Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 08, 2023 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CPS | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 67,446,941 | ||
Entity Common Stock, Shares Outstanding | 17,108,029 | ||
Entity Central Index Key | 0001320461 | ||
Amendment Flag | false | ||
ICFR Auditor Attestation Flag | true | ||
Common Stock, par value $0.001 per share | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Security Exchange Name | NYSE | ||
Trading Symbol | CPS | ||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Security Exchange Name | NYSE | ||
Preferred Stock Purchase Rights | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Preferred Stock Purchase Rights | ||
Security Exchange Name | NYSE | ||
No Trading Symbol Flag | true | ||
Entity Information [Line Items] | |||
Title of 12(b) Security | Preferred Stock Purchase Rights | ||
Security Exchange Name | NYSE | ||
No Trading Symbol Flag | true |
Auditor
Auditor | 12 Months Ended |
Dec. 31, 2022 | |
Cover [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Detroit, Michigan |
CONSOLIDATED STATEMENTS OF NET
CONSOLIDATED STATEMENTS OF NET INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Sales | $ 2,525,391 | $ 2,330,191 | $ 2,375,439 |
Cost of products sold | 2,395,600 | 2,242,963 | 2,227,892 |
Gross profit | 129,791 | 87,228 | 147,547 |
Selling, administration & engineering expenses | 199,455 | 227,110 | 263,611 |
Gain on sale of business, net | 0 | (696) | (2,834) |
Gain on sale of land | (33,391) | 0 | 0 |
Amortization of intangibles | 6,715 | 7,347 | 11,611 |
Impairment charges | 43,710 | 25,609 | 104,363 |
Restructuring charges | 18,304 | 36,950 | 39,482 |
Operating loss | (105,002) | (209,092) | (268,686) |
Interest expense, net of interest income | (78,514) | (72,511) | (59,167) |
Equity in earnings of affiliates | (8,817) | (1,728) | 396 |
Pension Settlement Charges | (2,682) | (1,279) | (184) |
Other expense, net | (5,485) | (4,842) | (2,580) |
Loss before income taxes | (200,500) | (289,452) | (330,221) |
Income Tax Expense (Benefit) | 17,291 | 39,392 | (60,847) |
Net loss | (217,791) | (328,844) | (269,374) |
Net loss attributable to noncontrolling interests | 2,407 | 6,009 | 1,769 |
Net loss attributable to Cooper-Standard Holdings Inc. | $ (215,384) | $ (322,835) | $ (267,605) |
Earnings per share | |||
Basic (in dollars per share) | $ (12.53) | $ (18.94) | $ (15.82) |
Diluted (in dollars per share) | $ (12.53) | $ (18.94) | $ (15.82) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (217,791) | $ (328,844) | $ (269,374) |
Other comprehensive income (loss): | |||
Currency translation adjustment | (18,856) | (2,290) | 18,429 |
Benefit plan liabilities adjustment, net of tax | 5,052 | 40,776 | (5,919) |
Fair value change of derivatives, net of tax | 9,433 | (1,892) | 410 |
Other comprehensive (loss) income, net of tax | (4,371) | 36,594 | 12,920 |
Comprehensive loss | (222,162) | (292,250) | (256,454) |
Comprehensive (income) loss attributable to noncontrolling interests | 1,991 | 6,127 | 694 |
Comprehensive loss attributable to Cooper-Standard Holdings Inc. | $ (220,171) | $ (286,123) | $ (255,760) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 186,875 | $ 248,010 |
Accounts receivable, net | 358,700 | 317,469 |
Tooling receivable | 95,965 | 88,900 |
Inventories | 157,756 | 158,075 |
Prepaid expenses | 31,170 | 26,313 |
Income tax receivable and refundable credits | 13,668 | 82,813 |
Other current assets | 101,515 | 73,317 |
Total current assets | 945,649 | 994,897 |
Property, plant and equipment, net | 642,860 | 784,348 |
Operating lease right-of-use assets, net | 94,571 | 111,052 |
Goodwill | 142,023 | 142,282 |
Intangibles assets, net | 47,641 | 60,375 |
Deferred tax assets | 19,852 | 27,805 |
Other assets | 70,933 | 105,734 |
Total assets | 1,963,529 | 2,226,493 |
Current liabilities: | ||
Debt payable within one year | 54,130 | 56,111 |
Accounts payable | 338,210 | 348,133 |
Payroll liabilities | 99,029 | 69,353 |
Accrued liabilities | 119,463 | 101,466 |
Current operating lease liabilities | 20,786 | 22,552 |
Total current liabilities | 631,618 | 597,615 |
Long-term debt | 982,054 | 980,604 |
Pension benefits | 98,481 | 129,880 |
Postretirement benefits other than pensions | 31,014 | 43,498 |
Long-term operating lease liabilities | 77,617 | 92,760 |
Deferred tax liabilities | 7,052 | 8,414 |
Other liabilities | 34,501 | 42,362 |
Total liabilities | 1,862,337 | 1,895,133 |
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Equity: | ||
Common stock, $0.001 par value, 190,000,000 shares authorized; 19,173,838 shares issued and 17,108,029 outstanding as of December 31, 2022 and 19,057,788 shares issued and 16,991,979 outstanding as of December 31, 2021 | 17 | 17 |
Additional paid-in capital | 507,498 | 504,497 |
Retained earnings | (189,831) | 25,553 |
Accumulated other comprehensive loss | (209,971) | (205,184) |
Total Cooper-Standard Holdings Inc. equity | 107,713 | 324,883 |
Noncontrolling interests | (6,521) | 6,477 |
Total equity | 101,192 | 331,360 |
Total liabilities and equity | $ 1,963,529 | $ 2,226,493 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Cumulative participating convertible preferred stock, dividend rate percentage | 7% | 7% |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares issued | 19,173,838 | 19,057,788 |
Common stock, shares outstanding | 17,108,029 | 16,991,979 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock, par value $0.001 per share | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive loss [Member] | Cooper Standard Holdings Inc Equity Deficit [Member] | Cooper Standard Holdings Inc Equity Deficit [Member] Cumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2019 | $ 875,982 | $ (1,573) | $ 17 | $ 490,451 | $ 619,448 | $ (1,573) | $ (253,741) | $ 856,175 | $ (1,573) | $ 19,807 |
Beginning Balance (in shares) at Dec. 31, 2019 | 16,842,757 | |||||||||
Share-based compensation, net (in shares) | 54,328 | |||||||||
Share-based compensation, net | 8,268 | $ 0 | 8,268 | 0 | 8,268 | |||||
Purchase of noncontrolling interest | (2,112) | 2,112 | ||||||||
Net income (loss) | (269,374) | (267,605) | (267,605) | (1,769) | ||||||
Other Comprehensive Income (Loss), Net of Tax | 12,920 | 11,845 | 11,845 | 1,075 | ||||||
Ending Balance at Dec. 31, 2020 | 624,111 | $ 17 | 498,719 | 350,270 | (241,896) | 607,110 | 17,001 | |||
Ending Balance (in shares) at Dec. 31, 2020 | 16,897,085 | |||||||||
Share-based compensation, net (in shares) | 94,894 | |||||||||
Share-based compensation, net | 5,778 | 5,778 | 5,778 | |||||||
Purchase of noncontrolling interest | (6,279) | 1,882 | 1,882 | 4,397 | ||||||
Net income (loss) | (328,844) | (322,835) | (322,835) | (6,009) | ||||||
Other Comprehensive Income (Loss), Net of Tax | 36,594 | 36,712 | 36,712 | (118) | ||||||
Ending Balance at Dec. 31, 2021 | $ 331,360 | $ 17 | 504,497 | 25,553 | (205,184) | 324,883 | 6,477 | |||
Ending Balance (in shares) at Dec. 31, 2021 | 16,991,979 | 16,991,979 | ||||||||
Share-based compensation, net (in shares) | 116,050 | |||||||||
Share-based compensation, net | $ 3,001 | 3,001 | 3,001 | |||||||
Purchase of noncontrolling interest | (11,007) | 11,007 | ||||||||
Net income (loss) | (217,791) | (215,384) | (215,384) | (2,407) | ||||||
Other Comprehensive Income (Loss), Net of Tax | (4,371) | (4,787) | (4,787) | 416 | ||||||
Ending Balance at Dec. 31, 2022 | $ 101,192 | $ 17 | $ 507,498 | $ (189,831) | $ (209,971) | $ 107,713 | $ (6,521) | |||
Ending Balance (in shares) at Dec. 31, 2022 | 17,108,029 | 17,108,029 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Operating Activities: | ||||
Net income (loss) | $ (217,791) | $ (328,844) | $ (269,374) | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation | 115,761 | 131,661 | 142,618 | |
Amortization of intangibles | 6,715 | 7,347 | 11,611 | |
Gain on sale of business, net | 0 | (696) | (2,834) | |
Gain on sale of fixed assets, net | (33,391) | 0 | 0 | |
Impairment charges | 43,710 | 25,609 | 104,363 | |
Pension Settlement Charges | 2,682 | 1,279 | 184 | |
Share-based compensation expense | 3,259 | 5,574 | 10,435 | |
Equity in losses, net of dividends related to earnings | 12,450 | 4,872 | 6,847 | |
Deferred income taxes | 5,653 | 35,756 | (8,722) | |
Other | (10,887) | 3,222 | 5,232 | |
Changes in operating assets and liabilities: | ||||
Accounts and tooling receivable | (65,712) | 52,677 | 94,125 | |
Inventories | (2,221) | (18,527) | (15,236) | |
Prepaid expenses | (5,658) | 2,951 | 2,099 | |
Increase (Decrease) in Income Taxes Receivable | 68,251 | 2,221 | (52,374) | |
Accounts payable | 20,591 | (25,501) | (18,370) | |
Payroll and accrued liabilities | 46,177 | (45,392) | 40,413 | |
Other | (25,739) | 30,281 | (66,951) | |
Net cash used in operating activities | (36,150) | (115,510) | (15,934) | |
Investing activities: | ||||
Capital expenditures | (71,150) | (96,107) | (91,794) | |
Proceeds from Divestiture of Businesses | 0 | 0 | (17,006) | $ (243,362) |
Proceeds from sale of fixed assets | 53,288 | 4,615 | 1,195 | |
Other | (30) | 230 | 725 | |
Net cash used in investing activities | (17,892) | (91,262) | (106,880) | |
Financing activities: | ||||
Proceeds from Issuance of Secured Debt | 0 | 0 | 245,000 | |
Principal payments on long-term debt | (4,178) | (5,533) | (6,192) | |
Increase (decrease) in short-term debt, net | 4,093 | 14,935 | (22,372) | |
Payments of Financing Costs | (4,229) | 0 | (7,249) | |
Purchase of noncontrolling interest | 0 | (6,279) | 0 | |
Taxes withheld and paid on employees' share-based payment awards | (607) | (799) | (544) | |
Contribution from noncontrolling interests and other | 655 | 885 | (928) | |
Net cash provided by (used in) financing activities | (4,266) | 3,209 | 207,715 | |
Effects of exchange rate changes on cash and cash equivalents | (13) | 11,113 | (3,065) | |
Changes in cash and cash equivalents | (58,321) | (192,450) | 81,836 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 192,807 | 251,128 | 443,578 | 361,742 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash [Abstract] | ||||
Cash and cash equivalents | 186,875 | 248,010 | 438,438 | |
Restricted Cash and Investments, Current | 4,650 | 961 | 4,089 | |
Restricted Cash and Investments, Noncurrent | 1,282 | 2,157 | 1,051 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 192,807 | 251,128 | 443,578 | $ 361,742 |
Supplemental Cash Flow Information [Abstract] | ||||
Cash paid for interest | 80,163 | 73,221 | 55,685 | |
Cash (received) paid for income taxes, net of refunds | $ (56,393) | $ 6,741 | $ 1,679 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company” or “Cooper Standard”), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”), is a leading manufacturer of sealing, fuel and brake delivery, and fluid transfer systems. The Company’s products are primarily for use in passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers (“OEMs”) and replacement markets. The Company conducts substantially all of its activities through its subsidiaries. The Company believes it is the largest global producer of sealing systems, the second largest global producer of the types of fuel and brake delivery products that it manufactures and the third largest global producer of fluid transfer systems. The Company designs and manufactures its products in each major region of the world through a disciplined and sustained approach to engineering and operational excellence. The Company operates in 78 manufacturing locations and 54 design, engineering, administrative and logistics locations in 21 countries around the world. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Certain balances in prior periods have been conformed to the current presentation. Summary of Significant Accounting Policies Principles of Consolidation – The consolidated financial statements include the accounts of the Company and the wholly-owned and, as applicable, less than wholly-owned subsidiaries controlled by the Company. All material intercompany accounts and transactions have been eliminated. Acquired businesses are included in the consolidated financial statements from the dates of acquisition or when the Company gained control. The equity method of accounting is followed for investments in which the Company does not have control, but does have the ability to exercise significant influence over operating and financial policies. Generally, this occurs when ownership is between 20% to 50%. Foreign Currency – The financial statements of foreign subsidiaries are translated to United States (“U.S.”) dollars at the end-of-period exchange rates for assets and liabilities and at a weighted average exchange rate for each period for revenues and expenses. Translation adjustments for those subsidiaries whose local currency is their functional currency are recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity (“AOCI”). Transaction related gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in earnings as incurred, except for those intercompany balances which are designated as long-term. Cash and Cash Equivalents – The Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents, for which the book value approximates fair value. Accounts Receivable – The Company records trade accounts receivable when revenue is recorded in accordance with its revenue recognition policy and relieves accounts receivable when payments are received from customers. Accounts receivable are written off when it is apparent such amounts are not collectible. Generally, the Company does not require collateral for its accounts receivable, nor is interest charged on accounts receivable balances. The Company receives bank notes from certain of its customers, which are classified as other current assets in the consolidated balance sheets, for certain amounts of accounts receivable, primarily in China. The Company may elect to hold such bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third-party financial institutions in exchange for cash. Allowance for Credit Losses – An allowance for credit losses is established through charges to the provision for credit losses when it is probable that the outstanding receivable or reimbursable tooling will not be collected. The Company evaluates the adequacy of the allowance for credit losses on a periodic basis, including historical trends in collections and write-offs, management’s judgment of the probability of collecting accounts and management’s evaluation of business risk. This evaluation is inherently subjective, as it requires estimates that are susceptible to revision as more information becomes available. The allowance for credit losses was $17,193 and $20,313 as of December 31, 2022 and 2021, respectively. Inventories – Inventories are valued at lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. The Company records inventory reserves for inventory in excess of production and/or forecasted requirements and for obsolete inventory. December 31, 2022 2021 Finished goods $ 39,202 $ 43,186 Work in process 40,521 37,045 Raw materials and supplies 78,033 77,844 $ 157,756 $ 158,075 Derivative Financial Instruments – Derivative financial instruments are utilized by the Company to reduce exposure to foreign currency exchange fluctuations. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. On the date the derivative is established, the Company designates the derivative as either a fair value hedge, a cash flow hedge or a net investment hedge in accordance with its established policy. The Company does not enter into derivative financial instruments for trading or speculative purposes. Income Taxes – Deferred tax assets or liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax laws and rates. A valuation allowance is provided on deferred tax assets if the Company determines that it is more likely than not that the asset will not be realized. Long-lived Assets – Property, plant and equipment are recorded at cost and depreciated using primarily the straight-line method over estimated useful lives. Leasehold improvements are amortized over the expected life of the asset or term of the lease, whichever is shorter. Intangibles with finite lives, which include technology and customer relationships, are amortized over estimated useful lives. The Company evaluates the recoverability of long-lived assets when events and circumstances indicate that the assets may be impaired and the undiscounted net cash flows estimated to be generated by those assets are less than their carrying value. If the net carrying value exceeds the fair value, an impairment loss exists and is calculated based on either estimated salvage value or estimated orderly liquidation value. Pre-production Costs Related to Long Term Supply Arrangements – Costs for molds, dies and other tools owned by the Company to produce products under long-term supply arrangements are recorded at cost in property, plant and equipment and amortized over the lesser of three Goodwill – The Company tests goodwill for impairment on an annual basis in the fourth quarter, or more frequently if an event occurs or circumstances indicate the carrying amount may be impaired. Goodwill impairment testing is performed at the reporting unit level. The impairment test involves first qualitatively assessing goodwill for impairment. If the qualitative assessment is not met, a quantitative assessment is performed by comparing the estimated fair value of each reporting unit to its carrying value. If the carrying value exceeds the fair value, an impairment charge is recorded based on that difference. In the fourth quarter of 2022 and 2021, the Company completed a quantitative goodwill impairment assessment, and after evaluating the results, events and circumstances, the Company concluded that sufficient evidence existed to assert quantitatively that the estimated fair value of the North America and Industrial Specialty Group reporting units remained in excess of their carrying values. See Note 9. “Goodwill and Intangible Assets”. Business Combinations – The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. Determining the fair values of assets acquired and liabilities assumed requires management’s judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items. Revenue Recognition and Sales Commitments – In accordance with ASC 606, Revenue from Contracts with Customers , revenue is recognized when the performance obligations are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. The Company has one major performance obligation category: manufactured parts. A contract’s transaction price is allocated to each distinct performance obligation and recognized when the performance obligation is satisfied. The Company’s contracts may include multiple performance obligations. For such contracts, the Company generally allocates the contract’s transaction price to each performance obligation based on the purchase order or other arranged pricing. Revenue is recognized for manufactured parts at a point in time, generally when products are shipped or delivered. The point at which revenue is recognized often depends on the shipping terms. The Company usually enters into agreements with customers to produce products at the beginning of a vehicle’s life. Blanket purchase orders received from customers and related documents generally establish the annual terms, including pricing, related to a vehicle model. Although purchase orders do not usually specify quantities, fulfillment of customers’ purchasing requirements can be the Company’s obligation for the entire production life of the vehicle. These agreements generally may be terminated by the customer at any time, but such cancellations have historically been minimal. Customers typically pay for parts based on customary business practices with payment terms generally between 30 and 90 days. The Company has no significant financing arrangements with customers. The Company applies the optional exemption to forgo disclosing information about its remaining performance obligations because its contracts usually have an original expected duration of one year or less. It also applies an accounting policy to treat shipping and handling costs that are incurred after revenue is recognizable as a fulfillment activity by expensing such costs as incurred, instead of as a separate performance obligation. Amounts billed to customers related to shipping and handling are included in sales in the Company’s consolidated statements of operations. Shipping and handling costs are included in cost of products sold in the Company’s consolidated statements of operations. Research and Development – Engineering, research and development, and program management costs are charged to selling, administration and engineering expenses as incurred and totaled $80,528, $89,956 and $101,607 for the years ended December 31, 2022, 2021 and 2020, respectively. Share-based Compensation – The Company measures share-based compensation expense at fair value and generally recognizes such expenses on a straight-line basis over the vesting period of the share-based employee awards. See Note 20. “Share-Based Compensation” for additional information. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | New Accounting Pronouncements Recently Adopted Accounting Pronouncements The Company adopted the following Accounting Standards Updates (“ASU”) in 2022, which did not have a material impact on its consolidated financial statements: Standard Description Effective Date ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance Requires new annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model. January 1, 2022 Recently Issued Accounting Pronouncements The Company considered the recently issued accounting pronouncement summarized as follows, which is not expected to have a material impact on its consolidated finance statements or disclosures: Standard Description Effective Date ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations Requires enhanced disclosures about a buyer’s use of supplier finance programs. Supplier finance programs may also be referred to as reverse factoring, payables finance, or structured payables arrangements. January 1, 2023 |
Acquisition and Divestitures
Acquisition and Divestitures | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | and Divestitures 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 twelve months ended December 31, 2022, the Company recorded a loss of $2,257, included in other expense, net in the 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. The entities and the associated assets and liabilities met the criteria for presentation as held for sale as of March 31, 2020, and depreciation of long-lived assets ceased. The divestiture did not meet the criteria for presentation as a discontinued operation. Upon meeting the criteria for held for sale classification, the Company recorded non-cash impairment charges of $86,470 during the six months ended June 30, 2020 to reduce the carrying value of the held for sale entities to fair value less costs to sell. Fair value, which is categorized within Level 3 of the fair value hierarchy, was determined using a market approach, estimated based on expected proceeds. The fair value less costs to sell were assessed each reporting period that the asset group remained classified as held for sale. On July 1, 2020, the Company completed the divestiture of its European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations, to Mutares SE & Co. KGaA (“Mutares”). The transaction included payment denominated in Euro of €9,000, which consisted of €6,500 in cash paid and €2,500 in deferred payment obligations, which was settled in December 2021. Upon finalizing the sale in the third quarter of 2020 and including subsequent adjustments in the fourth quarter of 2020, the Company recorded a net gain on deconsolidation of the businesses of $353 during the year ended December 31, 2020. 2020 Joint Venture Deconsolidation In the third quarter of 2020, management approved and completed a plan to sell the Company’s entire controlling equity interest of a joint venture in the Asia Pacific region. Upon finalizing the sale, the Company recorded a gain on deconsolidation of the business of $1,334. In the third quarter of 2021, the Company recorded an allowance for credit loss of $11,218 in selling, administration and engineering expenses. The credit loss resulted from the bankruptcy proceedings of the divested joint venture and represented accounts receivable balances with the divested joint venture. These accounts receivable amounts primarily represented sales to the joint venture prior to deconsolidation in the third quarter of 2020. 2019 Divestiture During the first quarter of 2019 and in prior periods, the Company also operated an AVS product line. On April 1, 2019, the Company completed its sale of the AVS product line to Continental AG. The total sale price of the transaction was $265,000, subject to certain adjustments. Cash proceeds received in 2019 were $243,362 after adjusting for certain liabilities assumed by the purchaser. The Company recognized a gain on the divestiture of $191,571 during the year ended December 31, 2019. In 2020, the Company finalized adjustments to the gain recorded in 2019 by recording an additional gain on divestiture of $1,147, primarily due to working capital adjustments. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue The passenger and light duty group consists of sales to automotive OEMs and automotive suppliers, while the commercial group represents sales to OEMs of on- and off-highway commercial equipment and vehicles. The other customer group includes sales related to specialty and adjacent markets. Revenue by customer group for the year ended December 31, 2022 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 1,309,786 $ 481,510 $ 441,841 $ 100,400 $ — $ 2,333,537 Commercial 15,518 21,862 1,283 20 6,620 45,303 Other 15,795 300 2 — 130,454 146,551 Revenue $ 1,341,099 $ 503,672 $ 443,126 $ 100,420 $ 137,074 $ 2,525,391 Revenue by customer group for the year ended December 31, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 1,119,736 $ 496,169 $ 455,445 $ 61,683 $ — $ 2,133,033 Commercial 14,092 21,417 2,855 30 5,165 43,559 Other 14,429 659 6 — 138,505 153,599 Revenue $ 1,148,257 $ 518,245 $ 458,306 $ 61,713 $ 143,670 $ 2,330,191 Revenue by customer group for the year ended December 31, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 1,110,294 $ 554,349 $ 463,586 $ 60,676 $ — $ 2,188,905 Commercial 11,291 18,134 4,338 22 3,731 37,516 Other 19,783 14,256 118 56 114,805 149,018 Revenue $ 1,141,368 $ 586,739 $ 468,042 $ 60,754 $ 118,536 $ 2,375,439 Substantially all the Company’s revenues are 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 Revenue by product line for the year ended December 31, 2022 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 516,391 $ 405,605 $ 281,848 $ 77,309 $ — $ 1,281,153 Fuel and brake delivery systems 432,606 85,400 96,744 15,796 — 630,546 Fluid transfer systems 392,102 12,667 64,534 7,315 — 476,618 Other — — — — 137,074 137,074 Revenue $ 1,341,099 $ 503,672 $ 443,126 $ 100,420 $ 137,074 $ 2,525,391 Revenue by product line for the year ended December 31, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 425,388 $ 406,677 $ 287,117 $ 46,748 $ — $ 1,165,930 Fuel and brake delivery systems 364,309 94,751 107,137 9,789 — 575,986 Fluid transfer systems 358,560 16,817 64,052 5,176 — 444,605 Other — — — — 143,670 143,670 Revenue $ 1,148,257 $ 518,245 $ 458,306 $ 61,713 $ 143,670 $ 2,330,191 Revenue by product line for the year ended December 31, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 433,291 $ 438,012 $ 298,028 $ 39,354 $ — $ 1,208,685 Fuel and brake delivery systems 371,397 95,516 110,403 16,968 — 594,284 Fluid transfer systems 336,680 41,102 59,611 4,432 — 441,825 Other — 12,109 — — 118,536 130,645 Revenue $ 1,141,368 $ 586,739 $ 468,042 $ 60,754 $ 118,536 $ 2,375,439 Contract Estimates The amount of revenue recognized is usually based on the purchase order price and adjusted for variable consideration, including pricing concessions. The Company accrues for pricing concessions by reducing revenue as products are shipped or delivered. The accruals are based on historical experience, anticipated performance and management’s best judgment. The Company also generally has ongoing adjustments to customer pricing arrangements based on the content and cost of its products. Such pricing accruals are adjusted as they are settled with customers. Customer returns are usually related to quality or shipment issues and are recorded as a reduction of revenue. The Company generally does not recognize significant return obligations due to their infrequent nature. Contract Balances The Company’s contract assets consist of unbilled amounts associated with variable pricing arrangements in its Asia Pacific region. Once pricing is finalized, contract assets are transferred to accounts receivable. As a result, the timing of revenue recognition and billings, as well as changes in foreign exchange rates, will impact contract assets on an ongoing basis. Contract assets were not materially impacted by any other factors during the year ended December 31, 2022. The Company’s contract liabilities consist of advance payments received and due from customers. Net contract (liabilities) assets consisted of the following: December 31, 2022 December 31, 2021 Change Contract assets $ 530 $ — $ 530 Contract liabilities (15) (143) 128 Net contract (liabilities) assets $ 515 $ (143) $ 658 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 consolidated balance sheets as of December 31, 2022 and December 31, 2021 were current liabilities of $9,325 and $12,045, respectively, and long-term liabilities of $5,899 and $7,214, respectively. The Company provides assurance-type warranties to its customers. Such warranties provide customers with assurance that the related product will function as intended and complies with any agreed-upon specifications and are recognized in costs of products sold. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2022, 2021 and 2020 was as follows: Year Ended December 31, 2022 2021 2020 North America $ (96) $ 5,710 $ 16,499 Europe 12,969 27,986 14,573 Asia Pacific 4,695 2,013 4,773 South America 615 580 2,129 Total Automotive $ 18,183 $ 36,289 $ 37,974 Corporate and other 121 661 1,508 Total $ 18,304 $ 36,950 $ 39,482 Restructuring activity for all restructuring initiatives for the years ended December 31, 2022 and 2021 was as follows: Employee Separation Costs Other Exit Costs Total Balance as of December 31, 2020 $ 15,029 $ 8,406 $ 23,435 Expense 32,000 4,950 36,950 Cash payments (24,820) (7,952) (32,772) Non-cash fixed asset impairments included in expense — (214) (214) Foreign exchange translation and other (1,252) 437 (815) Balance as of December 31, 2021 $ 20,957 $ 5,627 $ 26,584 Expense 12,648 5,656 18,304 Cash payments (19,186) (4,560) (23,746) Non-cash fixed asset impairments included in expense — (362) (362) Foreign exchange translation and other (1,234) 22 (1,212) Balance as of December 31, 2022 $ 13,185 $ 6,383 $ 19,568 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
