Value Measurements and F_5
Fair Value Measurements and Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, Notional Amount | $ 155,054 | $ 136,103 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | $ 3,168 | $ (1,606) | $ 5,064 | $ (964) |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 486 | $ 508 | $ 1,048 | $ 1,045 |
Accounts Receivable Factoring A
Accounts Receivable Factoring Additional Detail (Details) $ in Thousands, € in Millions | Sep. 30, 2022 EUR (€) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Receivables [Abstract] | |||
Account Receivable Factoring, Authorized Amount [Line Items] | € | € 120 | ||
Cash collected on behalf of factor | $ | $ 5,216 | $ 673 |
Accounts Receivable Factoring_2
Accounts Receivable Factoring Amounts outstanding under receivable transfer agreements (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | $ 49,155 | $ 52,743 |
Accounts Receivable Factoring R
Accounts Receivable Factoring Receivables Factored and Costs Incurred (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Receivables [Abstract] | ||||
Total amount of accounts receivable factored without recourse | $ 89,263 | $ 68,897 | $ 262,145 | $ 286,214 |
Costs incurred on sale of receivables without recourse | $ 156 | $ 117 | $ 395 | $ 421 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
U.S. | Pension Plan | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | $ 193 | $ 223 | $ 579 | $ 669 |
Interest cost | 1,766 | 1,629 | 5,298 | 4,887 |
Expected return on plan assets | (2,323) | (3,564) | (6,969) | (10,692) |
Amortization of prior service cost credit and recognized actuarial gain (loss) | 222 | 418 | 666 | 1,254 |
Other | 0 | 0 | 0 | 0 |
Net periodic benefit (income) cost | (142) | (1,294) | (426) | (3,882) |
U.S. | Other Postretirement Benefits Plan | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | 22 | 26 | 66 | 78 |
Interest cost | 140 | 133 | 420 | 399 |
Amortization of prior service cost credit and recognized actuarial gain (loss) | (394) | (349) | (1,182) | (1,047) |
Net periodic benefit (income) cost | (232) | (190) | (696) | (570) |
Non-U.S. | Pension Plan | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | 658 | 878 | 2,071 | 2,705 |
Interest cost | 690 | 659 | 2,139 | 1,967 |
Expected return on plan assets | (247) | (335) | (753) | (1,013) |
Amortization of prior service cost credit and recognized actuarial gain (loss) | 376 | 509 | 1,187 | 2,374 |
Other | 0 | 0 | 0 | 125 |
Net periodic benefit (income) cost | 1,477 | 1,711 | 4,644 | 6,158 |
Non-U.S. | Other Postretirement Benefits Plan | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | 56 | 91 | 171 | 274 |
Interest cost | 163 | 178 | 498 | 538 |
Amortization of prior service cost credit and recognized actuarial gain (loss) | 41 | 191 | 125 | 577 |
Net periodic benefit (income) cost | $ 260 | $ 460 | $ 794 | $ 1,389 |
Pension and Postretirement Be_4
Pension and Postretirement Benefits other than Pensions Pensions - Additional Information (Details) - U.S. - Pension Plan - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
U.S. Pension Plan was overfunded | $ 31,307 | $ 29,804 |
Minimum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
U.S. Pension Plan termination period (in months) | 12 months | |
Maximum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
U.S. Pension Plan termination period (in months) | 18 months |
Other Income (Expense), Net - D
Other Income (Expense), Net - Details of Components of Other Income Expense, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | ||||
Deconsolidation of Joint Venture | $ 0 | $ 0 | $ (2,257) | $ 0 |
Foreign currency gains (losses) | 649 | (1,396) | 993 | (5,546) |
Components of Net Periodic Benefit Cost Other than Service Cost | (434) | 531 | (1,429) | 631 |
Factoring costs | (156) | (117) | (395) | (421) |
Miscellaneous income | 87 | 488 | 514 | 1,115 |
Other income (expense), net | $ 146 | $ (494) | $ (2,574) | $ (4,221) |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax (benefit) expense | $ (833) | $ 32,121 | $ 1,824 | $ 15,598 |
Loss before income taxes | $ (34,053) | $ (92,743) | $ (127,337) | $ (208,508) |
Effective tax rate | 2% | (35.00%) | (1.00%) | (7.00%) |
Income Taxes Additional Informa
