Guarantor and Non-Guarantor Subsidiaries

9 Months Ended

Sep. 30, 2013

Text Block [Abstract]

Guarantor and Non-Guarantor Subsidiaries

16. Guarantor and Non-Guarantor Subsidiaries

On May 27, 2010, Cooper-Standard Automotive Inc. (the “Issuer”), a wholly-owned subsidiary of Cooper-Standard Holdings Inc., issued 8 ¹/₂% senior notes due 2018 (“the Senior Notes”) with a total principal amount of $450,000. Cooper-Standard Holdings Inc. and all wholly-owned domestic subsidiaries of Cooper-Standard Automotive Inc. (the “Guarantors”) unconditionally guarantee the Senior Notes. The following condensed consolidated financial data provides information regarding the financial position, results of operations, and cash flows of the Guarantors. The Guarantors account for their investments in the non-guarantor subsidiaries on the equity method. The principal elimination entries are to eliminate the investments in subsidiaries and intercompany balances and transactions.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2012

	Parent		Issuer			Guarantors			Non-Guarantors			Eliminations			Consolidated Totals
	(dollars in millions)
Sales	$	—	$	135.1		$	150.7		$	441.4		$	(43.2	)	$	684.0
Cost of products sold		—		113.0			129.1			382.0			(43.2	)		580.9
Selling, administration, & engineering expenses		—		30.8			—			34.6			—			65.4
Amortization of intangibles		—		2.8			—			1.1			—			3.9
Restructuring		—		0.1			0.2			9.9			—			10.2
Operating profit (loss)		—		(11.6	)		21.4			13.8			—			23.6
Interest expense, net of interest income		—		(8.3	)		—			(3.0	)		—			(11.3	)
Equity earnings		—		1.0			0.5			0.9			—			2.4
Other income (expense), net		—		8.7			(0.1	)		(7.5	)		—			1.1
Income (loss) before income taxes		—		(10.2	)		21.8			4.2			—			15.8
Income tax expense		—		0.3			4.6			0.5			—			5.4
Income (loss) before equity in income of subsidiaries		—		(10.5	)		17.2			3.7			—			10.4
Equity in net income of subsidiaries		11.6		22.1			—			—			(33.7	)		—
Net income		11.6		11.6			17.2			3.7			(33.7	)		10.4
Net income attributable to noncontrolling interests		—		—			—			1.2			—			1.2
Net income attributable to Cooper-Standard Holdings Inc.	$	11.6	$	11.6		$	17.2		$	4.9		$	(33.7	)	$	11.6
Comprehensive income	$	19.6	$	19.6		$	17.2		$	11.5		$	(49.1	)	$	18.8
Add: comprehensive loss attributable to noncontrolling interests		—		—			—			0.8			—			0.8
Comprehensive income attributable to Cooper-Standard Holdings Inc.	$	19.6	$	19.6		$	17.2		$	12.3		$	(49.1	)	$	19.6

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2013

																Consolidated
	Parent			Issuer			Guarantors			Non-Guarantors			Eliminations			Totals
	(dollar amounts in millions)
Sales	$	—		$	145.5		$	167.8		$	499.8		$	(49.1	)	$	764.0
Cost of products sold		—			126.1			135.4			436.6			(49.1	)		649.0
Selling, administration, & engineering expenses		—			33.7			(0.1	)		39.4			—			73.0
Amortization of intangibles		—			2.9			—			0.9			—			3.8
Restructuring		—			—			—			1.9			—			1.9
Operating profit (loss)		—			(17.2	)		32.5			21.0			—			36.3
Interest expense, net of interest income		(4.0	)		(7.4	)		—			(3.7	)		—			(15.1	)
Equity earnings		—			0.6			1.0			1.1			—			2.7
Other income (expense), net		—			4.8			0.1			(4.0	)		—			0.9
Income (loss) before income taxes		(4.0	)		(19.2	)		33.6			14.4			—			24.8
Income tax expense (benefit)		(2.0	)		(3.3	)		7.7			2.1			—			4.5
Income (loss) before equity in income (loss) subsidiaries		(2.0	)		(15.9	)		25.9			12.3			—			20.3
Equity in net income of subsidiaries		22.6			38.5			—			—			(61.1	)		—
Net income		20.6			22.6			25.9			12.3			(61.1	)		20.3
Net loss attributable to noncontrolling interest		—			—			—			0.3			—			0.3
Net income attributable to Cooper-Standard Holdings Inc.	$	20.6		$	22.6		$	25.9		$	12.6		$	(61.1	)	$	20.6
Comprehensive income	$	34.5		$	38.4		$	25.9		$	21.9		$	(86.8	)	$	33.9
Add: Comprehensive loss attributable to noncontrolling interests		—			—			—			0.6			—			0.6
Comprehensive income attributable to Cooper-Standard Holdings Inc.	$	34.5		$	38.4		$	25.9		$	22.5		$	(86.8	)	$	34.5