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, net, current operating lease liabilities and long-term operating lease liabilities on the Company’s consolidated balance sheets. Finance leases are included in property, plant and equipment, net, debt payable within one year, and long-term debt on the Company’s consolidated balance sheets. Lease right-of-use assets are recognized at commencement date based upon the present value of the remaining future lease payments over the lease term. The Company’s lease terms include options to renew or terminate the lease when it is reasonably certain that the Company will exercise the option. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based upon information available at the lease commencement date to determine the present value of the remaining future lease payments. The Company has lease agreements with lease and non-lease components. For real estate leases, these components are accounted for separately, while for equipment leases, the lease and non-lease components are accounted for as a single lease component. Variable lease expense includes payments based upon changes in a rate or index, such as consumer price indexes, as well as usage of the leased asset. Short-term lease expense includes leases with terms, at lease commencement, of 12 months or less and no purchase option reasonably certain to be exercised. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows: Year Ended December 31, 2022 2021 2020 Operating lease expense $ 28,273 $ 31,912 $ 32,053 Short-term lease expense 4,948 6,736 5,069 Variable lease expense 1,136 907 942 Finance lease expense: Amortization of right-of-use assets 2,017 2,102 2,564 Interest on lease liabilities 1,316 1,444 1,551 Total lease expense $ 37,690 $ 43,101 $ 42,179 The Company recorded impairment charges of $647 due to the deterioration of financial results at a certain location in North America during the year ended December 31, 2020. The fair value was determined using estimated market rate for the leased right-of-use asset. Additionally, the Company recorded sublease income of $669, $256 and $374 for the years ended December 31, 2022, 2021 and 2020 respectively. Other information related to leases was as follows: Year Ended December 31, 2022 2021 2020 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 28,603 $ 33,402 $ 30,830 Operating cash flows for finance leases 1,316 1,440 1,563 Financing cash flows for finance leases 1,958 2,133 2,081 Non-cash right-of-use assets obtained in exchange for lease obligations: Operating leases 14,326 25,010 50,663 Finance leases 595 644 549 Weighted Average Remaining Lease Term (in years) Operating leases 7.1 7.5 8.0 Finance leases 8.7 9.7 10.5 Weighted Average Discount Rate Operating leases 6.1 % 5.9 % 5.4 % Finance leases 5.9 % 5.8 % 5.7 % Future lease payments under non-cancellable leases as of December 31, 2022 were as follows: Year Operating Leases Finance Leases 2023 $ 25,830 $ 3,283 2024 19,847 3,509 2025 15,795 3,570 2026 11,428 3,283 2027 8,828 3,207 Thereafter 41,021 14,016 Total future lease payments $ 122,749 $ 30,868 Less imputed interest (24,346) (7,103) Total $ 98,403 $ 23,765 Amounts recognized on the consolidated balance sheets as of December 31, 2022 and December 31, 2021 were as follows: December 31, 2022 December 31, 2021 Operating Leases Operating lease right-of-use assets, net $ 94,571 $ 111,052 Current operating lease liabilities 20,786 22,552 Long-term operating lease liabilities 77,617 92,760 Finance Leases Property, plant and equipment, net 22,942 25,690 Debt payable within one year 2,228 2,153 Long-term debt 21,537 23,590 As of December 31, 2022, the Company had additional leases, primarily for real estate, that have not yet commenced with undiscounted lease payments of approximately $6,472. These leases will commence in 2023 with lease terms up to five years. |
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, net, current operating lease liabilities and long-term operating lease liabilities on the Company’s consolidated balance sheets. Finance leases are included in property, plant and equipment, net, debt payable within one year, and long-term debt on the Company’s consolidated balance sheets. Lease right-of-use assets are recognized at commencement date based upon the present value of the remaining future lease payments over the lease term. The Company’s lease terms include options to renew or terminate the lease when it is reasonably certain that the Company will exercise the option. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based upon information available at the lease commencement date to determine the present value of the remaining future lease payments. The Company has lease agreements with lease and non-lease components. For real estate leases, these components are accounted for separately, while for equipment leases, the lease and non-lease components are accounted for as a single lease component. Variable lease expense includes payments based upon changes in a rate or index, such as consumer price indexes, as well as usage of the leased asset. Short-term lease expense includes leases with terms, at lease commencement, of 12 months or less and no purchase option reasonably certain to be exercised. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows: Year Ended December 31, 2022 2021 2020 Operating lease expense $ 28,273 $ 31,912 $ 32,053 Short-term lease expense 4,948 6,736 5,069 Variable lease expense 1,136 907 942 Finance lease expense: Amortization of right-of-use assets 2,017 2,102 2,564 Interest on lease liabilities 1,316 1,444 1,551 Total lease expense $ 37,690 $ 43,101 $ 42,179 The Company recorded impairment charges of $647 due to the deterioration of financial results at a certain location in North America during the year ended December 31, 2020. The fair value was determined using estimated market rate for the leased right-of-use asset. Additionally, the Company recorded sublease income of $669, $256 and $374 for the years ended December 31, 2022, 2021 and 2020 respectively. Other information related to leases was as follows: Year Ended December 31, 2022 2021 2020 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 28,603 $ 33,402 $ 30,830 Operating cash flows for finance leases 1,316 1,440 1,563 Financing cash flows for finance leases 1,958 2,133 2,081 Non-cash right-of-use assets obtained in exchange for lease obligations: Operating leases 14,326 25,010 50,663 Finance leases 595 644 549 Weighted Average Remaining Lease Term (in years) Operating leases 7.1 7.5 8.0 Finance leases 8.7 9.7 10.5 Weighted Average Discount Rate Operating leases 6.1 % 5.9 % 5.4 % Finance leases 5.9 % 5.8 % 5.7 % Future lease payments under non-cancellable leases as of December 31, 2022 were as follows: Year Operating Leases Finance Leases 2023 $ 25,830 $ 3,283 2024 19,847 3,509 2025 15,795 3,570 2026 11,428 3,283 2027 8,828 3,207 Thereafter 41,021 14,016 Total future lease payments $ 122,749 $ 30,868 Less imputed interest (24,346) (7,103) Total $ 98,403 $ 23,765 Amounts recognized on the consolidated balance sheets as of December 31, 2022 and December 31, 2021 were as follows: December 31, 2022 December 31, 2021 Operating Leases Operating lease right-of-use assets, net $ 94,571 $ 111,052 Current operating lease liabilities 20,786 22,552 Long-term operating lease liabilities 77,617 92,760 Finance Leases Property, plant and equipment, net 22,942 25,690 Debt payable within one year 2,228 2,153 Long-term debt 21,537 23,590 As of December 31, 2022, the Company had additional leases, primarily for real estate, that have not yet commenced with undiscounted lease payments of approximately $6,472. These leases will commence in 2023 with lease terms up to five years. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consists of the following: December 31, Estimated 2022 2021 Useful Lives Land and improvements $ 42,939 $ 44,495 10 to 25 years Buildings and improvements 262,694 285,240 10 to 40 years Machinery and equipment 1,144,310 1,269,330 5 to 10 years Construction in progress 76,048 80,868 $ 1,525,991 $ 1,679,933 Accumulated depreciation (883,131) (895,585) Property, plant and equipment, net $ 642,860 $ 784,348 For the year ended December 31, 2022, the Company closed on a sale-leaseback transaction related to one of its European facilities and recorded a gain on the sale transaction of $33,391. The transaction included the removal of property, plant and equipment with a gross carrying value of $16,890 and accumulated depreciation of $4,013, which is reflected in the balance sheet as of December 31, 2022. The Company recorded impairment charges of $40,248 related to machinery and equipment, due to recent operating performance in certain locations in North America and Europe for the year ended December 31, 2022. The fair value of machinery and equipment was determined using estimated orderly liquidation value, which was deemed the highest and best use of the assets. The Company also recorded impairment charges of $3,462 due to idle assets, in certain North America, Europe and Asia Pacific locations, for the year ended December 31, 2022. The fair value was determined using estimated salvage value, which was deemed the highest and best use of the assets. 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 December 31, 2022. For the year ended December 31, 2021, the Company recorded impairment charges of $20,118 related to machinery and equipment and $1,775 related to a leased building, due to operating performance in certain locations in North America, Europe, and Asia Pacific. The fair value of owned buildings was determined using a value-in-exchange approach while the fair value of machinery and equipment was determined using estimated orderly liquidation value, which was deemed the highest and best use of the assets. The Company also recorded impairment charges of $3,326 related to equipment no longer being utilized, primarily in certain North America and Europe locations for the year ended December 31, 2021. The fair value of equipment was determined using estimated salvage value. For the year ended December 31, 2020, the Company recorded impairment charges for property, plant and equipment of $13,084 due to the deterioration of financial results at certain locations in North America, Europe, and Asia Pacific.The Company also recorded impairment charges of $4,162 related to idle assets in certain Europe, Asia Pacific, and Corporate and other locations. A summary of these asset impairment charges is as follows: Year Ended December 31, 2022 2021 2020 North America $ 11,140 $ 8,479 $ 947 Europe 30,173 9,179 11,938 Asia Pacific 2,359 7,071 4,080 Total Automotive 43,672 24,729 16,965 Corporate and other 38 490 281 Total $ 43,710 $ 25,219 $ 17,246 |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | Goodwill and Intangible Assets Goodwill Changes in the carrying amount of goodwill by reporting unit for the years ended December 31, 2022 and 2021 were as follows: North America Industrial Specialty Group Total Balance as of December 31, 2020 $ 128,214 $ 14,036 $ 142,250 Foreign exchange translation 32 — 32 Balance as of December 31, 2021 $ 128,246 $ 14,036 $ 142,282 Foreign exchange translation (259) — (259) Balance as of December 31, 2022 $ 127,987 $ 14,036 $ 142,023 The Company performed its annual impairment analysis of goodwill during the fourth quarter of 2022. The fair value of each reporting unit is determined and compared to the carrying value. If the carrying value exceeds the fair value, an impairment charge is recorded based on that difference. The annual impairment analysis resulted in no impairment for 2022. The Company's annual goodwill impairment analysis for 2021 resulted in an impairment for the Europe reporting unit of $390 for goodwill recorded during 2021 as a result of purchasing a supplier in its Europe reporting unit for an immaterial purchase consideration. The annual impairment analysis for 2021 resulted in no impairment for the North America and Industrial Specialty Group reporting units. Intangible Assets Definite-lived intangible assets and accumulated amortization balances as of December 31, 2022 and 2021 were as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 152,578 $ (129,317) $ 23,261 Other 38,479 (14,099) 24,380 Balance as of December 31, 2022 $ 191,057 $ (143,416) $ 47,641 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 Estimated amortization expense for the next five years is shown in the table below: Year Expense 2023 $ 6,965 2024 6,898 2025 6,444 2026 4,703 2027 4,703 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt A summary of outstanding debt as of December 31, 2022 and 2021 was as follows: December 31, 2022 2021 Senior Notes $ 397,259 $ 396,544 Senior Secured Notes 244,471 241,683 Term Loan Facility 318,787 321,212 Finance Leases 23,765 25,743 Other borrowings 51,902 51,533 Total debt 1,036,184 1,036,715 Less current portion (54,130) (56,111) Total long-term debt $ 982,054 $ 980,604 The principal maturities of debt, at nominal value, as of December 31, 2022 are as follows: Year Debt and Finance Lease Obligations* 2023 $ 374,819 2024 253,540 2025 3,573 2026 403,283 2027 3,207 Thereafter 14,016 Total $ 1,052,438 * Inclusive of imputed interest on finance leases As further described below, the Company refinanced certain of its debt instruments on January 27, 2023. The amounts in the table above do not reflect the impacts of that refinancing. As of December 31, 2022, the maturity date of the Term Loan Facility (as defined below) was November 2, 2023. Accordingly, the principal maturities of debt in 2023 noted in the table above include the Term Loan Facility. However, in accordance with ASC 470, Debt , the amount outstanding on the Term Loan Facility is reflected in long-term debt in the consolidated balance sheet as of December 31, 2022 because the Company refinanced the Term Loan Facility with other long-term debt on January 27, 2023. The weighted average interest rate of our debt payable within one year was 4.1% as of December 31, 2022 and 3.9% as of December 31, 2021. Refinancing Transaction On January 27, 2023 (the “Settlement Date”), the Company, Cooper-Standard Automotive Inc. (the “Issuer”), a wholly-owned subsidiary of the Company, and certain other of the Company’s direct and indirect subsidiaries completed certain refinancing transactions (the “Refinancing Transactions”) consisting of: (i) the exchange (the “Exchange Offer”) of $357,446 aggregate principle amount of the Issuer’s then existing 5.625% Senior Notes due 2026 (the “2026 Senior Notes”) (representing 89.36% of the aggregate principal amount outstanding of the 2026 Senior Notes) for $357,446 aggregate principle amount of the Issuer’s newly issued 5.625% Cash Pay / 10.625% PIK Toggle Senior Secured Third Lien Notes due 2027 (the “Third Lien Notes”), (ii) the issuance by the Issuer (the “Concurrent Notes Offering”) of $580,000 aggregate principal amount of 13.50% Cash Pay / PIK Toggle Senior Secured First Lien Notes due 2027 (the “First Lien Notes” and, together with the Third Lien Notes, the “New Notes”) to holders of 2026 Senior Notes or their designees who participated in the Exchange Offer, including to certain backstop commitment parties who committed to purchase the First Lien Notes not otherwise subscribed for, (iii) the related consent solicitation (the “Consent Solicitation”) to remove substantially all of the covenants, certain events of default and certain other provisions contained in the 2026 Senior Notes and the indenture governing the 2026 Senior Notes and to release and discharge the guarantee of the 2026 Senior Notes by the Company, (iv) the effectiveness of the Third Amendment (as defined below) to the senior asset-based revolving credit facility (“ABL Facility”) and (v) the use of proceeds from the Concurrent Notes Offering, together with cash on hand, to prepay all amounts outstanding under the Term Loan Facility at par, plus any accrued and unpaid interest thereon, to redeem the Issuer’s existing 2024 Senior Secured Notes (as defined below), including the prepayment premium and any accrued and unpaid interest thereon, and to pay fees and expenses related to the Refinancing Transactions. As a result of the Refinancing Transactions, the Issuer extended the maturities of its indebtedness and reduced the amount of cash interest it is required to pay on such indebtedness for the next two years. New Notes On the Settlement Date, the Issuer issued $580,000 aggregate principal amount of First Lien Notes pursuant to an indenture, dated as of the Settlement Date (the “First Lien Notes Indenture”), by and among the Issuer, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and collateral agent (the “First Lien Collateral Agent”). The First Lien Notes are senior secured obligations of the Issuer and are guaranteed by CS Intermediate Holdco 1 LLC (“Holdings”), each of the Issuer’s wholly owned domestic subsidiaries that guarantee certain other indebtedness, subject to certain exceptions (the “Domestic Guarantors”), and certain of the Issuer’s wholly owned subsidiaries organized in Costa Rica, France, Mexico, the Netherlands and Romania (the “Foreign Guarantors”). The First Lien Notes are guaranteed by Holdings and the Domestic Guarantors on a senior secured basis and by the Foreign Guarantors on a senior unsecured basis. The guarantees of the subsidiaries organized in France are limited guarantees. The First Lien Notes will mature on March 31, 2027. The First Lien Notes bear interest at the rate of 13.50% per annum, payable in cash; provided, however, that for the first four interest periods after the Settlement Date, the Issuer has the option, in its sole discretion, to pay up to 4.50% of such interest on the First Lien Notes, in such amount as specified by the Issuer, by increasing the principal amount of the outstanding First Lien Notes or, in limited circumstances as described in the First Lien Notes Indenture, by issuing additional First Lien Notes. Interest on the First Lien Notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on June 15, 2023. The Issuer may, at its option, redeem all or part of the First Lien Notes prior to maturity at the prices set forth in the First Lien Notes Indenture. Upon the occurrence of certain events constituting a Change of Control (as defined in the First Lien Notes Indenture), the Issuer will be required to make an offer to repurchase all of the First Lien Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The First Lien Notes Indenture contains certain customary covenants that limit the Issuer’s and its restricted subsidiaries’ ability to, among other things, incur or guarantee additional indebtedness or issue certain preferred stock; incur liens on assets; pay dividends or make other distributions in respect of, or repurchase or redeem, its capital stock or make another restricted payments; prepay, redeem or repurchase certain debt; make certain loans and investments; enter into agreements restricting certain subsidiaries’ ability to pay dividends; enter into transactions with affiliates; and sell certain assets or merge or consolidate with or into other companies. These covenants are subject to a number of important limitations and exceptions. The First Lien Notes Indenture also provides for customary events of default, which, if any occur, would permit or require the principal, premium, if any, interest and any other monetary obligations on all of the then outstanding First Lien Notes to be due and payable immediately. On the Settlement Date, the Issuer issued $357,446 aggregate principal amount of Third Lien Notes pursuant to an indenture, dated as of the Settlement Date (the “Third Lien Notes Indenture”), by and among the Issuer, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and collateral agent (the “Third Lien Collateral Agent”). The Third Lien Notes are senior secured obligations of the Issuer and are guaranteed by Holdings, each of the Domestic Guarantors, and each of the Foreign Guarantors. The Third Lien Notes are guaranteed by Holdings and the Domestic Guarantors on a senior secured basis and by the Foreign Guarantors on a senior unsecured basis. The guarantees of the subsidiaries organized in France are limited guarantees. The Third Lien Notes will mature on May 15, 2027. The Third Lien Notes bear interest at the rate of 5.625% per annum, payable in cash; provided, however, that for the first four interest periods after the Settlement Date, the Issuer has the option, in its sole discretion, to instead pay such interest at 10.625% per annum either by increasing the principal amount of the outstanding Third Lien Notes or, in limited circumstances as described the Third Lien Notes Indenture, by issuing additional Third Lien Notes. Interest on the Third Lien Notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on June 15, 2023. The Issuer may, at its option, redeem all or part of the Third Lien Notes prior to maturity at the prices set forth in the Third Lien Notes Indenture. Upon the occurrence of certain events constituting a Change of Control (as defined in the Third Lien Notes Indenture), the Issuer will be required to make an offer to repurchase all of the Third Lien Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The Third Lien Notes Indenture contains certain customary covenants that limit the Issuer’s and its restricted subsidiaries’ ability to, among other things, incur or guarantee additional indebtedness or issue certain preferred stock; incur liens on assets; pay dividends or make other distributions in respect of, or repurchase or redeem, its capital stock or make other restricted payments; prepay, redeem or repurchase certain debt; make certain loans and investments; enter into agreements restricting certain subsidiaries’ ability to pay dividends; enter into transactions with affiliates; and sell certain assets or merge or consolidate with or into other companies. These covenants are subject to a number of important limitations and exceptions. The Third Lien Notes Indenture also provides for customary events of default, which, if any occur, would permit or require the principal, premium, if any, interest and any other monetary obligations on all of the then outstanding Third Lien Notes to be due and payable immediately. In connection with the issuance of the New Notes, the First Lien Collateral Agent, the Third Lien Collateral Agent, the collateral agent under the ABL Facility, the Issuer, Holdings and the several other parties named therein entered into the First Lien and Third Lien Intercreditor Agreement, providing for the relative priorities of their respective security interests in the assets securing the First Lien Notes, the Third Lien Notes and the ABL Facility, and certain other matters relating to the administration of security interests. 2026 Senior Notes On November 2, 2016, the Issuer issued $400.0 million aggregate principal amount of 2026 Senior Notes. On the Settlement Date, in connection with the Refinancing Transactions, the Issuer completed the Exchange Offer and delivered $357,446 aggregate principal amount of the exchanged 2026 Senior Notes to the trustee for cancellation. Following the completion of the Exchange Offer, $42,554 aggregate principal amount of the 2026 Senior Notes remain outstanding. Following receipt of the requisite consents in the Consent Solicitation, on January 20, 2023, the Issuer, the guarantors named therein and U.S. Bank Trust Company, National Association (successor in interest to U.S. Bank National Association), as trustee, entered into a supplemental indenture to the indenture governing the 2026 Senior Notes, which became effective on the Settlement Date. The supplemental indenture provides for the elimination of substantially all of the covenants, certain events of default and certain other provisions contained in the 2026 Senior Notes and the indenture governing the 2026 Senior Notes and released and discharged the guarantee of the 2026 Senior Notes by the Company. The 2026 Senior Notes are guaranteed by each of the Issuer’s wholly-owned existing or subsequently organized U.S. subsidiaries, subject to certain exceptions, to the extent such subsidiary guarantees the ABL Facility. The Issuer may, at its option, redeem all or part of the 2026 Senior Notes at various points in time prior to maturity, as described in the indenture governing the 2026 Senior Notes. The 2026 Senior Notes will mature on November 15, 2026. Interest on the 2026 Senior Notes is payable semi-annually in arrears in cash on May 15 and November 15 of each year. The Company paid approximately $7,055 of debt issuance costs in connection with the issuance of the 2026 Senior Notes. The debt issuance costs are being amortized into interest expense over the term of the 2026 Senior Notes. As of December 31, 2022 and 2021, the Company had $2,741 and $3,456, respectively, of unamortized debt issuance costs related to the 2026 Senior Notes, which is classified as a discount in the consolidated balance sheet. 