Income Taxes Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Contingency [Line Items] | ||||
Income tax expense | $ (833) | $ 32,121 | $ 1,824 | $ 15,598 |
Proceeds from income tax refund | $ 54,273 | |||
Domestic Tax Authority | ||||
Income Tax Contingency [Line Items] | ||||
Income tax expense | $ 31,740 | $ 13,278 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ (32,686) | $ (123,173) | $ (127,293) | $ (220,648) |
Basic weighted average shares of common stock outstanding | 17,218,165 | 17,097,766 | 17,181,534 | 17,027,226 |
Dilutive effect of common stock equivalents | 0 | 0 | 0 | 0 |
Diluted weighted average shares of common stock outstanding | 17,218,165 | 17,097,766 | 17,181,534 | 17,027,226 |
Basic net income per share attributable to Cooper-Standard Holdings Inc. | $ (1.90) | $ (7.20) | $ (7.41) | $ (12.96) |
Diluted net income per share attributable to Cooper-Standard Holdings Inc. | $ (1.90) | $ (7.20) | $ (7.41) | $ (12.96) |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 52 | 169 | 52 | 159 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Beginning Balance | $ (205,184) | |||
Ending Balance | $ (224,203) | (224,203) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (24,098) | $ (9,265) | (28,333) | $ (5,986) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax (Benefit) Expense | 70 | 27 | (174) | (250) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Amortization of Actuarial Losses, Reclassification Adjustment from AOCI, before Tax | 138 | 664 | 562 | 2,916 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Credit, Reclassification Adjustment from AOCI, before Tax | 37 | 41 | 130 | 169 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax Expense (Benefit) | (4) | (39) | (12) | (227) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 419 | 154 | 500 | 220 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 159 | 136 | 314 | 277 |
Curtailment [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 193 | 310 | ||
Cumulative currency translation adjustment [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Beginning Balance | (147,736) | (134,377) | (138,751) | (136,579) |
Other comprehensive income (loss) before reclassifications | (19,309) | (6,134) | (28,000) | (3,932) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | (144) | (294) | (144) |
Ending Balance | (167,045) | (140,367) | (167,045) | (140,367) |
Benefit plan liabilities [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Beginning Balance | (62,256) | (102,729) | (65,303) | (106,079) |
Other comprehensive income (loss) before reclassifications | 2,227 | 4,119 | 4,765 | 5,160 |
Amounts reclassified from accumulated other comprehensive income (loss) | 171 | 859 | 680 | 3,168 |
Ending Balance | (59,858) | (97,751) | (59,858) | (97,751) |
Fair value change of derivatives [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Beginning Balance | 278 | 942 | (1,130) | 762 |
Other comprehensive income (loss) before reclassifications | 2,749 | (1,760) | 4,564 | (1,184) |
Amounts reclassified from accumulated other comprehensive income (loss) | (327) | (372) | (734) | (768) |
Ending Balance | 2,700 | (1,190) | 2,700 | (1,190) |
Accumulated other comprehensive loss [Member] | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items] | ||||
Ending Balance | $ (224,203) | $ (239,308) | $ (224,203) | $ (239,308) |
Common Stock (Details)
Common Stock (Details) - 2018 Program [Member] $ in Thousands | Sep. 30, 2022 USD ($) |
Equity, Class of Treasury Stock [Line Items] | |
Stock Repurchase Program, Authorized Amount | $ 150,000 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 98,720 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-Based Compensation, Performance Units, vesting percentage based on Return on Invested Capital, low end of range | 0% |
Share-Based Compensation, Performance Units, vesting percentage based on Return on Invested Capital, high end of range | 200% |
PUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period (in years) | 3 years |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period (in years) | 3 years |