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2012

															Consolidated
	Parent		Issuer			Guarantors			Non-Guarantors			Eliminations			Totals
	(dollars in millions)
Sales	$	—	$	429.7		$	475.5		$	1,420.2		$	(141.6	)	$	2,183.8
Cost of products sold		—		356.5			401.9			1,227.8			(141.6	)		1,844.6
Selling, administration, & engineering expenses		—		96.2			0.9			109.3			—			206.4
Amortization of intangibles		—		8.5			—			3.1			—			11.6
Restructuring		—		0.3			0.3			15.2			—			15.8
Operating profit (loss)		—		(31.8	)		72.4			64.8			—			105.4
Interest expense, net of interest income		—		(24.9	)		—			(8.4	)		—			(33.3	)
Equity earnings		—		0.5			2.7			2.7			—			5.9
Other income (expense), net		—		26.6			1.0			(28.1	)		—			(0.5	)
Income (loss) before income taxes		—		(29.6	)		76.1			31.0			—			77.5
Income tax expense (benefit)		—		18.4			(48.5	)		(2.7	)		—			(32.8	)
Income (loss) before equity in income (loss) of subsidiaries		—		(48.0	)		124.6			33.7			—			110.3
Equity in net income of subsidiaries		112.7		160.7			—			—			(273.4	)		—
Net income		112.7		112.7			124.6			33.7			(273.4	)		110.3
Net loss attributable to noncontrolling interest		—		—			—			2.4			—			2.4
Net income attributable to Cooper-Standard Holdings Inc.	$	112.7	$	112.7		$	124.6		$	36.1		$	(273.4	)	$	112.7
Comprehensive income	$	107.8	$	107.8		$	124.6		$	29.0		$	(264.2	)	$	105.0
Add: comprehensive loss attributable to noncontrolling interests		—		—			—			2.8			—			2.8
Comprehensive income attributable to Cooper-Standard Holdings Inc.	$	107.8	$	107.8		$	124.6		$	31.8		$	(264.2	)	$	107.8

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2013

															Consolidated
	Parent			Issuer			Guarantors		Non-Guarantors			Eliminations			Totals
	(dollar amounts in millions)
Sales	$	—		$	437.7		$	505.5	$	1,501.5		$	(148.4	)	$	2,296.3
Cost of products sold		—			368.5			402.8		1,305.8			(148.4	)		1,928.7
Selling, administration, & engineering expenses		—			99.1			2.7		119.0			—			220.8
Amortization of intangibles		—			8.6			—		2.9			—			11.5
Restructuring		—			1.7			0.2		5.8			—			7.7
Operating profit (loss)		—			(40.2	)		99.8		68.0			—			127.6
Interest expense, net of interest income		(7.6	)		(23.5	)		—		(8.9	)		—			(40.0	)
Equity earnings		—			2.5			3.2		3.0			—			8.7
Other income (expense), net		—			18.3			0.3		(24.0	)		—			(5.4	)
Income (loss) before income taxes		(7.6	)		(42.9	)		103.3		38.1			—			90.9
Income tax expense (benefit)		(2.0	)		(11.3	)		27.2		10.7			—			24.6
Income (loss) before equity in income (loss) subsidiaries		(5.6	)		(31.6	)		76.1		27.4			—			66.3
Equity in net income of subsidiaries		74.3			105.9			—		—			(180.2	)		—
Net income		68.7			74.3			76.1		27.4			(180.2	)		66.3
Net loss attributable to noncontrolling interest		—			—			—		2.4			—			2.4
Net income attributable to Cooper-Standard Holdings Inc.	$	68.7		$	74.3		$	76.1	$	29.8		$	(180.2	)	$	68.7
Comprehensive income	$	60.1		$	67.6		$	76.1	$	16.1		$	(162.2	)	$	57.7
Add: Comprehensive loss attributable to noncontrolling interests		—			—			—		2.4			—			2.4
Comprehensive income attributable to Cooper-Standard Holdings Inc.	$	60.1		$	67.6		$	76.1	$	18.5		$	(162.2	)	$	60.1