2024 Senior Secured Notes On May 29, 2020, the Issuer issued $250,000 aggregate principal amount of its 13.000% Senior Secured Notes due 2024 (the “2024 Senior Secured Notes”), pursuant to an indenture, dated as of May 29, 2020, by and among the Issuer, the other guarantors party thereto and U.S. Bank National Association, as trustee. The 2024 Senior Secured Notes would have matured on June 1, 2024. Interest on the 2024 Senior Secured Notes was payable semi-annually in arrears in cash on June 1 and December 1 of each year. Subsequent to the year ended December 31, 2022, in connection with the Refinancing Transactions, the Issuer redeemed all of the outstanding 2024 Senior Secured Notes on the Settlement Date at the redemption price of 106.500% of the principal amount thereof, plus accrued and unpaid interest thereon. The Company paid approximately $6,431 of debt issuance costs in connection with the issuance of the 2024 Senior Secured Notes. Additionally, the 2024 Senior Secured Notes were issued at a discount of $5,000. As of December 31, 2022 and 2021, the Company had $3,021 and $4,594, respectively, of unamortized debt issuance costs and $2,508 and $3,723, respectively, of unamortized original issue discount related to the 2024 Senior Secured Notes, which are presented as direct deductions from the principal balance in the consolidated balance sheets. Both the debt issuance costs and the original issue discount were amortized into interest expense over the term of the 2024 Senior Secured Notes. ABL Facility On November 2, 2016, Holdings, Cooper-Standard Automotive Inc. (the “U.S. Borrower”), Cooper-Standard Automotive Canada Limited (the “Canadian Borrower”), Cooper-Standard Automotive International Holdings B.V. (the “Dutch Borrower”, and, together with the U.S. Borrower and the Canadian Borrower, the “Borrowers”) and certain subsidiaries of the U.S. Borrower, entered into a third amendment and restatement of the ABL Facility. In March 2020, the Borrowers entered into Amendment No. 1 to the Third Amended and Restated Loan Agreement (“the First Amendment”). As a result of the First Amendment, the ABL Facility maturity was extended to March 2025 and the aggregate revolving loan commitment was reduced to $180.0 million. In May 2020, the Borrowers entered into Amendment No. 2 to the Third Amended and Restated Loan Agreement (the “Second Amendment”), which Second Amendment modified certain covenants under the ABL Facility. In December 2022, the Borrowers entered into Amendment No. 3 to the Third Amended and Restated Loan Agreement (the “Third Amendment”), which became effective on the Settlement Date. The Third Amendment provides for the ABL Facility to be amended to: • permit the U.S. Borrower to issue the New Notes in the Concurrent Notes Offering and Exchange Offer, including the granting of liens, subject to the restrictions set forth in the ABL Facility; • provide for certain of the U.S. Borrower’s wholly-owned subsidiaries organized in Costa Rica, France, Mexico, the Netherlands, Romania and certain other jurisdictions specified from time to time to become guarantors under the ABL Facility; • authorize the collateral agent under the ABL Facility to enter into an intercreditor agreement with the collateral trustees for the New Notes; and • remove the Dutch Borrower as a borrower under the ABL Facility. The aggregate revolving loan availability includes a $100.0 million letter of credit sub-facility and a $25.0 million swing line sub-facility. The ABL Facility also provides for an uncommitted $100.0 million incremental loan facility, for a potential total ABL Facility of $280.0 million (if requested by the Borrowers and the lenders agree to fund such increase). No consent of any lender (other than those participating in the increase) is required to effect any such increase. The Company’s borrowing base as of December 31, 2022 was $180,000. Net the greater of 10% of the borrowing base or $15,000 that cannot be borrowed without triggering the fixed charge coverage ratio maintenance covenant and $6,807 of outstanding letters of credit, the Company effectively had $155,193 available for borrowing under its ABL Facility. As of December 31, 2022, there were no borrowings under the ABL Facility. Maturity . Any borrowings under our ABL Facility will mature, and the commitments of the lenders under our ABL Facility will terminate, on March 24, 2025. Borrowing Base . As of the Settlement Date, the loan and letter of credit availability under the ABL Facility is subject to a borrowing base, which at any time is limited to the lesser of: (A) the maximum facility amount (subject to certain adjustments) and (B) (i) up to 85% of eligible accounts receivable; plus (ii) the lesser of 70% of eligible inventory or 85% of the appraised net orderly liquidation value of eligible inventory; plus (iii) up to the lesser of $30.0 million and 85% of eligible tooling accounts receivable; minus reserves established by the Agent. The accounts receivable portion of the borrowing base is subject to certain formulaic limitations (including concentration limits). The inventory portion of the borrowing base is limited to eligible inventory, as determined by the Agent. The borrowing base is also subject to certain reserves, which are established by the Agent (which may include changes to the advance rates indicated above). Loan availability under the ABL Facility is apportioned as follows: $160,000 to the U.S. Borrower and $20,000 to the Canadian Borrower. Guarantees; Security . The obligations of the U.S. Borrower and the Canadian Borrower under the ABL Facility, as well as certain cash management arrangements and interest rate, foreign currency or commodity swaps entered into by the such Borrowers and their subsidiaries, and certain credit lines entered into by non-U.S. subsidiaries, in each case with the lenders and their affiliates (collectively, “Additional ABL Secured Obligations”) are guaranteed on a senior secured basis by Holdings and its U.S. subsidiaries (with certain exceptions) and certain wholly-owned subsidiaries organized in Costa Rica, France, Mexico, the Netherlands, Romania and certain other jurisdictions specified from time to time, and the obligations of the Canadian Borrower under the ABL Facility and Additional ABL Secured Obligations of the Canadian Borrower and its Canadian subsidiaries are, in addition, guaranteed on a senior secured basis by the Canadian subsidiaries of the Canadian Borrower. The obligations under the ABL Facility and related guarantees are secured by (1) a first priority lien on all of each Borrower’s and each U.S. and Canadian guarantor’s existing and future personal property consisting of certain accounts receivable, inventory, documents, instruments, chattel paper, deposit accounts and securities accounts and certain related assets and proceeds of the foregoing, with various enumerated exceptions, including that: (i) the collateral owned by Canadian Borrower or any of its Canadian subsidiaries that are Guarantors only secure the obligations of Canadian Borrower and such subsidiaries arising under the ABL Facility and Additional ABL Secured Obligations (ii) no liens have been granted on any assets or properties of any non-U.S. subsidiaries of the Company (other than the Canadian Borrower and Canadian Guarantors, as otherwise specified above) in connection with the ABL Facility, (2) a second priority lien on all the capital stock in restricted subsidiaries directly held by the U.S. Borrower and each of the U.S. guarantors, and equipment of the U.S. Borrower and the U.S.-domiciled guarantors and all other material personal property of the U.S. Borrower and the U.S.-domiciled guarantors and (3) a 65% pledge of the equity interest in the first-tier foreign subsidiaries of the U.S. Guarantors. Interest . Borrowings under the ABL Facility bear interest at a rate equal to, at the Borrowers’ option: • in the case of borrowings by the U.S. Borrower, the forward-looking secured overnight funding rate for the applicable interest period (“Term SOFR”) (including a credit spread adjustment of 0.11448% or 0.26161%, depending on the applicable interest period) or the base rate plus, in each case, an applicable margin; or • in the case of borrowings by the Canadian Borrower, bankers’ acceptance (“BA”) rate, Canadian prime rate or Canadian base rate plus, in each case, an applicable margin. The applicable margin may vary between 2.00% and 2.50% with respect to the Term SOFR or Canadian BA rate-based borrowings and between 1.00% and 1.50% with respect to U.S. base rate, Canadian prime rate and Canadian base rate borrowings. The applicable margin is subject, in each case, to quarterly pricing adjustments (based on average facility availability). Fees . The Borrowers are required to pay a fee in respect of committed but unutilized commitments. The ABL Facility also requires the payment of customary agency and administrative fees. Voluntary Prepayments . The Borrowers are able to voluntarily reduce the unutilized portion of the commitment amount and repay outstanding loans, in each case, in whole or in part, at any time without premium or penalty (other than customary breakage and related reemployment costs with respect to repayments of SOFR-based borrowings). Covenants; Events of Default. The ABL Facility includes affirmative and negative covenants that will impose substantial restrictions on the Company’s financial and business operations, including its ability to incur and secure debt, make investments, sell assets, pay dividends or make acquisitions. The ABL Facility also includes a requirement to maintain a monthly fixed charge coverage ratio of no less than 1.0 to 1.0 when availability under the ABL Facility is less than specified levels. The ABL Facility also contains various events of default that are customary for comparable facilities. Debt Issuance Costs . As of December 31, 2022 and 2021, the Company had $535 and $782, respectively, of unamortized debt issuance costs related to the ABL Facility. Term Loan Facility On November 2, 2016, Cooper-Standard Automotive Inc., as borrower, entered into Amendment No. 1 to its senior term loan facility (the “Term Loan Facility”), which provided for loans in an aggregate principal amount of $340.0 million. Subject to certain conditions, the Term Loan Facility, without the consent of the then-existing lenders (but subject to the receipt of commitments), could have been expanded (or a new term loan or revolving facility added) by an amount that would not cause the consolidated secured net debt ratio to exceed 2.25 to 1.00 plus $400.0 million plus any voluntary prepayments (including revolving facility and ABL Facility to the extent commitments are reduced) not funded from proceeds of long-term indebtedness. On May 2, 2017, the Company entered into Amendment No. 2 to the Term Loan Facility to modify the interest rate. Subsequently, on March 6, 2018, the Company entered into Amendment No. 3 to the Term Loan Facility to further modify the interest rate. In accordance with this amendment, borrowings under the Term Loan Facility bore interest, at the Company’s option, at either (1) with respect to Eurodollar rate loans, the greater of the applicable Eurodollar rate and 0.75% plus 2.00% per annum, or (2) with respect to base rate loans, the base rate, (which is the highest of the then current federal funds rate plus 0.50%, the prime rate most recently announced by the administrative agent under the term loan, and the one-month Eurodollar rate plus 1.0%) plus 1.0% per annum. Maturity . The Term Loan Facility would have matured on November 2, 2023. Voluntary Prepayments . Subsequent to the year ended December 31, 2022, in connection with the Refinancing Transactions, Cooper-Standard Automotive Inc. repaid the Term Loan Facility in full on the Settlement Date and the Term Loan Facility was terminated. Debt Issuance Costs. As of December 31, 2022 and 2021, the Company had $494 and $1,087, respectively, of unamortized debt issuance costs and $319 and $701, respectively, of unamortized original issue discount related to the Term Loan Facility. Both the debt issuance costs and the original issue discount were amortized into interest expense over the term of the Term Loan Facility. Debt Covenants The Company was in compliance with all applicable covenants of the ABL Facility, the Term Loan Facility, the 2026 Senior Notes, and 2024 Senior Secured Notes, as of December 31, 2022. Other Other borrowings as of December 31, 2022 and 2021 reflect borrowings under local bank lines classified in debt payable within one year on the consolidated balance sheet. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value Measurements and Financial Instruments Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy is utilized, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Items Measured at Fair Value on a Recurring Basis Estimates of the fair value of foreign currency and interest rate derivative instruments are determined using exchange traded prices and rates. The Company also considers the risk of non-performance in the estimation of fair value and includes an adjustment for non-performance risk in the measure of fair value of derivative instruments. In certain instances where market data is not available, the Company uses management judgment to develop assumptions that are used to determine fair value. Fair value measurements and the fair value hierarchy level for the Company’s liabilities measured or disclosed at fair value on a recurring basis as of December 31, 2022 and 2021, was as follows: December 31, 2022 December 31, 2021 Input Forward foreign exchange contracts - other current assets $ 8,643 $ 647 Level 2 Forward foreign exchange contracts - accrued liabilities $ — $ (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. “Basis of Presentation and Summary of Significant Accounting Policies”, Note 4. “Deconsolidations and Divestitures”, Note 8. “Property, Plant and Equipment”, and Note 9. “Goodwill and Intangible Assets”. Items Not Carried at Fair Value Fair values of the Company’s Senior Notes, Senior Secured Notes, and Term Loan Facility were as follows: December 31, 2022 December 31, 2021 Aggregate fair value $ 744,010 $ 899,909 Aggregate carrying value (1) $ 969,600 $ 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. As further described in Note 10. “Debt”, the Company refinanced certain of its debt instruments on January 27, 2023. The amounts in the table above do not reflect the impacts of that refinancing. Derivative Instruments and Hedging Activities The Company i s exposed to fluctuations in foreign currency exchange rates, interest rates and commodity prices. The Company enters into derivative instruments primarily to hedge portions of its forecasted foreign currency denominated cash flows and designates these derivative instruments as cash flow hedges in order to qualify for hedge accounting. The Company formally documents its hedge relationships, including the identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the cash flow hedges. The Company also formally assesses whether a cash flow hedge is highly effective in offsetting changes in the cash flows of the hedged item. Derivatives are recorded at fair value in other current assets, other assets, accrued liabilities and other long-term liabilities. For a cash flow hedge, the change in fair value of the derivative is recorded in accumulated other comprehensive income (loss) (“AOCI”) in the 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 consolidated statements of operations. The Company is exposed to credit risk in the event of nonperformance by its counterparties on its derivative financial instruments. The Company mitigates this credit risk exposure by entering into agreements directly with major financial institutions with high credit standards that are expected to fully satisfy their obligations under the contracts. Cash Flow Hedges Forward Foreign Exchange Contracts – The Company uses forward contracts to mitigate the potential volatility to earnings and cash flow arising from changes in currency exchange rates that impact the Company’s foreign currency transactions. The principal currencies hedged by the Company include various European currencies other than the Euro, the Canadian Dollar, the Mexican Peso, and the Brazilian Real. As of December 31, 2022 and 2021, the notional amount of these contracts was $135,285 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 Year Ended December 31, 2022 2021 Forward foreign exchange contracts $ 11,808 $ (545) Pretax amounts related to the Company’s cash flow hedges that were reclassified from AOCI were as follows: Gain Reclassified from AOCI to Income Year Ended December 31, Classification 2022 2021 Forward foreign exchange contracts Cost of products sold $ 2,287 $ 1,432 |
Accounts Receivable Factoring
Accounts Receivable Factoring | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Accounts Receivable Factoring | Accounts Receivable Factoring As a part of its working capital management, the Company sells certain receivables through a third-party financial institution (the “Factor”) in a pan-European program. The amount sold varies each month based on the amount of underlying receivables and cash flow needs of the Company. These are permitted transactions under the Company’s credit agreements governing the ABL Facility and the indentures governing the New Notes, 2026 Senior Notes, and 2024 Senior Secured Notes. The European factoring facility, which was renewed in March 2020, allows the Company to factor up to €120 million of its Euro-denominated accounts receivable, accelerating access to cash and reducing credit risk. The factoring facility expires in December 2023. Costs incurred on the sale of receivables are recorded in other expense, net in the consolidated statements of operations. Liabilities related to the factoring program are recorded in accrued liabilities in the consolidated balance sheet. The sale of receivables under this contract is considered an off-balance sheet arrangement to the Company and is accounted for as a true sale and excluded from accounts receivable in the consolidated balance sheet. Amounts outstanding under receivable transfer agreements entered into by various locations as of the period end were as follows: December 31, 2022 December 31, 2021 Off-balance sheet arrangements $ 52,491 $ 52,743 Accounts receivable factored and related costs throughout the period were as follows: Off-Balance Sheet Arrangements Year Ended December 31, 2022 2021 Accounts receivable factored $ 355,295 $ 366,878 Off-Balance Sheet Arrangements Year Ended December 31, 2022 2021 2020 Costs $ 710 $ 528 $ 776 |
Pension
Pension | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Pensions | Pension The Company maintains defined benefit pension plans covering employees located in the United States as well as certain international locations. The majority of these plans are frozen, and all are closed to new employees. Benefits generally are based on compensation, length of service and age for salaried employees and on length of service for hourly employees. The Company’s policy is to fund pension plans such that sufficient assets will be available to meet future benefit requirements and contribute amounts deductible for United States federal income tax purposes or amounts required by local statute. On October 11, 2022, the Company’s Board of Directors (the “Board”) 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 termination of the U.S. Pension Plan is expected to take twelve to eighteen months to complete. As part of the termination process, the Company expects to settle benefit obligations under the U.S. Pension Plan through a combination of lump sum payments to eligible plan participants and the purchase of a group annuity contract, under which future benefit obligations and administration will be transferred to a third-party insurance company. Such settlements will be funded primarily from plan assets. Ultimate settlement of benefit obligations is dependent upon the participants’ elections. The U.S. Pension Plan was underfunded by $5,759 as of December 31, 2022 and overfunded by $29,804 as of December 31, 2021 under U.S. generally accepted accounting principles. Additionally, the Company recognized a curtailment loss of $3,092 during the year ended December 31, 2022 associated with the planned termination of the U.S. Pension Plan, primarily due to prior service cost resulting from a 2022 plan amendment impacting the benefits of certain participants in the U.S. Pension Plan. The Company also sponsors voluntary defined contribution plans for certain salaried and hourly U.S. employees of the Company. The Company matches contributions of participants, up to various limits in all plans. The Company also sponsors retirement plans that include Company non-elective contributions. Non-elective and matching contributions under these plans totaled $12,015, $12,809 and $13,537 for the years ended December 31, 2022, 2021 and 2020, respectively. Information related to the Company’s defined benefit pension plans was as follows: Year Ended December 31, 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Change in projected benefit obligations: Projected benefit obligations at beginning of period $ 257,108 $ 164,957 $ 271,397 $ 195,407 Service cost 771 2,755 891 3,345 Interest cost 7,062 2,782 6,516 2,558 Net actuarial gain (41,026) (34,354) (8,589) (12,976) Benefits paid (14,283) (5,535) (13,107) (5,324) Foreign exchange translation — (10,012) — (9,610) Settlements — (1,760) — (8,210) Plan amendments 3,056 — — — Other — (2,180) — (233) Projected benefit obligations at end of period $ 212,688 $ 116,653 $ 257,108 $ 164,957 Change in plan assets: Fair value of plan assets at beginning of period $ 273,448 $ 48,047 $ 267,343 $ 54,548 Actual return on plan assets (63,769) (9,774) 18,175 1,280 Employer contributions 1,038 4,970 1,037 5,526 Benefits paid (14,283) (5,535) (13,107) (5,324) Foreign exchange translation — (3,138) — 225 Settlements — (1,759) — (8,210) Other — — — 2 Fair value of plan assets at end of period $ 196,434 $ 32,811 $ 273,448 $ 48,047 Funded status of the plans $ (16,254) $ (83,842) $ 16,340 $ (116,910) December 31, 2022 December 31, 2021 U.S. Non-U.S. U.S. Non-U.S. Amounts recognized in the consolidated balance sheet: Other assets $ — $ 3,239 $ 29,804 $ 4,245 Accrued liabilities (1,005) (3,849) (1,018) (3,721) Pension benefits (long term) (15,249) (83,232) (12,446) (117,434) Pre-tax amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit (income) cost as of December 31, 2022 and 2021 were as follows: December 31, 2022 December 31, 2021 U.S. Non-U.S. U.S. Non-U.S. Prior service costs $ — $ (31) $ (56) $ (185) Actuarial losses (74,744) (6,910) (43,574) (33,742) The Company uses the corridor approach when amortizing actuarial gains or losses. Under the corridor approach, net unrecognized actuarial losses in excess of 10% of the greater of i) the projected benefit obligation or ii) the fair value of plan assets for a particular plan are amortized over the average future service period of the employees in that plan. The accumulated benefit obligation for all domestic and international defined benefit pension plans was $212,688 and $112,963 as of December 31, 2022 and $257,108 and $158,074 as of December 31, 2021, respectively. As of December 31, 2022, the fair value of plan assets for one of the Company’s defined benefit plans exceeded the projected benefit obligations of $18,109 by $3,239. The components of net periodic benefit (income) cost for the Company’s defined benefit plans were as follows: Year Ended December 31, 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service cost $ 771 $ 2,755 $ 891 $ 3,345 $ 853 $ 3,992 Interest cost 7,062 2,782 6,516 2,558 8,132 3,200 Expected return on plan assets (9,293) (949) (14,257) (1,320) (13,683) (2,415) Amortization of prior service cost and actuarial loss 886 1,574 1,670 2,635 1,940 3,478 Settlement (gain) loss — (410) — 1,279 — 184 Curtailment loss 3,092 — — — — — Other — — — 118 — (11) Net periodic benefit (income) cost $ 2,518 $ 5,752 $ (5,180) $ 8,615 $ (2,758) $ 8,428 Pension Settlements In addition to the settlements shown in the table above, the Company recognized $744 of Non-U.S. pension net settlement and curtailment charges due to the divestiture of certain businesses in Europe and India during the year ended December 31, 2020 that are recorded as a reduction to gain on sale of business, net in the consolidated statements of operations. The Company also recognized $836 of Non-U.S. pension settlement charges during the year ended December 31, 2020 that are recorded as restructuring in the consolidated statements of operations. Plan Assumptions Weighted average assumptions used to determine benefit obligations as of December 31, 2022 and 2021 were as follows: 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Discount rate 4.55 % 4.45 % 2.84 % 1.83 % Rate of compensation increase N/A 1.58 % N/A 1.44 % Cash balance interest credit rate 2.41 % N/A 4.50 % N/A Weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2022, 2021 and 2020 were as follows: 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 2.84 % 2.39 % 2.48 % 1.63 % 3.28 % 2.33 % Expected return on plan assets 3.50 % 2.15 % 5.50 % 2.48 % 5.75 % 3.73 % Rate of compensation increase N/A 2.39 % N/A 1.99 % N/A 3.99 % To develop the expected return on plan assets assumption, the Company considered the historical returns and the future expected returns for each asset class, as well as the target asset allocation of the pension portfolio. As the U.S. plans are frozen, the rate of compensation increase was not applicable in determining net periodic benefit cost. Plan Assets The goals and investment objectives of the asset strategy are to ensure that there is an adequate level of assets to meet benefit obligations to participants and retirees over the life of the participants and maintain liquidity in the plan assets sufficient to cover monthly benefit obligations. Risk is managed by investing in a broad range of investment vehicles, e.g., equity mutual funds, bond mutual funds, real estate mutual funds, hedge funds, etc. There are no equity securities of the Company in the equity asset category. Investments in equity securities and debt securities are valued at fair value using a market approach and observable inputs, such as quoted market prices in active markets (Level 1). Investments in balanced funds are valued at fair value using a market approach and inputs that are primarily directly or indirectly observable (Level 2). Investments in equity securities and balanced funds in which the Company holds participation units in a fund, the net asset value of which is based on the underlying assets and liabilities of the respective fund, are considered an unobservable input (Level 3). Investments in real estate funds are primarily valued at net asset value depending on the investment. The fair value of the Company’s pension plan assets by category using the three-level hierarchy (see Note 11. “Fair Value Measurements and Financial Instruments”) as of December 31, 2022 and 2021 was as follows: 2022 Level 1 Level 2 Assets measured at NAV (1) Total Equity funds $ 5,661 $ 7,418 $ — $ 13,079 Equity funds measured at net asset value — — 5,638 5,638 Bond funds — 25,098 — 25,098 Bond funds measured at net asset value — — 173,092 173,092 Real estate measured at net asset value — — 10,331 10,331 Cash and cash equivalents 2,007 — — 2,007 Total $ 7,668 $ 32,516 $ 189,061 $ 229,245 2021 Level 1 Level 2 Assets measured at NAV (1) Total Equity funds $ 1,231 $ 11,586 $ — $ 12,817 Equity funds measured at net asset value — — 41,032 41,032 Bond funds — 36,133 — 36,133 Bond funds measured at net asset value — — 210,492 210,492 Real estate measured at net asset value — — 11,270 11,270 Cash and cash equivalents 9,751 — — 9,751 Total $ 10,982 $ 47,719 $ 262,794 $ 321,495 (1) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These assets are included in this table to present total pension plan assets at fair value. There were no transfers of Level 3 assets and no Level 3 assets in the ending balance for the years ended December 31, 2021 and December 31, 2020. Expected Future Benefit Payments The Company estimates its benefit payments for domestic and foreign pension plans during the next ten years to be as follows: Years Ending December 31, U.S. Non-U.S. Total 2023 $ 81,213 $ 5,901 $ 87,114 2024 133,186 6,277 139,463 2025 1,001 7,047 8,048 2026 982 7,800 8,782 2027 960 8,488 9,448 2028 - 2032 4,404 45,844 50,248 As previously noted, as part of the planned termination of the U.S. Pension Plan, the Company expects to settle benefit obligations under the U.S. Pension Plan through a combination of lump sum payments to eligible participants and the purchase of a group annuity contract. These expected payments and group annuity purchase are reflected in the table above during the years 2023 and 2024. Contributions |
Postretirement Benefits Other T