Performance Units to ROIC | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period (in years) | 1 year |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 968 | $ 1,779 | $ 2,593 | $ 4,781 |
PUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | 203 | 357 | 515 | 51 |
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | 476 | 873 | 1,097 | 3,004 |
Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 289 | $ 549 | $ 981 | $ 1,726 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 10,780 | $ 9,965 |
Segment Reporting Information o
Segment Reporting Information on Company's Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Sales | $ 657,153 | $ 526,690 | $ 1,876,054 | $ 1,728,842 | |
Intersegment sales | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | 20,505 | (33,859) | 10,276 | (10,045) | |
Restructuring Charges | (1,701) | (1,573) | (13,014) | (34,251) | |
Gain on sale of business | 0 | 0 | 0 | 696 | |
Other impairment charges | (379) | (1,006) | (837) | (1,847) | |
Gain on sale of fixed assets, net | 0 | 0 | 33,391 | 0 | |
Lease termination costs | 0 | (322) | 0 | (430) | |
Indirect Tax Adjustments | (569) | 0 | (1,477) | 0 | |
EBITDA | 17,856 | (36,760) | 26,082 | (45,877) | |
Income Tax Expense (Benefit) | 833 | (32,121) | (1,824) | (15,598) | |
Interest expense, net of interest income | (20,747) | (18,243) | (57,378) | (54,152) | |
Cost, Depreciation and Amortization | (30,628) | (36,049) | (94,173) | (105,021) | |
Net (Loss) Income Attributable to Parent | (32,686) | (123,173) | (127,293) | (220,648) | |
Segment assets | 2,102,201 | 2,102,201 | $ 2,226,493 | ||
Noncontrolling Interest [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Gain on sale of business | 0 | 0 | (2,257) | 0 | |
Parent [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other impairment charges | (837) | (1,847) | |||
Automotive [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 621,247 | 494,781 | 1,769,841 | 1,627,518 | |
Intersegment sales | 6,441 | 4,920 | 18,166 | 17,011 | |
Adjusted EBITDA | 16,785 | (33,991) | 9,501 | (9,966) | |
Segment assets | 1,780,967 | 1,780,967 | 1,829,617 | ||
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 35,906 | 31,909 | 106,213 | 101,324 | |
Intersegment sales | (6,441) | (4,920) | (18,166) | (17,011) | |
Adjusted EBITDA | 3,720 | 132 | 775 | (79) | |
Restructuring Charges | 82 | 0 | (78) | (331) | |
Segment assets | 321,234 | 321,234 | 396,876 | ||
North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 351,011 | 270,592 | 1,004,592 | 857,153 | |
Restructuring Charges | 66 | (307) | 152 | (3,513) | |
Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 113,670 | 98,682 | 371,371 | 397,079 | |
Restructuring Charges | (1,383) | (1,113) | (11,518) | (27,284) | |
Asia Pacific [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 129,493 | 109,526 | 319,025 | 327,666 | |
Restructuring Charges | (319) | (282) | (1,318) | (1,265) | |
South America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 27,073 | 15,981 | 74,853 | 45,620 | |
Restructuring Charges | (147) | 129 | (252) | (1,858) | |
Reportable Geographical Components [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 351,011 | 270,592 | 1,004,592 | 857,153 | |
Intersegment sales | 3,223 | 2,711 | 9,500 | 7,484 | |
Adjusted EBITDA | 19,401 | 8,817 | 52,338 | 50,806 | |
Segment assets | 900,990 | 900,990 | 885,517 | ||
Reportable Geographical Components [Member] | Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 113,670 | 98,682 | 371,371 | 397,079 | |
Intersegment sales | 2,142 | 1,903 | 6,052 | 7,718 | |
Adjusted EBITDA | (10,905) | (25,112) | (40,878) | (40,992) | |
Segment assets | 364,208 | 364,208 | 372,097 | ||
Reportable Geographical Components [Member] | Asia Pacific [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 129,493 | 109,526 | 319,025 | 327,666 | |
Intersegment sales | 1,065 | 306 | 2,598 | 1,794 | |
Adjusted EBITDA | 7,523 | (14,274) | (1,018) | (13,024) | |
Segment assets | 437,627 | 437,627 | 510,524 | ||
Reportable Geographical Components [Member] | South America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 27,073 | 15,981 | 74,853 | 45,620 | |
Intersegment sales | 11 | 0 | 16 | 15 | |
Adjusted EBITDA | 766 | $ (3,422) | (941) | $ (6,756) | |
Segment assets | $ 78,142 | $ 78,142 | $ 61,479 |