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2012

	Parent		Issuer		Guarantors			Non-Guarantors			Eliminations			Consolidated Totals
	(dollar amounts in millions)
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	177.5	$	4.4		$	88.7		$	—		$	270.6
Accounts receivable, net		—		54.8		72.6			222.7			—			350.1
Tooling receivable		—		13.4		12.1			91.4			—			116.9
Inventories		—		18.8		28.5			96.0			—			143.3
Prepaid expenses		—		5.9		0.3			15.7			—			21.9
Other		—		35.5		0.6			51.7			—			87.8
Total current assets		—		305.9		118.5			566.2			—			990.6
Investments in affiliates and intercompany accounts, net		628.3		339.7		998.7			(52.9	)		(1,851.6	)		62.2
Property, plant, and equipment, net		—		88.2		56.5			483.9			—			628.6
Goodwill		—		111.1		—			22.6			—			133.7
Other assets		—		80.9		48.2			81.8			—			210.9
	$	628.3	$	925.8	$	1,221.9		$	1,101.6		$	(1,851.6	)	$	2,026.0
LIABILITIES & EQUITY
Current liabilities:
Debt payable within one year	$	—	$	—	$	—		$	32.6		$	—		$	32.6
Accounts payable		—		45.4		41.3			184.7			—			271.4
Accrued liabilities		—		59.1		5.4			118.5			—			183.0
Total current liabilities		—		104.5		46.7			335.8			—			487.0
Long-term debt		—		450.0		—			0.8			—			450.8
Other liabilities		—		167.4		(0.2	)		156.0			—			323.2
Total liabilities		—		721.9		46.5			492.6			—			1,261.0
Redeemable noncontrolling interests		—		—		—			14.2			—			14.2
Preferred stock		—		121.6		—			—			—			121.6
Total Cooper-Standard Holdings Inc. equity		628.3		82.3		1,175.4			593.9			(1,851.6	)		628.3
Noncontrolling interests		—		—		—			0.9			—			0.9
Total equity		628.3		82.3		1,175.4			594.8			(1,851.6	)		629.2
Total liabilities and equity	$	628.3	$	925.8	$	1,221.9		$	1,101.6		$	(1,851.6	)	$	2,026.0

CONDENSED CONSOLIDATING BALANCE SHEET

September 30, 2013

	Parent		Issuer		Guarantors			Non-Guarantors			Eliminations			Consolidated Totals
	(dollar amounts in millions)
ASSETS
Current assets:
Cash and cash equivalents	$	20.4	$	67.7	$	—		$	31.1		$	—		$	119.2
Accounts receivable, net		—		73.1		86.4			270.2			—			429.7
Tooling receivable		—		21.8		14.1			114.0			—			149.9
Inventories		—		22.0		33.1			131.7			—			186.8
Prepaid expenses		—		6.0		0.4			26.1			—			32.5
Other		—		35.2		0.4			58.3			—			93.9
Total current assets		20.4		225.8		134.4			631.4			—			1,012.0
Investments in affiliates and intercompany accounts, net		678.5		295.6		1,112.9			(111.0	)		(1,912.2	)		63.8
Property, plant, and equipment, net		—		95.1		58.0			547.8			—			700.9
Goodwill		—		111.1		—			22.9			—			134.0
Other assets		1.4		111.2		0.1			70.1			—			182.8
	$	700.3	$	838.8	$	1,305.4		$	1,161.2		$	(1,912.2	)	$	2,093.5
LIABILITIES & EQUITY
Current liabilities:
Debt payable within one year	$	—	$	—	$	—		$	30.3		$	—		$	30.3
Accounts payable		—		47.7		48.6			202.5			—			298.8
Accrued liabilities		7.3		58.1		5.3			138.6			—			209.3
Total current liabilities		7.3		105.8		53.9			371.4			—			538.4
Long-term debt		196.3		450.0		—			2.7			—			649.0
Other liabilities		—		141.2		(0.1	)		152.3			—			293.4
Total liabilities		203.6		697.0		53.8			526.4			—			1,480.8
Redeemable noncontrolling interests		—		—		—			12.5			—			12.5
Preferred stock		—		103.6		—			—			—			103.6
Total Cooper-Standard Holdings Inc. equity		496.7		38.2		1,251.6			622.4			(1,912.2	)		496.7
Noncontrolling interests		—		—		—			(0.1	)		—			(0.1	)
Total equity		496.7		38.2		1,251.6			622.3			(1,912.2	)		496.6
Total liabilities and equity	$	700.3	$	838.8	$	1,305.4		$	1,161.2		$	(1,912.2	)	$	2,093.5