Postretirement Benefits Other Than Pensions | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than PensionsThe Company provides certain retiree health care and life insurance benefits covering certain U.S. salaried and hourly employees and employees in Canada. Employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. The Company’s policy is to fund the cost of these postretirement benefits as these benefits become payable. Information related to the Company’s postretirement benefit plans was as follows: Year Ended December 31, 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligation: Benefit obligations at beginning of year $ 21,211 $ 22,476 $ 23,419 $ 27,032 Service cost 89 216 105 357 Interest cost 561 628 531 701 Net actuarial gain (4,924) (5,663) (1,717) (5,065) Benefits paid (1,125) (722) (1,127) (716) Other — 14 — — Foreign currency exchange rate effect — (1,476) — 167 Benefit obligation at end of year $ 15,812 $ 15,473 $ 21,211 $ 22,476 Funded status of the plan $ (15,812) $ (15,473) $ (21,211) $ (22,476) Net amount recognized as of December 31 $ (15,812) $ (15,473) $ (21,211) $ (22,476) December 31, 2022 December 31, 2021 U.S. Non-U.S. U.S. Non-U.S. Amounts recognized in the consolidated balance sheet: Accrued liabilities $ (1,452) $ (709) $ (1,576) $ (766) Postretirement benefits other than pension (long term) (14,360) (14,764) (19,635) (21,710) Pre-tax amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit (income) cost as of December 31, 2022 and 2021 were as follows: December 31, 2022 December 31, 2021 U.S. Non-U.S. U.S. Non-U.S. Prior service cost $ — $ (14) $ — $ — Actuarial gains (losses) $ 14,686 $ 2,328 $ 11,339 $ (3,760) The components of net periodic benefit (income) costs for the Company’s other postretirement benefit plans were as follows: Year Ended December 31, 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service cost $ 89 $ 216 $ 105 $ 357 $ 103 $ 404 Interest cost 561 628 531 701 680 726 Amortization of prior service credit and recognized actuarial (gain) loss (1,577) 157 (1,396) 752 (1,930) 448 Net periodic benefit (income) cost $ (927) $ 1,001 $ (760) $ 1,810 $ (1,147) $ 1,578 Plan Assumptions Weighted average assumptions used to determine benefit obligations as of December 31, 2022 and 2021 were as follows: 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Discount rate 5.45 % 5.20 % 2.75 % 3.05 % Weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2022, 2021 and 2020 were as follows: 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 2.75 % 3.05 % 2.35 % 2.65 % 3.15 % 3.05 % The assumed health care cost trend rates used to measure the postretirement benefit obligation as of December 31, 2022 were as follows: U.S. Non-U.S. Health care cost trend rate 6.17 % 5.00 % Ultimate health care cost trend rate 4.50 % 5.00 % Year that the rate reaches the ultimate trend rate 2028 N/A Expected Future Postretirement Benefit Payments The Company estimates its benefit payments for its postretirement benefit plans during the next ten years to be as follows: Years Ending December 31, U.S. Non-U.S. Total 2023 $ 1,491 $ 727 $ 2,218 2024 1,491 760 2,251 2025 1,489 772 2,261 2026 1,471 792 2,263 2027 1,428 807 2,235 2028 - 2032 6,426 4,497 10,923 Other Other postretirement benefits recorded in the Company’s consolidated balance sheets include $1,890 and $2,153 as of December 31, 2022 and 2021, respectively, for termination indemnity plans in Europe. |
Other Expense, net
Other Expense, net | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Other Expense, net The components of other expense, net were as follows: Year Ended December 31, 2022 2021 2020 Deconsolidation of joint venture (1) $ (2,257) $ — $ — Foreign currency losses (1,131) (6,887) (1,429) Components of net periodic benefit income (cost) other than service cost (1,831) 1,610 (576) Factoring costs (710) (528) (776) Miscellaneous income 444 963 201 Other expense, net $ (5,485) $ (4,842) $ (2,580) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Components of the Company’s (loss) income before income taxes and adjustment for noncontrolling interests were as follows: Year Ended December 31, 2022 2021 2020 Domestic $ (154,779) $ (142,883) $ (235,574) Foreign (45,721) (146,569) (94,647) $ (200,500) $ (289,452) $ (330,221) The Company’s income tax expense (benefit) consists of the following: Year Ended December 31, 2022 2021 2020 Current Federal $ (2,280) $ 5,158 $ (65,565) State 154 68 (196) Foreign 13,764 (1,590) 13,636 Deferred Federal 74 12,217 (15,060) State 106 (484) 1,297 Foreign 5,473 24,023 5,041 $ 17,291 $ 39,392 $ (60,847) A reconciliation of the U.S. statutory federal rate to the income tax provision was as follows: Year Ended December 31, 2022 2021 2020 Tax at U.S. statutory rate $ (42,105) $ (60,785) $ (69,346) State and local taxes (2,700) (3,276) (4,933) Tax credits and incentives (8,413) (7,634) (5,750) Changes in tax law, other (17) (361) 352 U.S. tax reform/Global Intangible Low-Taxed Income ("GILTI")/foreign derived intangible income 1,382 — (1,046) Effect of foreign tax rates (1,614) (13,525) (15,432) Nonrecurring permanent items (2,189) (3,710) (3,069) CARES Act — — (27,844) Foreign branch 279 1,641 (1,215) Stock compensation (ASU 2016-09) 1,258 1,257 1,640 Non deductible expenses 7,192 6,618 9,335 Tax reserves/audit settlements 3,854 (5,043) 1,071 Valuation allowance 65,559 124,228 51,609 Other, net (5,195) (18) 3,781 Income tax expense (benefit) $ 17,291 $ 39,392 $ (60,847) Effective income tax rate (8.6) % (13.6) % 18.4 % For the year ended December 31, 2022, the Company received $54,273 in cash payments from the United States Internal Revenue Service (“IRS”) for tax refunds related to net operating loss carrybacks. 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. Nonrecurring permanent item in 2022 relates to a withholding tax refund related to prior periods. In 2021, the nonrecurring permanent item relates to an intercompany legal entity sale, and in 2020, nonrecurring permanent items were the result of the divestiture of the Company’s European rubber, fluid transfer, and specialty sealing businesses. Deferred tax assets and liabilities reflect the estimated tax effect of accumulated temporary differences between the basis of assets and liabilities for tax and financial reporting purposes, as well as net operating losses, tax credit and other carryforwards. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021 were as follows: 2022 2021 Deferred tax assets: Pension, postretirement and other benefits $ 40,060 $ 40,026 Capitalized expenditures 31,746 12,521 Net operating loss and tax credit carryforwards 279,755 275,222 Operating lease liabilities 24,059 27,934 Interest expense carryforwards 28,610 14,341 All other items 37,392 47,444 Total deferred tax assets 441,622 417,488 Deferred tax liabilities: Property, plant and equipment (9,896) (21,745) Operating lease right-of-use (23,106) (26,863) All other items (11,028) (14,506) Total deferred tax liabilities (44,030) (63,114) Valuation allowances (384,792) (334,983) Net deferred tax assets $ 12,800 $ 19,391 As of December 31, 2022, the Company’s U.S. and foreign subsidiaries, primarily in France, Brazil, Italy and Germany, had operating loss carryforwards aggregating $646,000, with indefinite expiration periods. Other foreign subsidiaries in China, Mexico, Netherlands, Spain, Czech Republic and Korea had operating loss carryforwards aggregating $298,000, with expiration dates beginning in 2023. The Company has research tax credit carryforwards and foreign tax credit carryforwards totaling $44,000 in the U.S. with expiration dates beginning in 2029. The Company and its domestic subsidiaries have anticipated tax benefits of state net operating losses and credit carryforwards of $12,000 with expiration dates beginning in 2023. As of December 31, 2022, the Company has consolidated deferred tax assets of $441,622 with valuation allowances of $384,792 related to tax losses, credit carryforwards, and other deferred tax assets in the U.S. and certain foreign jurisdictions. The Company’s valuation allowance increased in 2022 primarily from current year losses generated in the U.S. and certain foreign jurisdictions as well as new valuation allowances established during 2022 in Poland. Current and future provision for income taxes is significantly impacted by the initial recognition of and changes in valuation allowances in certain countries. The Company intends to maintain these allowances until it is more likely than not that the deferred tax assets will be realized. In the future, provision for income taxes will include no tax benefit with respect to losses incurred and no tax expense with respect to income generated in these countries until the respective valuation allowance is eliminated. As of December 31, 2022, no material deferred income taxes have been recorded on the undistributed earnings of foreign subsidiaries, since a majority of these earnings will not be taxable upon repatriation to the United States. These earnings will be primarily treated as previously taxed income from either the one time transition tax or GILTI, or they will be offset with a 100% dividends received deduction. The Company has not recorded a deferred tax liability for foreign withholding taxes or state income taxes that may be incurred upon repatriation in the future as such undistributed foreign earnings are considered permanently reinvested or could be remitted with no tax implications. As of December 31, 2022, the Company had $5,930 ($6,100 including interest and penalties) of total unrecognized tax benefits, of which $3,753 represents the amount of unrecognized tax benefits that, if recognized, would impact the effective income tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: 2022 2021 Balance at beginning of period $ 3,571 $ 11,272 Tax positions related to the current period Gross additions 336 337 Tax positions related to prior years Gross additions 2,692 10 Gross reductions (669) (5,143) Settlements — (2,905) Balance at end of period $ 5,930 $ 3,571 The Company, or one of its subsidiaries, files income tax returns in the United States and other foreign jurisdictions. During the examination of our 2015 and 2016 U.S. federal income tax filings, the IRS asserted that income earned by a Netherlands subsidiary from its Mexican branch operations should be categorized as foreign based company sales income under Section 954(d) of the Internal Revenue Code and should be recognized currently as taxable income on our 2015 and 2016 U.S. federal income tax filings. As a result of this assertion, the IRS issued a Notice of Proposed Adjustment (“NOPA”). The Company believes the proposed adjustment is without merit and we have begun the process of contesting the matter. Currently, our protest for the 2015 and 2016 tax years has been submitted to the IRS’s administrative appeals office. We believe, after consultation with tax and legal counsel, that it is more likely than not that we will ultimately be successful in defending our position. As such, we have not recorded any impact of the IRS’s proposed adjustment in our consolidated financial statements as of and for the year ended December 31, 2022. In the event the Company is not successful in defending its position, the potential income tax expense impact, including interest, related to tax years 2015 through 2022 is less than $15 million. We intend to vigorously contest the conclusions reached in the NOPA through the IRS’s administrative appeals process, and, if necessary, through litigation. The statute of limitations for U.S. state and local jurisdictions is closed for taxable years ending prior to 2015. The Company’s major foreign jurisdictions are Brazil, Canada, China, France, Germany, Italy, Mexico, and Poland. The Company is no longer subject to income tax examinations in major foreign jurisdictions for years prior to 2017. During the next twelve months, it is reasonably possible that, as a result of audit settlements and the completion of current examinations, the Company may decrease the amount of its gross unrecognized tax benefits by approximately $3,141, all of which, if recognized, would impact the effective tax rate. The Company classifies all income tax related interest and penalties as income tax expense. The Company has liabilities of $170 and $710 recorded as of December 31, 2022 and 2021, respectively, for tax related interest and penalties on its consolidated balance sheet. |
Net Income Per Share Attributab
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. | Net (Loss) Income Per Share Attributable to Cooper-Standard Holdings Inc. Basic net (loss) income per share attributable to Cooper-Standard Holdings Inc. was computed by dividing net (loss) income attributable to Cooper-Standard Holdings Inc. by the weighted average number of shares of common stock outstanding during the period. Diluted net (loss) income per share attributable to Cooper-Standard Holdings Inc. was computed using the treasury stock method by dividing diluted net (loss) income available to Cooper-Standard Holdings Inc. by the weighted average number of shares of common stock outstanding, including the dilutive effect of common stock equivalents, using the average share price during the period. Information used to compute basic and diluted net (loss) income per share attributable to Cooper-Standard Holdings Inc. was as follows: Year Ended December 31, 2022 2021 2020 Net loss available to Cooper-Standard Holdings Inc. common stockholders $ (215,384) $ (322,835) $ (267,605) Basic weighted average shares of common stock outstanding 17,190,958 17,045,353 16,913,850 Dilutive effect of common stock equivalents — — — Diluted weighted average shares of common stock outstanding 17,190,958 17,045,353 16,913,850 Basic net loss per share attributable to Cooper-Standard Holdings Inc. $ (12.53) $ (18.94) $ (15.82) Diluted net loss per share attributable to Cooper-Standard Holdings Inc. $ (12.53) $ (18.94) $ (15.82) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component, net of related tax, were as follows: Cumulative currency translation adjustment Benefit plan Fair value change of derivatives Total Balance as of December 31, 2020 $ (136,579) $ (106,079) $ 762 $ (241,896) Other comprehensive income (loss) before reclassifications (2,316) (1) 35,506 (2) (843) (3) 32,347 Amounts reclassified from accumulated other comprehensive income (loss) 144 5,270 (4) (1,049) (5) 4,365 Balance as of December 31, 2021 (138,751) (65,303) (1,130) (205,184) Other comprehensive income (loss) before reclassifications (18,978) (1) 4,419 (2) 11,029 (3) (3,530) Amounts reclassified from accumulated other comprehensive income (loss) (294) 633 (6) (1,596) (5) (1,257) Balance as of December 31, 2022 $ (158,023) $ (60,251) $ 8,303 $ (209,971) (1) Includes $(15,619) and $(5,077) of other comprehensive loss for the years ended December 31, 2022 and 2021, respectively, that are related to intra-entity foreign currency balances that are of a long-term investment nature. (2) Net of tax expense (benefit) of $250 and $(248) for the years ended December 31, 2022 and 2021, respectively. (3) Net of tax expense of $779 and $298 for the years ended December 31, 2022 and 2021, respectively. (4) Includes the effect of the amortization of actuarial losses of $3,484, net settlement losses of $1,291, net curtailment losses of $305, and the amortization of prior service costs of $205, net of tax of $15. (5) Net of tax expense of $691 and $383 for the years ended December 31, 2022 and 2021, respectively. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity | Equity Shareholder Rights Plan On November 7, 2022, the Company’s Board of Directors adopted a Section 382 rights plan and declared a dividend of one right (a “Right”) for each outstanding share of the Company’s common stock, par value $0.001 per share (the “Common Stock”), to stockholders of record at the close of business on November 17, 2022 (“Shareholder Rights Plan”). Each Right entitles its holder, under certain circumstances described below, to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock of the Company, par value $0.001 per share (the “Series A Preferred Stock”), at an exercise price of $50.00 per Right, subject to adjustment. If the Rights become exercisable, each Right would allow its holder to purchase from the Company one one-hundredth of a share of the Series A Preferred Stock for a purchase price of $50.00. Each fractional share of Series A Preferred Stock would give the stockholder approximately the same dividend, voting and liquidation rights as does one share of Common Stock. Prior to exercise, however, a Right does not give its holder any dividend, voting or liquidation rights. The exercisability of the Rights are described in further detail in the rights agreement. Preferred Stock The Company is authorized to issue up to 10,000,000 shares of preferred stock, par value $0.001 per share, of which 2,000,000 shares were designated as 7% Cumulative Participating Convertible Preferred Stock (the “7% Preferred Stock”). On November 7, 2022, the Company filed a Certificate of Elimination to its Third Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) with the Secretary of State of the State of Delaware eliminating from the Certificate of Incorporation all matters set forth in the Certificate of Designation with respect to the Company’s 7% Preferred Stock. No shares of the 7% Preferred Stock were outstanding and none will be issued subject to the Certificate of Designation for the 7% Preferred Stock. All shares that were designated as 7% Preferred Stock have been returned to the status of authorized but unissued shares of preferred stock of the Company, without designation as to series. On November 7, 2022, in connection with the adoption of the Shareholder Rights Plan, the Company filed a Certificate of Designation of Series A Junior Participating Preferred Stock of Cooper-Standard Holdings Inc. (the “Certificate of Designation”) to its Certificate of Incorporation with the Secretary of State of the State of Delaware, designating 2,000,000 shares of preferred stock as Series A Preferred Stock. As of December 31, 2022, no shares of Series A Preferred Stock were issued or outstanding. Common Stock The Company is authorized to issue up to 190,000,000 shares of Common Stock, par value $0.001 per share. As of December 31, 2022, 19,173,838 shares of its Common Stock were issued, and 17,108,029 shares were outstanding. Holders of shares of Common Stock are entitled to one vote for each share on each matter on which holders of Common Stock are entitled to vote. Holders of Common Stock are entitled to ratably receive dividends and other distributions when, as and if declared by the Board out of assets or funds legally available therefore. The ABL Facility, the New Notes, the 2026 Senior Notes, and the 2024 Senior Secured Notes each contain covenants that restrict the Company’s ability to pay dividends or make distributions on the Common Stock, subject to certain exceptions. In the event of the liquidation, dissolution or winding up of the Company, holders of Common Stock are entitled to share ratably in the Company assets, if any, remaining after the payment of all the Company’s debts and liabilities. Share Repurchase Program In June 2018, the Company’s Board of Directors approved a common stock repurchase program (the “2018 Program”) authorizing the Company to repurchase, in the aggregate, up to $150,000 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 was effective beginning November 2018. As of December 31, 2022, the Company had approximately $98,720 of repurchase authorization under the 2018 Program. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Share-Based Compensation The Company’s long-term incentive plans allow for the grant of various types of share-based awards to key employees and directors of the Company and its affiliates. The Company generally awards grants on an annual basis. There are 1,453,092 shares of common stock authorized for awards granted under the current plan. Under previous plans, a total of 5,873,103 shares were authorized for awards. The plans provide for the grant of stock options, stock appreciation rights, shares of common stock, restricted stock, restricted stock units (“RSUs”), performance-vested restricted stock units (“PUs”), incentive awards and certain other types of awards to key employees and directors of the Company and its affiliates. The Company measures share-based compensation expense at fair value and recognizes such expense on a straight-line basis over the vesting period of the share-based employee awards. The compensation expense related to stock options, restricted stock and performance units granted to key employees and directors of the Company, which is quantified below, does not represent payments actually made to these employees. Rather, the amounts represent the non-cash compensation expense recognized by the Company in connection with these awards for financial reporting purposes. The actual value of these awards to the recipients will depend on the trading price of the Company’s stock when the awards vest. In accordance with the Company’s long-term incentive plans, share-based compensation awards that settle in shares of Company stock may be delivered on a gross settlement basis or a net settlement basis, as determined by the recipient. Share-based compensation expense (income) was as follows: Year Ended December 31, 2022 2021 2020 PUs $ 248 $ (916) $ 916 RSUs 1,738 4,201 6,994 Stock options 1,273 2,289 2,525 Total $ 3,259 $ 5,574 $ 10,435 Stock Options Stock option awards are granted at the fair market value of the Company’s stock price at the date of the grant and have a 10 year term. The stock option grants vest over three years from the date of grant. Stock option transactions and related information for the year ended December 31, 2022 was as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2022 800,019 $ 59.57 Forfeited (913) $ 22.90 Expired (13,262) $ 71.06 Outstanding as of December 31, 2022 785,844 $ 59.41 4.1 $ — Exercisable as of December 31, 2022 648,982 $ 65.32 3.6 $ — There were no stock options granted during the year ended December 31, 2022. The weighted-average grant date fair value of stock options granted during the years ended December 31, 2021 and 2020 was $16.46 and $8.85, respectively. The total intrinsic value of stock options exercised during the year ended December 31, 2021 was $142. There were no stock options exercised during the years ended December 31, 2022 or 2020. As of December 31, 2022, unrecognized compensation expense for stock options amounted to $846. Such cost is expected to be recognized over a weighted average period of approximately 1.2 years. The fair value of the options was estimated at the date of the grant using the Black-Scholes option pricing model. Expected volatility was based on the historical volatility of the Company’s common stock. The expected option life was calculated using the simplified method. The risk-free rate is based on the U.S. Treasury zero-coupon issues with a term equal to the expected option life on the date the stock options were granted. The fair value of each option was estimated using the following assumptions: 2021 2020 Expected volatility 48.65% - 50.50% 33.74 % Dividend yield 0.00 % 0.00 % Expected option life - years 6.0 6.0 Risk-free rate 0.6% - 0.9% 1.50 % Restricted Stock and Restricted Stock Units The fair value of the restricted stock and restricted stock units is determined based on the closing price of the common stock on the date of grant. The restricted stock and restricted stock units vest over one Restricted stock and restricted stock units transactions and related information for the year ended December 31, 2022 was as follows: Restricted Stock and Restricted Units Weighted Average Grant Date Fair Value Non-vested as of January 1, 2022 242,014 $ 48.38 Granted 313,161 $ 9.46 Vested (155,400) $ 58.90 Forfeited (10,739) $ 46.10 Non-vested as of December 31, 2022 389,036 $ 11.98 The weighted-average grant date fair value of restricted stock and restricted stock units granted during the years ended December 31, 2022, 2021 and 2020 was $9.46, $32.38 and $17.62, respectively. The total fair value of restricted stock and restricted stock units vested during the years ended December 31, 2022, 2021 and 2020 was $9,153, $9,299 and $7,786, respectively. As of December 31, 2022, unrecognized compensation expense for restricted stock and restricted stock units amounted to $2,371. Such cost is expected to be recognized over a weighted-average period of approximately 1.7 years. Performance-Vested Restricted Stock Units The actual number of performance units that will vest depends on the Company’s achievement of target performance goals related to the Company’s ROIC and total shareholder return over a performance period, which may range from 0% to 200% of the target award amount. The PUs cliff vest at the end of their three-year performance period or vest ratably over three years after their initial two-year performance period. PUs that are expected to be settled in shares of the Company’s common stock are accounted for as equity awards, and the fair value is determined based on the closing price of the common stock on the date of grant and a contemporaneous valuation by an independent valuation specialist with respect to the total shareholder return performance units. PUs that are expected to be settled in cash are accounted for as liability awards. A summary of activity for performance-vested restricted stock units transactions and related information for the year ended December 31, 2022 was as follows: Stock Settled Performance Units Cash Settled Performance Units Weighted Average Grant Date Fair Value Non-vested as of January 1, 2022 81,010 188,886 $ 51.19 Granted 200,031 — $ 9.41 Vested at 0% payout (81,010) (107,310) $ 56.17 Forfeited (4,374) 2,240 $ (22.38) Non-vested as of December 31, 2022 195,657 83,816 $ 18.50 The weighted-average grant date fair value of performance units granted during the years ended December 31, 2022, 2021 and 2020 was $9.41, $39.70 and $10.10, respectively. The total fair value of PUs vested during the years ended December 31, 2022, 2021 and 2020 was $10,578, $4,864, and $5,243, respectively. Actual payout of units vested was 0% and no cash was paid to settle PUs during the years ended December 31, 2022, 2021, and 2020. As of December 31, 2022, unrecognized compensation expense for the PUs granted in 2022 was $1,118. Such cost is expected to be recognized over a weighted-average period of approximately 2 years. The fair value of certain performance units is estimated using a Monte Carlo simulation. Expected volatility was calculated based on historical stock price volatility over the previous year. The risk-free rate was based on the U.S. Treasury yield curve, generally represented by U.S. Treasury securities, with a term equal to the expected life of the performance units. The dividend yield was assumed to be zero based on Company’s historical patterns and future expectation. The fair value of the performance units were estimated using the following assumptions: 2022 2021 Expected volatility 88.24 % 99.40 % Dividend yield 0.00 % 0.00 % Risk-free rate 1.71 % 0.14 % |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Contingent Liabilities Litigation and Claims Various legal actions, proceedings, and claims (generally, “matters”) are pending or may be instituted or asserted against the Company. The Company accrues for matters when losses are deemed probable and reasonably estimable. Any resulting adjustments, which could be material, are recorded in the period the adjustments are identified. As of December 31, 2022, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already accrued for matters, if any, has been incurred. However, the ultimate resolutions of these matters are inherently unpredictable and could require payment substantially in excess of the amounts that have been accrued or disclosed. Environmental The Company is subject to a broad range of federal, state and local environmental and occupational safety and health laws and regulations in the United States and other countries, including those governing: emissions to air, discharges to water, noise and odor emissions; the generation, handling, storage, transportation, treatment, reclamation and disposal of chemicals and waste materials; the cleanup of contaminated properties; and human health and safety. The Company may incur substantial costs associated with hazardous substance contamination or exposure, including cleanup costs, fines, and civil or criminal sanctions, third party property or natural resource damage, personal injury claims or costs to upgrade or replace existing equipment as a result of violations of or liabilities under environmental laws or the failure to maintain or comply with environmental permits required at their locations. In addition, many of the Company’s current and former facilities are located on properties with long histories of industrial or commercial operations, and some of these properties have been subject to certain environmental investigations and remediation activities. The Company maintains environmental reserves for certain of these sites. As of December 31, 2022 and 2021, the Company had $10,817 and $9,965, respectively, reserved in accrued liabilities and other liabilities on the consolidated balance sheet on an undiscounted basis, which it believes are adequate. Because some environmental laws (such as the Comprehensive Environmental Response, Compensation and Liability Act and analogous state laws) can impose liability retroactively and regardless of fault on potentially responsible parties for the entire cost of cleanup at currently or formerly owned or operated facilities, as well as sites at which such parties disposed or arranged for disposal of hazardous waste, the Company could become liable for investigating or remediating contamination at their current or former properties or other properties (including offsite waste disposal locations). The Company may not always be in complete compliance with all applicable requirements of environmental laws or regulation, and the Company may receive notices of violation or become subject to enforcement actions or incur material costs or liabilities in connection with such requirements. In addition, new environmental requirements or changes to interpretations of existing requirements, or in their enforcement, could have a material adverse effect on the Company’s business, results of operations, and financial condition. The Company has made and will continue to make expenditures to comply with environmental requirements. While the Company’s costs to defend and settle known claims arising under environmental laws have not been material in the past and are not currently estimated to have a material adverse effect on the Company’s financial condition, such costs may be material to the Company’s financial statements in the future. Brazil Indirect Tax Claim In 2019, the Superior Judicial Court of Brazil rendered a favorable decision on a case challenging whether a certain state value-added tax should be included in the calculation of federal gross receipts taxes. The decision will allow the Company the right to recover, through offset of federal tax liabilities, amounts collected by the government. As a result of the favorable decision, the Company recorded pre-tax recoveries of $8,000 in the South America segment and in cost of products sold for the year ended December 31, 2019. As of December 31, 2022, the Company had $4,608 of pre-tax recoveries remaining. Timing on realization of these remaining recoveries is dependent upon generation of federal tax liabilities eligible for offset. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The 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. The accounting policies of the Company’s segments are consistent with those described in Note 2. “Basis of Presentation and Summary of Significant Accounting Policies.” Certain financial information on the Company’s reportable segments was as follows: Year Ended December 31, 2022 2021 2020 Sales to external customers North America $ 1,341,099 $ 1,148,257 $ 1,141,368 Europe 503,672 518,245 586,739 Asia Pacific 443,126 458,306 468,042 South America 100,420 61,713 60,754 Total Automotive 2,388,317 2,186,521 2,256,903 Corporate, eliminations and other 137,074 143,670 118,536 Consolidated $ 2,525,391 $ 2,330,191 $ 2,375,439 Year Ended December 31, 2022 2021 2020 Intersegment sales North America $ 11,979 $ 9,775 $ 12,267 Europe 7,272 9,502 9,569 Asia Pacific 3,847 1,863 2,406 South America 54 15 72 Total Automotive 23,152 21,155 24,314 Corporate, eliminations and other (23,152) (21,155) (24,314) Consolidated $ — $ — $ — Adjusted EBITDA North America $ 70,819 $ 54,616 $ 90,638 Europe (37,137) (49,599) (39,004) Asia Pacific 1,556 (16,756) 12,472 South America 97 (9,852) (13,841) Total Automotive 35,335 (21,591) 50,265 Corporate, eliminations and other 2,533 13,557 (14,588) Consolidated $ 37,868 $ (8,034) $ 35,677 Net interest expense North America $ 365 $ 470 $ 504 Europe 560 1,274 1,082 Asia Pacific 1,602 1,445 2,205 South America 1,659 362 225 Total Automotive 4,186 3,551 4,016 Corporate, eliminations and other 74,328 68,960 55,151 Consolidated $ 78,514 $ 72,511 $ 59,167 Depreciation and amortization expense North America $ 51,592 $ 54,779 $ 60,193 Europe 26,694 32,655 36,707 Asia Pacific 27,509 32,426 31,789 South America 2,701 2,531 2,392 Total Automotive 108,496 122,391 131,081 Corporate, eliminations and other 13,980 16,617 23,148 Consolidated $ 122,476 $ 139,008 $ 154,229 Year Ended December 31, 2022 2021 2020 Capital expenditures North America $ 39,276 $ 36,370 $ 30,921 Europe 7,965 27,384 25,369 Asia Pacific 15,374 20,473 21,809 South America 6,107 3,959 2,476 Total Automotive 68,722 88,186 80,575 Corporate, eliminations and other 2,428 7,921 11,219 Consolidated $ 71,150 $ 96,107 $ 91,794 Year Ended December 31, 2022 2021 2020 Adjusted EBITDA $ 37,868 $ (8,034) $ 35,677 Impairment charges (43,710) (25,609) (103,887) Restructuring charges (18,304) (36,950) (39,482) Pension settlement and curtailment charges (2,682) (1,279) (184) Lease termination costs — (748) (771) Gain on sale of business, net — 696 2,834 Gain on sale of fixed assets, net 33,391 — — Deconsolidation of joint venture (2,257) — — Project costs — — (5,648) Indirect tax and customs adjustments (1,409) — — Divested noncontrolling interest debt extinguishment — — (3,595) EBITDA $ 2,897 $ (71,924) $ (115,056) Income tax (expense) benefit (17,291) (39,392) 60,847 Interest expense, net of interest income (78,514) (72,511) (59,167) Depreciation and amortization (122,476) (139,008) (154,229) Net loss attributable to Cooper-Standard Holdings Inc. $ (215,384) $ (322,835) $ (267,605) December 31, 2022 2021 Segment assets North America $ 851,623 $ 885,517 Europe 338,225 372,097 Asia Pacific 447,257 510,524 South America 73,403 61,479 Total Automotive 1,710,508 1,829,617 Corporate, eliminations and other 253,021 396,876 Consolidated $ 1,963,529 $ 2,226,493 Geographic Information Geographic information for revenues, based on country of origin, and property, plant and equipment, net, is as follows: Year Ended December 31, 2022 2021 2020 Revenues Mexico $ 696,755 $ 592,777 $ 578,790 United States 589,801 539,528 518,497 China 354,741 371,811 364,207 Poland 166,114 168,357 191,530 Canada 144,890 116,854 125,729 Germany 116,153 116,509 114,221 France 90,711 94,334 97,289 Other 366,226 330,021 385,176 Consolidated $ 2,525,391 $ 2,330,191 $ 2,375,439 December 31, 2022 2021 Property, plant and equipment, net China $ 140,182 $ 182,298 United States 134,978 161,780 Mexico 132,956 139,630 Poland 45,100 67,521 Germany 30,606 47,885 Canada 26,416 29,482 France 18,834 21,921 Other 113,788 133,831 Consolidated $ 642,860 $ 784,348 Customer Concentration Sales to customers of the Company which contributed 10% or more of its total consolidated sales and the related percentage of consolidated Company sales for 2022, 2021 and 2020 are as follows: 2022 Percentage of Net Sales 2021 Percentage of Net Sales 2020 Percentage of Net Sales Customer Ford 25 % 24 % 24 % General Motors 19 % 17 % 19 % Stellantis (1) 14 % 14 % 14 % |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Valuation and Qualifying Accounts (dollars in millions) Description Balance at beginning of period Charged to Expenses Charged (credited) to other accounts (1) Deductions (2) Balance at end of period Allowance for credit losses Year ended December 31, 2022 $ 20.3 (0.2) (2.1) (0.8) $ 17.2 Year ended December 31, 2021 $ 7.1 16.4 (3) (0.3) (2.9) $ 20.3 Year ended December 31, 2020 $ 10.7 (4) 0.7 0.5 (4.8) $ 7.1 (1) Primarily foreign currency translation. (2) Includes impact of divestitures. (3) Includes $11.2 resulting from the bankruptcy proceedings of a divested joint venture. (4) Includes $1.6 adjustment due to adoption of ASU 2016-13 as of January 1, 2020. Description Balance at beginning of period Additions Balance at end of period Charged to Income Charged to Equity (5) Deductions Tax valuation allowance Year ended December 31, 2022 $ 335.0 65.6 (6) (15.8) — $ 384.8 Year ended December 31, 2021 $ 234.4 124.2 (7) (23.6) — $ 335.0 Year ended December 31, 2020 $ 194.8 51.6 (8) 7.3 (19.3) (9) $ 234.4 (5) Includes foreign currency translation. (6) Primarily relates to 2022 losses with no benefit in the U.S. and certain foreign jurisdictions in addition to new valuation allowance in Poland. (7) Primarily related to 2021 losses with no benefit in the U.S. and certain foreign jurisdictions in addition to new valuation allowance in the U.S., France and Canada. (8) Primarily related to 2020 losses with no benefit in certain foreign jurisdictions and U.S. states and new valuation allowances in foreign jurisdictions and U.S. states. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). |
Principles of combination and consolidation | Principles of Consolidation – The consolidated financial statements include the accounts of the Company and the wholly-owned and, as applicable, less than wholly-owned subsidiaries controlled by the Company. All material intercompany accounts and transactions have been eliminated. Acquired businesses are included in the consolidated financial statements from the dates of acquisition or when the Company gained control. |
Foreign currency | Foreign Currency – The financial statements of foreign subsidiaries are translated to United States (“U.S.”) dollars at the end-of-period exchange rates for assets and liabilities and at a weighted average exchange rate for each period for revenues and expenses. Translation adjustments for those subsidiaries whose local currency is their functional currency are recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity (“AOCI”). Transaction related gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in earnings as incurred, except for those intercompany balances which are designated as long-term. |
Cash and cash equivalents | Cash and Cash Equivalents – The Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents, for which the book value approximates fair value. |
Accounts receivable | Accounts Receivable – The Company records trade accounts receivable when revenue is recorded in accordance with its revenue recognition policy and relieves accounts receivable when payments are received from customers. Accounts receivable are written off when it is apparent such amounts are not collectible. Generally, the Company does not require collateral for its accounts receivable, nor is interest charged on accounts receivable balances. |
Allowance for doubtful accounts | Allowance for Credit Losses – An allowance for credit losses is established through charges to the provision for credit losses when it is probable that the outstanding receivable or reimbursable tooling will not be collected. The Company evaluates the adequacy of the allowance for credit losses on a periodic basis, including historical trends in collections and write-offs, management’s judgment of the probability of collecting accounts and management’s evaluation of business risk. This evaluation is inherently subjective, as it requires estimates that are susceptible to revision as more information becomes available. The allowance for credit losses was $17,193 and $20,313 as of December 31, 2022 and 2021, respectively. |
Inventories | Inventories – Inventories are valued at lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. The Company records inventory reserves for inventory in excess of production and/or forecasted requirements and for obsolete inventory. December 31, 2022 2021 Finished goods $ 39,202 $ 43,186 Work in process 40,521 37,045 Raw materials and supplies 78,033 77,844 $ 157,756 $ 158,075 |
Derivative financial instruments | Derivative Financial Instruments – Derivative financial instruments are utilized by the Company to reduce exposure to foreign currency exchange fluctuations. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. On the date the derivative is established, the Company designates the derivative as either a fair value hedge, a cash flow hedge or a net investment hedge in accordance with its established policy. The Company does not enter into derivative financial instruments for trading or speculative purposes. |
Income taxes | Income Taxes – Deferred tax assets or liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax laws and rates. A valuation allowance is provided on deferred tax assets if the Company determines that it is more likely than not that the asset will not be realized. |
Long-lived assets | Long-lived Assets – Property, plant and equipment are recorded at cost and depreciated using primarily the straight-line method over estimated useful lives. Leasehold improvements are amortized over the expected life of the asset or term of the lease, whichever is shorter. Intangibles with finite lives, which include technology and customer relationships, are amortized over estimated useful lives. The Company evaluates the recoverability of long-lived assets when events and circumstances indicate that the assets may be impaired and the undiscounted net cash flows estimated to be generated by those assets are less than their carrying value. If the net carrying value exceeds the fair value, an impairment loss exists and is calculated based on either estimated salvage value or estimated orderly liquidation value. |
Pre-production costs related to long term supply arrangements | Pre-production Costs Related to Long Term Supply Arrangements – Costs for molds, dies and other tools owned by the Company to produce products under long-term supply arrangements are recorded at cost in property, plant and equipment and amortized over the lesser of three |
Goodwill | Goodwill – The Company tests goodwill for impairment on an annual basis in the fourth quarter, or more frequently if an event occurs or circumstances indicate the carrying amount may be impaired. Goodwill impairment testing is performed at the reporting unit level. The impairment test involves first qualitatively assessing goodwill for impairment. If the qualitative assessment is not met, a quantitative assessment is performed by comparing the estimated fair value of each reporting unit to its carrying value. If the carrying value exceeds the fair value, an impairment charge is recorded based on that difference. In the fourth quarter of 2022 and 2021, the Company completed a quantitative goodwill impairment assessment, and after evaluating the results, events and circumstances, the Company concluded that sufficient evidence existed to assert quantitatively that the estimated fair value of the North America and Industrial Specialty Group reporting units remained in excess of their carrying values. See Note 9. “Goodwill and Intangible Assets”. |
Business Combinations Policy [Policy Text Block] | Business Combinations – The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. Determining the fair values of assets acquired and liabilities assumed requires management’s judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items. |
Revenue recognition and sales commitments | Revenue Recognition and Sales Commitments – In accordance with ASC 606, Revenue from Contracts with Customers , revenue is recognized when the performance obligations are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. The Company has one major performance obligation category: manufactured parts. A contract’s transaction price is allocated to each distinct performance obligation and recognized when the performance obligation is satisfied. The Company’s contracts may include multiple performance obligations. For such contracts, the Company generally allocates the contract’s transaction price to each performance obligation based on the purchase order or other arranged pricing. Revenue is recognized for manufactured parts at a point in time, generally when products are shipped or delivered. The point at which revenue is recognized often depends on the shipping terms. The Company usually enters into agreements with customers to produce products at the beginning of a vehicle’s life. Blanket purchase orders received from customers and related documents generally establish the annual terms, including pricing, related to a vehicle model. Although purchase orders do not usually specify quantities, fulfillment of customers’ purchasing requirements can be the Company’s obligation for the entire production life of the vehicle. These agreements generally may be terminated by the customer at any time, but such cancellations have historically been minimal. Customers typically pay for parts based on customary business practices with payment terms generally between 30 and 90 days. The Company has no significant financing arrangements with customers. |
Research and development | Research and Development – Engineering, research and development, and program management costs are charged to selling, administration and engineering expenses as incurred and totaled $80,528, $89,956 and $101,607 for the years ended December 31, 2022, 2021 and 2020, respectively. |
Stock-based compensation | Share-based Compensation – The Company measures share-based compensation expense at fair value and generally recognizes such expenses on a straight-line basis over the vesting period of the share-based employee awards. See Note 20. “Share-Based Compensation” for additional information. |
Use of estimates | Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect amounts reflected in the consolidated financial statements, as well as disclosure of contingent assets and liabilities. Considerable judgment is often involved in making such estimates, and the use of different assumptions could result in different conclusions. Management believes its assumptions and estimates are reasonable and appropriate. However, actual results could differ from those estimates. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements The Company adopted the following Accounting Standards Updates (“ASU”) in 2022, which did not have a material impact on its consolidated financial statements: Standard Description Effective Date ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance Requires new annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model. January 1, 2022 Recently Issued Accounting Pronouncements The Company considered the recently issued accounting pronouncement summarized as follows, which is not expected to have a material impact on its consolidated finance statements or disclosures: Standard Description Effective Date ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations Requires enhanced disclosures about a buyer’s use of supplier finance programs. Supplier finance programs may also be referred to as reverse factoring, payables finance, or structured payables arrangements. January 1, 2023 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Inventories | December 31, 2022 2021 Finished goods $ 39,202 $ 43,186 Work in process 40,521 37,045 Raw materials and supplies 78,033 77,844 $ 157,756 $ 158,075 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Revenue by customer group for the year ended December 31, 2022 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 1,309,786 $ 481,510 $ 441,841 $ 100,400 $ — $ 2,333,537 Commercial 15,518 21,862 1,283 20 6,620 45,303 Other 15,795 300 2 — 130,454 146,551 Revenue $ 1,341,099 $ 503,672 $ 443,126 $ 100,420 $ 137,074 $ 2,525,391 Revenue by customer group for the year ended December 31, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 1,119,736 $ 496,169 $ 455,445 $ 61,683 $ — $ 2,133,033 Commercial 14,092 21,417 2,855 30 5,165 43,559 Other 14,429 659 6 — 138,505 153,599 Revenue $ 1,148,257 $ 518,245 $ 458,306 $ 61,713 $ 143,670 $ 2,330,191 Revenue by customer group for the year ended December 31, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Passenger and Light Duty $ 1,110,294 $ 554,349 $ 463,586 $ 60,676 $ — $ 2,188,905 Commercial 11,291 18,134 4,338 22 3,731 37,516 Other 19,783 14,256 118 56 114,805 149,018 Revenue $ 1,141,368 $ 586,739 $ 468,042 $ 60,754 $ 118,536 $ 2,375,439 Revenue by product line for the year ended December 31, 2022 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 516,391 $ 405,605 $ 281,848 $ 77,309 $ — $ 1,281,153 Fuel and brake delivery systems 432,606 85,400 96,744 15,796 — 630,546 Fluid transfer systems 392,102 12,667 64,534 7,315 — 476,618 Other — — — — 137,074 137,074 Revenue $ 1,341,099 $ 503,672 $ 443,126 $ 100,420 $ 137,074 $ 2,525,391 Revenue by product line for the year ended December 31, 2021 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 425,388 $ 406,677 $ 287,117 $ 46,748 $ — $ 1,165,930 Fuel and brake delivery systems 364,309 94,751 107,137 9,789 — 575,986 Fluid transfer systems 358,560 16,817 64,052 5,176 — 444,605 Other — — — — 143,670 143,670 Revenue $ 1,148,257 $ 518,245 $ 458,306 $ 61,713 $ 143,670 $ 2,330,191 Revenue by product line for the year ended December 31, 2020 was as follows: North America Europe Asia Pacific South America Corporate, Eliminations and Other Consolidated Sealing systems $ 433,291 $ 438,012 $ 298,028 $ 39,354 $ — $ 1,208,685 Fuel and brake delivery systems 371,397 95,516 110,403 16,968 — 594,284 Fluid transfer systems 336,680 41,102 59,611 4,432 — 441,825 Other — 12,109 — — 118,536 130,645 Revenue $ 1,141,368 $ 586,739 $ 468,042 $ 60,754 $ 118,536 $ 2,375,439 |
Contract with Customer, Asset and Liability [Table Text Block] | Net contract (liabilities) assets consisted of the following: December 31, 2022 December 31, 2021 Change Contract assets $ 530 $ — $ 530 Contract liabilities (15) (143) 128 Net contract (liabilities) assets $ 515 $ (143) $ 658 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Expense | Restructuring expense by segment for the years ended December 31, 2022, 2021 and 2020 was as follows: Year Ended December 31, 2022 2021 2020 North America $ (96) $ 5,710 $ 16,499 Europe 12,969 27,986 14,573 Asia Pacific 4,695 2,013 4,773 South America 615 580 2,129 Total Automotive $ 18,183 $ 36,289 $ 37,974 Corporate and other 121 661 1,508 Total $ 18,304 $ 36,950 $ 39,482 |
Summary of Activity of Restructuring | Restructuring activity for all restructuring initiatives for the years ended December 31, 2022 and 2021 was as follows: Employee Separation Costs Other Exit Costs Total Balance as of December 31, 2020 $ 15,029 $ 8,406 $ 23,435 Expense 32,000 4,950 36,950 Cash payments (24,820) (7,952) (32,772) Non-cash fixed asset impairments included in expense — (214) (214) Foreign exchange translation and other (1,252) 437 (815) Balance as of December 31, 2021 $ 20,957 $ 5,627 $ 26,584 Expense 12,648 5,656 18,304 Cash payments (19,186) (4,560) (23,746) Non-cash fixed asset impairments included in expense — (362) (362) Foreign exchange translation and other (1,234) 22 (1,212) Balance as of December 31, 2022 $ 13,185 $ 6,383 $ 19,568 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense were as follows: Year Ended December 31, 2022 2021 2020 Operating lease expense $ 28,273 $ 31,912 $ 32,053 Short-term lease expense 4,948 6,736 5,069 Variable lease expense 1,136 907 942 Finance lease expense: Amortization of right-of-use assets 2,017 2,102 2,564 Interest on lease liabilities 1,316 1,444 1,551 Total lease expense $ 37,690 $ 43,101 $ 42,179 Future lease payments under non-cancellable leases as of December 31, 2022 were as follows: Year Operating Leases Finance Leases 2023 $ 25,830 $ 3,283 2024 19,847 3,509 2025 15,795 3,570 2026 11,428 3,283 2027 8,828 3,207 Thereafter 41,021 14,016 Total future lease payments $ 122,749 $ 30,868 Less imputed interest (24,346) (7,103) Total $ 98,403 $ 23,765 |
Cash Flow, Supplemental Disclosures [Text Block] | Other information related to leases was as follows: Year Ended December 31, 2022 2021 2020 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 28,603 $ 33,402 $ 30,830 Operating cash flows for finance leases 1,316 1,440 1,563 Financing cash flows for finance leases 1,958 2,133 2,081 Non-cash right-of-use assets obtained in exchange for lease obligations: Operating leases 14,326 25,010 50,663 Finance leases 595 644 549 Weighted Average Remaining Lease Term (in years) Operating leases 7.1 7.5 8.0 Finance leases 8.7 9.7 10.5 Weighted Average Discount Rate Operating leases 6.1 % 5.9 % 5.4 % Finance leases 5.9 % 5.8 % 5.7 % |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property Plant and Equipment | Property, plant and equipment consists of the following: December 31, Estimated 2022 2021 Useful Lives Land and improvements $ 42,939 $ 44,495 10 to 25 years Buildings and improvements 262,694 285,240 10 to 40 years Machinery and equipment 1,144,310 1,269,330 5 to 10 years Construction in progress 76,048 80,868 $ 1,525,991 $ 1,679,933 Accumulated depreciation (883,131) (895,585) Property, plant and equipment, net $ 642,860 $ 784,348 |
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | A summary of these asset impairment charges is as follows: Year Ended December 31, 2022 2021 2020 North America $ 11,140 $ 8,479 $ 947 Europe 30,173 9,179 11,938 Asia Pacific 2,359 7,071 4,080 Total Automotive 43,672 24,729 16,965 Corporate and other 38 490 281 Total $ 43,710 $ 25,219 $ 17,246 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |
Carrying Amount of Goodwill by Reportable Operating Segment | Changes in the carrying amount of goodwill by reporting unit for the years ended December 31, 2022 and 2021 were as follows: North America Industrial Specialty Group Total Balance as of December 31, 2020 $ 128,214 $ 14,036 $ 142,250 Foreign exchange translation 32 — 32 Balance as of December 31, 2021 $ 128,246 $ 14,036 $ 142,282 Foreign exchange translation (259) — (259) Balance as of December 31, 2022 $ 127,987 $ 14,036 $ 142,023 |
Intangible Assets and Accumulated Amortization Balances | ntangible assets and accumulated amortization balances as of December 31, 2022 and 2021 were as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 152,578 $ (129,317) $ 23,261 Other 38,479 (14,099) 24,380 Balance as of December 31, 2022 $ 191,057 $ (143,416) $ 47,641 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 |
Estimated Amortization Expense | Estimated amortization expense for the next five years is shown in the table below: Year Expense 2023 $ 6,965 2024 6,898 2025 6,444 2026 4,703 2027 4,703 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | A summary of outstanding debt as of December 31, 2022 and 2021 was as follows: December 31, 2022 2021 Senior Notes $ 397,259 $ 396,544 Senior Secured Notes 244,471 241,683 Term Loan Facility 318,787 321,212 Finance Leases 23,765 25,743 Other borrowings 51,902 51,533 Total debt 1,036,184 1,036,715 Less current portion (54,130) (56,111) Total long-term debt $ 982,054 $ 980,604 |
Maturities of Debt | The principal maturities of debt, at nominal value, as of December 31, 2022 are as follows: Year Debt and Finance Lease Obligations* 2023 $ 374,819 2024 253,540 2025 3,573 2026 403,283 2027 3,207 Thereafter 14,016 Total $ 1,052,438 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 liabilities measured or disclosed at fair value on a recurring basis as of December 31, 2022 and 2021, was as follows: December 31, 2022 December 31, 2021 Input Forward foreign exchange contracts - other current assets $ 8,643 $ 647 Level 2 Forward foreign exchange contracts - accrued liabilities $ — $ (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: December 31, 2022 December 31, 2021 Aggregate fair value $ 744,010 $ 899,909 Aggregate carrying value (1) $ 969,600 $ 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 Year Ended December 31, 2022 2021 Forward foreign exchange contracts $ 11,808 $ (545) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Pretax amounts related to the Company’s cash flow hedges that were reclassified from AOCI were as follows: Gain Reclassified from AOCI to Income Year Ended December 31, Classification 2022 2021 Forward foreign exchange contracts Cost of products sold $ 2,287 $ 1,432 |
Accounts Receivable Factoring (
Accounts Receivable Factoring (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Transfers and Servicing [Abstract] | |
Receivables Outstanding Under Transfer Arrangements [Table Text Block] | Amounts outstanding under receivable transfer agreements entered into by various locations as of the period end were as follows: December 31, 2022 December 31, 2021 Off-balance sheet arrangements $ 52,491 $ 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 Year Ended December 31, 2022 2021 Accounts receivable factored $ 355,295 $ 366,878 Off-Balance Sheet Arrangements Year Ended December 31, 2022 2021 2020 Costs $ 710 $ 528 $ 776 |
Pensions (Tables)
Pensions (Tables) - Pension Plan [Member] | 12 Months Ended |
Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Pension Plans | Information related to the Company’s defined benefit pension plans was as follows: Year Ended December 31, 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Change in projected benefit obligations: Projected benefit obligations at beginning of period $ 257,108 $ 164,957 $ 271,397 $ 195,407 Service cost 771 2,755 891 3,345 Interest cost 7,062 2,782 6,516 2,558 Net actuarial gain (41,026) (34,354) (8,589) (12,976) Benefits paid (14,283) (5,535) (13,107) (5,324) Foreign exchange translation — (10,012) — (9,610) Settlements — (1,760) — (8,210) Plan amendments 3,056 — — — Other — (2,180) — (233) Projected benefit obligations at end of period $ 212,688 $ 116,653 $ 257,108 $ 164,957 Change in plan assets: Fair value of plan assets at beginning of period $ 273,448 $ 48,047 $ 267,343 $ 54,548 Actual return on plan assets (63,769) (9,774) 18,175 1,280 Employer contributions 1,038 4,970 1,037 5,526 Benefits paid (14,283) (5,535) (13,107) (5,324) Foreign exchange translation — (3,138) — 225 Settlements — (1,759) — (8,210) Other — — — 2 Fair value of plan assets at end of period $ 196,434 $ 32,811 $ 273,448 $ 48,047 Funded status of the plans $ (16,254) $ (83,842) $ 16,340 $ (116,910) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | December 31, 2022 December 31, 2021 U.S. Non-U.S. U.S. Non-U.S. Amounts recognized in the consolidated balance sheet: Other assets $ — $ 3,239 $ 29,804 $ 4,245 Accrued liabilities (1,005) (3,849) (1,018) (3,721) Pension benefits (long term) (15,249) (83,232) (12,446) (117,434) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Pre-tax amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit (income) cost as of December 31, 2022 and 2021 were as follows: December 31, 2022 December 31, 2021 U.S. Non-U.S. U.S. Non-U.S. Prior service costs $ — $ (31) $ (56) $ (185) Actuarial losses (74,744) (6,910) (43,574) (33,742) |