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2012

	Parent			Issuer			Guarantors			Non-Guarantors			Eliminations		Consolidated Totals
	(dollars in millions)
OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	$	5.1		$	(7.6	)	$	8.0		$	(28.0	)	$	—	$	(22.5	)
INVESTING ACTIVITIES
Capital expenditures, including other intangible assets		—			(19.9	)		(12.1	)		(59.5	)		—		(91.5	)
Acquisition of businesses, net of cash acquired		—			—			—			(1.1	)		—		(1.1	)
Proceeds from the sale of fixed assets		—			—			4.1			4.9			—		9.0
Net cash used in investing activities		—			(19.9	)		(8.0	)		(55.7	)		—		(83.6	)
FINANCING ACTIVITIES
Decrease in short-term debt		—			—			—			(2.8	)		—		(2.8	)
Principal payments on long-term debt		—			—			—			(4.3	)		—		(4.3	)
Repurchase of preferred and common stock		—			(25.5	)		—			—			—		(25.5	)
Other		(5.1	)		(9.9	)		—			10.3			—		(4.7	)
Net cash provided by (used in) financing activities		(5.1	)		(35.4	)		—			3.2			—		(37.3	)
Effects of exchange rate changes on cash and cash equivalents		—			—			—			(0.5	)		—		(0.5	)
Changes in cash and cash equivalents		—			(62.9	)		—			(81.0	)		—		(143.9	)
Cash and cash equivalents at beginning of period		—			189.6			—			172.1			—		361.7
Cash and cash equivalents at end of period	$	—		$	126.7		$	—		$	91.1		$	—	$	217.8
Depreciation and amortization	$	—		$	21.3		$	11.0		$	58.9		$	—	$	91.2

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2013

	Parent			Issuer			Guarantors			Non-Guarantors			Eliminations		Consolidated Totals
	(dollar amounts in millions)
OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	$	5.2		$	(11.4	)	$	7.1		$	16.6		$	—	$	17.5
INVESTING ACTIVITIES
Capital expenditures, including other intangible assets		—			(20.0	)		(13.6	)		(99.2	)		—		(132.8	)
Acquisition of businesses, net of cash acquired		—			4.0			—			(17.5	)		—		(13.5	)
Return on equity investments		—			—			2.1			—			—		2.1
Proceeds from the sale of fixed assets and other		—			—			—			3.6			—		3.6
Net cash used in investing activities		—			(16.0	)		(11.5	)		(113.1	)		—		(140.6	)
FINANCING ACTIVITIES
Proceeds from issuance of senior PIK toggle notes, net of debt issuance costs		194.4			—			—			—			—		194.4
Increase in short-term debt, net		—			—			—			1.6			—		1.6
Principal payments on long-term debt		—			—			—			(3.8	)		—		(3.8	)
Purchase of noncontrolling interest		—			—			—			(1.9	)		—		(1.9	)
Repurchase of common stock		(174.4	)		(43.1	)		—			—			—		(217.5	)
Proceeds from exercise of warrants		—			11.3			—			—			—		11.3
Other		(4.8	)		(50.6	)		—			45.2			—		(10.2	)
Net cash provided by (used in) financing activities		15.2			(82.4	)		—			41.1			—		(26.1	)
Effects of exchange rate changes on cash and cash equivalents		—			—			—			(2.2	)		—		(2.2	)
Changes in cash and cash equivalents		20.4			(109.8	)		(4.4	)		(57.6	)		—		(151.4	)
Cash and cash equivalents at beginning of period		—			177.5			4.4			88.7			—		270.6
Cash and cash equivalents at end of period	$	20.4		$	67.7		$	—		$	31.1		$	—	$	119.2
Depreciation and amortization	$	—		$	21.2		$	9.3		$	52.8		$	—	$	83.3