Components of Net Periodic Benefit Cost | The components of net periodic benefit (income) cost for the Company’s defined benefit plans were as follows: Year Ended December 31, 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service cost $ 771 $ 2,755 $ 891 $ 3,345 $ 853 $ 3,992 Interest cost 7,062 2,782 6,516 2,558 8,132 3,200 Expected return on plan assets (9,293) (949) (14,257) (1,320) (13,683) (2,415) Amortization of prior service cost and actuarial loss 886 1,574 1,670 2,635 1,940 3,478 Settlement (gain) loss — (410) — 1,279 — 184 Curtailment loss 3,092 — — — — — Other — — — 118 — (11) Net periodic benefit (income) cost $ 2,518 $ 5,752 $ (5,180) $ 8,615 $ (2,758) $ 8,428 |
Weighted Average Assumptions Used to Determine Benefit Obligations | Weighted average assumptions used to determine benefit obligations as of December 31, 2022 and 2021 were as follows: 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Discount rate 4.55 % 4.45 % 2.84 % 1.83 % Rate of compensation increase N/A 1.58 % N/A 1.44 % Cash balance interest credit rate 2.41 % N/A 4.50 % N/A |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | Weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2022, 2021 and 2020 were as follows: 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 2.84 % 2.39 % 2.48 % 1.63 % 3.28 % 2.33 % Expected return on plan assets 3.50 % 2.15 % 5.50 % 2.48 % 5.75 % 3.73 % Rate of compensation increase N/A 2.39 % N/A 1.99 % N/A 3.99 % |
Pension Plan Assets at Fair Value | The fair value of the Company’s pension plan assets by category using the three-level hierarchy (see Note 11. “Fair Value Measurements and Financial Instruments”) as of December 31, 2022 and 2021 was as follows: 2022 Level 1 Level 2 Assets measured at NAV (1) Total Equity funds $ 5,661 $ 7,418 $ — $ 13,079 Equity funds measured at net asset value — — 5,638 5,638 Bond funds — 25,098 — 25,098 Bond funds measured at net asset value — — 173,092 173,092 Real estate measured at net asset value — — 10,331 10,331 Cash and cash equivalents 2,007 — — 2,007 Total $ 7,668 $ 32,516 $ 189,061 $ 229,245 2021 Level 1 Level 2 Assets measured at NAV (1) Total Equity funds $ 1,231 $ 11,586 $ — $ 12,817 Equity funds measured at net asset value — — 41,032 41,032 Bond funds — 36,133 — 36,133 Bond funds measured at net asset value — — 210,492 210,492 Real estate measured at net asset value — — 11,270 11,270 Cash and cash equivalents 9,751 — — 9,751 Total $ 10,982 $ 47,719 $ 262,794 $ 321,495 |
Estimated Benefit Payments for Domestic and Foreign Pension Plans | The Company estimates its benefit payments for domestic and foreign pension plans during the next ten years to be as follows: Years Ending December 31, U.S. Non-U.S. Total 2023 $ 81,213 $ 5,901 $ 87,114 2024 133,186 6,277 139,463 2025 1,001 7,047 8,048 2026 982 7,800 8,782 2027 960 8,488 9,448 2028 - 2032 4,404 45,844 50,248 |
Postretirement Benefits Other_2
Postretirement Benefits Other Than Pensions (Tables) - Other Postretirement Benefits Plan [Member] | 12 Months Ended |
Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Postretirement Benefit Plans | Information related to the Company’s postretirement benefit plans was as follows: Year Ended December 31, 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Change in benefit obligation: Benefit obligations at beginning of year $ 21,211 $ 22,476 $ 23,419 $ 27,032 Service cost 89 216 105 357 Interest cost 561 628 531 701 Net actuarial gain (4,924) (5,663) (1,717) (5,065) Benefits paid (1,125) (722) (1,127) (716) Other — 14 — — Foreign currency exchange rate effect — (1,476) — 167 Benefit obligation at end of year $ 15,812 $ 15,473 $ 21,211 $ 22,476 Funded status of the plan $ (15,812) $ (15,473) $ (21,211) $ (22,476) Net amount recognized as of December 31 $ (15,812) $ (15,473) $ (21,211) $ (22,476) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | December 31, 2022 December 31, 2021 U.S. Non-U.S. U.S. Non-U.S. Amounts recognized in the consolidated balance sheet: Accrued liabilities $ (1,452) $ (709) $ (1,576) $ (766) Postretirement benefits other than pension (long term) (14,360) (14,764) (19,635) (21,710) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Pre-tax amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit (income) cost as of December 31, 2022 and 2021 were as follows: December 31, 2022 December 31, 2021 U.S. Non-U.S. U.S. Non-U.S. Prior service cost $ — $ (14) $ — $ — Actuarial gains (losses) $ 14,686 $ 2,328 $ 11,339 $ (3,760) |
Components of Net Periodic Benefit Cost | The components of net periodic benefit (income) costs for the Company’s other postretirement benefit plans were as follows: Year Ended December 31, 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service cost $ 89 $ 216 $ 105 $ 357 $ 103 $ 404 Interest cost 561 628 531 701 680 726 Amortization of prior service credit and recognized actuarial (gain) loss (1,577) 157 (1,396) 752 (1,930) 448 Net periodic benefit (income) cost $ (927) $ 1,001 $ (760) $ 1,810 $ (1,147) $ 1,578 |
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations | Weighted average assumptions used to determine benefit obligations as of December 31, 2022 and 2021 were as follows: 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Discount rate 5.45 % 5.20 % 2.75 % 3.05 % |
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | Weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2022, 2021 and 2020 were as follows: 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 2.75 % 3.05 % 2.35 % 2.65 % 3.15 % 3.05 % |
Schedule of Health Care Cost Trend Rates [Table Text Block] | The assumed health care cost trend rates used to measure the postretirement benefit obligation as of December 31, 2022 were as follows: U.S. Non-U.S. Health care cost trend rate 6.17 % 5.00 % Ultimate health care cost trend rate 4.50 % 5.00 % Year that the rate reaches the ultimate trend rate 2028 N/A |
Estimated Benefit Payments for Domestic and Foreign Pension Plans | The Company estimates its benefit payments for its postretirement benefit plans during the next ten years to be as follows: Years Ending December 31, U.S. Non-U.S. Total 2023 $ 1,491 $ 727 $ 2,218 2024 1,491 760 2,251 2025 1,489 772 2,261 2026 1,471 792 2,263 2027 1,428 807 2,235 2028 - 2032 6,426 4,497 10,923 |
Other (Expense) Income (Tables)
Other (Expense) Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | The components of other expense, net were as follows: Year Ended December 31, 2022 2021 2020 Deconsolidation of joint venture (1) $ (2,257) $ — $ — Foreign currency losses (1,131) (6,887) (1,429) Components of net periodic benefit income (cost) other than service cost (1,831) 1,610 (576) Factoring costs (710) (528) (776) Miscellaneous income 444 963 201 Other expense, net $ (5,485) $ (4,842) $ (2,580) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) Before Income Taxes and Adjustment for Noncontrolling Interests | Components of the Company’s (loss) income before income taxes and adjustment for noncontrolling interests were as follows: Year Ended December 31, 2022 2021 2020 Domestic $ (154,779) $ (142,883) $ (235,574) Foreign (45,721) (146,569) (94,647) $ (200,500) $ (289,452) $ (330,221) |
Schedule of Income Tax Expense (Benefit) | The Company’s income tax expense (benefit) consists of the following: Year Ended December 31, 2022 2021 2020 Current Federal $ (2,280) $ 5,158 $ (65,565) State 154 68 (196) Foreign 13,764 (1,590) 13,636 Deferred Federal 74 12,217 (15,060) State 106 (484) 1,297 Foreign 5,473 24,023 5,041 $ 17,291 $ 39,392 $ (60,847) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. statutory federal rate to the income tax provision was as follows: Year Ended December 31, 2022 2021 2020 Tax at U.S. statutory rate $ (42,105) $ (60,785) $ (69,346) State and local taxes (2,700) (3,276) (4,933) Tax credits and incentives (8,413) (7,634) (5,750) Changes in tax law, other (17) (361) 352 U.S. tax reform/Global Intangible Low-Taxed Income ("GILTI")/foreign derived intangible income 1,382 — (1,046) Effect of foreign tax rates (1,614) (13,525) (15,432) Nonrecurring permanent items (2,189) (3,710) (3,069) CARES Act — — (27,844) Foreign branch 279 1,641 (1,215) Stock compensation (ASU 2016-09) 1,258 1,257 1,640 Non deductible expenses 7,192 6,618 9,335 Tax reserves/audit settlements 3,854 (5,043) 1,071 Valuation allowance 65,559 124,228 51,609 Other, net (5,195) (18) 3,781 Income tax expense (benefit) $ 17,291 $ 39,392 $ (60,847) Effective income tax rate (8.6) % (13.6) % 18.4 % |
Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021 were as follows: 2022 2021 Deferred tax assets: Pension, postretirement and other benefits $ 40,060 $ 40,026 Capitalized expenditures 31,746 12,521 Net operating loss and tax credit carryforwards 279,755 275,222 Operating lease liabilities 24,059 27,934 Interest expense carryforwards 28,610 14,341 All other items 37,392 47,444 Total deferred tax assets 441,622 417,488 Deferred tax liabilities: Property, plant and equipment (9,896) (21,745) Operating lease right-of-use (23,106) (26,863) All other items (11,028) (14,506) Total deferred tax liabilities (44,030) (63,114) Valuation allowances (384,792) (334,983) Net deferred tax assets $ 12,800 $ 19,391 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: 2022 2021 Balance at beginning of period $ 3,571 $ 11,272 Tax positions related to the current period Gross additions 336 337 Tax positions related to prior years Gross additions 2,692 10 Gross reductions (669) (5,143) Settlements — (2,905) Balance at end of period $ 5,930 $ 3,571 |
Net Income Per Share Attribut_2
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Share Attributable | Information used to compute basic and diluted net (loss) income per share attributable to Cooper-Standard Holdings Inc. was as follows: Year Ended December 31, 2022 2021 2020 Net loss available to Cooper-Standard Holdings Inc. common stockholders $ (215,384) $ (322,835) $ (267,605) Basic weighted average shares of common stock outstanding 17,190,958 17,045,353 16,913,850 Dilutive effect of common stock equivalents — — — Diluted weighted average shares of common stock outstanding 17,190,958 17,045,353 16,913,850 Basic net loss per share attributable to Cooper-Standard Holdings Inc. $ (12.53) $ (18.94) $ (15.82) Diluted net loss per share attributable to Cooper-Standard Holdings Inc. $ (12.53) $ (18.94) $ (15.82) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) by component, net of related tax, were as follows: Cumulative currency translation adjustment Benefit plan Fair value change of derivatives Total Balance as of December 31, 2020 $ (136,579) $ (106,079) $ 762 $ (241,896) Other comprehensive income (loss) before reclassifications (2,316) (1) 35,506 (2) (843) (3) 32,347 Amounts reclassified from accumulated other comprehensive income (loss) 144 5,270 (4) (1,049) (5) 4,365 Balance as of December 31, 2021 (138,751) (65,303) (1,130) (205,184) Other comprehensive income (loss) before reclassifications (18,978) (1) 4,419 (2) 11,029 (3) (3,530) Amounts reclassified from accumulated other comprehensive income (loss) (294) 633 (6) (1,596) (5) (1,257) Balance as of December 31, 2022 $ (158,023) $ (60,251) $ 8,303 $ (209,971) (1) Includes $(15,619) and $(5,077) of other comprehensive loss for the years ended December 31, 2022 and 2021, respectively, that are related to intra-entity foreign currency balances that are of a long-term investment nature. (2) Net of tax expense (benefit) of $250 and $(248) for the years ended December 31, 2022 and 2021, respectively. (3) Net of tax expense of $779 and $298 for the years ended December 31, 2022 and 2021, respectively. (4) Includes the effect of the amortization of actuarial losses of $3,484, net settlement losses of $1,291, net curtailment losses of $305, and the amortization of prior service costs of $205, net of tax of $15. (5) Net of tax expense of $691 and $383 for the years ended December 31, 2022 and 2021, respectively. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation Expense By Type [Table Text Block] | Share-based compensation expense (income) was as follows: Year Ended December 31, 2022 2021 2020 PUs $ 248 $ (916) $ 916 RSUs 1,738 4,201 6,994 Stock options 1,273 2,289 2,525 Total $ 3,259 $ 5,574 $ 10,435 |
Schedule of Share-based Compensation, Stock Options, Activity | Stock option transactions and related information for the year ended December 31, 2022 was as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2022 800,019 $ 59.57 Forfeited (913) $ 22.90 Expired (13,262) $ 71.06 Outstanding as of December 31, 2022 785,844 $ 59.41 4.1 $ — Exercisable as of December 31, 2022 648,982 $ 65.32 3.6 $ — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of each option was estimated using the following assumptions: 2021 2020 Expected volatility 48.65% - 50.50% 33.74 % Dividend yield 0.00 % 0.00 % Expected option life - years 6.0 6.0 Risk-free rate 0.6% - 0.9% 1.50 % |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Restricted stock and restricted stock units transactions and related information for the year ended December 31, 2022 was as follows: Restricted Stock and Restricted Units Weighted Average Grant Date Fair Value Non-vested as of January 1, 2022 242,014 $ 48.38 Granted 313,161 $ 9.46 Vested (155,400) $ 58.90 Forfeited (10,739) $ 46.10 Non-vested as of December 31, 2022 389,036 $ 11.98 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | A summary of activity for performance-vested restricted stock units transactions and related information for the year ended December 31, 2022 was as follows: Stock Settled Performance Units Cash Settled Performance Units Weighted Average Grant Date Fair Value Non-vested as of January 1, 2022 81,010 188,886 $ 51.19 Granted 200,031 — $ 9.41 Vested at 0% payout (81,010) (107,310) $ 56.17 Forfeited (4,374) 2,240 $ (22.38) Non-vested as of December 31, 2022 195,657 83,816 $ 18.50 |
Schedule of Share-based Payment Award, TSRs, Valuation Assumptions [Table Text Block] | The fair value of the performance units were estimated using the following assumptions: 2022 2021 Expected volatility 88.24 % 99.40 % Dividend yield 0.00 % 0.00 % Risk-free rate 1.71 % 0.14 % |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |
Information on Company's Business Segments | Certain financial information on the Company’s reportable segments was as follows: Year Ended December 31, 2022 2021 2020 Sales to external customers North America $ 1,341,099 $ 1,148,257 $ 1,141,368 Europe 503,672 518,245 586,739 Asia Pacific 443,126 458,306 468,042 South America 100,420 61,713 60,754 Total Automotive 2,388,317 2,186,521 2,256,903 Corporate, eliminations and other 137,074 143,670 118,536 Consolidated $ 2,525,391 $ 2,330,191 $ 2,375,439 Year Ended December 31, 2022 2021 2020 Intersegment sales North America $ 11,979 $ 9,775 $ 12,267 Europe 7,272 9,502 9,569 Asia Pacific 3,847 1,863 2,406 South America 54 15 72 Total Automotive 23,152 21,155 24,314 Corporate, eliminations and other (23,152) (21,155) (24,314) Consolidated $ — $ — $ — Adjusted EBITDA North America $ 70,819 $ 54,616 $ 90,638 Europe (37,137) (49,599) (39,004) Asia Pacific 1,556 (16,756) 12,472 South America 97 (9,852) (13,841) Total Automotive 35,335 (21,591) 50,265 Corporate, eliminations and other 2,533 13,557 (14,588) Consolidated $ 37,868 $ (8,034) $ 35,677 Net interest expense North America $ 365 $ 470 $ 504 Europe 560 1,274 1,082 Asia Pacific 1,602 1,445 2,205 South America 1,659 362 225 Total Automotive 4,186 3,551 4,016 Corporate, eliminations and other 74,328 68,960 55,151 Consolidated $ 78,514 $ 72,511 $ 59,167 Depreciation and amortization expense North America $ 51,592 $ 54,779 $ 60,193 Europe 26,694 32,655 36,707 Asia Pacific 27,509 32,426 31,789 South America 2,701 2,531 2,392 Total Automotive 108,496 122,391 131,081 Corporate, eliminations and other 13,980 16,617 23,148 Consolidated $ 122,476 $ 139,008 $ 154,229 Year Ended December 31, 2022 2021 2020 Capital expenditures North America $ 39,276 $ 36,370 $ 30,921 Europe 7,965 27,384 25,369 Asia Pacific 15,374 20,473 21,809 South America 6,107 3,959 2,476 Total Automotive 68,722 88,186 80,575 Corporate, eliminations and other 2,428 7,921 11,219 Consolidated $ 71,150 $ 96,107 $ 91,794 Year Ended December 31, 2022 2021 2020 Adjusted EBITDA $ 37,868 $ (8,034) $ 35,677 Impairment charges (43,710) (25,609) (103,887) Restructuring charges (18,304) (36,950) (39,482) Pension settlement and curtailment charges (2,682) (1,279) (184) Lease termination costs — (748) (771) Gain on sale of business, net — 696 2,834 Gain on sale of fixed assets, net 33,391 — — Deconsolidation of joint venture (2,257) — — Project costs — — (5,648) Indirect tax and customs adjustments (1,409) — — Divested noncontrolling interest debt extinguishment — — (3,595) EBITDA $ 2,897 $ (71,924) $ (115,056) Income tax (expense) benefit (17,291) (39,392) 60,847 Interest expense, net of interest income (78,514) (72,511) (59,167) Depreciation and amortization (122,476) (139,008) (154,229) Net loss attributable to Cooper-Standard Holdings Inc. $ (215,384) $ (322,835) $ (267,605) December 31, 2022 2021 Segment assets North America $ 851,623 $ 885,517 Europe 338,225 372,097 Asia Pacific 447,257 510,524 South America 73,403 61,479 Total Automotive 1,710,508 1,829,617 Corporate, eliminations and other 253,021 396,876 Consolidated $ 1,963,529 $ 2,226,493 |
Geographic Information for Revenues | Geographic information for revenues, based on country of origin, and property, plant and equipment, net, is as follows: Year Ended December 31, 2022 2021 2020 Revenues Mexico $ 696,755 $ 592,777 $ 578,790 United States 589,801 539,528 518,497 China 354,741 371,811 364,207 Poland 166,114 168,357 191,530 Canada 144,890 116,854 125,729 Germany 116,153 116,509 114,221 France 90,711 94,334 97,289 Other 366,226 330,021 385,176 Consolidated $ 2,525,391 $ 2,330,191 $ 2,375,439 December 31, 2022 2021 Property, plant and equipment, net China $ 140,182 $ 182,298 United States 134,978 161,780 Mexico 132,956 139,630 Poland 45,100 67,521 Germany 30,606 47,885 Canada 26,416 29,482 France 18,834 21,921 Other 113,788 133,831 Consolidated $ 642,860 $ 784,348 |
Sales to Customers Contributing Ten Percent or More of Consolidated Sales | Sales to customers of the Company which contributed 10% or more of its total consolidated sales and the related percentage of consolidated Company sales for 2022, 2021 and 2020 are as follows: 2022 Percentage of Net Sales 2021 Percentage of Net Sales 2020 Percentage of Net Sales Customer Ford 25 % 24 % 24 % General Motors 19 % 17 % 19 % Stellantis (1) 14 % 14 % 14 % |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 Location Country | |
Collaboration Arrangement Disclosure [Abstract] | |
Number of operate company manufacturing locations | 78 |
Number of design, engineering, administrative and logistic locations | 54 |
Number of countries | Country | 21 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Accounting Policies [Line Items] | |||
Allowance for doubtful accounts | $ 17,193 | $ 20,313 | |
Amounts capitalized for long-term supply arrangements | 4,356 | 4,266 | |
Tooling receivable | 95,965 | 88,900 | |
Reimbursable tooling costs | 17,233 | 18,297 | |
Research and Development Expense | $ 80,528 | $ 89,956 | $ 101,607 |
Property, Plant and Equipment, Other Types [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Amortization period for molds, dies and other tools | 3 years |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Regulatory Assets [Abstract] | ||
Finished goods | $ 39,202 | $ 43,186 |
Work in process | 40,521 | 37,045 |
Raw materials and supplies | 78,033 | 77,844 |
Total Inventory | $ 157,756 | $ 158,075 |
Acquisition and Divestitures (D
Acquisition and Divestitures (Details) € in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Jul. 01, 2020 EUR (€) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Mar. 31, 2022 | Apr. 01, 2019 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from Divestiture of Businesses | € 9,000 | $ 0 | $ 0 | $ 17,006,000 | $ 243,362,000 | |||
Gain (Loss) on Disposition of Business | 0 | 696,000 | 2,834,000 | |||||
Impairment of Long-Lived Assets to be Disposed of | 86,470,000 | |||||||
Deconsolidation of Joint Venture | (2,257,000) | 0 | 0 | |||||
Disposal Group, Including Discontinued Operation, Consideration | $ 265,000,000 | |||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 11,007,000 | 6,279,000 | 2,112,000 | |||||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 11,218,000 | |||||||
Previously Consolidated Joint Venture | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Ownership percentage | 51% | |||||||
Ownership percentage | 51% | |||||||
Obligations [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from Divestiture of Businesses | € | 2,500 | |||||||
Cash and cash equivalents [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from Divestiture of Businesses | € | € 6,500 | |||||||
DivestitureMutares [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (Loss) on Disposition of Business | (353,000) | |||||||
Corporate Joint Venture [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (Loss) on Disposition of Business | $ (1,334,000) | |||||||
Anti-vibration systems [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (Loss) on Disposition of Business | $ (1,147,000) | $ 191,571 | ||||||
2022 Joint Venture Deconsolidation | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Deconsolidation of Joint Venture | $ 2,257,000 |
Revenue End Customer (Details)
Revenue End Customer (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Sales | $ 2,525,391 | $ 2,330,191 | $ 2,375,439 |
Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 2,333,537 | 2,133,033 | 2,188,905 |
Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 45,303 | 43,559 | 37,516 |
Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 146,551 | 153,599 | 149,018 |
North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 1,341,099 | 1,148,257 | 1,141,368 |
North America [Member] | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 1,309,786 | 1,119,736 | 1,110,294 |
North America [Member] | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 15,518 | 14,092 | 11,291 |
North America [Member] | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 15,795 | 14,429 | 19,783 |
Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 503,672 | 518,245 | 586,739 |
Europe [Member] | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 481,510 | 496,169 | 554,349 |
Europe [Member] | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 21,862 | 21,417 | 18,134 |
Europe [Member] | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 300 | 659 | 14,256 |
Asia Pacific [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 443,126 | 458,306 | 468,042 |
Asia Pacific [Member] | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 441,841 | 455,445 | 463,586 |
Asia Pacific [Member] | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 1,283 | 2,855 | 4,338 |
Asia Pacific [Member] | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 2 | 6 | 118 |
South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 100,420 | 61,713 | 60,754 |
South America [Member] | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 100,400 | 61,683 | 60,676 |
South America [Member] | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 20 | 30 | 22 |
South America [Member] | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | 56 |
Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 137,074 | 143,670 | 118,536 |
Corporate and Other | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | 0 |
Corporate and Other | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 6,620 | 5,165 | 3,731 |
Corporate and Other | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | $ 130,454 | $ 138,505 | $ 114,805 |
Revenue Product Type (Details)
Revenue Product Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Sales | $ 2,525,391 | $ 2,330,191 | $ 2,375,439 |
Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 2,333,537 | 2,133,033 | 2,188,905 |
Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 45,303 | 43,559 | 37,516 |
Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 146,551 | 153,599 | 149,018 |
North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 1,341,099 | 1,148,257 | 1,141,368 |
North America [Member] | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 1,309,786 | 1,119,736 | 1,110,294 |
North America [Member] | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 15,518 | 14,092 | 11,291 |
North America [Member] | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 15,795 | 14,429 | 19,783 |
Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 503,672 | 518,245 | 586,739 |
Europe [Member] | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 481,510 | 496,169 | 554,349 |
Europe [Member] | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 21,862 | 21,417 | 18,134 |
Europe [Member] | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 300 | 659 | 14,256 |
Asia Pacific [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 443,126 | 458,306 | 468,042 |
Asia Pacific [Member] | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 441,841 | 455,445 | 463,586 |
Asia Pacific [Member] | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 1,283 | 2,855 | 4,338 |
Asia Pacific [Member] | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 2 | 6 | 118 |
South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 100,420 | 61,713 | 60,754 |
South America [Member] | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 100,400 | 61,683 | 60,676 |
South America [Member] | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 20 | 30 | 22 |
South America [Member] | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | 56 |
Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 137,074 | 143,670 | 118,536 |
Corporate and Other | Automotive [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | 0 |
Corporate and Other | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 6,620 | 5,165 | 3,731 |
Corporate and Other | Other Customers [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 130,454 | 138,505 | 114,805 |
Sealing systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 1,281,153 | 1,165,930 | 1,208,685 |
Sealing systems [Member] | North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 516,391 | 425,388 | 433,291 |
Sealing systems [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 405,605 | 406,677 | 438,012 |
Sealing systems [Member] | Asia Pacific [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 281,848 | 287,117 | 298,028 |
Sealing systems [Member] | South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 77,309 | 46,748 | 39,354 |
Sealing systems [Member] | Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | 0 |
Fuel and brake delivery systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 630,546 | 575,986 | 594,284 |
Fuel and brake delivery systems [Member] | North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 432,606 | 364,309 | 371,397 |
Fuel and brake delivery systems [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 85,400 | 94,751 | 95,516 |
Fuel and brake delivery systems [Member] | Asia Pacific [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 96,744 | 107,137 | 110,403 |
Fuel and brake delivery systems [Member] | South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 15,796 | 9,789 | 16,968 |
Fuel and brake delivery systems [Member] | Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | 0 |
Fluid transfer systems [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 476,618 | 444,605 | 441,825 |
Fluid transfer systems [Member] | North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 392,102 | 358,560 | 336,680 |
Fluid transfer systems [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 12,667 | 16,817 | 41,102 |
Fluid transfer systems [Member] | Asia Pacific [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 64,534 | 64,052 | 59,611 |
Fluid transfer systems [Member] | South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 7,315 | 5,176 | 4,432 |
Fluid transfer systems [Member] | Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | 0 |
Other products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 137,074 | 143,670 | 130,645 |
Other products [Member] | North America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | 0 |
Other products [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | 12,109 |
Other products [Member] | Asia Pacific [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | 0 |
Other products [Member] | South America [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales | 0 | 0 | 0 |
Other products [Member] | Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Sales | $ 137,074 | $ 143,670 | $ 118,536 |
Revenue Net contract assets (li
Revenue Net contract assets (liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Capitalized Contract Cost [Line Items] | ||
Contract with Customer, Asset, Gross, Current | $ 530 | $ 0 |
Increase (Decrease) in Contract with Customer, Asset | 530 | |
Contract with Customer, Liability, Current | (15) | (143) |
Increase (Decrease) in Contract with Customer, Liability | 128 | |
Contract with Customer, Asset, Net, Current | (515) | $ (143) |
Contract with Customer, Net, Explanation of Change | $ 658 |
Revenue Other (Details)
Revenue Other (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Disaggregation of Revenue [Line Items] | ||
Accrued liabilities | $ 119,463,000 | $ 101,466,000 |
Other liabilities | 34,501,000 | 42,362,000 |
Short-term Contract with Customer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Accrued liabilities | 9,325 | 12,045,000 |
Long-term Contract with Customer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Accrued liabilities | $ 5,899 | $ 7,214,000 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 18,304 | $ 36,950 | $ 39,482 |
Automotive [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 18,183 | 36,289 | 37,974 |
Corporate and Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 121 | 661 | 1,508 |
Reportable Geographical Components [Member] | North America [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | (96) | 5,710 | 16,499 |
Reportable Geographical Components [Member] | Europe [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 12,969 | 27,986 | 14,573 |
Reportable Geographical Components [Member] | Asia Pacific [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 4,695 | 2,013 | 4,773 |
Reportable Geographical Components [Member] | South America [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 615 | $ 580 | $ 2,129 |
Restructuring - Summary of Acti
Restructuring - Summary of Activity of Restructuring (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | $ 26,584 | $ 23,435 | |
Expense | 18,304 | 36,950 | $ 39,482 |
Cash payments | (23,746) | (32,772) | |
Restructuring Reserve, Settled without Cash | (362) | (214) | |
Foreign exchange translation and other | (1,212) | (815) | |
Restructuring Reserve, Ending Balance | 19,568 | 26,584 | 23,435 |
Employee separation costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 20,957 | 15,029 | |
Expense | 12,648 | 32,000 | |
Cash payments | (19,186) | (24,820) | |
Restructuring Reserve, Settled without Cash | 0 | 0 | |
Foreign exchange translation and other | (1,234) | (1,252) | |
Restructuring Reserve, Ending Balance | 13,185 | 20,957 | 15,029 |
Other exit costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 5,627 | 8,406 | |
Expense | 5,656 | 4,950 | |
Cash payments | (4,560) | (7,952) | |
Restructuring Reserve, Settled without Cash | (362) | (214) | |
Foreign exchange translation and other | 22 | 437 | |
Restructuring Reserve, Ending Balance | $ 6,383 | $ 5,627 | $ 8,406 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Cost | $ 28,273 | $ 31,912 | $ 32,053 |
Short-term Lease, Cost | 4,948 | 6,736 | 5,069 |
Variable Lease, Cost | 1,136 | 907 | 942 |
Finance Lease, Right-of-Use Asset, Amortization | 2,017 | 2,102 | 2,564 |
Finance Lease, Interest Expense | 1,316 | 1,444 | 1,551 |
Lease, Cost | $ 37,690 | $ 43,101 | $ 42,179 |
Leases - Supplemental Lease Dis
Leases - Supplemental Lease Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Payments | $ 28,603 | $ 33,402 | $ 30,830 |
Finance Lease, Principal Payments | 1,316 | 1,440 | 1,563 |
Finance leases, finance cash flows | 1,958 | 2,133 | 2,081 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 14,326 | 25,010 | 50,663 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 595 | $ 644 | $ 549 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 1 month 6 days | 7 years 6 months | 8 years |
Finance Lease, Weighted Average Remaining Lease Term | 8 years 8 months 12 days | 9 years 8 months 12 days | 10 years 6 months |
Operating Lease, Weighted Average Discount Rate, Percent | 6.10% | 5.90% | 5.40% |
Finance Lease, Weighted Average Discount Rate, Percent | 5.90% | 5.80% | 5.70% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets, net | $ 94,571 | $ 111,052 |
Current operating lease liabilities | 20,786 | 22,552 |
Long-term operating lease liabilities | 77,617 | 92,760 |
Operating Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 25,830 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 19,847 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 15,795 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 11,428 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 8,828 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 41,021 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 122,749 | |
Imputed Interest | (24,346) | |
Lessee, Operating Lease, Liability, Payments, Due | 98,403 | |
Operating lease right-of-use assets, net | 94,571 | 111,052 |
Current operating lease liabilities | 20,786 | 22,552 |
Long-term operating lease liabilities | 77,617 | 92,760 |
Finance Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 3,283 | |
Finance Lease, Liability, Payments, Due Year Two | 3,509 | |
Finance Lease, Liability, Payments, Due Year Three | 3,570 | |
Finance Lease, Liability, Payments, Due Year Four | 3,283 | |
Finance Lease, Liability, Payments, Due Year Five | 3,207 | |
Finance Lease, Liability, Payments, Due after Year Five | 14,016 | |
Finance Lease, Liability, Undiscounted Excess Amount | 30,868 | |
Imputed Interest | (7,103) | |
Finance Lease, Liability, Payment, Due | 23,765 | |
Finance Lease, Liability, Current | 2,228 | 2,153 |
Finance Lease, Liability, Noncurrent | $ 21,537 | $ 23,590 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Sublease Income | $ 669,000 | $ 256,000 | $ 374,000 |
Lessee, Operating Lease, Lease Not yet Commenced, Amount | 6,472,000 | ||
Other Asset Impairment Charges | 43,710,000 | 25,609,000 | 104,363,000 |
Operating Lease, Impairment Loss | 647,000 | ||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets, net | 94,571,000 | 111,052,000 | |
Current operating lease liabilities | 20,786,000 | 22,552,000 | |
Long-term operating lease liabilities | 77,617,000 | 92,760,000 | |
Operating Lease, Impairment Loss | $ 647,000 | ||
Operating Leases [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets, net | 94,571,000 | 111,052,000 | |
Current operating lease liabilities | 20,786,000 | 22,552,000 | |
Long-term operating lease liabilities | 77,617,000 | 92,760,000 | |
Finance Leases [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Finance Lease, Liability, Current | 2,228,000 | 2,153,000 | |
Finance Lease, Liability, Noncurrent | $ 21,537,000 | $ 23,590,000 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | $ 1,525,991 | $ 1,679,933 |
Accumulated depreciation | (883,131) | (895,585) |
Property, Plant and Equipment, Net, Total | 642,860 | 784,348 |
Land and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 42,939 | 44,495 |
Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 262,694 | 285,240 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 1,144,310 | 1,269,330 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | $ 76,048 | $ 80,868 |
Minimum [Member] | Land and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 10 years | |
Minimum [Member] | Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 10 years | |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 5 years | |
Maximum [Member] | Land and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 25 years | |
Maximum [Member] | Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 40 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 10 years |
Property, Plant and Equipment S
Property, Plant and Equipment Summary of Impairment charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | $ 43,710 | $ 25,219 | $ 17,246 |
Reportable Geographical Components [Member] | North America [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 11,140 | 8,479 | 947 |
Reportable Geographical Components [Member] | Europe [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 30,173 | 9,179 | 11,938 |
Reportable Geographical Components [Member] | Asia Pacific [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 2,359 | 7,071 | 4,080 |
Automotive [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 43,672 | 24,729 | 16,965 |
Corporate and Other | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 38 | 490 | 281 |
Property, Plant and Equipment [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | 40,248 | 20,118 | 13,084 |
Machinery and Equipment [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Tangible Asset Impairment Charges | $ 3,462 | $ 3,326 | $ 4,162 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Tangible Asset Impairment Charges | $ 43,710,000 | $ 25,219,000 | $ 17,246,000 |
Gain on sale of fixed assets, net | (33,391,000) | 0 | 0 |
European Facilities | |||
Property, Plant and Equipment [Line Items] | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 16,890,000 | ||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | 4,013,000 | ||
2022 Joint Venture Deconsolidation | |||
Property, Plant and Equipment [Line Items] | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 29,590 | ||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | 11,625 | ||
Property, Plant and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible Asset Impairment Charges | 40,248,000 | 20,118,000 | 13,084,000 |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible Asset Impairment Charges | $ 3,462,000 | 3,326,000 | $ 4,162,000 |
Land and Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible Asset Impairment Charges | $ 1,775,000 |
Goodwill and Intangibles - Carr
Goodwill and Intangibles - Carrying Amount of Goodwill by Reportable Operating Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible [Line Items] | ||
Goodwill, Beginning Balance | $ 142,282 | $ 142,250 |
Foreign exchange translation | (259) | 32 |
Goodwill, Ending Balance | 142,023 | 142,282 |
Industrial Specialty Group | ||
Goodwill and Intangible [Line Items] | ||
Goodwill, Beginning Balance | 14,036 | 14,036 |
Foreign exchange translation | 0 | 0 |
Goodwill, Ending Balance | 14,036 | 14,036 |
North America [Member] | ||
Goodwill and Intangible [Line Items] | ||
Goodwill, Beginning Balance | 128,246 | 128,214 |
Foreign exchange translation | (259) | 32 |
Goodwill, Ending Balance | $ 127,987 | $ 128,246 |
Goodwill and Intangibles - Inta
Goodwill and Intangibles - Intangible Assets and Accumulated Amortization Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 191,057 | $ 199,722 |
Accumulated Amortization | (143,416) | (139,347) |
Net Carrying Amount | 47,641 | 60,375 |
Customer relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 152,578 | 154,767 |
Accumulated Amortization | (129,317) | (126,626) |
Net Carrying Amount | 23,261 | 28,141 |
Other [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 38,479 | 44,955 |
Accumulated Amortization | (14,099) | (12,721) |
Net Carrying Amount | $ 24,380 | $ 32,234 |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | |
Goodwill and Intangible [Line Items] | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 6,965,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 6,898,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 6,444,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 4,703,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 4,703,000 | |
Europe Reporting Unit | ||
Goodwill and Intangible [Line Items] | ||
Goodwill impairment charges | $ 390 |
Debt - Outstanding Debt (Detail
Debt - Outstanding Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Senior Notes | $ 397,259 | $ 396,544 |
Medium-term Notes | $ 318,787 | $ 321,212 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total long-term debt | Total long-term debt |
Finance Lease, Liability | $ 23,765 | $ 25,743 |
Other borrowings | 51,902 | 51,533 |
Total debt | 1,036,184 | 1,036,715 |
Less current portion | (54,130) | (56,111) |
Total long-term debt | 982,054 | 980,604 |
Line of Credit Facility [Line Items] | ||
Senior Notes | 397,259 | 396,544 |
Secured Debt | ||
Debt Disclosure [Abstract] | ||
Senior Notes | 244,471 | 241,683 |
Line of Credit Facility [Line Items] | ||
Senior Notes | $ 244,471 | $ 241,683 |
Debt - Maturities of Debt (Deta
Debt - Maturities of Debt (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 374,819 |
2024 | 253,540 |
2025 | 3,573 |
2026 | 403,283 |
2027 | 3,207 |
Thereafter | 14,016 |
Total | $ 1,052,438 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 | Jan. 27, 2023 | Dec. 31, 2021 | Mar. 31, 2021 | May 29, 2020 | Dec. 31, 2017 | Nov. 02, 2016 | |
Line of Credit Facility [Line Items] | |||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 4.10% | 3.90% | |||||
Aggregate revolving loan availability | $ 180,000 | ||||||
Letters of credit outstanding | 6,807 | ||||||
Senior ABL Facility [Member] | Cooper Standard Automotive Inc Us [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate revolving loan availability | 160,000 | ||||||
Senior ABL Facility [Member] | CSA Canada [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate revolving loan availability | 20,000 | ||||||
Amended Senior Abl Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Unamortized Debt Issuance Expense | 535 | $ 782 | |||||
Aggregate revolving loan availability | $ 155,193 | $ 180,000 | |||||
Letter of credit sub-facility | $ 100,000 | ||||||
Swing line sub-facility | 25,000 | ||||||
Uncommitted incremental loan facility | 100,000 | ||||||
Total Senior ABL Facility | 280,000 | ||||||
Termination date of commitments of lenders | Mar. 24, 2025 | ||||||
Percentage of accounts receivable | 85% | ||||||
Percentage of inventory | 70% | ||||||
Percentage of appraised net orderly liquidation value of eligible inventory | 85% | ||||||
Senior Notes [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate principal amount | $ 42,554 | 400,000 | |||||
Debt Issuance Costs | $ 7,055 | ||||||
Unamortized Debt Issuance Expense | $ 2,741 | 3,456 | |||||
Senior Notes [Member] | Subsequent Event [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate principal amount | 357,446 | ||||||
Senior Notes [Member] | First Lien Notes | Subsequent Event [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate principal amount | 580,000 | ||||||
Senior Notes [Member] | Third Lien Notes | Subsequent Event [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate principal amount | $ 357,446 | ||||||
Medium-term Notes [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate principal amount | 340,000 | ||||||
Unamortized Debt Issuance Expense | $ 494 | 1,087 | |||||
Debt Instrument, Maturity Date | Nov. 02, 2023 | ||||||
Debt Instrument, Unamortized Discount | $ 319 | 701 | |||||
Term loan accordion feature | $ 400,000 | ||||||
Secured Debt | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate principal amount | $ 250,000 | ||||||
Debt Issuance Costs | 6,431 | ||||||
Unamortized Debt Issuance Expense | 3,021 | 4,594 | |||||
Debt Instrument, Unamortized Discount | $ 2,508 | $ 3,723 | $ 5,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Fair Value Hierarchy Level for Company's Liabilities Measured (Detail) - Level 2 [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contracts, asset, fair value disclosure | $ 8,643 | $ 647 |
Accrued Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contracts, liability, fair value disclosure | $ 0 | $ (1,535) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Long-term Debt, Fair Value | $ 744,010 | $ 899,909 |
Long-term Debt, Gross | $ 969,600 | $ 973,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash Flow Hedging [Member] | Foreign exchange contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, Notional Amount | $ 135,285 | $ 136,103 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments Gains (lossses) on Cash Flow Hedges Reported in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | $ 11,808 | $ (545) |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments Reclassification out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 2,287 | $ 1,432 |
Accounts Receivable Factoring -
Accounts Receivable Factoring - Additional Information (Detail) $ in Thousands, € in Millions | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Receivables [Abstract] | |||
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | $ | $ 52,491 | $ 52,743 | |
Qualitative and Quantitative Information, Transferor's Continuing Involvement, Arrangements of Financial Support, Amount | € | € 120 |
Accounts Receivable Factoring_2
Accounts Receivable Factoring (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Cash collected on behalf of factor | $ 3,772 | ||
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | 52,491 | $ 52,743 | |
Amount Of Account Receivable Factoring Without Recourse | 355,295 | 366,878 | |
Loss On Sale Of Accounts Receivable Without Recourse | $ 710 | $ 528 | $ 776 |
Pensions - Schedule of Defined
Pensions - Schedule of Defined Benefit Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plans' assets at beginning of period | $ 321,495 | ||
Fair value of plans' assets at end of period | 229,245 | $ 321,495 | |
Funded status of the plans | 3,239 | ||
UNITED STATES | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligations at beginning of year | 21,211 | 23,419 | |
Service cost | 89 | 105 | $ 103 |
Interest cost | 561 | 531 | 680 |
Actuarial loss (gain) | (4,924) | (1,717) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 1,125 | 1,127 | |
Foreign currency exchange rate effect | 0 | 0 | |
Other | 0 | 0 | |
Benefit obligation at end of year | 15,812 | 21,211 | 23,419 |
Funded status of the plans | (15,812) | (21,211) | |
Foreign Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligations at beginning of year | 22,476 | 27,032 | |
Service cost | 216 | 357 | 404 |
Interest cost | 628 | 701 | 726 |
Actuarial loss (gain) | (5,663) | (5,065) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 722 | 716 | |
Foreign currency exchange rate effect | (1,476) | 167 | |
Other | 14 | 0 | |
Benefit obligation at end of year | 15,473 | 22,476 | 27,032 |
Funded status of the plans | (15,473) | (22,476) | |
Pension Plan [Member] | UNITED STATES | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligations at beginning of year | 257,108 | 271,397 | |
Service cost | 771 | 891 | 853 |
Interest cost | 7,062 | 6,516 | 8,132 |
Actuarial loss (gain) | (41,026) | (8,589) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 14,283 | 13,107 | |
Foreign currency exchange rate effect | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 0 | |
Plan amendments | (3,056) | 0 | |
Other | 0 | 0 | |
Benefit obligation at end of year | 212,688 | 257,108 | 271,397 |
Fair value of plans' assets at beginning of period | 273,448 | 267,343 | |
Actual return on plans' assets | (63,769) | 18,175 | |
Employer contributions | 1,038 | 1,037 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 14,283 | 13,107 | |
Foreign currency exchange rate effect | 0 | 0 | |
Settlements | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Business Combination | 0 | 0 | |
Fair value of plans' assets at end of period | 196,434 | 273,448 | 267,343 |
Funded status of the plans | (16,254) | 16,340 | |
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligations at beginning of year | 164,957 | 195,407 | |
Service cost | 2,755 | 3,345 | 3,992 |
Interest cost | 2,782 | 2,558 | 3,200 |
Actuarial loss (gain) | (34,354) | (12,976) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 5,535 | 5,324 | |
Foreign currency exchange rate effect | (10,012) | (9,610) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 1,760 | 8,210 | |
Plan amendments | 0 | 0 | |
Other | (2,180) | (233) | |
Benefit obligation at end of year | 116,653 | 164,957 | 195,407 |
Fair value of plans' assets at beginning of period | 48,047 | 54,548 | |
Actual return on plans' assets | (9,774) | 1,280 | |
Employer contributions | 4,970 | 5,526 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 5,535 | 5,324 | |
Foreign currency exchange rate effect | (3,138) | 225 | |
Settlements | (1,759) | (8,210) | |
Defined Benefit Plan, Plan Assets, Business Combination | 0 | 2 | |
Fair value of plans' assets at end of period | 32,811 | 48,047 | $ 54,548 |
Funded status of the plans | $ (83,842) | $ (116,910) |
Pensions - Amounts Recognized i
Pensions - Amounts Recognized in Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
UNITED STATES | Accrued Liabilities [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ (1,452) | $ (1,576) |
UNITED STATES | Pension Benefits Long Term [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (14,360) | (19,635) |
Foreign Plan [Member] | Accrued Liabilities [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (709) | (766) |
Foreign Plan [Member] | Pension Benefits Long Term [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (14,764) | (21,710) |
Pension Plan [Member] | UNITED STATES | Accrued Liabilities [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (1,005) | (1,018) |
Pension Plan [Member] | UNITED STATES | Pension Benefits Long Term [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (15,249) | (12,446) |
Pension Plan [Member] | UNITED STATES | Other assets [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | 0 | 29,804 |
Pension Plan [Member] | Foreign Plan [Member] | Accrued Liabilities [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (3,849) | (3,721) |
Pension Plan [Member] | Foreign Plan [Member] | Pension Benefits Long Term [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (83,232) | (117,434) |
Pension Plan [Member] | Foreign Plan [Member] | Other assets [Member] | ||
Amounts recognized in the balance sheet: | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ 3,239 | $ 4,245 |
Pensions - Schedule of Define_2
Pensions - Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
UNITED STATES | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $ 14,686 | $ 11,339 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 0 | 0 |
Foreign Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 2,328 | (3,760) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | (14) | 0 |
Pension Plan [Member] | UNITED STATES | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (74,744) | (43,574) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 0 | (56) |
Pension Plan [Member] | Foreign Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (6,910) | (33,742) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | $ (31) | $ (185) |
Pensions - Components of Net Pe
Pensions - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Settlements | $ 2,682 | $ 1,279 | $ 184 |
UNITED STATES | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Service cost | 89 | 105 | 103 |
Interest cost | 561 | 531 | 680 |
Net periodic benefit cost (income) | (927) | (760) | (1,147) |
Foreign Plan [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Service cost | 216 | 357 | 404 |
Interest cost | 628 | 701 | 726 |
Net periodic benefit cost (income) | 1,001 | 1,810 | 1,578 |
Pension Plan [Member] | UNITED STATES | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Service cost | 771 | 891 | 853 |
Interest cost | 7,062 | 6,516 | 8,132 |
Expected return on plan assets | (9,293) | (14,257) | (13,683) |
Amortization of prior service cost and actuarial loss | 886 | 1,670 | 1,940 |
Settlements | 0 | 0 | 0 |
Curtailment loss | (3,092) | 0 | 0 |
Other | 0 | 0 | 0 |
Net periodic benefit cost (income) | 2,518 | (5,180) | (2,758) |
Pension Plan [Member] | Foreign Plan [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Service cost | 2,755 | 3,345 | 3,992 |
Interest cost | 2,782 | 2,558 | 3,200 |
Expected return on plan assets | (949) | (1,320) | (2,415) |
Amortization of prior service cost and actuarial loss | 1,574 | 2,635 | 3,478 |
Settlements | (410) | 1,279 | 184 |
Curtailment loss | 0 | 0 | 0 |
Other | 0 | 118 | (11) |
Net periodic benefit cost (income) | $ 5,752 | $ 8,615 | $ 8,428 |
Pensions - Weighted Average Ass
Pensions - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
UNITED STATES | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 5.45% | 2.75% |
Foreign Plan [Member] | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 5.20% | 3.05% |
Pension Plan [Member] | UNITED STATES | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 4.55% | 2.84% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 2.41% | 4.50% |
Pension Plan [Member] | Foreign Plan [Member] | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 4.45% | 1.83% |
Rate of compensation increase | 1.58% | 1.44% |
Pensions - Weighted Average A_2
Pensions - Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
UNITED STATES | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 2.75% | 2.35% | 3.15% |
Foreign Plan [Member] | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 3.05% | 2.65% | 3.05% |
Pension Plan [Member] | UNITED STATES | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 2.84% | 2.48% | 3.28% |
Expected return on plan assets | 3.50% | 5.50% | 5.75% |
Pension Plan [Member] | Foreign Plan [Member] | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 2.39% | 1.63% | 2.33% |
Expected return on plan assets | 2.15% | 2.48% | 3.73% |
Rate of compensation increase | 2.39% | 1.99% | 3.99% |
Pensions - Pension Plan Assets
Pensions - Pension Plan Assets at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | $ 229,245 | $ 321,495 |
Equity securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 13,079 | 12,817 |
Equity Securities Measured At Net Asset Value [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 5,638 | 41,032 |
Debt securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 25,098 | 36,133 |
Debt Securities Measured At Net Asset Value [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 173,092 | 210,492 |
Real Estate [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 10,331 | 11,270 |
Cash and cash equivalents [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 2,007 | 9,751 |
Level 1 [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 7,668 | 10,982 |
Level 1 [Member] | Equity securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 5,661 | 1,231 |
Level 1 [Member] | Debt securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 1 [Member] | Cash and cash equivalents [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 2,007 | 9,751 |
Level 2 [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 32,516 | 47,719 |
Level 2 [Member] | Equity securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 7,418 | 11,586 |
Level 2 [Member] | Debt securities [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 25,098 | 36,133 |
Level 2 [Member] | Cash and cash equivalents [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Fair Value Measured at Net Asset Value Per Share | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 189,061 | 262,794 |
Fair Value Measured at Net Asset Value Per Share | Equity Securities Measured At Net Asset Value [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 5,638 | 41,032 |
Fair Value Measured at Net Asset Value Per Share | Debt Securities Measured At Net Asset Value [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | 173,092 | 210,492 |
Fair Value Measured at Net Asset Value Per Share | Real Estate [Member] | ||
Fair Value Of Pension Plan Assets [Line Items] | ||
Pension plan assets at fair value | $ 10,331 | $ 11,270 |
Pensions - Estimated Benefit Pa
Pensions - Estimated Benefit Payments for Domestic and Foreign Pension Plans (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 1,491 |
2024 | 1,491 |
2025 | 1,489 |
2026 | 1,471 |
2027 | 1,428 |
2028 - 2032 | 6,426 |
Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 727 |
2024 | 760 |
2025 | 772 |
2026 | 792 |
2027 | 807 |
2028 - 2032 | 4,497 |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 87,114 |
2024 | 139,463 |
2025 | 8,048 |
2026 | 8,782 |
2027 | 9,448 |
2028 - 2032 | 50,248 |
Pension Plan [Member] | UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 81,213 |
2024 | 133,186 |
2025 | 1,001 |
2026 | 982 |
2027 | 960 |
2028 - 2032 | 4,404 |
Pension Plan [Member] | Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 5,901 |
2024 | 6,277 |
2025 | 7,047 |
2026 | 7,800 |
2027 | 8,488 |
2028 - 2032 | $ 45,844 |
Pensions - Additional Informati
Pensions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Non-elective and matching contributions | $ 12,015 | $ 12,809 | $ 13,537 |
Settlement charges | (2,682) | (1,279) | (184) |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 18,109 | ||
Increase (decrease) benefit plan exceed projected benefit obligation | 3,239 | ||
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Increase (decrease) benefit plan exceed projected benefit obligation | (15,812) | (21,211) | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 1,000 | ||
UNITED STATES | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement charges | 0 | 0 | 0 |
Defined Benefit Plan, Accumulated Benefit Obligation | 212,688 | 257,108 | |
Increase (decrease) benefit plan exceed projected benefit obligation | (16,254) | 16,340 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Increase (decrease) benefit plan exceed projected benefit obligation | (15,473) | (22,476) | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 4,400 | ||
Foreign Plan [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement charges | 410 | (1,279) | $ (184) |
Defined Benefit Plan, Accumulated Benefit Obligation | 112,963 | 158,074 | |
Increase (decrease) benefit plan exceed projected benefit obligation | (83,842) | (116,910) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 1,760 | 8,210 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | $ (1,759) | (8,210) | |
Foreign Plan [Member] | Pension Plan [Member] | Other exit costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement charges | (836) | ||
Foreign Plan [Member] | Pension Plan [Member] | DivestitureMutares [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement charges | $ (744) |
Postretirement Benefits Other_3
Postretirement Benefits Other Than Pensions - Schedule of Postretirement Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Funded status of the plans | $ 3,239 | ||
Foreign Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of year | 22,476 | $ 27,032 | |
Service cost | 216 | 357 | $ 404 |
Interest cost | 628 | 701 | 726 |
Actuarial loss (gain) | (5,663) | (5,065) | |
Benefits paid | (722) | (716) | |
Other | 14 | 0 | |
Foreign currency exchange rate effect | (1,476) | 167 | |
Benefit obligation at end of year | 15,473 | 22,476 | 27,032 |
Funded status of the plans | (15,473) | (22,476) | |
Net amount recognized at December 31 | (15,473) | (22,476) | |
UNITED STATES | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of year | 21,211 | 23,419 | |
Service cost | 89 | 105 | 103 |
Interest cost | 561 | 531 | 680 |
Actuarial loss (gain) | (4,924) | (1,717) | |
Benefits paid | (1,125) | (1,127) | |
Other | 0 | 0 | |
Foreign currency exchange rate effect | 0 | 0 | |
Benefit obligation at end of year | 15,812 | 21,211 | $ 23,419 |
Funded status of the plans | (15,812) | (21,211) | |
Net amount recognized at December 31 | $ (15,812) | $ (21,211) |
Postretirement Benefits Other_4
Postretirement Benefits Other Than Pensions - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued Liabilities [Member] | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ (709) | $ (766) |
Accrued Liabilities [Member] | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (1,452) | (1,576) |
Pension Benefits Long Term [Member] | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (14,764) | (21,710) |
Pension Benefits Long Term [Member] | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ (14,360) | $ (19,635) |
Postretirement Benefits Other_5
Postretirement Benefits Other Than Pensions - Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | $ (14) | $ 0 |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 2,328 | (3,760) |
UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 0 | 0 |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $ 14,686 | $ 11,339 |
Postretirement Benefits Other_6
Postretirement Benefits Other Than Pensions - Schedule of Net Periodic Benefit Costs for Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 89 | $ 105 | $ 103 |
Interest cost | 561 | 531 | 680 |
Amortization of prior service credit and recognized actuarial (gain) loss | (1,577) | (1,396) | (1,930) |
Net periodic benefit cost (income) | (927) | (760) | (1,147) |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 216 | 357 | 404 |
Interest cost | 628 | 701 | 726 |
Amortization of prior service credit and recognized actuarial (gain) loss | 157 | 752 | 448 |
Net periodic benefit cost (income) | $ 1,001 | $ 1,810 | $ 1,578 |
Postretirement Benefits Other_7
Postretirement Benefits Other Than Pensions - Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
Foreign Plan [Member] | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 5.20% | 3.05% |
UNITED STATES | ||
Weighted average assumptions used to determine benefit obligations | ||
Discount rate | 5.45% | 2.75% |
Postretirement Benefits Other_8
Postretirement Benefits Other Than Pensions - Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Foreign Plan [Member] | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 3.05% | 2.65% | 3.05% |
UNITED STATES | |||
Weighted-average assumptions used to determine net periodic benefit costs | |||
Discount rate | 2.75% | 2.35% | 3.15% |
Postretirement Benefits Other_9
Postretirement Benefits Other Than Pensions - Schedule of Health Care Cost Trend Rates (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 5% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5% |
UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.17% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% |
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2028 |
Postretirement Benefits Othe_10
Postretirement Benefits Other Than Pensions - Estimated Benefit Payments for Domestic and Foreign Pension Plans (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | $ 2,218 |
2024 | 2,251 |
2025 | 2,261 |
2026 | 2,263 |
2027 | 2,235 |
2028 - 2032 | 10,923 |
Foreign Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | 727 |
2024 | 760 |
2025 | 772 |
2026 | 792 |
2027 | 807 |
2028 - 2032 | 4,497 |
UNITED STATES | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | 1,491 |
2024 | 1,491 |
2025 | 1,489 |
2026 | 1,471 |
2027 | 1,428 |
2028 - 2032 | $ 6,426 |
Postretirement Benefits Othe_11
Postretirement Benefits Other Than Pensions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement charges | $ (2,682) | $ (1,279) | $ (184) |
Other Postretirement Benefits Plan [Member] | |||
Payment for Pension and Other Postretirement Benefits [Abstract] | |||
Other post retirement benefits recorded in consolidated balance sheets | 1,890 | 2,153 | |
UNITED STATES | |||
Payment for Pension and Other Postretirement Benefits [Abstract] | |||
Unrecognized prior service credits | 0 | 0 | |
Unrecognized actuarial gains, before tax | (14,686) | (11,339) | |
Foreign Plan [Member] | |||
Payment for Pension and Other Postretirement Benefits [Abstract] | |||
Unrecognized prior service credits | 14 | 0 | |
Unrecognized actuarial gains, before tax | $ (2,328) | $ 3,760 |
Other (Expense) Income (Details
Other (Expense) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |||
Deconsolidation of joint venture (1) | $ (2,257) | $ 0 | $ 0 |
Foreign Currency Transaction Gain (Loss), before Tax | (1,131) | (6,887) | (1,429) |
Components of Net Periodic Benefit Cost Other than Service Cost | (1,831) | 1,610 | (576) |
Gain (Loss) on Sale of Accounts Receivable | (710) | (528) | (776) |
Miscellaneous Income Expense | 444 | 963 | 201 |
Other Nonoperating Income (Expense) | $ (5,485) | $ (4,842) | $ (2,580) |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income (Loss) Before Income Taxes and Adjustment for Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (154,779) | $ (142,883) | $ (235,574) |
Foreign | (45,721) | (146,569) | (94,647) |
Loss before income taxes | $ (200,500) | $ (289,452) | $ (330,221) |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current | |||
Federal | $ (2,280) | $ 5,158 | $ (65,565) |
State | 154 | 68 | (196) |
Foreign | 13,764 | (1,590) | 13,636 |
Deferred | |||
Federal | 74 | 12,217 | (15,060) |
State | 106 | (484) | 1,297 |
Foreign | 5,473 | 24,023 | 5,041 |
Income tax provision | $ 17,291 | $ 39,392 | $ (60,847) |
Income Taxes - Schedule Reconci
Income Taxes - Schedule Reconciles United States Statutory Federal Rate to Income Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Tax at U.S. statutory rate | $ (42,105) | $ (60,785) | $ (69,346) |
State and local taxes | (2,700) | (3,276) | (4,933) |
Tax credits and incentives | (8,413) | (7,634) | (5,750) |
Effect of foreign tax rates | (1,614) | (13,525) | (15,432) |
Nonrecurring permanent items | (2,189) | (3,710) | (3,069) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | 1,258 | 1,257 | 1,640 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | 7,192 | 6,618 | 9,335 |
Other changes in tax reserves | 3,854 | (5,043) | 1,071 |
Valuation allowance | 65,559 | 124,228 | 51,609 |
Income tax provision | $ 17,291 | $ 39,392 | $ (60,847) |
Effective income tax rate | (8.60%) | (13.60%) | 18.40% |
U.S. Tax and Jobs Act [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Changes in tax law | $ 1,382 | $ 0 | $ (1,046) |
Other legislation [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Changes in tax law | (17) | (361) | 352 |
Other Adjustments [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (5,195) | (18) | 3,781 |
Outside Basis Difference [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 279 | 1,641 | (1,215) |
CARES Act | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 0 | $ 0 | $ (27,844) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Pension, postretirement and other benefits | $ 40,060 | $ 40,026 |
Capitalized expenditures | 31,746 | 12,521 |
Net operating loss and tax credit carryforwards | 279,755 | 275,222 |
Deferred Tax Assets, Property, Plant and Equipment | 24,059 | 27,934 |
Deferred Tax Assets, Goodwill and Intangible Assets | 28,610 | 14,341 |
All other items | 37,392 | 47,444 |
Total deferred tax assets | 441,622 | 417,488 |
Deferred tax liabilities: | ||
Property, plant and equipment | (9,896) | (21,745) |
Operating lease right-of-use | (23,106) | (26,863) |
All other items | (11,028) | (14,506) |
Total deferred tax liabilities | (44,030) | (63,114) |
Valuation allowances | (384,792) | (334,983) |
Net deferred tax assets | $ 12,800 | $ 19,391 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of period | $ 3,571 | $ 11,272 |
Tax positions related to the current period | ||
Gross additions | 336 | 337 |
Tax positions related to prior years | ||
Gross additions | 2,692 | 10 |
Gross reductions | (669) | (5,143) |
Settlements | 0 | (2,905) |
Balance at end of period | $ 5,930 | $ 3,571 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | |||
Income Tax Expense (Benefit) | $ 17,291 | $ 39,392 | $ (60,847) |
Net operating losses and credit carryforwards | 12,000 | ||
Valuation allowances related to tax loss and credit carryforwards and other deferred tax assets | 384,792 | 334,983 | |
Total unrecognized tax benefits | 5,930 | 3,571 | 11,272 |
Total unrecognized tax benefits including interest and penalties | 6,100 | ||
Income tax expense related to interest and penalties | 170 | 710 | |
Deferred Federal Income Tax Expense (Benefit) | 74 | 12,217 | (15,060) |
Deferred Tax Assets, Gross | 441,622 | 417,488 | |
Proceeds from Income Tax Refunds | 54,273 | ||
CARES Act | |||
Income Taxes [Line Items] | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | 0 | (27,844) |
Foreign subsidiaries, primarily in France, Brazil, and Germany [Member] | |||
Income Taxes [Line Items] | |||
Foreign subsidiaries net operating loss Carryforward | $ 646,000 | ||
Operating loss carryforwards expiration dates | indefinite expiration periods | ||
Foreign subsidiaries in China, Mexico, Italy, Netherlands, Poland, Spain, India and Korea [Member] | |||
Income Taxes [Line Items] | |||
Foreign subsidiaries net operating loss Carryforward | $ 298,000 | ||
U.S. Tax and Jobs Act [Member] | |||
Income Taxes [Line Items] | |||
Changes in tax law | $ 1,382 | $ 0 | $ (1,046) |
Net Income Per Share Attribut_3
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. - Basic and Diluted Net Income Per Share Attributable (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 24,000 | 166,000 | 71,000 |
Net income attributable to Cooper-Standard Holdings Inc. | $ (215,384) | $ (322,835) | $ (267,605) |
Diluted net income available to Cooper-Standard Holdings Inc. common stockholders | $ (215,384) | $ (322,835) | $ (267,605) |
Basic weighted average shares of common stock outstanding | 17,190,958 | 17,045,353 | 16,913,850 |
Dilutive effect of: | |||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 | 0 |
Diluted weighted average shares of common stock outstanding | 17,190,958 | 17,045,353 | 16,913,850 |
Basic net income per share attributable to Cooper-Standard Holdings Inc. (in dollars per share) | $ (12.53) | $ (18.94) | $ (15.82) |
Diluted net income per share attributable to Cooper-Standard Holdings Inc. (in dollars per share) | $ (12.53) | $ (18.94) | $ (15.82) |
Net Income Per Share Attribut_4
Net Income Per Share Attributable to Cooper-Standard Holdings Inc. - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 24,000 | 166,000 | 71,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (205,184) | |
Ending Balance | (209,971) | $ (205,184) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 862 | 3,484 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (3) | (15) |
Cumulative currency translation adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (138,751) | (136,579) |
Other comprehensive income (loss) before reclassifications | (18,978) | (2,316) |
Amounts reclassified from accumulated other comprehensive income (loss) | (294) | 144 |
Ending Balance | (158,023) | (138,751) |
Benefit plan liabilities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (65,303) | (106,079) |
Other comprehensive income (loss) before reclassifications | 4,419 | 35,506 |
Amounts reclassified from accumulated other comprehensive income (loss) | 633 | 5,270 |
Ending Balance | (60,251) | (65,303) |
Fair value change of derivatives [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (1,130) | 762 |
Other comprehensive income (loss) before reclassifications | 11,029 | (843) |
Amounts reclassified from accumulated other comprehensive income (loss) | (1,596) | (1,049) |
Ending Balance | 8,303 | (1,130) |
Accumulated other comprehensive loss [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (205,184) | (241,896) |
Other comprehensive income (loss) before reclassifications | (3,530) | 32,347 |
Amounts reclassified from accumulated other comprehensive income (loss) | (1,257) | 4,365 |
Ending Balance | $ (209,971) | $ (205,184) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | $ (15,619) | $ (5,077) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax | 250 | (248) |
Additional Detail [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 862 | 3,484 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 190 | 205 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (3) | (15) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (779) | (298) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | (691) | (383) |
Settlement [Member] | ||
Additional Detail [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | $ (416) | $ 1,291 |
Equity - Additional Information
Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | Dec. 31, 2022 USD ($) commonStockNumberOfVotePerShare $ / shares shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 shares | Dec. 31, 2019 shares |
Common Stock And Preferred Stock [Line Items] | ||||
Common stock, shares authorized | 190,000,000 | 190,000,000 | ||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | ||
Common stock, shares issued | 19,173,838 | 19,057,788 | ||
Common stock, shares outstanding | 17,108,029 | 16,991,979 | ||
Common stock, number of vote per share | commonStockNumberOfVotePerShare | 1 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 98,720 | |||
Common Stock, par value $0.001 per share | ||||
Common Stock And Preferred Stock [Line Items] | ||||
Common stock, shares outstanding | 17,108,029 | 16,991,979 | 16,897,085 | 16,842,757 |
2018 Program [Member] | ||||
Common Stock And Preferred Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ | $ 150,000 |
Stock-Based Compensation - Shar
Stock-Based Compensation - Share-Based Compensation Expense By Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 3,259 | $ 5,574 | $ 10,435 |
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | 1,273 | 2,289 | 2,525 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | 248 | (916) | 916 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 1,738 | $ 4,201 | $ 6,994 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Transactions and Related Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options Outstanding, Beginning Balance (in shares) | shares | 800,019 |
Options, Forfeited (in shares) | shares | (913) |
Options, Expired (in shares) | shares | (13,262) |
Options Outstanding, Ending Balance (in shares) | shares | 785,844 |
Options Exercisable, Ending Balance (in shares) | shares | 648,982 |
Weighted Average Exercise Price, Outstanding Beginning Balance (in dollars per share) | $ / shares | $ 59.57 |
Weighted Average Exercise Price, Forfeited (in dollars per share) | $ / shares | 22.90 |
Weighted Average Exercise Price, Expired (in dollars per share) | $ / shares | 71.06 |
Weighted Average Exercise Price, Outstanding Ending Balance (in dollars per share) | $ / shares | 59.41 |
Weighted Average Exercise Price, Exercisable Ending Balance (in dollars per share) | $ / shares | $ 65.32 |
Weighted Average Remaining Contractual Life - Years, Outstanding Ending Balance | 4 years 1 month 6 days |
Weighted Average Remaining Contractual Life - Years, Exercisable Ending Balance | 3 years 7 months 6 days |
Aggregate Intrinsic Value, Outstanding Ending Balance | $ | $ 0 |
Aggregate Intrinsic Value, Exercisable Ending Balance | $ | $ 0 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used Under Black-Scholes Option Pricing Model (Detail) - Equity Option [Member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0% | 0% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | 6 years |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Common Shares (Detail) - Restricted Stock And Units [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested Number, Beginning Balance (in shares) | shares | 242,014 |
Granted (in shares) | shares | 313,161 |
Vested (in shares) | shares | (155,400) |
Forfeited (in shares) | shares | (10,739) |
Non-vested Number, Ending Balance (in shares) | shares | 389,036 |
Non-vested Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) | $ / shares | $ 48.38 |
Granted (in dollars per share) | $ / shares | 9.46 |
Vested (in dollars per share) | $ / shares | 58.90 |
Forfeited (in dollars per share) | $ / shares | 46.10 |
Non-vested Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ / shares | $ 11.98 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Performance Units (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 195,657 | 81,010 |
Granted (in shares) | 200,031 | |
Vested (in shares) | (81,010) | |
Forfeited (in shares) | 4,374 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 18.50 | $ 51.19 |
Granted (in dollars per share) | 9.41 | |
Vested (in dollars per share) | 56.17 | |
Forfeited (in dollars per share) | $ (22.38) | |
us-gaap_PerformanceSharesCashSettledMember | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 83,816 | 188,886 |
Granted (in shares) | 0 | |
Vested (in shares) | (107,310) | |
Forfeited (in shares) | 2,240 |
Stock-Based Compensation - As_2
Stock-Based Compensation - Assumptions Used Monte Carlo (Details) - Performance Shares [Member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 88.24% | 99.40% |
Dividend yield | 0% | 0% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.71% | 0.14% |
- Stock-Based Compensation - Ad
- Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized under plan | 1,453,092 | 5,873,103 | |
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock award grants vest period first | 3 years | ||
Weighted-average grant date fair value of stock options granted | $ 16.46 | $ 8.85 | |
Unrecognized compensation expenses | $ 846 | ||
Recognized weighted average period | 1 year 2 months 12 days | ||
Stock Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option awards grant term | 10 years | ||
Restricted Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock award grants vest period first | 1 year | ||
Stock award grants vest period second | 3 years | ||
Weighted-average grant date fair value of stock options granted | $ 9.46 | $ 32.38 | $ 17.62 |
Recognized weighted average period | 1 year 8 months 12 days | ||
Total fair value of restricted common shares and units vested | $ 9,153 | $ 9,299 | $ 7,786 |
Unrecognized compensation expenses | $ 2,371 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value of stock options granted | $ 9.41 | $ 39.70 | $ 10.10 |
Total fair value of restricted common shares and units vested | $ 10,578 | $ 4,864 | $ 5,243 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0% |
Contingent Liabilities - Additi
Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Accrual for Environmental Loss Contingencies | $ 10,817 | $ 9,965 | |
Gain (Loss) Related to Litigation Settlement | $ 8,000 |
Business Segments - Information
Business Segments - Information on Company's Business Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Sales | $ 2,525,391 | $ 2,330,191 | $ 2,375,439 |
Intersegment sales | 0 | 0 | 0 |
Adjusted EBITDA | 37,868 | (8,034) | 35,677 |
Segment profit (loss) | (200,500) | (289,452) | (330,221) |
Net interest expense included in segment profit | 78,514 | 72,511 | 59,167 |
Depreciation and amortization expense | 122,476 | 139,008 | 154,229 |
Capital expenditures | 71,150 | 96,107 | 91,794 |
Segment assets | 1,963,529 | 2,226,493 | |
Automotive [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 2,388,317 | 2,186,521 | 2,256,903 |
Intersegment sales | 23,152 | 21,155 | 24,314 |
Adjusted EBITDA | 35,335 | (21,591) | 50,265 |
Net interest expense included in segment profit | 4,186 | 3,551 | 4,016 |
Depreciation and amortization expense | 108,496 | 122,391 | 131,081 |
Capital expenditures | 68,722 | 88,186 | 80,575 |
Segment assets | 1,710,508 | 1,829,617 | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Sales | 137,074 | 143,670 | 118,536 |
Intersegment sales | (23,152) | (21,155) | (24,314) |
Adjusted EBITDA | 2,533 | 13,557 | (14,588) |
Net interest expense included in segment profit | 74,328 | 68,960 | 55,151 |
Depreciation and amortization expense | 13,980 | 16,617 | 23,148 |
Capital expenditures | 2,428 | 7,921 | 11,219 |
Segment assets | 253,021 | 396,876 | |
North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 1,341,099 | 1,148,257 | 1,141,368 |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 503,672 | 518,245 | 586,739 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 443,126 | 458,306 | 468,042 |
South America [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 100,420 | 61,713 | 60,754 |
Reportable Geographical Components [Member] | North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 1,341,099 | 1,148,257 | 1,141,368 |
Intersegment sales | 11,979 | 9,775 | 12,267 |
Adjusted EBITDA | 70,819 | 54,616 | 90,638 |
Net interest expense included in segment profit | 365 | 470 | 504 |
Depreciation and amortization expense | 51,592 | 54,779 | 60,193 |
Capital expenditures | 39,276 | 36,370 | 30,921 |
Segment assets | 851,623 | 885,517 | |
Reportable Geographical Components [Member] | Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 503,672 | 518,245 | 586,739 |
Intersegment sales | 7,272 | 9,502 | 9,569 |
Adjusted EBITDA | (37,137) | (49,599) | (39,004) |
Net interest expense included in segment profit | 560 | 1,274 | 1,082 |
Depreciation and amortization expense | 26,694 | 32,655 | 36,707 |
Capital expenditures | 7,965 | 27,384 | 25,369 |
Segment assets | 338,225 | 372,097 | |
Reportable Geographical Components [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 443,126 | 458,306 | 468,042 |
Intersegment sales | 3,847 | 1,863 | 2,406 |
Adjusted EBITDA | 1,556 | (16,756) | 12,472 |
Net interest expense included in segment profit | 1,602 | 1,445 | 2,205 |
Depreciation and amortization expense | 27,509 | 32,426 | 31,789 |
Capital expenditures | 15,374 | 20,473 | 21,809 |
Segment assets | 447,257 | 510,524 | |
Reportable Geographical Components [Member] | South America [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 100,420 | 61,713 | 60,754 |
Intersegment sales | 54 | 15 | 72 |
Adjusted EBITDA | 97 | (9,852) | (13,841) |
Net interest expense included in segment profit | 1,659 | 362 | 225 |
Depreciation and amortization expense | 2,701 | 2,531 | 2,392 |
Capital expenditures | 6,107 | 3,959 | $ 2,476 |
Segment assets | $ 73,403 | $ 61,479 |
Business Segments - Geographic
Business Segments - Geographic Information for Revenues (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Sales | $ 2,525,391 | $ 2,330,191 | $ 2,375,439 |
Property, plant and equipment, net | 642,860 | 784,348 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Sales | 589,801 | 539,528 | 518,497 |
Property, plant and equipment, net | 134,978 | 161,780 | |
Mexico [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 696,755 | 592,777 | 578,790 |
Property, plant and equipment, net | 132,956 | 139,630 | |
China [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 354,741 | 371,811 | 364,207 |
Property, plant and equipment, net | 140,182 | 182,298 | |
France [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 90,711 | 94,334 | 97,289 |
Property, plant and equipment, net | 18,834 | 21,921 | |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 144,890 | 116,854 | 125,729 |
Property, plant and equipment, net | 26,416 | 29,482 | |
Poland [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 166,114 | 168,357 | 191,530 |
Property, plant and equipment, net | 45,100 | 67,521 | |
Germany [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 116,153 | 116,509 | 114,221 |
Property, plant and equipment, net | 30,606 | 47,885 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 366,226 | 330,021 | $ 385,176 |
Property, plant and equipment, net | $ 113,788 | $ 133,831 |
Business Segments - Adjusted EB
Business Segments - Adjusted EBITDA to Net Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | $ 37,868 | $ (8,034) | $ 35,677 |
Impairment charges | (43,710) | (25,609) | (104,363) |
Restructuring Charges | $ (18,304) | (36,950) | (39,482) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss) on Disposition of Business | ||
Settlement charges | $ (2,682) | (1,279) | (184) |
Lease termination costs | 0 | (748) | (771) |
Gain (Loss) on Disposition of Business | 0 | 696 | 2,834 |
Gain on sale of land | 33,391 | 0 | 0 |
Deconsolidation of Joint Venture | (2,257) | 0 | 0 |
Project Costs | 0 | 0 | (5,648) |
Income Tax Credits and Adjustments | (1,409) | 0 | 0 |
EBITDA | 2,897 | (71,924) | (115,056) |
Income Tax Expense (Benefit) | (17,291) | (39,392) | 60,847 |
Interest Income (Expense), Nonoperating, Net | (78,514) | (72,511) | (59,167) |
Cost, Depreciation and Amortization | (122,476) | (139,008) | (154,229) |
Net income attributable to Cooper-Standard Holdings Inc. | (215,384) | (322,835) | (267,605) |
Parent | |||
Segment Reporting Information [Line Items] | |||
Impairment charges | (43,710) | (25,609) | (103,887) |
Noncontrolling Interest [Member] | |||
Segment Reporting Information [Line Items] | |||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 0 | $ 0 | $ 3,595 |
Business Segments - Sales to Cu
Business Segments - Sales to Customers Contributing Ten Percent or More of Consolidated Sales (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Ford [Member] | |||
Revenue, Major Customer [Line Items] | |||
Major customers | 25% | 24% | 24% |
General Motors [Member] | |||
Revenue, Major Customer [Line Items] | |||
Major customers | 19% | 17% | 19% |
Stellantis [Member] | |||
Revenue, Major Customer [Line Items] | |||
Major customers | 14% | 14% | 14% |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 11,218 | |||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning Balance | $ 20,300 | $ 7,100 | $ 10,700 | |
Charge to Expenses | (200) | 16,400 | 700 | |
Charged (credited) to other accounts | (2,100) | (300) | 500 | |
Deductions | (800) | (2,900) | (4,800) | |
Balance at end of period | 17,200 | 20,300 | 7,100 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning Balance | 7,100 | |||
Balance at end of period | 7,100 | |||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning Balance | 1,600 | |||
Balance at end of period | 1,600 | |||
Tax Valuation Allowance [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning Balance | 335,000 | 234,400 | 194,800 | |
Additions Charged to Income | 65,600 | 124,200 | 51,600 | |
Additions Charged to Equity | (15,800) | (23,600) | 7,300 | |
Deductions | 0 | 0 | (19,300) | |
Balance at end of period | $ 384,800 | $ 335,000 | $ 234,400 |